instruction
stringlengths 847
1.03k
| input
stringlengths 9.86k
809k
| output
stringlengths 78
98
|
|---|---|---|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27.
|
[Bitcoin Technical Analysis for 2021-01-02]
Volume: 67865420765, RSI (14-day): 87.57, 50-day EMA: 21693.04, 200-day EMA: 15113.14
[Wider Market Context]
None available.
[Recent News (last 7 days)]
10 Best Stocks To Buy and Hold For 5 Years According To ARK’s Cathie Wood: In this article we presented the 10 best stocks to buy and hold for 5 years according to ARK's Cathie Wood. Click to skip ahead and see5 Long-Term Stock Picks According To Cathie Wood.
Having one of her best years in the history of professional money management,ARK Investment Managementfounder and CEO, Cathie Wood sees20% returnsafter 'unbelievable' 2020. "Oh, it's been unbelievable!" said Cathie when asked about what it feels like to achieve such milestone in her career in an interview withBloomberg.
"ARK Investment Management is a registered investment adviser in the U.S. Securities and Exchange Commission. Founded by Cathie Wood, ARK's goal is to focus solely on disruptive innovation while adding new dimensions to research. ARK uses an approach that cuts across sectors, market capitalizations, and geographies," according to the description of ARK's official website. ARK focuses on large-scale investment opportunities in the public markets resulting from technological innovations centered aroundDNA sequencing, robotics,artificial intelligence, energy storage, and blockchain technology.
"The coronavirus created tremendous number of problems and our portfolios are all about solving problems." Cathy stated. "Our investors have been rewarded for helping to solve some of the world's most profound problems." She added, talking about how she and her company made their investors earn despite the pandemic.
Cathy was also asked if she is enjoying her current celebrity status and here's how she responded, "I am enjoying the celebrity(status). It's fun. I love what I'm doing. I love the team I'm working with, I love our research, I love bringing life to new ways of looking at the world, helping people understand how the world's going to change not only their investment portfolios but also in their own lives, their children's lives, their grandchildren's lives. Helping them understand how to move everyone to the right side of change and really benefit from the exponential growth trajectories that are just taking off now."
Directly speaking, Cathy mentioned that, whenever things have gone this well for her, usually there's a correction waiting around the bend. She said that when this correction comes, she wants to be prepared, that she must protect the earnings on the table and to also prepare their investors for the possibility of acquiring 'some' losses and say, "Just keep some powder dry because what we're looking at here are long-term exponential growth trajectories." According to Cathy, no one can stop progress so people must learn to embrace it. "I just have to keep my eye on the prize." Cathy exclaimed, saying that we must always expect corrections and we must be prepared for corrections. Nothing is straight up in the investment world and we will always experience these corrections. For Cathy, sometimes investors must take a bit of their money off the table and keep some powder dry in order to somewhat protect their investments from getting burned by these pullbacks.
Asked about being concerned for the consequences of having a bad year, Cathy responded confidently, "One bad year would not worry us.Our investment time horizon is five years." She also emphasized that they have projections which they develop from the top-down approach, trying to understand how technologies are going to scale and also from the bottom-up approach, about how companies are going to embrace these new technologies and ride their coattails.
"For the next five years, we believe that our returns will compound at an annual rate of something in the20% range." Cathy projected. Traditional equity returns have been in the seven to eight percent range over time and that is why they believe there's still a lot of room or runway ahead. She made Amazon as an example of the stock she bought in the early 2000s, where people derided her decision to buy because of the thought process back then that focused on the tech and telecom. She highlighted that their portfolios right now are filled with 'Amazons', like a seed that were planted in the tech and telecom bubble that has been gestating all this time and now are trying to break out to growth trends.
"We expectmore than a doublingin our portfolio over the next five years." Cathy stated with full confidence when asked about achieving double returns five years from now. She was also questioned about which of her current holdings will supply the biggest lift and so she answered, "Tesla is still in the running but I would have to say, the biggest upside surprises are going to come from genomic space." According to Cathy, that is because the convergence of DNA sequencing, artificial intelligence, and gene therapies are going to 'cure disease'. This convergence enables us to anticipate diseases and cure them potentially.
A big surprise in Cathy's portfolio attribution is that the four biggest contributors to the S&P 500 namely, Apple, Microsoft, Amazon, and Facebook gave her only 20 points out of 600 points. Cathy acknowledged, "We're not saying they'll be bad stocks at all, in fact, they've been very good stocks and they were a part of our portfolios in the early days." She then emphasized that "But as they were scaling into the trillion-dollar category, we believe that our research should better focus on the next set of 'FANGs', and we actually think that the next 'FANGs' are in the genomic age. " That is why if you'll notice their flagship portfolio, thelargest exposure is in healthcare.
Cathy implied that their 'minimum' hurdle rate of return is 15% at a compound annual rate over the next 5 years and if their stocks lose the return expectation and drop below the 15% threshold, they would definitely move back towards some of their old FANGs because they would be treating those stocks as 'cash-like' instruments in relation to their strategy. She also stated that as the bull market extends, they move into more cash-like equities which are the less volatile stocks.
Talking aboutbitcoin, Cathy and the ARK's position on this particular asset is currently worth 7% of their total equity. She said they are still optimistic about bitcoin despite being at $20 thousand, then down to $17 and even below $4 thousand earlier this year. They are still optimistic because they learned that bitcoin threw off unqualified income which isnotillegal. "We areextremely bullish.Our confidence has gone up since 2017 because what we saw as it dropped from 20,000 to below 4,000, it actually got in well into the threes in 2019." she added. "Bitcoin is the reserve currency of the crypto ecosystem, which is very important. It's the flight to safety currency. Bitcoin's blockchain is the most secure of any other blockchain."
Cathy was also interviewed about the hate speeches she received from the investors who went short on Tesla when she tweeted a letter to Elon Musk in which she effectively put a bullish price target of $4000 to Tesla. When asked if she had any regrets (on her tweet to Elon), she replied, "Oh no, not at all. I didn't read the Twitter world of hate notes to me. We were standing up for what we thought was right and we also were astonished at the backlash." She also said that "He (Elon) is a provocative soul and he is brilliant! He's our renaissance man and what we should have done is keep our eye on the prize. We believe thatTeslawill be in a poll position todominatebecause of its advantages in artificial intelligence and the amount of data it has collected and the A.I. expertise that it has." According to her, Tesla's battery technology was already three to four years 'ahead' of the competition. Tesla has 15 billion miles of real world driving data collected and the next closest is Google with 25 million.
"I know we've been gratified to see how beautifully we're scaling and getting our message out which has helped our distributors." This is how Cathy responded when catechized about how she and her colleagues have harnessed social media as a tool for marketing and a tool to disseminate their ideas.ARKwas founded last 2014, it only has 26 employees but it is handling$50 billionworth of assets. "What goes around, comes around. One of ARK's mission is to educate people or the average investor about how their lives were going to change and how they might capitalize on these changes in their portfolios. " she remarked. "There's a virtuous cycle at work here and there's also a bit of a viral network effect taking place. I do think it's happening and I'm thrilled to be a part of it."
Cathie believes that there are five technology platforms that are changing the world today namely, artificial intelligence, robotics, energy storage, DNA sequencing, and blockchain. Asked if there could be a sixth, she responded, "We're looking closely atquantum computing." She based it on her experience of meeting a lot of professors from around the world, focused on the next big thing which is quantum computing. It was always in view of at least 10 years, but now we have the first little baby, which is therudimentary quantum computers.
When the talk was shifted about why Cathie chose the actively managed ETF as the wrapper for her strategy, this is what she said, "From a research point of view, we were asking ourselves why is that happening? We didn't know anything about ETF's and so we looked at what an ETF is and understood that there werefour reasonsthatETFs were starting to take share." Based on Cathie's research, ETF's are (1) more transparent, (2) more liquid, (3) they are lower in cost compared to mutual funds, and (4) they didn't have hidden fees. "And so for those four reasons, I just asked the question,why don't we put our fund into an ETF?This sounds like agood deal."she stated.
Everyone can start to wonder why Cathie didn't start a hedge fund because from a self-interested standpoint, she could definitely have been a lot richer than her current net worth. "I felt that the right thing to do was go where no one was and I've had good success over the years doing that." this is how she replied.
Cathie was also inquired, "Why not extend your investment thesis to private markets and raise money to invest in venture capital and in growth equity?" According to Cathie, one of the reasons was the low-hanging fruit in the public equity markets. Innovation had been neglected in the public markets. It had become overvalued in the private markets. "We are evolving some strategies and we hope that next year, we'll be able to launch something." she stated. "I would love to be able to offer a public-private option that would be available for all retail investors right now."
The ETF's of Cathie and ARK alone are generating an annualized run rate of $220 million in revenue. How profitable is this business? "It'svery profitablenow but believe me, the blood, sweat, and tears that we left in the early days-- It's a scalable model so we had to pay for the infrastructure in the early days and we were quite the loss-making company." said Cathie. She also stated that they were able to scale and have found the right talent in place. "I'm very happy to say that we are able to reward those who are making us happen."
For Cathie, the Japanese market is a very interesting market. A lot of clients and investors basically tell their distributors what they want to see, and so Cathie and the ARK learned from them. ARK's fintech portfolio came out of Japan. In the US, they have a space exploration fund and also an SDG fund (Sustainable Development Goals) and these are being monitored closely by Cathie and her group.
At the ending part, Cathie was asked, "If you had to build ARK all over again, what would you do differently?" She responded with a smile and said, "Oh! Probably we had to pivot because I told you I funded it for the 1st three to almost four years. Two and a half were there at 40 million dollars.We built it. They did not comeand I would not have built a captive distribution at the time but I would have been more aggressive about finding a distribution partner sooner."
In the perspective of Cathie Wood, the one thing every woman in finance should want generally is a great place to develop a good track record. "Building one's track record long enough usually is a ticket to more success. I always say, try and figure out a way to measure your success in a way that you know no one can take it away from you." She appended, "I have the highest regard for the industry. It is a heck of a lot of fun! It's extremely challenging. Solving the world's problem out there can't be anything more satisfying."
So, Cathie Wood sounded more bullish about genomic stocks than Tesla, but you will be surprised when you find out where she put most of her money. Let's take a look at Cathie Wood's 10 best stocks to buy and hold for 5 years:
Proto Labs, Inc. (PRLB) is a 3D printing company that returned more than 50% in 2020. Cathie Wood had a nearly 3.1 million share position at the end of September, making PRLB her 10th best stock to buy for the long-term. The position was worth $400 million at the end of September, but its current valuation is around $470 if left unchanged during the 4th quarter.
Major hedge fund managers has been shunning the 3D technology company as the total number of bullish hedge fund positions stood at 16 at the end of September. The second biggest hedge fund equity position belonged toMotley Fool Asset Managementat less than $6 million.
TREE ranks 9th in our list of the 10 best stocks to buy and hold for 5 years. Cathie Wood had $413 million invested in this stock at the end of September. Again she was by far the most bullish fund manager about this stock. The second largest equity holder of TREE in our database was quant hedge fund Two Sigma with a position valued at less than $13 million at the end of September.
Bernzott Capital Advisors talked about TREE in itsQ1 investor letter:
"“LendingTree (TREE): $2.6 billion market cap – Based in Charlotte, NC, the company operates an online marketplace for all types of consumer loans, including mortgage, home equity, auto, personal, and credit cards. TREE also offers a marketplace for all types of insurance and deposits, matching over 700 lenders with millions of consumers. TREE is not a balance sheet lender itself, thus assumes zero credit risk. TREE enjoys a ~31% share in its core market, generates strong margins and is led by an owner-operator CEO who is the second largest shareholder with 13% of the stock worth ~$500 million. The company is in the early stages of penetrating a large mortgage market opportunity, with room to grow from its current less than 2% of annual mortgage originations. TREE should to benefit from the secular shift by domestic financial services firms shifting ad spending to online. We initiated and then added to the position during the quarter, with the stock trading at an attractive discount to fair value.”
Cathie Wood probably believes that TREE will disrupt the mortgage origination market.
TDOC ranks 8th in our list of the 10 best stocks to buy and hold for five years. Cathie Wood had $441 million invested in this telemedicine stock at the end of September. TDOC shares returned more than 130% in 2020. Telemedicine offers a convenient and lower cost alternative to medical office visits, and may even help lower overall medical expenses as more people take advantage of preventive annual doctor visits. However, Baron Discovery Fund thinks the stock might be overpriced at the moment. Here is what theysaid:
“We sold our remaining investment in Teladoc Health, Inc., one of our most successful investments ever. Our view was that the company’s valuation felt a bit extended, and its market capitalization at over $19 billion was too large for the Fund to hold. Moreover, we believe that, on a pro-forma basis, the market cap will be around $40 billion after its recent bid to merge with Livongo Health, Inc., a transaction expected to be completed in the fourth quarter. We hold Teladoc’s management in the highest regard and admire the incredible company it has built over the last few years.”
TWOU ranks 7th in our list of the 10 best stocks to buy and hold for five years. Cathie Wood had nearly $500 million invested in the stock at the end of September. TWOU shares returned 67% in 2020. Quant hedge fundD.E. ShawandGreenvale Capitalare among the large hedge fund holders of the stock but their positions pale in comparison to ARK Investment's.
We previously highlighted 2U in our article about thebest artificial intelligence stocks to buyand said the following:
2U is an education technology company providing front-end and back-end cloud-based SaaS technology services to Universities. In August 2U, Inc. and Columbia Engineering announced a “partnership to deliver theColumbia Artificial Intelligence Program”.The $2.7 billion market cap company aims to be a leader in the digital transformation of the higher education market.
There were a ton ofinsider purchases in TWOUshares back in 2019 when the stock was trading at $15. Those insiders made more than 160% in less than 18 months.
Zillow ranks 6th in our list of the 10 best stocks to buy and hold for the next 5 years. Cathie Wood had nearly $500 million invested in this stock and for the first time today she doesn't have the largest position in a stock. Karthik Sarma'sSRS Managementwas the largest hedge fund holder of Zillow with a $871 million position at the end of September. Here is what Baron Partners Fundsaidabout the stock recently:
“Zillow Group, Inc. operates leading U.S. real estate sites, a mortgage marketplace, and the Zillow Offers home-buying business. Shares were up on strong second quarter results driven by record top-of-funnel metrics and a favorable newly public comp for the Offers business. In our view, Zillow is well positioned to penetrate the large online real estate advertising opportunity with substantial upside from Offers, which could grow the company’s addressable market in both houses to be bought/sold and leads provided to Premier Agents, as well as from Zillow Home Loans.”
Click to continue reading and see the5 Best Stocks To Buy and Hold For 5 Years. Suggested Articles:
• 10 Best Growth Stocks To Buy Now
• 12 Best Large-Cap Biotech Stocks To Buy Now
• 10 Best Tech Stocks To Invest In Right Now
Follow us on Twitter:https://twitter.com/insidermonkeyDisclosure: None.10 Best Stocks To Buy and Hold For 5 Yearsis originally published on Insider Monkey. || 10 Best Stocks To Buy and Hold For 5 Years According To ARK’s Cathie Wood: In this article we presented the 10 best stocks to buy and hold for 5 years according to ARK's Cathie Wood. Click to skip ahead and see 5 Long-Term Stock Picks According To Cathie Wood . Having one of her best years in the history of professional money management, ARK Investment Management founder and CEO, Cathie Wood sees 20% returns after 'unbelievable' 2020. "Oh, it's been unbelievable!" said Cathie when asked about what it feels like to achieve such milestone in her career in an interview with Bloomberg . "ARK Investment Management is a registered investment adviser in the U.S. Securities and Exchange Commission. Founded by Cathie Wood, ARK's goal is to focus solely on disruptive innovation while adding new dimensions to research. ARK uses an approach that cuts across sectors, market capitalizations, and geographies," according to the description of ARK's official website. ARK focuses on large-scale investment opportunities in the public markets resulting from technological innovations centered around DNA sequencing , robotics, artificial intelligence , energy storage, and blockchain technology. "The coronavirus created tremendous number of problems and our portfolios are all about solving problems." Cathy stated. "Our investors have been rewarded for helping to solve some of the world's most profound problems." She added, talking about how she and her company made their investors earn despite the pandemic. Cathy was also asked if she is enjoying her current celebrity status and here's how she responded, "I am enjoying the celebrity(status). It's fun. I love what I'm doing. I love the team I'm working with, I love our research, I love bringing life to new ways of looking at the world, helping people understand how the world's going to change not only their investment portfolios but also in their own lives, their children's lives, their grandchildren's lives. Helping them understand how to move everyone to the right side of change and really benefit from the exponential growth trajectories that are just taking off now." Story continues Directly speaking, Cathy mentioned that, whenever things have gone this well for her, usually there's a correction waiting around the bend. She said that when this correction comes, she wants to be prepared, that she must protect the earnings on the table and to also prepare their investors for the possibility of acquiring 'some' losses and say, "Just keep some powder dry because what we're looking at here are long-term exponential growth trajectories." According to Cathy, no one can stop progress so people must learn to embrace it. "I just have to keep my eye on the prize." Cathy exclaimed, saying that we must always expect corrections and we must be prepared for corrections. Nothing is straight up in the investment world and we will always experience these corrections. For Cathy, sometimes investors must take a bit of their money off the table and keep some powder dry in order to somewhat protect their investments from getting burned by these pullbacks. Asked about being concerned for the consequences of having a bad year, Cathy responded confidently, " One bad year would not worry us . Our investment time horizon is five years ." She also emphasized that they have projections which they develop from the top-down approach, trying to understand how technologies are going to scale and also from the bottom-up approach, about how companies are going to embrace these new technologies and ride their coattails. "For the next five years, we believe that our returns will compound at an annual rate of something in the 20% range ." Cathy projected. Traditional equity returns have been in the seven to eight percent range over time and that is why they believe there's still a lot of room or runway ahead. She made Amazon as an example of the stock she bought in the early 2000s, where people derided her decision to buy because of the thought process back then that focused on the tech and telecom. She highlighted that their portfolios right now are filled with 'Amazons', like a seed that were planted in the tech and telecom bubble that has been gestating all this time and now are trying to break out to growth trends. "We expect more than a doubling in our portfolio over the next five years." Cathy stated with full confidence when asked about achieving double returns five years from now. She was also questioned about which of her current holdings will supply the biggest lift and so she answered, "Tesla is still in the running but I would have to say, the biggest upside surprises are going to come from genomic space." According to Cathy, that is because the convergence of DNA sequencing, artificial intelligence, and gene therapies are going to ' cure disease' . This convergence enables us to anticipate diseases and cure them potentially. A big surprise in Cathy's portfolio attribution is that the four biggest contributors to the S&P 500 namely, Apple, Microsoft, Amazon, and Facebook gave her only 20 points out of 600 points. Cathy acknowledged, "We're not saying they'll be bad stocks at all, in fact, they've been very good stocks and they were a part of our portfolios in the early days." She then emphasized that "But as they were scaling into the trillion-dollar category, we believe that our research should better focus on the next set of 'FANGs', and we actually think that the next 'FANGs' are in the genomic age. " That is why if you'll notice their flagship portfolio, the largest exposure is in healthcare . Cathy implied that their 'minimum' hurdle rate of return is 15% at a compound annual rate over the next 5 years and if their stocks lose the return expectation and drop below the 15% threshold, they would definitely move back towards some of their old FANGs because they would be treating those stocks as 'cash-like' instruments in relation to their strategy. She also stated that as the bull market extends, they move into more cash-like equities which are the less volatile stocks. Talking about bitcoin , Cathy and the ARK's position on this particular asset is currently worth 7% of their total equity. She said they are still optimistic about bitcoin despite being at $20 thousand, then down to $17 and even below $4 thousand earlier this year. They are still optimistic because they learned that bitcoin threw off unqualified income which is not illegal. "We are extremely bullish. Our confidence has gone up since 2017 because what we saw as it dropped from 20,000 to below 4,000, it actually got in well into the threes in 2019." she added. "Bitcoin is the reserve currency of the crypto ecosystem, which is very important. It's the flight to safety currency. Bitcoin's blockchain is the most secure of any other blockchain." 10 Best Stocks To Buy and Hold For 5 Years According To ARK's Cathie Wood Cathy was also interviewed about the hate speeches she received from the investors who went short on Tesla when she tweeted a letter to Elon Musk in which she effectively put a bullish price target of $4000 to Tesla. When asked if she had any regrets (on her tweet to Elon), she replied, "Oh no, not at all. I didn't read the Twitter world of hate notes to me. We were standing up for what we thought was right and we also were astonished at the backlash." She also said that "He (Elon) is a provocative soul and he is brilliant! He's our renaissance man and what we should have done is keep our eye on the prize. We believe that Tesla will be in a poll position to dominate because of its advantages in artificial intelligence and the amount of data it has collected and the A.I. expertise that it has." According to her, Tesla's battery technology was already three to four years ' ahead ' of the competition. Tesla has 15 billion miles of real world driving data collected and the next closest is Google with 25 million. "I know we've been gratified to see how beautifully we're scaling and getting our message out which has helped our distributors." This is how Cathy responded when catechized about how she and her colleagues have harnessed social media as a tool for marketing and a tool to disseminate their ideas. ARK was founded last 2014, it only has 26 employees but it is handling $50 billion worth of assets. "What goes around, comes around. One of ARK's mission is to educate people or the average investor about how their lives were going to change and how they might capitalize on these changes in their portfolios. " she remarked. "There's a virtuous cycle at work here and there's also a bit of a viral network effect taking place. I do think it's happening and I'm thrilled to be a part of it." Cathie believes that there are five technology platforms that are changing the world today namely, artificial intelligence, robotics, energy storage, DNA sequencing, and blockchain. Asked if there could be a sixth, she responded, "We're looking closely at quantum computing ." She based it on her experience of meeting a lot of professors from around the world, focused on the next big thing which is quantum computing. It was always in view of at least 10 years, but now we have the first little baby, which is the rudimentary quantum computers. When the talk was shifted about why Cathie chose the actively managed ETF as the wrapper for her strategy, this is what she said, "From a research point of view, we were asking ourselves why is that happening? We didn't know anything about ETF's and so we looked at what an ETF is and understood that there were four reasons that ETF s were starting to take share." Based on Cathie's research, ETF's are (1) more transparent, (2) more liquid, (3) they are lower in cost compared to mutual funds, and (4) they didn't have hidden fees. "And so for those four reasons, I just asked the question, why don't we put our fund into an ETF? This sounds like a good deal." she stated. Everyone can start to wonder why Cathie didn't start a hedge fund because from a self-interested standpoint, she could definitely have been a lot richer than her current net worth. "I felt that the right thing to do was go where no one was and I've had good success over the years doing that." this is how she replied. Cathie was also inquired, "Why not extend your investment thesis to private markets and raise money to invest in venture capital and in growth equity?" According to Cathie, one of the reasons was the low-hanging fruit in the public equity markets. Innovation had been neglected in the public markets. It had become overvalued in the private markets. "We are evolving some strategies and we hope that next year, we'll be able to launch something." she stated. "I would love to be able to offer a public-private option that would be available for all retail investors right now." The ETF's of Cathie and ARK alone are generating an annualized run rate of $220 million in revenue. How profitable is this business? "It's very profitable now but believe me, the blood, sweat, and tears that we left in the early days-- It's a scalable model so we had to pay for the infrastructure in the early days and we were quite the loss-making company." said Cathie. She also stated that they were able to scale and have found the right talent in place. "I'm very happy to say that we are able to reward those who are making us happen." For Cathie, the Japanese market is a very interesting market. A lot of clients and investors basically tell their distributors what they want to see, and so Cathie and the ARK learned from them. ARK's fintech portfolio came out of Japan. In the US, they have a space exploration fund and also an SDG fund (Sustainable Development Goals) and these are being monitored closely by Cathie and her group. At the ending part, Cathie was asked, "If you had to build ARK all over again, what would you do differently?" She responded with a smile and said, "Oh! Probably we had to pivot because I told you I funded it for the 1st three to almost four years. Two and a half were there at 40 million dollars. We built it. They did not come and I would not have built a captive distribution at the time but I would have been more aggressive about finding a distribution partner sooner." In the perspective of Cathie Wood, the one thing every woman in finance should want generally is a great place to develop a good track record. "Building one's track record long enough usually is a ticket to more success. I always say, try and figure out a way to measure your success in a way that you know no one can take it away from you." She appended, "I have the highest regard for the industry. It is a heck of a lot of fun! It's extremely challenging. Solving the world's problem out there can't be anything more satisfying." So, Cathie Wood sounded more bullish about genomic stocks than Tesla, but you will be surprised when you find out where she put most of her money. Let's take a look at Cathie Wood's 10 best stocks to buy and hold for 5 years: 10. Proto Labs, Inc. (NYSE: PRLB ) Proto Labs, Inc. (PRLB) is a 3D printing company that returned more than 50% in 2020. Cathie Wood had a nearly 3.1 million share position at the end of September, making PRLB her 10th best stock to buy for the long-term. The position was worth $400 million at the end of September, but its current valuation is around $470 if left unchanged during the 4th quarter. Major hedge fund managers has been shunning the 3D technology company as the total number of bullish hedge fund positions stood at 16 at the end of September. The second biggest hedge fund equity position belonged to Motley Fool Asset Management at less than $6 million. 9. LendingTree, Inc. ( TREE ) TREE ranks 9th in our list of the 10 best stocks to buy and hold for 5 years. Cathie Wood had $413 million invested in this stock at the end of September. Again she was by far the most bullish fund manager about this stock. The second largest equity holder of TREE in our database was quant hedge fund Two Sigma with a position valued at less than $13 million at the end of September. Bernzott Capital Advisors talked about TREE in its Q1 investor letter : "“LendingTree (TREE): $2.6 billion market cap – Based in Charlotte, NC, the company operates an online marketplace for all types of consumer loans, including mortgage, home equity, auto, personal, and credit cards. TREE also offers a marketplace for all types of insurance and deposits, matching over 700 lenders with millions of consumers. TREE is not a balance sheet lender itself, thus assumes zero credit risk. TREE enjoys a ~31% share in its core market, generates strong margins and is led by an owner-operator CEO who is the second largest shareholder with 13% of the stock worth ~$500 million. The company is in the early stages of penetrating a large mortgage market opportunity, with room to grow from its current less than 2% of annual mortgage originations. TREE should to benefit from the secular shift by domestic financial services firms shifting ad spending to online. We initiated and then added to the position during the quarter, with the stock trading at an attractive discount to fair value.” Cathie Wood probably believes that TREE will disrupt the mortgage origination market. 8. Teladoc Health, Inc. (NYSE: TDOC ) TDOC ranks 8th in our list of the 10 best stocks to buy and hold for five years. Cathie Wood had $441 million invested in this telemedicine stock at the end of September. TDOC shares returned more than 130% in 2020. Telemedicine offers a convenient and lower cost alternative to medical office visits, and may even help lower overall medical expenses as more people take advantage of preventive annual doctor visits. However, Baron Discovery Fund thinks the stock might be overpriced at the moment. Here is what they said : “We sold our remaining investment in Teladoc Health, Inc., one of our most successful investments ever. Our view was that the company’s valuation felt a bit extended, and its market capitalization at over $19 billion was too large for the Fund to hold. Moreover, we believe that, on a pro-forma basis, the market cap will be around $40 billion after its recent bid to merge with Livongo Health, Inc., a transaction expected to be completed in the fourth quarter. We hold Teladoc’s management in the highest regard and admire the incredible company it has built over the last few years.” 7. 2U, Inc. (NASDAQ: TWOU ) TWOU ranks 7th in our list of the 10 best stocks to buy and hold for five years. Cathie Wood had nearly $500 million invested in the stock at the end of September. TWOU shares returned 67% in 2020. Quant hedge fund D.E. Shaw and Greenvale Capital are among the large hedge fund holders of the stock but their positions pale in comparison to ARK Investment's. We previously highlighted 2U in our article about the best artificial intelligence stocks to buy and said the following: 2U is an education technology company providing front-end and back-end cloud-based SaaS technology services to Universities. In August 2U, Inc. and Columbia Engineering announced a “partnership to deliver the Columbia Artificial Intelligence Program”. The $2.7 billion market cap company aims to be a leader in the digital transformation of the higher education market. There were a ton of insider purchases in TWOU shares back in 2019 when the stock was trading at $15. Those insiders made more than 160% in less than 18 months. 6. Zillow Group, Inc. (NASDAQ: Z ) Zillow ranks 6th in our list of the 10 best stocks to buy and hold for the next 5 years. Cathie Wood had nearly $500 million invested in this stock and for the first time today she doesn't have the largest position in a stock. Karthik Sarma's SRS Management was the largest hedge fund holder of Zillow with a $871 million position at the end of September. Here is what Baron Partners Fund said about the stock recently: “Zillow Group, Inc. operates leading U.S. real estate sites, a mortgage marketplace, and the Zillow Offers home-buying business. Shares were up on strong second quarter results driven by record top-of-funnel metrics and a favorable newly public comp for the Offers business. In our view, Zillow is well positioned to penetrate the large online real estate advertising opportunity with substantial upside from Offers, which could grow the company’s addressable market in both houses to be bought/sold and leads provided to Premier Agents, as well as from Zillow Home Loans.” Click to continue reading and see the 5 Best Stocks To Buy and Hold For 5 Years . Suggested Articles: 10 Best Growth Stocks To Buy Now 12 Best Large-Cap Biotech Stocks To Buy Now 10 Best Tech Stocks To Invest In Right Now Follow us on Twitter: https://twitter.com/insidermonkey Disclosure: None. 10 Best Stocks To Buy and Hold For 5 Years is originally published on Insider Monkey. || Bitcoin Is Digital Social Justice, feat. Tyrone Ross: The podcaster and CEO of Onramp Invest discusses DeFi, income inequality and the opportunity for bitcoin in 2021.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byNexo.io.
Related:The Unorthodox Trades That Will Drive Value in 2021, feat. Tony Greer
Download this episode
The wealth adviser and CEO of Onramp Invest discusses why the Federal Reserve continues to ignore its role in income inequality and what the bitcoin community can do to be a force for positive change.
Find our guest online:@TR401
See also:It’s Time for a Revolution in Financial Education, Feat. Tyrone Ross
Related:Why Bitcoin Is Bigger Than an Inflation Hedge, feat. Dan Tapiero
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• Bitcoin Is Digital Social Justice, feat. Tyrone Ross
• Bitcoin Is Digital Social Justice, feat. Tyrone Ross || Bitcoin Is Digital Social Justice, feat. Tyrone Ross: The podcaster and CEO of Onramp Invest discusses DeFi, income inequality and the opportunity for bitcoin in 2021.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byNexo.io.
Related:The Unorthodox Trades That Will Drive Value in 2021, feat. Tony Greer
Download this episode
The wealth adviser and CEO of Onramp Invest discusses why the Federal Reserve continues to ignore its role in income inequality and what the bitcoin community can do to be a force for positive change.
Find our guest online:@TR401
See also:It’s Time for a Revolution in Financial Education, Feat. Tyrone Ross
Related:Why Bitcoin Is Bigger Than an Inflation Hedge, feat. Dan Tapiero
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• Bitcoin Is Digital Social Justice, feat. Tyrone Ross
• Bitcoin Is Digital Social Justice, feat. Tyrone Ross || Bitcoin Is Digital Social Justice, feat. Tyrone Ross: The podcaster and CEO of Onramp Invest discusses DeFi, income inequality and the opportunity for bitcoin in 2021. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Nexo.io . Related: The Unorthodox Trades That Will Drive Value in 2021, feat. Tony Greer Download this episode The wealth adviser and CEO of Onramp Invest discusses why the Federal Reserve continues to ignore its role in income inequality and what the bitcoin community can do to be a force for positive change. Find our guest online: @TR401 See also: Its Time for a Revolution in Financial Education, Feat. Tyrone Ross Related: Why Bitcoin Is Bigger Than an Inflation Hedge, feat. Dan Tapiero For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories Bitcoin Is Digital Social Justice, feat. Tyrone Ross Bitcoin Is Digital Social Justice, feat. Tyrone Ross || Stablecoins, ‘Unsung Heroes’ and Other Institutional Crypto Takeaways: It is clear that crypto is having its institutional moment. The investment decision is moving from speculation to allocation, and we are witnessing the maturation of crypto and digital asset investors in the process. In formalizing a dedicated digital asset investment strategy, institutional investors should assess the landscape thoughtfully with the goal of building an optimally constructed portfolio to achieve their desired investment objectives. Below, we summarize our top 10 takeaways from 2020 for institutional investors, based on our recent report “An Institutional Take on the 2020/2021 Digital Asset Market.”
This post is part of CoinDesk’s2020 Year in Review– a collection of op-eds, essays and interviews about the year in crypto and beyond. Dan Zuller, CFA, is a partner atVision Hill Group, an investment consultant and asset manager in digital assets.
1. Active management roars back.
Related:Crypto Long & Short: Looking Back on a Monumental Year
Following a challenging 2019 market in which concentration inbitcoin(largely viewed as the market’s beta, or its headline volatility indicator) prevailed over distinctive asset diversification, active management came roaring back in 2020. According toVisionTrackdata as of October 2020, crypto hedge funds generated net returns of +116% on average, outperforming bitcoin (+92%) by approximately 2,400 basis points (bps).
2. For investors, 2020 was the year of DeFi and asset selection.
DeFi stands for decentralized finance and can be best thought of as an emerging sector within the frontier digital asset market. Total value locked in DeFi contracts surged 25x to ~$15 billion as of the end of November, from ~$600 million in January. Investors that put capital to work in this thematic sector of digital assets generally outperformed bitcoin and the digital asset market beta in 2020.
3. Digital asset yields are sustainable, for now.
Related:This Is What Global Open-Source Money Seems Like
Digital assets offer highly attractive yields compared to traditional market instruments such as high-yield savings accounts. Will that continue? Growing demand from institutional counterparties and borrowers such as hedge funds, over-the-counter (OTC) desks, market makers and liquidity providers leads us to believe these yields are sustainable for the foreseeable future.
4. The remarkable rise, fall and rise again of crypto derivatives.
After a challenging 2018-2019 market regime, crypto derivatives have made a fascinating comeback in 2020. CME BTC daily futures volumes recently peaked at $2.2 billion at the end of November 2020 while Bakkt BTC daily futures volumes peaked at $178 million in September. “First a trickle and then a flood,” once the industry’s mantra back in 2018-2019, has proven true in 2020.
5. Crypto hedge funds are institutionalizing, but some more than others.
There are now a variety of beta- and alpha-focused hedge fund strategies rising to institutional “gold standards” in preparation for 2021. However, not all managers are evolving with the times. According to ourVisionTrackdatabase, approximately one in four managers have shuttered their funds since 2017 as a result of failed operations.
6. There’s liquid and there’s venture, but liquid venture is a tougher pitch.
The distinction between liquid hedge fund strategies (primarily liquid, short-term) and illiquid venture fund strategies (primarily illiquid, long-term) continues to be clear. However, the digital asset market continues to have hybrid “liquid venture” funds that attempt to capture the best of both the liquid and private worlds. While the opportunity set for such funds is certainly expanded, such strategies are not without their complexities and challenges.
7. Simplicity prevails: How the easy trades continue to win (and scale).
Throughout 2020, we continued to see investors prefer the simpler trades in the market. One of the most popular examples of this is the success of Grayscale’s investment trust products. Given the lack of a regulated bitcoin exchange-traded fund, investors have sought high quality, single asset vehicles, specifically bitcoin-only ones, to express their investment thesis in digital assets. There are also strong incentives for investors to maintain simplicity and capture the beta first when entering an emerging market. [Grayscale is a CoinDesk sister company.]
8. As the bull returns, beta competes against venture for capital.
Investors who allocated to venture funds as of Jan. 1, 2020, expecting a 3.0x return multiple over eight to 10 years would have achieved 90% of their return target and remained liquid in just the first 11 months of 2020 if they allocated to BTC instead. An allocation toETHwould have performed even better (4.7x return).
9. Stablecoins have become the market’s unsung heroes.
The rise of stablecoins boosted liquidity in the crypto market and enabled digital asset trading to become cheaper, faster and stablecoin-denominated. In 2020, the market capitalization of stablecoins has nearly quintupled from just under $5 million in 2019 to nearly $27 billion at the time of writing.
10. From speculators to allocators: witnessing crypto’s investor maturation.
While the crypto industry has witnessed some occasional institutional moments since 2018, none quite resulted in direct price appreciation the way 2020’s institutional movement did. Tudor Investment Corporation, Rothschild Investment Corp., Fidelity, JPMorgan, Raoul Pal, Stanley Druckenmiller, Citibank, Guggenheim, Alliance Bernstein, BlackRock, Square and MicroStrategy, to name a few, have enhanced bitcoin’s social proof this year.
We believe we are in the early phases of a 12- to 24-month bull market cycle in digital assets as part of a multi-decade long investment opportunity. Crypto investing is increasingly moving from speculation to allocation as high-quality institutional capital leads the current cycle. In 2021, it will be even more important to have a dedicated and intentional strategy to express the digital asset investment thesis.
There are now many different ways to invest into the growing digital asset class, ranging from single or multi-asset passive beta strategies to differentiated venture fund and hedge fund strategies. We expand on each of these in more detail below.
See also:Pantera’s Paul Veradittakit’s 2021 Predictions
Passive strategies can be accessed via single asset vehicles (e.g. BTC only) or index funds for multi-asset exposure. Reported assets under management (AUM) inVisionTrackis now $13.6 billion for passive beta strategies and expected to grow significantly in 2021.
We believe bitcoin will continue to be the first stop for many allocators who are new to digital assets. It is reasonable to assume that in order to build conviction in this asset class, allocators need to get comfortable with the general notion of how a blockchain works, and why its value proposition is unique relative to everything else in their investable universe (that may also come with longer and more established track records of success). In 2021, investors are also likely to expand their definition of beta to include ether in addition to bitcoin.
Venture funds in crypto generally focus on equity only, tokens only or equity and tokens across various stages from a structural perspective. We estimate dedicated crypto venture fund AUM to be in excess of $10 billion.
We believe we will see continued growth of dedicated crypto venture fund strategies into 2021. In addition to Fund II’s and Fund III’s, 2021 more focus is likely to turn to thematic differentiation (e.g. DeFi vs. infrastructure), structural differentiation (equity vs. tokens), stage differentiation (pre-seed, Series A, growth stage), and geographic differentiation (U.S., Asia, emerging markets, etc.).
At Vision Hill, we segment all crypto hedge funds into one of three strategy categories: fundamental, quantitative and opportunistic. There is currently $2.4 billion in dedicated crypto hedge fund AUM in VisionTrack.
We believe 2021 will be a breakout year for crypto hedge funds. With an expected bullish market regime, we expect distinctive (idiosyncratic) asset selection will present opportunities for differentiated and uncorrelated outperformance (alpha).
Investors should create a dedicated, thoughtful and comprehensive investment process for digital asset portfolio construction as they would with any other investment vertical such as equities, credit or real estate. This begins with understanding the overall opportunity set, categorizing the different types of investments, their risk and return profiles, investment horizons and durations, and liquidity. The next step is gathering the best data possible to make more informed and smarter investment decisions. The future is bright for digital assets.
• Stablecoins, ‘Unsung Heroes’ and Other Institutional Crypto Takeaways
• Stablecoins, ‘Unsung Heroes’ and Other Institutional Crypto Takeaways || Stablecoins, ‘Unsung Heroes’ and Other Institutional Crypto Takeaways: It is clear that crypto is having its institutional moment. The investment decision is moving from speculation to allocation, and we are witnessing the maturation of crypto and digital asset investors in the process. In formalizing a dedicated digital asset investment strategy, institutional investors should assess the landscape thoughtfully with the goal of building an optimally constructed portfolio to achieve their desired investment objectives. Below, we summarize our top 10 takeaways from 2020 for institutional investors, based on our recent report “ An Institutional Take on the 2020/2021 Digital Asset Market .” This post is part of CoinDesk’s 2020 Year in Review – a collection of op-eds, essays and interviews about the year in crypto and beyond. Dan Zuller, CFA, is a partner at Vision Hill Group , an investment consultant and asset manager in digital assets. 1. Active management roars back. Related: Crypto Long & Short: Looking Back on a Monumental Year Following a challenging 2019 market in which concentration in bitcoin (largely viewed as the market’s beta, or its headline volatility indicator) prevailed over distinctive asset diversification, active management came roaring back in 2020. According to VisionTrack data as of October 2020, crypto hedge funds generated net returns of +116% on average, outperforming bitcoin (+92%) by approximately 2,400 basis points (bps). 2. For investors, 2020 was the year of DeFi and asset selection. DeFi stands for decentralized finance and can be best thought of as an emerging sector within the frontier digital asset market. Total value locked in DeFi contracts surged 25x to ~$15 billion as of the end of November, from ~$600 million in January. Investors that put capital to work in this thematic sector of digital assets generally outperformed bitcoin and the digital asset market beta in 2020. 3. Digital asset yields are sustainable, for now. Related: This Is What Global Open-Source Money Seems Like Story continues Digital assets offer highly attractive yields compared to traditional market instruments such as high-yield savings accounts. Will that continue? Growing demand from institutional counterparties and borrowers such as hedge funds, over-the-counter (OTC) desks, market makers and liquidity providers leads us to believe these yields are sustainable for the foreseeable future. 4. The remarkable rise, fall and rise again of crypto derivatives. After a challenging 2018-2019 market regime, crypto derivatives have made a fascinating comeback in 2020. CME BTC daily futures volumes recently peaked at $2.2 billion at the end of November 2020 while Bakkt BTC daily futures volumes peaked at $178 million in September. “First a trickle and then a flood,” once the industry’s mantra back in 2018-2019, has proven true in 2020. 5. Crypto hedge funds are institutionalizing, but some more than others. There are now a variety of beta- and alpha-focused hedge fund strategies rising to institutional “gold standards” in preparation for 2021. However, not all managers are evolving with the times. According to our VisionTrack database, approximately one in four managers have shuttered their funds since 2017 as a result of failed operations. 6. There’s liquid and there’s venture, but liquid venture is a tougher pitch. The distinction between liquid hedge fund strategies (primarily liquid, short-term) and illiquid venture fund strategies (primarily illiquid, long-term) continues to be clear. However, the digital asset market continues to have hybrid “liquid venture” funds that attempt to capture the best of both the liquid and private worlds. While the opportunity set for such funds is certainly expanded, such strategies are not without their complexities and challenges. 7. Simplicity prevails: How the easy trades continue to win (and scale). Throughout 2020, we continued to see investors prefer the simpler trades in the market. One of the most popular examples of this is the success of Grayscale’s investment trust products. Given the lack of a regulated bitcoin exchange-traded fund, investors have sought high quality, single asset vehicles, specifically bitcoin-only ones, to express their investment thesis in digital assets. There are also strong incentives for investors to maintain simplicity and capture the beta first when entering an emerging market. [Grayscale is a CoinDesk sister company.] 8. As the bull returns, beta competes against venture for capital. Investors who allocated to venture funds as of Jan. 1, 2020, expecting a 3.0x return multiple over eight to 10 years would have achieved 90% of their return target and remained liquid in just the first 11 months of 2020 if they allocated to BTC instead. An allocation to ETH would have performed even better (4.7x return). 9. Stablecoins have become the market’s unsung heroes. The rise of stablecoins boosted liquidity in the crypto market and enabled digital asset trading to become cheaper, faster and stablecoin-denominated. In 2020, the market capitalization of stablecoins has nearly quintupled from just under $5 million in 2019 to nearly $27 billion at the time of writing. 10. From speculators to allocators: witnessing crypto’s investor maturation. While the crypto industry has witnessed some occasional institutional moments since 2018, none quite resulted in direct price appreciation the way 2020’s institutional movement did. Tudor Investment Corporation, Rothschild Investment Corp., Fidelity, JPMorgan, Raoul Pal, Stanley Druckenmiller, Citibank, Guggenheim, Alliance Bernstein, BlackRock, Square and MicroStrategy, to name a few, have enhanced bitcoin’s social proof this year. A 2021 look ahead We believe we are in the early phases of a 12- to 24-month bull market cycle in digital assets as part of a multi-decade long investment opportunity. Crypto investing is increasingly moving from speculation to allocation as high-quality institutional capital leads the current cycle. In 2021, it will be even more important to have a dedicated and intentional strategy to express the digital asset investment thesis. There are now many different ways to invest into the growing digital asset class, ranging from single or multi-asset passive beta strategies to differentiated venture fund and hedge fund strategies. We expand on each of these in more detail below. See also: Pantera’s Paul Veradittakit’s 2021 Predictions Beta Passive strategies can be accessed via single asset vehicles (e.g. BTC only) or index funds for multi-asset exposure. Reported assets under management (AUM) in VisionTrack is now $13.6 billion for passive beta strategies and expected to grow significantly in 2021. We believe bitcoin will continue to be the first stop for many allocators who are new to digital assets. It is reasonable to assume that in order to build conviction in this asset class, allocators need to get comfortable with the general notion of how a blockchain works, and why its value proposition is unique relative to everything else in their investable universe (that may also come with longer and more established track records of success). In 2021, investors are also likely to expand their definition of beta to include ether in addition to bitcoin. Venture Venture funds in crypto generally focus on equity only, tokens only or equity and tokens across various stages from a structural perspective. We estimate dedicated crypto venture fund AUM to be in excess of $10 billion. We believe we will see continued growth of dedicated crypto venture fund strategies into 2021. In addition to Fund II’s and Fund III’s, 2021 more focus is likely to turn to thematic differentiation (e.g. DeFi vs. infrastructure), structural differentiation (equity vs. tokens), stage differentiation (pre-seed, Series A, growth stage), and geographic differentiation (U.S., Asia, emerging markets, etc.). Hedge funds At Vision Hill, we segment all crypto hedge funds into one of three strategy categories: fundamental, quantitative and opportunistic. There is currently $2.4 billion in dedicated crypto hedge fund AUM in VisionTrack. We believe 2021 will be a breakout year for crypto hedge funds. With an expected bullish market regime, we expect distinctive (idiosyncratic) asset selection will present opportunities for differentiated and uncorrelated outperformance (alpha). Preparing for 2021 Investors should create a dedicated, thoughtful and comprehensive investment process for digital asset portfolio construction as they would with any other investment vertical such as equities, credit or real estate. This begins with understanding the overall opportunity set, categorizing the different types of investments, their risk and return profiles, investment horizons and durations, and liquidity. The next step is gathering the best data possible to make more informed and smarter investment decisions. The future is bright for digital assets. Related Stories Stablecoins, ‘Unsung Heroes’ and Other Institutional Crypto Takeaways Stablecoins, ‘Unsung Heroes’ and Other Institutional Crypto Takeaways || From Bitcoin to Asian tech stocks, these are the biggest winners and losers of the 2020 global markets: That kink in your neck? It might be from watching your portfolio this year whipsaw from precipitous lows to glorious highs in what seemed like a blink. But who could complain? In December, investors drove up stocks to a series of fresh all-time highs on all three major U.S. exchanges. The Dow Jones Industrial Average and S&P 500 both finished 2020 in the record books. According to LPL Research, the S&P 500 has just notched its best November-December run ever, rallying 14.3% in the final two months. (That was as of noon ET on Dec. 30; the benchmark climbed a further 0.45% through the year-end close on New Years Eve). The record run could be seen across the Atlantic, too, as Germanys Dax closed in record territory just after Christmas. And, in this past month Japans Nikkei hit a high last seen in the Super Nintendo days of the early 1990s. And yet all of that good news got overshadowed by Bitcoin, which has had the Santa Claus Rally t o end all Santa Claus rallies . Heres a look at the best- and worst-performing asset classes for 2020, and what that that performance might bode for the year to come. Stocks Its hard to forget those gut-churning days in Q1 when the S&P 500 plunged 32% from peak to nadir. But by August, much of that had been forgotten as the benchmark index rocketed back to record territory, helped by investor mania for tech stocks, plus trillions in fiscal stimulus measures and a lets-buy-everything Federal Reserve whose central motto has become: Lower for longer. That Dont fight the Fed message, in turn, triggered an unprecedented buying spree in all things tech that pushed the Nasdaq into a bull run for the record books; it finished 2020 up 43.6%. It has also pushed tech-heavy indexes in Seoul, Tokyo and Frankfurt to new highs. On the flip side, investors dumped their holdings in energy and finance, two sectors hit hard by the COVID-19 pandemic and the lockdowns that followed. The S&P 500 Energy sector was among the worst performers of 2020, down 37.3%. The S&P 500 Financial sector, meanwhile, closed off 4.1%. (Alas, bank stocks have rebounded since early November when we got our first batches of good news on the COVID vaccine front, a real shot in the arm for value stocks.) Story continues As indexes go, Londons FTSE was one of the biggest duds of 2020, off 14.3%, underperforming nearly all major European bourses. Yes, Brexit uncertainty hit shares hard. But the heavy concentration of energy and finance stocks on the FTSE didnt help either. By any historical basis, tech stocks are expensive. But there are plenty of signs the big trends of digitization we saw in 2020not just the boom in e-commerce, but also the rise in virtual meetings and a shift to working from homeare here to stay. Dont be surprised though if much of those gains are already priced in. As BofA Securities equity analysts wrote in a recent investor note, our top two sectors are unapologetically cyclical and value-focused: financials and energy (which we double-upgrade from underweight). Theyre also long small-cap for 2021 and underweight staples, real estate and communications services. EV stocks had a heck of a year, none better than Tesla . Bulls sent Tesla shares into the stratosphere, up more than eight-fold in 2020. Commodities COVID completely walloped the oil market, sending crude to historic lows. In April, the price of a barrel of oil even went negative for the first time ever in a fluky moment where a glut of futures contracts chased nonexistent bidders. Panic selling aside, the collapse in commodity prices is understandable. When much of the global economy crashes into recession, commodity prices fall with it. But as factories reopen, those prices bounce back. And weve seen that with some commodities, at least. The big winners in commodities this year have been silver (up 47.7%) and copper (up 25.8%). Both are used extensively in industrial processes. They stand to gain further in 2021 as the global economy gets back on track. Top of the chart is Bitcoin, which nearly quadrupled in value in 2020. No, Bitcoin is not a commodity in the traditional sense of being a physical object, but its worth comparing the digital currencys bull run with that of gold. The shiny yellow stuff ended 2020 up 24.6%. But its been virtually flat since September, just as Bitcoin took off. And Bitcoins stellar December rally pushed the crypto currency to the brink of $30,000 by New Years Eve. So much for that seemingly overly bullish $20,000 Bitcoin call in November. The FX trade The dollar has had a rough year, posting its biggest annual loss since 2017. And, its likely to get worse in 2021. Not long ago, back in March, the greenback soared as equities fell. Thats the typical pattern. A strong dollar goes hand in hand with risk-off investing sentiment. As the global economy began to recover in Q2, however, and stocks began picking up, the dollar fell. And kept falling. None of this should have surprised investors. As Goldman Sachs wrote in a Dec. 18 investor note: We are revising down our forecasts for the US Dollar against several major crosses this week. The rationale for further depreciation remains the same: the Dollar is overvalued after a long stretch of US asset market outperformance, Fed rate cuts have eroded the currencys carry advantage, the central banks new average inflation targeting framework should keep (real and nominal) interest rates low for a number of years, and a recovering global economy should weigh on the safe haven Dollar through a variety of channels. A weak dollar creates all kinds of ripple effects around the world. Its great news for U.S. multinationals, lifting profits. And, a sustained cheap dollar should lift exports. A weak dollar is also a big boost for emerging markets. And, on cue, investors have been piling into emerging economies in recent months to take advantage of the relatively weak greenback FX gap. On the flip side, its not great news for Americas biggest trading partnersnamely, the Eurozone. As such, Goldman Sachs forecasts a year-end 2021 price of one euro equaling $1.28. That would represent a further 4% slide in the greenback from the Dec. 30 EUR/USD FX price, mainly as investors continue to bail on the safe-haven dollar amid unprecedented levels of stimulus pumped into the U.S. economy. In fact, the dollars standing as the worlds global reserve currencya much watched measurefell to a level last seen in early 1996. A weak dollar also equates to low inflation, and thats good news for the consumer. And that should bring another steady tail wind to stocks in 2021. In other words, get ready for the whiplash. More must-read finance coverage from Fortune : When to expect $600 checks and $300 enhanced unemployment payments A brief history of Bitcoin bubbles From Bitcoin to Asian tech stocks, these are the biggest winners and losers of the 2020 global markets The biggest business scandals of 2020 Under Biden, expect more scrutiny of Big Tech and mergers This story was originally featured on Fortune.com || From Bitcoin to Asian tech stocks, these are the biggest winners and losers of the 2020 global markets: That kink in your neck? It might be from watching your portfolio this year whipsaw from precipitous lows to glorious highs in what seemed like a blink.
But who could complain? In December, investors drove up stocks to a series of fresh all-time highs on all three major U.S. exchanges. The Dow Jones Industrial Average and S&P 500 both finished 2020 in the record books. According to LPL Research, the S&P 500 has just notched its best November-December run ever, rallying 14.3% in the final two months. (That was as of noon ET on Dec. 30; the benchmark climbed a further 0.45% through the year-end close on New Year’s Eve).
The record run could be seen across the Atlantic, too, as Germany’s Dax closed in record territory just after Christmas. And, in this past month Japan’s Nikkei hit a high last seen in the Super Nintendo days of the early 1990s.
And yet all of that good news got overshadowed by Bitcoin, which has had the Santa Claus Rally to end all Santa Claus rallies.
Here’s a look at the best- and worst-performing asset classes for 2020, and what that that performance might bode for the year to come.
It’s hard to forget those gut-churning days in Q1 when the S&P 500 plunged 32% from peak to nadir. But by August, much of that had been forgotten as the benchmark index rocketed back to record territory, helped by investor mania for tech stocks, plus trillions in fiscal stimulus measures and a let’s-buy-everything Federal Reserve whose central motto has become: “Lower for longer.”
That “Don’t fight the Fed” message, in turn, triggered an unprecedented buying spree in all things tech that pushed the Nasdaq into a bull run for the record books; it finished 2020 up 43.6%. It has also pushed tech-heavy indexes in Seoul, Tokyo and Frankfurt to new highs.
On the flip side, investors dumped their holdings in energy and finance, two sectors hit hard by the COVID-19 pandemic and the lockdowns that followed. The S&P 500 Energy sector was among the worst performers of 2020, down 37.3%. The S&P 500 Financial sector, meanwhile, closed off 4.1%. (Alas, bank stocks have rebounded since early November when we got our first batches of good news on the COVID vaccine front, a real shot in the arm for value stocks.)
As indexes go, London’s FTSE was one of the biggest duds of 2020, off 14.3%, underperforming nearly all major European bourses. Yes, Brexit uncertainty hit shares hard. But the heavy concentration of energy and finance stocks on the FTSE didn’t help either.
By any historical basis, tech stocks are expensive. But there are plenty of signs the big trends of digitization we saw in 2020—not just the boom in e-commerce, but also the rise in virtual meetings and a shift to working from home—are here to stay. Don’t be surprised though if much of those gains are already priced in.
As BofA Securities equity analysts wrote in a recent investor note, “our top two sectors are unapologetically cyclical and value-focused: financials and energy (which we double-upgrade from underweight).” They’re also long small-cap for 2021 and underweight staples, real estate and communications services.
EV stocks had a heck of a year,none better than Tesla. Bulls sentTeslashares into the stratosphere, up more than eight-fold in 2020.
COVID completely walloped the oil market, sending crude to historic lows. In April, the price of a barrel of oileven went negativefor the first time ever in a fluky moment where a glut of futures contracts chased nonexistent bidders.
Panic selling aside, the collapse in commodity prices is understandable. When much of the global economy crashes into recession, commodity prices fall with it.
But as factories reopen, those prices bounce back. And we’ve seen that with some commodities, at least.
The big winners in commodities this year have been silver (up 47.7%) and copper (up 25.8%). Both are used extensively in industrial processes. They stand to gain further in 2021 as the global economy gets back on track.
Top of the chart is Bitcoin, which nearly quadrupled in value in 2020. No, Bitcoin is not a commodity in the traditional sense of being a physical object, but it’s worth comparing the digital currency’s bull run with that of gold. The shiny yellow stuff ended 2020 up 24.6%. But it’s been virtually flat since September, just as Bitcoin took off. And Bitcoin’s stellar December rally pushed the crypto currency to the brink of $30,000 by New Year’s Eve. So much for that seemingly overly bullish$20,000 Bitcoin callin November.
The dollar has had a rough year, posting its biggest annual loss since 2017. And, it’s likely to get worse in 2021.
Not long ago, back in March, the greenback soared as equities fell. That’s the typical pattern. A strong dollar goes hand in hand with risk-off investing sentiment.
As the global economy began to recover in Q2, however, and stocks began picking up, the dollar fell. And kept falling. None of this should have surprised investors.
AsGoldman Sachswrote in a Dec. 18 investor note: “We are revising down our forecasts for the US Dollar against several major crosses this week. The rationale for further depreciation remains the same: the Dollar is overvalued after a long stretch of US asset market outperformance, Fed rate cuts have eroded the currency’s carry advantage, the central bank’s new average inflation targeting framework should keep (real and nominal) interest rates low for a number of years, and a recovering global economy should weigh on the ‘safe haven’ Dollar through a variety of channels.”
A weak dollar creates all kinds of ripple effects around the world. It’s great news for U.S. multinationals, lifting profits. And, a sustained cheap dollar should lift exports.
A weak dollar is also a big boost for emerging markets. And, on cue, investors have been piling into emerging economies in recent months to take advantage of the relatively weak greenback FX gap.
On the flip side, it’s not great news for America’s biggest trading partners—namely, the Eurozone. As such, Goldman Sachs forecasts a year-end 2021 price of one euro equaling $1.28. That would represent a further 4% slide in the greenback from the Dec. 30 EUR/USD FX price, mainly as investors continue to bail on the safe-haven dollar amid unprecedented levels of stimulus pumped into the U.S. economy. In fact, the dollar’s standing as the world’s global reserve currency—a much watched measure—fell to a level last seen in early 1996.
A weak dollar also equates to low inflation, and that’s good news for the consumer. And that should bring another steady tail wind to stocks in 2021.
In other words, get ready for the whiplash.
• When to expect$600 checks and $300 enhanced unemployment payments
• A brief history ofBitcoin bubbles
• From Bitcoin to Asian tech stocks, these arethe biggest winners and losers of the 2020 global markets
• The biggestbusiness scandalsof 2020
• Under Biden, expectmore scrutiny of Big Tech and mergers
This story was originally featured onFortune.com || From Bitcoin to Asian tech stocks, these are the biggest winners and losers of the 2020 global markets: That kink in your neck? It might be from watching your portfolio this year whipsaw from precipitous lows to glorious highs in what seemed like a blink.
But who could complain? In December, investors drove up stocks to a series of fresh all-time highs on all three major U.S. exchanges. The Dow Jones Industrial Average and S&P 500 both finished 2020 in the record books. According to LPL Research, the S&P 500 has just notched its best November-December run ever, rallying 14.3% in the final two months. (That was as of noon ET on Dec. 30; the benchmark climbed a further 0.45% through the year-end close on New Year’s Eve).
The record run could be seen across the Atlantic, too, as Germany’s Dax closed in record territory just after Christmas. And, in this past month Japan’s Nikkei hit a high last seen in the Super Nintendo days of the early 1990s.
And yet all of that good news got overshadowed by Bitcoin, which has had the Santa Claus Rally to end all Santa Claus rallies.
Here’s a look at the best- and worst-performing asset classes for 2020, and what that that performance might bode for the year to come.
It’s hard to forget those gut-churning days in Q1 when the S&P 500 plunged 32% from peak to nadir. But by August, much of that had been forgotten as the benchmark index rocketed back to record territory, helped by investor mania for tech stocks, plus trillions in fiscal stimulus measures and a let’s-buy-everything Federal Reserve whose central motto has become: “Lower for longer.”
That “Don’t fight the Fed” message, in turn, triggered an unprecedented buying spree in all things tech that pushed the Nasdaq into a bull run for the record books; it finished 2020 up 43.6%. It has also pushed tech-heavy indexes in Seoul, Tokyo and Frankfurt to new highs.
On the flip side, investors dumped their holdings in energy and finance, two sectors hit hard by the COVID-19 pandemic and the lockdowns that followed. The S&P 500 Energy sector was among the worst performers of 2020, down 37.3%. The S&P 500 Financial sector, meanwhile, closed off 4.1%. (Alas, bank stocks have rebounded since early November when we got our first batches of good news on the COVID vaccine front, a real shot in the arm for value stocks.)
As indexes go, London’s FTSE was one of the biggest duds of 2020, off 14.3%, underperforming nearly all major European bourses. Yes, Brexit uncertainty hit shares hard. But the heavy concentration of energy and finance stocks on the FTSE didn’t help either.
By any historical basis, tech stocks are expensive. But there are plenty of signs the big trends of digitization we saw in 2020—not just the boom in e-commerce, but also the rise in virtual meetings and a shift to working from home—are here to stay. Don’t be surprised though if much of those gains are already priced in.
As BofA Securities equity analysts wrote in a recent investor note, “our top two sectors are unapologetically cyclical and value-focused: financials and energy (which we double-upgrade from underweight).” They’re also long small-cap for 2021 and underweight staples, real estate and communications services.
EV stocks had a heck of a year,none better than Tesla. Bulls sentTeslashares into the stratosphere, up more than eight-fold in 2020.
COVID completely walloped the oil market, sending crude to historic lows. In April, the price of a barrel of oileven went negativefor the first time ever in a fluky moment where a glut of futures contracts chased nonexistent bidders.
Panic selling aside, the collapse in commodity prices is understandable. When much of the global economy crashes into recession, commodity prices fall with it.
But as factories reopen, those prices bounce back. And we’ve seen that with some commodities, at least.
The big winners in commodities this year have been silver (up 47.7%) and copper (up 25.8%). Both are used extensively in industrial processes. They stand to gain further in 2021 as the global economy gets back on track.
Top of the chart is Bitcoin, which nearly quadrupled in value in 2020. No, Bitcoin is not a commodity in the traditional sense of being a physical object, but it’s worth comparing the digital currency’s bull run with that of gold. The shiny yellow stuff ended 2020 up 24.6%. But it’s been virtually flat since September, just as Bitcoin took off. And Bitcoin’s stellar December rally pushed the crypto currency to the brink of $30,000 by New Year’s Eve. So much for that seemingly overly bullish$20,000 Bitcoin callin November.
The dollar has had a rough year, posting its biggest annual loss since 2017. And, it’s likely to get worse in 2021.
Not long ago, back in March, the greenback soared as equities fell. That’s the typical pattern. A strong dollar goes hand in hand with risk-off investing sentiment.
As the global economy began to recover in Q2, however, and stocks began picking up, the dollar fell. And kept falling. None of this should have surprised investors.
AsGoldman Sachswrote in a Dec. 18 investor note: “We are revising down our forecasts for the US Dollar against several major crosses this week. The rationale for further depreciation remains the same: the Dollar is overvalued after a long stretch of US asset market outperformance, Fed rate cuts have eroded the currency’s carry advantage, the central bank’s new average inflation targeting framework should keep (real and nominal) interest rates low for a number of years, and a recovering global economy should weigh on the ‘safe haven’ Dollar through a variety of channels.”
A weak dollar creates all kinds of ripple effects around the world. It’s great news for U.S. multinationals, lifting profits. And, a sustained cheap dollar should lift exports.
A weak dollar is also a big boost for emerging markets. And, on cue, investors have been piling into emerging economies in recent months to take advantage of the relatively weak greenback FX gap.
On the flip side, it’s not great news for America’s biggest trading partners—namely, the Eurozone. As such, Goldman Sachs forecasts a year-end 2021 price of one euro equaling $1.28. That would represent a further 4% slide in the greenback from the Dec. 30 EUR/USD FX price, mainly as investors continue to bail on the safe-haven dollar amid unprecedented levels of stimulus pumped into the U.S. economy. In fact, the dollar’s standing as the world’s global reserve currency—a much watched measure—fell to a level last seen in early 1996.
A weak dollar also equates to low inflation, and that’s good news for the consumer. And that should bring another steady tail wind to stocks in 2021.
In other words, get ready for the whiplash.
• When to expect$600 checks and $300 enhanced unemployment payments
• A brief history ofBitcoin bubbles
• From Bitcoin to Asian tech stocks, these arethe biggest winners and losers of the 2020 global markets
• The biggestbusiness scandalsof 2020
• Under Biden, expectmore scrutiny of Big Tech and mergers
This story was originally featured onFortune.com || Gold Price Forecast: Market Risks and Why 2021 Could be Worse: I’ve grown a little bearish over the near-term, given the excessive bullishness I see in options buying and retail trading. Highflyers likeTeslaandBitcoinare not driven by fundamentals, but by speculation and excess liquidity. This extreme risk-taking leaves the markets vulnerable to a sharp correction, in my opinion.
It seems most of the “good news” is already baked into the markets. Governments passed more stimulus, and vaccines are making their way across the globe. Stocks are at new all-time highs and there’s talk about a repeat of the roaring 20s. However, what’s happening in the real economy is entirely different. I don’t think we will understand the depth of this divide until next year. Below are some “potential hazards” I see going into next year.
According to a recent survey by theUS Census Bureau, of the estimated 17-million adults who are not current on their rent or mortgage payments, 33% could face eviction or foreclosure in the coming months.
(Source: visualcapitalist.com)
Eventually, moratoriums will be lifted, and people will need to start paying rent/mortgages. By the end of next year, I expect to see foreclosures popping up in some cities. Increased housing inventory could lead to lower prices and perhaps a housing glut. Rural housing should do better as people migrate out of cities to safer and more spacious arrangements.
How many restaurants, shops, malls, hotels, etc., won’t reopen in 2021? How many office buildings will remain vacant as employees work from home? How many commercial leases won’t be renewed? How many tenants walked away from their facility/business, never to return? Eventually, this could lead to a massive restructuring of commercial assets and could take years to unwind.
The long-term tax outlook for major cities is bleak. As employees work from home, they will no longer commute into the city. Tax revenues could plunge as companies and residents flee high tax states. Municipalities will be forced to raise taxes or slash services (probably both). Consequently, the exodus from states like California to low tax states like Texas will only make matters worse.
How many of the struggles mentioned above will result in bankruptcies and defaults? Hard to say, but I believe it will be significant. Going into the crisis, the personal savings rate was low. Millions of Americans didn’t have enough savings for even 3-months of expenses. When stimulus and employment benefits run out, I think there will be a reckoning, and we won’t know how bad until next year.
Currently, the markets are pricing in a V-shaped recovery. I am less optimistic for the reasons described throughout this report. One scenario I am considering is a K-shaped recovery. This occurs when people with assets (own stocks and real estate) get wealthier through asset inflation, while those without assets (the have-nots) struggle to find employment, lose skills, and become permanently unemployed. As a result, the wealth-gap widens and produces increased social and civil unrest.
A few weeks ago, SolarWinds – a major US information technology firm, was the subject of a cyberattack that spread to its clients, including the US government. Foreign hackers used it to spy on private companies like cybersecurity firm FireEye and other Government agencies (Homeland Security and Treasury Department). It was the largest cyber-attack in US history, according to experts.
The combination of supercomputers and artificial intelligence makes cyber-attacks a threat like never before. No longer is it a single hacker in a basement trying to breach a firewall. Today, supercomputers are doing the hacking – they don’t need to sleep, they don’t eat, and they don’t get paid. They work 24-hours a day, relentlessly probing systems for weakness.
An attack on the power system, electrical grid, oil refineries, etc., could cripple utilities and infrastructure. If the payment system goes down, no one would be able to use credit or debit cards. For that reason alone, it’s probably wise to have some cash on hand to pay for essentials in the event of an outage.
There is a lot of hope riding on the effectiveness of these vaccines. The Pfizer and Moderna vaccines are reported to be about 95% effective. What if, for some reason, they aren’t?
We’ve had some very smart people working on the flu vaccines for over 20-years. On average, the flu vaccine is only about 60% effective, and some years just 40%. To create and distribute a new vaccine that is 95% effective…in less than 12-months would be game-changing if it works. And perhaps that’s what this is, a major scientific breakthrough, I don’t know. But, until I see long-term data supporting this, I remain skeptical.
In summary, theglobal economyhas recovered significantly from the collapse. The stimulus provided by governments was massive, but it is wearing off. If the vaccines prove effective and the economy reopens, we could see above-average growth next year. However, there are significant hurdles to overcome. If the vaccines are less effective and the lockdowns remain, I believe we are at risk of a double-dip recession.
Sentiment turned positive for precious metals in 2020 after the global pandemic. Fear and uncertainty will remain for the next several years. Governments are printing staggering amounts of money, and this will ultimately lead to inflation. Gold will benefit as currencies are devalued. Precious metals and commodities are entering a bull market that could last over a decade, in my opinion.
The only way I see gold NOT doing well in 2021 is if the vaccines prove 95% effective (as claimed), reach wide-spread adoption (at record pace), and completely eradicate the coronavirus. I think the odds of that happening are pretty low.
The Gold Cycle Indicator finished at 97. I’m still looking for a finish above 100 to establish a cycle breakout.
-US DOLLAR- As I mentioned in the recentdollar update: I think prices are experiencing a meaningful devaluation. The trend is overdue for a bounce, but prices keep pushing lower. The final area of support arrives at the 2018 low of 88.15. If that level fails, I believe the USD could collapse to 80 by April/May 2021.
-GOLD- The 6-month cycle in gold likely bottomed at $1767.20 in November. Prices are climbing the “wall of worry,” and I expect a breakout above the intermediate trendline within the next 1 to 3-weeks. The trigger event to push gold through the trendline could arrive any day. The minimum target on a breakout is $2300 for the next leg higher.
Thanks for a great 2020 and happy New Year!
For a look at all of today’s economic events, check out oureconomic calendar.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. He posts daily updates to Premium Members. For more information, please visithere.
Thisarticlewas originally posted on FX Empire
• Natural Gas Weekly Price Forecast – Natural Gas Markets Fill Gap
• European Equities: A Month in Review – December 2020
• USD/JPY Forex Technical Analysis – 102.886 is Trigger Point for Acceleration to Downside
• S&P 500 Weekly Price Forecast: Stocks Continue to Reach All-Time Highs
• Crude Oil Weekly Price Forecast – Crude Oil Quiet Heading Into 2021
• Gold Price Forecast: Market Risks and Why 2021 Could be Worse || Gold Price Forecast: Market Risks and Why 2021 Could be Worse: I’ve grown a little bearish over the near-term, given the excessive bullishness I see in options buying and retail trading. Highflyers like Tesla and Bitcoin are not driven by fundamentals, but by speculation and excess liquidity. This extreme risk-taking leaves the markets vulnerable to a sharp correction, in my opinion. It seems most of the “good news” is already baked into the markets. Governments passed more stimulus, and vaccines are making their way across the globe. Stocks are at new all-time highs and there’s talk about a repeat of the roaring 20s. However, what’s happening in the real economy is entirely different. I don’t think we will understand the depth of this divide until next year. Below are some “potential hazards” I see going into next year. EVICTIONS AND FORECLOSURES According to a recent survey by the US Census Bureau , of the estimated 17-million adults who are not current on their rent or mortgage payments, 33% could face eviction or foreclosure in the coming months. (Source: visualcapitalist.com) Eventually, moratoriums will be lifted, and people will need to start paying rent/mortgages. By the end of next year, I expect to see foreclosures popping up in some cities. Increased housing inventory could lead to lower prices and perhaps a housing glut. Rural housing should do better as people migrate out of cities to safer and more spacious arrangements. COMMERCIAL REAL ESTATE How many restaurants, shops, malls, hotels, etc., won’t reopen in 2021? How many office buildings will remain vacant as employees work from home? How many commercial leases won’t be renewed? How many tenants walked away from their facility/business, never to return? Eventually, this could lead to a massive restructuring of commercial assets and could take years to unwind. LOST TAX REVENUE The long-term tax outlook for major cities is bleak. As employees work from home, they will no longer commute into the city. Tax revenues could plunge as companies and residents flee high tax states. Municipalities will be forced to raise taxes or slash services (probably both). Consequently, the exodus from states like California to low tax states like Texas will only make matters worse. Story continues BANKRUPTCIES AND DEFAULTS How many of the struggles mentioned above will result in bankruptcies and defaults? Hard to say, but I believe it will be significant. Going into the crisis, the personal savings rate was low. Millions of Americans didn’t have enough savings for even 3-months of expenses. When stimulus and employment benefits run out, I think there will be a reckoning, and we won’t know how bad until next year. K-SHAPE RECOVERY Currently, the markets are pricing in a V-shaped recovery. I am less optimistic for the reasons described throughout this report. One scenario I am considering is a K-shaped recovery. This occurs when people with assets (own stocks and real estate) get wealthier through asset inflation, while those without assets (the have-nots) struggle to find employment, lose skills, and become permanently unemployed. As a result, the wealth-gap widens and produces increased social and civil unrest. CYBER ATTACKS A few weeks ago, SolarWinds – a major US information technology firm, was the subject of a cyberattack that spread to its clients, including the US government. Foreign hackers used it to spy on private companies like cybersecurity firm FireEye and other Government agencies (Homeland Security and Treasury Department). It was the largest cyber-attack in US history, according to experts. The combination of supercomputers and artificial intelligence makes cyber-attacks a threat like never before. No longer is it a single hacker in a basement trying to breach a firewall. Today, supercomputers are doing the hacking – they don’t need to sleep, they don’t eat, and they don’t get paid. They work 24-hours a day, relentlessly probing systems for weakness. An attack on the power system, electrical grid, oil refineries, etc., could cripple utilities and infrastructure. If the payment system goes down, no one would be able to use credit or debit cards. For that reason alone, it’s probably wise to have some cash on hand to pay for essentials in the event of an outage. VACCINE EFFECTIVENESS There is a lot of hope riding on the effectiveness of these vaccines. The Pfizer and Moderna vaccines are reported to be about 95% effective. What if, for some reason, they aren’t? We’ve had some very smart people working on the flu vaccines for over 20-years. On average, the flu vaccine is only about 60% effective, and some years just 40%. To create and distribute a new vaccine that is 95% effective…in less than 12-months would be game-changing if it works. And perhaps that’s what this is, a major scientific breakthrough, I don’t know. But, until I see long-term data supporting this, I remain skeptical. In summary, the global economy has recovered significantly from the collapse. The stimulus provided by governments was massive, but it is wearing off. If the vaccines prove effective and the economy reopens, we could see above-average growth next year. However, there are significant hurdles to overcome. If the vaccines are less effective and the lockdowns remain, I believe we are at risk of a double-dip recession. GOLD OUTLOOK Sentiment turned positive for precious metals in 2020 after the global pandemic. Fear and uncertainty will remain for the next several years. Governments are printing staggering amounts of money, and this will ultimately lead to inflation. Gold will benefit as currencies are devalued. Precious metals and commodities are entering a bull market that could last over a decade, in my opinion. The only way I see gold NOT doing well in 2021 is if the vaccines prove 95% effective (as claimed), reach wide-spread adoption (at record pace), and completely eradicate the coronavirus. I think the odds of that happening are pretty low. The Gold Cycle Indicator finished at 97. I’m still looking for a finish above 100 to establish a cycle breakout. -US DOLLAR- As I mentioned in the recent dollar update : I think prices are experiencing a meaningful devaluation. The trend is overdue for a bounce, but prices keep pushing lower. The final area of support arrives at the 2018 low of 88.15. If that level fails, I believe the USD could collapse to 80 by April/May 2021. -GOLD- The 6-month cycle in gold likely bottomed at $1767.20 in November. Prices are climbing the “wall of worry,” and I expect a breakout above the intermediate trendline within the next 1 to 3-weeks. The trigger event to push gold through the trendline could arrive any day. The minimum target on a breakout is $2300 for the next leg higher. Thanks for a great 2020 and happy New Year! For a look at all of today’s economic events, check out our economic calendar . AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. He posts daily updates to Premium Members. For more information, please visit here . This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Weekly Price Forecast – Natural Gas Markets Fill Gap European Equities: A Month in Review – December 2020 USD/JPY Forex Technical Analysis – 102.886 is Trigger Point for Acceleration to Downside S&P 500 Weekly Price Forecast: Stocks Continue to Reach All-Time Highs Crude Oil Weekly Price Forecast – Crude Oil Quiet Heading Into 2021 Gold Price Forecast: Market Risks and Why 2021 Could be Worse || The Crypto Daily – The Movers and Shakers – January 1st, 2021: Bitcoin , BTC to USD, rose by 0.18% on Thursday. Following a 5.74% rally on Wednesday, Bitcoin ended the day at $28,938.5. It was a bullish start to the day. Bitcoin rose to an early morning intraday high and a new swing hi $29,286.0 before hitting reverse. Falling short of the first major resistance level at $29,467, Bitcoin slid to an early afternoon intraday low $27,557.0. The pullback saw Bitcoin fall through the first major support level at $27,802 before finding support. Late in the day, Bitcoin briefly revisited $29,150 levels before falling back to end the day at sub-$29,000 levels. The near-term bullish trend remained intact, supported by the latest breakthrough to $29,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,659 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day on Thursday. Polkadot surged 27.85% to lead the way, with Ripple’s XRP (+3.82%) also joining Bitcoin in the green. It was a bearish day for the rest of the majors, however. Litecoin led the way down, sliding by 4.37%. Binance Coin (-1.78%), Bitcoin Cash SV (-2.14%), Crypto.com Coin (-1.54%), and Ethereum (-2.02%) also struggled. Cardano’s ADA (-1.03%) and Chainlink (-0.07%) saw relatively modest losses on the day. In the current week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to an early Friday high $776.82bn. At the time of writing, the total market cap stood at $770.69bn. Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Thursday high 71.55%. At the time of writing, Bitcoin’s dominance stood at 71.01. This Morning At the time of writing, Bitcoin was up by 1.38% to $29,388.0. A mixed start to the day saw Bitcoin fall to an early morning low $28,716.0 before rising to a new swing hi $29,488.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was another mixed start to the day. Bitcoin Cash SV and Polkadot were down by 0.50% and by 3.53% to buck the trend early on. Story continues It was a bullish start for the rest of the majors. At the time of writing, Ripple’s XRP was up by 6.39% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the pivot level at $28,594 to bring the first major resistance level at $29,639 back into play. Support from the broader market would be needed for Bitcoin to break out from the morning high $29,488.0. Barring an extended crypto rally, the first major resistance level and resistance at $30,000 would likely cap any upside. In the event of another extended crypto rally, Bitcoin could test resistance at $30,500 before any pullback. The second major resistance level sits at $30,322. Failure to avoid a fall through the $28,594 pivot would bring the first major support level at $27,902 into play. Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$27,500 levels. The second major support level sits at $26,865. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Forecast – Crude Oil Quiet Last Day of The Year NZD/USD Forex Technical Analysis – Closing Price Reversal Top May Be Indicating Momentum Shift AUD/USD Forex Technical Analysis – Nearest Support .7649, Next Upside Target .7812 GBP/USD Weekly Price Forecast – The British Pound Looking to Break Out Natural Gas Price Prediction – Prices Rise but fall 50% for the Year Crude Oil Weekly Price Forecast – Crude Oil Quiet Heading Into 2021 || The Crypto Daily – The Movers and Shakers – January 1st, 2021: Bitcoin, BTC to USD, rose by 0.18% on Thursday. Following a 5.74% rally on Wednesday, Bitcoin ended the day at $28,938.5.
It was a bullish start to the day. Bitcoin rose to an early morning intraday high and a new swing hi $29,286.0 before hitting reverse.
Falling short of the first major resistance level at $29,467, Bitcoin slid to an early afternoon intraday low $27,557.0.
The pullback saw Bitcoin fall through the first major support level at $27,802 before finding support.
Late in the day, Bitcoin briefly revisited $29,150 levels before falling back to end the day at sub-$29,000 levels.
The near-term bullish trend remained intact, supported by the latest breakthrough to $29,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,659 to form a near-term bearish trend.
Across the rest of the majors, it was another mixed day on Thursday.
Polkadot surged 27.85% to lead the way, withRipple’s XRP(+3.82%) also joining Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Litecoinled the way down, sliding by 4.37%.
Binance Coin(-1.78%),Bitcoin Cash SV(-2.14%),Crypto.com Coin(-1.54%), andEthereum(-2.02%) also struggled.
Cardano’s ADA(-1.03%) andChainlink(-0.07%) saw relatively modest losses on the day.
In the current week, the crypto total market cap fell to a Tuesday low $678.76bn before rising to an early Friday high $776.82bn. At the time of writing, the total market cap stood at $770.69bn.
Bitcoin’s dominance fell to a Monday low 69.13% before rising to a Thursday high 71.55%. At the time of writing, Bitcoin’s dominance stood at 71.01.
At the time of writing, Bitcoin was up by 1.38% to $29,388.0. A mixed start to the day saw Bitcoin fall to an early morning low $28,716.0 before rising to a new swing hi $29,488.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was another mixed start to the day.
Bitcoin Cash SV and Polkadot were down by 0.50% and by 3.53% to buck the trend early on.
It was a bullish start for the rest of the majors.
At the time of writing, Ripple’s XRP was up by 6.39% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $28,594 to bring the first major resistance level at $29,639 back into play.
Support from the broader market would be needed for Bitcoin to break out from the morning high $29,488.0.
Barring an extended crypto rally, the first major resistance level and resistance at $30,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $30,500 before any pullback. The second major resistance level sits at $30,322.
Failure to avoid a fall through the $28,594 pivot would bring the first major support level at $27,902 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$27,500 levels. The second major support level sits at $26,865.
Thisarticlewas originally posted on FX Empire
• Crude Oil Price Forecast – Crude Oil Quiet Last Day of The Year
• NZD/USD Forex Technical Analysis – Closing Price Reversal Top May Be Indicating Momentum Shift
• AUD/USD Forex Technical Analysis – Nearest Support .7649, Next Upside Target .7812
• GBP/USD Weekly Price Forecast – The British Pound Looking to Break Out
• Natural Gas Price Prediction – Prices Rise but fall 50% for the Year
• Crude Oil Weekly Price Forecast – Crude Oil Quiet Heading Into 2021 || Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021: As the year draws to a close, not only is the U.S. stock market approaching record highs, but a touted alternative to the existing financial system is also booming. Bitcoin is now trading over $29,000 per single coin, up more than 24% in the last seven days alone. Its blown past its previous high of $20,000 and is likely to top the $30,000 mark by the end of the weekend if it keeps trending in its current direction. More from Deadline Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020 Donald Trump's Campaign Website Hacked And Defaced Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Bitcoin is a digital currency that is created by mining a blockchain, which rewards users who solve complex equations. Although some liken it to the tulip craze and other speculative investments, it has attracted numerous world class investors and financial institutions, particularly in the last six months. Only 21 million Bitcoin will ever exist in the complex system, making it a finite resource. The Bitcoin boom is a tide that is lifting other boats. Such alt-coins as ethereums Ether (now at $745), and Litecoin ($135) are also at or near record levels, boosting the overall markets. Other coins are also on the rise, making for a red-hot market heading into 2021. The only down note is found in the third-largest digital currency by market capitalization. The Securities and Exchange Commission has sued Ripple Labs, the company that issues XRP. The complaint charges XRPs backers with conducting an unlawful issuance of securities and personally profiting from the endeavor. As a result, the price has crashed and many crypto exchanges have stopped trading in it. But overall, a robust cryptocurrency market means good things for new entertainment start-ups, as investors that are flush with extra cash as their cryptos rise are more likely to back disruptive new companies. Best of Deadline U.S. Covid-19 Update: Nation Hits 20M Cases By Start Of 2021, With More than 346,000 Deaths Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021: As the year draws to a close, not only is the U.S. stock market approaching record highs, but a touted alternative to the existing financial system is also booming. Bitcoin is now trading over $29,000 per single coin, up more than 24% in the last seven days alone. Its blown past its previous high of $20,000 and is likely to top the $30,000 mark by the end of the weekend if it keeps trending in its current direction. More from Deadline Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020 Donald Trump's Campaign Website Hacked And Defaced Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Bitcoin is a digital currency that is created by mining a blockchain, which rewards users who solve complex equations. Although some liken it to the tulip craze and other speculative investments, it has attracted numerous world class investors and financial institutions, particularly in the last six months. Only 21 million Bitcoin will ever exist in the complex system, making it a finite resource. The Bitcoin boom is a tide that is lifting other boats. Such alt-coins as ethereums Ether (now at $745), and Litecoin ($135) are also at or near record levels, boosting the overall markets. Other coins are also on the rise, making for a red-hot market heading into 2021. The only down note is found in the third-largest digital currency by market capitalization. The Securities and Exchange Commission has sued Ripple Labs, the company that issues XRP. The complaint charges XRPs backers with conducting an unlawful issuance of securities and personally profiting from the endeavor. As a result, the price has crashed and many crypto exchanges have stopped trading in it. But overall, a robust cryptocurrency market means good things for new entertainment start-ups, as investors that are flush with extra cash as their cryptos rise are more likely to back disruptive new companies. Best of Deadline U.S. Covid-19 Update: Nation Hits 20M Cases By Start Of 2021, With More than 346,000 Deaths Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021: As the year draws to a close, not only is the U.S. stock market approaching record highs, but a touted alternative to the existing financial system is also booming. Bitcoin is now trading over $29,000 per single coin, up more than 24% in the last seven days alone. Its blown past its previous high of $20,000 and is likely to top the $30,000 mark by the end of the weekend if it keeps trending in its current direction. More from Deadline Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020 Donald Trump's Campaign Website Hacked And Defaced Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Bitcoin is a digital currency that is created by mining a blockchain, which rewards users who solve complex equations. Although some liken it to the tulip craze and other speculative investments, it has attracted numerous world class investors and financial institutions, particularly in the last six months. Only 21 million Bitcoin will ever exist in the complex system, making it a finite resource. The Bitcoin boom is a tide that is lifting other boats. Such alt-coins as ethereums Ether (now at $745), and Litecoin ($135) are also at or near record levels, boosting the overall markets. Other coins are also on the rise, making for a red-hot market heading into 2021. The only down note is found in the third-largest digital currency by market capitalization. The Securities and Exchange Commission has sued Ripple Labs, the company that issues XRP. The complaint charges XRPs backers with conducting an unlawful issuance of securities and personally profiting from the endeavor. As a result, the price has crashed and many crypto exchanges have stopped trading in it. But overall, a robust cryptocurrency market means good things for new entertainment start-ups, as investors that are flush with extra cash as their cryptos rise are more likely to back disruptive new companies. Best of Deadline U.S. Covid-19 Update: Nation Hits 20M Cases By Start Of 2021, With More than 346,000 Deaths Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Bitcoin touches record above $29,000, extending 2020 rally: By John McCrank
NEW YORK (Reuters) - The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike.
The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.
Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.
"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.
Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday.
"When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said.
Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap https://coinmarketcap.com.
(Reporting by John McCrank; editing by Jonathan Oatis) || Bitcoin touches record above $29,000, extending 2020 rally: By John McCrank NEW YORK (Reuters) - The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike. The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16. Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities. "You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said. Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday. "When you double your money within five weeks, if you sell half of it, I figure now youre playing with the house's money," he said. Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap https://coinmarketcap.com. (Reporting by John McCrank; editing by Jonathan Oatis) || Bitcoin touches record above $29,000, extending 2020 rally: By John McCrank
NEW YORK (Reuters) - The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike.
The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.
Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.
"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.
Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday.
"When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said.
Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap https://coinmarketcap.com.
(Reporting by John McCrank; editing by Jonathan Oatis)
[Social Media Buzz]
None available.
|
32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99, 7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10.
|
[Bitcoin Technical Analysis for 2018-01-31]
Volume: 8041160192, RSI (14-day): 36.88, 50-day EMA: 12622.47, 200-day EMA: 8945.07
[Wider Market Context]
Gold Price: 1339.00, Gold RSI: 59.49
Oil Price: 64.73, Oil RSI: 63.21
[Recent News (last 7 days)]
Why Bitcoin May Not Be Digital Gold After All: To explain Bitcoin’s exponential rise over the past year, proponents of the cryptocurrency often come back to the same refrain. Think of Bitcoin, they say, as digital gold—a so-called “store of value” that, like the precious metal itself, doesn’t need to have a lot of practical uses to be worth a lot of money. The price of a Bitcoin, which first surpassed the gold price nearly a year ago, is now worth more than seven times the value of an ounce of the metal (currently priced at $1,338). That’s after the Bitcoin price has tumbled recently to its current value around $10,000, half what it was worth at its all-time high last month. But whether Bitcoin can actually replace gold (let alone traditional government-backed currency) has been a matter of fervent debate—quite literally, as evidenced by an event last week entitled “Gold Versus Bitcoin,” held at a New York comedy club, in which well-known gold proponent (Jim Rickards debated James Altucher, a self-help author now peddling Bitcoin investment advice under the moniker “crypto-genius.” (The gold side, represented by Rickards, prevailed.) Cameron Winklevoss, who with his twin brother Tyler reportedly turned settlement money from their Facebook lawsuit into more than $1 billion in Bitcoin , has suggested the cryptocurrency could “disrupt” gold, calling it “gold 2.0.” Now, in a rare move, a major Wall Street bank has weighed in, too. Offering their latest market outlook Tuesday, investment strategists from Citigroup’s wealth management arm directly questioned Winklevoss’s argument—but still suggested that Bitcoin could offer better returns than gold. “Amid record low volatility in other asset classes, the grand scale of the volatility in cryptocurrencies is welcomed as a return vehicle by many traders,” the strategists from Citi Private Bank wrote in their report. “What should the expected return of the most volatile asset class be? Generally, the highest.” Indeed, Bitcoin has made investors far richer than gold has recently, with the cryptocurrency returning 1,116% over the past 12 months, compared to less than 12% for gold. But investors turn to gold in order to diversify their portfolio, using the metal as a safe haven protecting against a drop in the stock market. After all, gold historically has shown a negative correlation with stocks—meaning when stocks go down, gold typically rises, and vice versa. Story continues Bitcoin, on the other hand, not only is far more volatile than both stocks and gold (as illustrated in the chart above), but trades unpredictably, even maniacally, without any relationship to other assets or even gold itself. In its analysis, Citi Private Bank found that Bitcoin’s correlation to the S&P 500 was virtually zero, while its correlation with gold was .054, meaning gold and Bitcoin only trade in sync about 5% of the time—a relationship so negligible as to be insignificant. Those erratic movements would make it hard for Bitcoin to serve the same purpose as gold does for investors. What’s more, the Citi strategists doubt whether the world even needs a new version of gold, when governments long ago stopped pegging the value of paper currency to the metal: “Is a fixed supply of money, a digital gold standard, really superior to a flexible money supply?” the report’s authors wrote rhetorically. Still, Citi believes that Bitcoin’s ability to rise, no matter how other markets are trading, bodes well for investors, at least for the time being. “Low correlations between asset prices are also a sign of ‘bull market psychology,'” according to the report. “This benefits near-term returns at the expense of the future.” Because of those potential winnings, Citi advised that it would be reasonable for investors to own a small amount of cryptocurrencies, as such “opportunistic, speculative investments” could “have a role” in investment portfolios—as long as they don’t “overwhelm” the returns of more traditional stocks and bonds. Though the bank stopped short of dismissing Bitcoin altogether, it was highly skeptical that it or any of the other almost 1,500 other cryptocurrencies now in existence would survive, comparing the digital currencies to “lottery tickets.” Of the other cryptocurrencies besides Bitcoin, the Citi strategists wrote, “We expect a great many to have a dubious future.” But that future could also be more distant than many cryptocurrency critics think. Noting that the value of tech stocks at the height of the dot-com bubble was many times the size of the current cryptocurrency market (with a total value of about $519 billion), Citi’s report conceded that it may be a while before the crypto bubble bursts: “Bubbles can build in plain sight, be duly identified, and prove highly durable for a period measured in years.” || Why Bitcoin May Not Be Digital Gold After All: To explain Bitcoin’s exponential rise over the past year, proponents of the cryptocurrency often come back to the same refrain. Think of Bitcoin, they say, as digital gold--a so-called “store of value” that, like the precious metal itself, doesn’t need to have a lot of practical uses to be worth a lot of money. The price of a Bitcoin, which first surpassed the gold price nearly a year ago, is now worth more than seven times the value of an ounce of the metal (currently priced at $1,338). That’s after the Bitcoin price has tumbled recently to its current value around $10,000, half what it was worth at its all-time high last month. But whether Bitcoin can actually replace gold (let alone traditional government-backed currency) has been a matter of fervent debate--quite literally, as evidenced by an event last week entitled “Gold Versus Bitcoin,” held at a New York comedy club, in which well-known gold proponent (Jim Rickards debated James Altucher, a self-help author now peddling Bitcoin investment advice under the moniker “crypto-genius.” (The gold side, represented by Rickards, prevailed.) Cameron Winklevoss, who with his twin brother Tyler reportedly turned settlement money from their lawsuit into more than $1 billion in Bitcoin , has suggested the cryptocurrency could “disrupt” gold, calling it “gold 2.0.” Now, in a rare move, a major Wall Street bank has weighed in, too. Offering their latest market outlook Tuesday, investment strategists from Citigroup’s wealth management arm directly questioned Winklevoss’s argument--but still suggested that Bitcoin could offer better returns than gold. “Amid record low volatility in other asset classes, the grand scale of the volatility in cryptocurrencies is welcomed as a return vehicle by many traders,” the strategists from Citi Private Bank wrote in their report. “What should the expected return of the most volatile asset class be? Generally, the highest.” Indeed, Bitcoin has made investors far richer than gold has recently, with the cryptocurrency returning 1,116% over the past 12 months, compared to less than 12% for gold. But investors turn to gold in order to diversify their portfolio, using the metal as a safe haven protecting against a drop in the stock market. After all, gold historically has shown a negative correlation with stocks--meaning when stocks go down, gold typically rises, and vice versa. Story continues Bitcoin, on the other hand, not only is far more volatile than both stocks and gold (as illustrated in the chart above), but trades unpredictably, even maniacally, without any relationship to other assets or even gold itself. In its analysis, Citi Private Bank found that Bitcoin’s correlation to the S&P 500 was virtually zero, while its correlation with gold was .054, meaning gold and Bitcoin only trade in sync about 5% of the time--a relationship so negligible as to be insignificant. Those erratic movements would make it hard for Bitcoin to serve the same purpose as gold does for investors. What’s more, the Citi strategists doubt whether the world even needs a new version of gold, when governments long ago stopped pegging the value of paper currency to the metal: “Is a fixed supply of money, a digital gold standard, really superior to a flexible money supply?” the report’s authors wrote rhetorically. Still, Citi believes that Bitcoin’s ability to rise, no matter how other markets are trading, bodes well for investors, at least for the time being. “Low correlations between asset prices are also a sign of ‘bull market psychology,'” according to the report. “This benefits near-term returns at the expense of the future.” Because of those potential winnings, Citi advised that it would be reasonable for investors to own a small amount of cryptocurrencies, as such “opportunistic, speculative investments” could “have a role” in investment portfolios--as long as they don’t “overwhelm” the returns of more traditional stocks and bonds. Though the bank stopped short of dismissing Bitcoin altogether, it was highly skeptical that it or any of the other almost 1,500 other cryptocurrencies now in existence would survive, comparing the digital currencies to “lottery tickets.” Of the other cryptocurrencies besides Bitcoin, the Citi strategists wrote, “We expect a great many to have a dubious future.” But that future could also be more distant than many cryptocurrency critics think. Noting that the value of tech stocks at the height of the dot-com bubble was many times the size of the current cryptocurrency market (with a total value of about $519 billion), Citi’s report conceded that it may be a while before the crypto bubble bursts: “Bubbles can build in plain sight, be duly identified, and prove highly durable for a period measured in years.” See original article on Fortune.com More from Fortune.com South Korea Discovered $600 Million in Illegal Cryptocurrency Trading. But There Are No Plans to Ban It A Court Is Going to Decide Whether the Government Can Regulate Bitcoin Like Stocks BlackRock's Larry Fink Calls Cryptocurrencies 'An Index of Money Laundering' 50 Cent Forgot About Those Bitcoin He Got in 2014 and Now They're Worth $8 Million This Is What the Average Bitcoin Owner Looks Like || Why Bitcoin May Not Be Digital Gold After All: To explainBitcoin’s exponential riseover the past year, proponents of the cryptocurrency often come back to the same refrain. Think of Bitcoin, they say, as digital gold--a so-called “store of value” that, like the precious metal itself, doesn’t need to have a lot of practical uses to be worth a lot of money.
The price of a Bitcoin, which firstsurpassed the gold pricenearly a year ago, is now worth more than seven times the value of an ounce of the metal (currently priced at $1,338). That’s after the Bitcoin price has tumbled recently to its current value around $10,000, half what it was worth at its all-time high last month.
But whether Bitcoin can actually replace gold (let alone traditional government-backed currency) has been a matter of fervent debate--quite literally, as evidenced by an event last week entitled“Gold Versus Bitcoin,”held at a New York comedy club, in which well-known gold proponent (Jim Rickards debated James Altucher, a self-help author now peddling Bitcoin investment advice under the moniker “crypto-genius.” (The gold side, represented by Rickards, prevailed.)
Cameron Winklevoss, who with his twin brother Tyler reportedly turned settlement money from their lawsuit into more than$1 billion in Bitcoin, has suggested the cryptocurrency could “disrupt” gold, calling it“gold 2.0.”
Now, in a rare move, a major Wall Street bank has weighed in, too. Offering their latest market outlook Tuesday, investment strategists from Citigroup’s wealth management arm directly questioned Winklevoss’s argument--but still suggested that Bitcoin could offer better returns than gold.
“Amid record low volatility in other asset classes, the grand scale of the volatility in cryptocurrencies is welcomed as a return vehicle by many traders,” the strategists from Citi Private Bank wrote in their report. “What should the expected return of the most volatile asset class be? Generally, the highest.”
Indeed, Bitcoin has made investors far richer than gold has recently, with the cryptocurrency returning 1,116% over the past 12 months, compared to less than 12% for gold. But investors turn to gold in order to diversify their portfolio, using the metal as a safe haven protecting against a drop in the stock market. After all, gold historically has shown a negative correlation with stocks--meaning when stocks go down, gold typically rises, and vice versa.
Bitcoin, on the other hand, not only is far more volatile than both stocks and gold (as illustrated in the chart above), but trades unpredictably, even maniacally, without any relationship to other assets or even gold itself. In its analysis, Citi Private Bank found that Bitcoin’s correlation to the S&P 500 was virtually zero, while its correlation with gold was .054, meaning gold and Bitcoin only trade in sync about 5% of the time--a relationship so negligible as to be insignificant.
Those erratic movements would make it hard for Bitcoin to serve the same purpose as gold does for investors. What’s more, the Citi strategists doubt whether the world even needs a new version of gold, when governments long ago stopped pegging the value of paper currency to the metal: “Is a fixed supply of money, a digital gold standard, really superior to a flexible money supply?” the report’s authors wrote rhetorically.
Still, Citi believes that Bitcoin’s ability to rise, no matter how other markets are trading, bodes well for investors, at least for the time being. “Low correlations between asset prices are also a sign of ‘bull market psychology,'” according to the report. “This benefits near-term returns at the expense of the future.”
Because of those potential winnings, Citi advised that it would be reasonable for investors to own a small amount of cryptocurrencies, as such “opportunistic, speculative investments” could “have a role” in investment portfolios--as long as they don’t “overwhelm” the returns of more traditional stocks and bonds.
Though the bank stopped short of dismissing Bitcoin altogether, it was highly skeptical that it or any of the other almost 1,500 other cryptocurrencies now in existence would survive, comparing the digital currencies to “lottery tickets.” Of the other cryptocurrencies besides Bitcoin, the Citi strategists wrote, “We expect a great many to have a dubious future.”
But that future could also be more distant than many cryptocurrency critics think. Noting that the value of tech stocks at the height of the dot-com bubble was many times the size of the current cryptocurrency market (with a total value of about $519 billion), Citi’s report conceded that it may be a while before the crypto bubble bursts: “Bubbles can build in plain sight, be duly identified, and prove highly durable for a period measured in years.”
See original article on Fortune.com
More from Fortune.com
• South Korea Discovered $600 Million in Illegal Cryptocurrency Trading. But There Are No Plans to Ban It
• A Court Is Going to Decide Whether the Government Can Regulate Bitcoin Like Stocks
• BlackRock's Larry Fink Calls Cryptocurrencies 'An Index of Money Laundering'
• 50 Cent Forgot About Those Bitcoin He Got in 2014 and Now They're Worth $8 Million
• This Is What the Average Bitcoin Owner Looks Like || Why Bitcoin May Not Be Digital Gold After All: To explainBitcoin’s exponential riseover the past year, proponents of the cryptocurrency often come back to the same refrain. Think of Bitcoin, they say, as digital gold—a so-called “store of value” that, like the precious metal itself, doesn’t need to have a lot of practical uses to be worth a lot of money.
The price of a Bitcoin, which firstsurpassed the gold pricenearly a year ago, is now worth more than seven times the value of an ounce of the metal (currently priced at $1,338). That’s after the Bitcoin price has tumbled recently to its current value around $10,000, half what it was worth at its all-time high last month.
But whether Bitcoin can actually replace gold (let alone traditional government-backed currency) has been a matter of fervent debate—quite literally, as evidenced by an event last week entitled“Gold Versus Bitcoin,”held at a New York comedy club, in which well-known gold proponent (Jim Rickards debated James Altucher, a self-help author now peddling Bitcoin investment advice under the moniker “crypto-genius.” (The gold side, represented by Rickards, prevailed.)
Cameron Winklevoss, who with his twin brother Tyler reportedly turned settlement money from theirFacebooklawsuit into more than$1 billion in Bitcoin, has suggested the cryptocurrency could “disrupt” gold, calling it“gold 2.0.”
Now, in a rare move, a major Wall Street bank has weighed in, too. Offering their latest market outlook Tuesday, investment strategists from Citigroup’s wealth management arm directly questioned Winklevoss’s argument—but still suggested that Bitcoin could offer better returns than gold.
“Amid record low volatility in other asset classes, the grand scale of the volatility in cryptocurrencies is welcomed as a return vehicle by many traders,” the strategists from Citi Private Bank wrote in their report. “What should the expected return of the most volatile asset class be? Generally, the highest.”
Indeed, Bitcoin has made investors far richer than gold has recently, with the cryptocurrency returning 1,116% over the past 12 months, compared to less than 12% for gold. But investors turn to gold in order to diversify their portfolio, using the metal as a safe haven protecting against a drop in the stock market. After all, gold historically has shown a negative correlation with stocks—meaning when stocks go down, gold typically rises, and vice versa.
Bitcoin, on the other hand, not only is far more volatile than both stocks and gold (as illustrated in the chart above), but trades unpredictably, even maniacally, without any relationship to other assets or even gold itself. In its analysis, Citi Private Bank found that Bitcoin’s correlation to the S&P 500 was virtually zero, while its correlation with gold was .054, meaning gold and Bitcoin only trade in sync about 5% of the time—a relationship so negligible as to be insignificant.
Those erratic movements would make it hard for Bitcoin to serve the same purpose as gold does for investors. What’s more, the Citi strategists doubt whether the world even needs a new version of gold, when governments long ago stopped pegging the value of paper currency to the metal: “Is a fixed supply of money, a digital gold standard, really superior to a flexible money supply?” the report’s authors wrote rhetorically.
Still, Citi believes that Bitcoin’s ability to rise, no matter how other markets are trading, bodes well for investors, at least for the time being. “Low correlations between asset prices are also a sign of ‘bull market psychology,'” according to the report. “This benefits near-term returns at the expense of the future.”
Because of those potential winnings, Citi advised that it would be reasonable for investors to own a small amount of cryptocurrencies, as such “opportunistic, speculative investments” could “have a role” in investment portfolios—as long as they don’t “overwhelm” the returns of more traditional stocks and bonds.
Though the bank stopped short of dismissing Bitcoin altogether, it was highly skeptical that it or any of the other almost 1,500 other cryptocurrencies now in existence would survive, comparing the digital currencies to “lottery tickets.” Of the other cryptocurrencies besides Bitcoin, the Citi strategists wrote, “We expect a great many to have a dubious future.”
But that future could also be more distant than many cryptocurrency critics think. Noting that the value of tech stocks at the height of the dot-com bubble was many times the size of the current cryptocurrency market (with a total value of about $519 billion), Citi’s report conceded that it may be a while before the crypto bubble bursts: “Bubbles can build in plain sight, be duly identified, and prove highly durable for a period measured in years.” || Why Bitcoin May Not Be Digital Gold After All: To explainBitcoin’s exponential riseover the past year, proponents of the cryptocurrency often come back to the same refrain. Think of Bitcoin, they say, as digital gold--a so-called “store of value” that, like the precious metal itself, doesn’t need to have a lot of practical uses to be worth a lot of money.
The price of a Bitcoin, which firstsurpassed the gold pricenearly a year ago, is now worth more than seven times the value of an ounce of the metal (currently priced at $1,338). That’s after the Bitcoin price has tumbled recently to its current value around $10,000, half what it was worth at its all-time high last month.
But whether Bitcoin can actually replace gold (let alone traditional government-backed currency) has been a matter of fervent debate--quite literally, as evidenced by an event last week entitled“Gold Versus Bitcoin,”held at a New York comedy club, in which well-known gold proponent (Jim Rickards debated James Altucher, a self-help author now peddling Bitcoin investment advice under the moniker “crypto-genius.” (The gold side, represented by Rickards, prevailed.)
Cameron Winklevoss, who with his twin brother Tyler reportedly turned settlement money from their lawsuit into more than$1 billion in Bitcoin, has suggested the cryptocurrency could “disrupt” gold, calling it“gold 2.0.”
Now, in a rare move, a major Wall Street bank has weighed in, too. Offering their latest market outlook Tuesday, investment strategists from Citigroup’s wealth management arm directly questioned Winklevoss’s argument--but still suggested that Bitcoin could offer better returns than gold.
“Amid record low volatility in other asset classes, the grand scale of the volatility in cryptocurrencies is welcomed as a return vehicle by many traders,” the strategists from Citi Private Bank wrote in their report. “What should the expected return of the most volatile asset class be? Generally, the highest.”
Indeed, Bitcoin has made investors far richer than gold has recently, with the cryptocurrency returning 1,116% over the past 12 months, compared to less than 12% for gold. But investors turn to gold in order to diversify their portfolio, using the metal as a safe haven protecting against a drop in the stock market. After all, gold historically has shown a negative correlation with stocks--meaning when stocks go down, gold typically rises, and vice versa.
Bitcoin, on the other hand, not only is far more volatile than both stocks and gold (as illustrated in the chart above), but trades unpredictably, even maniacally, without any relationship to other assets or even gold itself. In its analysis, Citi Private Bank found that Bitcoin’s correlation to the S&P 500 was virtually zero, while its correlation with gold was .054, meaning gold and Bitcoin only trade in sync about 5% of the time--a relationship so negligible as to be insignificant.
Those erratic movements would make it hard for Bitcoin to serve the same purpose as gold does for investors. What’s more, the Citi strategists doubt whether the world even needs a new version of gold, when governments long ago stopped pegging the value of paper currency to the metal: “Is a fixed supply of money, a digital gold standard, really superior to a flexible money supply?” the report’s authors wrote rhetorically.
Still, Citi believes that Bitcoin’s ability to rise, no matter how other markets are trading, bodes well for investors, at least for the time being. “Low correlations between asset prices are also a sign of ‘bull market psychology,'” according to the report. “This benefits near-term returns at the expense of the future.”
Because of those potential winnings, Citi advised that it would be reasonable for investors to own a small amount of cryptocurrencies, as such “opportunistic, speculative investments” could “have a role” in investment portfolios--as long as they don’t “overwhelm” the returns of more traditional stocks and bonds.
Though the bank stopped short of dismissing Bitcoin altogether, it was highly skeptical that it or any of the other almost 1,500 other cryptocurrencies now in existence would survive, comparing the digital currencies to “lottery tickets.” Of the other cryptocurrencies besides Bitcoin, the Citi strategists wrote, “We expect a great many to have a dubious future.”
But that future could also be more distant than many cryptocurrency critics think. Noting that the value of tech stocks at the height of the dot-com bubble was many times the size of the current cryptocurrency market (with a total value of about $519 billion), Citi’s report conceded that it may be a while before the crypto bubble bursts: “Bubbles can build in plain sight, be duly identified, and prove highly durable for a period measured in years.”
See original article on Fortune.com
More from Fortune.com
• South Korea Discovered $600 Million in Illegal Cryptocurrency Trading. But There Are No Plans to Ban It
• A Court Is Going to Decide Whether the Government Can Regulate Bitcoin Like Stocks
• BlackRock's Larry Fink Calls Cryptocurrencies 'An Index of Money Laundering'
• 50 Cent Forgot About Those Bitcoin He Got in 2014 and Now They're Worth $8 Million
• This Is What the Average Bitcoin Owner Looks Like || Why Bitcoin May Not Be Digital Gold After All: To explainBitcoin’s exponential riseover the past year, proponents of the cryptocurrency often come back to the same refrain. Think of Bitcoin, they say, as digital gold—a so-called “store of value” that, like the precious metal itself, doesn’t need to have a lot of practical uses to be worth a lot of money.
The price of a Bitcoin, which firstsurpassed the gold pricenearly a year ago, is now worth more than seven times the value of an ounce of the metal (currently priced at $1,338). That’s after the Bitcoin price has tumbled recently to its current value around $10,000, half what it was worth at its all-time high last month.
But whether Bitcoin can actually replace gold (let alone traditional government-backed currency) has been a matter of fervent debate—quite literally, as evidenced by an event last week entitled“Gold Versus Bitcoin,”held at a New York comedy club, in which well-known gold proponent (Jim Rickards debated James Altucher, a self-help author now peddling Bitcoin investment advice under the moniker “crypto-genius.” (The gold side, represented by Rickards, prevailed.)
Cameron Winklevoss, who with his twin brother Tyler reportedly turned settlement money from theirFacebooklawsuit into more than$1 billion in Bitcoin, has suggested the cryptocurrency could “disrupt” gold, calling it“gold 2.0.”
Now, in a rare move, a major Wall Street bank has weighed in, too. Offering their latest market outlook Tuesday, investment strategists from Citigroup’s wealth management arm directly questioned Winklevoss’s argument—but still suggested that Bitcoin could offer better returns than gold.
“Amid record low volatility in other asset classes, the grand scale of the volatility in cryptocurrencies is welcomed as a return vehicle by many traders,” the strategists from Citi Private Bank wrote in their report. “What should the expected return of the most volatile asset class be? Generally, the highest.”
Indeed, Bitcoin has made investors far richer than gold has recently, with the cryptocurrency returning 1,116% over the past 12 months, compared to less than 12% for gold. But investors turn to gold in order to diversify their portfolio, using the metal as a safe haven protecting against a drop in the stock market. After all, gold historically has shown a negative correlation with stocks—meaning when stocks go down, gold typically rises, and vice versa.
Bitcoin, on the other hand, not only is far more volatile than both stocks and gold (as illustrated in the chart above), but trades unpredictably, even maniacally, without any relationship to other assets or even gold itself. In its analysis, Citi Private Bank found that Bitcoin’s correlation to the S&P 500 was virtually zero, while its correlation with gold was .054, meaning gold and Bitcoin only trade in sync about 5% of the time—a relationship so negligible as to be insignificant.
Those erratic movements would make it hard for Bitcoin to serve the same purpose as gold does for investors. What’s more, the Citi strategists doubt whether the world even needs a new version of gold, when governments long ago stopped pegging the value of paper currency to the metal: “Is a fixed supply of money, a digital gold standard, really superior to a flexible money supply?” the report’s authors wrote rhetorically.
Still, Citi believes that Bitcoin’s ability to rise, no matter how other markets are trading, bodes well for investors, at least for the time being. “Low correlations between asset prices are also a sign of ‘bull market psychology,'” according to the report. “This benefits near-term returns at the expense of the future.”
Because of those potential winnings, Citi advised that it would be reasonable for investors to own a small amount of cryptocurrencies, as such “opportunistic, speculative investments” could “have a role” in investment portfolios—as long as they don’t “overwhelm” the returns of more traditional stocks and bonds.
Though the bank stopped short of dismissing Bitcoin altogether, it was highly skeptical that it or any of the other almost 1,500 other cryptocurrencies now in existence would survive, comparing the digital currencies to “lottery tickets.” Of the other cryptocurrencies besides Bitcoin, the Citi strategists wrote, “We expect a great many to have a dubious future.”
But that future could also be more distant than many cryptocurrency critics think. Noting that the value of tech stocks at the height of the dot-com bubble was many times the size of the current cryptocurrency market (with a total value of about $519 billion), Citi’s report conceded that it may be a while before the crypto bubble bursts: “Bubbles can build in plain sight, be duly identified, and prove highly durable for a period measured in years.” || AMD's earnings top estimates as graphics chip demand surges: By Arjun Panchadar (Reuters) - AMD's (AMD.O) fourth-quarter earnings and revenue handily topped Wall Street forecasts on Tuesday, as the chipmaker sold more graphics processors used in data centres and computers. Sunnyvale, California-based AMD said sales in its graphics and computing business rose 60 percent year-over-year to $958 million (676.98 million pounds) in the quarter ended Dec. 30. About a third of the quarter-over-quarter growth in the unit's revenue was a result of demand from cryptocurrency miners. The rest came from sales of graphics processing units, or GPUs, that are used in computers, servers and gaming consoles. AMD, like rival Nvidia (NVDA.O), is benefiting from the recent boom in cryptocurrencies, as its GPUs provide the high computing ability required for cryptocurrency mining. Bitcoin, the most popular cryptocurrency, rose more than 1,300 percent in 2017, but has slipped some 25 percent this year amid fears of a bubble. For the quarter ending March, AMD forecast revenue of about $1.55 billion, give or take $50 million. The forecast was driven mainly by demand for AMD's Ryzen processors, EPYC products and GPUs, said Chief Financial Officer Devinder Kumar. AMD's fourth-quarter revenue rose 33.3 percent to $1.48 billion, exceeding analysts' average estimate of $1.41 billion, according to Thomson Reuters I/B/E/S. The company reported net income of $61 million, compared to a loss of $51 million a year earlier. Results also reflected an $18 million one-time tax credit related to new U.S. tax laws. Excluding one-time items, AMD earned 8 cents per share, topping analysts' estimates of 5 cents. The company's shares were roughly flat in after-hours trading following an initial 6 percent selloff. Investors may have been reacting initially to AMD's gross margin results and forecast, Summit Redstone Partners analyst Kinngai Chan said. AMD expects first-quarter adjusted gross margins of about 36 percent. It recorded gross profit margins of 35 percent for the fourth quarter. Story continues In a cautionary statement accompanying results, AMD said its efforts to fix critical security flaws in its chips may be costly or even ineffective. Two chip flaws, dubbed "Spectre" and "Meltdown" could let hackers steal sensitive data from nearly every modern computing device containing chips from AMD, Intel (INTC.O) or ARM Holdings, researchers said earlier this month. Still, AMD did not expect any "unusual" expenses related to the flaws, Chief Executive Lisa Su said. The chipmaker was deploying operating system patches to customers to address the issue, Su added. "Longer term, we have included changes in our future processor cores starting with our Zen 2 design to further address potential Spectre-like exploits," she said. (Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar) || AMD's earnings top estimates as graphics chip demand surges: By Arjun Panchadar (Reuters) - AMD's (AMD.O) fourth-quarter earnings and revenue handily topped Wall Street forecasts on Tuesday, as the chipmaker sold more graphics processors used in data centres and computers. Sunnyvale, California-based AMD said sales in its graphics and computing business rose 60 percent year-over-year to $958 million (676.98 million pounds) in the quarter ended Dec. 30. About a third of the quarter-over-quarter growth in the unit's revenue was a result of demand from cryptocurrency miners. The rest came from sales of graphics processing units, or GPUs, that are used in computers, servers and gaming consoles. AMD, like rival Nvidia (NVDA.O), is benefiting from the recent boom in cryptocurrencies, as its GPUs provide the high computing ability required for cryptocurrency mining. Bitcoin, the most popular cryptocurrency, rose more than 1,300 percent in 2017, but has slipped some 25 percent this year amid fears of a bubble. For the quarter ending March, AMD forecast revenue of about $1.55 billion, give or take $50 million. The forecast was driven mainly by demand for AMD's Ryzen processors, EPYC products and GPUs, said Chief Financial Officer Devinder Kumar. AMD's fourth-quarter revenue rose 33.3 percent to $1.48 billion, exceeding analysts' average estimate of $1.41 billion, according to Thomson Reuters I/B/E/S. The company reported net income of $61 million, compared to a loss of $51 million a year earlier. Results also reflected an $18 million one-time tax credit related to new U.S. tax laws. Excluding one-time items, AMD earned 8 cents per share, topping analysts' estimates of 5 cents. The company's shares were roughly flat in after-hours trading following an initial 6 percent selloff. Investors may have been reacting initially to AMD's gross margin results and forecast, Summit Redstone Partners analyst Kinngai Chan said. AMD expects first-quarter adjusted gross margins of about 36 percent. It recorded gross profit margins of 35 percent for the fourth quarter. Story continues In a cautionary statement accompanying results, AMD said its efforts to fix critical security flaws in its chips may be costly or even ineffective. Two chip flaws, dubbed "Spectre" and "Meltdown" could let hackers steal sensitive data from nearly every modern computing device containing chips from AMD, Intel (INTC.O) or ARM Holdings, researchers said earlier this month. Still, AMD did not expect any "unusual" expenses related to the flaws, Chief Executive Lisa Su said. The chipmaker was deploying operating system patches to customers to address the issue, Su added. "Longer term, we have included changes in our future processor cores starting with our Zen 2 design to further address potential Spectre-like exploits," she said. (Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar) || Post-Market Q4 Earnings Parade: SFLY, ALGN & More: Following today's closing bell, we see fresh quarterly earnings results from a host of new companies. As we've seen thus far in Q4 earnings season, results are generally better than expected, in some instances much more so.For instance, Zacks Rank #1 (Strong Buy)-rated Shutterfly SFLY is up 15% in after-hours trading following its big earnings beat reported this afternoon: $3.37 per share ($3.11 allowing for the one-time tax charge) on $593.8 million in revenues easily zipped past the $2.91 per share and $557 million, respectively. This is the 4th straight earnings beat for the photo services company, and its 15% positive surprise in the quarter is improved on the trailing 4-quarter average surprise of +10.35%.Align Technologies ALGN was also up big upon its initial posting of its quarterly results, which showed a 10-cent beat to $1.06 per share on $421.3 million in sales, which was well above the $395.5 million expected. This revenue actual also represents a year-over-year gain of 43.7%, with operating income in the quarter up 60% and Invisalign case shipments up 8% sequentially, 34% year over year.Advanced Micro Devices AMD also beat on top- and bottom-lines this afternoon, posting 8 cents per share and $1.48 billion in revenues which outpaced the 5 cents and $1.40 billion expected. The Silicon Valley semiconductor firm took a one-time tax credit of $18 million for the quarter, and guidance was up big to $1.55 billion in revenues compared to $1,25 analysts had been looking for. For more on AMD's earnings, click here.
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.See 4 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportShutterfly, Inc. (SFLY) : Free Stock Analysis ReportAdvanced Micro Devices, Inc. (AMD) : Free Stock Analysis ReportAlign Technology, Inc. (ALGN) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Post-Market Q4 Earnings Parade: SFLY, ALGN & More: Following today's closing bell, we see fresh quarterly earnings results from a host of new companies. As we've seen thus far in Q4 earnings season, results are generally better than expected, in some instances much more so. For instance, Zacks Rank #1 (Strong Buy)-rated Shutterfly SFLY is up 15% in after-hours trading following its big earnings beat reported this afternoon: $3.37 per share ($3.11 allowing for the one-time tax charge) on $593.8 million in revenues easily zipped past the $2.91 per share and $557 million, respectively. This is the 4th straight earnings beat for the photo services company, and its 15% positive surprise in the quarter is improved on the trailing 4-quarter average surprise of +10.35%. Align Technologies ALGN was also up big upon its initial posting of its quarterly results, which showed a 10-cent beat to $1.06 per share on $421.3 million in sales, which was well above the $395.5 million expected. This revenue actual also represents a year-over-year gain of 43.7%, with operating income in the quarter up 60% and Invisalign case shipments up 8% sequentially, 34% year over year. Advanced Micro Devices AMD also beat on top- and bottom-lines this afternoon, posting 8 cents per share and $1.48 billion in revenues which outpaced the 5 cents and $1.40 billion expected. The Silicon Valley semiconductor firm took a one-time tax credit of $18 million for the quarter, and guidance was up big to $1.55 billion in revenues compared to $1,25 analysts had been looking for. For more on AMD's earnings, click here. Don’t Even Think About Buying Bitcoin Until You Read This The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017. Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 4 crypto-related stocks now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Shutterfly, Inc. (SFLY) : Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report Align Technology, Inc. (ALGN) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Advanced Micro (AMD) Stock Slips Despite Q4 Earnings Beat: Advanced Micro Devices Inc. AMDjust released its fourth quarter fiscal 2017 financial results, posting earnings of 8 cents per share and revenues of $1.48 billion. Currently, AMD is a Zacks Rank #3 (Hold), and is down 5.3% to $12.20 per share in trading shortly after its earnings report was released.
The chip maker:
Beat earnings estimates.AMD reported non-GAAP diluted earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 5 cents per share. Net income was $88 million.
Beat revenue estimates.The company saw revenue figures of $1.48 billion, just topping our consensus estimate of $1.4 billion and increasing 34% year-over-year growth thanks to strong sales of its Radeon and Ryzen processors.
Gross margin came to 35%, up 3 percentage points year-over-year but flat on a sequential basis.
AMD’s computing and graphics segment revenue was $958 million, growing 60% year-over-year and 17% sequentially.
For the first quarter of fiscal 2018, the company expects revenue to be roughly $1.55 billion, plus or minus $50 million, which represents an increase of 32%. This anticipated growth is primarily driven by the strength of AMD’s new Ryzen, GPU, and EPYC products.
"We are even more excited about 2018 as we launch our next wave of high-performance products and continue to position AMD as one of the premier long-term growth companies in the technology industry,” said Dr. Lisa Su, AMD president and CEO.
Here’s a graph that looks at Advanced Micro Devices’ price, consensus, and EPS surprise:
Advanced Micro Devices, Inc. Price, Consensus and EPS Surprise | Advanced Micro Devices, Inc. Quote
Advanced Micro Devices is a world-class company with the innovation, execution, and vision to grow our leadership position in the industry. Over the course of AMD's three decades in business, silicon and software have become the steel and plastic of the worldwide digital economy. Technology companies have become global pacesetters, making technical advances at a prodigious rate always driving the industry to deliver more and more, faster and faster. AMD's dedication to customer-centric innovation and competitive spirit is an unbroken thread running from our early days in the integrated circuit business, through an ever-broadening product portfolio.
Don’t Even Think About Buying Bitcoin Until You Read This
The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017.
Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.See 4 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAdvanced Micro Devices, Inc. (AMD) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Advanced Micro (AMD) Stock Slips Despite Q4 Earnings Beat: Advanced Micro Devices Inc. AMD just released its fourth quarter fiscal 2017 financial results, posting earnings of 8 cents per share and revenues of $1.48 billion. Currently, AMD is a Zacks Rank #3 (Hold), and is down 5.3% to $12.20 per share in trading shortly after its earnings report was released. The chip maker: Beat earnings estimates. AMD reported non-GAAP diluted earnings of 8 cents per share, surpassing the Zacks Consensus Estimate of 5 cents per share. Net income was $88 million. Beat revenue estimates. The company saw revenue figures of $1.48 billion, just topping our consensus estimate of $1.4 billion and increasing 34% year-over-year growth thanks to strong sales of its Radeon and Ryzen processors. Gross margin came to 35%, up 3 percentage points year-over-year but flat on a sequential basis. AMD’s computing and graphics segment revenue was $958 million, growing 60% year-over-year and 17% sequentially. For the first quarter of fiscal 2018, the company expects revenue to be roughly $1.55 billion, plus or minus $50 million, which represents an increase of 32%. This anticipated growth is primarily driven by the strength of AMD’s new Ryzen, GPU, and EPYC products. "We are even more excited about 2018 as we launch our next wave of high-performance products and continue to position AMD as one of the premier long-term growth companies in the technology industry,” said Dr. Lisa Su, AMD president and CEO. Here’s a graph that looks at Advanced Micro Devices’ price, consensus, and EPS surprise: Advanced Micro Devices, Inc. Price, Consensus and EPS Surprise Advanced Micro Devices, Inc. Price, Consensus and EPS Surprise | Advanced Micro Devices, Inc. Quote Advanced Micro Devices is a world-class company with the innovation, execution, and vision to grow our leadership position in the industry. Over the course of AMD's three decades in business, silicon and software have become the steel and plastic of the worldwide digital economy. Technology companies have become global pacesetters, making technical advances at a prodigious rate always driving the industry to deliver more and more, faster and faster. AMD's dedication to customer-centric innovation and competitive spirit is an unbroken thread running from our early days in the integrated circuit business, through an ever-broadening product portfolio. Don’t Even Think About Buying Bitcoin Until You Read This The most popular cryptocurrency skyrocketed last year, giving some investors the chance to bank 20X returns or even more. Those gains, however, came with serious volatility and risk. Bitcoin sank 25% or more 3 times in 2017. Story continues Zacks’ has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 4 crypto-related stocks now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research View comments || What Happened in the Stock Market Today: The stock market plunged on Tuesday, extending Monday's losses amid concerns that the recent strength in equities may not be sustainable. When all was said and done, the Dow Jones Industrial Average (DJINDICES: ^DJI) and S&P; 500 (SNPINDEX: ^GSPC) both fell more than 1%. Today's stock market Index Percentage Change Point Change Dow (1.37%) (362.59) S&P 500 (1.09%) (31.10) Data source: Yahoo! Finance. Oil stocks were among the hardest-hit today as oil prices continued to slide from multiyear highs, with the SPDR S&P Oil & Gas Exploration and Production ETF (NYSEMKT: XOP) down 3.5%. Retail stocks also pulled back more than most; the SPDR S&P Retail EFT (NYSEMKT: XRT) lost 2.2%. As for individual stocks, disappointing earnings news left shares of both Harley-Davidson (NYSE: HOG) and Scotts Miracle-Gro (NYSE: SMG) in the red today. Wall St. street sign with three American flags in the background Image source: Getty Images. Harley predicts a bumpy road ahead Shares of Harley-Davidson fell 8.1% today after motorcycle manufacturer announced slightly better-than-expected fourth-quarter 2017 results, but followed with disappointing guidance and plans to close an assembly plant. Harley's revenue from motorcycles and related products climbed 12.2% year over year to $1.047 billion, above expectations for $1.01 billion and driven primarily by higher motorcycle shipments. After adjusting for one-time items -- including a $53.1 million income tax charge related to the recent U.S. tax reform -- net income arrived at $0.54 per share, up from $0.27 in the same year-ago period and well above expectations for $0.46 per share. But Harley also stated while shipments were up, its worldwide retail motorcycle sales fell 9.6% year over year during the quarter. If that wasn't enough, Harley anticipates motorcycle shipments in 2018 will range from 231,000 to 236,000, down from 241,498 in 2017. On a more encouraging note, Harley confirmed it's on track to launch its first electric motorcycle within 18 months -- a move that that could serve to combat shipment declines and generate excitement and participation from the next generation of Harley riders. But it will also come at the expense of the flagship sound on which the Harley brand has built its legacy. Story continues Finally, Harley announced a multiyear initiative to improve manufacturing and cut costs, starting with the consolidation of its Kansas City, Missouri, assembly plant with its plant in York, Pennsylvania. As such, Harley expects to incur restructuring costs of $170 million to $200 million over the next two years, while simultaneously making capital investments of roughly $75 million. Starting in 2020, Harley believes the effort will yield annual cash savings of $65 million to $75 million. Scotts Miracle-Gro withers after a big loss Scotts Miracle-Gro stock plunged 14.2% today after the lawn and garden products leader announced disappointing quarterly results. Revenue grew 7% year over year to $221.5 million, albeit driven primarily by acquisitions within its Hawthorne Hydroponics subsidiary. Sales at Hawthorne would have fallen $12 million year over year excluding acquisitions -- a trend that Scotts believes is temporary given the slower-than-expected pace of regulatory changes in California. On the bottom line, that translated to an adjusted loss of $62.2 million, or $1.08 per share. Analysts, on average, were expecting a narrower loss of $0.94 per share on revenue of $238.5 million. "As we prepare for the start of the lawn and garden season, our core business is on pace with our internal expectations and we continue to expect solid consumer and retailer engagement once the weather breaks," assured Scotts CEO Jim Hagedorn. In the meantime, thanks to favorable corporate tax changes, Scotts raised both ends of its full-year adjusted earnings guidance by $0.45 per share, resulting in a new range of $4.60 to $4.80. But given Hawthorne's slow start, it also reduced its full-year sales outlook to call for growth of 2% to 4%, down from its old guidance for 4% to 6% growth. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || What Happened in the Stock Market Today: The stock market plunged on Tuesday, extendingMonday's lossesamid concerns that the recent strength in equities may not be sustainable. When all was said and done, theDow Jones Industrial Average(DJINDICES: ^DJI)andS&P; 500(SNPINDEX: ^GSPC)both fell more than 1%.
[{"Index": "Dow", "Percentage Change": "(1.37%)", "Point Change": "(362.59)"}, {"Index": "S&P 500", "Percentage Change": "(1.09%)", "Point Change": "(31.10)"}]
Data source: Yahoo! Finance.
Oil stocks were among the hardest-hit today as oil prices continued to slide from multiyear highs, with theSPDR S&P Oil & Gas Exploration and Production ETF(NYSEMKT: XOP)down 3.5%. Retail stocks also pulled back more than most; theSPDR S&P Retail EFT(NYSEMKT: XRT)lost 2.2%.
As for individual stocks, disappointing earnings news left shares of bothHarley-Davidson(NYSE: HOG)andScotts Miracle-Gro(NYSE: SMG)in the red today.
Image source: Getty Images.
Shares of Harley-Davidson fell 8.1% today after motorcycle manufacturer announced slightly better-than-expected fourth-quarter 2017 results, but followed with disappointing guidance and plans to close an assembly plant.
Harley's revenue from motorcycles and related products climbed 12.2% year over year to $1.047 billion, above expectations for $1.01 billion and driven primarily by higher motorcycle shipments. After adjusting for one-time items -- including a $53.1 million income tax charge related tothe recent U.S. tax reform-- net income arrived at $0.54 per share, up from $0.27 in the same year-ago period and well above expectations for $0.46 per share.
But Harley also stated while shipments were up, its worldwide retail motorcycle sales fell 9.6% year over year during the quarter. If that wasn't enough, Harley anticipates motorcycle shipments in 2018 will range from 231,000 to 236,000, down from 241,498 in 2017.
On a more encouraging note, Harley confirmed it's on track to launch its first electric motorcycle within 18 months -- a move that that could serve to combat shipment declines and generate excitement and participation from the next generation of Harley riders. But it will also come at the expense of the flagshipsoundon which the Harley brand has built its legacy.
Finally, Harley announced a multiyear initiative to improve manufacturing and cut costs, starting with the consolidation of its Kansas City, Missouri, assembly plant with its plant in York, Pennsylvania. As such, Harley expects to incur restructuring costs of $170 million to $200 million over the next two years, while simultaneously making capital investments of roughly $75 million. Starting in 2020, Harley believes the effort will yield annual cash savings of $65 million to $75 million.
Scotts Miracle-Gro stock plunged 14.2% today after the lawn and garden products leader announced disappointing quarterly results. Revenue grew 7% year over year to $221.5 million, albeit driven primarily by acquisitions within its Hawthorne Hydroponics subsidiary. Sales at Hawthorne would have fallen $12 million year over year excluding acquisitions -- a trend that Scotts believes is temporary given the slower-than-expected pace of regulatory changes in California.
On the bottom line, that translated to an adjusted loss of $62.2 million, or $1.08 per share. Analysts, on average, were expecting a narrower loss of $0.94 per share on revenue of $238.5 million.
"As we prepare for the start of the lawn and garden season, our core business is on pace with our internal expectations and we continue to expect solid consumer and retailer engagement once the weather breaks," assured Scotts CEO Jim Hagedorn.
In the meantime, thanks to favorable corporate tax changes, Scotts raised both ends of its full-year adjusted earnings guidance by $0.45 per share, resulting in a new range of $4.60 to $4.80. But given Hawthorne's slow start, it also reduced its full-year sales outlook to call for growth of 2% to 4%, down from its old guidance for 4% to 6% growth.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Steve Symingtonhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source: By Michelle Price and Anna Irrera
WASHINGTON (Reuters) - The U.S. derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, a person familiar with the matter told Reuters on Tuesday, as watchdogs globally increase their scrutiny of the emerging asset class.
The Commodity Futures Trading Commission (CFTC) sent a subpoena on Dec. 6 to both Bitfinex, a cryptocurrency exchange, and Tether, a company that issues a virtual currency, the person said, wishing to remain anonymous because the matter is private.
Regulators send subpoenas in order to gather information into a range of inquiries. Reuters could not ascertain what information the CFTC requested from Bitfinex and Tether, or if the CFTC was formally investigating the cryptocurrency platforms.
Donna Faulk White, a spokeswoman for the CFTC, declined to comment.
A spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: "We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests."
The subpoena was first reported by Bloomberg.
Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. One of the largest cryptocurrency exchanges in the world by trading volume, it is owned by a British Virgin Islands company and does not have a head office, Reuters reported in September.
Bitfinex is affiliated with Tether, a company that issues virtual coins that it says are pegged to the U.S. dollar and can be used in the cryptocurrency market as a substitute for the dollar.
The CFTC has been increasing its scrutiny of cryptocurrencies over the past few months, an emerging asset class that it has said is highly vulnerable to manipulation and fraudsters.
Earlier this month the regulator sued three virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies.
In June 2016 the CFTC fined Bitfinex $75,000 for offering "illegal" cryptocurrency transactions and failing to register as a futures commission merchant. A few months later hackers stole 119,756 bitcoins from Bitfinex.
Bitcoin (BTC=BTSP) was trading at around $10,000 on Tuesday.
(Reporting by Michelle Price and Anna Irrera; Additional reporting by John McCrank; Editing by Lisa Shumaker) || U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source: By Michelle Price and Anna Irrera WASHINGTON (Reuters) - The U.S. derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, a person familiar with the matter told Reuters on Tuesday, as watchdogs globally increase their scrutiny of the emerging asset class. The Commodity Futures Trading Commission (CFTC) sent a subpoena on Dec. 6 to both Bitfinex, a cryptocurrency exchange, and Tether, a company that issues a virtual currency, the person said, wishing to remain anonymous because the matter is private. Regulators send subpoenas in order to gather information into a range of inquiries. Reuters could not ascertain what information the CFTC requested from Bitfinex and Tether, or if the CFTC was formally investigating the cryptocurrency platforms. Donna Faulk White, a spokeswoman for the CFTC, declined to comment. A spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: "We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests." The subpoena was first reported by Bloomberg. Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. One of the largest cryptocurrency exchanges in the world by trading volume, it is owned by a British Virgin Islands company and does not have a head office, Reuters reported in September. Bitfinex is affiliated with Tether, a company that issues virtual coins that it says are pegged to the U.S. dollar and can be used in the cryptocurrency market as a substitute for the dollar. The CFTC has been increasing its scrutiny of cryptocurrencies over the past few months, an emerging asset class that it has said is highly vulnerable to manipulation and fraudsters. Earlier this month the regulator sued three virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies. Story continues In June 2016 the CFTC fined Bitfinex $75,000 for offering "illegal" cryptocurrency transactions and failing to register as a futures commission merchant. A few months later hackers stole 119,756 bitcoins from Bitfinex. Bitcoin (BTC=BTSP) was trading at around $10,000 on Tuesday. (Reporting by Michelle Price and Anna Irrera; Additional reporting by John McCrank; Editing by Lisa Shumaker) || U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source: By Michelle Price and Anna Irrera WASHINGTON (Reuters) - The U.S. derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, a person familiar with the matter told Reuters on Tuesday, as watchdogs globally increase their scrutiny of the emerging asset class. The Commodity Futures Trading Commission (CFTC) sent a subpoena on Dec. 6 to both Bitfinex, a cryptocurrency exchange, and Tether, a company that issues a virtual currency, the person said, wishing to remain anonymous because the matter is private. Regulators send subpoenas in order to gather information into a range of inquiries. Reuters could not ascertain what information the CFTC requested from Bitfinex and Tether, or if the CFTC was formally investigating the cryptocurrency platforms. Donna Faulk White, a spokeswoman for the CFTC, declined to comment. A spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: "We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests." The subpoena was first reported by Bloomberg. Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. One of the largest cryptocurrency exchanges in the world by trading volume, it is owned by a British Virgin Islands company and does not have a head office, Reuters reported in September. Bitfinex is affiliated with Tether, a company that issues virtual coins that it says are pegged to the U.S. dollar and can be used in the cryptocurrency market as a substitute for the dollar. The CFTC has been increasing its scrutiny of cryptocurrencies over the past few months, an emerging asset class that it has said is highly vulnerable to manipulation and fraudsters. Earlier this month the regulator sued three virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies. In June 2016 the CFTC fined Bitfinex $75,000 for offering "illegal" cryptocurrency transactions and failing to register as a futures commission merchant. A few months later hackers stole 119,756 bitcoins from Bitfinex. Bitcoin was trading at around $10,000 on Tuesday. (Reporting by Michelle Price and Anna Irrera; Additional reporting by John McCrank; Editing by Lisa Shumaker) || U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source: By Michelle Price and Anna Irrera WASHINGTON (Reuters) - The U.S. derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, a person familiar with the matter told Reuters on Tuesday, as watchdogs globally increase their scrutiny of the emerging asset class. The Commodity Futures Trading Commission (CFTC) sent a subpoena on Dec. 6 to both Bitfinex, a cryptocurrency exchange, and Tether, a company that issues a virtual currency, the person said, wishing to remain anonymous because the matter is private. Regulators send subpoenas in order to gather information into a range of inquiries. Reuters could not ascertain what information the CFTC requested from Bitfinex and Tether, or if the CFTC was formally investigating the cryptocurrency platforms. Donna Faulk White, a spokeswoman for the CFTC, declined to comment. A spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: "We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests." The subpoena was first reported by Bloomberg. Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. One of the largest cryptocurrency exchanges in the world by trading volume, it is owned by a British Virgin Islands company and does not have a head office, Reuters reported in September. Bitfinex is affiliated with Tether, a company that issues virtual coins that it says are pegged to the U.S. dollar and can be used in the cryptocurrency market as a substitute for the dollar. The CFTC has been increasing its scrutiny of cryptocurrencies over the past few months, an emerging asset class that it has said is highly vulnerable to manipulation and fraudsters. Earlier this month the regulator sued three virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies. In June 2016 the CFTC fined Bitfinex $75,000 for offering "illegal" cryptocurrency transactions and failing to register as a futures commission merchant. A few months later hackers stole 119,756 bitcoins from Bitfinex. Bitcoin (BTC=BTSP) was trading at around $10,000 on Tuesday. (Reporting by Michelle Price and Anna Irrera; Additional reporting by John McCrank; Editing by Lisa Shumaker) View comments || U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source: By Michelle Price and Anna Irrera WASHINGTON (Reuters) - The U.S. derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, a person familiar with the matter told Reuters on Tuesday, as watchdogs globally increase their scrutiny of the emerging asset class. The Commodity Futures Trading Commission (CFTC) sent a subpoena on Dec. 6 to both Bitfinex, a cryptocurrency exchange, and Tether, a company that issues a virtual currency, the person said, wishing to remain anonymous because the matter is private. Regulators send subpoenas in order to gather information into a range of inquiries. Reuters could not ascertain what information the CFTC requested from Bitfinex and Tether, or if the CFTC was formally investigating the cryptocurrency platforms. Donna Faulk White, a spokeswoman for the CFTC, declined to comment. A spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: "We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests." The subpoena was first reported by Bloomberg. Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. One of the largest cryptocurrency exchanges in the world by trading volume, it is owned by a British Virgin Islands company and does not have a head office, Reuters reported in September. Bitfinex is affiliated with Tether, a company that issues virtual coins that it says are pegged to the U.S. dollar and can be used in the cryptocurrency market as a substitute for the dollar. The CFTC has been increasing its scrutiny of cryptocurrencies over the past few months, an emerging asset class that it has said is highly vulnerable to manipulation and fraudsters. Earlier this month the regulator sued three virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies. Story continues In June 2016 the CFTC fined Bitfinex $75,000 for offering "illegal" cryptocurrency transactions and failing to register as a futures commission merchant. A few months later hackers stole 119,756 bitcoins from Bitfinex. Bitcoin (BTC=BTSP) was trading at around $10,000 on Tuesday. (Reporting by Michelle Price and Anna Irrera; Additional reporting by John McCrank; Editing by Lisa Shumaker) || U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source: By Michelle Price and Anna Irrera WASHINGTON (Reuters) - The U.S. derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, a person familiar with the matter told Reuters on Tuesday, as watchdogs globally increase their scrutiny of the emerging asset class. The Commodity Futures Trading Commission (CFTC) sent a subpoena on Dec. 6 to both Bitfinex, a cryptocurrency exchange, and Tether, a company that issues a virtual currency, the person said, wishing to remain anonymous because the matter is private. Regulators send subpoenas in order to gather information into a range of inquiries. Reuters could not ascertain what information the CFTC requested from Bitfinex and Tether, or if the CFTC was formally investigating the cryptocurrency platforms. Donna Faulk White, a spokeswoman for the CFTC, declined to comment. A spokesman for Bitfinex and Tether, which are affiliated with each other, said in a statement: "We routinely receive legal process from law enforcement agents and regulators conducting investigations. It is our policy not to comment on any such requests." The subpoena was first reported by Bloomberg. Bitfinex is an online platform that enables traders to buy and sell virtual currencies such as bitcoin and ether. One of the largest cryptocurrency exchanges in the world by trading volume, it is owned by a British Virgin Islands company and does not have a head office, Reuters reported in September. Bitfinex is affiliated with Tether, a company that issues virtual coins that it says are pegged to the U.S. dollar and can be used in the cryptocurrency market as a substitute for the dollar. The CFTC has been increasing its scrutiny of cryptocurrencies over the past few months, an emerging asset class that it has said is highly vulnerable to manipulation and fraudsters. Earlier this month the regulator sued three virtual currency operators for misappropriating investor funds which it said had falsely claimed to be investing in bitcoin and other cryptocurrencies. In June 2016 the CFTC fined Bitfinex $75,000 for offering "illegal" cryptocurrency transactions and failing to register as a futures commission merchant. A few months later hackers stole 119,756 bitcoins from Bitfinex. Bitcoin was trading at around $10,000 on Tuesday. (Reporting by Michelle Price and Anna Irrera; Additional reporting by John McCrank; Editing by Lisa Shumaker)
[Social Media Buzz]
The next pump will be in LESS THAN ONE HOUR
(21:00 GMT+1)
Join the telegram to know the coin: http://t.me/AsianPumpWhales
BINANCE
$etc $eth $neo $ada $xrp $xlm $doge $zcl $sc $hmq $xvg $ltc #binance #crypto #bittrex #kucoin #pump #btc #cryptopia || 09:00 saati Binance Borsasında (BTC - Bandında)
En Çok Yükselen 5 :
$LSK : %18.14
$ELF : %1.59
$SALT : %1.33
$WABI : %1.29
$ZEC : %1.05
En Çok Düşen 5 :
$TRIG : %-4.18
$VIBE : %-3.00
$MTH : %-1.68
$REQ : %-0.96
$SNGLS : %-0.87...
|
9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69.
|
[Bitcoin Technical Analysis for 2016-08-07]
Volume: 82398400, RSI (14-day): 40.49, 50-day EMA: 625.35, 200-day EMA: 525.34
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin Exchange Will Look To Spread The Pain Of Recent Hack Across All Users In 'Socialized Loss': Earlier this week, 119,756 bitcoins were stolen in a hack from the Hong Kong-based cryptocurrency exchange Bitfinex. The hack marks the second largest security breach of a digital currency exchange, and the value of the stolen currency exceeds $70 million, representing roughly 0.75 percent of all bitcoins in circulation.
The worst hack involving the digital currency occurred in 2014 when Mt Gox was robbed of 744,408 bitcoin, which was worth $350 million at the time.
Bitfinex did not offer an explanation on its website as to what happened, and it is in the process of restoring limited functionality currently, with full functionality to come at an undisclosed later time.
Related Link:What Is Blockchain, And Why Should You Care?
"We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the exchange acknowledged.
The exchange is also looking to implement a "socialized" measure to make up for the loss. This may include spreading the loss across all clients of the firm, asspeculated by Cnet.
The price of one bitcoin plunged by 23 percent on Tuesday to as low as $465.28 as news of the hack became widely circulated. However, the digital currency rebounded and was trading near the $570 mark on Friday.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
See more from Benzinga
• Jim Cramer Doesn't Think FireEye Will Be Taken Over
• Monster Beverages: An Attractive Name In One Of 2016's Best Performing Sectors
• Priceline Remains One Of The Best Internet Large Caps
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Exchange Will Look To Spread The Pain Of Recent Hack Across All Users In 'Socialized Loss': Earlier this week, 119,756 bitcoins were stolen in a hack from the Hong Kong-based cryptocurrency exchange Bitfinex. The hack marks the second largest security breach of a digital currency exchange, and the value of the stolen currency exceeds $70 million, representing roughly 0.75 percent of all bitcoins in circulation. The worst hack involving the digital currency occurred in 2014 when Mt Gox was robbed of 744,408 bitcoin, which was worth $350 million at the time. Bitfinex did not offer an explanation on its website as to what happened, and it is in the process of restoring limited functionality currently, with full functionality to come at an undisclosed later time. Related Link: What Is Blockchain, And Why Should You Care? "We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the exchange acknowledged. The exchange is also looking to implement a "socialized" measure to make up for the loss. This may include spreading the loss across all clients of the firm, as speculated by Cnet. The price of one bitcoin plunged by 23 percent on Tuesday to as low as $465.28 as news of the hack became widely circulated. However, the digital currency rebounded and was trading near the $570 mark on Friday. Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card! See more from Benzinga Jim Cramer Doesn't Think FireEye Will Be Taken Over Monster Beverages: An Attractive Name In One Of 2016's Best Performing Sectors Priceline Remains One Of The Best Internet Large Caps © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Exchange Will Look To Spread The Pain Of Recent Hack Across All Users In 'Socialized Loss': Earlier this week, 119,756 bitcoins were stolen in a hack from the Hong Kong-based cryptocurrency exchange Bitfinex. The hack marks the second largest security breach of a digital currency exchange, and the value of the stolen currency exceeds $70 million, representing roughly 0.75 percent of all bitcoins in circulation.
The worst hack involving the digital currency occurred in 2014 when Mt Gox was robbed of 744,408 bitcoin, which was worth $350 million at the time.
Bitfinex did not offer an explanation on its website as to what happened, and it is in the process of restoring limited functionality currently, with full functionality to come at an undisclosed later time.
Related Link:What Is Blockchain, And Why Should You Care?
"We are investigating the breach to determine what happened, but we know that some of our users have had their bitcoins stolen," the exchange acknowledged.
The exchange is also looking to implement a "socialized" measure to make up for the loss. This may include spreading the loss across all clients of the firm, asspeculated by Cnet.
The price of one bitcoin plunged by 23 percent on Tuesday to as low as $465.28 as news of the hack became widely circulated. However, the digital currency rebounded and was trading near the $570 mark on Friday.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
See more from Benzinga
• Jim Cramer Doesn't Think FireEye Will Be Taken Over
• Monster Beverages: An Attractive Name In One Of 2016's Best Performing Sectors
• Priceline Remains One Of The Best Internet Large Caps
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Cable & Wireless Reports Preliminary Q1 2016/17 Results: MIAMI, FL--(Marketwired - Aug 5, 2016) - Cable & Wireless Communications Limited ("CWC") is a leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.7 million mobile, 0.4 million television, 0.6 million internet and 0.8 million telephony subscribers. In addition, CWC delivers B2B services across the region and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets. Operating and financial highlights*: Delivered 14,000 subscriber additions in Q1 2016/17, as compared to 4,000 adds in prior-year period 2,000 video additions driven by our DTH business in Panama 5,000 broadband internet and 6,000 telephony subscriber adds, supported by network investment Mobile data penetration up seven percentage points YoY to 53% Further strengthened our customer proposition through launch of Flow Sports Premier in July Providing HD sporting content exclusively to Flow customers with unrivaled Premier League coverage; only Flow customers can watch all 380 games a season, beginning in August Investing to drive future performance, including: Completed roll-out of unified Flow brand across region Activated LTE-Advanced network in Cayman providing peak throughput > 75Mbps Launched fixed bundles in Trinidad & Tobago Strengthened B2B portfolio with launch of cloud-based call center solution Deploying new advanced video platforms in Panama and the Bahamas Subscriber Statistics CWC delivered a solid Q1 2016/17 performance as the organic changes for all of our fixed and mobile product categories improved year-over-year. In our mobile business, which represents roughly 40% of our total revenue, the total base increased by 148,000 subscribers or 4% year-over-year to 3.7 million. This performance was led by a 21% increase in subscribers who purchased a data plan. Mobile data penetration now stands at 53% of our total mobile subscriber base, up 2 percentage points from 51% at March 31, 2016. Story continues Turning to our fixed-line business, we added 14,000 subscribers during the quarter, with year-over-year improvements across all three products. We reported 5,000 broadband net additions in Q1 2016/17, as we increased penetration over our improved networks. On the video front, we added 2,000 subscribers in the quarter, driven by growth in Panama DTH, where we have seen strong demand for our prepaid TV product and our DTH subscriber base rose from 16,000 to 39,000 year-over-year. Offsetting this increase, video subscribers in the Caribbean declined as a result of increased competition and challenging economic environments, however we are working to mitigate these factors by re-vamping our product offering in these markets, including the July launch of our Flow Sports Premier channel. This premium channel will feature HD content and offer the very best in sporting content, exclusively to Flow's customers across the region. The highlight of Flow Sports Premier will be unrivaled coverage of the Premier League beginning in August 2016 -- the world's most popular football league -- ensuring that only Flow's customers can watch all 380 games a season. Rounding out our fixed-line products, we added 6,000 telephony subscribers in the quarter, as we increased penetration of our VoIP-based services through bundling across our footprint. Triple-play penetration increased 170 basis points over the year to cover 8.6% of our subscribers at June 30, 2016, still leaving ample room for growth. Finally, during the last twelve months, we have expanded our network by roughly 35,000 homes and upgraded over 100,000 homes to two-way capability. From a regional standpoint, the following highlights the trends in our largest markets: Panama mobile subscribers declined 1% in the quarter as continued competition through aggressive promotional activity adversely impacted our prepaid customer base. However, this was partly offset by higher-ARPU postpaid subscribers, which were up 2%, representing the eighth consecutive quarter of growth. Our prepaid DTH product, up 22% in the quarter, continued to drive video subscriber growth in Panama. Fixed video and broadband subscribers grew by 3%, and should be further supported by the upcoming launch of re-vamped video and broadband products in the Panama market. In the Bahamas, we experienced relatively flat broadband and fixed voice performance but plan to launch a video product in Q2 2016/17 that we expect will strengthen our competitive position. Turning to Jamaica, one of the largest telecommunications markets in the region, broadband subscribers were up 2%, and mobile subscriber numbers continued to grow, with 18,000 additions in the quarter, as we continued to win back market share following the successful rebranding to Flow. Increased competition and challenging macroeconomic environments in Barbados and Trinidad & Tobago led to reduced video subscribers, however we are seeing encouraging early results from recently launched fixed bundles in Trinidad & Tobago. About C&W Communications CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Cable & Wireless Reports Preliminary Q1 2016/17 Results: MIAMI, FL--(Marketwired - Aug 5, 2016) -Cable & Wireless CommunicationsLimited ("CWC") is a leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.7 million mobile, 0.4 million television, 0.6 million internet and 0.8 million telephony subscribers. In addition, CWC delivers B2B services across the region and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets.
Operating and financial highlights*:
• Delivered 14,000 subscriber additions in Q1 2016/17, as compared to 4,000 adds in prior-year period2,000 video additions driven by our DTH business in Panama5,000 broadband internet and 6,000 telephony subscriber adds, supported by network investment
• Mobile data penetration up seven percentage points YoY to 53%
• Further strengthened our customer proposition through launch of Flow Sports Premier in JulyProviding HD sporting content exclusively to Flow customers with unrivaled Premier League coverage; only Flow customers can watch all 380 games a season, beginning in August
• Investing to drive future performance, including:Completed roll-out of unified Flow brand across regionActivated LTE-Advanced network in Cayman providing peak throughput > 75MbpsLaunched fixed bundles in Trinidad & TobagoStrengthened B2B portfolio with launch of cloud-based call center solutionDeploying new advanced video platforms in Panama and the Bahamas
Subscriber Statistics
CWC delivered a solid Q1 2016/17 performance as the organic changes for all of our fixed and mobile product categories improved year-over-year. In our mobile business, which represents roughly 40% of our total revenue, the total base increased by 148,000 subscribers or 4% year-over-year to 3.7 million. This performance was led by a 21% increase in subscribers who purchased a data plan. Mobile data penetration now stands at 53% of our total mobile subscriber base, up 2 percentage points from 51% at March 31, 2016.
Turning to our fixed-line business, we added 14,000 subscribers during the quarter, with year-over-year improvements across all three products. We reported 5,000 broadband net additions in Q1 2016/17, as we increased penetration over our improved networks. On the video front, we added 2,000 subscribers in the quarter, driven by growth in Panama DTH, where we have seen strong demand for our prepaid TV product and our DTH subscriber base rose from 16,000 to 39,000 year-over-year. Offsetting this increase, video subscribers in the Caribbean declined as a result of increased competition and challenging economic environments, however we are working to mitigate these factors by re-vamping our product offering in these markets, including the July launch of our Flow Sports Premier channel. This premium channel will feature HD content and offer the very best in sporting content, exclusively to Flow's customers across the region. The highlight of Flow Sports Premier will be unrivaled coverage of the Premier League beginning in August 2016 -- the world's most popular football league -- ensuring that only Flow's customers can watch all 380 games a season.
Rounding out our fixed-line products, we added 6,000 telephony subscribers in the quarter, as we increased penetration of our VoIP-based services through bundling across our footprint. Triple-play penetration increased 170 basis points over the year to cover 8.6% of our subscribers at June 30, 2016, still leaving ample room for growth. Finally, during the last twelve months, we have expanded our network by roughly 35,000 homes and upgraded over 100,000 homes to two-way capability.
From a regional standpoint, the following highlights the trends in our largest markets:
• Panama mobile subscribers declined 1% in the quarter as continued competition through aggressive promotional activity adversely impacted our prepaid customer base. However, this was partly offset by higher-ARPU postpaid subscribers, which were up 2%, representing the eighth consecutive quarter of growth. Our prepaid DTH product, up 22% in the quarter, continued to drive video subscriber growth in Panama. Fixed video and broadband subscribers grew by 3%, and should be further supported by the upcoming launch of re-vamped video and broadband products in the Panama market.
• In the Bahamas, we experienced relatively flat broadband and fixed voice performance but plan to launch a video product in Q2 2016/17 that we expect will strengthen our competitive position.
• Turning to Jamaica, one of the largest telecommunications markets in the region, broadband subscribers were up 2%, and mobile subscriber numbers continued to grow, with 18,000 additions in the quarter, as we continued to win back market share following the successful rebranding to Flow.
• Increased competition and challenging macroeconomic environments in Barbados and Trinidad & Tobago led to reduced video subscribers, however we are seeing encouraging early results from recently launched fixed bundles in Trinidad & Tobago.
About C&W CommunicationsCWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband internet and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Kim Dotcom says he has the answer to bitcoins civil war and will soon give it to the world: Kim Dotcom launches his new website "Mega" in Auckland One-time online pirate king Kim Dotcom is poised to launch a new version of his file-sharing service Megaupload. Its not only going to revolutionize encryption and security when sharing your files in the cloud, he promises, but its going to solve a problem that has vexed the smartest minds in cryptocurrency as a bonus. This is the order countries will march in during the Olympic opening ceremonies @CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-) Kim Dotcom (@KimDotcom) August 5, 2016 NBC is airing the Rio Olympics opening ceremony on a tape delay, but theres still a way for Americans to watch it live The blockchain limitation Dotcom speaks of is the bitcoin networks ability to process a larger quantity of transactions than its currently capable of. Its a question that has turned the bitcoin worlds top developers against one another, leading to paralysis over how best to scale up the bitcoin networks capacity, and even public apostasy by one of the digital currencys earliest contributors. The battle over the open-source protocol has been described as a civil war. Dotcom is vague about how he will solve the scaling problem. But hes already decided on a name for the solutionBitcache. He says all will be revealed at the launch of his new platform, Megaupload 2.0, on Jan. 20, 2017. In the meantime, he promises Bitcache will do something else: boost the price of bitcoin fourfold to over $2,000. The new platform will link every file transfer to a bitcoin micro-transaction. Megaupload had 150 million users at its peak and was responsible for $500 million in pirated material , according to an indictment from the US Department of Justice. Dotcom is currently in New Zealand appealing extradition to the US . If the relaunched Megaupload gets even a fraction of that popularity, it could result in millions more new transactions flowing over the bitcoin network. With that in mind, this is his investment advice: Story continues Buy Bitcoin while cheap. Like right now. Trust me. Kim Dotcom (@KimDotcom) August 5, 2016 While Dotcoms promises may simply be the bluster of an internet raconteur, he has been tinkering with radical payment ideas for years. In 2012, he brainstormed ideas for payments systems on Twitter, attracting prominent bitcoin advocates to the discussion. Last month, he seems to have cracked the puzzle, announcing this on his social network: I can tell you that Megaupload and Bitcoin had sex. There is a pregnancy and I have a feeling that the baby will be such a joy. Kim Dotcom (@KimDotcom) July 10, 2016 Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: The Rio Olympics finally represents the whole world, including millions with no country Investors have placed a one-way bet on Uberwhich made us want to find a way to short it || Kim Dotcom says he has the answer to bitcoins civil war and will soon give it to the world: Kim Dotcom launches his new website "Mega" in Auckland One-time online pirate king Kim Dotcom is poised to launch a new version of his file-sharing service Megaupload. Its not only going to revolutionize encryption and security when sharing your files in the cloud, he promises, but its going to solve a problem that has vexed the smartest minds in cryptocurrency as a bonus. This is the order countries will march in during the Olympic opening ceremonies @CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-) Kim Dotcom (@KimDotcom) August 5, 2016 NBC is airing the Rio Olympics opening ceremony on a tape delay, but theres still a way for Americans to watch it live The blockchain limitation Dotcom speaks of is the bitcoin networks ability to process a larger quantity of transactions than its currently capable of. Its a question that has turned the bitcoin worlds top developers against one another, leading to paralysis over how best to scale up the bitcoin networks capacity, and even public apostasy by one of the digital currencys earliest contributors. The battle over the open-source protocol has been described as a civil war. Dotcom is vague about how he will solve the scaling problem. But hes already decided on a name for the solutionBitcache. He says all will be revealed at the launch of his new platform, Megaupload 2.0, on Jan. 20, 2017. In the meantime, he promises Bitcache will do something else: boost the price of bitcoin fourfold to over $2,000. The new platform will link every file transfer to a bitcoin micro-transaction. Megaupload had 150 million users at its peak and was responsible for $500 million in pirated material , according to an indictment from the US Department of Justice. Dotcom is currently in New Zealand appealing extradition to the US . If the relaunched Megaupload gets even a fraction of that popularity, it could result in millions more new transactions flowing over the bitcoin network. With that in mind, this is his investment advice: Story continues Buy Bitcoin while cheap. Like right now. Trust me. Kim Dotcom (@KimDotcom) August 5, 2016 While Dotcoms promises may simply be the bluster of an internet raconteur, he has been tinkering with radical payment ideas for years. In 2012, he brainstormed ideas for payments systems on Twitter, attracting prominent bitcoin advocates to the discussion. Last month, he seems to have cracked the puzzle, announcing this on his social network: I can tell you that Megaupload and Bitcoin had sex. There is a pregnancy and I have a feeling that the baby will be such a joy. Kim Dotcom (@KimDotcom) July 10, 2016 Sign up for the Quartz Daily Brief , our free daily newsletter with the worlds most important and interesting news. More stories from Quartz: The Rio Olympics finally represents the whole world, including millions with no country Investors have placed a one-way bet on Uberwhich made us want to find a way to short it || MarilynJean Interactive (MJMI.QB) in Negotiations for Private Placement Financing: HENDERSON, NV / ACCESSWIRE / August 5, 2016 /MarilynJean Interactive (MJMI.QB) today announced it has entered into negotiations for a private placement financing. The success of this financing would allow the company to target a much wider range of potential acquisition targets. By allowing the company to offer both cash and stock as part of its acquisition strategy, the company would have a much wider range of targets to acquire while it builds its digital currency exchange system.
With a market capitalization of over $9 Billion, Bitcoin continues to draw investment capital and talent to the industry. CNN reports that over $1 Billion has been invested in Bitcoin start-ups.
Peter Janosi, MJMI's president said: "The liquidity of our publicly traded shares as a currency for acquisitions will be significantly enhanced by the ability to offer cash as a part of a purchase package. In addition, we hope to raise sufficient funds to expand our existing operations."
About MJMI
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions.
MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB.
Website:www.marilynjean.com
Press Contact:[email protected]
SOURCE:MarilynJean Media Interactive || MarilynJean Interactive (MJMI.QB) in Negotiations for Private Placement Financing: HENDERSON, NV / ACCESSWIRE / August 5, 2016 / MarilynJean Interactive (MJMI.QB) today announced it has entered into negotiations for a private placement financing. The success of this financing would allow the company to target a much wider range of potential acquisition targets. By allowing the company to offer both cash and stock as part of its acquisition strategy, the company would have a much wider range of targets to acquire while it builds its digital currency exchange system. With a market capitalization of over $9 Billion, Bitcoin continues to draw investment capital and talent to the industry. CNN reports that over $1 Billion has been invested in Bitcoin start-ups. Peter Janosi, MJMI's president said: "The liquidity of our publicly traded shares as a currency for acquisitions will be significantly enhanced by the ability to offer cash as a part of a purchase package. In addition, we hope to raise sufficient funds to expand our existing operations." About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focussed on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Story continues Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive View comments || Bitfinex says expects 'socialized loss' for $72 million bitcoin hack: By Clare Baldwin HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation. "We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions." The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail. It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC. The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday. (Reporting by Clare Baldwin; Editing by Will Waterman) || Bitfinex says expects 'socialized loss' for $72 million bitcoin hack: By Clare Baldwin HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation. "We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions." The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail. It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC. The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday. (Reporting by Clare Baldwin; Editing by Will Waterman) || Bitfinex says expects 'socialized loss' for $72 million bitcoin hack: By Clare Baldwin HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation. "We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions." The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail. It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC. The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday. (Reporting by Clare Baldwin; Editing by Will Waterman) || Bitfinex says expects 'socialized loss' for $72 million bitcoin hack: By Clare Baldwin
HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances.
In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation.
"We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions."
The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail.
It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC.
The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday.
(Reporting by Clare Baldwin; Editing by Will Waterman) || Bitfinex says expects "socialized loss" for $72 million bitcoin hack: By Clare Baldwin HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million (54.8 million pounds) worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation. "We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions." The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail. It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC. The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday. (Reporting by Clare Baldwin; Editing by Will Waterman) || Bitfinex says expects "socialized loss" for $72 million bitcoin hack: By Clare Baldwin HONG KONG (Reuters) - Hong Kong-based crypto-currency exchange Bitfinex, from which hackers stole about US$72 million (54.8 million pounds) worth of bitcoin this week, said on Friday that it expected to "socialize" the losses among bitcoin balances. In dollar terms, the theft of the 119,756 bitcoin revealed on Tuesday was the second-biggest security breach ever of a digital currency exchange. The theft accounted for about 0.75 percent of all bitcoins in circulation. "We are still working out the details," Bitfinex said on its website, "however, we are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions." The exchange, which is known for its liquidity in the U.S. dollar/bitcoin currency pair, did not explain what that would entail. It has said previously it would settle accounts at an exchange rate of $604.06, the midpoint of the bid and ask on Aug. 2, 2016 at 18:00:00 UTC. The price of bitcoin plunged more than 23 percent on Tuesday when news of the hack became public, trading as low as $465.28 on the BitStamp platform BTC=BTSP. It was trading at $569.84 on Friday. (Reporting by Clare Baldwin; Editing by Will Waterman) || 9 Best Laptops for $500 or Less: Laptops have become the choice computer for college students, business people on the go and even families at home. The Vaio Z has a battery life upwards of 22 hours; the Samsung Notebook 9 weighs less than two pounds. And while some laptops could set you back nearly $2000, there are plenty of options that are both high quality and affordable. Consumer Reports tested 137 laptops and graded them on a range of features: performance (speed on productivity apps, web browsing, multimedia and 3D games); ergonomics (keyboard, pointing device, feature accessibility and, if applicable, touchscreen); portability (battery life and weight); versatility (hardware and software, along with tech support and warranty agreements); and display (screen size, glare, clarity, color, contrast, brightness etc.). We also checked with CNET and PCWorld and found similar results. Related: The $200 Billion Technology That Will Replace Your Wallet Here are some of the best affordable laptops of 2016: 1. Asus Transformer Book T300CHI-F1-DB Overall Score: 64 Retail Price: $500 The performance of this laptop-tablet (the touchscreen detaches for a 2-in-1 device) is top-notch. The laptop responds quickly, whether running emails, word processing, browsing the web, streaming videos or playing complex games. 2. Asus VivoBook E403SA-US21 Overall Score: 62 Retail Price: $350 Asus VivoBook is great for basic web browsing and productivity applications. With a battery life over 15 hours and a weight of just over three pounds, this is a good choice if you still want a big screen (14-inches) while on the move. 3. Microsoft Surface 3 Overall Score: 61 Retail Price: $500 Although it has less memory and a small solid-state drive, this is a well-rounded laptop light, great battery, and good basic performance. It also comes with a years worth of Microsoft Office 365 Personal, which would cost you $100 otherwise. Related: Your Money: Avoid the Shock of a Fifth Year of College Tuition 4. Asus VivoBook E200HA-US01 Overall Score: 58 Retail Price: $211.15 A smaller and cheaper version of the VivoBook above, Asus 11.6 inch VivoBook is light (just over 2 pounds) and has a battery life of nearly 15 hours. Its processor preserves the battery, though sometimes at the cost of performance, which can be slow. You will probably need cloud storage since this VivoBook has only 2GB of memory. Story continues 5. Asus Transformer Book TP200SADH04T Overall Score: 57 Retail Price: $299-339 A smaller version of the Transformer Book T300CHI, with a touchscreen and very long battery life, the performance is mediocre. But it works well for simple tasks like email, word processing and web browsing. Related: Big Banks Just Got Serious About Bitcoin Technology 6. HP Pavilion x360-13t Overall Score: 57 Retail Price: $490 This 13.3-inch laptop is comparatively heavy at nearly 4 lbs, but it is versatile, able to convert to stand, tent and tablet modes. While there is a touchscreen, the full-sized keyboard and touchpad are well designed and easy to use. 7. Dell Inspiron 11 3000 Overall Score: 56 Retail Price: $180 Although its speed is mediocre, this laptop has a long battery life and is easy to carry. The matte screen reduces glare, making it a great laptop for brightly lit rooms and for outdoors use. 8. Acer Aspire E5-574-53QS Overall Score: 56 Retail Price: $389.99 The 15.6-inch Acer Aspire is one of the best value large laptops youll find. Besides well-designed keyboards and touchpads, the laptop comes with a huge 1TB hard drive. 9. Dell Inspiron I3452-600BLK Overall Score: 54 Retail Price: $160 For a 14-inch laptop, this Dell is very light, and the battery lasts nearly 13 hours. The keyboard and touchpad are great , and performance is good enough for web browsing, emails and other productivity apps. || 9 Best Laptops for $500 or Less: Laptops have become the choice computer for college students, business people on the go and even families at home. TheVaio Zhas a battery life upwards of 22 hours; theSamsung Notebook 9weighs less than two pounds. And while some laptops could set you back nearly $2000, there are plenty of options that are both high quality and affordable.
Consumer Reportstested 137 laptops and graded them on a range of features: performance (speed on productivity apps, web browsing, multimedia and 3D games); ergonomics (keyboard, pointing device, feature accessibility and, if applicable, touchscreen); portability (battery life and weight); versatility (hardware and software, along with tech support and warranty agreements); and display (screen size, glare, clarity, color, contrast, brightness etc.).
We also checked with CNET and PCWorld and found similar results.
Related: The $200 Billion Technology That Will Replace Your Wallet
Here are some of the best affordable laptops of 2016:
1. Asus Transformer Book T300CHI-F1-DBOverall Score:64Retail Price:$500The performance of this laptop-tablet (the touchscreen detaches for a 2-in-1 device) is top-notch. The laptop responds quickly, whether running emails, word processing, browsing the web, streaming videos or playing complex games.
2. Asus VivoBook E403SA-US21Overall Score:62Retail Price:$350Asus’ VivoBook is great for basic web browsing and productivity applications. With a battery life over 15 hours and a weight of just over three pounds, this is a good choice if you still want a big screen (14-inches) while on the move.
3. Microsoft Surface 3Overall Score:61Retail Price:$500Although it has less memory and a small solid-state drive, this is a well-rounded laptop – light, great battery, and good basic performance. It also comes with a year’s worth of Microsoft Office 365 Personal, which would cost you $100 otherwise.
Related: Your Money: Avoid the Shock of a Fifth Year of College Tuition
4. Asus VivoBook E200HA-US01Overall Score:58Retail Price:$211.15A smaller and cheaper version of the VivoBook above, Asus’ 11.6 inch VivoBook is light (just over 2 pounds) and has a battery life of nearly 15 hours. Its processor preserves the battery, though sometimes at the cost of performance, which can be slow. You will probably need cloud storage since this VivoBook has only 2GB of memory.
5. Asus Transformer Book TP200SADH04TOverall Score:57Retail Price:$299-339A smaller version of the Transformer Book T300CHI, with a touchscreen and very long battery life, the performance is mediocre. But it works well for simple tasks like email, word processing and web browsing.
Related: Big Banks Just Got Serious About Bitcoin Technology
6. HP Pavilion x360-13tOverall Score:57Retail Price:$490This 13.3-inch laptop is comparatively heavy at nearly 4 lbs, but it is versatile, able to convert to stand, tent and tablet modes. While there is a touchscreen, the full-sized keyboard and touchpad are well designed and easy to use.
7. Dell Inspiron 11 3000Overall Score:56Retail Price:$180Although its speed is mediocre, this laptop has a long battery life and is easy to carry. The matte screen reduces glare, making it a great laptop for brightly lit rooms and for outdoors use.
8. Acer Aspire E5-574-53QSOverall Score:56Retail Price:$389.99The 15.6-inch Acer Aspire is one of the best value large laptops you’ll find. Besides well-designed keyboards and touchpads, the laptop comes with a huge 1TB hard drive.
9. Dell Inspiron I3452-600BLKOverall Score:54Retail Price:$160For a 14-inch laptop, this Dell is very light, and the battery lasts nearly 13 hours. The keyboard and touchpad aregreat, and performance is good enough for web browsing,emailsand other productivity apps. || Bitcoin Buying Service Launches With Market-Beating Rates: NEW YORK, NY / ACCESSWIRE / August 4, 2016 /Selling bitcoins has just been made more profitable with the launch of a new website fromwww.PowerBTC.com. The recently revamped service offers to buy the crypto currency with one very simple advantage - a guarantee that they will pay a significantly higher price than the exchange rate of the day.
https://youtu.be/h-cffzcrEI8
The platform charges no transaction fees, making the market-beating offer even more attractive to those with bitcoin assets to trade.
PowerBTC.com can guarantee this higher payment as they have established relationships with bulk bitcoin buyers, and need volume to feed their clients' hunger for the digital currency. They aim to make the selling process as simple and transparent as possible, not requiring any lengthy registration process, nor storing any personal information about their customers. Funds are delivered direct within 48 hours of purchase using Paypal, Western Union, or bank transfer, with the promise of complete privacy and anonymity.
Tom Clark, CEO of PowerBTC.com said "We believe we are the best buyers for your bitcoin assets, whether you're a dedicated miner or a savvy trader. Not only do we offer better-than-market rates, but we deliver your funds in US Dollars direct with no strings attached, no need for registration, and a guarantee of complete privacy".
Bitcoin has long been the most high-profile crypto currency, but its technological origins have often made it appear inaccessible to the mainstream investor. Talk of mining and exchanges can be off-putting, but PowerBTC.com aim to simplify the whole process of realizing bitcoin value by offering a no-frills, easy to use way of turning coins into solid cash. The service is not limited to new entrants to the blockchain arena, however, as the ease of converting a digital wallet into conventional currency at market-beating rates will appeal to even the most hardcore of bitcoin miners.
The Key PowerBTC.com Features:
• All bitcoins purchased at significantly above market rates.
• No commissions or fees charged, just a clear and transparent buying price: what you see is what you get.
• Simple selling process with no registration or account required.
• Easy international payment in US Dollars via PayPal, Western Union, or bank transfer.
• Full anonymity guarantee with no personal details stored, and a safe and secure online platform.
SOURCE:PowerBTC LLC || Bitcoin Buying Service Launches With Market-Beating Rates: NEW YORK, NY / ACCESSWIRE / August 4, 2016 / Selling bitcoins has just been made more profitable with the launch of a new website from www.PowerBTC.com . The recently revamped service offers to buy the crypto currency with one very simple advantage - a guarantee that they will pay a significantly higher price than the exchange rate of the day. https://youtu.be/h-cffzcrEI8 The platform charges no transaction fees, making the market-beating offer even more attractive to those with bitcoin assets to trade. PowerBTC.com can guarantee this higher payment as they have established relationships with bulk bitcoin buyers, and need volume to feed their clients' hunger for the digital currency. They aim to make the selling process as simple and transparent as possible, not requiring any lengthy registration process, nor storing any personal information about their customers. Funds are delivered direct within 48 hours of purchase using Paypal, Western Union, or bank transfer, with the promise of complete privacy and anonymity. Tom Clark, CEO of PowerBTC.com said "We believe we are the best buyers for your bitcoin assets, whether you're a dedicated miner or a savvy trader. Not only do we offer better-than-market rates, but we deliver your funds in US Dollars direct with no strings attached, no need for registration, and a guarantee of complete privacy". Bitcoin has long been the most high-profile crypto currency, but its technological origins have often made it appear inaccessible to the mainstream investor. Talk of mining and exchanges can be off-putting, but PowerBTC.com aim to simplify the whole process of realizing bitcoin value by offering a no-frills, easy to use way of turning coins into solid cash. The service is not limited to new entrants to the blockchain arena, however, as the ease of converting a digital wallet into conventional currency at market-beating rates will appeal to even the most hardcore of bitcoin miners. The Key PowerBTC.com Features: All bitcoins purchased at significantly above market rates. No commissions or fees charged, just a clear and transparent buying price: what you see is what you get. Simple selling process with no registration or account required. Easy international payment in US Dollars via PayPal, Western Union, or bank transfer. Full anonymity guarantee with no personal details stored, and a safe and secure online platform. SOURCE: PowerBTC LLC View comments || Bitcoin Buying Service Launches With Market-Beating Rates: NEW YORK, NY / ACCESSWIRE / August 4, 2016 /Selling bitcoins has just been made more profitable with the launch of a new website fromwww.PowerBTC.com. The recently revamped service offers to buy the crypto currency with one very simple advantage - a guarantee that they will pay a significantly higher price than the exchange rate of the day.
https://youtu.be/h-cffzcrEI8
The platform charges no transaction fees, making the market-beating offer even more attractive to those with bitcoin assets to trade.
PowerBTC.com can guarantee this higher payment as they have established relationships with bulk bitcoin buyers, and need volume to feed their clients' hunger for the digital currency. They aim to make the selling process as simple and transparent as possible, not requiring any lengthy registration process, nor storing any personal information about their customers. Funds are delivered direct within 48 hours of purchase using Paypal, Western Union, or bank transfer, with the promise of complete privacy and anonymity.
Tom Clark, CEO of PowerBTC.com said "We believe we are the best buyers for your bitcoin assets, whether you're a dedicated miner or a savvy trader. Not only do we offer better-than-market rates, but we deliver your funds in US Dollars direct with no strings attached, no need for registration, and a guarantee of complete privacy".
Bitcoin has long been the most high-profile crypto currency, but its technological origins have often made it appear inaccessible to the mainstream investor. Talk of mining and exchanges can be off-putting, but PowerBTC.com aim to simplify the whole process of realizing bitcoin value by offering a no-frills, easy to use way of turning coins into solid cash. The service is not limited to new entrants to the blockchain arena, however, as the ease of converting a digital wallet into conventional currency at market-beating rates will appeal to even the most hardcore of bitcoin miners.
The Key PowerBTC.com Features:
• All bitcoins purchased at significantly above market rates.
• No commissions or fees charged, just a clear and transparent buying price: what you see is what you get.
• Simple selling process with no registration or account required.
• Easy international payment in US Dollars via PayPal, Western Union, or bank transfer.
• Full anonymity guarantee with no personal details stored, and a safe and secure online platform.
SOURCE:PowerBTC LLC
[Social Media Buzz]
#EuroCoin #EUC $ 0.000194 (0.76 %) 0.00000033 BTC (-0.00 %) || #TrinityCoin #TTY $ 0.000006 (2.38 %) 0.00000001 BTC (-0.00 %) || Aktueller #Bitcoin-Preis: 537.00 EUR / 584.04 CHF || LIVE: Profit = $50.13 (0.54 %). BUY B15.76 @ $585.00 (#BTCe). SELL @ $590.64 (#Kraken) #bitcoin #btc - http://www.projectcoin.org || $594.58 #itBit;
$584.12 #btce;
$593.66 #bitstamp;
$595.64 #GDAX;
$587.09 #OKCoin;
$594.00 #kraken;
#bitcoin news: http://bit.ly/1VI6Yse || #BTA Price: Bittrex 0.00001353 BTC YoBit 0....
|
591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73.
|
[Bitcoin Technical Analysis for 2016-05-11]
Volume: 50605200, RSI (14-day): 54.52, 50-day EMA: 439.21, 200-day EMA: 396.57
[Wider Market Context]
Gold Price: 1274.60, Gold RSI: 55.47
Oil Price: 46.23, Oil RSI: 64.45
[Recent News (last 7 days)]
Rocky Mountain Ayre to Launch Crypto-Currency Marketplace: DOVER, DE--(Marketwired - May 10, 2016) - Rocky Mountain Ayre, Inc., a holding company ( OTC PINK : RMTN ) is pleased to announce that it is ready to launch a brand new feature to its Hempcoin website ( www.hempcoin.com ). Hempcoin has developed the first of its kind Crypto-Currency marketplace for goods and services to be offered and purchased using Bitcoin and Hempcoin as the sole means of payment. Users can now offer goods and services for sale on Hempcoin crypto marketplace and get paid with Bitcoin or Hempcoin. The price of the listed products or services in BTC or HMP implicitly changes according to the current rate on the exchanges. This can potentially protect sellers from loss and buyers from over paying due to the constant market price fluctuation of the Crypto- Currencies. Users can also transfer Bitcoin or Hempcoin between each other within seconds without the need to pay any exchange fees. It is a very secure and easy to use. Hempcoin currently trades on two Crypto-Currency exchanges, C-Cex and Yobit , and plans on adding several more in the near future. About Hempcoin Hempcoin (HMP) runs on its own peer-to-peer blockchain like Bitcoin (BTC) but at a faster rate because it is using the script technique like LiteCoin. So in addition to having the advantage of being able to move HMP around faster than BTC, HMP is backed by the marketable securities of RMTN. BTC is strictly a fiat currency like the US Dollar, however, BTC has the potential to go up in value against the Dollar because of supply and demand factors and HMP has this same built in advantage because unlike the Dollar, both BTC and HMP have a limited amount of coins in circulation, while the Dollar is ever increasing in supply. About Rocky Mountain, Inc. Rocky Mountain Ayre, is a publicly traded company listed on the OTCmarkets under the "RMTN" trading symbol. It is a holding company increasing its asset and revenue base through acquisition and/or creation of operating entities. The Company currently has two entities in its portfolio and is focusing its efforts on its Crypto-Currency, Hempcoin, at this time. Safe Harbor Statement This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements. || Rocky Mountain Ayre to Launch Crypto-Currency Marketplace: DOVER, DE--(Marketwired - May 10, 2016) - Rocky Mountain Ayre, Inc., a holding company (OTC PINK:RMTN) is pleased to announce that it is ready to launch a brand new feature to its Hempcoin website (www.hempcoin.com). Hempcoin has developed the first of its kind Crypto-Currency marketplace for goods and services to be offered and purchased using Bitcoin and Hempcoin as the sole means of payment.
Users can now offer goods and services for sale on Hempcoin crypto marketplace and get paid with Bitcoin or Hempcoin. The price of the listed products or services in BTC or HMP implicitly changes according to the current rate on the exchanges. This can potentially protect sellers from loss and buyers from over paying due to the constant market price fluctuation of the Crypto- Currencies.
Users can also transfer Bitcoin or Hempcoin between each other within seconds without the need to pay any exchange fees. It is a very secure and easy to use. Hempcoin currently trades on two Crypto-Currency exchanges,C-CexandYobit, and plans on adding several more in the near future.
About Hempcoin
Hempcoin (HMP) runs on its own peer-to-peer blockchain like Bitcoin (BTC) but at a faster rate because it is using the script technique like LiteCoin. So in addition to having the advantage of being able to move HMP around faster than BTC, HMP is backed by the marketable securities of RMTN. BTC is strictly a fiat currency like the US Dollar, however, BTC has the potential to go up in value against the Dollar because of supply and demand factors and HMP has this same built in advantage because unlike the Dollar, both BTC and HMP have a limited amount of coins in circulation, while the Dollar is ever increasing in supply.
About Rocky Mountain, Inc.
Rocky Mountain Ayre, is a publicly traded company listed on the OTCmarkets under the "RMTN" trading symbol. It is a holding company increasing its asset and revenue base through acquisition and/or creation of operating entities. The Company currently has two entities in its portfolio and is focusing its efforts on its Crypto-Currency, Hempcoin, at this time.
Safe Harbor Statement
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements. || The Market In 5 Minutes: Better Late Than Never: Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes.Apply for daily AM access by clicking hereor email [email protected].
Macros Focus
Oil prices also ticked higher Tuesday morning as Brent crude futures gained $0.75 to trade at $44.38 per barrel and U.S. crude futures gained $0.45 to trade at $43.89 a barrel.
Asian stocks weremostly higheron Tuesday, led by a 2.15 percent gain in Japan's Nikkei index. Japan's Finance Minister Taro Aso said the government is prepared to intervene in the currency market if the nation's currency begins to hurt the economy.
President Barack Obama will become the first sitting U.S. presidentto visit Hiroshima, as well as Japan after the conclusion of the G-7 Summit later this month.
Turnover on Chinese commodity exchanges surged by $183 billion. AsBloomberg reports, traders are starting to withdraw as government deters speculation.
MarketWatch posteda pretty interesting look at two centuries of U.S. immigration in "one mesmerizing graphic."
BZ News Desk
Some of last night's and this morning's notable earnings report:
SolarCity(NASDAQ:SCTY) Reports Q1 Adj. EPS $(2.56) vs $(2.31) Est. Q1 Sales $122.57M vs $108M Est.Rackspace(NYSE:RAX) Reports Q1 Adj. EPS $0.34 vs $0.22 Est., Sales $518.1M vs $519M Est.WWE(NYSE:WWE) Reports Q1 EPS $0.18 vs $0.10 Est., Sales $171M vs $170.6M Est.; Sees Q2 Average Paid Subs ~1.5M, Adj. OIBDA $5M-$9MSodaStream(NASDAQ:SODA) Reports Q1 EPS $0.29 vs. Est. $0.11, Rev. $100.9M vs. Est. $89M
After today's closing bell,Disney(NYSE:DIS) is the one to keep an eye on. CNBC pundits recently discussed if investors are overreacting to the company's ESPN segmentation loss.
Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.
Sell-Side Themes
The Street was buzzing about SolarCity's and LendingClub's 20+ percent drops. Check Benzinga throughout the day for more analysis.
Sell-Side's Most Noteworthy Calls
SunTrust downgradesSt. Jude(NYSE:STJ) to Neutral.
Topeka downgradesGap(NYSE:GPS) to Hold.
Piper Jaffray cutHasbro(NASDAQ:HAS) to Neutral.
Jefferies startedJC Penney(NYSE:JCP) at Hold.
Piper Jaffray initiates coverage onKroger(NYSE:KR) at Underweight.
Bank of America upgradesDover(NYSE:DOV) to Buy.
Deal Talk
Recode scoop: The second round of bidders in the sale ofYahoo(NASDAQ:YHOO) have begun holding all-day meetings with Yahoo's top management, including CEO Marissa Mayer, who has been taking front and center stage of the proceedings, according to sources. Long meetings have taken place over the last two weeks and continue this week.
Medivation(NASDAQ:MDVN) will actively seek to sell itself after the U.S. cancer drug maker rejected a $9.3 billion takeover offer from France'sSanofi(NYSE:SNY), people familiar with the situation told Reuters. The San Francisco-based company has agreed to open its books to bothPfizer(NYSE:PFE) andAmgen(NASDAQ:AMGN), those people said.
In The News
"Hillary Clinton might be on the way to the Democratic presidential nomination but she enters territory that could be considered more favorable to Bernie Sanders on Tuesday with the West Virginia primary," CNN says. "And for the first time on the Republican side, there's only one candidate in the race -- but that doesn't mean there's consensus. Republicans in West Virginia and Nebraska will offer the first glimpse at whether the GOP can rally behind Donald Trump in a general election."
Migrants are trying to make a living on the Greek side of the Macedonian border, where about 10,000 people have set up Europe's biggest refugee camp and are showing signs of settling in for the long term. They are turning to business to survive.
A better prostate cancer test? Wall Street Journal dives into several new prostate cancer tests that aim to reduce needless biopsies and unnecessary treatments by sorting out harmless from aggressive tumors.
Blogosphere
Bitcoin isn't the answer to Central Bank woes. Leonid Bershidsky says, "This imaginary world of effectively socialized money is being seriously discussed by researchers and central bankers alike."
"You have built a business that works really well for you and for Google, but it doesn’t work well for artists," legendary manager Irving Azoff wrote in an open letter toGoogle's(NASDAQ:GOOGL) YouTube.
Redditors are debatingTesla's(NASDAQ:TSLA) cash flow. One user says, "If you look at a short term and long term liquidity analysis it's all red flags. Imminent bankruptcy."
Trending
SCTY AGN BBRY LL OMER KNDI GPS DIS SEDG WWAV SODA CROX NLNK VNET DF [StockTwits]
It was reported that Steph Curry will win the NBA's Most Valuable Player award for the second straight season. In true MVP fashion, the shooting star returned to the Golden State Warriors lineup last night, scoring 40 points off the bench and leading the team to an overtime victory in the second round of the NBA playoffs.
See more from Benzinga
• The Market In 5 Minutes: Monday, May 9, 2016
• The Market In 5 Minutes: The Most Exciting Two Minutes In Sports
• Synergy Pharma Seen 'Weighing' Options, Sell-Side Forecasts Upside Regardless Of M&A Rumors
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Market In 5 Minutes: Better Late Than Never: Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email [email protected]. Macros Focus Oil prices also ticked higher Tuesday morning as Brent crude futures gained $0.75 to trade at $44.38 per barrel and U.S. crude futures gained $0.45 to trade at $43.89 a barrel. Asian stocks were mostly higher on Tuesday, led by a 2.15 percent gain in Japan's Nikkei index. Japan's Finance Minister Taro Aso said the government is prepared to intervene in the currency market if the nation's currency begins to hurt the economy. President Barack Obama will become the first sitting U.S. president to visit Hiroshima , as well as Japan after the conclusion of the G-7 Summit later this month. Turnover on Chinese commodity exchanges surged by $183 billion. As Bloomberg reports , traders are starting to withdraw as government deters speculation. MarketWatch posted a pretty interesting look at two centuries of U.S. immigration in "one mesmerizing graphic." BZ News Desk Some of last night's and this morning's notable earnings report: SolarCity (NASDAQ: SCTY ) Reports Q1 Adj. EPS $(2.56) vs $(2.31) Est. Q1 Sales $122.57M vs $108M Est. Rackspace (NYSE: RAX ) Reports Q1 Adj. EPS $0.34 vs $0.22 Est., Sales $518.1M vs $519M Est. WWE (NYSE: WWE ) Reports Q1 EPS $0.18 vs $0.10 Est., Sales $171M vs $170.6M Est.; Sees Q2 Average Paid Subs ~1.5M, Adj. OIBDA $5M-$9M SodaStream (NASDAQ: SODA ) Reports Q1 EPS $0.29 vs. Est. $0.11, Rev. $100.9M vs. Est. $89M After today's closing bell, Disney (NYSE: DIS ) is the one to keep an eye on. CNBC pundits recently discussed if investors are overreacting to the company's ESPN segmentation loss. Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep. Sell-Side Themes The Street was buzzing about SolarCity's and LendingClub's 20+ percent drops. Check Benzinga throughout the day for more analysis. Story continues Sell-Side's Most Noteworthy Calls SunTrust downgrades St. Jude (NYSE: STJ ) to Neutral. Topeka downgrades Gap (NYSE: GPS ) to Hold. Piper Jaffray cut Hasbro (NASDAQ: HAS ) to Neutral. Jefferies started JC Penney (NYSE: JCP ) at Hold. Piper Jaffray initiates coverage on Kroger (NYSE: KR ) at Underweight. Bank of America upgrades Dover (NYSE: DOV ) to Buy. Deal Talk Recode scoop: The second round of bidders in the sale of Yahoo (NASDAQ: YHOO ) have begun holding all-day meetings with Yahoo's top management, including CEO Marissa Mayer, who has been taking front and center stage of the proceedings, according to sources. Long meetings have taken place over the last two weeks and continue this week. Medivation (NASDAQ: MDVN ) will actively seek to sell itself after the U.S. cancer drug maker rejected a $9.3 billion takeover offer from France's Sanofi (NYSE: SNY ), people familiar with the situation told Reuters. The San Francisco-based company has agreed to open its books to both Pfizer (NYSE: PFE ) and Amgen (NASDAQ: AMGN ), those people said. In The News "Hillary Clinton might be on the way to the Democratic presidential nomination but she enters territory that could be considered more favorable to Bernie Sanders on Tuesday with the West Virginia primary," CNN says. "And for the first time on the Republican side, there's only one candidate in the race -- but that doesn't mean there's consensus. Republicans in West Virginia and Nebraska will offer the first glimpse at whether the GOP can rally behind Donald Trump in a general election." Migrants are trying to make a living on the Greek side of the Macedonian border, where about 10,000 people have set up Europe's biggest refugee camp and are showing signs of settling in for the long term. They are turning to business to survive. A better prostate cancer test? Wall Street Journal dives into several new prostate cancer tests that aim to reduce needless biopsies and unnecessary treatments by sorting out harmless from aggressive tumors. Blogosphere Bitcoin isn't the answer to Central Bank woes. Leonid Bershidsky says, "This imaginary world of effectively socialized money is being seriously discussed by researchers and central bankers alike." "You have built a business that works really well for you and for Google, but it doesn’t work well for artists," legendary manager Irving Azoff wrote in an open letter to Google's (NASDAQ: GOOGL ) YouTube. Redditors are debating Tesla's (NASDAQ: TSLA ) cash flow. One user says, "If you look at a short term and long term liquidity analysis it's all red flags. Imminent bankruptcy." Trending SCTY AGN BBRY LL OMER KNDI GPS DIS SEDG WWAV SODA CROX NLNK VNET DF [StockTwits] It was reported that Steph Curry will win the NBA's Most Valuable Player award for the second straight season. In true MVP fashion, the shooting star returned to the Golden State Warriors lineup last night, scoring 40 points off the bench and leading the team to an overtime victory in the second round of the NBA playoffs. See more from Benzinga The Market In 5 Minutes: Monday, May 9, 2016 The Market In 5 Minutes: The Most Exciting Two Minutes In Sports Synergy Pharma Seen 'Weighing' Options, Sell-Side Forecasts Upside Regardless Of M&A Rumors © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin has a governance problem, no matter who created it: (Repeats Friday item)
* Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: (Repeats Friday item) * Bitcoin founder claims provoke fresh bitcoin bickering * System needs to evolve to handle rise in transactions * But lead developers squabble, freeze out one of their peers * System needs "adults" to make decisions - U.S. professor By Jemima Kelly LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. Story continues CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) View comments || Bitcoin has a governance problem, no matter who created it: (Repeats Friday item)
* Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly
LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly
LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. . This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. . This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. . This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: * Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp)
[Social Media Buzz]
http://cubeminers.com SHA: 0.00 KH Scrypt: 100.66 MH x11: 16.17 MH #DigiCube #bitcoin #altcoinpic.twitter.com/p3VM0bTp2H || LIVE: Profit = $737.21 (9.21 %). BUY B19.39 @ $420.00 (#VirCurex). SELL @ $452.44 (#Kraken) #bitcoin #btc - http://www.projectcoin.org || In the last 10 mins, there were arb opps spanning 12 exchange pair(s), yielding profits ranging between $0.00 and $766.98 #bitcoin #btc || LIVE: Profit = $777.33 (9.71 %). BUY B19.39 @ $420.00 (#VirCurex). SELL @ $453.70 (#Bitfi...
|
454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07.
|
[Bitcoin Technical Analysis for 2020-05-05]
Volume: 43148462663, RSI (14-day): 74.20, 50-day EMA: 7644.73, 200-day EMA: 7958.43
[Wider Market Context]
Gold Price: 1704.40, Gold RSI: 54.47
Oil Price: 24.56, Oil RSI: 53.92
[Recent News (last 7 days)]
Telegram Withdraws Offer to Repay Investors With Gram Tokens: Telegram wont be repaying its investors in gram tokens after all. The messaging platform told investors in its TON blockchain project Monday it would not be paying investors back in tokens, and it was looking to buy American investors out immediately. Telegram, which has twice delayed the launch of its new network, is contractually obligated to pay investors back 72% of their investments immediately after missing an April 30 launch deadline, but has offered to pay investors 110% of their investment if they wait a year for the network to go live as it grapples with the U.S. Securities and Exchange Commission (SEC) over whether its token sale violated federal securities law. Related: Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets Harder and Buffetts Not Halving It The company currently hopes to launch in April 2021, pending the outcome of this case. Just last week, Telegram left the door open to investors being repaid in grams, writing that if investors agreed to wait that year and leave their money with Telegram as a loan, they could get repaid in TONs native tokens, dubbed grams or another cryptocurrency, according to the previous communication by Telegram. However, the crypto option has now been deemed infeasible. Unfortunately, based on more recent discussions with relevant authorities and our counsel, we have made the difficult decision not to pursue an option involving grams or another cryptocurrency due to its uncertain reception from the relevant regulators, said the letter, which was shared with CoinDesk. The loan option is still there, the letter continues, but the payment will not be in crypto. Americans out Related: What We Can Learn From Telegrams Token Troubles Telegram is only making the offer to its non-U.S. customers. American customers will be required to accept the 72% payouts, the letter said. This offer is only being made available to offerees outside the United States who are not U.S. persons within the meaning of Regulation S under the U.S. Securities Act of 1933, Telegram wrote. Story continues The investors are asked to reply by 5:00 p.m. London time on Tuesday, May 5, 2020, to indicate whether they are located outside the United States. We intend to ask you to return signed documents in relation to this new transaction by Monday, May 11, 2020, so we need your initial response to this email as soon as possible, the letter ends. According to Russian news publication The Bell, U.S. investors received a different version of the letter , explicitly saying they can only take back 72% of their investment. Telegram did not address its intention to possibly sell equity to raise the funds it needs to repay investors in Mondays letter. Spokesperson Remi Vaughn previously told CoinDesk investors in the TON project itself wont receive equity as repayment, but that the company might raise cash through equity sales. Telegram, which raised $1.7 billion in 2018 for its TON blockchain, has already delayed TONs launch once due to regulatory concerns. The network was originally set to go live on Oct. 30, 2019, but was delayed to April 30, 2020, after the SEC sued Telegram on allegations of violating securities law last year. The latest delay comes after a judge upheld a preliminary injunction prohibiting the issuance of gram tokens. Related Stories Blockchain Bites: Bitcoins Boom Roils Markets and a16z Makes a Long-term Play Telegram Caves to US Regulators: Delays Blockchain Launch, Offers to Return $1.2B to Investors || Telegram Withdraws Offer to Repay Investors With Gram Tokens: Telegram won’t be repaying its investors in gram tokens after all.
The messaging platform told investors in its TON blockchain project Monday it would not be paying investors back in tokens, and it was looking to buy American investors out immediately.
Telegram, which has twice delayed the launch of its new network, is contractually obligated to pay investors back 72% of their investments immediately after missing an April 30 launch deadline, buthas offered to payinvestors 110% of their investment if they wait a year for the network to go live as itgrapples with the U.S. Securities and Exchange Commission (SEC)over whether its token sale violated federal securities law.
Related:Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It
The company currently hopes to launch in April 2021, pending the outcome of this case.
Just last week, Telegram left the door open to investors being repaid in grams, writing that if investors agreed to wait that year and leave their money with Telegram as a loan, they could get repaid in TON’s native tokens, dubbed grams “or another cryptocurrency,” according to the previous communication by Telegram. However, the crypto option has now been deemed infeasible.
“Unfortunately, based on more recent discussions with relevant authorities and our counsel, we have made the difficult decision not to pursue an option involving grams or another cryptocurrency due to its uncertain reception from the relevant regulators,” said the letter, which was shared with CoinDesk.
The loan option is still there, the letter continues, but the payment will not be in crypto.
Related:What We Can Learn From Telegram’s Token Troubles
Telegram is only making the offer to its non-U.S. customers. American customers will be required to accept the 72% payouts, the letter said.
“This offer is only being made available to offerees outside the United States who are not U.S. persons within the meaning of Regulation S under the U.S. Securities Act of 1933,” Telegram wrote.
The investors are asked to reply by 5:00 p.m. London time on Tuesday, May 5, 2020, to indicate whether they are located outside the United States.
“We intend to ask you to return signed documents in relation to this new transaction by Monday, May 11, 2020, so we need your initial response to this email as soon as possible,” the letter ends.
According to Russian news publication The Bell, U.S. investorsreceived a different version of the letter, explicitly saying they can only take back 72% of their investment.
Telegram did not address its intention to possibly sell equity to raise the funds it needs to repay investors in Monday’s letter. Spokesperson Remi Vaughn previously told CoinDesk investors in the TON project itself won’t receive equity as repayment, but that the company might raise cash through equity sales.
Telegram, which raised $1.7 billion in 2018 for its TON blockchain, has already delayed TON’s launch once due to regulatory concerns. The network was originally set to go live on Oct. 30, 2019, but was delayed to April 30, 2020, after the SEC sued Telegram on allegations of violating securities law last year. The latest delay comes after a judgeupheld a preliminary injunctionprohibiting the issuance of gram tokens.
• Blockchain Bites: Bitcoin’s Boom Roils Markets and a16z Makes a Long-term Play
• Telegram Caves to US Regulators: Delays Blockchain Launch, Offers to Return $1.2B to Investors || Bitcoin, Ethereum & Ripple - American Wrap: 5/4/2020: BTC/USD: Bitcoin May Hit $10,000 Before The Halving - eToro Bitcoin is hovering below $9,000, unable to clear the resistance amid heightened market uncertainty and anxiety ahead of the halving. US-China tensions add more fuel to the fire and make traders less inclined to open long-term positions. Instead, many market players prefer to cash out once their positions turn green. Bitcoins correlation with the S&P 500 is back on the agenda as the sell-off on the cryptocurrency markets coincided with the resumed bearish momentum on the US stock markets. However, eToro experts believe, there is a chance that BTC moves above $10,000 even before the block reward is halved. Ethereum Price Analysis: ETH Bears Must Fight For $193.00 To The Last Drop Of Blood ETH/USD touched the intraday low at $195.17 and recovered to $199.50 by press time. The second-largest digital asset attempted a recovery above $219 on Sunday, May 3, and has been trading with bearish bias ever since. ETH/USD has lost over 6% in recent 24 hours and 4.5% since the beginning of Monday. Currently, 35% of Ethereum addresses are in the money. About 1.63 million addresses holding 3.36 million ETH have their breakeven point in the range from $202 to $216. Once this area is cleared, the upside momentum may gain traction with the next focus on the recent high at $227.36. Ripple Price Analysis: Are The Buyers Still With XRP? Ripple has fallen overall on Monday but the has been a bounce off the 55 exponential moving average. Technically the chart is still a bullish one as the trend is still firmly in an upward trajectory. The only issue is there have now been two lower high waves but the support of the 0.21 psychological wave low is holding firm at present. Looking at the indicators, there was a clear volume spike marked by the circle. This points to a buyers market until there is a selling wave with higher volume it seems the bulls are still in charge. Story continues Image sourced from Pixabay See more from Benzinga Bitcoin, Ethereum & Ripple - American Wrap: 4/30/2020 Bitcoin, Ethereum & Litecoin - American Wrap: 4/29/2020 Bitcoin, Ethereum & Litecoin - American Wrap: 4/28/2020 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Ripple - American Wrap: 5/4/2020: BTC/USD: Bitcoin May Hit $10,000 Before The Halving - eToro
Bitcoin is hovering below $9,000, unable to clear theresistanceamid heightened market uncertainty and anxiety ahead of the halving. US-China tensions add more fuel to the fire and make traders less inclined to open long-term positions. Instead, many market players prefer to cash out once their positions turn green.
Bitcoin’s correlation with the S&P 500 is back on the agenda as the sell-off on the cryptocurrency markets coincided with the resumed bearish momentum on the US stock markets. However, eToro experts believe, there is a chance that BTC moves above $10,000 even before the block reward is halved.
Ethereum Price Analysis: ETH Bears Must Fight For $193.00 To The Last Drop Of Blood
ETH/USD touched the intraday low at $195.17 and recovered to $199.50 by press time. The second-largest digital asset attempted a recovery above $219 on Sunday, May 3, and has been trading with bearish bias ever since. ETH/USD has lost over 6% in recent 24 hours and 4.5% since the beginning of Monday.
Currently, 35% of Ethereum addresses are in the money. About 1.63 million addresses holding 3.36 million ETH have their breakeven point in the range from $202 to $216. Once this area is cleared, the upside momentum may gain traction with the next focus on the recent high at $227.36.
Ripple Price Analysis: Are The Buyers Still With XRP?
Ripple has fallen overall on Monday but the has been a bounce off the 55 exponential moving average. Technically the chart is still a bullish one as the trend is still firmly in an upward trajectory. The only issue is there have now been two lower high waves but the support of the 0.21 psychological wave low is holding firm at present.
Looking at the indicators, there was a clear volume spike marked by the circle. This points to a buyers market until there is a selling wave with higher volume it seems the bulls are still in charge.
Image sourced from Pixabay
See more from Benzinga
• Bitcoin, Ethereum & Ripple - American Wrap: 4/30/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 4/29/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 4/28/2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Ripple - American Wrap: 5/4/2020: BTC/USD: Bitcoin May Hit $10,000 Before The Halving - eToro
Bitcoin is hovering below $9,000, unable to clear theresistanceamid heightened market uncertainty and anxiety ahead of the halving. US-China tensions add more fuel to the fire and make traders less inclined to open long-term positions. Instead, many market players prefer to cash out once their positions turn green.
Bitcoin’s correlation with the S&P 500 is back on the agenda as the sell-off on the cryptocurrency markets coincided with the resumed bearish momentum on the US stock markets. However, eToro experts believe, there is a chance that BTC moves above $10,000 even before the block reward is halved.
Ethereum Price Analysis: ETH Bears Must Fight For $193.00 To The Last Drop Of Blood
ETH/USD touched the intraday low at $195.17 and recovered to $199.50 by press time. The second-largest digital asset attempted a recovery above $219 on Sunday, May 3, and has been trading with bearish bias ever since. ETH/USD has lost over 6% in recent 24 hours and 4.5% since the beginning of Monday.
Currently, 35% of Ethereum addresses are in the money. About 1.63 million addresses holding 3.36 million ETH have their breakeven point in the range from $202 to $216. Once this area is cleared, the upside momentum may gain traction with the next focus on the recent high at $227.36.
Ripple Price Analysis: Are The Buyers Still With XRP?
Ripple has fallen overall on Monday but the has been a bounce off the 55 exponential moving average. Technically the chart is still a bullish one as the trend is still firmly in an upward trajectory. The only issue is there have now been two lower high waves but the support of the 0.21 psychological wave low is holding firm at present.
Looking at the indicators, there was a clear volume spike marked by the circle. This points to a buyers market until there is a selling wave with higher volume it seems the bulls are still in charge.
Image sourced from Pixabay
See more from Benzinga
• Bitcoin, Ethereum & Ripple - American Wrap: 4/30/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 4/29/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 4/28/2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving: Bitcoin’s trading volume was lower on Monday compared to the latter part of last week but traders appear to be staying optimistic ahead of the expected bitcoin halving next week. Bitcoin (BTC) was trading down less than 1 percent over 24 hours , with 10-day and 50-day technical indicator moving averages signaling bearish sentiment Monday. In early trading at 00:00 UTC, the world’s first cryptocurrency’s price tumbled from $8,950 to $8,533 but rebounded to at $8,837 as of 20:00 UTC (4 p.m. EDT). As April turned to May, spot exchange Coinbase experienced larger-than-normal volume – numbers not seen since March 13, when the exchange had $673 million in total one-day trading for BTC/USD. Related: Bitcoin Briefly Hits $9K, Investors Remain Bullish On Wednesday April 29, the San Francisco-based platform experienced a technical outage and had a $410 million volume. Thursday, April 30, the price for bitcoin on Coinbase rose to as high as $9,400 on $399 million in volume. Friday, May 1, saw Coinbase volumes down to $191 million into the weekend. Volume on Coinbase for Monday is at $136 million as of press time. Rupert Douglas, head of business development, institutional sales at Koine, says there are fewer people hitting the Buy button to start the week. “We’re now overextended. I thought we would get to $9,550, but we fell short and it looks like a lack of buyers at these levels,” Douglas said. Gabriel Kurman, a long-time bitcoin advocate and co-founder of Argentina-based blockchain software provider IOV Labs, is still incredibly bullish. Kurman is like a lot of traders, expecting the price of bitcoin to go up ahead of the expected May 12 halving . At that time, rewards for successfully mining a block in Bitcoin’s blockchain will be reduced to 6.25 BTC from 12.5 BTC. “Even before factoring in the reduction of the bitcoin supply resulting from the halving, BTC should increase its dollar-denominated value by 30%, given its mathematical scarcity and immutability,” he said. Story continues Related: Iran Issues License for Nation’s Biggest Bitcoin Mining Operation Read more: Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility Mining power has been rising steadily as the halving approaches. The halving could result in less selling pressure in the market as some miners will likely turn off some machines post-halving, said Chris Bendiksen, head of research at digital asset manager CoinShares. “The pairing of a 50% reduction in available new supply with a reduction in the proportion of ongoing supply offered for sale in the market might drastically reduce the persistent selling pressure caused by miners,” Bendiksen noted. Traders will be keeping an eye on mining power after the halving to gauge selling pressure on bitcoin when miner rewards are reduced. Other markets Most digital assets on CoinDesk’s big board performed poorly Monday. The second-largest asset by market capitalization, ether (ETH), lost 2.7% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). Cryptocurrency losers include monero (XMR) slipping 4%, nem (XEM) in the red 3% and zcash (ZEC) losing 3%. There were a few winners, including cardano (ADA) up 1%, tron (TRX) in the green 1% and neo (NEO) climbing less than a percent. All price changes were as of 20:00 UTC (4:00 p.m. EDT) Monday. Read more: Bitcoin Price May Drop After Halving, Historical Data Shows Oil is having another price gain, up 19% as of 20:00 UTC (4:00 p.m. EDT). Amid an economic slowdown due to coronavirus lockdowns, oil is down 65% year to date. Gold is trading sideways, up less than 1 percent and closed the New York trading session at $1,703. While performance of the yellow metal has been flat in the past month climbing less than a percent, year-to-date gold is up 12%. The S&P 500 Index of U.S. equities closed the day up less than 1 percent. U.S. Treasury bonds were mixed on the day. Yields, which move in the opposite direction as price, were down most on the two-year, slipping 7%. The FTSE Eurotop 100 index of the largest European companies fell 3.3% on trading as travel stocks dragged down the equities markets Monday . In Asia, the Nikkei 225 index in Tokyo was closed today for a holiday. Hong Kong’s Hang Seng index was down 4% Monday. Related Stories First Mover: Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility Bitcoin in Emerging Markets: The Middle East || Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving: Bitcoin’s trading volume was lower on Monday compared to the latter part of last week but traders appear to be staying optimistic ahead of the expected bitcoin halving next week.
Bitcoin(BTC) was trading down less than 1 percent over 24 hours , with 10-day and 50-day technical indicator moving averages signaling bearish sentiment Monday. In early trading at 00:00 UTC, the world’s first cryptocurrency’s price tumbled from $8,950 to $8,533 but rebounded to at $8,837 as of 20:00 UTC (4 p.m. EDT).
As April turned to May, spot exchange Coinbase experienced larger-than-normal volume – numbers not seen since March 13, when the exchange had $673 million in total one-day trading for BTC/USD.
Related:Bitcoin Briefly Hits $9K, Investors Remain Bullish
On Wednesday April 29, the San Francisco-based platform experienced atechnical outageand had a $410 million volume. Thursday, April 30, the price for bitcoin on Coinbase rose to as high as $9,400 on $399 million in volume. Friday, May 1, saw Coinbase volumes down to $191 million into the weekend.
Volume on Coinbase for Monday is at $136 million as of press time. Rupert Douglas, head of business development, institutional sales at Koine, says there are fewer people hitting the Buy button to start the week. “We’re now overextended. I thought we would get to $9,550, but we fell short and it looks like a lack of buyers at these levels,” Douglas said.
Gabriel Kurman, a long-time bitcoin advocate and co-founder of Argentina-based blockchain software provider IOV Labs, is still incredibly bullish. Kurman is like a lot of traders, expecting the price of bitcoin to go up ahead ofthe expected May 12 halving. At that time, rewards for successfully mining a block in Bitcoin’s blockchain will be reduced to 6.25 BTC from 12.5 BTC.
“Even before factoring in the reduction of the bitcoin supply resulting from the halving, BTC should increase its dollar-denominated value by 30%, given its mathematical scarcity and immutability,” he said.
Related:Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
Read more:Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility
Mining power has been rising steadily as the halving approaches. The halving could result in less selling pressure in the market as some miners will likely turn off some machines post-halving, said Chris Bendiksen, head of research at digital asset manager CoinShares.
“The pairing of a 50% reduction in available new supply with a reduction in the proportion of ongoing supply offered for sale in the market might drastically reduce the persistent selling pressure caused by miners,” Bendiksen noted.
Traders will be keeping an eye on mining power after the halving to gauge selling pressure on bitcoin when miner rewards are reduced.
Most digital assets on CoinDesk’s big board performed poorly Monday. The second-largest asset by market capitalization,ether(ETH), lost 2.7% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
Cryptocurrency losers includemonero(XMR) slipping 4%,nem(XEM) in the red 3% andzcash(ZEC) losing 3%. There were a few winners, includingcardano(ADA) up 1%,tron(TRX) in the green 1% andneo(NEO) climbing less than a percent. All price changes were as of 20:00 UTC (4:00 p.m. EDT) Monday.
Read more:Bitcoin Price May Drop After Halving, Historical Data Shows
Oil is having another price gain, up 19% as of 20:00 UTC (4:00 p.m. EDT). Amid an economic slowdown due to coronavirus lockdowns, oil is down 65% year to date.
Gold is trading sideways, up less than 1 percent and closed the New York trading session at $1,703. While performance of the yellow metal has been flat in the past month climbing less than a percent, year-to-date gold is up 12%.
The S&P 500 Index of U.S. equities closed the day up less than 1 percent. U.S. Treasury bonds were mixed on the day. Yields, which move in the opposite direction as price, were down most on the two-year, slipping 7%.
The FTSE Eurotop 100 index of the largest European companies fell 3.3% on trading as travel stocksdragged down the equities markets Monday.
In Asia, the Nikkei 225 index in Tokyo was closed today for a holiday. Hong Kong’s Hang Seng index was down 4% Monday.
• First Mover: Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility
• Bitcoin in Emerging Markets: The Middle East || Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving: Bitcoin’s trading volume was lower on Monday compared to the latter part of last week but traders appear to be staying optimistic ahead of the expected bitcoin halving next week.
Bitcoin(BTC) was trading down less than 1 percent over 24 hours , with 10-day and 50-day technical indicator moving averages signaling bearish sentiment Monday. In early trading at 00:00 UTC, the world’s first cryptocurrency’s price tumbled from $8,950 to $8,533 but rebounded to at $8,837 as of 20:00 UTC (4 p.m. EDT).
As April turned to May, spot exchange Coinbase experienced larger-than-normal volume – numbers not seen since March 13, when the exchange had $673 million in total one-day trading for BTC/USD.
Related:Bitcoin Briefly Hits $9K, Investors Remain Bullish
On Wednesday April 29, the San Francisco-based platform experienced atechnical outageand had a $410 million volume. Thursday, April 30, the price for bitcoin on Coinbase rose to as high as $9,400 on $399 million in volume. Friday, May 1, saw Coinbase volumes down to $191 million into the weekend.
Volume on Coinbase for Monday is at $136 million as of press time. Rupert Douglas, head of business development, institutional sales at Koine, says there are fewer people hitting the Buy button to start the week. “We’re now overextended. I thought we would get to $9,550, but we fell short and it looks like a lack of buyers at these levels,” Douglas said.
Gabriel Kurman, a long-time bitcoin advocate and co-founder of Argentina-based blockchain software provider IOV Labs, is still incredibly bullish. Kurman is like a lot of traders, expecting the price of bitcoin to go up ahead ofthe expected May 12 halving. At that time, rewards for successfully mining a block in Bitcoin’s blockchain will be reduced to 6.25 BTC from 12.5 BTC.
“Even before factoring in the reduction of the bitcoin supply resulting from the halving, BTC should increase its dollar-denominated value by 30%, given its mathematical scarcity and immutability,” he said.
Related:Iran Issues License for Nation’s Biggest Bitcoin Mining Operation
Read more:Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility
Mining power has been rising steadily as the halving approaches. The halving could result in less selling pressure in the market as some miners will likely turn off some machines post-halving, said Chris Bendiksen, head of research at digital asset manager CoinShares.
“The pairing of a 50% reduction in available new supply with a reduction in the proportion of ongoing supply offered for sale in the market might drastically reduce the persistent selling pressure caused by miners,” Bendiksen noted.
Traders will be keeping an eye on mining power after the halving to gauge selling pressure on bitcoin when miner rewards are reduced.
Most digital assets on CoinDesk’s big board performed poorly Monday. The second-largest asset by market capitalization,ether(ETH), lost 2.7% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
Cryptocurrency losers includemonero(XMR) slipping 4%,nem(XEM) in the red 3% andzcash(ZEC) losing 3%. There were a few winners, includingcardano(ADA) up 1%,tron(TRX) in the green 1% andneo(NEO) climbing less than a percent. All price changes were as of 20:00 UTC (4:00 p.m. EDT) Monday.
Read more:Bitcoin Price May Drop After Halving, Historical Data Shows
Oil is having another price gain, up 19% as of 20:00 UTC (4:00 p.m. EDT). Amid an economic slowdown due to coronavirus lockdowns, oil is down 65% year to date.
Gold is trading sideways, up less than 1 percent and closed the New York trading session at $1,703. While performance of the yellow metal has been flat in the past month climbing less than a percent, year-to-date gold is up 12%.
The S&P 500 Index of U.S. equities closed the day up less than 1 percent. U.S. Treasury bonds were mixed on the day. Yields, which move in the opposite direction as price, were down most on the two-year, slipping 7%.
The FTSE Eurotop 100 index of the largest European companies fell 3.3% on trading as travel stocksdragged down the equities markets Monday.
In Asia, the Nikkei 225 index in Tokyo was closed today for a holiday. Hong Kong’s Hang Seng index was down 4% Monday.
• First Mover: Capitalism’s Biggest Crisis Isn’t Driving People to Bitcoin – It’s the Volatility
• Bitcoin in Emerging Markets: The Middle East || Bitcoin Trades Like the S&P 500, and is Testing Resistance: If you pay attention to the trends taking place on the Weekly Bitcoin chart, you’ll notice that it has reacted to the global market Covid-19 trends almost exclusively since the beginning of 2020. After the end of 2019, theUS stock marketrallied on Q4: 2019 data and so did Bitcoin. The US Stock market peaked near February 20 and began a deeper selloff on February 25 –Bitcoinfollowed this pattern as well. When the US Fed initiated the stimulus on March 23, Bitcoin prices had already started to bottom in anticipation of the Fed stimulus and really began to rally after the Fed began intervening.
This is a bit unusual for Bitcoin, which in the past didn’t correlate to the US stock market trends all that well. What changed? We believe the sudden correlation of Bitcoin to the US Stock Market trends are related to investor psychology and the perceived efforts of the Central Banks in supporting the global economy.
We find it interesting that a decentralized cryptocurrency, which is supposed to be independent of global central banks and governments, suddenly aligns almost perfectly with the US stock market in correlation with the US Federal Reserve. It is almost as if Bitcoin prices are much more aligned with the global economy and global central banks as this crisis event unfolds. This suggests the true value of Bitcoin is not as an alternate, decentralized currency. The true value of Bitcoin is a hyper-speculative alternate store of value – unrelated to any real asset or oversight process.
If our research is correct, the current downside price channel (Resistance) originating from the June 2019 highs will prompt a massive breakdown in price over the next 5+ weeks – possibly longer. There are two key factors that lead us to this conclusion. First, the correlation to the US stock market, which we believe will continue to move lower until an ultimate bottom is reached near July or August 2020. Second, the massive Fibonacci Price Amplitude Arc inflection point (the GREEN ARC) which will be reached in less than seven days.
If Bitcoin continues to mirror the US stock market price action and this inflection point does what we believe, then a massive breakdown in price may start to trend sometime between May 8 and May 14.
This Daily Bitcoin Chart shows you what we believe to be the most likely outcome going forward. A bit of upward price rotation to potentially retest the resistance level, then a moderate selloff, followed by a brief sideways trend before an even deeper selloff begins. This may be a map of what the US stock market may do over the exact same span of time.
Our researchers believe the ultimate bottom will setup near the end of Q3: 2020. We believe general weakness will push the US stock market price towards an ultimate low/bottom near July or August 2020. After that bottom completes, Q4: 2020 may see a moderate upside price trend as the Santa Rally mode kicks in. If Bitcoin mirrors this move, then it may attempt to move below the $3850 level and ultimately attempt to find a bottom below $3000.
Our researchers believe Bitcoin has recently aligned with the US stock market and the global central banks. If this is the case, then the “alternate decentralized currency” aspect of cryptos becomes a useless component of the market. If Bitcoin mirrors the SPY going forward, then it is just an expensive, highly volatile alternate measure of the US stock market and global central bank activities.
Watch for the price breakdown near May 10thor so.
As a technical analyst and trader since 1997, I have been through a few bull/bear market cycles in stocks and commodities. I believe I have a good pulse on the market and timing key turning points for investing and short-term swing traders. 2020 is an incredible year for traders and investors. Don’t miss all the incredible trends and trade setups.
Subscribers of myActive ETF Swing Trading Newsletterhad our trading accounts close at a new high watermark. We not only exited the equities market as it started to roll over in February, but we profited from the sell-off in a very controlled way with TLT bonds for a 20% gain. This week we closed out SPY ETF trade taking advantage of this bounce and entered a new trade with our account is at another all-time high value.
Ride my coattails as I navigate these financial markets and build wealth while others watch most of their retirement funds drop 35-65% during the rest of this financial crisis going into late 2020 and early 2021.
Just think of this for a minute. While most of us have active trading accounts, what is even more important are our long-term investment and retirement accounts. Why? Because they are, in most cases, our largest store of wealth other than our homes, and if they are not protected during the next bear market, you could lose 25-50% or more of your net worth. The good news is we can preserve and even grow our long term capital when things get ugly like they are now and ill show you how and one of the best trades is one your financial advisor will never let you do because they do not make money from the trade/position.
If you have any type of retirement account and are looking for signals when to own equities, bonds, or cash, be sure to become a member of myPassive Long-Term ETF Investing Signalswhich we issued a new signal for subscribers.
Chris VermeulenChief Market StrategiesFounder of Technical Traders Ltd.
Thisarticlewas originally posted on FX Empire
• Crude Oil Price Update -Trying to Cross to Strong Side of Short-Term 50% Level
• USD/JPY Price Forecast – US Dollar Dips Slightly
• Natural Gas Price Prediction – Prices Rally on Rig Count Decline
• Bitcoin Trades Like the S&P 500, and is Testing Resistance
• AUD/USD Price Forecast – Australian Dollar Pulls Back to 50 day EMA
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strong Over 8743.50, Weak Under 8576.50 || Bitcoin Trades Like the S&P 500, and is Testing Resistance: If you pay attention to the trends taking place on the Weekly Bitcoin chart, youll notice that it has reacted to the global market Covid-19 trends almost exclusively since the beginning of 2020. After the end of 2019, the US stock market rallied on Q4: 2019 data and so did Bitcoin. The US Stock market peaked near February 20 and began a deeper selloff on February 25 Bitcoin followed this pattern as well. When the US Fed initiated the stimulus on March 23, Bitcoin prices had already started to bottom in anticipation of the Fed stimulus and really began to rally after the Fed began intervening. Bitcoin VS S&P 500 Daily Chart Comparison This is a bit unusual for Bitcoin, which in the past didnt correlate to the US stock market trends all that well. What changed? We believe the sudden correlation of Bitcoin to the US Stock Market trends are related to investor psychology and the perceived efforts of the Central Banks in supporting the global economy. We find it interesting that a decentralized cryptocurrency, which is supposed to be independent of global central banks and governments, suddenly aligns almost perfectly with the US stock market in correlation with the US Federal Reserve. It is almost as if Bitcoin prices are much more aligned with the global economy and global central banks as this crisis event unfolds. This suggests the true value of Bitcoin is not as an alternate, decentralized currency. The true value of Bitcoin is a hyper-speculative alternate store of value unrelated to any real asset or oversight process. Whats Next for Bitcoin Weekly Chart If our research is correct, the current downside price channel (Resistance) originating from the June 2019 highs will prompt a massive breakdown in price over the next 5+ weeks possibly longer. There are two key factors that lead us to this conclusion. First, the correlation to the US stock market, which we believe will continue to move lower until an ultimate bottom is reached near July or August 2020. Second, the massive Fibonacci Price Amplitude Arc inflection point (the GREEN ARC) which will be reached in less than seven days. Story continues If Bitcoin continues to mirror the US stock market price action and this inflection point does what we believe, then a massive breakdown in price may start to trend sometime between May 8 and May 14. Daily Bitcoin Chart This Daily Bitcoin Chart shows you what we believe to be the most likely outcome going forward. A bit of upward price rotation to potentially retest the resistance level, then a moderate selloff, followed by a brief sideways trend before an even deeper selloff begins. This may be a map of what the US stock market may do over the exact same span of time. CONCLUDING THOUGHTS: Our researchers believe the ultimate bottom will setup near the end of Q3: 2020. We believe general weakness will push the US stock market price towards an ultimate low/bottom near July or August 2020. After that bottom completes, Q4: 2020 may see a moderate upside price trend as the Santa Rally mode kicks in. If Bitcoin mirrors this move, then it may attempt to move below the $3850 level and ultimately attempt to find a bottom below $3000. Our researchers believe Bitcoin has recently aligned with the US stock market and the global central banks. If this is the case, then the alternate decentralized currency aspect of cryptos becomes a useless component of the market. If Bitcoin mirrors the SPY going forward, then it is just an expensive, highly volatile alternate measure of the US stock market and global central bank activities. Watch for the price breakdown near May 10 th or so. As a technical analyst and trader since 1997, I have been through a few bull/bear market cycles in stocks and commodities. I believe I have a good pulse on the market and timing key turning points for investing and short-term swing traders. 2020 is an incredible year for traders and investors. Dont miss all the incredible trends and trade setups. Subscribers of my Active ETF Swing Trading Newsletter had our trading accounts close at a new high watermark. We not only exited the equities market as it started to roll over in February, but we profited from the sell-off in a very controlled way with TLT bonds for a 20% gain. This week we closed out SPY ETF trade taking advantage of this bounce and entered a new trade with our account is at another all-time high value. Ride my coattails as I navigate these financial markets and build wealth while others watch most of their retirement funds drop 35-65% during the rest of this financial crisis going into late 2020 and early 2021. Just think of this for a minute. While most of us have active trading accounts, what is even more important are our long-term investment and retirement accounts. Why? Because they are, in most cases, our largest store of wealth other than our homes, and if they are not protected during the next bear market, you could lose 25-50% or more of your net worth. The good news is we can preserve and even grow our long term capital when things get ugly like they are now and ill show you how and one of the best trades is one your financial advisor will never let you do because they do not make money from the trade/position. If you have any type of retirement account and are looking for signals when to own equities, bonds, or cash, be sure to become a member of my Passive Long-Term ETF Investing Signals which we issued a new signal for subscribers. Chris Vermeulen Chief Market Strategies Founder of Technical Traders Ltd. This article was originally posted on FX Empire More From FXEMPIRE: Crude Oil Price Update -Trying to Cross to Strong Side of Short-Term 50% Level USD/JPY Price Forecast US Dollar Dips Slightly Natural Gas Price Prediction Prices Rally on Rig Count Decline Bitcoin Trades Like the S&P 500, and is Testing Resistance AUD/USD Price Forecast Australian Dollar Pulls Back to 50 day EMA E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis Strong Over 8743.50, Weak Under 8576.50 || Bitcoin Trades Like the S&P 500, and is Testing Resistance: If you pay attention to the trends taking place on the Weekly Bitcoin chart, you’ll notice that it has reacted to the global market Covid-19 trends almost exclusively since the beginning of 2020. After the end of 2019, theUS stock marketrallied on Q4: 2019 data and so did Bitcoin. The US Stock market peaked near February 20 and began a deeper selloff on February 25 –Bitcoinfollowed this pattern as well. When the US Fed initiated the stimulus on March 23, Bitcoin prices had already started to bottom in anticipation of the Fed stimulus and really began to rally after the Fed began intervening.
This is a bit unusual for Bitcoin, which in the past didn’t correlate to the US stock market trends all that well. What changed? We believe the sudden correlation of Bitcoin to the US Stock Market trends are related to investor psychology and the perceived efforts of the Central Banks in supporting the global economy.
We find it interesting that a decentralized cryptocurrency, which is supposed to be independent of global central banks and governments, suddenly aligns almost perfectly with the US stock market in correlation with the US Federal Reserve. It is almost as if Bitcoin prices are much more aligned with the global economy and global central banks as this crisis event unfolds. This suggests the true value of Bitcoin is not as an alternate, decentralized currency. The true value of Bitcoin is a hyper-speculative alternate store of value – unrelated to any real asset or oversight process.
If our research is correct, the current downside price channel (Resistance) originating from the June 2019 highs will prompt a massive breakdown in price over the next 5+ weeks – possibly longer. There are two key factors that lead us to this conclusion. First, the correlation to the US stock market, which we believe will continue to move lower until an ultimate bottom is reached near July or August 2020. Second, the massive Fibonacci Price Amplitude Arc inflection point (the GREEN ARC) which will be reached in less than seven days.
If Bitcoin continues to mirror the US stock market price action and this inflection point does what we believe, then a massive breakdown in price may start to trend sometime between May 8 and May 14.
This Daily Bitcoin Chart shows you what we believe to be the most likely outcome going forward. A bit of upward price rotation to potentially retest the resistance level, then a moderate selloff, followed by a brief sideways trend before an even deeper selloff begins. This may be a map of what the US stock market may do over the exact same span of time.
Our researchers believe the ultimate bottom will setup near the end of Q3: 2020. We believe general weakness will push the US stock market price towards an ultimate low/bottom near July or August 2020. After that bottom completes, Q4: 2020 may see a moderate upside price trend as the Santa Rally mode kicks in. If Bitcoin mirrors this move, then it may attempt to move below the $3850 level and ultimately attempt to find a bottom below $3000.
Our researchers believe Bitcoin has recently aligned with the US stock market and the global central banks. If this is the case, then the “alternate decentralized currency” aspect of cryptos becomes a useless component of the market. If Bitcoin mirrors the SPY going forward, then it is just an expensive, highly volatile alternate measure of the US stock market and global central bank activities.
Watch for the price breakdown near May 10thor so.
As a technical analyst and trader since 1997, I have been through a few bull/bear market cycles in stocks and commodities. I believe I have a good pulse on the market and timing key turning points for investing and short-term swing traders. 2020 is an incredible year for traders and investors. Don’t miss all the incredible trends and trade setups.
Subscribers of myActive ETF Swing Trading Newsletterhad our trading accounts close at a new high watermark. We not only exited the equities market as it started to roll over in February, but we profited from the sell-off in a very controlled way with TLT bonds for a 20% gain. This week we closed out SPY ETF trade taking advantage of this bounce and entered a new trade with our account is at another all-time high value.
Ride my coattails as I navigate these financial markets and build wealth while others watch most of their retirement funds drop 35-65% during the rest of this financial crisis going into late 2020 and early 2021.
Just think of this for a minute. While most of us have active trading accounts, what is even more important are our long-term investment and retirement accounts. Why? Because they are, in most cases, our largest store of wealth other than our homes, and if they are not protected during the next bear market, you could lose 25-50% or more of your net worth. The good news is we can preserve and even grow our long term capital when things get ugly like they are now and ill show you how and one of the best trades is one your financial advisor will never let you do because they do not make money from the trade/position.
If you have any type of retirement account and are looking for signals when to own equities, bonds, or cash, be sure to become a member of myPassive Long-Term ETF Investing Signalswhich we issued a new signal for subscribers.
Chris VermeulenChief Market StrategiesFounder of Technical Traders Ltd.
Thisarticlewas originally posted on FX Empire
• Crude Oil Price Update -Trying to Cross to Strong Side of Short-Term 50% Level
• USD/JPY Price Forecast – US Dollar Dips Slightly
• Natural Gas Price Prediction – Prices Rally on Rig Count Decline
• Bitcoin Trades Like the S&P 500, and is Testing Resistance
• AUD/USD Price Forecast – Australian Dollar Pulls Back to 50 day EMA
• E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strong Over 8743.50, Weak Under 8576.50 || Why Warren Buffett’s Bearishness Should End V-Shaped Recovery Talk: NLW unpacks a meaningful shift as the famously optimistic Warren Buffett struck a more sober note at Berkshire Hathaway’s first-ever virtual annual meeting. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . This episode is sponsored by ErisX , The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund . Related: Why Crypto Matters for Financial Inclusion, Feat. Celo’s Marek Olszewski One month after the bankruptcy of Lehman Brothers in 2008, Warren Buffett of Berkshire Hathway wrote an op-ed saying he was buying stocks. Yet, during the coronavirus crisis he is sitting firmly on the sidelines. On Saturday night, the “Oracle of Omaha” spoke for 4.5 hours in the first virtual Berkshire Hathaway annual shareholders meeting – an event some have called the “Woodstock of Capitalism.” See also: The History of the Dollar System From Bretton Woods to QE Infinity, Feat. Luke Gromen On this episode, NLW examines some of the key topics of the presentation, including: Why Warren Buffett’s Berkshire Hathaway sold its entire $6.5 billion stake in the airline industry Why it is sitting on $137 billion in cash Why Berkshire hasn’t made any investments How the Federal Reserve gave companies better terms than they were willing to make Related: Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It It was hard not to watch the presentation without concluding Buffett thinks there are simply too many unknowns in the world going forward to feel comfortable doing much in the market right now. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related Stories Bitcoin News Roundup for May 5, 2020 First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow || Why Warren Buffett’s Bearishness Should End V-Shaped Recovery Talk: NLW unpacks a meaningful shift as the famously optimistic Warren Buffett struck a more sober note at Berkshire Hathaway’s first-ever virtual annual meeting. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . This episode is sponsored by ErisX , The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund . Related: Why Crypto Matters for Financial Inclusion, Feat. Celo’s Marek Olszewski One month after the bankruptcy of Lehman Brothers in 2008, Warren Buffett of Berkshire Hathway wrote an op-ed saying he was buying stocks. Yet, during the coronavirus crisis he is sitting firmly on the sidelines. On Saturday night, the “Oracle of Omaha” spoke for 4.5 hours in the first virtual Berkshire Hathaway annual shareholders meeting – an event some have called the “Woodstock of Capitalism.” See also: The History of the Dollar System From Bretton Woods to QE Infinity, Feat. Luke Gromen On this episode, NLW examines some of the key topics of the presentation, including: Why Warren Buffett’s Berkshire Hathaway sold its entire $6.5 billion stake in the airline industry Why it is sitting on $137 billion in cash Why Berkshire hasn’t made any investments How the Federal Reserve gave companies better terms than they were willing to make Related: Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It It was hard not to watch the presentation without concluding Buffett thinks there are simply too many unknowns in the world going forward to feel comfortable doing much in the market right now. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related Stories Bitcoin News Roundup for May 5, 2020 First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow || Investor Movement Index Summary: April 2020: Exposure to equity markets decreased in TD Ameritrade client accounts for the third month in a row during the April period. The IMX moved lower by 6.25%, or 0.26, from the previous period to reach 3.90. TD Ameritrade clients were net buyers overall for the second month in a row. They were also net buyers of equities, but as volatility among widely held names decreased during the period, the IMX score moved lower. Buying was particularly heavy in the Industrials and Consumer Discretionary sectors. The Cboe Volatility Index, or VIX, which measures volatility of the S&P 500 Index, remained elevated compared to historical levels, but decreased over 45% during the period. The COVID-19 pandemic continued to influence equity markets during the April IMX period, with investors looking for any positive sign that lockdowns were effective. Equity markets rebounded after large losses in March. During the period, the S&P 500 increased 11.6%, with the Dow Jones Industrial Average up 9.9%. The Nasdaq Composite posted the best gains, increasing 15.1%. Volatility was still prevalent, with the S&P 500 moving in excess of +/-1% during 16 of the 19 market days during the period. Early in the month, the Dow industrials posted a daily gain of 1,600 points as investors looked to early signs that stay-at-home orders in the U.S. and Europe may be helping slow the coronavirus pandemic. Unemployment claims reached historic levels as the pandemic stifled economic activity, pushing the total to over 20 million during a one-month period. Oil prices headed lower as demand weakened and entered negative territory. Congressional leaders and the White House reached another stimulus deal, this time for nearly $480 billion in aid for small businesses, hospitals, and additional testing for the coronavirus. Trading Equities were net bought in TD Ameritrade client accounts for the second month in a row on weakness. Airline companies Delta Air Lines, Inc. (NYSE: DAL ), American Airlines Group Inc (NASDAQ: AAL ), and United Airlines Holdings Inc (NASDAQ: UAL ) were all net bought, as each stock traded lower during the period. Each company is set to receive billions of dollars in aid from the U.S. government in the form of payroll support and low-interest loans as the companies suffer from the COVID-19 pandemic. Cruise line operators Carnival Corp (NYSE: CCL ) and Royal Caribbean Cruises Ltd (NYSE: RCL ) were also net bought. CCL was lower during the period, while RCL was flat, with each company working on plans to reduce operating expenses and capital expenditures in response to lower revenue. Boeing Co (NYSE: BA ) was net bought for the second month in a row, with the stock lower by 20% during the period, as the company announced plans to walk away from its proposed $4.2 billion combination with Embraer SA's commercial-aircraft business. Big banks Bank of America Corp (NYSE: BAC ) and Wells Fargo & Co (NYSE: WFC ) were both net bought. Each stock is significantly lower since the beginning of the year, as both grapple with slowing economic growth and a lower interest rate environment after the Federal Reserve slashed interest rates to 0% last month. Exxon Mobile Corporation (NYSE: XOM ) was net bought for the second month in a row. The stock rebounded during the period after crude futures extended their rebound and Treasury Secretary Steven Mnuchin flagged plans to help the troubled sector. Microsoft Corporation (NASDAQ: MSFT ) participated in the Tech sector rally, with the stock up over 16%, and was a net buy. Story continues Additional popular names bought include Ford Motor Company (NYSE: F ), Walt Disney Co (NYSE: DIS ), General Electric Company (NYSE: GE ), and AT&T Inc. (NYSE: T ). TD Ameritrade clients were net sellers of Otis Worldwide Corp (NYSE: OTIS ) during the period. The company is one of the five global leaders in elevators and the only elevator pure play in the U.S. stock market, and received an analyst upgrade during the period. Westinghouse Air Brake Technologies Corp (NYSE: WAB ), which announced a partnership with Tronix3D to provide much needed personal protective equipment (PPE) for Excela Health, a health system provider of advanced medical care in Pennsylvania, was net sold. Chinese internet companies IQIYI Inc (NASDAQ: IQ ) and TENCENT HOLDING/ADR (OTCQX: TCEHY ) were both net sold during the period. TCEHY introduced one of its top online games to new markets, from Russia to the Middle East, at a time the Covid-19 pandemic is fueling an unprecedented global gaming boom. IQ introduced a new interactive section on the international version of the iQIYI App for a hit show, and was net sold. Carrier Global Corp (NYSE: CARR ), a provider of heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide, received an analyst upgrade and traded higher during the period, and was net sold. Additional names sold include Glu Mobile Inc. (NASDAQ: GLUU ) and Corteva Inc (NYSE: CTVA ). Inclusion of specific security names in this commentary does not constitute a recommendation from TD Ameritrade to buy, sell, or hold. Historical Overview TD Ameritrade's Investor Movement Index (IMX) has generally correlated with the S&P 500 as clients react to equity price movements, but the index has gone through uncorrelated periods. Beginning in January 2010, when TD Ameritrade started tracking the IMX, the index rose with equity markets until April 2010, when it peaked at 5.40. In May 2010 investors experienced the "Flash Crash" and the IMX began a sharp downward trend. The IMX didn't reach 5.00 again until the S&P 500 was well above April 2010 levels. The index eventually peaked at 5.56 in June 2011. This peak was immediately followed by a plunge in equity markets, and in the IMX, as the media was dominated by the U.S. debt ceiling debate, S&P downgrade of U.S. debt, and European debt concerns. The S&P 500 began to recover in the fall of 2011, but the IMX continued to decline until it reached a new low at the time in January 2012. As the S&P 500 began to sustain an upward trend in early 2012, the IMX started to rise. In 2013, as economic conditions improved and the S&P 500 climbed to record levels, the IMX rose to the high end of its historical range, finishing 2013 at 5.62, and continued to rise in 2014 amid geopolitical tensions related to Ukraine and the Middle East, until seeing slight declines in October and November. By the middle of 2015, the IMX had seen increases, as equity market volatility had reduced to near historical levels while the market continued its upward trend. As 2015 ended its third quarter, volatility had returned to markets, as global economic concerns and speculation around the timing and trajectory of Federal Reserve rate increases seemed to rattle overall equity markets. This uncertainty continued to play a role in the equity markets through the fourth quarter of 2015 and into early 2016. The volatility accompanying this uncertainty abated in the second quarter of 2016 and remained low until late in the third quarter. Just as it had in 2015, the IMX saw increases mid-year during the period of lower volatility. The IMX continued to climb into the fourth quarter reaching 5.83 in October 2016, its highest point in two years. A brief spike in volatility during November, timed around the U.S. presidential election, coincided with a slight pull back in the IMX, which then ended 2016 at the high end of its historical range. The IMX started 2017 with an upward trend and reaching an all-time high in March, before pausing in April as lower volatility lead to a decrease in the IMX. The momentum resumed in May, with the IMX breaching 7.0 for the first time ever in July of 2017. The IMX took another brief pause in September, before following markets higher and breaching 8.0 for the first time ever in November and ending 2017 at an all-time high. Volatility returned to the markets in early 2018, and the IMX decreased for four consecutive months to start the year. The IMX then rebounded in the spring of 2018 and continued higher during the summer on the back of better-than-expected earnings and increasing equity markets. The IMX headed higher during the fall of 2018 as economic growth increased before heading lower in late 2018 as the Nasdaq Composite entered a bear market to end the year. Geopolitical issues were in the headlines during early 2019 as the U.S. and China traded tariffs. The IMX rebounded along with equity markets in the spring of 2019 on optimism of a trade deal with China and the unemployment rate nearing a 49-year low. The IMX remained range-bound during the summer of 2019 as trade-related policy concerns led to investors favoring less-risky assets, including fixed-income products. Heading into the fall of 2019, the IMX began to rebound and ended the year at the highest levels in over a year as trade war fears diminished and economic data began to improve globally. In early 2020, the bull market ended as markets pulled back due to the COVID-19 pandemic, with markets experiencing volatility not seen since the financial crisis of 2008. Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision. All investments involve risk including the possible loss of principal. Please consider all risks and objectives before investing. Past performance of a security, strategy or index is no guarantee of future results or investment success. The IMX is not a tradable index. The IMX should not be used as an indicator or predictor of future client trading volume or financial performance for TD Ameritrade. See more from Benzinga Bitcoin Halving: What This Rare Event Could Mean for Futures Prices Investor Movement Index Summary: March 2020 Circuit Breakers: Learn the Basics of These Market-Wide Pauses © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investor Movement Index Summary: April 2020: Exposure to equity markets decreased in TD Ameritrade client accounts for the third month in a row during the April period. The IMX moved lower by 6.25%, or 0.26, from the previous period to reach 3.90.
TD Ameritrade clients were net buyers overall for the second month in a row. They were also net buyers of equities, but as volatility among widely held names decreased during the period, the IMX score moved lower. Buying was particularly heavy in the Industrials and Consumer Discretionary sectors. The Cboe Volatility Index, or VIX, which measures volatility of the S&P 500 Index, remained elevated compared to historical levels, but decreased over 45% during the period.
The COVID-19 pandemic continued to influence equity markets during the April IMX period, with investors looking for any positive sign that lockdowns were effective. Equity markets rebounded after large losses in March. During the period, the S&P 500 increased 11.6%, with the Dow Jones Industrial Average up 9.9%. The Nasdaq Composite posted the best gains, increasing 15.1%. Volatility was still prevalent, with the S&P 500 moving in excess of +/-1% during 16 of the 19 market days during the period. Early in the month, the Dow industrials posted a daily gain of 1,600 points as investors looked to early signs that stay-at-home orders in the U.S. and Europe may be helping slow the coronavirus pandemic. Unemployment claims reached historic levels as the pandemic stifled economic activity, pushing the total to over 20 million during a one-month period. Oil prices headed lower as demand weakened and entered negative territory. Congressional leaders and the White House reached another stimulus deal, this time for nearly $480 billion in aid for small businesses, hospitals, and additional testing for the coronavirus.
Trading
Equities were net bought in TD Ameritrade client accounts for the second month in a row on weakness. Airline companiesDelta Air Lines, Inc.(NYSE:DAL),American Airlines Group Inc(NASDAQ:AAL), andUnited Airlines Holdings Inc(NASDAQ:UAL) were all net bought, as each stock traded lower during the period. Each company is set to receive billions of dollars in aid from the U.S. government in the form of payroll support and low-interest loans as the companies suffer from the COVID-19 pandemic. Cruise line operatorsCarnival Corp(NYSE:CCL) andRoyal Caribbean Cruises Ltd(NYSE:RCL) were also net bought. CCL was lower during the period, while RCL was flat, with each company working on plans to reduce operating expenses and capital expenditures in response to lower revenue.Boeing Co(NYSE:BA) was net bought for the second month in a row, with the stock lower by 20% during the period, as the company announced plans to walk away from its proposed $4.2 billion combination with Embraer SA's commercial-aircraft business. Big banksBank of America Corp(NYSE:BAC) andWells Fargo & Co(NYSE:WFC) were both net bought. Each stock is significantly lower since the beginning of the year, as both grapple with slowing economic growth and a lower interest rate environment after the Federal Reserve slashed interest rates to 0% last month.Exxon Mobile Corporation(NYSE:XOM) was net bought for the second month in a row. The stock rebounded during the period after crude futures extended their rebound and Treasury Secretary Steven Mnuchin flagged plans to help the troubled sector.Microsoft Corporation(NASDAQ:MSFT) participated in the Tech sector rally, with the stock up over 16%, and was a net buy.
Additional popular names bought includeFord Motor Company(NYSE:F),Walt Disney Co(NYSE:DIS),General Electric Company(NYSE:GE), andAT&T Inc.(NYSE:T).
TD Ameritrade clients were net sellers ofOtis Worldwide Corp(NYSE:OTIS) during the period. The company is one of the five global leaders in elevators and the only elevator pure play in the U.S. stock market, and received an analyst upgrade during the period.Westinghouse Air Brake Technologies Corp(NYSE:WAB), which announced a partnership with Tronix3D to provide much needed personal protective equipment (PPE) for Excela Health, a health system provider of advanced medical care in Pennsylvania, was net sold. Chinese internet companiesIQIYI Inc(NASDAQ:IQ) andTENCENT HOLDING/ADR(OTCQX:TCEHY) were both net sold during the period. TCEHY introduced one of its top online games to new markets, from Russia to the Middle East, at a time the Covid-19 pandemic is fueling an unprecedented global gaming boom. IQ introduced a new interactive section on the international version of the iQIYI App for a hit show, and was net sold.Carrier Global Corp(NYSE:CARR), a provider of heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies worldwide, received an analyst upgrade and traded higher during the period, and was net sold.
Additional names sold includeGlu Mobile Inc.(NASDAQ:GLUU) andCorteva Inc(NYSE:CTVA).
Inclusion of specific security names in this commentary does not constitute a recommendation from TD Ameritrade to buy, sell, or hold.
Historical Overview
TD Ameritrade's Investor Movement Index (IMX) has generally correlated with the S&P 500 as clients react to equity price movements, but the index has gone through uncorrelated periods. Beginning in January 2010, when TD Ameritrade started tracking the IMX, the index rose with equity markets until April 2010, when it peaked at 5.40.
In May 2010 investors experienced the "Flash Crash" and the IMX began a sharp downward trend. The IMX didn't reach 5.00 again until the S&P 500 was well above April 2010 levels. The index eventually peaked at 5.56 in June 2011. This peak was immediately followed by a plunge in equity markets, and in the IMX, as the media was dominated by the U.S. debt ceiling debate, S&P downgrade of U.S. debt, and European debt concerns. The S&P 500 began to recover in the fall of 2011, but the IMX continued to decline until it reached a new low at the time in January 2012.
As the S&P 500 began to sustain an upward trend in early 2012, the IMX started to rise. In 2013, as economic conditions improved and the S&P 500 climbed to record levels, the IMX rose to the high end of its historical range, finishing 2013 at 5.62, and continued to rise in 2014 amid geopolitical tensions related to Ukraine and the Middle East, until seeing slight declines in October and November.
By the middle of 2015, the IMX had seen increases, as equity market volatility had reduced to near historical levels while the market continued its upward trend. As 2015 ended its third quarter, volatility had returned to markets, as global economic concerns and speculation around the timing and trajectory of Federal Reserve rate increases seemed to rattle overall equity markets. This uncertainty continued to play a role in the equity markets through the fourth quarter of 2015 and into early 2016. The volatility accompanying this uncertainty abated in the second quarter of 2016 and remained low until late in the third quarter. Just as it had in 2015, the IMX saw increases mid-year during the period of lower volatility. The IMX continued to climb into the fourth quarter reaching 5.83 in October 2016, its highest point in two years. A brief spike in volatility during November, timed around the U.S. presidential election, coincided with a slight pull back in the IMX, which then ended 2016 at the high end of its historical range.
The IMX started 2017 with an upward trend and reaching an all-time high in March, before pausing in April as lower volatility lead to a decrease in the IMX. The momentum resumed in May, with the IMX breaching 7.0 for the first time ever in July of 2017. The IMX took another brief pause in September, before following markets higher and breaching 8.0 for the first time ever in November and ending 2017 at an all-time high. Volatility returned to the markets in early 2018, and the IMX decreased for four consecutive months to start the year. The IMX then rebounded in the spring of 2018 and continued higher during the summer on the back of better-than-expected earnings and increasing equity markets. The IMX headed higher during the fall of 2018 as economic growth increased before heading lower in late 2018 as the Nasdaq Composite entered a bear market to end the year.
Geopolitical issues were in the headlines during early 2019 as the U.S. and China traded tariffs. The IMX rebounded along with equity markets in the spring of 2019 on optimism of a trade deal with China and the unemployment rate nearing a 49-year low. The IMX remained range-bound during the summer of 2019 as trade-related policy concerns led to investors favoring less-risky assets, including fixed-income products. Heading into the fall of 2019, the IMX began to rebound and ended the year at the highest levels in over a year as trade war fears diminished and economic data began to improve globally. In early 2020, the bull market ended as markets pulled back due to the COVID-19 pandemic, with markets experiencing volatility not seen since the financial crisis of 2008.
Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.
All investments involve risk including the possible loss of principal. Please consider all risks and objectives before investing.
Past performance of a security, strategy or index is no guarantee of future results or investment success.
The IMX is not a tradable index.
The IMX should not be used as an indicator or predictor of future client trading volume or financial performance for TD Ameritrade.
See more from Benzinga
• Bitcoin Halving: What This Rare Event Could Mean for Futures Prices
• Investor Movement Index Summary: March 2020
• Circuit Breakers: Learn the Basics of These Market-Wide Pauses
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019: Ethereum’s network is experiencing its busiest days in 10 months amid increased issuance of stablecoins and the runup to Ethereum 2.0.
The seven-day moving average of the total number of confirmed transactions onEthereum’s blockchain rose to 845,400 on April 30 to hit the highest level since July 1 , 2019, according to the data source Coin Metrics. As of Sunday, the average was 837,100.
The transaction count had declined to 12-month lows in February. Since then, however, it has surged by 72%.
Related:Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It
“The recentCambrian explosionof stablecoin issuance has been a considerable driver of on-chain activity,” said Lucas Nuzzi, network data product manager atCoin Metrics, a provider of crypto financial data.
Stablecoins are cryptocurrencies that offer price stability characteristics by pegging their value to some external reference, usually the U.S. dollar.
Read more:The Stablecoin Surge Is Built on Smoke and Mirrors
Tether (USDT), trueUSD (TUSD), gemini dollar (GUSD), paxos standard (PAX), binance USD (BUSD), USD coin (USDC), Huobi’s HUSD, and MakerDAO’s DAI are some of the best-known stablecoins. These major stablecoins are based on Ethereum’s blockchain.
Related:As Tether Supply Hits Record Highs, It Moves Away From Original Home
The market capitalization of major stablecoins has risen from $3.5 billion to over $7 billion over the last two months, according to Coin Metrics.
Also, as of April 21, the market capitalization of all stablecoins operating on Ethereum’s blockchain was over $9 billion,according tocrypto investor and founder of Mythos Capital Ryan Sean Adam.
The uptick in the demand for and the issuance of stablecoins has coincided with the coronavirus-induced dollar shortage influencing the global economy.
Since the start of the pandemic, indicators of dollar funding costs in foreign exchange markets have risen sharply. For instance, three-month euro-dollar swaps, a widely followed indicator of dollar-funding costs in the foreign exchange markets,rose toa nine-year high of 150 basis points in March.
Read more:Ethereum Now Matches Bitcoin on One Key Metric
While the dollar-funding stress has eased somewhat over the past few weeks due to the U.S. Federal Reserve’s massive liquidity injections, the crisis looks far from over for emerging markets, which lost around $1.5 billion in forex exchange reserves per day in March,according toBloomberg.
Some observers think the crisis has boosted stablecoins’ appeal as less-volatile instruments of transferring value on-chain.
“The economic impacts of COVID-19 have created USD shortages around the world, especially in emerging markets,” said Nuzzi. “As such, USD stablecoins could be providing an alternative to physical dollars in jurisdictions experiencing stricter capital controls and currency devaluation.”
Yet, the increase in transactions may not be entirely due to stablecoin growth. Connor Abendeschien, crypto research analyst at Digital Assets Data, cited Ethereum’simpending transitionfrom the proof-of-work (PoW) to proof-of-stake (PoS) mechanism, dubbed Ethereum 2.0, as one of the possible reasons for the rise in Ethereum’s on-chain transactions.
In PoW, miners solve cryptographically hard puzzles to complete transactions on the network and get rewarded. In PoS, instead of miners there are validators, which lock up some of theiretheras a stake in the ecosystem. A block validator is then selected based on its economic stake in the network via a pseudo-random election process.
Read more:What the CFTC Chairman Actually Said About Ether Futures and Ethereum 2.0
Backing Abendeschien’s argument is the recent sharp rise in the number of addresses holding more than or equal to 32 ETH, an amount a holder is required to maintain as a balance to become a validator on 2.0.
The number of validator addresses rose sharply in the days leading up to thelaunch ofthe testnet version of Ethereum’s 2.0 upgrade on April 18 and hit a record high of 11,6750 on April 28. That boosted the transaction count, according to data provided by the blockchain intelligence firmGlassnode.
While there has been a recent uptick in the transaction count, the metric is still within the broad range of 900,000 to 400,000 seen since February 2018.
Gavin Smith, CEO of cryptocurrency consortium Panxora, expects the transaction count to grow organically in the future. “One important factor to take into account is that Ethereum is still by far the favored smart contract vehicle in the crypto space and the upcoming transition to PoS will help the network cope with the ever-growing demand,” said Smith.
Read more:5 Takeaways on Ethereum 2.0 From Vitalik’s ‘Beast Mode’ Blog Posts
Also, a rally in ether’s price could boost transaction count. “On-chain activity tends to follow price,” said Wilson Withiam, research analyst at Messari, a provider of crypto data, tools, and research.
The recent growth in Ethereum’s transaction count is accompanied by a stellar rise in price. At press time, the second-largest cryptocurrency is trading around $205 on major exchanges, representing a 127% gain on the low of $90 observed on March 13.
• Blockchain Bites: Bitfinex Sues, Miners Prepare, Congress Considers
• Marketing Ethereum 2.0 and Herding Cats With Hudson Jameson || Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019: Ethereum’s network is experiencing its busiest days in 10 months amid increased issuance of stablecoins and the runup to Ethereum 2.0. The seven-day moving average of the total number of confirmed transactions on Ethereum ’s blockchain rose to 845,400 on April 30 to hit the highest level since July 1 , 2019, according to the data source Coin Metrics. As of Sunday, the average was 837,100. The transaction count had declined to 12-month lows in February. Since then, however, it has surged by 72%. Related: Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It “The recent Cambrian explosion of stablecoin issuance has been a considerable driver of on-chain activity,” said Lucas Nuzzi, network data product manager at Coin Metrics , a provider of crypto financial data. Stablecoins are cryptocurrencies that offer price stability characteristics by pegging their value to some external reference, usually the U.S. dollar. Read more: The Stablecoin Surge Is Built on Smoke and Mirrors Tether (USDT), trueUSD (TUSD), gemini dollar (GUSD), paxos standard (PAX), binance USD (BUSD), USD coin (USDC), Huobi’s HUSD, and MakerDAO’s DAI are some of the best-known stablecoins. These major stablecoins are based on Ethereum’s blockchain. Related: As Tether Supply Hits Record Highs, It Moves Away From Original Home The market capitalization of major stablecoins has risen from $3.5 billion to over $7 billion over the last two months, according to Coin Metrics. Also, as of April 21, the market capitalization of all stablecoins operating on Ethereum’s blockchain was over $9 billion, according to crypto investor and founder of Mythos Capital Ryan Sean Adam. The uptick in the demand for and the issuance of stablecoins has coincided with the coronavirus-induced dollar shortage influencing the global economy. Since the start of the pandemic, indicators of dollar funding costs in foreign exchange markets have risen sharply. For instance, three-month euro-dollar swaps, a widely followed indicator of dollar-funding costs in the foreign exchange markets, rose to a nine-year high of 150 basis points in March. Story continues Read more: Ethereum Now Matches Bitcoin on One Key Metric While the dollar-funding stress has eased somewhat over the past few weeks due to the U.S. Federal Reserve’s massive liquidity injections, the crisis looks far from over for emerging markets, which lost around $1.5 billion in forex exchange reserves per day in March, according to Bloomberg. Some observers think the crisis has boosted stablecoins’ appeal as less-volatile instruments of transferring value on-chain. “The economic impacts of COVID-19 have created USD shortages around the world, especially in emerging markets,” said Nuzzi. “As such, USD stablecoins could be providing an alternative to physical dollars in jurisdictions experiencing stricter capital controls and currency devaluation.” Yet, the increase in transactions may not be entirely due to stablecoin growth. Connor Abendeschien, crypto research analyst at Digital Assets Data, cited Ethereum’s impending transition from the proof-of-work (PoW) to proof-of-stake (PoS) mechanism, dubbed Ethereum 2.0, as one of the possible reasons for the rise in Ethereum’s on-chain transactions. In PoW, miners solve cryptographically hard puzzles to complete transactions on the network and get rewarded. In PoS, instead of miners there are validators, which lock up some of their ether as a stake in the ecosystem. A block validator is then selected based on its economic stake in the network via a pseudo-random election process. Read more: What the CFTC Chairman Actually Said About Ether Futures and Ethereum 2.0 Backing Abendeschien’s argument is the recent sharp rise in the number of addresses holding more than or equal to 32 ETH, an amount a holder is required to maintain as a balance to become a validator on 2.0. The number of validator addresses rose sharply in the days leading up to the launch of the testnet version of Ethereum’s 2.0 upgrade on April 18 and hit a record high of 11,6750 on April 28. That boosted the transaction count, according to data provided by the blockchain intelligence firm Glassnode . Broad range intact While there has been a recent uptick in the transaction count, the metric is still within the broad range of 900,000 to 400,000 seen since February 2018. Gavin Smith, CEO of cryptocurrency consortium Panxora, expects the transaction count to grow organically in the future. “One important factor to take into account is that Ethereum is still by far the favored smart contract vehicle in the crypto space and the upcoming transition to PoS will help the network cope with the ever-growing demand,” said Smith. Read more: 5 Takeaways on Ethereum 2.0 From Vitalik’s ‘Beast Mode’ Blog Posts Also, a rally in ether’s price could boost transaction count. “On-chain activity tends to follow price,” said Wilson Withiam, research analyst at Messari, a provider of crypto data, tools, and research. The recent growth in Ethereum’s transaction count is accompanied by a stellar rise in price. At press time, the second-largest cryptocurrency is trading around $205 on major exchanges, representing a 127% gain on the low of $90 observed on March 13. Related Stories Blockchain Bites: Bitfinex Sues, Miners Prepare, Congress Considers Marketing Ethereum 2.0 and Herding Cats With Hudson Jameson || Blockchain Bites: Bitfinex Sues, Miners Prepare, Congress Considers: Around the world, from the Middle East to Washington, D.C., Beltway, blockchain is proving its value. In the Middle East, citizens hampered by weak governments, unstable currencies and fraught political environments are turning to crypto to store their wealth and transact on a daily basis. Meanwhile, the U.S. Senate is considering blockchain voting as a way to legislate through the COVID-19 crisis. You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Related: Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It Still, as with any emerging technology, there are visible fault lines. Researchers at Kaspersky and EY have said enterprise blockchains may be walled-off but they are easily penetrated. Here’s the story: Top Shelf Deposing Banks The Bitfinex crypto exchange is making a new push to find and potentially recover more than $800 million in user funds seized by legal authorities in four different countries after its payment processor’s bank accounts were frozen. iFinex Inc., Bitfinex’s parent firm, applied for subpoenas in Colorado, Arizona and Georgia this month, asking federal courts to aid it in deposing banks that may have held funds for Crypto Capital, the payment processor on which Bitfinex stored customers’ and exchange funds. Emerging Market Citizens in the Middle East are turning to crypto – from bitcoin to stablecoins – to resist the effects of weak governments and wildly fluctuating exchange rates. CoinDesk’s Leigh Cuen weighs in on the phenomenon as part of a three-part column on how cryptocurrencies are used in the developing world, leading up to her “Crypto Across Emerging Markets” panel at Consensus: Distributed. Enterprise Risks Enterprise-grade private blockchains, the supposedly more efficient sister to public chains, are vulnerable to denial of service attacks and insider threats , according to researchers at Kaspersky and EY. “Open source code that isn’t widely used and doesn’t have a vigilant community testing and inspecting it is far less secure and reliable than systems like Bitcoin and Ethereum, which are continuously hardened by nearly constant attack and public inspection,” said Paul Brody, EY’s global blockchain lead. Related: As Tether Supply Hits Record Highs, It Moves Away From Original Home Blockchain Voting The Permanent Subcommittee on Investigations, a U.S. Senate subcommittee unit, floated blockchain voting as a way to keep the chamber legislating through crises. “The Senate may consider blockchain” if its 100 members must vote remotely, staffers wrote. It also proposed voting on end-to-end encryption platforms and via a military-esque “air-gapped” communications system akin to those presidents and generals use. Story continues Fraud Ruling A New Jersey judge dismissed a lawsuit against Riot Blockchain, which alleged the firm committed securities fraud by changing its name to “Riot Blockchain” in an effort to boost its share price. Restricted Access Japan has amended the way cryptocurrencies are regulated within the country, prompting BitMEX to begin restricting access to local residents, the exchange announced last week. New Collateral? MakerDAO may collaterialize tBTC, an Ethereum-based token pegged to bitcoin. Though the token is expected to launch in mid-May, Matt Luongo, tBTC’s creator, proposed the move Sunday on MakerDAO’s forum. “While I believe BTC can be great collateral for DAI, more importantly, I believe a native BTC on-ramp into the ecosystem can grow the protocol’s user base,” he said. ( The Block ) Bitcoin’s Benefits Even as stocks tread water, it’s likely the global economy is due for a correction. Bitcoin’s underlying technology and monetary system make it one of the few investable assets that is immune to the economic fluctuations we have ahead, argues CoinDesk Director of Research Noelle Acheson, in the latest Crypto Long & Short newsletter . Granted More than 150 Ethereum projects have received nearly $25 million in total grant money to date, primarily from the Ethereum Foundation. ( The Block ) Porsche-Backed Gapless, a blockchain startup meant to track vehicle ownership, raised about $6 million from FinLab EOS VC Fund and previous investor Porsche among others. ( The Block ) CoinDesk Live: Lockdown Edition CoinDesk Live: Lockdown Edition continues its popular twice-weekly virtual chats via Zoom and Twitter, giving you a preview of what’s to come at Consensus: Distributed, our first fully virtual – and fully free – big-tent conference May 11-15. Register to join our sixth session Tuesday, May 5, with speaker Amy Davine Kim from the Chamber of Digital Commerce to discuss upcoming guidelines from the Financial Action Task Force, most notably the Travel Rule, hosted by Consensus organizer Aaron Stanley. Zoom participants can ask questions directly to our guests. Market Intel Price Pullback? While bitcoin is rallying ahead of the halving, jumping from $6,700 to $9,400 in the last 10 days of April alone, historical data suggests it could suffer a temporary price pullback following the supply-altering event. On-chain data suggests both small and large investors are accumulating coins in the run-up to the event. As a result, a bout of profit taking may be seen after May 12. Some investors, especially short-term traders, may sell their coins after halving, putting downside pressure on prices. Public Interest Bitcoin is up 21% in 2020 to about $8,600, during a time when the pandemic laid bare some of the structural vulnerabilities of the post-Bretton Woods monetary system. While bitcoin is outperforming the S&P 500 as well as gold, it still appears popular interest in the cryptocurrency is still tied to its ongoing price volatility. CoinDesk Podcast Network Miner Interests F2Pool is the largest bitcoin mining pool in the world, controlling 20% of the collective computational energy on the Bitcoin network. On the fifth and final episode of Bitcoin Halving 2020: Miner Perspectives, Thomas Heller, the mining pool’s global business director, discusses the economic incentives driving cryptocurrency mining and mining pool operations. Who Won #CryptoTwitter? Related Stories First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019 View comments || Blockchain Bites: Bitfinex Sues, Miners Prepare, Congress Considers: Around the world, from the Middle East to Washington, D.C., Beltway, blockchain is proving its value.
In the Middle East, citizens hampered by weak governments, unstable currencies and fraught political environments are turning to crypto to store their wealth and transact on a daily basis. Meanwhile, the U.S. Senate is considering blockchain voting as a way to legislate through the COVID-19 crisis.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Related:Blockchain Bites: Hyperledger Makes Inroads, Bitcoin Gets ‘Harder’ and Buffett’s Not ‘Halving’ It
Still, as with any emerging technology, there are visible fault lines. Researchers at Kaspersky and EY have said enterprise blockchains may be walled-off but they are easily penetrated. Here’s the story:
Deposing BanksThe Bitfinex crypto exchange is making a new push to find and potentially recover more than$800 million in user funds seized by legal authoritiesin four different countries after its payment processor’s bank accounts were frozen. iFinex Inc., Bitfinex’s parent firm, applied for subpoenas in Colorado, Arizona and Georgia this month, asking federal courts to aid it in deposing banks that may have held funds for Crypto Capital, the payment processor on which Bitfinex stored customers’ and exchange funds.
Emerging MarketCitizens in the Middle East areturning to crypto– frombitcointo stablecoins – to resist the effects of weak governments and wildly fluctuating exchange rates. CoinDesk’s Leigh Cuen weighs in on the phenomenon as part of a three-part column on how cryptocurrencies are used in the developing world, leading up to her “Crypto Across Emerging Markets” panel at Consensus: Distributed.
Enterprise RisksEnterprise-grade private blockchains, the supposedly more efficient sister to public chains, arevulnerable to denial of service attacks and insider threats, according to researchers at Kaspersky and EY. “Open source code that isn’t widely used and doesn’t have a vigilant community testing and inspecting it is far less secure and reliable than systems like Bitcoin and Ethereum, which are continuously hardened by nearly constant attack and public inspection,” said Paul Brody, EY’s global blockchain lead.
Related:As Tether Supply Hits Record Highs, It Moves Away From Original Home
Blockchain VotingThe Permanent Subcommittee on Investigations, a U.S. Senate subcommittee unit,floated blockchain votingas a way to keep the chamber legislating through crises. “The Senate may consider blockchain” if its 100 members must vote remotely, staffers wrote. It also proposed voting on end-to-end encryption platforms and via a military-esque “air-gapped” communications system akin to those presidents and generals use.
Fraud RulingA New Jersey judgedismissed a lawsuit against Riot Blockchain,which alleged the firm committed securities fraud by changing its name to “Riot Blockchain” in an effort to boost its share price.
Restricted AccessJapan has amended the way cryptocurrencies are regulated within the country, promptingBitMEX to begin restricting accessto local residents, the exchange announced last week.
New Collateral?MakerDAO may collaterialize tBTC, an Ethereum-based token pegged to bitcoin. Though the token is expected to launch in mid-May, Matt Luongo, tBTC’s creator, proposed the move Sunday on MakerDAO’s forum. “While I believe BTC can be great collateral for DAI, more importantly, I believe a native BTC on-ramp into the ecosystem can grow the protocol’s user base,” he said. (The Block)
Bitcoin’s BenefitsEven as stocks tread water, it’s likely the global economy is due for a correction. Bitcoin’s underlying technology and monetary system make itone of the few investable assets that is immune to the economic fluctuationswe have ahead, argues CoinDesk Director of Research Noelle Acheson, in the latest Crypto Long & Shortnewsletter.
GrantedMore than 150 Ethereum projects have received nearly $25 million in total grant money to date, primarily from the Ethereum Foundation. (The Block)
Porsche-BackedGapless, a blockchain startup meant to track vehicle ownership, raised about $6 million from FinLab EOS VC Fund and previous investor Porsche among others. (The Block)
CoinDesk Live: Lockdown Editioncontinues its popular twice-weekly virtual chats via Zoom and Twitter, giving you a preview of what’s to come atConsensus: Distributed,our first fully virtual–and fully free–big-tent conference May 11-15.
Register to joinour sixth session Tuesday, May 5, with speakerAmy Davine Kim from the Chamber of Digital Commerceto discuss upcoming guidelines from the Financial Action Task Force, most notably the Travel Rule, hosted by Consensus organizer Aaron Stanley. Zoom participants can ask questions directly to our guests.
Price Pullback?While bitcoin is rallying ahead of the halving, jumping from $6,700 to $9,400 in the last 10 days of April alone,historical data suggests it could suffer a temporary price pullbackfollowing the supply-altering event. On-chain data suggests both small and large investors are accumulating coins in the run-up to the event. As a result, a bout of profit taking may be seen after May 12. Some investors, especially short-term traders, may sell their coins after halving, putting downside pressure on prices.
Public InterestBitcoin is up 21% in 2020to about $8,600, during a time when the pandemic laid bare some of the structural vulnerabilities of the post-Bretton Woods monetary system. While bitcoin is outperforming the S&P 500 as well as gold, it still appears popular interest in the cryptocurrency is still tied to its ongoing price volatility.
Miner InterestsF2Pool is the largest bitcoin mining pool in the world,controlling 20% of the collective computational energyon the Bitcoin network. On the fifth and final episode of Bitcoin Halving 2020: Miner Perspectives, Thomas Heller, the mining pool’s global business director, discusses the economic incentives driving cryptocurrency mining and mining pool operations.
• First Mover: Amid Economic Meltdown, Bitcoin Is Winning as ‘No Value’ Buffett Eats Crow
• Stablecoins Push Ethereum’s Transaction Count to Highest Since July 2019 || Crude Oil Price Update -Trying to Cross to Strong Side of Short-Term 50% Level: U.S. West Texas Intermediate (WTI) crude oil futures are trading flat to lower at the mid-session after clawing back earlier losses. The market was under pressure from the opening on Monday as traders reacted to rising tensions between the United States and China that could put additional pressure on the already stressed global economy. At 15:21 GMT, June WTI crude oil futures are trading $19.70, down $0.08 or -0.40%. Reuters is reporting that hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns. Money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week-ending on April 28, exchange and regulatory records showed. Purchases were down from 122 million barrels the previous week, but funds have now been buyers for five weeks running, with total purchases reaching 246 million barrels. Daily June WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. A trade thorough $33.15 will change the main trend to up. A move through $6.50 will signal a resumption of the uptrend. The short-term range is $33.15 to $6.50. Its retracement zone at $19.83 to $22.97 is currently being tested. Since the trend is down, sellers could come in on the first test of this zone. Overtaking this area will shift momentum to the upside. The main range is $48.92 to $6.50. Its retracement zone at $27.71 to $32.72 is the primary upside target. Overtaking this zone will indicate the buying is getting stronger. Daily Swing Chart Technical Forecast Based on the early price action and the current price at $19.70, the direction of the June WTI crude oil market the rest of the session on Monday will likely be determined by trader reaction to the short-term 50% level at $19.83. Bearish Scenario A sustained move under $19.83 will indicate the presence of sellers. If this move creates enough downside momentum then look for a possible retracement into the minor bottom at $10.07. This is the last potential support before the $6.50 main bottom. Story continues Bullish Scenario A sustained move over $19.83 will signal the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into the short-term Fibonacci level at $22.97. This is a potential trigger point for an acceleration into the major 50% level at $27.71. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Prediction – Prices Rally on Weak Factory Orders Data GBP/JPY Price Forecast – British Pound Reaches Bottom of Range Silver Price Forecast – Silver Continues to Underperform US Stock Market Overview – Stocks Close Higher, Led by the Nasdaq; Airlines Lag Bitcoin Trades Like the S&P 500, and is Testing Resistance E-mini S&P 500 Index (ES) Futures Technical Analysis – Strong Over 2786.00, Weak Under 2765.50
[Social Media Buzz]
None available.
|
9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50, 575.47, 572.30, 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02.
|
[Bitcoin Technical Analysis for 2016-10-06]
Volume: 56812100, RSI (14-day): 57.65, 50-day EMA: 605.12, 200-day EMA: 558.13
[Wider Market Context]
Gold Price: 1249.80, Gold RSI: 24.77
Oil Price: 50.44, Oil RSI: 65.41
[Recent News (last 7 days)]
JPMorgan is developing a new blockchain project: Blockchain (BII) This story was delivered to BI Intelligence " Fintech Briefing " subscribers. To learn more and subscribe, please click here . JPMorgan Chase is working with Ethereum startup EthLab on a new blockchain project called Quorum, the Wall Street Journal and CoinDesk report. The two parties will develop a private, permissioned blockchain built off of the public Ethereum network's code. This is the latest project to come out of JPMorgan Chase's working group, the Blockchain Center of Excellence. Unlike other banks, JPMorgan is not building an entirely new blockchain system from scratch — it is using the concept of a permissioned blockchain. The bank is utilizing a publically accessible code to develop its solution. But unlike public blockchains such as the one used by Bitcoin, JPMorgan's will be private and permissioned, meaning the bank will be able to limit access to transactions to selected parties, such as parties in a trade or a regulator. This will make it private and secure enough for traders to use for transactions, and accessible enough for regulators to provide oversight. Such functionality is considered a vital element needed before banks will adopt blockchain technology widely. This approach stands to give JPMorgan significant advantages over its rivals. Using existing code to build a blockchain solution is significantly cheaper than developing its own network. Moreover, by using a publically accessible network, JPMorgan can build a blockchain that could theoretically be plugged into other systems built on the same network. For context, institutions building their own networks may find their end solutions to be incompatible with each other. This ease-of-use could potentially give JPMorgan an edge over other banks experimenting with blockchain, as its solution may be more likely to be widely adopted. However, JPMorgan has not addressed concern over Ethereum's security flaws. The network has suffered significant security breaches recently — in its most severe hack, the equivalent of $80 million worth of cryptocurrency was stolen, and the most recent attack occurred just last month. The bank will need to address these concerns before it moves into any live testing phase that involves customers' money. Story continues Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according to Santander . That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping. As a result, venture capital firms and financial institutions alike are pouring investment into finding, developing, and testing blockchain use cases. Over 50 major financial institutions are involved with collaborative blockchain startups, have begun researching the technology in-house, or have helped fund startups with products rooted in blockchain. Jaime Toplin, research associate for BI Intelligence , Business Insider's premium research service, has compiled a detailed report on blockchain technology that explains how blockchain works, why it has the potential to provide a watershed moment for the financial industry, and the different ways it could be put into practice in the coming years. Here are some key takeaways from the report: Spending on capital markets applications of blockchain is expected to grow at a 52% compound annual growth rate (CAGR) through 2019, according to Aite Group, to reach $400 million that year. Banks and major financial institutions are working both collaboratively and independently to develop blockchain tech. Over 50 major financial institutions are involved with collaborative blockchain startups, like R3 CEV or Chain. And many are investing in the technology on their own as well. Putting blockchain to use for real-world transactions is likely not that far off. If working groups' tests are successful, firms could be using it to transact real value as early as the end of this year and we could see widespread industry application within the next few years. In full, the report: Examines the funding increases that are pouring into blockchain Assesses why blockchain is becoming so popular and what factors are driving up increased research and development Explains in full how blockchain technology work and what assets make it valuable and vulnerable Identifies pain points in the financial industry and profiles how various firms are using blockchain to solve them Demonstrates the challenges to mainstream adoption and their potential solutions To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of blockchain technology. More From Business Insider THE FINTECH REGULATION REPORT: How European regulators are creating fertile ground for fintech growth THE CORPORATE TREASURY FINTECH REPORT: The emerging firms that help companies manage their cash Fully understand the Fintech Ecosystem with this report || JPMorgan is developing a new blockchain project: (BII)This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, pleaseclick here.
JPMorgan Chase is working with Ethereum startup EthLab on a new blockchain project called Quorum, theWall Street JournalandCoinDeskreport.
The two parties will develop a private, permissioned blockchain built off of the public Ethereum network's code. This is the latest project to come out of JPMorgan Chase's working group, the Blockchain Center of Excellence.
Unlike other banks, JPMorgan is not building an entirely new blockchain system from scratch — it is using the concept of a permissioned blockchain. The bank is utilizing a publically accessible code to develop its solution. But unlike public blockchains such as the one used by Bitcoin, JPMorgan's will be private and permissioned, meaning the bank will be able to limit access to transactions to selected parties, such as parties in a trade or a regulator. This will make it private and secure enough for traders to use for transactions, and accessible enough for regulators to provide oversight. Such functionality is considered a vital element needed before banks will adopt blockchain technology widely.
This approach stands to give JPMorgan significant advantages over its rivals. Using existing code to build a blockchain solution is significantly cheaper than developing its own network. Moreover, by using a publically accessible network, JPMorgan can build a blockchain that could theoretically be plugged into other systems built on the same network. For context, institutions building their own networks may find their end solutions to be incompatible with each other. This ease-of-use could potentially give JPMorgan an edge over other banks experimenting with blockchain, as its solution may be more likely to be widely adopted.
However, JPMorgan has not addressed concern over Ethereum's security flaws. The network has suffered significant securitybreachesrecently — in its most severe hack, the equivalent of $80 million worth of cryptocurrency was stolen, and the mostrecentattack occurred just last month. The bank will need to address these concerns before it moves into any live testing phase that involves customers' money.
Blockchain technology, which is best known for powering Bitcoin and other cryptocurrencies, is gaining steam among finance firms because of its potential to streamline processes and increase efficiency. The technology could cut costs by up to $20 billion annually by 2022, according toSantander.
That's because blockchain, which operates as a distributed ledger, has the ability to allow multiple parties to transfer and store sensitive information in a space that’s secure, permanent, anonymous, and easily accessible. That could simplify paper-heavy, expensive, or logistically complicated financial systems, like remittances and cross-border transfer, shareholder management and ownership exchange, and securities trading, to name a few. And outside of finance, governments and the music industry are investigating the technology’s potential to simplify record-keeping.
As a result, venture capital firms and financial institutions alike are pouring investment into finding, developing, and testing blockchain use cases. Over 50 major financial institutions are involved with collaborative blockchain startups, have begun researching the technology in-house, or have helped fund startups with products rooted in blockchain.
Jaime Toplin, research associate forBI Intelligence, Business Insider's premium research service, has compileda detailed report on blockchain technologythat explains how blockchain works, why it has the potential to provide a watershed moment for the financial industry, and the different ways it could be put into practice in the coming years.
Here are some key takeaways from the report:
• Spending on capital markets applications of blockchain is expected to grow at a 52% compound annual growth rate (CAGR) through 2019, according to Aite Group, to reach $400 million that year.
• Banks and major financial institutions are working both collaboratively and independently to develop blockchain tech. Over 50 major financial institutions are involved with collaborative blockchain startups, like R3 CEV or Chain. And many are investing in the technology on their own as well.
• Putting blockchain to use for real-world transactions is likely not that far off. If working groups' tests are successful, firms could be using it to transact real value as early as the end of this year and we could see widespread industry application within the next few years.
In full, the report:
• Examines the funding increases that are pouring into blockchain
• Assesses why blockchain is becoming so popular and what factors are driving up increased research and development
• Explains in full how blockchain technology work and what assets make it valuable and vulnerable
• Identifies pain points in the financial industry and profiles how various firms are using blockchain to solve them
• Demonstrates the challenges to mainstream adoption and their potential solutions
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of blockchain technology.
More From Business Insider
• THE FINTECH REGULATION REPORT: How European regulators are creating fertile ground for fintech growth
• THE CORPORATE TREASURY FINTECH REPORT: The emerging firms that help companies manage their cash
• Fully understand the Fintech Ecosystem with this report || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan NEW YORK (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group (JNS.N) warned on Tuesday. Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world, Gross said in his latest Investment Outlook titled Doubling Down. Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital. "At some point investors leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said. Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction." For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models. "A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said. He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation." Story continues All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin like mongrel dogs for tidbits of return at the zero bound. This cannot end well." The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data. Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager. In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan
NEW YORK (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group (JNS.N) warned on Tuesday.
“Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world,” Gross said in his latest Investment Outlook titled “Doubling Down.”
Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital.
"At some point investors – leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said.
Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction."
For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models.
"A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said.
He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation."
All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin’ like mongrel dogs for tidbits of return at the zero bound. This cannot end well."
The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data.
Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager.
In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels."
(Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': (Adds flow and performance data on Janus Global Unconstrained Bond Fund, Janus-Henderson merger)
By Jennifer Ablan
NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group warned on Tuesday.
"Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down."
Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital.
"At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said.
Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction."
For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models.
"A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said.
He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation."
All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well."
The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data.
Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager.
In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': (Adds flow and performance data on Janus Global Unconstrained Bond Fund, Janus-Henderson merger) By Jennifer Ablan NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group warned on Tuesday. "Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down." Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital. "At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said. Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction." For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models. "A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said. He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation." Story continues All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data. Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager. In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || BILL GROSS: Central bankers have turned the economy into a 'casino' that threatens capitalism: south korea casino (A poker game at the Paradise Walker-hill casino in Seoul in 2007.Reuters) Bill Gross is going after central bankers ... again. The famed bond investor at Janus Capital released his monthly outlook for October on Tuesday and again compared the world's central banks to a dangerous game, this time blackjack. Gross noted the theory of a martingale system, in which a gambler in a casino will eventually win if he or she continually increases the size of his or her bets with each loss. Gross then compared the world's largest central banks the Federal Reserve, the Bank of Japan, and the European Central Bank to such a gambler, calling them "martingale gamblers without a purse." "Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross wrote in the outlook . Gross noted that central banks theoretically could continue to print money, purchase assets, and drive down bond yields until they hit their goals, just as a martingale gambler with enough money could keep raising bets amid a series of losses. "An interesting counter to my martingale characterization of central bankers is in fact that they do have an unlimited bankroll and that they can bet on the 31st, 32nd, or 'whatever it takes' roll of the dice," Gross said . "After all, their cumulative balance sheets have increased by $15 trillion+ since the Great Recession. Why not $16 trillion more and then 20 or 30?" The issue, in Gross' opinion, is that these central banks do not work in a theoretical world and that the savings erosion from negative yields will eventually cause pain for investors and damage the world's financial markets. Here's Gross (emphasis added): "I think that the latter contention is true, but central bankers cannot continue to double down bets without risking a 'black' or perhaps 'grey' swan moment in global financial markets. At some point investors leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives . Bitcoin and privately agreed upon block chain technologies amongst a small set of global banks, are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms. Gold would be another example historic relic that it is. In any case, the current system is beginning to be challenged. " Story continues All of this is to say that central banks cannot keep rates this low forever. But given that the Fed is already hiking and the ECB has recently signaled it may bring its asset purchases to an end, many central banks have already recognized this. Gross goes on to say low-interest-rate policies threaten "capitalism itself" because capital can no longer be efficiently allocated. "Central bankers have fostered a casino like atmosphere where savers/investors are presented with a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination," Gross concluded . "Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." NOW WATCH: KRUGMAN: Obamacare was done 'on the cheap' and now it is struggling More From Business Insider Here's why Janet Yellen might quit if Donald Trump wins Federal Reserve Chair Janet Yellen forgot a key measure of the job market during testimony to Congress A GOP congressman attacked Janet Yellen for looking 'cozy' with Obama and Democrats || BILL GROSS: Central bankers have turned the economy into a 'casino' that threatens capitalism: (A poker game at the Paradise Walker-hill casino in Seoul in 2007.Reuters)
Bill Gross is going after central bankers ... again.
The famed bond investor at Janus Capital releasedhis monthly outlook for Octoberon Tuesday and again compared the world's central banks to a dangerous game, this time blackjack.
Gross noted the theory of a martingale system, in which a gambler in a casino will eventually win if he or she continually increases the size of his or her bets with each loss.
Grossthen comparedthe world's largest central banks — the Federal Reserve, the Bank of Japan, and the European Central Bank — to such a gambler, calling them "martingale gamblers without a purse."
"Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world,"Gross wrote in the outlook.
Gross noted that central banks theoretically could continue to print money, purchase assets, and drive down bond yields until they hit their goals, just as a martingale gambler with enough money could keep raising bets amid a series of losses.
"An interesting counter to my martingale characterization of central bankers is in fact that they do have an unlimited bankroll and that they can bet on the 31st, 32nd, or 'whatever it takes' roll of the dice,"Gross said. "After all, their cumulative balance sheets have increased by $15 trillion+ since the Great Recession. Why not $16 trillion more and then 20 or 30?"
The issue, in Gross' opinion, is that these central banks do not work in a theoretical world and that the savings erosion from negative yields will eventually cause pain for investors and damage the world's financial markets.Here's Gross(emphasis added):
"I think that the latter contention is true, but central bankers cannot continue to double down bets without risking a 'black' or perhaps 'grey' swan moment in global financial markets.At some point investors – leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives. Bitcoin and privately agreed upon block chain technologies amongst a small set of global banks, are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms. Gold would be another example — historic relic that it is.In any case, the current system is beginning to be challenged."
All of this is to say that central banks cannot keep rates this low forever. But given that the Fed is already hiking and the ECB has recently signaled it may bring its asset purchases to an end, many central banks have already recognized this.
Gross goes on to say low-interest-rate policies threaten "capitalism itself" because capital can no longer be efficiently allocated.
"Central bankers have fostered a casino like atmosphere where savers/investors are presented with a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination,"Gross concluded. "Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well."
NOW WATCH:KRUGMAN: Obamacare was done 'on the cheap' and now it is struggling
More From Business Insider
• Here's why Janet Yellen might quit if Donald Trump wins
• Federal Reserve Chair Janet Yellen forgot a key measure of the job market during testimony to Congress
• A GOP congressman attacked Janet Yellen for looking 'cozy' with Obama and Democrats || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, warned bond investor Bill Gross of Janus Capital Group on Tuesday. "Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down." Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital. "At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said. Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction." For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models. "A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said. He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation." All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan
NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, warned bond investor Bill Gross of Janus Capital Group on Tuesday.
"Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down."
Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital.
"At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said.
Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction."
For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models.
"A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said.
He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation."
All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama) || Costco is reaping the benefits of the transition from American Express to Citigroup and Visa: (BII)This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
In its recent earnings report, Costconotedthat its payment card acceptance transition is progressing strongly.
The retailer’s portfolio, which was previously cobranded with American Express, was sold to Citigroup and Visa in June. And though there were some hiccups involved with the transition, Costco noted it’s “past that” and reported strong numbers.
The new card is “beating initial expectations” regarding conversion, new sign-ups, and overall use.
• Most cardholders have transferred their accounts.Of the approximately 11.4 million Amex Costco cards and 7.5 million accounts, nearly 85% of the accounts transferred over have been activated with Costco. That’s about the same amount that were active prior to the transition, which indicates that existing cardholders are receptive to the new card program.
• And the new card continues to grow, which could be a result of the strong rewards program.Since the shift in June, Costco said that 1.1 million members have applied for the new card and 730,000 accounts have been activated. For context, Citi noted that three-and-a-half weeks in, the new card had added 337,000 new accounts, so the Costco numbers mark somewhat slowing, but still strong, growth. This is a strong interest indicator for the new card specifically, especially because Costco now accepts any Visa-branded card, and it’s likely the majority of Costco customers already have one in their wallet. The card’s strong rewards offerings, which include better cash-back options for Costco purchases and have improved by 40-50% overall, could be driving customers to the product.
• It’s likely that spending is high.Costco didn’t provide specific spending numbers, only noting that its gross margin year-over-year (YoY) increased. But in Citi’s earnings call, held three weeks into the card transition, the product saw $5.7 billion in purchases made on Citi Costco cards, slightly beating the estimated $5.4 billion spend that would have been seen on the Amex card. Assuming that trend has continued, it’s likely the product is performing strongly.
The strong performance reported by Costco could be a needed boost for Citigroup. The strong performance is good news for Costco, because the retailer’s somewhat slowing sales could have been exacerbated if transition process frustration drove customers away from the retailer.
But ongoing usage and volume growth will be most beneficial to Citi, which has already seen modest gains in its North American “credit cards” segment as a result of the acquisition of the Costco portfolio, which accounted for $80 billion in 2015. If Costco continues to be a steady customer acquisition channel and volume source, Citi could further establish separation as the third largest US card issuer in 2016.
Costco's growth in this area is just one piece of the larger payments ecosystem, which includes card issuers, merchants, gateways, vendors, and more.
Evan Bakker and John Heggestuen, analysts atBI Intelligence, have compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE CONNECTED DEVICE PAYMENTS REPORT: Market opportunities, top stakeholders, and new use cases for the next frontier in payments
• The top 5 fintech predictions for 2016 || Costco is reaping the benefits of the transition from American Express to Citigroup and Visa: (BII)This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
In its recent earnings report, Costconotedthat its payment card acceptance transition is progressing strongly.
The retailer’s portfolio, which was previously cobranded with American Express, was sold to Citigroup and Visa in June. And though there were some hiccups involved with the transition, Costco noted it’s “past that” and reported strong numbers.
The new card is “beating initial expectations” regarding conversion, new sign-ups, and overall use.
• Most cardholders have transferred their accounts.Of the approximately 11.4 million Amex Costco cards and 7.5 million accounts, nearly 85% of the accounts transferred over have been activated with Costco. That’s about the same amount that were active prior to the transition, which indicates that existing cardholders are receptive to the new card program.
• And the new card continues to grow, which could be a result of the strong rewards program.Since the shift in June, Costco said that 1.1 million members have applied for the new card and 730,000 accounts have been activated. For context, Citi noted that three-and-a-half weeks in, the new card had added 337,000 new accounts, so the Costco numbers mark somewhat slowing, but still strong, growth. This is a strong interest indicator for the new card specifically, especially because Costco now accepts any Visa-branded card, and it’s likely the majority of Costco customers already have one in their wallet. The card’s strong rewards offerings, which include better cash-back options for Costco purchases and have improved by 40-50% overall, could be driving customers to the product.
• It’s likely that spending is high.Costco didn’t provide specific spending numbers, only noting that its gross margin year-over-year (YoY) increased. But in Citi’s earnings call, held three weeks into the card transition, the product saw $5.7 billion in purchases made on Citi Costco cards, slightly beating the estimated $5.4 billion spend that would have been seen on the Amex card. Assuming that trend has continued, it’s likely the product is performing strongly.
The strong performance reported by Costco could be a needed boost for Citigroup. The strong performance is good news for Costco, because the retailer’s somewhat slowing sales could have been exacerbated if transition process frustration drove customers away from the retailer.
But ongoing usage and volume growth will be most beneficial to Citi, which has already seen modest gains in its North American “credit cards” segment as a result of the acquisition of the Costco portfolio, which accounted for $80 billion in 2015. If Costco continues to be a steady customer acquisition channel and volume source, Citi could further establish separation as the third largest US card issuer in 2016.
Costco's growth in this area is just one piece of the larger payments ecosystem, which includes card issuers, merchants, gateways, vendors, and more.
Evan Bakker and John Heggestuen, analysts atBI Intelligence, have compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE CONNECTED DEVICE PAYMENTS REPORT: Market opportunities, top stakeholders, and new use cases for the next frontier in payments
• The top 5 fintech predictions for 2016 || Costco is reaping the benefits of the transition from American Express to Citigroup and Visa: Credit Card Sales (BII) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . In its recent earnings report, Costco noted that its payment card acceptance transition is progressing strongly. The retailer’s portfolio, which was previously cobranded with American Express, was sold to Citigroup and Visa in June. And though there were some hiccups involved with the transition, Costco noted it’s “past that” and reported strong numbers. The new card is “beating initial expectations” regarding conversion, new sign-ups, and overall use. Most cardholders have transferred their accounts. Of the approximately 11.4 million Amex Costco cards and 7.5 million accounts, nearly 85% of the accounts transferred over have been activated with Costco. That’s about the same amount that were active prior to the transition, which indicates that existing cardholders are receptive to the new card program. And the new card continues to grow, which could be a result of the strong rewards program. Since the shift in June, Costco said that 1.1 million members have applied for the new card and 730,000 accounts have been activated. For context, Citi noted that three-and-a-half weeks in, the new card had added 337,000 new accounts, so the Costco numbers mark somewhat slowing, but still strong, growth. This is a strong interest indicator for the new card specifically, especially because Costco now accepts any Visa-branded card, and it’s likely the majority of Costco customers already have one in their wallet. The card’s strong rewards offerings, which include better cash-back options for Costco purchases and have improved by 40-50% overall, could be driving customers to the product. It’s likely that spending is high. Costco didn’t provide specific spending numbers, only noting that its gross margin year-over-year (YoY) increased. But in Citi’s earnings call, held three weeks into the card transition, the product saw $5.7 billion in purchases made on Citi Costco cards, slightly beating the estimated $5.4 billion spend that would have been seen on the Amex card. Assuming that trend has continued, it’s likely the product is performing strongly. Story continues The strong performance reported by Costco could be a needed boost for Citigroup. The strong performance is good news for Costco, because the retailer’s somewhat slowing sales could have been exacerbated if transition process frustration drove customers away from the retailer. But ongoing usage and volume growth will be most beneficial to Citi, which has already seen modest gains in its North American “credit cards” segment as a result of the acquisition of the Costco portfolio, which accounted for $80 billion in 2015. If Costco continues to be a steady customer acquisition channel and volume source, Citi could further establish separation as the third largest US card issuer in 2016. Costco's growth in this area is just one piece of the larger payments ecosystem, which includes card issuers, merchants, gateways, vendors, and more. Evan Bakker and John Heggestuen, analysts at BI Intelligence , have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem THE CONNECTED DEVICE PAYMENTS REPORT: Market opportunities, top stakeholders, and new use cases for the next frontier in payments The top 5 fintech predictions for 2016 || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday.
The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013.
Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses.
Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub.
Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper.
"We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview.
"So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days."
Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru.
Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker)
[Social Media Buzz]
BTC-E LAST 550.00€ AVERAGE 547.75€ at 7:52 UTC #Bitcoin #BTCEUR || $609.99 at 11:17 UTC [24h Range: $606.44 - $612.00 Volume: 2738 BTC] || $612.92 #GDAX;
$608.54 #btce;
$614.00 #bitfinex;
$610.00 #bitstamp;
$704.87 #localbitcoins;
#bitcoin news: http://bit.ly/1VI6Yse || #bitcoin #miner Spondoolies SP10 Dawson - 1.4 TH/s ASIC Bitcoin Miner $168.00 http://ift.tt/2dOA5Mq pic.twitter.com/XWA90fRB4a || $610.00 at 11:45 UTC [24h Range: $606.65 - $612.00 Volume: 2781 BTC] || 1 #bitcoin = $11855.00 MX...
|
617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 235.43, 257.32, 234.82, 233.84, 243.61, 236.33, 240.28, 243.78, 244.53, 235.98, 238.89, 238.74, 237.47, 236.43, 253.83, 254.26, 260.20, 275.67, 281.70, 273.09, 276.18, 272.72, 276.26, 274.35, 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38.
|
[Bitcoin Technical Analysis for 2015-05-13]
Volume: 27180100, RSI (14-day): 49.53, 50-day EMA: 239.75, 200-day EMA: 263.13
[Wider Market Context]
Gold Price: 1218.40, Gold RSI: 58.69
Oil Price: 60.50, Oil RSI: 64.26
[Recent News (last 7 days)]
Trading fast food: 7 plays on big names: Struggling fast food giant McDonald's(NYSE: MCD)may have started its comeback, even if reported menu changes fail to drive a turnaround, CNBC"Fast Money"traders said Tuesday.
The company will reportedly expand all-day breakfast and simplify drive-thru menus, among other modifications, as it looks to boost performance in the United States. Shares of McDonald's-which have climbed 4 percent this year-may be worth buying because the company has so much room to improve, trader Brian Kelly contended.
Read MoreMcD's to expand all-day breakfast, add new sandwiches
"The reason why you buy McDonald's is it's so bad it's good," Kelly said, adding that menu changes make a "silly" reason to own the stock.
The chain's potential largely comes from "an incredible amount of land value," said trader Tim Seymour, whose firm Triogem Asset Management owns the stock. McDonald's has about 36,000 restaurants globally.
He added that the company's capital allocation, which includes an 85 cent per share quarterly dividend, makes it worth buying. Trader Pete Najarian agreed that McDonald's looked appealing where it closed Tuesday, just below $98 per share.
Trader Steve Grasso said he would buy McDonald's and sell fast-food competitor Yum Brands(NYSE: YUM). Shares of Yum-which owns Taco Bell and Pizza Hut- have jumped 24 percent this year.
Shake Shack
Burger chain Shake Shack(NYSE: SHAK)is slated to report first-quarter results on Wednesday. Shares have floated more than 30 percent higher in the last month.
"I would not be near" Shake Shack, Seymour said. He noted that the stock looks overpriced at more than $65 per share.
Read MoreShake Shack forming eerie IPO pattern: Chart
Kelly called Shake Shack a "great franchise," but said the stock will trade lower.
Disclosures:
Tim Seymour
Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP, KO, SUNE, TBT and VIP. Tim's firm is long BABA, BIDU, CHL, MCD, NKE, NOK, SBUX and YHOO.
Pete Najarian
Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AA, AAL, BBY, BK, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VALE, VMW, VZ, XLF, XOM and ZIOP.
Steve Grasso
Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long TWTR, APA, AMZN, MCD, OXY, RIG, NE, TSE, VALE and IBM. His kids own EFG, EFA, EWJ, IJR and SPY.
Brian Kelly
Brian Kelly is long BTC=, BBRY, SPY puts and U.S. dollar. He is short Australian dollar, yen and yuan.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Trading fast food: 7 plays on big names: Struggling fast food giant McDonald's (NYSE: MCD) may have started its comeback, even if reported menu changes fail to drive a turnaround, CNBC "Fast Money" traders said Tuesday. The company will reportedly expand all-day breakfast and simplify drive-thru menus, among other modifications, as it looks to boost performance in the United States. Shares of McDonald's-which have climbed 4 percent this year-may be worth buying because the company has so much room to improve, trader Brian Kelly contended. Read More McD's to expand all-day breakfast, add new sandwiches "The reason why you buy McDonald's is it's so bad it's good," Kelly said, adding that menu changes make a "silly" reason to own the stock. The chain's potential largely comes from "an incredible amount of land value," said trader Tim Seymour, whose firm Triogem Asset Management owns the stock. McDonald's has about 36,000 restaurants globally. He added that the company's capital allocation, which includes an 85 cent per share quarterly dividend, makes it worth buying. Trader Pete Najarian agreed that McDonald's looked appealing where it closed Tuesday, just below $98 per share. Trader Steve Grasso said he would buy McDonald's and sell fast-food competitor Yum Brands (NYSE: YUM) . Shares of Yum-which owns Taco Bell and Pizza Hut- have jumped 24 percent this year. Shake Shack Burger chain Shake Shack (NYSE: SHAK) is slated to report first-quarter results on Wednesday. Shares have floated more than 30 percent higher in the last month. "I would not be near" Shake Shack, Seymour said. He noted that the stock looks overpriced at more than $65 per share. Read More Shake Shack forming eerie IPO pattern: Chart Kelly called Shake Shack a "great franchise," but said the stock will trade lower. Disclosures: Tim Seymour Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP, KO, SUNE, TBT and VIP. Tim's firm is long BABA, BIDU, CHL, MCD, NKE, NOK, SBUX and YHOO. Story continues Pete Najarian Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP and PFE. He is long calls AA, AAL, BBY, BK, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VALE, VMW, VZ, XLF, XOM and ZIOP. Steve Grasso Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long TWTR, APA, AMZN, MCD, OXY, RIG, NE, TSE, VALE and IBM. His kids own EFG, EFA, EWJ, IJR and SPY. Brian Kelly Brian Kelly is long BTC=, BBRY, SPY puts and U.S. dollar. He is short Australian dollar, yen and yuan. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Wednesday: The " Fast Money " traders delivered their final trades of the day. Tim Seymour was a seller of the TBT (NYSE Arca: TBT) . Pete Najarian was a buyer of ADT ( ADT ) . Brian Kelly was a buyer of LVS ( LVS ) . Steve Grasso was a buyer of SAP (XETRA:SAP-DE) . Trader disclosure: On May 12, 2015 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP, KO, SUNE, TBT, VIP, Tim's firm is long BABA, BIDU, CHL, MCD, NKE, NOK, SBUX, YHOO. Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP, PFE, he is long calls AA, AAL, BBY, BK, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VALE, VMW, VZ, XLF, XOM, ZIOP. Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR, GDX, his firm is long TWTR, APA, AMZN, MCD, OXY, RIG, NE, TSE, VALE, IBM his kids own EFG, EFA, EWJ, IJR, SPY. Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan. Stifel Analyst James Albertine: Stifel or an affiliate is a market maker or liquidity provider in the securities of Tesla Motors, Inc. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Wednesday: The "Fast Money" traders delivered their final trades of the day.
Tim Seymour was a seller of the TBT(NYSE Arca: TBT).
Pete Najarian was a buyer of ADT(ADT).
Brian Kelly was a buyer of LVS(LVS).
Steve Grasso was a buyer of SAP(XETRA:SAP-DE).
Trader disclosure: On May 12, 2015 , the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JCP, KO, SUNE, TBT, VIP, Tim's firm is long BABA, BIDU, CHL, MCD, NKE, NOK, SBUX, YHOO. Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MBLY, MRK, PEP, PFE, he is long calls AA, AAL, BBY, BK, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VALE, VMW, VZ, XLF, XOM, ZIOP. Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR, GDX, his firm is long TWTR, APA, AMZN, MCD, OXY, RIG, NE, TSE, VALE, IBM his kids own EFG, EFA, EWJ, IJR, SPY. Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan.
Stifel Analyst James Albertine: Stifel or an affiliate is a market maker or liquidity provider in the securities of Tesla Motors, Inc.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Decentralized Application Network Corona Promotes Bitcoin 2.0 Technologies and Provides Funding for Developers Worldwide: A Newly Launched Community Network for Developers of Decentralized Applications (Dapps), Corona Encourages Breakthroughs Using Blockchain Technology, Offering Funding and Resources for Entrepreneurs Worldwide
SAN FRANCISCO,CA / ACCESSWIRE / May 12, 2015 /Corona is a global hub for Dapp developers and entrepreneurs in search of educational resources and financial support. Corona believes that "positive and tangible change in the world" is possible as Dapps proliferate across the web. By creating a community driven network Corona hopes to encourage the creation of socially and economically disruptive applications.
Corona strives to advance cutting edge open-source software and decentralized business models by providing a collaborative environment and funding possibilities for Dapp projects.Developers and entrepreneurs who wish to build the next generation of internet applications can apply for funding on the Corona website https://corona.info/.
Corona is a crypto-technology neutral organization that supports a diversity of decentralized development platforms and technologies such as those offered by Ethereum, Maidsafe, Codius, and Eris amongst others. Corona also supports other decentralization and smart contract technologies such as Bitcoin, Counterparty, Sidechains, Bitshares and NXT. All of these platforms share the same common goal of creating autonomous, distributed and secure systems.
Founded by Daniel Greene and backed by a talented team of developers and advisors, Corona aims to make Dapps easier to develop while promoting the new possibilities of their use.Dapps operate on the basis that their users agree on common rules and protocols which cannot be dictated upon them by a central authority. Additionally, they reduce the need for centralized control therefore can provide the user with much higher levels of security, trust and privacy.
According to Daniel, Dapps can be built, "in a shorter time period compared to standard applications because of the turnkey infrastructure, lowered barrier to entry, and simplified deployment."
The increasing ease of creating such software will lead to the rapid expansion of decentralized services. These peer-to-peer services are revolutionizing the internet economy, "offering alternatives to centralized corporate monopolies."
Dapps are anticipated to have a significant disruptive effect on the way companies do business by shifting power back to the consumer. The next generation of desktop and mobile internet applications will provide services such as peer-to-peer insurance, identity and reputation, secure messaging, and decentralized marketplaces. These applications are expected to be highly dependent upon one another "and it is this concept, that Dapps can act like cells in a larger organism, which is a core motivator for the Corona network."
By building a networking hub for Dapp developers in need of funding and resources, Corona is poised to advance new blockchain technologies, open-source software solutions and disruptive decentralized business models that may benefit billions worldwide.
About Corona:
Corona is a highly collaborative development network promoting and funding the building of platform agnostic decentralized applications and services. The Corona network will accelerate adoption, increase awareness, and optimize the creation of the new decentralized web.
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only and should not be taken as investment advice.
For more information about us, please visithttps://corona.info.
Contact Info:
Name: Daniel GreeneEmail:[email protected]: Corona
SOURCE:Corona || Decentralized Application Network Corona Promotes Bitcoin 2.0 Technologies and Provides Funding for Developers Worldwide: A Newly Launched Community Network for Developers of Decentralized Applications (Dapps), Corona Encourages Breakthroughs Using Blockchain Technology, Offering Funding and Resources for Entrepreneurs Worldwide
SAN FRANCISCO,CA / ACCESSWIRE / May 12, 2015 /Corona is a global hub for Dapp developers and entrepreneurs in search of educational resources and financial support. Corona believes that "positive and tangible change in the world" is possible as Dapps proliferate across the web. By creating a community driven network Corona hopes to encourage the creation of socially and economically disruptive applications.
Corona strives to advance cutting edge open-source software and decentralized business models by providing a collaborative environment and funding possibilities for Dapp projects.Developers and entrepreneurs who wish to build the next generation of internet applications can apply for funding on the Corona website https://corona.info/.
Corona is a crypto-technology neutral organization that supports a diversity of decentralized development platforms and technologies such as those offered by Ethereum, Maidsafe, Codius, and Eris amongst others. Corona also supports other decentralization and smart contract technologies such as Bitcoin, Counterparty, Sidechains, Bitshares and NXT. All of these platforms share the same common goal of creating autonomous, distributed and secure systems.
Founded by Daniel Greene and backed by a talented team of developers and advisors, Corona aims to make Dapps easier to develop while promoting the new possibilities of their use.Dapps operate on the basis that their users agree on common rules and protocols which cannot be dictated upon them by a central authority. Additionally, they reduce the need for centralized control therefore can provide the user with much higher levels of security, trust and privacy.
According to Daniel, Dapps can be built, "in a shorter time period compared to standard applications because of the turnkey infrastructure, lowered barrier to entry, and simplified deployment."
The increasing ease of creating such software will lead to the rapid expansion of decentralized services. These peer-to-peer services are revolutionizing the internet economy, "offering alternatives to centralized corporate monopolies."
Dapps are anticipated to have a significant disruptive effect on the way companies do business by shifting power back to the consumer. The next generation of desktop and mobile internet applications will provide services such as peer-to-peer insurance, identity and reputation, secure messaging, and decentralized marketplaces. These applications are expected to be highly dependent upon one another "and it is this concept, that Dapps can act like cells in a larger organism, which is a core motivator for the Corona network."
By building a networking hub for Dapp developers in need of funding and resources, Corona is poised to advance new blockchain technologies, open-source software solutions and disruptive decentralized business models that may benefit billions worldwide.
About Corona:
Corona is a highly collaborative development network promoting and funding the building of platform agnostic decentralized applications and services. The Corona network will accelerate adoption, increase awareness, and optimize the creation of the new decentralized web.
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only and should not be taken as investment advice.
For more information about us, please visithttps://corona.info.
Contact Info:
Name: Daniel GreeneEmail:[email protected]: Corona
SOURCE:Corona || Decentralized Application Network Corona Promotes Bitcoin 2.0 Technologies and Provides Funding for Developers Worldwide: A Newly Launched Community Network for Developers of Decentralized Applications (Dapps), Corona Encourages Breakthroughs Using Blockchain Technology, Offering Funding and Resources for Entrepreneurs Worldwide SAN FRANCISCO,CA / ACCESSWIRE / May 12, 2015 / Corona is a global hub for Dapp developers and entrepreneurs in search of educational resources and financial support. Corona believes that "positive and tangible change in the world" is possible as Dapps proliferate across the web. By creating a community driven network Corona hopes to encourage the creation of socially and economically disruptive applications. Corona strives to advance cutting edge open-source software and decentralized business models by providing a collaborative environment and funding possibilities for Dapp projects. Developers and entrepreneurs who wish to build the next generation of internet applications can apply for funding on the Corona website https://corona.info/ . Corona is a crypto-technology neutral organization that supports a diversity of decentralized development platforms and technologies such as those offered by Ethereum, Maidsafe, Codius, and Eris amongst others. Corona also supports other decentralization and smart contract technologies such as Bitcoin, Counterparty, Sidechains, Bitshares and NXT. All of these platforms share the same common goal of creating autonomous, distributed and secure systems. Founded by Daniel Greene and backed by a talented team of developers and advisors, Corona aims to make Dapps easier to develop while promoting the new possibilities of their use. Dapps operate on the basis that their users agree on common rules and protocols which cannot be dictated upon them by a central authority . Additionally, they reduce the need for centralized control therefore can provide the user with much higher levels of security, trust and privacy. According to Daniel, Dapps can be built, "in a shorter time period compared to standard applications because of the turnkey infrastructure, lowered barrier to entry, and simplified deployment." The increasing ease of creating such software will lead to the rapid expansion of decentralized services. These peer-to-peer services are revolutionizing the internet economy, "offering alternatives to centralized corporate monopolies." Dapps are anticipated to have a significant disruptive effect on the way companies do business by shifting power back to the consumer . The next generation of desktop and mobile internet applications will provide services such as peer-to-peer insurance, identity and reputation, secure messaging, and decentralized marketplaces. These applications are expected to be highly dependent upon one another "and it is this concept, that Dapps can act like cells in a larger organism, which is a core motivator for the Corona network." Story continues By building a networking hub for Dapp developers in need of funding and resources, Corona is poised to advance new blockchain technologies, open-source software solutions and disruptive decentralized business models that may benefit billions worldwide. About Corona: Corona is a highly collaborative development network promoting and funding the building of platform agnostic decentralized applications and services. The Corona network will accelerate adoption, increase awareness, and optimize the creation of the new decentralized web. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only and should not be taken as investment advice. For more information about us, please visit https://corona.info . Contact Info: Name: Daniel Greene Email: [email protected] Organization: Corona SOURCE: Corona View comments || SendChat Crowdfunding For iPhone App, Android App Supporting Bitcoin, DOGE, USD Begins – Instant Messaging And Transactions: SendChat Prepares to Launch a Digital Currency Messenger App for iOS and Android, that will Allow Users to Send and Receive Bitcoin, Sendcoin, and Other Digital Currencies with USD, AUD, CAD, EUR, GBP and More Instantly - Parallel to Messaging
NEW YORK, NY / ACCESSWIRE / May 12, 2015 /The use of Bitcoin can be overwhelming for most new users. There are many new elements to consider when switching from existing fiat channels to that of a digital currency. Moreover, there are some boundaries that can limit the overall adoption. Such things as security, education and overall understanding of this new technology. This is where the SendChat messaging app team haveproposed a new application to overcome such boundaries whilst proving a platform for new and existing users to be involved with digital currencies.
Imagine being able to send and receive bitcoins and other digital currencies - that will be introduced over time - without worrying about the learning curve, security, safety or privacy and in this case are as easy as sending a message. SendChat has been able to achieve this by surrounding itself with pioneers within each field.
As CEO Alejandro De La Torre explained, "SendChat is a fun and easy way to communicate and send digital currency using the blockchain. The platform incorporates the existing technologies of Telegram and Blocktrail to deliver a platform with privacy and security in mind. With SendChat, users can send digital currency such as Bitcoin and Sendcoin to their contacts, creating an exciting solution that can cater to both new and existing mobile users...Many products coming to market in the blockchain space are cumbersome, and not very easy to use. Non-technical users often have difficulties completing the most common tasks in such applications. With SendChat you can send digital currencies effortlessly, and chat with your friends while you do it."
The Telegram platform along with its security features have been incorporated within its shell to ensure users that their messaging remains free, easy, safe and without interruption. An open source application that has accumulated over 50 million users due to its successful design and system architecture.
Individuals from all around the world can get involved with this revolutionary application byjoining the crowdfund hosted by BlockTrust starting May 10th. They have ensured the safety and security of all funds put towards this project through their robust and thoroughly tested infrastructure that has been designed with one thing in mind - peace of mind for backers.
BlockTrust - a leader in digital currency crowdfunding - has been selected to stand as the gateway during this stage that will seek to raise the capital needed for its embankment. Finally with the support of the blockchain technology everyone can rest assured that the tokens issued by the platform - named SEND - benefit from the same level of integrity to that of Bitcoin.
It is also worthy to note that the most important aspect of this platform, one that will see its users benefit by being able to purchase digital currencies using existing and widely used currencies - such as USD, AUD, CAD, EUR, GBP and others - through its internal system.
Users can also trust that their personal wallets are kept safe through the services offered byBlockTrail, another powerful partner that stands for security. As mentioned by the BlockTrail CEO, Boaz Bechar, "BlockTrail is a Bitcoin API and multisignature security platform, enabling scalable and secure Bitcoin for developers and enterprises."
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only and should not be taken as investment advice.
For more information about us, please visithttps://blocktrust.org/#/offeringFeature/SendChat.
Contact Info:
Name: Alejandro De La Torre, founder and CEOEmail:[email protected]: SendChat
Video URL:https://www.youtube.com/watch?v=BlkTilDKOTI
SOURCE:SendChat || SendChat Crowdfunding For iPhone App, Android App Supporting Bitcoin, DOGE, USD Begins – Instant Messaging And Transactions: SendChat Prepares to Launch a Digital Currency Messenger App for iOS and Android, that will Allow Users to Send and Receive Bitcoin, Sendcoin, and Other Digital Currencies with USD, AUD, CAD, EUR, GBP and More Instantly - Parallel to Messaging
NEW YORK, NY / ACCESSWIRE / May 12, 2015 /The use of Bitcoin can be overwhelming for most new users. There are many new elements to consider when switching from existing fiat channels to that of a digital currency. Moreover, there are some boundaries that can limit the overall adoption. Such things as security, education and overall understanding of this new technology. This is where the SendChat messaging app team haveproposed a new application to overcome such boundaries whilst proving a platform for new and existing users to be involved with digital currencies.
Imagine being able to send and receive bitcoins and other digital currencies - that will be introduced over time - without worrying about the learning curve, security, safety or privacy and in this case are as easy as sending a message. SendChat has been able to achieve this by surrounding itself with pioneers within each field.
As CEO Alejandro De La Torre explained, "SendChat is a fun and easy way to communicate and send digital currency using the blockchain. The platform incorporates the existing technologies of Telegram and Blocktrail to deliver a platform with privacy and security in mind. With SendChat, users can send digital currency such as Bitcoin and Sendcoin to their contacts, creating an exciting solution that can cater to both new and existing mobile users...Many products coming to market in the blockchain space are cumbersome, and not very easy to use. Non-technical users often have difficulties completing the most common tasks in such applications. With SendChat you can send digital currencies effortlessly, and chat with your friends while you do it."
The Telegram platform along with its security features have been incorporated within its shell to ensure users that their messaging remains free, easy, safe and without interruption. An open source application that has accumulated over 50 million users due to its successful design and system architecture.
Individuals from all around the world can get involved with this revolutionary application byjoining the crowdfund hosted by BlockTrust starting May 10th. They have ensured the safety and security of all funds put towards this project through their robust and thoroughly tested infrastructure that has been designed with one thing in mind - peace of mind for backers.
BlockTrust - a leader in digital currency crowdfunding - has been selected to stand as the gateway during this stage that will seek to raise the capital needed for its embankment. Finally with the support of the blockchain technology everyone can rest assured that the tokens issued by the platform - named SEND - benefit from the same level of integrity to that of Bitcoin.
It is also worthy to note that the most important aspect of this platform, one that will see its users benefit by being able to purchase digital currencies using existing and widely used currencies - such as USD, AUD, CAD, EUR, GBP and others - through its internal system.
Users can also trust that their personal wallets are kept safe through the services offered byBlockTrail, another powerful partner that stands for security. As mentioned by the BlockTrail CEO, Boaz Bechar, "BlockTrail is a Bitcoin API and multisignature security platform, enabling scalable and secure Bitcoin for developers and enterprises."
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only and should not be taken as investment advice.
For more information about us, please visithttps://blocktrust.org/#/offeringFeature/SendChat.
Contact Info:
Name: Alejandro De La Torre, founder and CEOEmail:[email protected]: SendChat
Video URL:https://www.youtube.com/watch?v=BlkTilDKOTI
SOURCE:SendChat || SendChat Crowdfunding For iPhone App, Android App Supporting Bitcoin, DOGE, USD Begins – Instant Messaging And Transactions: SendChat Prepares to Launch a Digital Currency Messenger App for iOS and Android, that will Allow Users to Send and Receive Bitcoin, Sendcoin, and Other Digital Currencies with USD, AUD, CAD, EUR, GBP and More Instantly - Parallel to Messaging NEW YORK, NY / ACCESSWIRE / May 12, 2015 / The use of Bitcoin can be overwhelming for most new users. There are many new elements to consider when switching from existing fiat channels to that of a digital currency. Moreover, there are some boundaries that can limit the overall adoption. Such things as security, education and overall understanding of this new technology. This is where the SendChat messaging app team have proposed a new application to overcome such boundaries whilst proving a platform for new and existing users to be involved with digital currencies . Imagine being able to send and receive bitcoins and other digital currencies - that will be introduced over time - without worrying about the learning curve, security, safety or privacy and in this case are as easy as sending a message. SendChat has been able to achieve this by surrounding itself with pioneers within each field. As CEO Alejandro De La Torre explained, "SendChat is a fun and easy way to communicate and send digital currency using the blockchain. The platform incorporates the existing technologies of Telegram and Blocktrail to deliver a platform with privacy and security in mind. With SendChat, users can send digital currency such as Bitcoin and Sendcoin to their contacts, creating an exciting solution that can cater to both new and existing mobile users...Many products coming to market in the blockchain space are cumbersome, and not very easy to use. Non-technical users often have difficulties completing the most common tasks in such applications. With SendChat you can send digital currencies effortlessly, and chat with your friends while you do it." The Telegram platform along with its security features have been incorporated within its shell to ensure users that their messaging remains free, easy, safe and without interruption. An open source application that has accumulated over 50 million users due to its successful design and system architecture. Story continues Individuals from all around the world can get involved with this revolutionary application by joining the crowdfund hosted by BlockTrust starting May 10th . They have ensured the safety and security of all funds put towards this project through their robust and thoroughly tested infrastructure that has been designed with one thing in mind - peace of mind for backers. BlockTrust - a leader in digital currency crowdfunding - has been selected to stand as the gateway during this stage that will seek to raise the capital needed for its embankment. Finally with the support of the blockchain technology everyone can rest assured that the tokens issued by the platform - named SEND - benefit from the same level of integrity to that of Bitcoin. It is also worthy to note that the most important aspect of this platform, one that will see its users benefit by being able to purchase digital currencies using existing and widely used currencies - such as USD, AUD, CAD, EUR, GBP and others - through its internal system. Users can also trust that their personal wallets are kept safe through the services offered by BlockTrail , another powerful partner that stands for security. As mentioned by the BlockTrail CEO, Boaz Bechar, "BlockTrail is a Bitcoin API and multisignature security platform, enabling scalable and secure Bitcoin for developers and enterprises." Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only and should not be taken as investment advice. For more information about us, please visit https://blocktrust.org/#/offeringFeature/SendChat . Contact Info: Name: Alejandro De La Torre, founder and CEO Email: [email protected] Organization: SendChat Video URL: https://www.youtube.com/watch?v=BlkTilDKOTI SOURCE: SendChat || Nasdaq's bitcoin plan will provide a real test of bitcoin hype: Bitcoin, the virtual digital currency, has been called the future of banking, a dangerous fad and almost everything in between, but we're finally about to get some solid data to help settle the debate.On Monday, the Nasdaq (NDAQ) stock exchange said it wouldtry using bitcoin's globally distributed network for verifying virtual currency transactionsas a logbook for tracking private company stock deals.Nasdaq is best known for running the $9.5 trillion exchange listing public companies like Apple (AAPL) and Google (GOOGL). But two years ago it started a market for trading in shares and options of private companies, such as music app Shazam and messaging service Tango. Keeping records of private stock transactions has sometimes been a haphazard affair and Nasdaq wants to bring more certainty, security and speed to the trades using bitcoin's network.Until now, bitcoin's popularity has been all too dependent on the currency's often-volatile price. It was all over the news when the price of a single bitcoin topped $1,000 back in November, 2013. And there was plenty of coverage of the subsequent crash, as the price dropped more than 75% last year. Currently, each bitcoin trades for about $245. The extreme ups and downs left many people puzzled about how bitcoin could ever be used as a reliable currency.
[Get the Latest Market Data and News with the Yahoo Finance App]
The Nasdaq's plan, however, has nothing to do with using bitcoin like money. Instead, it's the technology underlying bitcoin -- the network of computers around the world that make the system work -- that intrigues the Nasdaq and many others on Wall Street.Every transaction sending a bitcoin, or a fraction of a bitcoin, from one person's digital wallet to another's entails running the trade through encryption equations which are, in turn, verified by the network, usually in 10 minutes or less. The results are published in a public digital ledger known as the blockchain.The system includes a feature to add more information to each transaction in the blockchain as well, information which can't be altered or forged without being detected by the network.Nasdaq will use this commenting feature for its new private stock transaction service. Each time private stock is issued or transferred, the information can be added as a comment in a bitcoin transaction. And then, within 10 minutes, the blockchain will be updated with the information. The actual amount of bitcoin traded can be tiny -- the system includes 8 decimal places, so deals can take place with just 1/100,000,000 of a bitcoin.Wall Street has been slowly getting more involved in the bitcoin ecosystem. Last month, Goldman Sachs (GS) was the co-leader ofa $50 million fundraising round for Circle Internet Financial, which runs a bitcoin wallet service. And in January, bitcoin exchangeCoinbase got backing from several big financial firms, including the New York Stock Exchange.But the Nasdaq initiative marks by far the most mainstream, large-scale use of the bitcoin network beyond the trading of bitcoin itself. It could uncover previously unnoticed problems or weaknesses in the system. It might also turn out to be more cumbersome or less speedy than expected.Or, it might turn out to be the key to slashing the three-day settlement time that's standard for trading most securities in the United States down to less than 10 minutes.Either way, we'll finally get a reality check for the super-hyped cryptocurrency. || Nasdaq's bitcoin plan will provide a real test of bitcoin hype: Bitcoin, the virtual digital currency, has been called the future of banking, a dangerous fad and almost everything in between, but we're finally about to get some solid data to help settle the debate. On Monday, the Nasdaq ( NDAQ ) stock exchange said it would try using bitcoin's globally distributed network for verifying virtual currency transactions as a logbook for tracking private company stock deals. Nasdaq is best known for running the $9.5 trillion exchange listing public companies like Apple ( AAPL ) and Google ( GOOGL ). But two years ago it started a market for trading in shares and options of private companies, such as music app Shazam and messaging service Tango. Keeping records of private stock transactions has sometimes been a haphazard affair and Nasdaq wants to bring more certainty, security and speed to the trades using bitcoin's network. Until now, bitcoin's popularity has been all too dependent on the currency's often-volatile price. It was all over the news when the price of a single bitcoin topped $1,000 back in November, 2013. And there was plenty of coverage of the subsequent crash, as the price dropped more than 75% last year. Currently, each bitcoin trades for about $245. The extreme ups and downs left many people puzzled about how bitcoin could ever be used as a reliable currency. [ Get the Latest Market Data and News with the Yahoo Finance App ] The Nasdaq's plan, however, has nothing to do with using bitcoin like money. Instead, it's the technology underlying bitcoin -- the network of computers around the world that make the system work -- that intrigues the Nasdaq and many others on Wall Street. Every transaction sending a bitcoin, or a fraction of a bitcoin, from one person's digital wallet to another's entails running the trade through encryption equations which are, in turn, verified by the network, usually in 10 minutes or less. The results are published in a public digital ledger known as the blockchain. The system includes a feature to add more information to each transaction in the blockchain as well, information which can't be altered or forged without being detected by the network. Nasdaq will use this commenting feature for its new private stock transaction service. Each time private stock is issued or transferred, the information can be added as a comment in a bitcoin transaction. And then, within 10 minutes, the blockchain will be updated with the information. The actual amount of bitcoin traded can be tiny -- the system includes 8 decimal places, so deals can take place with just 1/100,000,000 of a bitcoin. Wall Street has been slowly getting more involved in the bitcoin ecosystem. Last month, Goldman Sachs ( GS ) was the co-leader of a $50 million fundraising round for Circle Internet Financial , which runs a bitcoin wallet service. And in January, bitcoin exchange Coinbase got backing from several big financial firms , including the New York Stock Exchange. But the Nasdaq initiative marks by far the most mainstream, large-scale use of the bitcoin network beyond the trading of bitcoin itself. It could uncover previously unnoticed problems or weaknesses in the system. It might also turn out to be more cumbersome or less speedy than expected. Or, it might turn out to be the key to slashing the three-day settlement time that's standard for trading most securities in the United States down to less than 10 minutes. Either way, we'll finally get a reality check for the super-hyped cryptocurrency. || USAA creates research team to study use of bitcoin technology: (This story corrects the 8th paragraph of the story which ran on May 8, 2015 to show Dapps Venture Fund is based in Austin, Texas, not San Antonio, Texas)
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - USAA, a San Antonio, Texas-based financial institution serving current and former members of the military, is studying the underlying technology behind the digital currency bitcoin to help make its operations more efficient, a company executive said.
Alex Marquez, managing director of corporate development at USAA, said in an interview this week that the company and its banking, insurance, and investment management subsidiaries hoped the "blockchain" technology could help decentralize its operations such as the back office.
He said USAA had a large team researching the potential of the blockchain, an open ledger of a digital currency's transactions, viewed as bitcoin's main technological innovation. It lets users make payments anonymously, instantly, and without government regulation.
The blockchain ledger is accessible to all users of bitcoin, a virtual currency created through a computer "mining" process that uses millions of calculations. Bitcoin has no ties to a central bank and is viewed as an alternative to paying for goods and services with credit cards.
"We have serious interest in the blockchain and we think the technology would have an impact on the organization," said Marquez. "The fact that we have such a large group of people working on this shows how serious we are about the potential of this technology."
USAA, which provides banking, insurance and other products to 10.7 million current or former members of the military, owns and manages assets of about $213 billion.
Marquez said USAA had no plans to dabble in the bitcoin as a currency. Its foray into the blockchain reflects a trend among banking institutions trying to integrate bitcoin technology into their systems. BNY Mellon and UBS have announced initiatives to explore the blockchain technology.
Most large banks are testing the blockchain internally, said David Johnston, managing director at Dapps Venture Fund in Austin, Texas. "All of the banks are going through that process of trying to understand how this technology is going to evolve."
"I would say that by the end of the year, most will have solidified a blockchain technology strategy, how the bank is going to implement and how it will move the technology forward."
USAA is still in early stages of its research and has yet to identify how it will implement the technology.
In January this year, USAA invested in Coinbase, the biggest bitcoin company, which runs a host of services, including an exchange and a wallet, which is how bitcoins are stored by users online.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio) || USAA creates research team to study use of bitcoin technology: (This story corrects the 8th paragraph of the story which ran on May 8, 2015 to show Dapps Venture Fund is based in Austin, Texas, not San Antonio, Texas) By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - USAA, a San Antonio, Texas-based financial institution serving current and former members of the military, is studying the underlying technology behind the digital currency bitcoin to help make its operations more efficient, a company executive said. Alex Marquez, managing director of corporate development at USAA, said in an interview this week that the company and its banking, insurance, and investment management subsidiaries hoped the "blockchain" technology could help decentralize its operations such as the back office. He said USAA had a large team researching the potential of the blockchain, an open ledger of a digital currency's transactions, viewed as bitcoin's main technological innovation. It lets users make payments anonymously, instantly, and without government regulation. The blockchain ledger is accessible to all users of bitcoin, a virtual currency created through a computer "mining" process that uses millions of calculations. Bitcoin has no ties to a central bank and is viewed as an alternative to paying for goods and services with credit cards. "We have serious interest in the blockchain and we think the technology would have an impact on the organization," said Marquez. "The fact that we have such a large group of people working on this shows how serious we are about the potential of this technology." USAA, which provides banking, insurance and other products to 10.7 million current or former members of the military, owns and manages assets of about $213 billion. Marquez said USAA had no plans to dabble in the bitcoin as a currency. Its foray into the blockchain reflects a trend among banking institutions trying to integrate bitcoin technology into their systems. BNY Mellon and UBS have announced initiatives to explore the blockchain technology. Story continues Most large banks are testing the blockchain internally, said David Johnston, managing director at Dapps Venture Fund in Austin, Texas. "All of the banks are going through that process of trying to understand how this technology is going to evolve." "I would say that by the end of the year, most will have solidified a blockchain technology strategy, how the bank is going to implement and how it will move the technology forward." USAA is still in early stages of its research and has yet to identify how it will implement the technology. In January this year, USAA invested in Coinbase, the biggest bitcoin company, which runs a host of services, including an exchange and a wallet, which is how bitcoins are stored by users online. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio) || Trading retail: 4 plays ahead of earnings: Macy's (NYSE: M) stock, though volatile now, could trade higher after it releases first-quarter earnings next week, CNBC " Fast Money " trader Guy Adami said Friday. The department store behemoth is expected to release quarterly earnings on Wednesday before the opening bell. Adami said that the name shouldn't be as volatile as it is but he thinks it has the potential to go higher. "I think this is stock that trades higher into their [earnings] number," he said. Read More Macy's CEO optimistic on consumer, off-price stores J.C. Penney Trader Timothy Seymour is long J.C. Penney (NYSE: JCP) even though "the valuation itself may not make sense." "I think the comps are still in their favor, and they are starting to recover some market share," he said. "It's a recovery story that is still working." Ralph Lauren The clothier (NYSE: RL) 's stock was down about 20 percent last quarter and should be sold, said trader David Seaburg. " They have a gross margin issue, they've got an FX issue; it's just a story that's not working right now," he said. Retail overall Trader Brian Kelly said that rising gas prices mean less shopping for consumers. "I would stay away from retail in general," he said. Disclosures: Tim Seymour Tim Seymour is long T, BAC, C, DIS, EWP, F, GE, GM, GOOGL, INTC, JCP, SUNE, TBT, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO Brian Kelly Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan. Guy Adami Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Trading retail: 4 plays ahead of earnings: Macy's(NYSE: M)stock, though volatile now, could trade higher after it releases first-quarter earnings next week, CNBC "Fast Money" trader Guy Adami said Friday.
The department store behemoth is expected to release quarterly earnings on Wednesday before the opening bell. Adami said that the name shouldn't be as volatile as it is but he thinks it has the potential to go higher.
"I think this is stock that trades higher into their [earnings] number," he said.
Read MoreMacy's CEO optimistic on consumer, off-price stores
J.C. Penney
Trader Timothy Seymour is long J.C. Penney(NYSE: JCP)even though "the valuation itself may not make sense."
"I think the comps are still in their favor, and they are starting to recover some market share," he said. "It's a recovery story that is still working."
Ralph Lauren
The clothier(NYSE: RL)'s stock was down about 20 percent last quarter and should be sold, said trader David Seaburg.
"They have a gross margin issue, they've got an FX issue; it's just a story that's not working right now," he said.
Retail overall
Trader Brian Kelly said that rising gas prices mean less shopping for consumers.
"I would stay away from retail in general," he said.
Disclosures:
Tim Seymour
Tim Seymour is long T, BAC, C, DIS, EWP, F, GE, GM, GOOGL, INTC, JCP, SUNE, TBT, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO
Brian Kelly
Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Monday, May 11: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a buyer of P (NYSE: P) . David Seaburg was a buyer of LB (NYSE: LB) . Brian Kelly was a buyer of the XLF (NYSE Arca: XLF) . Guy Adami was a buyer of JUNO (NASDAQ: JUNO) . Trader disclosure: On May 8, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long T, BAC, C, DIS, EWP, F, GE, GM, GOOGL, INTC, JCP, SUNE, TBT, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan.Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Monday, May 11: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a buyer of P(NYSE: P).
David Seaburg was a buyer of LB(NYSE: LB).
Brian Kelly was a buyer of the XLF(NYSE Arca: XLF).
Guy Adami was a buyer of JUNO(NASDAQ: JUNO).
Trader disclosure: On May 8, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long T, BAC, C, DIS, EWP, F, GE, GM, GOOGL, INTC, JCP, SUNE, TBT, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Brian Kelly is long BTC=, BBRY, SPY puts, U.S. Dollar, he is short Australian Dollar, he is short Yen, he is short Yuan.Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || USAA creates research team to study use of bitcoin technology: By Gertrude Chavez-Dreyfuss NEW YORK, May 8 (Reuters) - USAA, a San Antonio, Texas-based financial institution serving current and former members of the military, is studying the underlying technology behind the digital currency bitcoin to help make its operations more efficient, a company executive said. Alex Marquez, managing director of corporate development at USAA, said in an interview this week that the company and its banking, insurance, and investment management subsidiaries hoped the "blockchain" technology could help decentralize its operations such as the back office. He said USAA had a large team researching the potential of the blockchain, an open ledger of a digital currency's transactions, viewed as bitcoin's main technological innovation. It lets users make payments anonymously, instantly, and without government regulation. The blockchain ledger is accessible to all users of bitcoin, a virtual currency created through a computer "mining" process that uses millions of calculations. Bitcoin has no ties to a central bank and is viewed as an alternative to paying for goods and services with credit cards. "We have serious interest in the blockchain and we think the technology would have an impact on the organization," said Marquez. "The fact that we have such a large group of people working on this shows how serious we are about the potential of this technology." USAA, which provides banking, insurance and other products to 10.7 million current or former members of the military, owns and manages assets of about $213 billion. Marquez said USAA had no plans to dabble in the bitcoin as a currency. Its foray into the blockchain reflects a trend among banking institutions trying to integrate bitcoin technology into their systems. BNY Mellon and UBS have announced initiatives to explore the blockchain technology. Most large banks are testing the blockchain internally, said David Johnston, managing director at Dapps Venture Fund in San Antonio, Texas. "All of the banks are going through that process of trying to understand how this technology is going to evolve." Story continues "I would say that by the end of the year, most will have solidified a blockchain technology strategy, how the bank is going to implement and how it will move the technology forward." USAA is still in early stages of its research and has yet to identify how it will implement the technology. In January this year, USAA invested in Coinbase, the biggest bitcoin company, which runs a host of services, including an exchange and a wallet, which is how bitcoins are stored by users online. (Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio) || USAA creates research team to study use of bitcoin technology: By Gertrude Chavez-Dreyfuss
NEW YORK, May 8 (Reuters) - USAA, a San Antonio, Texas-based financial institution serving current and former members of the military, is studying the underlying technology behind the digital currency bitcoin to help make its operations more efficient, a company executive said.
Alex Marquez, managing director of corporate development at USAA, said in an interview this week that the company and its banking, insurance, and investment management subsidiaries hoped the "blockchain" technology could help decentralize its operations such as the back office.
He said USAA had a large team researching the potential of the blockchain, an open ledger of a digital currency's transactions, viewed as bitcoin's main technological innovation. It lets users make payments anonymously, instantly, and without government regulation.
The blockchain ledger is accessible to all users of bitcoin, a virtual currency created through a computer "mining" process that uses millions of calculations. Bitcoin has no ties to a central bank and is viewed as an alternative to paying for goods and services with credit cards.
"We have serious interest in the blockchain and we think the technology would have an impact on the organization," said Marquez. "The fact that we have such a large group of people working on this shows how serious we are about the potential of this technology."
USAA, which provides banking, insurance and other products to 10.7 million current or former members of the military, owns and manages assets of about $213 billion.
Marquez said USAA had no plans to dabble in the bitcoin as a currency. Its foray into the blockchain reflects a trend among banking institutions trying to integrate bitcoin technology into their systems. BNY Mellon and UBS have announced initiatives to explore the blockchain technology.
Most large banks are testing the blockchain internally, said David Johnston, managing director at Dapps Venture Fund in San Antonio, Texas. "All of the banks are going through that process of trying to understand how this technology is going to evolve."
"I would say that by the end of the year, most will have solidified a blockchain technology strategy, how the bank is going to implement and how it will move the technology forward."
USAA is still in early stages of its research and has yet to identify how it will implement the technology.
In January this year, USAA invested in Coinbase, the biggest bitcoin company, which runs a host of services, including an exchange and a wallet, which is how bitcoins are stored by users online.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio)
[Social Media Buzz]
Current price: 235.76$ $BTCUSD $btc #bitcoin 2015-05-13 18:00:06 EDT || Current price: 157.35£ $BTCGBP $btc #bitcoin 2015-05-13 08:00:02 BST || buysellbitco.in #bitcoin price in INR, Buy : 15749.00 INR Sell : 15249.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || In the last 10 mins, there were arb opps spanning 19 exchange pair(s), yielding profits ranging between $0.00 and $905.44 #bitcoin #btc || One Bitcoin now worth $243.08@bitstamp. High $244.00. Low $240.01. Market Cap $3.4...
|
236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68, 3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58, 3585.12, 3600.87, 3599.77, 3602.46, 3583.97, 3470.45, 3448.12, 3486.18, 3457.79, 3487.95, 3521.06, 3464.01, 3459.15, 3466.36, 3413.77, 3399.47, 3666.78, 3671.20, 3690.19, 3648.43, 3653.53, 3632.07, 3616.88, 3620.81, 3629.79, 3673.84, 3915.71, 3947.09, 3999.82, 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05, 3854.79, 3859.58, 3864.42, 3847.18, 3761.56, 3896.38, 3903.94.
|
[Bitcoin Technical Analysis for 2019-03-06]
Volume: 9175291529, RSI (14-day): 56.37, 50-day EMA: 3799.20, 200-day EMA: 4844.17
[Wider Market Context]
Gold Price: 1284.90, Gold RSI: 37.81
Oil Price: 56.22, Oil RSI: 56.32
[Recent News (last 7 days)]
Crypto Advance; Russia Moves Closer to National Crypto Regulations: Major cryptocurrencies rebounded on Wednesday morning in Asia Investing.com – Major cryptocurrencies rebounded on Wednesday morning in Asia after losing ground during the first two trading days this week. Russia caught traders attention again as the country’s parliament adopted a bill to move closer to formulating crypto legislation. Bitcoin bounced back from around $3,700, trading at $3,840.9 by 10:07 PM ET (03:07 AM GMT), up 3.10%. Other digital tokens also made gains, with Ethereum up 7.27% to $136.26, XRP trading 2.92% higher to $0.31277 and Litecoin surging 12.64% to $52.425 over the past 24 hours. The crypto market cap also recovered to $131 billion on Wednesday from $126 billion the day before. Russia again was on the radar of crypto traders and investors as the country is moving fast forward to come up with national regulations on digital assets, following a direct order from President Vladimir Putin last week. On Tuesday, the State Duma adopted the bill “On Digital Financial Assets”. The bill includes amendments to the Civil Code of the Russian Federation on digital rights and provides a regulatory framework targeting the digital economy. This came after Putin called for the adoption of the regulation by July 2019. Russia is also said to be considering an oil-backed digital token. Meanwhile, there were new developments regarding the case of Quadriga, a troubled Canadian crypto exchange. Quadriga is reportedly missing CA$180 million dollars ($135.39 million) in digital assets after the death of its founder Gerry Cotten, who was the only one with access to the company’s cold wallet – offline storage for crypto assets. On Monday, Fortune reported that the U.S. Federal Bureau of Investigation (FBI) is now involved in the investigation over Quadriga’s missing funds. The crypto exchange reportedly stored 650,000 Ethereum on other exchanges such as Kraken and Bitfinex. Kraken’s CEO Jesse Powell told Fortune that the FBI and Royal Canadian Mounted Police reached out to his company regarding the case. Story continues . Related Articles Crypto Mixed; Fidelity Digital Asset Goes Live Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, TRON, Bitcoin SV: Price Analysis, March 8 German Financial Regulator Issues Paper on Blockchain Securities Regulation || Crypto Advance; Russia Moves Closer to National Crypto Regulations: Investing.com – Major cryptocurrencies rebounded on Wednesday morning in Asia after losing ground during the first two trading days this week. Russia caught traders attention again as the country’s parliament adopted a bill to move closer to formulating crypto legislation.
Bitcoin bounced back from around $3,700, trading at $3,840.9 by 10:07 PM ET (03:07 AM GMT), up 3.10%.
Other digital tokens also made gains, with Ethereum up 7.27% to $136.26, XRP trading 2.92% higher to $0.31277 and Litecoin surging 12.64% to $52.425 over the past 24 hours.
The crypto market cap also recovered to $131 billion on Wednesday from $126 billion the day before.
Russia again was on the radar of crypto traders and investors as the country is moving fast forward to come up with national regulations on digital assets, following a direct order from President Vladimir Putin last week.
On Tuesday, the State Duma adopted the bill “On Digital Financial Assets”. The bill includes amendments to the Civil Code of the Russian Federation on digital rights and provides a regulatory framework targeting the digital economy.
This came after Putin called for the adoption of the regulation by July 2019. Russia is also said to be considering an oil-backed digital token.
Meanwhile, there were new developments regarding the case of Quadriga, a troubled Canadian crypto exchange. Quadriga is reportedly missing CA$180 million dollars ($135.39 million) in digital assets after the death of its founder Gerry Cotten, who was the only one with access to the company’s cold wallet – offline storage for crypto assets.
On Monday, Fortune reported that the U.S. Federal Bureau of Investigation (FBI) is now involved in the investigation over Quadriga’s missing funds. The crypto exchange reportedly stored 650,000 Ethereum on other exchanges such as Kraken and Bitfinex.
Kraken’s CEO Jesse Powell told Fortune that the FBI and Royal Canadian Mounted Police reached out to his company regarding the case.
.
Related Articles
Crypto Mixed; Fidelity Digital Asset Goes Live
Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, TRON, Bitcoin SV: Price Analysis, March 8
German Financial Regulator Issues Paper on Blockchain Securities Regulation || $6 Billion Crypto Surge Propels Bitcoin Toward Key Hurdle: Today's crypto market surge placed bitcoin one step closer to clearing a key resistance hurdle. | Source: Shutterstock By CCN.com : The cryptocurrency market surged by $6 billion on Tuesday, propelling litecoin to a new yearly high and launching bitcoin one step closer to a major hurdle it needs to cross before it can slay its historic bear market. As of the time of writing, the cryptocurrency market had a total valuation of $132.3 billion. Daily volume stood at more than $33 billion, a full $5 billion above where it was at this time on Monday. crypto market cap The crypto market cap gained $6 billion over the past 24 hours. | Source: CoinMarketCap Binance Coin, Litecoin Headline Buoyant Crypto Market In what seems to be a developing trend, the bitcoin price did not lead the charge. Instead, two altcoins first binance coin and later litecoin catalyzed the rally. Binance coin, the utility token from the worlds largest cryptocurrency exchange, rose a staggering 17.84 percent to $13.40. Its $1.9 billion market cap places it just $150 million behind stablecoin giant tether on the market cap charts. Read the full story on CCN.com . View comments || $6 Billion Crypto Surge Propels Bitcoin Toward Key Hurdle: ByCCN.com: The cryptocurrency market surged by $6 billion on Tuesday, propelling litecoin to a new yearly high and launching bitcoin one step closer to a major hurdle it needs to cross before it can slay its historic bear market.
As of the time of writing, the cryptocurrency market had a total valuation of $132.3 billion. Daily volume stood at more than $33 billion, a full $5 billion above where it was at this time on Monday.
The crypto market cap gained $6 billion over the past 24 hours. | Source:CoinMarketCap
In what seems to be a developing trend, the bitcoin price did not lead the charge. Instead, two altcoins – first binance coin and later litecoin – catalyzed the rally.
Binance coin, the utility token from the world’s largest cryptocurrency exchange,rosea staggering 17.84 percent to $13.40. Its $1.9 billion market cap places it just $150 million behind stablecoin gianttetheron the market cap charts.
Read the full story on CCN.com. || $6 Billion Crypto Surge Propels Bitcoin Toward Key Hurdle: ByCCN.com: The cryptocurrency market surged by $6 billion on Tuesday, propelling litecoin to a new yearly high and launching bitcoin one step closer to a major hurdle it needs to cross before it can slay its historic bear market.
As of the time of writing, the cryptocurrency market had a total valuation of $132.3 billion. Daily volume stood at more than $33 billion, a full $5 billion above where it was at this time on Monday.
The crypto market cap gained $6 billion over the past 24 hours. | Source:CoinMarketCap
In what seems to be a developing trend, the bitcoin price did not lead the charge. Instead, two altcoins – first binance coin and later litecoin – catalyzed the rally.
Binance coin, the utility token from the world’s largest cryptocurrency exchange,rosea staggering 17.84 percent to $13.40. Its $1.9 billion market cap places it just $150 million behind stablecoin gianttetheron the market cap charts.
Read the full story on CCN.com. || Ernst and Young Unveils Crypto Tax Accounting Tool to Help You Pay Bitcoin Taxes: ByCCN.com: Unless you’retax-evading bitcoin bullJohn McAfee, this is the time of year when Americans begrudgingly prepare to file their tax returns. To streamline this process, Big Four accounting firm Ernst & Young introduced a cryptocurrency tax tool.
Ernst & Youngsaidit designed its EY Crypto-Asset Accounting and Tax (CAAT) program specifically for its clients who invest in cryptocurrencies. The accounting juggernaut said the U.S. rollout of the software is part of its strategy to become a leader in blockchain services.
“EY CAAT has the ability to source transaction-level information from virtually all major exchanges.
EY is following in the footsteps of Intuit, whichteamed upwith cryptocurrency exchange Coinbase in January. Under that partnership, Coinbase customers can import all their Coinbase transactions directly onto Intuit’s TurboTax tax-preparation software.
Read the full story on CCN.com. || Ernst and Young Unveils Crypto Tax Accounting Tool to Help You Pay Bitcoin Taxes: ByCCN.com: Unless you’retax-evading bitcoin bullJohn McAfee, this is the time of year when Americans begrudgingly prepare to file their tax returns. To streamline this process, Big Four accounting firm Ernst & Young introduced a cryptocurrency tax tool.
Ernst & Youngsaidit designed its EY Crypto-Asset Accounting and Tax (CAAT) program specifically for its clients who invest in cryptocurrencies. The accounting juggernaut said the U.S. rollout of the software is part of its strategy to become a leader in blockchain services.
“EY CAAT has the ability to source transaction-level information from virtually all major exchanges.
EY is following in the footsteps of Intuit, whichteamed upwith cryptocurrency exchange Coinbase in January. Under that partnership, Coinbase customers can import all their Coinbase transactions directly onto Intuit’s TurboTax tax-preparation software.
Read the full story on CCN.com. || Ernst and Young Unveils Crypto Tax Accounting Tool to Help You Pay Bitcoin Taxes: Ernst and Young rolled out the bitcoin tax reporting tool in time for the 2019 U.S. tax season | Source: Shutterstock By CCN.com : Unless you’re tax-evading bitcoin bull John McAfee, this is the time of year when Americans begrudgingly prepare to file their tax returns. To streamline this process, Big Four accounting firm Ernst & Young introduced a cryptocurrency tax tool. Ernst & Young said it designed its EY Crypto-Asset Accounting and Tax (CAAT) program specifically for its clients who invest in cryptocurrencies. The accounting juggernaut said the U.S. rollout of the software is part of its strategy to become a leader in blockchain services. “EY CAAT has the ability to source transaction-level information from virtually all major exchanges. It consolidates data from multiple sources and allows for the automated production of various reports and dashboards, and preparation of IRS tax returns related to crypto-assets.” Coinbase Partnered with TurboTax in January EY is following in the footsteps of Intuit, which teamed up with cryptocurrency exchange Coinbase in January. Under that partnership, Coinbase customers can import all their Coinbase transactions directly onto Intuit’s TurboTax tax-preparation software. Read the full story on CCN.com . View comments || Tron (TRX) Jumps 8.5% in Market-Wide Upswing as Bulls Start Running: Tron's TRX jumped 8.5-percent against the US dollar per its 24-hour adjusted timeframe. Image: Shutterstock. By CCN.com : Trons TRX jumped 8.5-percent against the US dollar per its 24-hour adjusted timeframe. Tron (TRX) 1-hour price chart | Source: Yahoo Finance The TRX-to-dollar instrument ( TRX/USD ) was trading at 0.023 by 1400 UTC, down 4.16-percent from its intraday high. In contrast, the pair had dropped massively during Mondays trading session, establishing a lower low towards 0.021. However, a market-wide upside correction saw to TRX/USD revival during Mondays US session. The sentiment rippled through todays Asian and European trading hours. As a result, the pair managed to settle a fresh intraday high towards 0.024. BITCOIN, TRON, CRYPTO, LITECOIN Performance of top ten crypto assets on Tuesdays recovery session. | SOURCE: CoinMarketCap.com In total, the cryptocurrency market cap has surged from $125.418 billion to $130.66 billion in the past 24 hours. Among the high cap assets, Binance Coin and Litecoin are leading the bullish correction with gains ranging between 13-, and 18-percent. At the same time, Ethereum and Bitcoin Cash have registered close to 5-percent appreciation. Meanwhile, Bitcoin, XRP, and Stellar have jumped a modest 2- to 3-percent. Read the full story on CCN.com . || Tron (TRX) Jumps 8.5% in Market-Wide Upswing as Bulls Start Running: ByCCN.com: Tron’sTRXjumped 8.5-percent against the US dollar per its 24-hour adjusted timeframe.
Tron (TRX) 1-hour price chart | Source: Yahoo Finance
The TRX-to-dollar instrument (TRX/USD) was trading at 0.023 by 1400 UTC, down 4.16-percent from its intraday high. In contrast, the pair had dropped massively during Monday’s trading session, establishing a lower low towards 0.021. However, a market-wide upside correction saw to TRX/USD revival during Monday’s US session. The sentiment rippled through today’s Asian and European trading hours. As a result, the pair managed to settle a fresh intraday high towards 0.024.
Performance of top ten crypto assets on Tuesday’s recovery session. | SOURCE: CoinMarketCap.com
In total, the cryptocurrency market cap has surged from $125.418 billion to $130.66 billion in the past 24 hours. Among the high cap assets,Binance CoinandLitecoin are leading the bullish correctionwith gains ranging between 13-, and 18-percent. At the same time, Ethereum and Bitcoin Cash have registered close to 5-percent appreciation. Meanwhile, Bitcoin, XRP, and Stellar have jumped a modest 2- to 3-percent.
Read the full story on CCN.com. || Report: Coinbase Hires Amazon Web Services Veteran to Develop Staking Solutions: MajorUnited Statescrypto exchange and wallet service providerCoinbasehas reportedly hired a veteran of Amazon Web Services to develop staking and governance solutions for its crypto custodial services. The news wasreportedby The Block on March 4.
Citing an alleged internal memo, the report claims that Luke Youngblood — formerly aprincipal solutions architectat AWS — has been hired to develop new staking and governance products, which will reportedly “provide Coinbase Custody clients with the ability to interact seamlessly with crypto-networks while maintaining the utmost security of their assets in Custody.”
As of press time, Youngblood’s LinkedIn profile has not been updated to reflect the new reported appointment.
Again omitted from his LinkedIn, Youngblood is alsoreportedlythe founder and chief technical officer (CTO) of crypto firm Blockscale, as well as being apparentlyinvolvedinTezosmeetups and the Tezos Stack Exchange, a Q&A forum for the Tezos blockchain project.
There, a user registered as Luke Youngbloodrespondedto questions related to Tezos’ “baking” system, which allows token holders to delegate their staked funds to a “baker” to generate block rewards.
As previouslyreported, staking solutions more broadly refer to mechanisms whereby proof-of-stake (PoS) investors have the potential to earn a form of “interest” on their holdings.
This works by investors depositing tokens as collateral (“staking) in a digital wallet, which functions as a node that engages in a competition to validate blocks on the network. Unlike proof-of-work (PoW), which uses mining, some havearguedthat such PoS systems can thus provide participants with an alternative source of revenue amid the crypto market slump.
At press time, neither Coinbase nor Tezos have responded to Cointelegraph’s request for comment.
Last month, Coinbase CEO and co-founderBrian Armstrongoutlinedwhat he he believes to be four common misconceptions about crypto custody solutions, particularly in regard to (PoS)-based cryptocurrencies such as Tezos, as well as hot and cold wallet storage systems.
• Coinbase CEO: Ex-Hacking Team Neutrino Members Will Transition Out of Company Roles
• Coinbase: Former Provider Sold User Data to Third Parties, Prompting Neutrino Acquisition
• Investors in Overstock Crypto Subsidiary Reduce Investment from $404 Mln to $100 Mln
• US Fed Considers Including BTC Market Crash as ‘Salient Risk’ for Stress Tests || Report: Coinbase Hires Amazon Web Services Veteran to Develop Staking Solutions: Major United States crypto exchange and wallet service provider Coinbase has reportedly hired a veteran of Amazon Web Services to develop staking and governance solutions for its crypto custodial services. The news was reported by The Block on March 4. Citing an alleged internal memo, the report claims that Luke Youngblood — formerly a principal solutions architect at AWS — has been hired to develop new staking and governance products, which will reportedly “provide Coinbase Custody clients with the ability to interact seamlessly with crypto-networks while maintaining the utmost security of their assets in Custody.” As of press time, Youngblood’s LinkedIn profile has not been updated to reflect the new reported appointment. Again omitted from his LinkedIn, Youngblood is also reportedly the founder and chief technical officer (CTO) of crypto firm Blockscale, as well as being apparently involved in Tezos meetups and the Tezos Stack Exchange, a Q&A forum for the Tezos blockchain project. There, a user registered as Luke Youngblood responded to questions related to Tezos’ “ baking ” system, which allows token holders to delegate their staked funds to a “baker” to generate block rewards. As previously reported , staking solutions more broadly refer to mechanisms whereby proof-of-stake ( PoS ) investors have the potential to earn a form of “interest” on their holdings. This works by investors depositing tokens as collateral (“staking) in a digital wallet, which functions as a node that engages in a competition to validate blocks on the network. Unlike proof-of-work ( PoW ), which uses mining, some have argued that such PoS systems can thus provide participants with an alternative source of revenue amid the crypto market slump. At press time, neither Coinbase nor Tezos have responded to Cointelegraph’s request for comment. Last month, Coinbase CEO and co-founder Brian Armstrong outlined what he he believes to be four common misconceptions about crypto custody solutions, particularly in regard to (PoS)-based cryptocurrencies such as Tezos, as well as hot and cold wallet storage systems. Related Articles: Coinbase CEO: Ex-Hacking Team Neutrino Members Will Transition Out of Company Roles Coinbase: Former Provider Sold User Data to Third Parties, Prompting Neutrino Acquisition Investors in Overstock Crypto Subsidiary Reduce Investment from $404 Mln to $100 Mln US Fed Considers Including BTC Market Crash as ‘Salient Risk’ for Stress Tests || Crypto Futures Provider Volumes Increase 500 Percent After Acquisition by Kraken: United Kingdom-based crypto exchange andfuturesprovider Crypto Facilities has significantly increased its trading volumes after being acquired bycrypto exchangeKraken, according to the information shared with Cointelegraph Tuesday, Mar. 5.
Cointelegraph spoke to Sui Chung, head ofcryptocurrencypricing products at Crypto Facilities, according to whom the platform’s trading volumes have increased more than 500 percent.
Chung said that company’s average daily trading volume was around $7 million per day in January. However, following the acquisition announcement, it has increased to $32 million per day in February, reaching up to $110 million one day that month.
Chung linked the boost to a strong latent demand for crypto futures from theKrakencustomer base, with the number of daily users steadily growing throughout the month. He confirmed that Crypto Facilities’ trading volume reached almost $1 billion during the month of February. He further explained that Crypto Facilities can offer services to Kraken users that are compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
Kraken bought Crypto Facilities for in a “nine-figure deal” on Feb. 4. As Cointelegraphreportedfollowing the matter, Crypto Facilities is fully regulated by the U.K.’s Financial Conduct Authority, giving Kraken a major foothold in theEuropeanmarket.
Earlier this weekGoldman Sachs-backedcryptocurrency finance firmCircleboughtSeedInvest, acrowdfundingplatform and registered operator of a broker-dealer. The deal that was initiallyannouncedin October was concluded after approval by theUnited StatesFinancial Industry Regulatory Authority (FINRA).
In January,Bakkt, the digital assets platform backed by theNew York Stock Exchange,acquiredcertain assets in futures merchant Rosenthal Collins Group. The company obtained regulatory approval by the U.S.Commodity Futures Trading Commissionfor the launch of regulated trading in crypto markets.
• Crypto Exchange Kraken Offers $100,000 Reward for QuadrigaCX’s Missing Funds
• Crypto Exchange Coinbase Adds Support for XRP on Retail Platform and Mobile Apps
• Widow of QuadrigaCX Founder Seeks Compensation for Creditor Protection Court Costs
• PwC: Bitcoin Ransomware Hackers Laundered Money via WEX Exchange || Crypto Futures Provider Volumes Increase 500 Percent After Acquisition by Kraken: United Kingdom -based crypto exchange and futures provider Crypto Facilities has significantly increased its trading volumes after being acquired by crypto exchange Kraken, according to the information shared with Cointelegraph Tuesday, Mar. 5. Cointelegraph spoke to Sui Chung, head of cryptocurrency pricing products at Crypto Facilities, according to whom the platform’s trading volumes have increased more than 500 percent. Chung said that company’s average daily trading volume was around $7 million per day in January. However, following the acquisition announcement, it has increased to $32 million per day in February, reaching up to $110 million one day that month. Chung linked the boost to a strong latent demand for crypto futures from the Kraken customer base, with the number of daily users steadily growing throughout the month. He confirmed that Crypto Facilities’ trading volume reached almost $1 billion during the month of February. He further explained that Crypto Facilities can offer services to Kraken users that are compliant with Anti-Money Laundering ( AML ) and Know Your Customer ( KYC ) policies. Kraken bought Crypto Facilities for in a “nine-figure deal” on Feb. 4. As Cointelegraph reported following the matter, Crypto Facilities is fully regulated by the U.K.’s Financial Conduct Authority, giving Kraken a major foothold in the European market. Earlier this week Goldman Sachs-backed cryptocurrency finance firm Circle bought SeedInvest, a crowdfunding platform and registered operator of a broker-dealer. The deal that was initially announced in October was concluded after approval by the United States Financial Industry Regulatory Authority (FINRA). In January, Bakkt , the digital assets platform backed by the New York Stock Exchange , acquired certain assets in futures merchant Rosenthal Collins Group. The company obtained regulatory approval by the U.S. Commodity Futures Trading Commission for the launch of regulated trading in crypto markets. Related Articles: Crypto Exchange Kraken Offers $100,000 Reward for QuadrigaCX’s Missing Funds Crypto Exchange Coinbase Adds Support for XRP on Retail Platform and Mobile Apps Widow of QuadrigaCX Founder Seeks Compensation for Creditor Protection Court Costs PwC: Bitcoin Ransomware Hackers Laundered Money via WEX Exchange || Crypto Exchange Hopes to Become Trendsetter by Scrapping Trading Fees Entirely: A crypto exchange has announced it is launching “zero-fee trading” across the 131 countries where it currently operates. Zebpay says it wants to “liberate crypto from the shackles of trading fees, and to reduce the friction for all those who are new to crypto.” Many exchanges charge a small commission whenever their users make a trade. While the company says fees of 0.25 percent may seem insubstantial, it warned they “certainly add up and can eat into trading profits,” and even deter infrequent traders from participating more. In a blog post announcing the changes , Zebpay said: “The ethos of the crypto space is all about empowering individuals through decentralization. In this scenario, we strongly felt that it wasn’t fair to tax the actions of these empowered individuals. That’s why we got rid of the trading fee entirely. No maker-fees. No taker-fees.” A rebranded service Zebpay has also unveiled a new brand identity to mark its shift to fee-free trading. The company hopes to become a trendsetter and is optimistic that other platforms will follow in its footsteps, stressing that its approach “is not a marketing gimmick but a brand promise – a belief that this is where the market must go.” Its founders say they have been involved in the Bitcoin and the blockchain community since the early days before starting Zebpay in 2014. Since then, more than three million users have come on board the platform, amassing more than $2 billion in fiat-to-crypto trade volumes. Ajeet Khurana, the CEO of Zebpay, told Cointelegraph: “In crystallizing the zero-trading fee model, our challenge was that historically approximately 90% of our revenues came from trading fees: How would we come up with an economic model that worked? “But what we have repeatedly seen is that players that align with the sentiment called crypto, tend to make it big in the business called crypto. That’s what we are banking upon: people will rally to a provider that allows them to freely move across crypto-fiat and crypto-crypto pairs.” Story continues Zebpay is available here New features, new look Zebpay says that its zero-fees policy is complemented by how users are not required to have a minimum balance in their wallets — and the number of trades they can make on a daily basis is unlimited. The company adds that its exchange has been given a “refreshing new look,” with the objective of being clean, intuitive and simple. Zebpay says it invests heavily in security for its users and that it has an incident-free past. It aims to make the process of buying, selling and storing crypto stress free by ensuring that 98 percent of the cryptocurrencies it handles are kept in cold storage on air-gapped machines that have been distributed in cities around the world. On its website, the team also explain that its infrastructure has been built so there is no single point of failure. They add: “Coins stored with us cannot be breached or accessed from one geographic location or by a single person. Apart from the cold storage, all hot wallet transactions on Zebpay are signed using systems across different cloud platforms.” Zebpay says that it is committed to “engage, participate and grow the global crypto and blockchain community” — and to this end, it has become a member of Switzerland’s Crypto Valley as well as the Bitcoin Association Switzerland. New features are regularly being added to its apps for Android and iOS devices. At the start of the year, Zebpay unveiled plans to expand its footprint in Europe by enabling users to make deposits and withdrawals in euros, paving the way for fiat-to-crypto trading on the continent. The feature is now live in 131 countries for everyday users and corporate investors. Learn more about Zebpay Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice. Related Articles: TradingView Adds Support for Huobi’s HB10 Crypto Index Unconfirmed: Goldman Sachs-Backed Crypto Payments Startup Circle Seeks $250M in Funding QuadrigaCX Wallet Have Been Empty, Unused Since April 2018, Ernst and Young Finds Third-Top Exchange OKEx Lists Ripple and Bitcoin Cash on Customer-to-Customer Platform || Crypto Exchange Hopes to Become Trendsetter by Scrapping Trading Fees Entirely: A crypto exchange has announced it is launching “zero-fee trading” across the 131 countries where it currently operates.
Zebpay says it wants to “liberate crypto from the shackles of trading fees, and to reduce the friction for all those who are new to crypto.”
Many exchanges charge a small commission whenever their users make a trade. While the company says fees of 0.25 percent may seem insubstantial, it warned they “certainly add up and can eat into trading profits,” and even deter infrequent traders from participating more.
In a blog post announcing the changes, Zebpay said: “The ethos of the crypto space is all about empowering individuals through decentralization. In this scenario, we strongly felt that it wasn’t fair to tax the actions of these empowered individuals. That’s why we got rid of the trading fee entirely. No maker-fees. No taker-fees.”
Zebpayhas also unveiled a new brand identity to mark its shift to fee-free trading.
The company hopes to become a trendsetter and is optimistic that other platforms will follow in its footsteps, stressing that its approach “is not a marketing gimmick but a brand promise – a belief that this is where the market must go.”
Its founders say they have been involved in the Bitcoin and the blockchain community since the early days before starting Zebpay in 2014. Since then, more than three million users have come on board the platform, amassing more than $2 billion in fiat-to-crypto trade volumes.
Ajeet Khurana, the CEO of Zebpay, told Cointelegraph: “In crystallizing the zero-trading fee model, our challenge was that historically approximately 90% of our revenues came from trading fees: How would we come up with an economic model that worked?
“But what we have repeatedly seen is that players that align with the sentiment called crypto, tend to make it big in the business called crypto. That’s what we are banking upon: people will rally to a provider that allows them to freely move across crypto-fiat and crypto-crypto pairs.”
Zebpay is availablehere
Zebpay says that its zero-fees policy is complemented by how users are not required to have a minimum balance in their wallets — and the number of trades they can make on a daily basis is unlimited.
The company adds that itsexchangehas been given a “refreshing new look,” with the objective of being clean, intuitive and simple.
Zebpay says it invests heavily in security for its users and that it has an incident-free past. It aims to make the process of buying, selling and storing crypto stress free by ensuring that 98 percent of the cryptocurrencies it handles are kept in cold storage on air-gapped machines that have been distributed in cities around the world.
On its website, the team also explain that its infrastructure has been built so there is no single point of failure. They add: “Coins stored with us cannot be breached or accessed from one geographic location or by a single person. Apart from the cold storage, all hot wallet transactions on Zebpay are signed using systems across different cloud platforms.”
Zebpay says that it is committed to “engage, participate and grow the global crypto and blockchain community” — and to this end, it has become a member of Switzerland’s Crypto Valley as well as the Bitcoin Association Switzerland.
New features are regularly being added to its apps for Android and iOS devices. At the start of the year,Zebpayunveiled plans to expand its footprint in Europe by enabling users to make deposits and withdrawals in euros, paving the way for fiat-to-crypto trading on the continent. The feature is now live in 131 countries for everyday users and corporate investors.
Learn more aboutZebpay
Disclaimer.Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
• TradingView Adds Support for Huobi’s HB10 Crypto Index
• Unconfirmed: Goldman Sachs-Backed Crypto Payments Startup Circle Seeks $250M in Funding
• QuadrigaCX Wallet Have Been Empty, Unused Since April 2018, Ernst and Young Finds
• Third-Top Exchange OKEx Lists Ripple and Bitcoin Cash on Customer-to-Customer Platform || Starbucks Unveils Key Detail about its Secretive Bitcoin Strategy: Starbucks has responded to a report that it plans to accept Bitcoin at its US locations. | Source: Shutterstock By CCN.com : An article in The Block yesterday includes the following statement: “Only U.S. customers will be able to pay in bitcoin initially.” They’re referring to Starbucks’ recent deal with Bakkt , the great hope of the crypto industry, which might manage to pull off the first crypto ETF . The deal gives Starbucks significant equity in Bakkt, but at no point does it actually require Starbucks to accept Bitcoin. And, for its part, Starbucks reportedly has no intention of doing so – at least not in the conventional manner. Starbucks: We’ll Help You Convert Crypto to Cash starbucks bitcoin crypto Starbucks wants to help crypto users seamlessly move between Bitcoin and fiat. | Source: Shutterstock The company told The Next Web that rather than accept crypto directly, it will create more ways for customers to convert bitcoin and other assets into fiat, which can then be used at their stores (emphasis added) : “Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores. We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months.” So, some type of gift card situation is what’s brewing at Starbucks. Some kind of Bakkt-powered seamless payment platform seems possible. As regards the Seattle-based coffee giant, however, the notion of a Bitcoin QR code at checkout seems far-fetched. Read the full story on CCN.com . || Starbucks Unveils Key Detail about its Secretive Bitcoin Strategy: Starbucks has responded to a report that it plans to accept Bitcoin at its US locations. | Source: Shutterstock By CCN.com : An article in The Block yesterday includes the following statement: “Only U.S. customers will be able to pay in bitcoin initially.” They’re referring to Starbucks’ recent deal with Bakkt , the great hope of the crypto industry, which might manage to pull off the first crypto ETF . The deal gives Starbucks significant equity in Bakkt, but at no point does it actually require Starbucks to accept Bitcoin. And, for its part, Starbucks reportedly has no intention of doing so – at least not in the conventional manner. Starbucks: We’ll Help You Convert Crypto to Cash starbucks bitcoin crypto Starbucks wants to help crypto users seamlessly move between Bitcoin and fiat. | Source: Shutterstock The company told The Next Web that rather than accept crypto directly, it will create more ways for customers to convert bitcoin and other assets into fiat, which can then be used at their stores (emphasis added) : “Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores. We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months.” So, some type of gift card situation is what’s brewing at Starbucks. Some kind of Bakkt-powered seamless payment platform seems possible. As regards the Seattle-based coffee giant, however, the notion of a Bitcoin QR code at checkout seems far-fetched. Read the full story on CCN.com . || Starbucks Unveils Key Detail about its Secretive Bitcoin Strategy: Starbucks has responded to a report that it plans to accept Bitcoin at its US locations. | Source: Shutterstock By CCN.com : An article in The Block yesterday includes the following statement: “Only U.S. customers will be able to pay in bitcoin initially.” They’re referring to Starbucks’ recent deal with Bakkt , the great hope of the crypto industry, which might manage to pull off the first crypto ETF . The deal gives Starbucks significant equity in Bakkt, but at no point does it actually require Starbucks to accept Bitcoin. And, for its part, Starbucks reportedly has no intention of doing so – at least not in the conventional manner. Starbucks: We’ll Help You Convert Crypto to Cash starbucks bitcoin crypto Starbucks wants to help crypto users seamlessly move between Bitcoin and fiat. | Source: Shutterstock The company told The Next Web that rather than accept crypto directly, it will create more ways for customers to convert bitcoin and other assets into fiat, which can then be used at their stores (emphasis added) : “Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores. We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months.” So, some type of gift card situation is what’s brewing at Starbucks. Some kind of Bakkt-powered seamless payment platform seems possible. As regards the Seattle-based coffee giant, however, the notion of a Bitcoin QR code at checkout seems far-fetched. Read the full story on CCN.com . || Roger Ver thinks Bitcoin.com is suffering from a ‘government-backed attack’: Controversial Bitcoin entrepreneur Roger Ver has taken to Reddit to suggest that Bitcoin.com is under attack from a government-backed entity. Ver recently posted on Reddit via his account u/MemoryDealers. The post is titled: “Because Bitcoin.com is building tools to bring economic freedom to the world, we are likely under government-backed attacks.” The post displays an email which appears to be from Google Suite. The email reads: “This is to inform you that government-backed attackers may be attempting to compromise the account of user [name hidden].” Google Suite does send out emails to people if it believes an account is suffering from a government-backed attack – however, it also notes that “an attack happens to less than 0.1% of all Google Account users”. The Bitcoin.com domain has a storied history. Back in 2014, Roger Ver took control of the domain before leasing it to Blockchain.info. He then leased it to OKCoin, but that lease ended in 2015 following a dispute. Ver then relaunched the site in a bid to help the Bitcoin network despite spearheading the Bitcoin Cash hard fork in 2017. In spite of the fork, Ver still owns the Bitcoin.com domain. Ver has been involved in a number of start-ups such as Bitcoin.com, Blockchain.com, Zcash, BitPay, and Kraken. It remains unclear whether or not the attack was real – Google Suite does note that there is a chance a government-backed attack alert can be a false alarm. Interested in reading more about the Bitcoin.com domain? Discover how Roger Ver and John Carvalho reportedly agreed to duel each other to see who the rightful owner of the domain is. The post Roger Ver thinks Bitcoin.com is suffering from a ‘government-backed attack’ appeared first on Coin Rivet .
[Social Media Buzz]
#Bitcoin Market Price Update XBT/GBP | Last Price: £2945.00 | 24-Hour Low: £2845.00, High: £2971.00, Volume: 199.7107 XBT || 1H
2019/03/07 05:00 (2019/03/07 04:00)
LONG : 23814.33 BTC (+5.81 BTC)
SHORT : 17934 BTC (-16.18 BTC)
LS比 : 57% vs 42% (57% vs 42%) || Bitcoin - BTC
Price: $3,904.90
Change in 1h: -0.01%
Market cap: $68,625,364,412.00
Ranking: 1
#Bitcoin #BTC || #LTC
Buy at #Koineks and sell at #Bitfinex. Ratio: 1.15%
Buy at #Vebitcoin and sell at #Cex. Ratio: 0.80%
Buy at #Vebitcoin an...
|
3911.48, 3901.13, 3963.31, 3951.60, 3905.23, 3909.16, 3906.72, 3924.37, 3960.91, 4048.73
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85.
|
[Bitcoin Technical Analysis for 2019-07-07]
Volume: 19369044277, RSI (14-day): 57.33, 50-day EMA: 9516.96, 200-day EMA: 6852.79
[Wider Market Context]
None available.
[Recent News (last 7 days)]
E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trade Through 26727 Confirms Bearish Closing Price Reversal Top: September E-mini Dow Jones Industrial Average futures retreated from its high on Friday to post a potentially bearish closing price reversal top after the release of stronger than expected jobs data reduced hope for easier Federal Reserve monetary policy. The cash market pulled back from a new all-time high, while snapping a four-day winning streak. On Friday, September E-mini Dow Jones Industrial Average futures settled at 26885, down 85 or -0.32%. Daily September E-mini Dow Jones Industrial Average Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart, however, Friday’s higher-high, lower-close indicates momentum may be getting ready to shift to the downside. A trade through 27009 will negate the closing price reversal top and signal a resumption of the uptrend. A move through 26728 will confirm the closing price reversal top. This could trigger the start of a 2 to 3 day correction, or even a change in the main trend. The main trend will change to down on a move through 26445. The short-term range is 26445 to 27009. Its 50% level or pivot is potential support at 26727. It stopped the selling on Friday. The intermediate range is 25897 to 27009. Its retracement zone at 26453 to 26322 is another potential target zone and support area. The main range is 24626 to 27009. If the trend changes to down then look for the selling to possibly continue into 25818 to 25536. Daily Swing Chart Technical Forecast Based on Friday’s price action, the direction of the September E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the short-term pivot at 26727. Bullish Scenario A sustained move over 26727 will indicate the presence of buyers. If this move creates enough upside momentum then look for buyers to make a run at 27009 then 27031. The latter is a potential trigger point for an acceleration to the upside. Bearish Scenario A sustained move under 26727 will signal the presence of sellers. This could trigger an acceleration to the downside with the next potential downside target the intermediate 50% level at 26453, followed closely by the main bottom at 26445. Story continues If 26445 fails to hold as support then look for the selling to possibly extend into the intermediate Fibonacci level at 26322. This is a potential trigger point for an even steeper decline with targets coming in at 25897 to 25818. This article was originally posted on FX Empire More From FXEMPIRE: Bitcoin Tech Analysis – Recap and Mid-Day Review – 08/07/19 Silver Price Forecast – Silver markets stagnant on Monday GBP/USD Price Forecast – British pound quiet on Monday Gold Price Prediction – Prices Trade Sideways but Momentum is Negative AUD/USD Price Forecast – Australian dollar continues to go sideways Gold Price Forecast – Gold markets continue to struggle || E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trade Through 26727 Confirms Bearish Closing Price Reversal Top: September E-mini Dow Jones Industrial Average futures retreated from its high on Friday to post a potentially bearish closing price reversal top after the release of stronger than expected jobs data reduced hope for easier Federal Reserve monetary policy. The cash market pulled back from a new all-time high, while snapping a four-day winning streak.
On Friday,September E-mini Dow Jones Industrial Averagefutures settled at 26885, down 85 or -0.32%.
The main trend is up according to the daily swing chart, however, Friday’s higher-high, lower-close indicates momentum may be getting ready to shift to the downside.
A trade through 27009 will negate the closing price reversal top and signal a resumption of the uptrend. A move through 26728 will confirm the closing price reversal top. This could trigger the start of a 2 to 3 day correction, or even a change in the main trend.
The main trend will change to down on a move through 26445.
The short-term range is 26445 to 27009. Its 50% level or pivot is potential support at 26727. It stopped the selling on Friday.
The intermediate range is 25897 to 27009. Its retracement zone at 26453 to 26322 is another potential target zone and support area.
The main range is 24626 to 27009. If the trend changes to down then look for the selling to possibly continue into 25818 to 25536.
Based on Friday’s price action, the direction of the September E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the short-term pivot at 26727.
A sustained move over 26727 will indicate the presence of buyers. If this move creates enough upside momentum then look for buyers to make a run at 27009 then 27031. The latter is a potential trigger point for an acceleration to the upside.
A sustained move under 26727 will signal the presence of sellers. This could trigger an acceleration to the downside with the next potential downside target the intermediate 50% level at 26453, followed closely by the main bottom at 26445.
If 26445 fails to hold as support then look for the selling to possibly extend into the intermediate Fibonacci level at 26322. This is a potential trigger point for an even steeper decline with targets coming in at 25897 to 25818.
Thisarticlewas originally posted on FX Empire
• Bitcoin Tech Analysis – Recap and Mid-Day Review – 08/07/19
• Silver Price Forecast – Silver markets stagnant on Monday
• GBP/USD Price Forecast – British pound quiet on Monday
• Gold Price Prediction – Prices Trade Sideways but Momentum is Negative
• AUD/USD Price Forecast – Australian dollar continues to go sideways
• Gold Price Forecast – Gold markets continue to struggle || Bulls And Bears Of The Week: Apple, Nike, Tesla, Uber And More: Benzinga has examined prospects for many investor favorite stocks over the past week. Bullish calls included a potential G-20 winner and a company facing another scandal. Bearish calls included various companies struggling against low expectations. Though the big U.S. indexes ended the holiday-shorted week only marginally higher, they remain at or near record highs. It was a week that saw some movement on trade issues , additional moves by OPEC and its partners, better-than-expected jobs numbers and the passing of a corporate icon . Benzinga continues to examine the prospects for many of the stocks most popular with investors. The following are just a few of the past week's most bullish and bearish posts that may be worth another look. Bulls "Analyst: The G-20 Winner 'Is Clearly Apple'" by Wayne Duggan details why Apple, Inc. (NYSE: AAPL ) is one of the biggest winners from the trade war truce arising from last week's G-20 meeting in Osaka, Japan. See what analysts have to say. Brett Hershman's "Footwear Analyst: Outrage Over Nike's Betsy Ross Shoe Comes From Outside Its Teen Demographic" examines why the latest controversy in which Nike Inc (NYSE: NKE ) is embroiled will have a limited impact on the shares, in one expert's opinion. In "Teva's Migraine Prevention Drug Meets Exploratory Endpoints," Shanthi Rexaline reports on why Teva Pharmaceutical Industries Ltd (NYSE: TEVA ) trial results could bode well for migraine suffers and investors. A management change at Canopy Growth Corp (NYSE: CGC ) did not overly concern one top analyst, according to Jayson Derrick's "Bank Of America Remains Bullish On Canopy Growth Despite The 'End Of An Era'." For additional bullish calls, also have a look at "Wells Fargo Analyst: T-Mobile-Sprint Tie-Up Could Progress Next Week" and "Carter Worth Sees The Bitcoin Pullback As A Buying Opportunity." Bears In Wayne Duggan's "Wall Street Analysts Still Divided On Tesla Following Record Deliveries," see why some analysts feel Tesla Inc (NASDAQ: TSLA ) topped low expectations — and remain concerned about long-term demand. Story continues Dave Royse's "Stifel Gives Uber A Neutral Rating, Raises Target Price On Lyft" covers why one analyst is cautious on Uber Technologies Inc (NYSE: UBER ) despite being bullish about the ride-sharing industry. "Wedbush Stays On The Sidelines With Square, Points To Margin Expansion Concerns" by Priya Nigam takes a look at why Square Inc (NYSE: SQ ) investors may want to wait for a more attractive entry point. Customer sentiment on high-end retailer Nordstrom, Inc. (NYSE: JWN ) has changed, according to "Nordstrom's Outlook Is 'Deteriorating,' UBS Says In Downgrade" by Jayson Derrick. Can it regain market share? Be sure to check out "30-Year Treasury Bonds Flash Economic Warning Signal" and "Strategist Cautions Investors: 'Let's Not Get Too Comfortable'" for additional bearish calls. At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Barron's On: Why JPMorgan Is A Solid Bet Now Barron's Picks And Pans: GameStop, JPMorgan, Uber And More Bulls & Bears Of The Week: GameStop, McDonald's, Tesla, Tilray And More © 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bulls And Bears Of The Week: Apple, Nike, Tesla, Uber And More: Benzinga has examined prospects for many investorfavorite stocksover the past week.
Bullish calls included a potential G-20 winner and a company facing another scandal.
Bearish calls included various companies struggling against low expectations.
Though the big U.S. indexes ended the holiday-shorted week only marginally higher, they remain at or near record highs. It was a week that sawsome movement on trade issues, additionalmoves by OPECand its partners, better-than-expectedjobs numbersand thepassing of a corporate icon.
Benzinga continues to examine the prospects for many of the stocks most popular with investors. The following are just a few of the past week's most bullish and bearish posts that may be worth another look.
Bulls
"Analyst: The G-20 Winner 'Is Clearly Apple'" by Wayne Duggan details whyApple, Inc.(NYSE:AAPL) is one of the biggest winners from the trade war truce arising from last week's G-20 meeting in Osaka, Japan. See what analysts have to say.
Brett Hershman's "Footwear Analyst: Outrage Over Nike's Betsy Ross Shoe Comes From Outside Its Teen Demographic" examines why the latest controversy in whichNike Inc(NYSE:NKE) is embroiled will have a limited impact on the shares, in one expert's opinion.
In "Teva's Migraine Prevention Drug Meets Exploratory Endpoints," Shanthi Rexaline reports on whyTeva Pharmaceutical Industries Ltd(NYSE:TEVA) trial results could bode well for migraine suffers and investors.
A management change atCanopy Growth Corp(NYSE:CGC) did not overly concern one top analyst, according to Jayson Derrick's "Bank Of America Remains Bullish On Canopy Growth Despite The 'End Of An Era'."
For additional bullish calls, also have a look at "Wells Fargo Analyst: T-Mobile-Sprint Tie-Up Could Progress Next Week" and "Carter Worth Sees The Bitcoin Pullback As A Buying Opportunity."
Bears
In Wayne Duggan's "Wall Street Analysts Still Divided On Tesla Following Record Deliveries," see why some analysts feelTesla Inc(NASDAQ:TSLA) topped low expectations — and remain concerned about long-term demand.
Dave Royse's "Stifel Gives Uber A Neutral Rating, Raises Target Price On Lyft" covers why one analyst is cautious onUber Technologies Inc(NYSE:UBER) despite being bullish about the ride-sharing industry.
"Wedbush Stays On The Sidelines With Square, Points To Margin Expansion Concerns" by Priya Nigam takes a look at whySquare Inc(NYSE:SQ) investors may want to wait for a more attractive entry point.
Customer sentiment on high-end retailerNordstrom, Inc.(NYSE:JWN) has changed, according to "Nordstrom's Outlook Is 'Deteriorating,' UBS Says In Downgrade" by Jayson Derrick. Can it regain market share?
Be sure to check out "30-Year Treasury Bonds Flash Economic Warning Signal" and "Strategist Cautions Investors: 'Let's Not Get Too Comfortable'" for additional bearish calls.
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.
See more from Benzinga
• Barron's On: Why JPMorgan Is A Solid Bet Now
• Barron's Picks And Pans: GameStop, JPMorgan, Uber And More
• Bulls & Bears Of The Week: GameStop, McDonald's, Tesla, Tilray And More
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Twitter research: US and UK post most on Bitcoin and Facebook’s Libra: The US leads the way when it comes to volume of tweets referencing Bitcoin and Facebook’s Libra project. According to a Twitter thread published by crypto trading platform The TIE , 38.9% of total Bitcoin tweets come from the US and 10.5% from the UK. The top five countries where Bitcoin is discussed on the social media platform are the US, UK, Canada, Turkey, India and Australia. Among countries that represent at least .5% of total Bitcoin conversations, the following have been the most positive on average when talking about crypto: Peru, Malaysia, Indonesia, Vietnam and Italy. Venezuela has recently seen the most negative Bitcoin tweets (62%). Mexico, Estonia, Brazil, and Ireland round out the five most downbeat. The US has been extremely positive, with 61.5% of tweets being upbeat. Globally 59.8% are positive. Libra The US represents an even larger proportion of Libra Coin tweets (43.8%) than BTC. The UK is in second place here, followed by France, Canada and Australia. While conversations on Libra originally tended to be more positive, 54.8% of Libra Coin tweets were negative. Tweets were most positive in the UK, but tended to be much less so in the US and France – countries experiencing regulatory pushback. The post Twitter research: US and UK post most on Bitcoin and Facebook’s Libra appeared first on Coin Rivet . View comments || Twitter research: US and UK post most on Bitcoin and Facebook’s Libra: The US leads the way when it comes to volume of tweets referencing Bitcoin and Facebook’s Libra project. According to a Twitter thread published by crypto trading platform The TIE , 38.9% of total Bitcoin tweets come from the US and 10.5% from the UK. The top five countries where Bitcoin is discussed on the social media platform are the US, UK, Canada, Turkey, India and Australia. Among countries that represent at least .5% of total Bitcoin conversations, the following have been the most positive on average when talking about crypto: Peru, Malaysia, Indonesia, Vietnam and Italy. Venezuela has recently seen the most negative Bitcoin tweets (62%). Mexico, Estonia, Brazil, and Ireland round out the five most downbeat. The US has been extremely positive, with 61.5% of tweets being upbeat. Globally 59.8% are positive. Libra The US represents an even larger proportion of Libra Coin tweets (43.8%) than BTC. The UK is in second place here, followed by France, Canada and Australia. While conversations on Libra originally tended to be more positive, 54.8% of Libra Coin tweets were negative. Tweets were most positive in the UK, but tended to be much less so in the US and France – countries experiencing regulatory pushback. The post Twitter research: US and UK post most on Bitcoin and Facebook’s Libra appeared first on Coin Rivet . View comments || Twitter research: US and UK post most on Bitcoin and Facebook’s Libra: The US leads the way when it comes to volume of tweets referencing Bitcoin and Facebook’s Libra project. According to a Twitter thread published by crypto trading platform The TIE , 38.9% of total Bitcoin tweets come from the US and 10.5% from the UK. The top five countries where Bitcoin is discussed on the social media platform are the US, UK, Canada, Turkey, India and Australia. Among countries that represent at least .5% of total Bitcoin conversations, the following have been the most positive on average when talking about crypto: Peru, Malaysia, Indonesia, Vietnam and Italy. Venezuela has recently seen the most negative Bitcoin tweets (62%). Mexico, Estonia, Brazil, and Ireland round out the five most downbeat. The US has been extremely positive, with 61.5% of tweets being upbeat. Globally 59.8% are positive. Libra The US represents an even larger proportion of Libra Coin tweets (43.8%) than BTC. The UK is in second place here, followed by France, Canada and Australia. While conversations on Libra originally tended to be more positive, 54.8% of Libra Coin tweets were negative. Tweets were most positive in the UK, but tended to be much less so in the US and France – countries experiencing regulatory pushback. The post Twitter research: US and UK post most on Bitcoin and Facebook’s Libra appeared first on Coin Rivet . View comments || Binance report: Bitcoin dominance weakens BTC-altcoin correlations in Q2: Bitcoins became less correlated with other cryptocurrencies in Q2 2019, according to a Binance Research report. According to the 2019 Q2 Crypto-Correlations Review, the second quarter marked the third best quarter the crypto industry has seen since 2014 and the highest growth since 2017. During this period, Bitcoins price increased by 300%, pushing its market dominance to above 60% and marking new highs for the year. This played a part in the significant decrease in its correlation with other cryptoassets. Correlations declined between Bitcoin and altcoins, with a decrease in average correlation of -0.11. The overall market capitalisation rose by 139%, whereas altcoin aggregated market capitalisation (including stablecoins) increased by just 71% over the same period, according to Binance Research. Cryptoassets with more important idiosyncratic factors (e.g. major news and events) exhibited relatively low average correlations with other cryptos. These include Binance Coin, which moved to its own native blockchain and benefited from various news and updates that increased market interest; Chainlink, which revealed collaborations with Google as well as Matic Network, and Bitcoin SV, which displayed unusual price fluctuations and was delisted from some major exchanges. Other key findings The decrease in crypto correlations was also seen in some Proof-Of-Work cryptoassets such as Bitcoin Cash, Dogecoin, Ethereum Classic, Bitcoin Gold, and more, which exhibited lower average correlations than before. Privacy coins display higher than average correlations with eachother. Similar functions (e.g. Ripple with Stellar Lumens) seem to lead to higher than average correlations between two cryptoassets. Read the full report here . The post Binance report: Bitcoin dominance weakens BTC-altcoin correlations in Q2 appeared first on Coin Rivet . || Binance report: Bitcoin dominance weakens BTC-altcoin correlations in Q2: Bitcoins became less correlated with other cryptocurrencies in Q2 2019, according to a Binance Research report. According to the 2019 Q2 Crypto-Correlations Review, the second quarter marked the third best quarter the crypto industry has seen since 2014 and the highest growth since 2017. During this period, Bitcoins price increased by 300%, pushing its market dominance to above 60% and marking new highs for the year. This played a part in the significant decrease in its correlation with other cryptoassets. Correlations declined between Bitcoin and altcoins, with a decrease in average correlation of -0.11. The overall market capitalisation rose by 139%, whereas altcoin aggregated market capitalisation (including stablecoins) increased by just 71% over the same period, according to Binance Research. Cryptoassets with more important idiosyncratic factors (e.g. major news and events) exhibited relatively low average correlations with other cryptos. These include Binance Coin, which moved to its own native blockchain and benefited from various news and updates that increased market interest; Chainlink, which revealed collaborations with Google as well as Matic Network, and Bitcoin SV, which displayed unusual price fluctuations and was delisted from some major exchanges. Other key findings The decrease in crypto correlations was also seen in some Proof-Of-Work cryptoassets such as Bitcoin Cash, Dogecoin, Ethereum Classic, Bitcoin Gold, and more, which exhibited lower average correlations than before. Privacy coins display higher than average correlations with eachother. Similar functions (e.g. Ripple with Stellar Lumens) seem to lead to higher than average correlations between two cryptoassets. Read the full report here . The post Binance report: Bitcoin dominance weakens BTC-altcoin correlations in Q2 appeared first on Coin Rivet . || Binance report: Bitcoin dominance weakens BTC-altcoin correlations in Q2: Bitcoins became less correlated with other cryptocurrencies in Q2 2019, according to a Binance Research report. According to the 2019 Q2 Crypto-Correlations Review, the second quarter marked the third best quarter the crypto industry has seen since 2014 and the highest growth since 2017. During this period, Bitcoins price increased by 300%, pushing its market dominance to above 60% and marking new highs for the year. This played a part in the significant decrease in its correlation with other cryptoassets. Correlations declined between Bitcoin and altcoins, with a decrease in average correlation of -0.11. The overall market capitalisation rose by 139%, whereas altcoin aggregated market capitalisation (including stablecoins) increased by just 71% over the same period, according to Binance Research. Cryptoassets with more important idiosyncratic factors (e.g. major news and events) exhibited relatively low average correlations with other cryptos. These include Binance Coin, which moved to its own native blockchain and benefited from various news and updates that increased market interest; Chainlink, which revealed collaborations with Google as well as Matic Network, and Bitcoin SV, which displayed unusual price fluctuations and was delisted from some major exchanges. Other key findings The decrease in crypto correlations was also seen in some Proof-Of-Work cryptoassets such as Bitcoin Cash, Dogecoin, Ethereum Classic, Bitcoin Gold, and more, which exhibited lower average correlations than before. Privacy coins display higher than average correlations with eachother. Similar functions (e.g. Ripple with Stellar Lumens) seem to lead to higher than average correlations between two cryptoassets. Read the full report here . The post Binance report: Bitcoin dominance weakens BTC-altcoin correlations in Q2 appeared first on Coin Rivet . || SEC seeks blockchain data provider to monitor risk, improve compliance, and inform policy: The U.S. Securities and Exchange Commission (SEC) is getting ever more serious about blockchain data. While many of the world's governments and politicians focus on Facebook's recently introduced Libra and data sharing among virtual asset providers, the SEC is seeking more data on public blockchains. The requirements listed by the SEC specific that all data is sourced from hosted notes rather than blockchain explorers. The Bitcoin and Ethereum blockchains are mandatory, while Bitcoin Cash, Stellar, Zcash, EOS, NEO and XRP data are all specified as desirable. In addition, as new blockchains gain increased prominence, the SEC would require support for them. The SEC is seeking full blockchain data from the genesis block or inception and information about any derivative currencies (tokens) affiliated with these blockchains. The required data format is very specific with normalized fields for each included blockchain sourced from on-node data, in its entirety. The minimum fields specified are ticker symbol; send and receive addresses; transaction hash, timestamp and amounts; unspent send and receive balances; transaction fees; confirmations; block hash; and block height. If possible, the SEC also seeks further metadata and chain metrics such as hashing algorithms, hashing power, mining difficulty and rewards, transactions quantity and size, coin supply and blockchain size. The data is expected to be provided directly by the vendor's own node for each blockchain using a secure, encrypted data feed; synced with the network; and run in a secure, controlled environment. The data must also be presented with means to validate its accuracy and completeness and meet the requirements of financial statement audit testing. The contract length will be for one year, followed by four optional 12 month terms. A technical quote and price quote are both required for application. The SEC's deadline for submission by prospective data vendors is 12pm EST on July 11, 2019. View comments || SEC seeks blockchain data provider to monitor risk, improve compliance, and inform policy: The U.S. Securities and Exchange Commission (SEC) is getting ever more serious about blockchain data. While many of the world's governments and politicians focus on Facebook's recently introduced Libra and data sharing among virtual asset providers, the SEC is seeking more data on public blockchains. The requirements listed by the SEC specific that all data is sourced from hosted notes rather than blockchain explorers. The Bitcoin and Ethereum blockchains are mandatory, while Bitcoin Cash, Stellar, Zcash, EOS, NEO and XRP data are all specified as desirable. In addition, as new blockchains gain increased prominence, the SEC would require support for them. The SEC is seeking full blockchain data from the genesis block or inception and information about any derivative currencies (tokens) affiliated with these blockchains. The required data format is very specific with normalized fields for each included blockchain sourced from on-node data, in its entirety. The minimum fields specified are ticker symbol; send and receive addresses; transaction hash, timestamp and amounts; unspent send and receive balances; transaction fees; confirmations; block hash; and block height. If possible, the SEC also seeks further metadata and chain metrics such as hashing algorithms, hashing power, mining difficulty and rewards, transactions quantity and size, coin supply and blockchain size. The data is expected to be provided directly by the vendor's own node for each blockchain using a secure, encrypted data feed; synced with the network; and run in a secure, controlled environment. The data must also be presented with means to validate its accuracy and completeness and meet the requirements of financial statement audit testing. The contract length will be for one year, followed by four optional 12 month terms. A technical quote and price quote are both required for application. The SEC's deadline for submission by prospective data vendors is 12pm EST on July 11, 2019. View comments || Rising Institutional Investment Setting Pace For Future Crypto Growth: Financial institutions have begun to enter crypto with a quickening pace, setting the tone for the remainder of 2019 and 2020. What makes these years different from ones prior is the speed of professionalization taking place in the markets, according to our sources. Oliver von Landsberg-Sadie, CEO of BCB – a financial services group with digital asset specialism, drew comparisons on the various bull runs experienced over bitcoin’s (BTC) lifecycle, with the exception given to this year’s fundamental growth. Related: Zilliqa Passes ‘Milestone’ With Addition of Smart Contracts to Its Blockchain “The 2013 bubble was driven by technocrats and dark web trawlers and the 2017 rally was led by the whims of speculative retail traders, 2019’s growth belongs to financial institutions who are diversifying stale portfolios and finally have the professional machinery to do so.” Last month in the UK alone, 9 financial institutions for banking and over-the-counter (OTC) trading were brought into the fold by BCB. That raised the count to 32, most of whom came onboard this year, says Landsberg-Sadie. “This is a fundamental shift in client profile compared to last year which was dominated by crypto projects looking for liquidity.” On the horizon Indeed, crypto has been experiencing some of the largest levels of institutional growth as seen with bitcoin futures open interest and volume as well as a number of established banks issuing their own cryptocurrencies on their private blockchains. Related: Ron Paul: Anti-Crypto Congressman Is ‘Just Another Thug in Washington’ In addition, these financial institutions are supporting a variety of blockchain projects focused on commodity trade finance and shipping, says Kari S. Larsen, a partner at Perkins Coie’s Blockchain Technology & Digital Currency group based in New York. “Exchanges are changing their focus from retail traders to institutional traders, providing such customers better ability to customize the front end of their trading platforms and providing APIs that better suit what institutional traders are used to.” Story continues Institutional investors rely heavily on regulated products and processes, organizations rely on steady progress on the regulatory front as well as infrastructure improvements, which directly affects the pace of institutional involvement. However, the pace from financial regulators, at least in the US and parts of the EU, when it comes to providing guidance and licenses for entities seeking to focus on digital assets, has been very slow. The Financial Industry Regulatory Authority (FINRA), for example, appears to be moving very slowly with broker-dealer applications from companies seeking to provide services supporting security tokens or related crypto products says Larsen. Although, that is beginning to change mostly due to Facebook’s recent announcement on entering into crypto and the subsequent pushback from regulators on a global scale. This has been reflected in BTC’s violent price swings in recent weeks, amplifying the discussion amongst regulators about what must be done about that ‘crypto issue’. Setting the Stage Facebook’s battle with regulators is sure to set the stage for crypto moving forward as the nuts and bolts of the regulatory framework are metered out. With the potential advantage of on-ramping billions of users to digital assets through its Libra/BTC pairing, it can be argued that crypto poses a threat to traditional finance in a number of ways. Therefore the time has come to tread carefully as over-regulation could put an immediate stop to bullish advances reflected in BTC’s latest price swings. Peaking at $13,880 on June 26 during a strong uptrend, BTC fell to a low of $9,950 before shooting back up to where it currently stands at $10,550. Still, progress continues as the Commodity Futures Trading Commission (CFTC), the United States’ regulatory agency with jurisdiction over futures markets, grants ErisX Clearing a derivative clearing organization (DCO) license under the Commodity Exchange Act (CEA). Rules and regulations take time to hash out but eventually the goal is to arrive at a happy medium that provides a stable platform to trade digital assets while encouraging fair trade and reducing risk. There is a level of finesse when it comes to new markets as regulators scramble to make sense of crypto and how that fits into the current global financial model. The key here is to let the golden goose run free, careful not to implement too many restrictions while also reaping the benefits. Month-to-month market capitalization The monthly chart above reveals interesting insights into the total market cap experienced by the industry as of late, demonstrating its overall recovery which is nearing 50 percent retracement from the 2018 bear market and made headway amid another strong weekly showing in the form of large buy orders during June 1-June 30, suggesting these moves involve more than just the average trader. A resurgence began on February 1 of this year when the total value closed above $130 billion for the first time in over two months, marking a strong shift in sentiment and trend with a hint of institutional interest. Since then, the upward trajectory has been checked by steady increases in growing (bullish) volume seen by the large bars on the monthly chart, backing the trend. Now above $300 billion, growth seems very plausible, given crypto’s recent bullish fundamentals, however, that will also depend largely on how the industry navigates the upcoming regulatory framework. Disclosure: The author holds no cryptocurrency at the time of writing. Bitcoin businessmen via Shutterstock, charts by TradingView Related Stories LedgerPrime Raises $12 Million for Crypto Quant Trading A Historically Strong Month for Crypto, November Is Off to a Brutal Start || Rising Institutional Investment Setting Pace For Future Crypto Growth: Financial institutions have begun to enter crypto with a quickening pace, setting the tone for the remainder of 2019 and 2020.
What makes these years different from ones prior is the speed of professionalization taking place in the markets, according to our sources.
Oliver von Landsberg-Sadie, CEO of BCB – a financial services group with digital asset specialism, drew comparisons on the various bull runs experienced over bitcoin’s (BTC) lifecycle, with the exception given to this year’s fundamental growth.
Related:Zilliqa Passes ‘Milestone’ With Addition of Smart Contracts to Its Blockchain
Last month in the UK alone, 9 financial institutions for banking and over-the-counter (OTC) trading were brought into the fold by BCB. That raised the count to 32, most of whom came onboard this year, says Landsberg-Sadie.
“This is a fundamental shift in client profile compared to last year which was dominated by crypto projects looking for liquidity.”
Indeed, crypto has been experiencing some of the largest levels of institutional growth as seen with bitcoinfuturesopen interest and volume as well as a number of established banks issuing their own cryptocurrencies on their private blockchains.
Related:Ron Paul: Anti-Crypto Congressman Is ‘Just Another Thug in Washington’
In addition, these financial institutions are supporting a variety of blockchain projects focused on commodity trade finance and shipping, says Kari S. Larsen, a partner at Perkins Coie’s Blockchain Technology & Digital Currency group based in New York.
“Exchanges are changing their focus from retail traders to institutional traders, providing such customers better ability to customize the front end of their trading platforms and providing APIs that better suit what institutional traders are used to.”
Institutional investors rely heavily on regulated products and processes, organizations rely on steady progress on the regulatory front as well as infrastructure improvements, which directly affects the pace of institutional involvement.
However, the pace from financial regulators, at least in the US and parts of the EU, when it comes to providing guidance and licenses for entities seeking to focus on digital assets, has been very slow.
The Financial Industry Regulatory Authority (FINRA), for example, appears to be moving very slowly with broker-dealer applications from companies seeking to provide services supporting security tokens or related crypto products says Larsen.
Although, that is beginning to change mostly due to Facebook’s recent announcement on entering into crypto and the subsequent pushback from regulators on a global scale.
This has been reflected in BTC’s violent price swings in recent weeks, amplifying the discussion amongst regulators about what must be done about that ‘crypto issue’.
Facebook’s battle withregulatorsis sure to set the stage for crypto moving forward as the nuts and bolts of the regulatory framework are metered out.
With the potential advantage of on-ramping billions of users to digital assets through its Libra/BTC pairing, it can be argued that crypto poses a threat to traditional finance in a number of ways.
Therefore the time has come to tread carefully as over-regulation could put an immediate stop to bullish advances reflected in BTC’s latest price swings. Peaking at $13,880 on June 26 during a strong uptrend, BTC fell to a low of $9,950 before shooting back up to where it currently stands at $10,550.
Still, progress continues as the Commodity Futures Trading Commission (CFTC), the United States’ regulatory agency with jurisdiction over futures markets, grants ErisX Clearing a derivative clearing organization (DCO)licenseunder the Commodity Exchange Act (CEA).
Rules and regulations take time to hash out but eventually the goal is to arrive at a happy medium that provides a stable platform to trade digital assets while encouraging fair trade and reducing risk.
There is a level of finesse when it comes to new markets as regulators scramble to make sense of crypto and how that fits into the current global financial model. The key here is to let the golden goose run free, careful not to implement too many restrictions while also reaping the benefits.
The monthly chart above reveals interesting insights into the total market cap experienced by the industry as of late, demonstrating its overall recovery which is nearing 50 percent retracement from the 2018 bear market and made headway amid another strong weekly showing in the form of large buy orders during June 1-June 30, suggesting these moves involve more than just the average trader.
A resurgence began on February 1 of this year when the total value closed above $130 billion for the first time in over two months, marking a strong shift in sentiment and trend with a hint of institutional interest.
Since then, the upward trajectory has been checked by steady increases in growing (bullish) volume seen by the large bars on the monthly chart, backing the trend.
Now above $300 billion, growth seems very plausible, given crypto’s recent bullish fundamentals, however, that will also depend largely on how the industry navigates the upcoming regulatory framework.
Disclosure:The author holds no cryptocurrency at the time of writing.
Bitcoin businessmenvia Shutterstock, charts byTradingView
• LedgerPrime Raises $12 Million for Crypto Quant Trading
• A Historically Strong Month for Crypto, November Is Off to a Brutal Start || Five retailers/brands that are all about the blockchain right now: These retailers and brands are leading the way in the blockchain space. 1. Circle K US-based crypto venture DigitalMint has teamed with convenience store chain, Circle K, installing 20 Bitcoin ATMs across Arizona and Nevada as part of a pilot programme. “We are thrilled to be partnering with a respected organisation like Circle K,” says Marc Grens, President and Co-Founder, DigitalMint. “This opens the door for massive expansion of Bitcoin access to new markets around the globe.” Customers can buy up to $20,000 in Bitcoin per day. DigitalMint charges 12% of a transaction, although rate reductions are available . The Arizona ATMs are located in Phoenix, Mesa, Tempe, Tucson, Flagstaff, Surprise, Maricopa and Nevada ATMs in Las Vegas. DigitalMint says that the partnership makes it the largest Bitcoin ATM and PoS operator in the US. It currently has over 250 locations in 25 states. Joel Konicke, Category Manager, Circle K Stores, comments: “Partnering with DigitalMint allows us to provide our customers with seamless access to Bitcoin, at a very reasonable price.” 2. Alyx Alyx – the fashion brand founded by Lady Gaga creative director and Kanye West collaborator Matthew Williams – has launched a blockchain-powered supply chain transparency pilot programme in partnership with Iota, Avery Dennison and Evrythng. Vogue Business reports that some Alyx product hang tags will feature a scannable QR code that showcases the entire supply chain history of the piece it’s attached to. Alyx’s suppliers enter the information, and Evrythng stores and uploads the data to the ledger while Avery Dennison makes tags with digital IDs for each garment. Nine Alyx pieces are included in the pilot, but Williams would ultimately like to include all his products. The barrier to entry was relatively low for Alyx, which is only four years old and produces 80% of its products in Italy with suppliers who take transparency seriously. The next step, meanwhile, might be automating the process so it can be scaled. Story continues “The key is identifying the right nodes of the supply chain from where to pull data and then determining how to most efficiently extract that data,” says Michael Colarossi, Avery Dennison’s Vice President of Apparel Innovation, Product Line Management and Sustainability, adding that future integration could mean extracting data directly from manufacturing systems. 3. Walmart China Walmart China is tracking food through its supply chain with VeChain’s Thor blockchain. The Walmart China Blockchain Traceability Platform is a joint venture between Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co. and VeChain. The first batch of 23 product lines have been tested and launched on the platform and another 100 are set to follow by the end of the year, covering more than 10 categories including fresh meat product, rice, mushrooms and cooking oil. The aim is for traceable fresh meat to account for 50% of the total sales of packaged fresh meat, traceable vegetables to account for 40% of the total sales of packaged vegetables, and traceable seafood for 12.5% of the total sales of seafood by the end of 2020. “We have always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition,” says Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China. “With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China.” 4. Nestlé Nestlé has announced plans to track its products along the supply chain with blockchain technology. It is working on this with OpenSC, a blockchain platform founded by WWF-Australia and The Boston Consulting Group Digital Ventures. A pilot will trace milk from farms and producers in New Zealand to Nestlé factories and warehouses in the Middle East. The technology will later be tested with palm oil sourced in the Americas. Magdi Batato, Executive Vice President, Head of Operations, Nestlé, says: “We want our consumers to make an informed decision on their choice of products – to choose products produced responsibly. Open blockchain technology might allow us to share reliable information with consumers in an accessible way.” The company has been testing out blockchain technology since 2017, most notably with IBM Food Trust. In April, it gave consumers access to blockchain data for the first time, through Mousline purée in France . 5. Lazada Thailand-based retail marketing platform HotNow has announced the soft launch of Evergleam Hill , the flagship game for its proprietary in-game advertising solution, HotPlay, that leverages a native cryptocurrency (the HOT token) to provide players with discounts, vouchers and giveaways. The company says that Evergleam Hill has seen over 3,000 downloads across the US and Thailand Android Google Play and Apple App Stores without marketing efforts. The game has also just onboarded Southeast Asian e-commerce giant Lazada and Thai coffee chain D’Oro Coffee. They line up alongside such existing merchant partners as Baskin-Robbins and Mister Donut. Nithinan Boonyawattanapisut, CEO and Co-Founder, HotNow, says: “Following a rigourous testing phase with the help of a dedicated gamer community, we are thrilled to celebrate this milestone in the development of Evergleam Hill as we welcome new merchant partners onboard. By successfully bridging the worlds of gaming, retail and virtual currencies, we’ve been able to leverage the existing synergies within these industries to the benefit of our merchant partners and users alike.” Along with food and beverage discounts, Evergleam Hill now features discount coupons from Lazada. The post Five retailers/brands that are all about the blockchain right now appeared first on Coin Rivet . || Five retailers/brands that are all about the blockchain right now: These retailers and brands are leading the way in the blockchain space. 1. Circle K US-based crypto venture DigitalMint has teamed with convenience store chain, Circle K, installing 20 Bitcoin ATMs across Arizona and Nevada as part of a pilot programme. “We are thrilled to be partnering with a respected organisation like Circle K,” says Marc Grens, President and Co-Founder, DigitalMint. “This opens the door for massive expansion of Bitcoin access to new markets around the globe.” Customers can buy up to $20,000 in Bitcoin per day. DigitalMint charges 12% of a transaction, although rate reductions are available . The Arizona ATMs are located in Phoenix, Mesa, Tempe, Tucson, Flagstaff, Surprise, Maricopa and Nevada ATMs in Las Vegas. DigitalMint says that the partnership makes it the largest Bitcoin ATM and PoS operator in the US. It currently has over 250 locations in 25 states. Joel Konicke, Category Manager, Circle K Stores, comments: “Partnering with DigitalMint allows us to provide our customers with seamless access to Bitcoin, at a very reasonable price.” 2. Alyx Alyx – the fashion brand founded by Lady Gaga creative director and Kanye West collaborator Matthew Williams – has launched a blockchain-powered supply chain transparency pilot programme in partnership with Iota, Avery Dennison and Evrythng. Vogue Business reports that some Alyx product hang tags will feature a scannable QR code that showcases the entire supply chain history of the piece it’s attached to. Alyx’s suppliers enter the information, and Evrythng stores and uploads the data to the ledger while Avery Dennison makes tags with digital IDs for each garment. Nine Alyx pieces are included in the pilot, but Williams would ultimately like to include all his products. The barrier to entry was relatively low for Alyx, which is only four years old and produces 80% of its products in Italy with suppliers who take transparency seriously. The next step, meanwhile, might be automating the process so it can be scaled. Story continues “The key is identifying the right nodes of the supply chain from where to pull data and then determining how to most efficiently extract that data,” says Michael Colarossi, Avery Dennison’s Vice President of Apparel Innovation, Product Line Management and Sustainability, adding that future integration could mean extracting data directly from manufacturing systems. 3. Walmart China Walmart China is tracking food through its supply chain with VeChain’s Thor blockchain. The Walmart China Blockchain Traceability Platform is a joint venture between Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co. and VeChain. The first batch of 23 product lines have been tested and launched on the platform and another 100 are set to follow by the end of the year, covering more than 10 categories including fresh meat product, rice, mushrooms and cooking oil. The aim is for traceable fresh meat to account for 50% of the total sales of packaged fresh meat, traceable vegetables to account for 40% of the total sales of packaged vegetables, and traceable seafood for 12.5% of the total sales of seafood by the end of 2020. “We have always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition,” says Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China. “With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China.” 4. Nestlé Nestlé has announced plans to track its products along the supply chain with blockchain technology. It is working on this with OpenSC, a blockchain platform founded by WWF-Australia and The Boston Consulting Group Digital Ventures. A pilot will trace milk from farms and producers in New Zealand to Nestlé factories and warehouses in the Middle East. The technology will later be tested with palm oil sourced in the Americas. Magdi Batato, Executive Vice President, Head of Operations, Nestlé, says: “We want our consumers to make an informed decision on their choice of products – to choose products produced responsibly. Open blockchain technology might allow us to share reliable information with consumers in an accessible way.” The company has been testing out blockchain technology since 2017, most notably with IBM Food Trust. In April, it gave consumers access to blockchain data for the first time, through Mousline purée in France . 5. Lazada Thailand-based retail marketing platform HotNow has announced the soft launch of Evergleam Hill , the flagship game for its proprietary in-game advertising solution, HotPlay, that leverages a native cryptocurrency (the HOT token) to provide players with discounts, vouchers and giveaways. The company says that Evergleam Hill has seen over 3,000 downloads across the US and Thailand Android Google Play and Apple App Stores without marketing efforts. The game has also just onboarded Southeast Asian e-commerce giant Lazada and Thai coffee chain D’Oro Coffee. They line up alongside such existing merchant partners as Baskin-Robbins and Mister Donut. Nithinan Boonyawattanapisut, CEO and Co-Founder, HotNow, says: “Following a rigourous testing phase with the help of a dedicated gamer community, we are thrilled to celebrate this milestone in the development of Evergleam Hill as we welcome new merchant partners onboard. By successfully bridging the worlds of gaming, retail and virtual currencies, we’ve been able to leverage the existing synergies within these industries to the benefit of our merchant partners and users alike.” Along with food and beverage discounts, Evergleam Hill now features discount coupons from Lazada. The post Five retailers/brands that are all about the blockchain right now appeared first on Coin Rivet . || RRMine: Making it Safe and Easy for Users to Obtain Bitcoin Net Income is a Competitive Business Model: TAIPEI, TAIWAN / ACCESSWIRE /July5, 2019 /From July 2nd to 3rd, 2019, RRMine (www.rrmine.com) made its debut at the Asian Blockchain Summit in an internationalized manner, which attracted wide attention and high recognition from the industry.
The Asian Blockchain Summit (ABS) is an authoritative activity in the blockchain and is highly forward-looking. Attracting more than 50 countries, more than 300 enterprises, 100 industry leaders and more than 4,000 participants worldwide, they are working hard to lay the foundation for a growing blockchain ecosystem.
Can everyone still have bitcoin easily? Bitcoin prices soared, investors struggled with admission time and feared missing the bull market.
Recently, BTC rose rapidly and returned to 10,000 US dollars on June 22. The soaring earnings of Bitcoin miners have also attracted many miners to enter the market, which increase Hash Power difficulty. The high costs of electricity, mining machines and operation have also risen in the bull market. Obviously, it is too late to start mining. However, bitcoin may rise or fall by more than US$ 1,000 a day. Miners dare not buy bitcoin rashly, but they are worried about missing the bull market. Every day is a good time to enter for the digging of bitcoin without hesitations. The rise and fall of the currency price only determine the rate of return. Bitcoin proceeds are deposited into the account according to talent and can be withdrawn at any time. When it expires, it guarantees the successful transfer of Hash Power contract to recover the principal. It can be said that it makes steady profits and will not lose money.
RRMine Platform Digs Mine, Users Enjoy Net Bitcoin Return
RRMine founding team clearly proposed the model of the Hash Power asset management platform and conducted in-depth discussions with professionals in the blockchain industry such as investment institutions, financial services giants, international media and policy groups.
RRMine realizes the coupling of Hash Power supply end and demand end. No matter what market Bitcoin is in, users can enjoy net return of pure currency without hardware, electricity, operation and other costs.
• Flexible investment types: Users can buy out 1-month, 3-month and 6-month cloud Hash Power contracts according to their own needs to obtain the right to corresponding income Bitcoin.
• Exit security: when the contract expires, the user can choose to continue holding Hash Power or transfer it. The RRMine platform guarantees that the cloud Hash Power purchased by the user can be purchased by a third party or bought back by the platform at the original price, and the user can recover the cost.
• Diversification of income: RRMine further innovates in finance and digitizes Hash Power based on "cloud Hash Power mining". besides obtaining bitcoin income through mining, users have solved the liquidity problem of Hash Power assets in the secondary market, allowing users to obtain greater returns at minimum cost.
The RRMine mining mode considers safety and high returns, making it easy for users to manage Hash Power assets and allowing Hash Power assets to appreciate steadily. With the vision of making bitcoin easy for everyone to own, an innovative global Hash Power asset management platform has been built.
Hash Power is the engine that drives RRMine.
RRMine sees Million Action as a global technology and operations services company. Although RRMine is the first show, its strength cannot be underestimated after two years of careful deliberation. Only by relying on the strong global Hash Power can we build a Hash Power asset management platform. As of June 2019, RRMine Hash Power is supplied from 17 modern mines in the world, distributed in China, the United States, Canada and other places, and currently has a power supply capacity of over 1 billion degrees per year. More than 100,000 mining machines continuously output more than 1,100,000 t of global node total Hash Power 7x24, and will build a global super Hash Power center, which is expected to contribute more than 10% of the total Hash Power of bitcoin network.
RRMine is ambitious and adopts a global expansion strategy. It will officially release the global version on July 1, 2019, and quickly enter the international perspective through the 2019 Asian blockchain conference, we believe that with the bitcoin bull market, RRMine will establish more cooperation and the future potential remains to be seen.
Email:[email protected]
SOURCE: RRMine
View source version on accesswire.com:https://www.accesswire.com/551058/RRMine-Making-it-Safe-and-Easy-for-Users-to-Obtain-Bitcoin-Net-Income-is-a-Competitive-Business-Model || RRMine: Making it Safe and Easy for Users to Obtain Bitcoin Net Income is a Competitive Business Model: TAIPEI, TAIWAN / ACCESSWIRE /July5, 2019 /From July 2nd to 3rd, 2019, RRMine (www.rrmine.com) made its debut at the Asian Blockchain Summit in an internationalized manner, which attracted wide attention and high recognition from the industry.
The Asian Blockchain Summit (ABS) is an authoritative activity in the blockchain and is highly forward-looking. Attracting more than 50 countries, more than 300 enterprises, 100 industry leaders and more than 4,000 participants worldwide, they are working hard to lay the foundation for a growing blockchain ecosystem.
Can everyone still have bitcoin easily? Bitcoin prices soared, investors struggled with admission time and feared missing the bull market.
Recently, BTC rose rapidly and returned to 10,000 US dollars on June 22. The soaring earnings of Bitcoin miners have also attracted many miners to enter the market, which increase Hash Power difficulty. The high costs of electricity, mining machines and operation have also risen in the bull market. Obviously, it is too late to start mining. However, bitcoin may rise or fall by more than US$ 1,000 a day. Miners dare not buy bitcoin rashly, but they are worried about missing the bull market. Every day is a good time to enter for the digging of bitcoin without hesitations. The rise and fall of the currency price only determine the rate of return. Bitcoin proceeds are deposited into the account according to talent and can be withdrawn at any time. When it expires, it guarantees the successful transfer of Hash Power contract to recover the principal. It can be said that it makes steady profits and will not lose money.
RRMine Platform Digs Mine, Users Enjoy Net Bitcoin Return
RRMine founding team clearly proposed the model of the Hash Power asset management platform and conducted in-depth discussions with professionals in the blockchain industry such as investment institutions, financial services giants, international media and policy groups.
RRMine realizes the coupling of Hash Power supply end and demand end. No matter what market Bitcoin is in, users can enjoy net return of pure currency without hardware, electricity, operation and other costs.
• Flexible investment types: Users can buy out 1-month, 3-month and 6-month cloud Hash Power contracts according to their own needs to obtain the right to corresponding income Bitcoin.
• Exit security: when the contract expires, the user can choose to continue holding Hash Power or transfer it. The RRMine platform guarantees that the cloud Hash Power purchased by the user can be purchased by a third party or bought back by the platform at the original price, and the user can recover the cost.
• Diversification of income: RRMine further innovates in finance and digitizes Hash Power based on "cloud Hash Power mining". besides obtaining bitcoin income through mining, users have solved the liquidity problem of Hash Power assets in the secondary market, allowing users to obtain greater returns at minimum cost.
The RRMine mining mode considers safety and high returns, making it easy for users to manage Hash Power assets and allowing Hash Power assets to appreciate steadily. With the vision of making bitcoin easy for everyone to own, an innovative global Hash Power asset management platform has been built.
Hash Power is the engine that drives RRMine.
RRMine sees Million Action as a global technology and operations services company. Although RRMine is the first show, its strength cannot be underestimated after two years of careful deliberation. Only by relying on the strong global Hash Power can we build a Hash Power asset management platform. As of June 2019, RRMine Hash Power is supplied from 17 modern mines in the world, distributed in China, the United States, Canada and other places, and currently has a power supply capacity of over 1 billion degrees per year. More than 100,000 mining machines continuously output more than 1,100,000 t of global node total Hash Power 7x24, and will build a global super Hash Power center, which is expected to contribute more than 10% of the total Hash Power of bitcoin network.
RRMine is ambitious and adopts a global expansion strategy. It will officially release the global version on July 1, 2019, and quickly enter the international perspective through the 2019 Asian blockchain conference, we believe that with the bitcoin bull market, RRMine will establish more cooperation and the future potential remains to be seen.
Email:[email protected]
SOURCE: RRMine
View source version on accesswire.com:https://www.accesswire.com/551058/RRMine-Making-it-Safe-and-Easy-for-Users-to-Obtain-Bitcoin-Net-Income-is-a-Competitive-Business-Model || RRMine: Making it Safe and Easy for Users to Obtain Bitcoin Net Income is a Competitive Business Model: TAIPEI, TAIWAN / ACCESSWIRE / July 5, 2019 / From July 2nd to 3rd, 2019, RRMine ( www.rrmine.com ) made its debut at the Asian Blockchain Summit in an internationalized manner, which attracted wide attention and high recognition from the industry. The Asian Blockchain Summit (ABS) is an authoritative activity in the blockchain and is highly forward-looking. Attracting more than 50 countries, more than 300 enterprises, 100 industry leaders and more than 4,000 participants worldwide, they are working hard to lay the foundation for a growing blockchain ecosystem. Can everyone still have bitcoin easily? Bitcoin prices soared, investors struggled with admission time and feared missing the bull market. Recently, BTC rose rapidly and returned to 10,000 US dollars on June 22. The soaring earnings of Bitcoin miners have also attracted many miners to enter the market, which increase Hash Power difficulty. The high costs of electricity, mining machines and operation have also risen in the bull market. Obviously, it is too late to start mining. However, bitcoin may rise or fall by more than US$ 1,000 a day. Miners dare not buy bitcoin rashly, but they are worried about missing the bull market. Every day is a good time to enter for the digging of bitcoin without hesitations. The rise and fall of the currency price only determine the rate of return. Bitcoin proceeds are deposited into the account according to talent and can be withdrawn at any time. When it expires, it guarantees the successful transfer of Hash Power contract to recover the principal. It can be said that it makes steady profits and will not lose money. RRMine Platform Digs Mine, Users Enjoy Net Bitcoin Return RRMine founding team clearly proposed the model of the Hash Power asset management platform and conducted in-depth discussions with professionals in the blockchain industry such as investment institutions, financial services giants, international media and policy groups. Story continues RRMine realizes the coupling of Hash Power supply end and demand end. No matter what market Bitcoin is in, users can enjoy net return of pure currency without hardware, electricity, operation and other costs. Flexible investment types: Users can buy out 1-month, 3-month and 6-month cloud Hash Power contracts according to their own needs to obtain the right to corresponding income Bitcoin. Exit security: when the contract expires, the user can choose to continue holding Hash Power or transfer it. The RRMine platform guarantees that the cloud Hash Power purchased by the user can be purchased by a third party or bought back by the platform at the original price, and the user can recover the cost. Diversification of income: RRMine further innovates in finance and digitizes Hash Power based on "cloud Hash Power mining". besides obtaining bitcoin income through mining, users have solved the liquidity problem of Hash Power assets in the secondary market, allowing users to obtain greater returns at minimum cost. The RRMine mining mode considers safety and high returns, making it easy for users to manage Hash Power assets and allowing Hash Power assets to appreciate steadily. With the vision of making bitcoin easy for everyone to own, an innovative global Hash Power asset management platform has been built. Hash Power is the engine that drives RRMine. RRMine sees Million Action as a global technology and operations services company. Although RRMine is the first show, its strength cannot be underestimated after two years of careful deliberation. Only by relying on the strong global Hash Power can we build a Hash Power asset management platform. As of June 2019, RRMine Hash Power is supplied from 17 modern mines in the world, distributed in China, the United States, Canada and other places, and currently has a power supply capacity of over 1 billion degrees per year. More than 100,000 mining machines continuously output more than 1,100,000 t of global node total Hash Power 7x24, and will build a global super Hash Power center, which is expected to contribute more than 10% of the total Hash Power of bitcoin network. RRMine is ambitious and adopts a global expansion strategy. It will officially release the global version on July 1, 2019, and quickly enter the international perspective through the 2019 Asian blockchain conference, we believe that with the bitcoin bull market, RRMine will establish more cooperation and the future potential remains to be seen. Email: [email protected] SOURCE : RRMine View source version on accesswire.com: https://www.accesswire.com/551058/RRMine-Making-it-Safe-and-Easy-for-Users-to-Obtain-Bitcoin-Net-Income-is-a-Competitive-Business-Model || Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 06/07/19: Bitcoin Cash ABC rose by 0.46% on Friday. Partially reversing a 5% slide from Thursday, Bitcoin Cash ABC ended the day at $400.0.
A choppy day saw Bitcoin Cash ABC slide to a mid-morning intraday low $393.06 before finding support. Steering clear of the first major support level at $390.63, Bitcoin Cash ABC rallied to a late morning intraday high $411.50.
In spite of the upswing, Bitcoin Cash ABC fell short of the first major resistance level at $413.25 and 23.6% FIB of $418.
Easing back through the afternoon, Bitcoin Cash ABC slid back to $396 levels before a late recovery to $400 levels.
At the time of writing, Bitcoin Cash ABC was up by 1.13% to $404.5. A bullish start to the day saw Bitcoin Cash ABC rise from a morning low $400.67 to a high $404.5.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, a hold above $401.5 would support a run at the first major resistance level at $409.98.
Bitcoin Cash ABC would need the continued support of the broader market, however, to take a run on Thursday’s high $411.5.
Barring a broad-based crypto rally, Bitcoin Cash ABC would likely fall short of recovery through the 23.6% FIB of $418.0.
Failure to hold above $401.5 could see Bitcoin Cash ABC test the first major support level at $391.54.
Barring a crypto meltdown, Bitcoin Cash ABC should steer clear of sub-$390 support levels on the day.
Litecoin fell by 0.79% on Friday. Following on from a 1.8% fall from Thursday, Litecoin ended the day at $118.54.
A choppy morning saw Litecoin fall to a low $116.88 before striking a late morning intraday high $120.85.
The early pullback saw Litecoin fall through the 23.6% FIB of $117 to come within range of the first major support level at $116.62.
In spite of rebound, Litecoin fell short of the first major resistance level at $124.96.
Pulling back through the afternoon, Litecoin fell back through the 23.6% FIB to an intraday low $116.56.
Litecoin tested the first major support level at $116.62 for a 2ndtime on the day before a recovering to $119 levels. A late pullback saw Litecoin fall back into the red for the day.
At the time of writing, Litecoin was up 1.28% to $120.06. Tracking the broader market, Litecoin rose from a morning low $118.41 to a high $120.79 before easing back.
Steering clear of the major support levels, the first major resistance level at $120.74 pinned Litecoin back early on.
For the day ahead, a hold above $118 levels would support another move through the first major resistance level at $120.74.
Litecoin would need support from the broader market, however, to take a run at the second major resistance level at $122.94.
Barring a broad-based crypto rally, Thursday’s high $120.85 and the first major resistance level would likely limit any upside.
Failure to hold above $118 levels could see Litecoin fall through the 23.6% FIB of $117. The first major support level at $116.45 would likely limit any downside.
Ripple’s XRP fell by 2.15% on Friday. Following on from a 4.47% slide from Thursday, Ripple’s XRP ended the day at $0.37948.
A bearish start to the day saw Ripple’s XRP slide from an intraday high $0.38920 to a mid-morning intraday low $0.37405.
The reversal saw Ripple’s XRP fall through the first major support level at $0.3802.
Ripple’s XRP managed to recover to $0.385 levels by late morning before easing back through the 2ndhalf of the day to sub-$0.38 levels.
At the time of writing, Ripple’s XRP was up by 1.34% to $0.38457. A bullish start to the day saw Ripple’s XRP rise from a morning low $0.37936 to a high $0.38612 before easing back.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead, a hold above $0.3810 levels would support further upside on the day. Ripple’s XRP would need the support of the broader market, however, to break through the first major resistance level at $0.3878.
Barring a broad-based crypto rally, Thursday’s high $0.3892 and first major resistance level would likely cap any upside.
Failure to hold above $0.3810 levels could see Ripple’s XRP test the first major support level at $0.3726 before any recovery.
Barring a broad-based crypto sell-off, Ripple’s XRP will likely steer clear of sub-$0.37 levels on the day.
Please let us know what you think in the comments below
Thanks, Bob
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Fundamental Daily Forecast –
• EUR/USD Price Forecast – Euro chops on Monday
• AUD/USD Price Forecast – Australian dollar continues to go sideways
• USD/JPY Price Forecast – US dollar rallies to open week
• Soybeans up But Limited as China Demand Remains Robust
• Forex Daily Recap – Turkish Lira Fell as Edrogan Fired Central Bank Governor
[Social Media Buzz]
Read Free Ethereum: Everything You Need to Know About Ethereum (Cryptocurrency, Bitcoin, Blockchain, Ethereum Book 6) -> https://t.co/ZT7WLUkF1k || New ECB Boss Christine Lagarde Made A Serious Bitcoin Warning via @forbes https://t.co/aYtHQMSYn6 || @parampam09 @ryzenrivera @CoinDeal_ @GetDeepOnion Binance experts say that BTC is starting to grow . I know private channel with market info . And it is free for newcomers !
Look --> https://t.co/BesMBVOea8
⭕ 1820017934 || HODL HODL HODL ...
|
12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69.
|
[Bitcoin Technical Analysis for 2016-11-30]
Volume: 84070800, RSI (14-day): 60.55, 50-day EMA: 702.74, 200-day EMA: 617.52
[Wider Market Context]
Gold Price: 1170.80, Gold RSI: 24.46
Oil Price: 49.44, Oil RSI: 58.67
[Recent News (last 7 days)]
The San Francisco MUNI hacker got hacked: While most people were busy recovering from Thanksgiving and getting ready for massive shopping sprees, a hacker on Friday shut down the San Francisco Municipal Transportation Agency (SFMTA) computer network, asking for $73,000 in Bitcoin to unscramble the data. In ironic turns of events, the hacker was hacked, as a security researcher guessed the answer to the attacker’s email security question. DON’T MISS: There’s a fix for your iPhone 6s’ serious battery drain, but you might not like it The researcher then sent the contents of the hacker’s email address to KrebsOnSecurity . It turns out that the attacker made a poor choice when it comes to security questions for the email address he had to display on the SFMTA’s computer systems. That’s how ransomware attacks work. The hacker has to make an email address available so funds can be transferred to him or her via Bitcoin. Looking at the available data, Krebs was able to discover several interesting things about the hacker of the Muni attack. The attacker did not hit only the SFMTA with ransomware. On November 20th he extorted 63 Bitcoins, or around $45,000, from a US-based manufacturing firm. Krebs says that the criminal got at least $140,000 in Bitcoin since August from several victims, switching Bitcoin wallets regularly. However, the SFMTA refused to pay up, choosing to restore its systems from backups instead. The email hack also sheds some light on how the attack on the SFMTA was possible. Apparently, the hacker did not actively devise methods to attack the public transportation system. Instead, he or she used a server to find vulnerable targets. “It appears our attacker has been using a number of tools which enabled the scanning of large portions of the Internet and several specific targets for vulnerabilities,” Holden Security’s Alex Holden told Krebs. “The most common vulnerability used ‘weblogic unserialize exploit’ and especially targeted Oracle Corp. server products, including Primavera project portfolio management software.” The email also contains elements that could help law enforcement discover the identity, or at least location, of the attacker. According to Krebs, the hacker might be based in Iran, although a phone number connecting the hacker to Russia has also been found — probably a red herring, Krebs said. Read the Krebs’ full report at the source link. Trending right now: What it takes to get a NES Classic Leak reveals another key Galaxy S8 feature that has never been seen before on an iPhone Samsung has started to turn the Galaxy Note 5 into the Note 7 See the original version of this article on BGR.com View comments || The San Francisco MUNI hacker got hacked: While most people were busy recovering from Thanksgiving and getting ready for massive shopping sprees, a hacker on Friday shut down the San Francisco Municipal Transportation Agency (SFMTA) computer network, asking for $73,000 in Bitcoin to unscramble the data. In ironic turns of events, the hacker was hacked, as a security researcher guessed the answer to the attacker’s email security question. DON’T MISS: There’s a fix for your iPhone 6s’ serious battery drain, but you might not like it The researcher then sent the contents of the hacker’s email address to KrebsOnSecurity . It turns out that the attacker made a poor choice when it comes to security questions for the email address he had to display on the SFMTA’s computer systems. That’s how ransomware attacks work. The hacker has to make an email address available so funds can be transferred to him or her via Bitcoin. Looking at the available data, Krebs was able to discover several interesting things about the hacker of the Muni attack. The attacker did not hit only the SFMTA with ransomware. On November 20th he extorted 63 Bitcoins, or around $45,000, from a US-based manufacturing firm. Krebs says that the criminal got at least $140,000 in Bitcoin since August from several victims, switching Bitcoin wallets regularly. However, the SFMTA refused to pay up, choosing to restore its systems from backups instead. The email hack also sheds some light on how the attack on the SFMTA was possible. Apparently, the hacker did not actively devise methods to attack the public transportation system. Instead, he or she used a server to find vulnerable targets. “It appears our attacker has been using a number of tools which enabled the scanning of large portions of the Internet and several specific targets for vulnerabilities,” Holden Security’s Alex Holden told Krebs. “The most common vulnerability used ‘weblogic unserialize exploit’ and especially targeted Oracle Corp. server products, including Primavera project portfolio management software.” The email also contains elements that could help law enforcement discover the identity, or at least location, of the attacker. According to Krebs, the hacker might be based in Iran, although a phone number connecting the hacker to Russia has also been found — probably a red herring, Krebs said. Read the Krebs’ full report at the source link. Trending right now: What it takes to get a NES Classic Leak reveals another key Galaxy S8 feature that has never been seen before on an iPhone Samsung has started to turn the Galaxy Note 5 into the Note 7 See the original version of this article on BGR.com View comments || American Express is increasing its late fees: American Express (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . American Express will be the first major credit card issuer to raise its late payment fees under the Consumer Financial Protection Bureau’s updated allowable limit, according to the Wall Street Journal . At the start of 2017, Amex will begin charging a fee of up to $38 to customers with more than one late payment in a six month period. That's $1 more than what was previously charged by the card issuer, but could give the firm a solid revenue boost. Late fees could prove to be very lucrative in the current card market. As credit card usage increases, it's likely the number of delinquent accounts will also grow. Credit card accounts and usage are close to pre-recession numbers once again, according to Forbes. That's leading to a big rise in usage — US credit card debt is on track to hit $1 trillion this year, according to the Wall Street Journal . That could help explain the rise in delinquent accounts — since 2013, the percentage of accounts at least 90 days delinquent six months after origination has increased, according to Forbes. Late fees could be a vital revenue source. Nearly one in five active credit-card accounts incur a late fee, according to CFPB data used by the Wall Street Journal. This is significant, considering credit card companies were able to collect roughly $10.8 billion in fees during 2015 from these late payments. And for Amex, that revenue could be critical as the issuer grapples with the loss of Costco.Based on 2015 numbers, if Amex is able to capture just 1% of the late fee market, that's roughly $100 million in revenue — a figure that could grow as the market expands following the updated allowable limit. Although this revenue could boost any card network, it could be particularly beneficial to Amex in light of the firm's sale of its Costco cobrand portfolio to Citigroup earlier this year. Story continues Costco had 11.6 million cardholders and accounted for 8% of the firm's $1 trillion global billed business in 2015. As the firm realizes the impact of the Costco sale, it is looking for additional sources of revenue. Finding a way to capitalize on growing card spend and delinquencies could be one such way among a variety of strategies. The CFPB's new guidelines could have a significant effect on the payments ecosystem, which has grown in the last several years to include merchants, issuers, acquirers, processors, and more. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem THE DIGITAL REMITTANCE REPORT: The new platforms disrupting a $600 billion industry Credit cards are going the way of fax machines || American Express is increasing its late fees: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
American Express will be the first major credit card issuer to raise its late payment fees under the Consumer Financial Protection Bureau’s updated allowable limit, according to theWall Street Journal.
At the start of 2017, Amex will begin charging a fee of up to $38 to customers with more than one late payment in a six month period. That's $1 more than what was previously charged by the card issuer, but could give the firm a solid revenue boost.
Late fees could prove to be very lucrative in the current card market.
• As credit card usage increases, it's likely the number of delinquent accounts will also grow. Credit card accounts and usage are close to pre-recession numbers once again,accordingto Forbes. That's leading to a big rise in usage — US credit card debt is on track to hit $1 trillion this year, according to theWall Street Journal. That could help explain the rise in delinquent accounts — since 2013, the percentage of accounts at least 90 days delinquent six months after origination has increased, according to Forbes.
• Late fees could be a vital revenue source. Nearly one in five active credit-card accounts incur a late fee, according to CFPB data used by the Wall Street Journal. This is significant, considering credit card companies were able to collect roughly $10.8 billion in fees during 2015 from these late payments.
And for Amex, that revenue could be critical as the issuer grapples with the loss of Costco.Based on 2015 numbers, if Amex is able to capture just 1% of the late fee market, that's roughly $100 million in revenue — a figure that could grow as the market expands following the updated allowable limit. Although this revenue could boost any card network, it could be particularly beneficial to Amex in light of the firm's sale of its Costco cobrand portfolio to Citigroup earlier this year.
Costco had 11.6 million cardholders and accounted for 8% of the firm's $1 trillion global billed business in 2015. As the firm realizes the impact of the Costco sale, it is looking for additional sources of revenue. Finding a way to capitalize on growing card spend and delinquencies could be one such way among a variety of strategies.
The CFPB's new guidelines could have a significant effect on the payments ecosystem, which has grown in the last several years to include merchants, issuers, acquirers, processors, and more.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE DIGITAL REMITTANCE REPORT: The new platforms disrupting a $600 billion industry
• Credit cards are going the way of fax machines || MGT to Present at the 9th Annual LD Micro Main Event: LOS ANGELES, CA / ACCESSWIRE / November 28, 2016 / MGT Capital Investments, Inc . ( MGTI ) announced today that it will be presenting at the 9th annual LD Micro Main Event on Thursday, December 8th at 11:30 AM PST / 2:30 PM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. John McAfee, Executive Chairman and Chief Executive Officer, and Robert Ladd, President, will be presenting, as well as meeting with investors. The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names. View MGT's profile here: http://www.ldmicro.com/profile/MGTI News Compliments of Accesswire . About MGT Capital Investments, Inc. MGT Capital Investments, Inc. ( MGTI ) is in the process of acquiring a diverse portfolio of cyber security technologies and ramping up its Bitcoin mining operations in the state of Washington. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smartphones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform. MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc," and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY. For more information on the Company, please visit http://ir.stockpr.com/mgtci . About LD Micro LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe. Story continues For those interested in attending, please contact David Scher at [email protected] or visit www.ldmicro.com/events for more information. Investor Contact Garth Russell Managing Director KCSA Strategic Communications [email protected] 212.896.1250 Media Contact Tiffany Madison Director of Corporate Communications MGT Capital Investments, Inc. [email protected] 469.236.9569 SOURCE: MGT Capital Investments, Inc. via LD Micro || MGT to Present at the 9th Annual LD Micro Main Event: LOS ANGELES, CA / ACCESSWIRE / November 28, 2016 /MGT Capital Investments, Inc. (MGTI) announced today that it will be presenting at the 9th annual LD Micro Main Event on Thursday, December 8th at 11:30 AM PST / 2:30 PM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. John McAfee, Executive Chairman and Chief Executive Officer, and Robert Ladd, President, will be presenting, as well as meeting with investors.
The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names.
View MGT's profile here:http://www.ldmicro.com/profile/MGTI
News Compliments ofAccesswire.
About MGT Capital Investments, Inc.
MGT Capital Investments, Inc. (MGTI) is in the process of acquiring a diverse portfolio of cyber security technologies and ramping up its Bitcoin mining operations in the state of Washington. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smartphones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform.
MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc," and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY.
For more information on the Company, please visithttp://ir.stockpr.com/mgtci.
About LD Micro
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event).
In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe.
For those interested in attending, please contact David Scher [email protected] visitwww.ldmicro.com/eventsfor more information.
Investor ContactGarth RussellManaging DirectorKCSA Strategic [email protected]
Media ContactTiffany MadisonDirector of Corporate CommunicationsMGT Capital Investments, [email protected]
SOURCE:MGT Capital Investments, Inc. via LD Micro || Tips on How to Protect Your Private Information On Black Friday and Cyber Monday: Americans will line up around stores and standby their computers or smartphones to take advantage of Black Friday and Cyber Monday deals, but protecting their private information should also be priority for shoppers. During the holiday season many shoppers are harmed by failing to take simple precautions, says Gene Richardson, COO of Experts Exchange , a network for technology professionals. In Store Vs. Online Retail stores are one of the top areas identity thieves go after, Richardson said in an email to the IBTimes. A large number of some of the biggest identity thefts in the past few years were at large retail stores, he says. Long lines and busy cashiers could potentially put your private information at risk. “All the clerk cares about is getting you through the line as fast as they can so they can deal with the next customer and hope that none of you are angry,” says Richardson. “So, if there is a hiccup with your transaction, they will take “backup” paths to complete your transaction like entering your credit card number by hand.” Richardson, who is also the former head of the data security teams IBM, Charles Schwab and Motorola, says customers should never give their credit card to someone to perform a transaction by entering a card number. “Hand transactions are a huge risk for identity theft,” he says. Customers should also avoid buying if a cashier’s computer is down or too busy, unless it’s with cash, or try to go back later. Credit card scanners are also a threat to customers, as some of them may be rigged to copy a person’s information so that a duplicate credit card can be made. People may be less exposed to this action in large retail stores, but the risk is higher in smaller boutiques shops, says Richardson. Customers should also make sure their credit card number is not printed on receipts and should instead have XXX's where the number is displayed. But online purchases can be riskier because of all the extra information customers hand over, like their name, address, phone number, credit card information, expiration date and CSV. Story continues “They ask for so much more information from you to validate who you are than a purchase in a retail store,” says Richardson. “You have no control of who or where that information is going.” Tips to Protect Yourself Here are Richardson’s tips for shoppers on how they can protect themselves on Black Friday and Cyber Monday: Ensure that the website address is secure and has a valid encryption certificate. It will usually display a “locked, green” indicator in front of the website name. If it doesn’t have that, it does not have a higher level of security that has been guaranteed by a known entity like Verisign, Symantec and others. Ensure your system has the most recent recommended system and security patches. Always use a credit card that is not tied directly to your personal bank account(s), even if you are using PayPal, Bitcoin or some other payment method. Never give anything other than name, address and phone number. You should not need to answer security or privacy questions when making a purchase or checking out. If they ask, see if you can checkout as a “guest” instead. Monitor your credit through a third party for identify theft and have SMS and email alerts sent to you immediately. Set-up alerts with your credit card company that send both SMS and emails when any purchases are made and the credit card was not scanned (meaning, it wasn’t in someone’s hand when the charge was made). Set them as low as $25 per purchase. Also, set-up alerts for total purchases over $500 in a billing period to protect multiple $24.99 purchases. And if possible, a maximum amount of purchases allowed in a billing period such as $1500 before card will get declined. Ensure that you have a reputable Antivirus program running on your computer and that your browser has an Ad blocking plug-in. (Richardson recommends Norton, McAfee or ESET.) Ensure that the network your computer/device is on is secure and you know who has access to your network. This is usually done with your router. You want to lock down your router so that traffic can be initiated from the inside-out but you do not want traffic to be initiated from the outside-in. If you are using a WiFi connection, make sure that network is also secure and requires a password to join. If it is a public WiFi network that doesn’t require a password, then the traffic coming from your device can be monitored and stolen. (Link to onsite how-to article?) Any passwords that you use should be strong, hard to guess ones. Or, even better, hard to guess, but easy to remember . Don’t click on unfamiliar links to sites advertising sales, coupons, etc. Use two-factor authentication/verification, if it is offered. Shopping on Mobile Devices One in 10 mobile apps that are found through searching “Black Friday” are blacklisted as malicious, according to cyber security company RiskIQ An estimated 30 percent of purchases will be made on mobile devices, RiskIQ says. Shopping on mobile devices can substantially increase the risk of encountering phishing pages, malicious apps, and viruses that infect customers’ smartphones and tablets to steal money and private information. There are also fake apps out there that contain malware that can steal customers’ data or lock the device until the user pays a ransom, says RiskIQ. Other malicious apps may ask consumers to use their Facebook or Gmail logins, which could compromise their private information. Tips For Safe Shopping on Mobile Devices Here are some tips from RiskIQ: Ensure that you are only downloading apps from official app stores such as Google or Apple Be wary of applications that ask for suspicious permissions, like access to contacts, text messages, administrative features, stored passwords, or credit card info. Just because an app appears to have a good reputation doesn’t make it so. Rave reviews can be forged, and a high amount of downloads can simply indicate a threat actor was successful in fooling a lot of victims. Before downloading an app, be sure to take a look at the developer—if it’s not a brand you recognize or has a strange appearance or spelling, think twice. You can even do a Google search on the developer for more clues about its reputation. Make sure to take a deep look at each app. New developers, or developers that leverage free email services (e.g., @gmail) for their developer contact, can be enormous red flags— threat actors often use these services to produce mass amounts of malicious apps in a short period. Also, poor grammar in the description highlights the haste of development and the lack of marketing professionalism that are hallmarks of mobile malware campaigns. Check website addresses after following links on Twitter, Facebook, or other social media channels to be sure you end up on the true website of the retailer you want. Look for the “S” in HTTPS when you visit shopping sites. Beware of shopping sites that do not use HTTPS in their website addresses or do not display the symbol of a lock next to the web address. Secure sites use HTTPS, and without that, you’re dealing with unsecured connections or weak encryption of personal data. Never provide your credit card information unless you are in a secure online shopping portal. Sites that ask for it in return for “coupons” or to win “free” merchandise are almost always scams. Protect Yourself From a Major Headache For those who might not want to go through the hassle of setting up credit card alerts on purchases or locking down their router, it’s important to remember that it can and save consumers from a major headache. “Identity theft could cost you several thousand dollars in actual money and can cost you a lot more in your personal time and future anticipated losses cleaning up after the fact,” Richardson said. “The impact of identity theft could last years as you personally have to work to call all your creditors to fix your credit, loss of credibility for future purchases of a home, car, etc. as your credit scores will have been impacted, the effect on future employment opportunities as background checks are run and many, many more,” he added. Related Articles $100 Off HTC Vive On Black Friday and Cyber Monday American Consumers Prep For Cyber Monday || Tips on How to Protect Your Private Information On Black Friday and Cyber Monday: Americans will line up around stores and standby their computers or smartphones to take advantage of Black Friday and Cyber Monday deals, but protecting their private information should also be priority for shoppers. During the holiday season many shoppers are harmed by failing to take simple precautions, says Gene Richardson, COO of Experts Exchange , a network for technology professionals. In Store Vs. Online Retail stores are one of the top areas identity thieves go after, Richardson said in an email to the IBTimes. A large number of some of the biggest identity thefts in the past few years were at large retail stores, he says. Long lines and busy cashiers could potentially put your private information at risk. “All the clerk cares about is getting you through the line as fast as they can so they can deal with the next customer and hope that none of you are angry,” says Richardson. “So, if there is a hiccup with your transaction, they will take “backup” paths to complete your transaction like entering your credit card number by hand.” Richardson, who is also the former head of the data security teams IBM, Charles Schwab and Motorola, says customers should never give their credit card to someone to perform a transaction by entering a card number. “Hand transactions are a huge risk for identity theft,” he says. Customers should also avoid buying if a cashier’s computer is down or too busy, unless it’s with cash, or try to go back later. Credit card scanners are also a threat to customers, as some of them may be rigged to copy a person’s information so that a duplicate credit card can be made. People may be less exposed to this action in large retail stores, but the risk is higher in smaller boutiques shops, says Richardson. Customers should also make sure their credit card number is not printed on receipts and should instead have XXX's where the number is displayed. But online purchases can be riskier because of all the extra information customers hand over, like their name, address, phone number, credit card information, expiration date and CSV. Story continues “They ask for so much more information from you to validate who you are than a purchase in a retail store,” says Richardson. “You have no control of who or where that information is going.” Tips to Protect Yourself Here are Richardson’s tips for shoppers on how they can protect themselves on Black Friday and Cyber Monday: Ensure that the website address is secure and has a valid encryption certificate. It will usually display a “locked, green” indicator in front of the website name. If it doesn’t have that, it does not have a higher level of security that has been guaranteed by a known entity like Verisign, Symantec and others. Ensure your system has the most recent recommended system and security patches. Always use a credit card that is not tied directly to your personal bank account(s), even if you are using PayPal, Bitcoin or some other payment method. Never give anything other than name, address and phone number. You should not need to answer security or privacy questions when making a purchase or checking out. If they ask, see if you can checkout as a “guest” instead. Monitor your credit through a third party for identify theft and have SMS and email alerts sent to you immediately. Set-up alerts with your credit card company that send both SMS and emails when any purchases are made and the credit card was not scanned (meaning, it wasn’t in someone’s hand when the charge was made). Set them as low as $25 per purchase. Also, set-up alerts for total purchases over $500 in a billing period to protect multiple $24.99 purchases. And if possible, a maximum amount of purchases allowed in a billing period such as $1500 before card will get declined. Ensure that you have a reputable Antivirus program running on your computer and that your browser has an Ad blocking plug-in. (Richardson recommends Norton, McAfee or ESET.) Ensure that the network your computer/device is on is secure and you know who has access to your network. This is usually done with your router. You want to lock down your router so that traffic can be initiated from the inside-out but you do not want traffic to be initiated from the outside-in. If you are using a WiFi connection, make sure that network is also secure and requires a password to join. If it is a public WiFi network that doesn’t require a password, then the traffic coming from your device can be monitored and stolen. (Link to onsite how-to article?) Any passwords that you use should be strong, hard to guess ones. Or, even better, hard to guess, but easy to remember . Don’t click on unfamiliar links to sites advertising sales, coupons, etc. Use two-factor authentication/verification, if it is offered. Shopping on Mobile Devices One in 10 mobile apps that are found through searching “Black Friday” are blacklisted as malicious, according to cyber security company RiskIQ An estimated 30 percent of purchases will be made on mobile devices, RiskIQ says. Shopping on mobile devices can substantially increase the risk of encountering phishing pages, malicious apps, and viruses that infect customers’ smartphones and tablets to steal money and private information. There are also fake apps out there that contain malware that can steal customers’ data or lock the device until the user pays a ransom, says RiskIQ. Other malicious apps may ask consumers to use their Facebook or Gmail logins, which could compromise their private information. Tips For Safe Shopping on Mobile Devices Here are some tips from RiskIQ: Ensure that you are only downloading apps from official app stores such as Google or Apple Be wary of applications that ask for suspicious permissions, like access to contacts, text messages, administrative features, stored passwords, or credit card info. Just because an app appears to have a good reputation doesn’t make it so. Rave reviews can be forged, and a high amount of downloads can simply indicate a threat actor was successful in fooling a lot of victims. Before downloading an app, be sure to take a look at the developer—if it’s not a brand you recognize or has a strange appearance or spelling, think twice. You can even do a Google search on the developer for more clues about its reputation. Make sure to take a deep look at each app. New developers, or developers that leverage free email services (e.g., @gmail) for their developer contact, can be enormous red flags— threat actors often use these services to produce mass amounts of malicious apps in a short period. Also, poor grammar in the description highlights the haste of development and the lack of marketing professionalism that are hallmarks of mobile malware campaigns. Check website addresses after following links on Twitter, Facebook, or other social media channels to be sure you end up on the true website of the retailer you want. Look for the “S” in HTTPS when you visit shopping sites. Beware of shopping sites that do not use HTTPS in their website addresses or do not display the symbol of a lock next to the web address. Secure sites use HTTPS, and without that, you’re dealing with unsecured connections or weak encryption of personal data. Never provide your credit card information unless you are in a secure online shopping portal. Sites that ask for it in return for “coupons” or to win “free” merchandise are almost always scams. Protect Yourself From a Major Headache For those who might not want to go through the hassle of setting up credit card alerts on purchases or locking down their router, it’s important to remember that it can and save consumers from a major headache. “Identity theft could cost you several thousand dollars in actual money and can cost you a lot more in your personal time and future anticipated losses cleaning up after the fact,” Richardson said. “The impact of identity theft could last years as you personally have to work to call all your creditors to fix your credit, loss of credibility for future purchases of a home, car, etc. as your credit scores will have been impacted, the effect on future employment opportunities as background checks are run and many, many more,” he added. Related Articles $100 Off HTC Vive On Black Friday and Cyber Monday American Consumers Prep For Cyber Monday || First Bitcoin Capital Corp Announces Appointment of Bitcoin Protocol Development Expert Patrick Dugan to the Company’s Board of Directors. Additional Developments Announced: VANCOUVER, B.C. / ACCESSWIRE / November 23, 2016 / First Bitcoin Capital Corp is pleased to announce that leading bitcoin protocol development expert in the crypto currency field Patrick Dugan has joined the company's Board of Directors. A serial entrepreneur with several years of experience in blockchain, finance, ecommerce and game development, Mr. Dugan has extensive knowledge of complex securitization structures and trading strategies. Mr. Dugan brings 9 years of trading experience, with over 3 years in cryptocurrency trading, averaging 50% annual returns. He served as a consultant on social game economics, and market making operations for exchanges. Mr. Dugan has served for the last year and a half as operations manager for the Omni Layer Foundation (previously Mastercoin), and has been involved in the issuance of the world's first bearer bonds on the Bitcoin blockchain. "Patrick Dugan is well known in the international crypto-currency space," the company said. "He brings a wealth of strategic experience in finance and blockchain business development. We look forward to his contributions as a member of our Board as we advance the development of the world’s first on-blockchain REIT offering." Mrs. Dugan said he seeks to bring to First Bitcoin Capital his expertise in bitcoin and blockchain protocol and assist new or existing initiatives that plan to build upon and take advantage of the capabilities offered by the Omni Layer protocol. BITCF has thus far utilized the Omni Layer Protocol to launch 6 cryptocurrencies such as symbols, PRES, TESLA, HILL, GARY, BURN, and OTX. Furthermore, in conjunction with BITCF expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company invites its shareholders to exercise an option to convert their paper certificates into digital shares. Shareholders need only surrender their certificates with instruction to deliver those shares to the BIT wallet address they provide to the company. Story continues About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets. www.BITCoinCapitalcorp.com company website. www.CoinQX.com Cryptocurrency Exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins. Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || First Bitcoin Capital Corp Announces Appointment of Bitcoin Protocol Development Expert Patrick Dugan to the Company’s Board of Directors. Additional Developments Announced: VANCOUVER, B.C. / ACCESSWIRE / November 23, 2016 /First Bitcoin Capital Corp is pleased to announce that leading bitcoin protocol development expert in the crypto currency field Patrick Dugan has joined the company's Board of Directors.
A serial entrepreneur with several years of experience in blockchain, finance, ecommerce and game development, Mr. Dugan has extensive knowledge of complex securitization structures and trading strategies.
Mr. Dugan brings 9 years of trading experience, with over 3 years in cryptocurrency trading, averaging 50% annual returns. He served as a consultant on social game economics, and market making operations for exchanges.
Mr. Dugan has served for the last year and a half as operations manager for the Omni Layer Foundation (previously Mastercoin), and has been involved in the issuance of the world's first bearer bonds on the Bitcoin blockchain.
"Patrick Dugan is well known in the international crypto-currency space," the company said. "He brings a wealth of strategic experience in finance and blockchain business development. We look forward to his contributions as a member of our Board as we advance the development of the world’s first on-blockchain REIT offering."
Mrs. Dugan said he seeks to bring to First Bitcoin Capital his expertise in bitcoin and blockchain protocol and assist new or existing initiatives that plan to build upon and take advantage of the capabilities offered by the Omni Layer protocol. BITCF has thus far utilized the Omni Layer Protocol to launch 6 cryptocurrencies such as symbols, PRES, TESLA, HILL, GARY, BURN, and OTX.
Furthermore, in conjunction with BITCF expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company invites its shareholders to exercise an option to convert their paper certificates into digital shares. Shareholders need only surrender their certificates with instruction to deliver those shares to the BIT wallet address they provide to the company.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Corp Announces Appointment of Bitcoin Protocol Development Expert Patrick Dugan to the Company’s Board of Directors. Additional Developments Announced: VANCOUVER, B.C. / ACCESSWIRE / November 23, 2016 /First Bitcoin Capital Corp is pleased to announce that leading bitcoin protocol development expert in the crypto currency field Patrick Dugan has joined the company's Board of Directors.
A serial entrepreneur with several years of experience in blockchain, finance, ecommerce and game development, Mr. Dugan has extensive knowledge of complex securitization structures and trading strategies.
Mr. Dugan brings 9 years of trading experience, with over 3 years in cryptocurrency trading, averaging 50% annual returns. He served as a consultant on social game economics, and market making operations for exchanges.
Mr. Dugan has served for the last year and a half as operations manager for the Omni Layer Foundation (previously Mastercoin), and has been involved in the issuance of the world's first bearer bonds on the Bitcoin blockchain.
"Patrick Dugan is well known in the international crypto-currency space," the company said. "He brings a wealth of strategic experience in finance and blockchain business development. We look forward to his contributions as a member of our Board as we advance the development of the world’s first on-blockchain REIT offering."
Mrs. Dugan said he seeks to bring to First Bitcoin Capital his expertise in bitcoin and blockchain protocol and assist new or existing initiatives that plan to build upon and take advantage of the capabilities offered by the Omni Layer protocol. BITCF has thus far utilized the Omni Layer Protocol to launch 6 cryptocurrencies such as symbols, PRES, TESLA, HILL, GARY, BURN, and OTX.
Furthermore, in conjunction with BITCF expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company invites its shareholders to exercise an option to convert their paper certificates into digital shares. Shareholders need only surrender their certificates with instruction to deliver those shares to the BIT wallet address they provide to the company.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp.
[Social Media Buzz]
$729.02 #bitstamp;
$731.21 #bitfinex;
$729.58 #GDAX;
$733.00 #btce;
$733.88 #gemini;
$731.99 #itBit;
#bitcoin new… http://bit.ly/1VI6Yse || One Bitcoin now worth $742.06@bitstamp. High $744.49. Low $727.00. Market Cap $11.884 Billion #bitcoin || #bitcoin #miner Antminer S7, bitcoin, S7 miner, no psu $400.00 http://ift.tt/2gJHYyF pic.twitter.com/vm3f81JyuE || $732.82 #bitfinex;
$729.00 #bitstamp;
$733.60 #GDAX;
$733.00 #btce;
$732.99 #gemini;
$732.74 #itBit;
#bitcoin news: http://bit.ly/1VI6Ys...
|
756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87.
|
[Bitcoin Technical Analysis for 2015-10-16]
Volume: 35901500, RSI (14-day): 76.89, 50-day EMA: 242.44, 200-day EMA: 250.47
[Wider Market Context]
Gold Price: 1183.60, Gold RSI: 67.77
Oil Price: 47.26, Oil RSI: 53.41
[Recent News (last 7 days)]
Caribbean's Next Top Model Set for Season 2 Premiere: MIAMI, FL--(Marketwired - Oct 15, 2015) - On October 19, young women from all over the Caribbean will begin chasing their dreams of success as career models, when the second season of Caribbean's Next Top Model (CNTM) makes its premiere on Flow TV. Cable and Wireless, which operates both the Flow and LIME brand, is the premium sponsor for the show's sophomore season, which will run for 11 episodes, starting on October 19.
The Caribbean reality show is based on the successful original production -- America's Next Top Model. This regional program follows the stories of young women seeking to launch a career in the competitive world of modelling, and is produced and presented by Wendy Fitzwilliam, a former Miss Universe, successful model and entrepreneur.
"We are extremely excited to be partnering with Wendy Fitzwilliam and her Caribbean's Next Top Model team," said John Reid, President of the C&W Communications, Consumer Group. "We are not just committed, but we are also proud to support Caribbean producers who generate quality local content for the region." Reid also noted that customers now have more options to access the exciting regional programme across multiple platforms, including their TV and other smart devices, where the mobile option was available. Customers in Jamaica, Trinidad, Barbados, Cayman, and Curacao will also be able to access the show at their convenience using Flow's Video on Demand (VOD) feature. Aside from the many viewing options, Flow customers, will also be able to participate in other exciting promotions including weekly SMS competition to win a new iPad, tablet, or other great prizes.
Commenting on the partnership, Fitzwilliam said, "It is so refreshing when a corporate entity recognises the need for support and undertakes the responsibility of enabling the development of Caribbean talent and content -- Flow has definitely got it right. With Flow you get more -- CNTM's fans will get a wholesome entertainment experience, one that is as interactive and engaging as possible. With Flow's quad play technology, viewers can truly enjoy the upcoming season to the fullest extent."
Caribbean Next Top Model will be broadcast simultaneously on the Flow TV platform across the region on Monday nights from October 19 at 7:30 p.m. in Curacao, Jamaica, Cayman Islands and at 8:30 p.m. -- in Trinidad, Jamaica, Barbados, St. Vincent and the Grenadines, Grenada, St. Lucia, Antigua and Barbuda and The Bahamas. As the season unfolds, each CNTM episode will first air on Flow TV and will then air on other stations, five days after the initial Flow airing.
Season Two of Caribbean's Next Top Model will premiere with a star-studded fashion event at the Betsy Hotel on South Beach, Miami on October 19.
About C&W Communications
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over US$2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc on 31 March 2015, C&W now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers.
Through its business division, C&W provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 48,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity and a growing suite of wholesale managed services.
C&W has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; Video 460k and Broadband 665k) as well as over 125k corporate clients and 225 wholesale customers across 42 countries. The Company's leading brands include: LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. C&W is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programs.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit:www.cwc.com. || Caribbean's Next Top Model Set for Season 2 Premiere: MIAMI, FL--(Marketwired - Oct 15, 2015) - On October 19, young women from all over the Caribbean will begin chasing their dreams of success as career models, when the second season of Caribbean's Next Top Model (CNTM) makes its premiere on Flow TV. Cable and Wireless, which operates both the Flow and LIME brand, is the premium sponsor for the show's sophomore season, which will run for 11 episodes, starting on October 19. The Caribbean reality show is based on the successful original production -- America's Next Top Model. This regional program follows the stories of young women seeking to launch a career in the competitive world of modelling, and is produced and presented by Wendy Fitzwilliam, a former Miss Universe, successful model and entrepreneur. "We are extremely excited to be partnering with Wendy Fitzwilliam and her Caribbean's Next Top Model team," said John Reid, President of the C&W Communications, Consumer Group. "We are not just committed, but we are also proud to support Caribbean producers who generate quality local content for the region." Reid also noted that customers now have more options to access the exciting regional programme across multiple platforms, including their TV and other smart devices, where the mobile option was available. Customers in Jamaica, Trinidad, Barbados, Cayman, and Curacao will also be able to access the show at their convenience using Flow's Video on Demand (VOD) feature. Aside from the many viewing options, Flow customers, will also be able to participate in other exciting promotions including weekly SMS competition to win a new iPad, tablet, or other great prizes. Commenting on the partnership, Fitzwilliam said, "It is so refreshing when a corporate entity recognises the need for support and undertakes the responsibility of enabling the development of Caribbean talent and content -- Flow has definitely got it right. With Flow you get more -- CNTM's fans will get a wholesome entertainment experience, one that is as interactive and engaging as possible. With Flow's quad play technology, viewers can truly enjoy the upcoming season to the fullest extent." Story continues Caribbean Next Top Model will be broadcast simultaneously on the Flow TV platform across the region on Monday nights from October 19 at 7:30 p.m. in Curacao, Jamaica, Cayman Islands and at 8:30 p.m. -- in Trinidad, Jamaica, Barbados, St. Vincent and the Grenadines, Grenada, St. Lucia, Antigua and Barbuda and The Bahamas. As the season unfolds, each CNTM episode will first air on Flow TV and will then air on other stations, five days after the initial Flow airing. Season Two of Caribbean's Next Top Model will premiere with a star-studded fashion event at the Betsy Hotel on South Beach, Miami on October 19. About C&W Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over US$2.4 billion, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc on 31 March 2015, C&W now delivers superior high-speed mobile data, broadband and TV/video services. It has leading market positions in Mobile, Fixed Line, Broadband and TV consumer offers. Through its business division, C&W provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 48,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity and a growing suite of wholesale managed services. C&W has more than 7,500 employees serving over 6 million customers (Mobile 3.8m; Fixed Line 1.1m; Video 460k and Broadband 665k) as well as over 125k corporate clients and 225 wholesale customers across 42 countries. The Company's leading brands include: LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. C&W is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programs. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . || Barclays Partnership With Chainalysis Ushers In New Era For Fintech: On Wednesday, at the culmination of the Barclays Accelerator program, Barclays PLC (ADR) (NYSE: BCS ) announced a new partnership with startup Chainalysis. The partnership is seen as an opportunity with the potential to further open up the traditional finance sector to bitcoin firms. Bitcoin businesses have long found it difficult to engage with banks, as traditional finance has been wary of the risks that come with dealing in cryptocurrencies. However, with one of the UK's largest banks onboarding Chainalysis to its compliance department, many see a union between cryptocurrencies and traditional finance on the horizon. Mitigating Risks Barclays' partnership with Chainalysis is expected to help the bank better understand and cope with the risks of dealing with bitcoin firms. The startup is expected to work together with Barclays to find ways for firms within the cryptocurrency industry to meet traditional banks' strict compliance standards. Related Link: Blockstream To Launch Sidechain Worries about money laundering and illegal transactions have kept many banks from dealing with the industry, but Chainalysis says it has developed several products that make it easier for banks to perform checks on bitcoin customers. Mutual Benefit The partnership between Barclays and Chainalysis is a big step for both firms. For Barclays, working with Chainalysis gives the bank a leg up against competitors as the firm is able to stay on top of evolving trends in the finch space. Chainalysis has gained major exposure from the deal, and the company says it hopes other finance institutions will follow suit and use some of Chainalysis' products as the cryptocurrency space continues to grow. Image Credit: Public Domain See more from Benzinga AXA Interested In Bitcoin's Potential Barclays Becomes First Big U.K. Bank To Accept Bitcoin Emerging Market Shares Battered: Is It Time To Buy? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Barclays Partnership With Chainalysis Ushers In New Era For Fintech: On Wednesday, at the culmination of the Barclays Accelerator program,Barclays PLC (ADR)(NYSE:BCS)announceda new partnership with startup Chainalysis.
The partnership is seen as an opportunity with the potential to further open up the traditional finance sector to bitcoin firms.
Bitcoin businesses have long found it difficult to engage with banks, as traditional finance has been wary of the risks that come with dealing in cryptocurrencies. However, with one of the UK's largest banks onboarding Chainalysis to its compliance department, many see a union between cryptocurrencies and traditional finance on the horizon.
Mitigating Risks
Barclays' partnership with Chainalysis is expected to help the bank better understand and cope with the risks of dealing with bitcoin firms.
The startup is expected to work together with Barclays to find ways for firms within the cryptocurrency industry to meet traditional banks' strict compliance standards.
Related Link:Blockstream To Launch Sidechain
Worries about money laundering and illegal transactions have kept many banks from dealing with the industry, but Chainalysis says it has developed several products that make it easier for banks to perform checks on bitcoin customers.
Mutual Benefit
The partnership between Barclays and Chainalysis is a big step for both firms. For Barclays, working with Chainalysis gives the bank a leg up against competitors as the firm is able to stay on top of evolving trends in the finch space.
Chainalysis has gained major exposure from the deal, and the company says it hopes other finance institutions will follow suit and use some of Chainalysis' products as the cryptocurrency space continues to grow.
Image Credit: Public Domain
See more from Benzinga
• AXA Interested In Bitcoin's Potential
• Barclays Becomes First Big U.K. Bank To Accept Bitcoin
• Emerging Market Shares Battered: Is It Time To Buy?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain For Banks Could Be A Big Business: Cryptocurrencies have received a lot of attention over the past few years as more and more people took an interest in the technology. However, much of the buzz surrounding cryptocurrencies like bitcoin was negative after a spate of high profile scams and criminal cases involving the currency painted it as a tool for illicit activities. While bitcoin may never become a mainstream payment method, blockchain, the ledger-like technology that it runs on, has been touted as one of the most important developments of the decade. Related Link: Bitcoin May Be Flailing, But Blockchain Is On The Rise Banks On Board Traditional finance firms have been reluctant to embrace bitcoin as a currency, but blockchain is another story. Banks around the world including Bank of America Corp (NYSE: BAC ), Morgan Stanley (NYSE: MS ) and Deutsche Bank (NYSE: DB ) have all taken an interest in blockchain , saying they could see the technology improving how they do business. Blockchain provides a secure way to facilitate transactions without involving a third party intermediary. Banks say this could be useful for everything from sending payments to setting up a smart contracts system. Implementing Blockchain While many banks are studying blockchain using task forces set up within their own company, several startups have emerged to help banks study the impact of blockchain on their operations. Blockstack, Eris Ltd and Coin Sciences are all private firms that offer companies blockchain solutions. They offer banks the ability to experiment with blockchain systems that meet their specific needs, rather than providing them with something that needs to be modified. See more from Benzinga Can Social Media Firms Compete With Amazon In The E-Commerce Space? Cyberweapons Replace Nuclear Threats In Global Arms Race Things Are Looking Brighter For Europe © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Blockchain For Banks Could Be A Big Business: Cryptocurrencies have received a lot of attention over the past few years as more and more people took an interest in the technology. However, much of the buzz surrounding cryptocurrencies like bitcoin was negative after a spate of high profile scams and criminal cases involving the currency painted it as a tool for illicit activities.
While bitcoin may never become a mainstream payment method, blockchain, the ledger-like technology that it runs on, has been touted as one of the most important developments of the decade.
Related Link:Bitcoin May Be Flailing, But Blockchain Is On The Rise
Banks On Board
Traditional finance firms have been reluctant to embrace bitcoin as a currency, but blockchain is another story. Banks around the world includingBank of America Corp(NYSE:BAC),Morgan Stanley(NYSE:MS) andDeutsche Bank(NYSE:DB) have alltaken an interest in blockchain, saying they could see the technology improving how they do business. Blockchain provides a secure way to facilitate transactions without involving a third party intermediary. Banks say this could be useful for everything from sending payments to setting up a smart contracts system.
Implementing Blockchain
While many banks are studying blockchain using task forces set up within their own company, several startups have emerged to help banks study the impact of blockchain on their operations. Blockstack, Eris Ltd and Coin Sciences are all private firms that offer companies blockchain solutions. They offer banks the ability to experiment with blockchain systems that meet their specific needs, rather than providing them with something that needs to be modified.
See more from Benzinga
• Can Social Media Firms Compete With Amazon In The E-Commerce Space?
• Cyberweapons Replace Nuclear Threats In Global Arms Race
• Things Are Looking Brighter For Europe
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || MarilynJean Interactive (OTCQB: MJMI) Sets Its Sights on $24B Philippines Remittance Market: HENDERSON, NV / ACCESSWIRE / October 12, 2015 /MarilynJean Interactive (MJMI) today announced it has entered into advanced discussions with a provider of Bitcoin-based remittance services.
The potential remittance partner is a fully licensed money services business on the cutting edge of the remittance space, using Bitcoin to effect low cost transfers, primarily to the Philippines. With a well-established brand, multiple Bitcoin ATMs, solid financial partnerships in the Philippines, MJMI's management is excited about the potential synergies that could result from this relationship.
In 2014, according to Focus Economics, remittances to the Philippines hit a record high, exceeding USD 24 Billion, accounting for roughly 8.5% of that country's GDP. Those funds came primarily from overseas workers sending funds home to their families. Traditional remittance companies charge upwards of 8% fees on the total funds being sent, in addition to less than favorable exchange rates and taking up to 3 days to clear for pick up. Using Bitcoin, transfers can be effected in virtually real time at a fraction of the cost to the user. Funds can be sent directly to the recipient's bank account or made available for pick up at a partner location or even via a card-less ATM withdrawal.
In a Bitcoin based remittance transaction, an overseas worker would deliver funds to a remittance provider. This service provider would buy Bitcoin on behalf of the customer and then transfer the coins, paying less than 1% to do so, to the selling partner in the recipient country. The selling partner would then sell the Bitcoins and then transfer the funds to the final recipient. Because there is a price difference between the buying and selling of the Bitcoins, it is possible for the two transfer partners to profit sufficiently from the Bitcoin trade to offer the transfer service for a significantly lower fee than any traditional currency (known as FIAT) based remittance service.
Bitcoin therefore offers the potential to completely alter the landscape of worldwide money transfers.
The two companies share a vision on the massive opportunities in this space as well as on the future direction of expansion, namely servicing the remittance markets in Mexico and India. In addition, both companies agree that acquiring and operating a Bitcoin exchange would allow the partners to offer a seamless, end to end solution to customers. More sophisticated clients could eventually use their own Bitcoin wallets to move money through a jointly designed system, allowing them to effect transactions from their mobile phone through a licensed and trustworthy remittance system.
Peter Janosi, MJMI's president said: "We are very excited to be in advanced discussions with this potential remittance partner. They are at the forefront what we expect will be a massive shift in the way global remittances are effected. Their team shares our view that remittance fees are exorbitantly high and that current providers profit excessively by offering poor, often hidden, exchange rates. We believe that, in this area, Bitcoin has tremendous promise to disrupt a system that unfairly charges high rates to hard working people who have left their families to work overseas in hopes of providing them with a better life. We believe the growth potential in this sector is massive and that we are on the right track in terms of identifying the right partners who share our vision."
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
MJMI is currently exploring partnerships with several existing Bitcoin and crypto-currency exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution for trading in various crypto-currencies and potentially capture a share of the lucrative markets of Bitcoin trading and remittance services, just as these markets appear poised to undergo massive growth.
About Bitcoin and Crypto-Currencies:
Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting."
Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK).
MarilynJean Media Interactive is among the first publicly traded companies focused on bitcoin and the crypto-currency space. The company's trading symbol is (MJMI).
Website:http://www.marilynjean.com/
Press Contact:[email protected]
SOURCE:MarilynJean Interactive || MarilynJean Interactive (OTCQB: MJMI) Sets Its Sights on $24B Philippines Remittance Market: HENDERSON, NV / ACCESSWIRE / October 12, 2015 / MarilynJean Interactive ( MJMI ) today announced it has entered into advanced discussions with a provider of Bitcoin-based remittance services. The potential remittance partner is a fully licensed money services business on the cutting edge of the remittance space, using Bitcoin to effect low cost transfers, primarily to the Philippines. With a well-established brand, multiple Bitcoin ATMs, solid financial partnerships in the Philippines, MJMI's management is excited about the potential synergies that could result from this relationship. In 2014, according to Focus Economics, remittances to the Philippines hit a record high, exceeding USD 24 Billion, accounting for roughly 8.5% of that country's GDP. Those funds came primarily from overseas workers sending funds home to their families. Traditional remittance companies charge upwards of 8% fees on the total funds being sent, in addition to less than favorable exchange rates and taking up to 3 days to clear for pick up. Using Bitcoin, transfers can be effected in virtually real time at a fraction of the cost to the user. Funds can be sent directly to the recipient's bank account or made available for pick up at a partner location or even via a card-less ATM withdrawal. In a Bitcoin based remittance transaction, an overseas worker would deliver funds to a remittance provider. This service provider would buy Bitcoin on behalf of the customer and then transfer the coins, paying less than 1% to do so, to the selling partner in the recipient country. The selling partner would then sell the Bitcoins and then transfer the funds to the final recipient. Because there is a price difference between the buying and selling of the Bitcoins, it is possible for the two transfer partners to profit sufficiently from the Bitcoin trade to offer the transfer service for a significantly lower fee than any traditional currency (known as FIAT) based remittance service. Story continues Bitcoin therefore offers the potential to completely alter the landscape of worldwide money transfers. The two companies share a vision on the massive opportunities in this space as well as on the future direction of expansion, namely servicing the remittance markets in Mexico and India. In addition, both companies agree that acquiring and operating a Bitcoin exchange would allow the partners to offer a seamless, end to end solution to customers. More sophisticated clients could eventually use their own Bitcoin wallets to move money through a jointly designed system, allowing them to effect transactions from their mobile phone through a licensed and trustworthy remittance system. Peter Janosi, MJMI's president said: "We are very excited to be in advanced discussions with this potential remittance partner. They are at the forefront what we expect will be a massive shift in the way global remittances are effected. Their team shares our view that remittance fees are exorbitantly high and that current providers profit excessively by offering poor, often hidden, exchange rates. We believe that, in this area, Bitcoin has tremendous promise to disrupt a system that unfairly charges high rates to hard working people who have left their families to work overseas in hopes of providing them with a better life. We believe the growth potential in this sector is massive and that we are on the right track in terms of identifying the right partners who share our vision." MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. MJMI is currently exploring partnerships with several existing Bitcoin and crypto-currency exchanges as well as manufacturers and operators of Bitcoin ATMs. Such a combination would place the company in an exciting position to offer an end to end solution for trading in various crypto-currencies and potentially capture a share of the lucrative markets of Bitcoin trading and remittance services, just as these markets appear poised to undergo massive growth. About Bitcoin and Crypto-Currencies: Bitcoin and other crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. Richard Branson, head of the Virgin Group, is quoted on his company's website as saying: "I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting." Heavyweight investment bank Goldman Sachs (NYSE:GS), announced on April 30th 2015 that it had partnered with Chinese investment firm IDG Capital partners to invest $50 million in a Bitcoin start-up. Numerous high-profile firms have begun accepting Bitcoin as a payment method including: Dell Inc. (NASDAQ:DELL), Dish Network Corp. (NASDAQ:DISH), Expedia Inc. (NASDAQ:EXPE), and Overstock.com (NASDAQ:OSTK). MarilynJean Media Interactive is among the first publicly traded companies focused on bitcoin and the crypto-currency space. The company's trading symbol is ( MJMI ). Website: http://www.marilynjean.com/ Press Contact: [email protected] SOURCE: MarilynJean Interactive || Identabit Challenges Bitcoin and BitShares: SYDNEY, AUSTRALIA / ACCESSWIRE / October 9, 2015 /Australian startup Thinking Active, led by New York software entrepreneur John Underwood, today revealed plans forIDentabit, an identity-based alternative to Bitcoin. Designed to liberate decentralized currencies, IDentabit enables regulatory acceptance and viral adoption by way of user association.
IDentabit has been a year in the making, made possible by a collaboration between Thinking Active and Virginia-based U.S. software partnerCryptonomex, Inc., led by Dan Larimer, principal architect of the Blockchain 2.0 project,BitShares.
BitShares was the first chain to introduce DACs (Decentralized Autonomous Corporations), smart contracts, a decentralized exchange, and DPoS (Delegated Proof of Stake), a highly efficient, rapid, and scalable means of block confirmations.
"With the increased regulatory attention directed at Bitcoin, brought on by the stream of crime empowered by anonymity, we concluded that there was a need for a chain that enabled AML/CTF compliance, enhanced funds security, denial of crimes empowered by anonymity, and ensured security of transfer by way of user association," Underwood explained. "We realize that this is the beginning of a long journey, but believe the time is right to recognize the might and purpose of compliance."
"While we respect Bitcoin and the purpose of anonymity, we see benefits in offering the market a choice between anonymity and identity, a choice that enables growth across a broader range of use cases," Underwood said.
IDentabit is best described as a permission-based ledger that enables proof of reserve without subjecting transactions to public scrutiny. IDentabit addresses P2P/AML/CTF compliance, Privacy (zero public scrutiny), user issued funds transfer, and decentralized transparent governance. It also introduces sustainable funding by way of Proof of Appreciation, enabling progressive issuance that only occurs in conjunction with favorable market conditions.
While the concept of identified transactions is simple to appreciate, actually implementing identity by way of a decentralized blockchain is not a trivial problem. "We could not have found this solution without the combined perseverance of our respective teams," Underwood said.
Of equal importance to compliance is scale: using DPoS the team was able to benchmark transaction capacity that exceeds four times that of Mastercard's claimed 24,000 TPS. Underwood pointed out, "As disruptors, we need scale if we are going to replace existing payment networks with P2P transactions. While we understand Bitcoin can get beyond 7 TPS, none of us has time to wait for Bitcoin's organic crawl to address issues of speed and compliance."
The timing of IDentabit's release has been motivated by growing interest in blockchain technology by institutions collaborating with IBM and Ethereum. These teams are intent on building institutionalized identity-based alternatives.
Ironically to buy time, these projects depend on the crypto-community's loyalty to anonymity. This loyalty has led to widespread acceptance of an assumption that for decentralized currencies to be disruptive, digital currencies must put ideology before security and compliance. This blind assumption has, until now, blocked the innovation required to compete with emerging institutional alternatives.
"We believe that if we don't act now to protect decentralized currencies with an identity-ensured alternative to Bitcoin, we are handing the keys of change to the very organizations we sought to disrupt in the first place," Underwood said.
Contact Thinking Active:
John [email protected] Active 44 Market St , Level 6 Sydney NSW 2000 Australia
SOURCE:Thinking Active || Identabit Challenges Bitcoin and BitShares: SYDNEY, AUSTRALIA / ACCESSWIRE / October 9, 2015 /Australian startup Thinking Active, led by New York software entrepreneur John Underwood, today revealed plans forIDentabit, an identity-based alternative to Bitcoin. Designed to liberate decentralized currencies, IDentabit enables regulatory acceptance and viral adoption by way of user association.
IDentabit has been a year in the making, made possible by a collaboration between Thinking Active and Virginia-based U.S. software partnerCryptonomex, Inc., led by Dan Larimer, principal architect of the Blockchain 2.0 project,BitShares.
BitShares was the first chain to introduce DACs (Decentralized Autonomous Corporations), smart contracts, a decentralized exchange, and DPoS (Delegated Proof of Stake), a highly efficient, rapid, and scalable means of block confirmations.
"With the increased regulatory attention directed at Bitcoin, brought on by the stream of crime empowered by anonymity, we concluded that there was a need for a chain that enabled AML/CTF compliance, enhanced funds security, denial of crimes empowered by anonymity, and ensured security of transfer by way of user association," Underwood explained. "We realize that this is the beginning of a long journey, but believe the time is right to recognize the might and purpose of compliance."
"While we respect Bitcoin and the purpose of anonymity, we see benefits in offering the market a choice between anonymity and identity, a choice that enables growth across a broader range of use cases," Underwood said.
IDentabit is best described as a permission-based ledger that enables proof of reserve without subjecting transactions to public scrutiny. IDentabit addresses P2P/AML/CTF compliance, Privacy (zero public scrutiny), user issued funds transfer, and decentralized transparent governance. It also introduces sustainable funding by way of Proof of Appreciation, enabling progressive issuance that only occurs in conjunction with favorable market conditions.
While the concept of identified transactions is simple to appreciate, actually implementing identity by way of a decentralized blockchain is not a trivial problem. "We could not have found this solution without the combined perseverance of our respective teams," Underwood said.
Of equal importance to compliance is scale: using DPoS the team was able to benchmark transaction capacity that exceeds four times that of Mastercard's claimed 24,000 TPS. Underwood pointed out, "As disruptors, we need scale if we are going to replace existing payment networks with P2P transactions. While we understand Bitcoin can get beyond 7 TPS, none of us has time to wait for Bitcoin's organic crawl to address issues of speed and compliance."
The timing of IDentabit's release has been motivated by growing interest in blockchain technology by institutions collaborating with IBM and Ethereum. These teams are intent on building institutionalized identity-based alternatives.
Ironically to buy time, these projects depend on the crypto-community's loyalty to anonymity. This loyalty has led to widespread acceptance of an assumption that for decentralized currencies to be disruptive, digital currencies must put ideology before security and compliance. This blind assumption has, until now, blocked the innovation required to compete with emerging institutional alternatives.
"We believe that if we don't act now to protect decentralized currencies with an identity-ensured alternative to Bitcoin, we are handing the keys of change to the very organizations we sought to disrupt in the first place," Underwood said.
Contact Thinking Active:
John [email protected] Active 44 Market St , Level 6 Sydney NSW 2000 Australia
SOURCE:Thinking Active || Identabit Challenges Bitcoin and BitShares: SYDNEY, AUSTRALIA / ACCESSWIRE / October 9, 2015 / Australian startup Thinking Active, led by New York software entrepreneur John Underwood, today revealed plans for IDentabit , an identity-based alternative to Bitcoin. Designed to liberate decentralized currencies, IDentabit enables regulatory acceptance and viral adoption by way of user association. IDentabit has been a year in the making, made possible by a collaboration between Thinking Active and Virginia-based U.S. software partner Cryptonomex , Inc., led by Dan Larimer, principal architect of the Blockchain 2.0 project, BitShares . BitShares was the first chain to introduce DACs (Decentralized Autonomous Corporations), smart contracts, a decentralized exchange, and DPoS (Delegated Proof of Stake), a highly efficient, rapid, and scalable means of block confirmations. "With the increased regulatory attention directed at Bitcoin, brought on by the stream of crime empowered by anonymity, we concluded that there was a need for a chain that enabled AML/CTF compliance, enhanced funds security, denial of crimes empowered by anonymity, and ensured security of transfer by way of user association," Underwood explained. "We realize that this is the beginning of a long journey, but believe the time is right to recognize the might and purpose of compliance." "While we respect Bitcoin and the purpose of anonymity, we see benefits in offering the market a choice between anonymity and identity, a choice that enables growth across a broader range of use cases," Underwood said. IDentabit is best described as a permission-based ledger that enables proof of reserve without subjecting transactions to public scrutiny. IDentabit addresses P2P/AML/CTF compliance, Privacy (zero public scrutiny), user issued funds transfer, and decentralized transparent governance. It also introduces sustainable funding by way of Proof of Appreciation, enabling progressive issuance that only occurs in conjunction with favorable market conditions. While the concept of identified transactions is simple to appreciate, actually implementing identity by way of a decentralized blockchain is not a trivial problem. "We could not have found this solution without the combined perseverance of our respective teams," Underwood said. Of equal importance to compliance is scale: using DPoS the team was able to benchmark transaction capacity that exceeds four times that of Mastercard's claimed 24,000 TPS. Underwood pointed out, "As disruptors, we need scale if we are going to replace existing payment networks with P2P transactions. While we understand Bitcoin can get beyond 7 TPS, none of us has time to wait for Bitcoin's organic crawl to address issues of speed and compliance." Story continues The timing of IDentabit's release has been motivated by growing interest in blockchain technology by institutions collaborating with IBM and Ethereum. These teams are intent on building institutionalized identity-based alternatives. Ironically to buy time, these projects depend on the crypto-community's loyalty to anonymity. This loyalty has led to widespread acceptance of an assumption that for decentralized currencies to be disruptive, digital currencies must put ideology before security and compliance. This blind assumption has, until now, blocked the innovation required to compete with emerging institutional alternatives. "We believe that if we don't act now to protect decentralized currencies with an identity-ensured alternative to Bitcoin, we are handing the keys of change to the very organizations we sought to disrupt in the first place," Underwood said. Contact Thinking Active: John Underwood +61488008371 [email protected] Thinking Active 44 Market St , Level 6 Sydney NSW 2000 Australia SOURCE: Thinking Active View comments
[Social Media Buzz]
[Bitcoin] Bitcoin and United States Dollar: 0.0100 BTC = 2.55 USD
1.00 USD = 0.0039 BTCConverter #YAF || Re: Why are transaction malleable in the first place?: Quote from: CIYAM on Today at 10:00:42 AMEvery... http://cur.lv/r4vb0 #bitcoin || $261.14 #bitfinex;
$260.43 #coinbase;
$259.76 #bitstamp;
$258.00 #btce;
#bitcoin #btc || Current price: 256.56$ $BTCUSD $btc #bitcoin 2015-10-16 04:00:06 EDT || 1 #bitcoin = $4400.00 MXN | $268.33 USD #BitAPeso 1 USD = 16.4MXN http://www.bitapeso.com ...
|
270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17.
|
[Bitcoin Technical Analysis for 2015-11-15]
Volume: 44213100, RSI (14-day): 47.99, 50-day EMA: 304.94, 200-day EMA: 269.75
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn
NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire.
The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co (JPM.N) and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate.
Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs.
"They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location.
RENTED TIME
This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade (ETFC.O).
Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities.
Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services.
The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's (EMC.N) RSA Security that monitors the forums.
“You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare.
In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated.
Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP
All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims.
They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July.
Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment.
In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said.
They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said.
In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp (AMTD.N) and News Corp's (NWSA.O) Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases.
"To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said.
Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment.
His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia."
Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX
While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs.
Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies.
Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear.
Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military.http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf"It's crime as a service," "Goodman said. "They take all the pain out of it."
(Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn
NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire.
The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co <JPM.N> and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate.
Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs.
"They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location.
RENTED TIME
This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade <ETFC.O>.
Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities.
Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services.
The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's <EMC.N> RSA Security that monitors the forums.
“You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare.
In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated.
Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP
All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims.
They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July.
Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment.
In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said.
They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said.
In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp <AMTD.N> and News Corp's <NWSA.O> Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases.
"To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said.
Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment.
His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia."
Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX
While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs.
Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies.
Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear. Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military. http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf "It's crime as a service," "Goodman said. "They take all the pain out of it."
(Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Hired-gun hacking played key role in JPMorgan, Fidelity breaches: By Jim Finkle and Joseph Menn NEW YORK/SAN FRANCISCO (Reuters) - When U.S. prosecutors this week charged two Israelis and an American fugitive with raking in hundreds of millions of dollars in one of the largest and most complex cases of cyber fraud ever exposed, they also provided an unusual look into the burgeoning industry of criminal hackers for hire. The trio, who are accused of orchestrating massive computer breaches at JPMorgan Chase & Co (JPM.N) and other financial firms, as well as a series of other major offences, did little if any hacking themselves, the federal indictments and a previous civil case brought by the U.S. Securities and Exchange Commission indicate. Rather, they constructed a criminal conglomerate with activities ranging from pump-and-dump stock fraud to Internet casino break-ins and unlicensed Bitcoin trading. And just like many legitimate corporations, they outsourced much of their technology needs. "They clearly had to recruit co-conspirators and have that type of hacker-for-hire," said Austin Berglas, former assistant special agent in charge of the FBI's New York cyber division, who worked the JPMorgan case before he left the agency in May. "This is the first case where it's that clear of a connection." Berglas, who now heads cyber investigations for private firm K2 Intelligence, said additional major cases of freelance hacking will come to light, especially as more people become familiar with online tools such as Tor that seek to conceal a user’s identity and location. RENTED TIME This week's indictments accused a hacker referred to as "co-conspirator 1" of installing malicious software on the servers of multiple victims at the direction of Gery Shalon, the alleged mastermind of the scheme now under arrest in Israel. A second indictment charges a man referred to as John Doe, believed to be in Russia, for an attack on online trading firm E*Trade (ETFC.O). Officials have not said if the co-conspirator and John Doe were the same person, or even if the FBI knows their true identities. Story continues Law enforcement and computer security officials say that outsourced cyber-crime services - including rented time on networks of previously compromised personal computers and custom break-ins - are most readily found on underground Russian-language computer forums, where skilled attackers advertise their services. The forums are tight-knit communities where newbies must be vouched for by multiple known members and pay membership fees that cost thousands of dollars, said Daniel Cohen, who oversees an undercover team at EMC Corp's (EMC.N) RSA Security that monitors the forums. “You can find anything you want for an operation. Hackers, servers, software, code writing. They are all available," said Cohen. Individuals hide their identities even from each other, making infiltration and arrests rare. In this case, the ringleaders are accused of hiring hackers to steal contact information and other data that they then used to help convince ordinary investors to buy little-regulated stocks. Prosecutors have not disclosed how the hackers were compensated. Fees vary greatly in the cyber underground, depending on the complexity of the assignment and supply of talent available to do a particular job. Elite hackers who pull off the most technically challenging attacks might get a percentage of profits, while others might earn an hourly rate or get paid a few thousand dollars for winning access to a target’s network, researchers said.PUMP-AND-DUMP All three of those accused this week - Shalon, Joshua Samuel Aaron, who is at large, and Ziv Orenstein, who is also in jail in Israel – began promoting penny stocks before the hacks took place, according to U.S. government claims. They used websites including Pennystockdiscoveries.com and Stockcastle.com to send emails as part of a scheme in which they invested in penny stocks, spread false information to boost their prices, and then sold them to make windfall profits, according to an SEC suit filed in July. Orenstein’s lawyer declined to comment, and Shalon’s lawyer did not return messages seeking comment. In one case in early 2012, the SEC claims that they used the website Stockcastle.com to promote shares in Mustang Alliances Inc, reaping $2.2 million, the largest pump-and-dump cited in the regulator's lawsuit. In March of that year, the British Virgin Islands Financial Services Commission issued an alert warning that two entities tied to Stockcastle were falsely claiming to be registered in the territory. That same year, the enterprise began a massive hacking spree to get contact information for investors who might be good targets, according to prosecutors. By the end of 2013 they had ordered up six hacks that provided data on tens of millions of customers, prosecutors said. They hit the mother lode in 2014 when they attacked three other firms, and stole data on 83 million customers from JP Morgan alone, prosecutors said. In addition to JP Morgan and E*Trade, the firms attacked included the mutual fund giant Fidelity Investments, Scottrade, TD Ameritrade Holding Corp (AMTD.N) and News Corp's (NWSA.O) Dow Jones unit, the publisher of the Wall Street Journal, according to court documents and people familiar with the cases. "To do a 'pump-and-dump' operation, you no longer need 30 people behind phones in a strip mall," said Shane Shook, a security consultant specializing in investigating financial breaches. All you need is to find a hacker on a “Dark Web” forum to provide addresses from customers of financial services firms like Fidelity or JPMorgan, then hire a spam service to push out promotional emails, he said. Shalon bragged about the stock manipulation scheme, telling the hacker known as co-conspirator 1 in a web chat message that it was "a small step towards a large empire," according to the indictment. His plan, Shalon told the hacker, was to distribute "mailers" on stocks to those customers. The hacker asked if buying stocks was popular in America, the indictment said, prompting Shalon to reply: "It's like drinking freaking vodka in Russia." Shalon ultimately made good on his promise to build an empire, according to the indictments. Profits from the pump-and-dump fed into a sprawling conglomerate including offshore Internet casinos and payment-processing services for other criminal operators, such as counterfeit pharmaceutical makers. Shalon also allegedly directed hackers to attack rival casinos, stealing customer data and temporarily bringing down their websites with denial-of-service attacks, which are easily commissioned online.BUTTERFLY AND HIDDEN LYNX While this week's indictments opened the first major criminal case involving outsourced hacking, there have been other substantial break-ins that researchers believe were contract jobs. Researchers at Symantec in July attributed a series of precision breaches at Apple, Facebook, Microsoft and Twitter in 2012 and 2013 to a sophisticated gang called Butterfly, which also attacked law firms and pharmaceutical companies. Computer security firm Symantec concluded that the group likely works for hire, either for a client looking for financial gain in the stock market or for competitors. How Butterfly gets hired remains unclear. Tech criminologist Marc Goodman, author of the book “Future Crimes”, says another group, dubbed Hidden Lynx by Symantec, may consist of contractors moonlighting from jobs with the Chinese military. http://www.symantec.com/content/en/us/enterprise/media/security_response/whitepapers/hidden_lynx.pdf "It's crime as a service," "Goodman said. "They take all the pain out of it." (Reporting by Joseph Menn in San Francisco and Jim Finkle and Nate Raymond in New York; Additional reporting from Maayan Lubell in Jerusalem; Editing by Jonathan Weber and Martin Howell.) || Banks expected to adopt new technologies rather than be overrun: NEW YORK (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities. "A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services. New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some. JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones. Last month the bank said it would also operate a rival digital wallet called Chase Pay. Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added. Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) || Banks expected to adopt new technologies rather than be overrun: NEW YORK (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.
"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.
New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones.
Last month the bank said it would also operate a rival digital wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money."
(Reporting by David Henry in New York; Editing by Clarence Fernandez) || Banks expected to adopt new technologies rather than be overrun: NEW YORK, Nov 12 (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency. "Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin. Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities. "A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services. New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some. JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones. Last month the bank said it would also operate a rival digital wallet called Chase Pay. Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added. Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) View comments || Banks expected to adopt new technologies rather than be overrun: NEW YORK, Nov 12 (Reuters) - New technology firms are battering all kinds of companies, but banks will remain as financial intermediaries, due to the regulations and duties governments have put on them, says a proponent of the technology behind the bitcoin cryptocurrency.
"Regulation keeps them in place. Regulation requires them to perform certain functions," said Mark Smith, chief executive of Symbiont.io, a startup that has emerged from Bitcoin 2.0 and MathMoney f(x) Inc to build a securities trading platform using blockchain technology like that behind bitcoin.
Smith predicted that big banks, such as JPMorgan Chase & Co, would adopt new technologies to cut costs for back offices that process loans and match buyers and sellers of securities.
"A massive amount of infrastructure just goes away," said Smith, who was speaking on Thursday in a panel discussion held by Thomson Reuters on innovation and disruption in financial services.
New competitors are coming into banking from Silicon Valley, JPMorgan's chief executive, Jamie Dimon, warned bank shareholders this year. But he also said JPMorgan had much to learn from them and might enter partnerships with some.
JPMorgan worked with Apple Inc on last year's launch of the Apple Pay application for making credit and debit card payments with smartphones.
Last month the bank said it would also operate a rival digital wallet called Chase Pay.
Later, Smith said his firm expected to sell tools to big banks for securities trading by customers. "We are a disrupter and an enabler as well," he added.
Another panel member, Sam Shrauger, senior vice president of digital solutions at card and payments company Visa Inc, said that while cash and paper check transactions give way to electronic messages, "that's not going to change the overarching way that we move money." (Reporting by David Henry in New York; Editing by Clarence Fernandez) || New York exchange itBit says won 5 blocks of U.S. bitcoin auction: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - New York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week's auction conducted by the U.S. Marshals Service.
The bid by itBit was organized on behalf of a syndicate of the exchange's and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters.
The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments.
Last week's auction included 21 blocks of 2,000 bitcoins and one block of over 2,341.
The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods.
It auctioned 44,341 bitcoins last week.
When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday.
itBit also won part of the U.S. government's auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned.
In May, itBit became the first virtual currency company to receive a charter to operate as a trust company in the state of New York.
Meanwhile, Genesis Global Trading, a unit of Digital Currency Group founded by prominent bitcoin investor Barry Silbert, was informed by the U.S. Marshals Service that the company did not win any of the blocks up for auction, the company's chief executive officer, Brendan O'Connor, said in an email to Reuters on Monday.
In late trading on Monday, bitcoin was trading up 1.8 percent on the day at $379.27 on the BitStamp platform. That put the value of the 44,341 bitcoins auctioned at about $16.8 million.
Bitcoins are used as a vehicle for moving money around the world quickly and anonymously via the Web without the need for third-party verification.
Last Thursday's auction drew just 11 registered bidders and 30 bids, a decline from the March sale, which attracted 34 bids from 14 registered bidders.
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Nate Raymond; Editing by Diane Craft and Jonathan Oatis) || New York exchange itBit says won 5 blocks of U.S. bitcoin auction: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week's auction conducted by the U.S. Marshals Service. The bid by itBit was organized on behalf of a syndicate of the exchange's and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters. The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments. Last week's auction included 21 blocks of 2,000 bitcoins and one block of over 2,341. The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods. It auctioned 44,341 bitcoins last week. When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday. itBit also won part of the U.S. government's auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned. In May, itBit became the first virtual currency company to receive a charter to operate as a trust company in the state of New York. Meanwhile, Genesis Global Trading, a unit of Digital Currency Group founded by prominent bitcoin investor Barry Silbert, was informed by the U.S. Marshals Service that the company did not win any of the blocks up for auction, the company's chief executive officer, Brendan O'Connor, said in an email to Reuters on Monday. In late trading on Monday, bitcoin was trading up 1.8 percent on the day at $379.27 on the BitStamp platform. That put the value of the 44,341 bitcoins auctioned at about $16.8 million. Bitcoins are used as a vehicle for moving money around the world quickly and anonymously via the Web without the need for third-party verification. Last Thursday's auction drew just 11 registered bidders and 30 bids, a decline from the March sale, which attracted 34 bids from 14 registered bidders. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Nate Raymond; Editing by Diane Craft and Jonathan Oatis) || New York exchange itBit says won 5 blocks of U.S. bitcoin auction: (Adds details, paragraph on Genesis Trading which did not win this auction, bitcoin price, byline) By Gertrude Chavez-Dreyfuss NEW YORK, Nov 9 (Reuters) - New York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week's auction conducted by the U.S. Marshals Service. The bid by itBit was organized on behalf of a syndicate of the exchange's and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters. The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments. Last week's auction included 21 blocks of 2,000 bitcoins and one block of over 2,341. The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods. It auctioned 44,341 bitcoins last week. When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday. itBit also won part of the U.S. government's auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned. In May, itBit became the first virtual currency company to receive a charter to operate as a trust company in the state of New York. Meanwhile, Genesis Global Trading, a unit of Digital Currency Group founded by prominent bitcoin investor Barry Silbert, was informed by the U.S. Marshals Service that the company did not win any of the blocks up for auction, the company's chief executive officer, Brendan O'Connor, said in an email to Reuters on Monday. In late trading on Monday, bitcoin was trading up 1.8 percent on the day at $379.27 on the BitStamp platform. That put the value of the 44,341 bitcoins auctioned at about $16.8 million. Bitcoins are used as a vehicle for moving money around the world quickly and anonymously via the Web without the need for third-party verification. Last Thursday's auction drew just 11 registered bidders and 30 bids, a decline from the March sale, which attracted 34 bids from 14 registered bidders. (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Nate Raymond; Editing by Diane Craft and Jonathan Oatis) || New York exchange itBit says won 5 blocks of U.S. bitcoin auction: (Adds details, paragraph on Genesis Trading which did not win this auction, bitcoin price, byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, Nov 9 (Reuters) - New York-based bitcoin exchange itBit said on Monday it won five blocks of the digital currency at last week's auction conducted by the U.S. Marshals Service.
The bid by itBit was organized on behalf of a syndicate of the exchange's and over-the-counter trading clients, said Bobby Cho, director of trading at itBit, in an email to Reuters.
The five blocks of the virtual currency may have added up to at least 10,000 bitcoins. Cho declined to make further comments.
Last week's auction included 21 blocks of 2,000 bitcoins and one block of over 2,341.
The U.S. government on Thursday held its final auction of bitcoins seized during the prosecution of the creator of Silk Road, an online black market where the virtual currency could be used to buy illegal drugs and other goods.
It auctioned 44,341 bitcoins last week.
When contacted for comment, the U.S. Marshals Service said it was not anticipating further announcements on Monday.
itBit also won part of the U.S. government's auction in March, nabbing 3,000 of the 50,000 bitcoins auctioned.
In May, itBit became the first virtual currency company to receive a charter to operate as a trust company in the state of New York.
Meanwhile, Genesis Global Trading, a unit of Digital Currency Group founded by prominent bitcoin investor Barry Silbert, was informed by the U.S. Marshals Service that the company did not win any of the blocks up for auction, the company's chief executive officer, Brendan O'Connor, said in an email to Reuters on Monday.
In late trading on Monday, bitcoin was trading up 1.8 percent on the day at $379.27 on the BitStamp platform. That put the value of the 44,341 bitcoins auctioned at about $16.8 million.
Bitcoins are used as a vehicle for moving money around the world quickly and anonymously via the Web without the need for third-party verification.
Last Thursday's auction drew just 11 registered bidders and 30 bids, a decline from the March sale, which attracted 34 bids from 14 registered bidders.
(Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Nate Raymond; Editing by Diane Craft and Jonathan Oatis) || A Nobel Prize winner just ripped into bitcoin, saying it 'is likely to go to zero': Eugene Fama.
Bitcoin has beenripping higher recently, and some market participants saythe digital currency is finally making a rebound with investorsafter a sustained fall.
The advice from one Nobel Prize winner:not so fast.
Professor Eugene Fama, who won the 2013 Nobel Prize for economics, thinks the value of bitcoin "is likely to go to zero," at some point,according to an interview posted on CoinTelegraph.
Bitcoin prices are hovering around the $400 mark right now, after making a big runup in late October and early November.
"People won’t use it because basically it’s very difficult to know how much you need to settle. It is quite variable, they won’t want to hold it as just a way of settling payments, they will try to get rid of it quickly, as they do; and that’s not good for the survival of that kind of a unit of account," he said in his interview.
"As if it doesn’t have a stable value it’s probably not going to survive as a unit of account. What that means is that its value is likely to go to zero at some point."
Fama goes on to say bitcoin does not represent a "store of value," as gold does for investors.
"I guess that for a drug dealer that has a lot more value," he said.
There's a SoundCloud embed below; head toCoinTelegraph to read a full version of what Fama had to say.
NOW WATCH:JAMES ALTUCHER: The American Dream is a lie
More From Business Insider
• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
• I'm Changing My Mind About Bitcoin
• The Rise Of Bitcoin: Is It A Solution Or Menace? || MarilynJean Interactive (MJMI.QB) Welcomes Top Bitcoin Remittance and ATM Expert to Board of Advisors: HENDERSON, NV / ACCESSWIRE / November 9, 2015 / MarilynJean Interactive ( MJMI ) today announced it has retained Christopher Concepcion to serve on its board of advisors. Mr. Concepcion has an MBA from Stanford University, over 30 years of international corporate expertise at the executive level, wide ranging business relationships in the Philippines and extensive experience in Bitcoin remittance and ATM operations. Mr. Concepcion was born and raised in the Philippines where he earned his undergraduate degree in business at The University of The Philippines in Manila. He then completed an MBA at Stanford University in California. While in the Philippines, Mr. Concepcion held executive positions in companies involved in supply chain management, real estate financing, insurance and communications. He has worked with Filipino remittances for the last 12 years. Mr. Concepcion was also a member of the Capital Markets Development Council that provided public / private business policy advice to the Philippine government. Mr. Concepcion and his family relocated to Canada in 2014. In late 2014, Mr. Concepcion formed Bitcoiniacs Holdings Inc., to acquire the world's first Bitcoin ATM operator. Mr. Concepcion then pivoted the business toward remittances, with a focus on using Bitcoins to allow foreign workers to quickly and inexpensively remit funds to the Philippines. Peter Janosi, MJMI's president said: "We couldn't be more excited to have Mr. Concepcion join our growing team. His expertise and the business direction of his firm match perfectly with 's plans in the remittance space. Mr. Concepcion's firm owns the world's first Bitcoin ATM and the first standalone Bitcoin remittance storefront, both in Vancouver Canada. With his Bitcoin expertise and top level Philippine contacts, we firmly believe Mr. Concepcion will provide invaluable advice and important introductions as we target the multi-billion dollar Philippine remittance market. We look forward to updating our shareholders as we grow this relationship." Story continues About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focused on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive || MarilynJean Interactive (MJMI.QB) Welcomes Top Bitcoin Remittance and ATM Expert to Board of Advisors: HENDERSON, NV / ACCESSWIRE / November 9, 2015 / MarilynJean Interactive ( MJMI ) today announced it has retained Christopher Concepcion to serve on its board of advisors. Mr. Concepcion has an MBA from Stanford University, over 30 years of international corporate expertise at the executive level, wide ranging business relationships in the Philippines and extensive experience in Bitcoin remittance and ATM operations. Mr. Concepcion was born and raised in the Philippines where he earned his undergraduate degree in business at The University of The Philippines in Manila. He then completed an MBA at Stanford University in California. While in the Philippines, Mr. Concepcion held executive positions in companies involved in supply chain management, real estate financing, insurance and communications. He has worked with Filipino remittances for the last 12 years. Mr. Concepcion was also a member of the Capital Markets Development Council that provided public / private business policy advice to the Philippine government. Mr. Concepcion and his family relocated to Canada in 2014. In late 2014, Mr. Concepcion formed Bitcoiniacs Holdings Inc., to acquire the world's first Bitcoin ATM operator. Mr. Concepcion then pivoted the business toward remittances, with a focus on using Bitcoins to allow foreign workers to quickly and inexpensively remit funds to the Philippines. Peter Janosi, MJMI's president said: "We couldn't be more excited to have Mr. Concepcion join our growing team. His expertise and the business direction of his firm match perfectly with 's plans in the remittance space. Mr. Concepcion's firm owns the world's first Bitcoin ATM and the first standalone Bitcoin remittance storefront, both in Vancouver Canada. With his Bitcoin expertise and top level Philippine contacts, we firmly believe Mr. Concepcion will provide invaluable advice and important introductions as we target the multi-billion dollar Philippine remittance market. We look forward to updating our shareholders as we grow this relationship." Story continues About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focused on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive || MarilynJean Interactive (MJMI.QB) Welcomes Top Bitcoin Remittance and ATM Expert to Board of Advisors: HENDERSON, NV / ACCESSWIRE / November 9, 2015 / MarilynJean Interactive ( MJMI ) today announced it has retained Christopher Concepcion to serve on its board of advisors. Mr. Concepcion has an MBA from Stanford University, over 30 years of international corporate expertise at the executive level, wide ranging business relationships in the Philippines and extensive experience in Bitcoin remittance and ATM operations. Mr. Concepcion was born and raised in the Philippines where he earned his undergraduate degree in business at The University of The Philippines in Manila. He then completed an MBA at Stanford University in California. While in the Philippines, Mr. Concepcion held executive positions in companies involved in supply chain management, real estate financing, insurance and communications. He has worked with Filipino remittances for the last 12 years. Mr. Concepcion was also a member of the Capital Markets Development Council that provided public / private business policy advice to the Philippine government. Mr. Concepcion and his family relocated to Canada in 2014. In late 2014, Mr. Concepcion formed Bitcoiniacs Holdings Inc., to acquire the world's first Bitcoin ATM operator. Mr. Concepcion then pivoted the business toward remittances, with a focus on using Bitcoins to allow foreign workers to quickly and inexpensively remit funds to the Philippines. Peter Janosi, MJMI's president said: "We couldn't be more excited to have Mr. Concepcion join our growing team. His expertise and the business direction of his firm match perfectly with 's plans in the remittance space. Mr. Concepcion's firm owns the world's first Bitcoin ATM and the first standalone Bitcoin remittance storefront, both in Vancouver Canada. With his Bitcoin expertise and top level Philippine contacts, we firmly believe Mr. Concepcion will provide invaluable advice and important introductions as we target the multi-billion dollar Philippine remittance market. We look forward to updating our shareholders as we grow this relationship." Story continues About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar remittance market. Management believes that several industries, including both international remittances and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focused on bitcoin and the crypto-currency space. The company's trading symbol is MJMI.QB. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive || Bitcoin is off to the races again: (REUTERS/Bogdan Cristel)Rotariu uses Romania's first bitcoin ATM in downtown Bucharest
The value of bitcoin has rocketed higher since late August, gaining more than 60% as investors around the worldclamor to buy into the cryptocurrency.
It recently hit new highs for the year.
Long-term bitcoin watchers have seen this happen before, and they know that bitcoin rallies can be huge.
The last time bitcoin's value began soaring the cryptocurrency went from below $200 in September 2013 to more than $1100 by early 2014.
Right now – after the recent gains – bitcoin is trading at around $380. That's right, after that peak last year, bitcoin crashed – badly damaging investor interest. It took more than a year for that interest to return.
So what's bringing people back? The digital currency is gaining traction both in the consumer marketplace, as a tradeable security, and with regulators. To illustrate - you can donate to theAmerican Red Crossin bitcoin, buy a new personal computer with it, or even book a holiday.
It isn't just digital-currency enthusiasts that are bullish. Equity research firm Wedbush expects it to rise to $600 because of the growing adoption. That target includes a "high discount rate to account for uncertainty," the firm says in a Nov. 4 research note. In other words, there is a lot of risk here, but even factoring that in, the potential exists for a big gain.
“We’re crossing the chasm from early enthusiasts to mainstream adoption," says Adam White, a vice president of business development with bitcoin exchange Coinbase.
(Wedbush Securities)Payments with bitcoin have been on the rise — as has the value of bitcoin, as an investment.
As more people use bitcoin, retailers have become increasingly welcoming of it.
Companies including Dish, Microsoft, Dell and Expedia are accepting cryptocurrency as payment.
Perhaps most crucial: payments startups and legacy players including Square, Stripe, and PayPal are integrating it into their offerings.
Regulators in the US and internationally are embracing bitcoin now, instead of fearing — or, worse still, thwarting — it.
"What there needs to be is greater regulatory clarity," said Jerry Brito, executive director at Washington-based advocacy group Coin Center. "It's a very different world than it was in 2013."
Bitcoin legislation is being readied in several US states, Brito said.
In October, a consortium of startupsannounced the establishmentof theBlockchain Alliance, a partnership between bitcoin companies and US and foreign agencies including the Department of Justice, FBI and the Commodity Futures Trading Commission, among others.
Last month, theEuropean Court of Justice said bitcoin transactions will be exemptedfrom a consumer tax, which could lead to even greater use of the cryptocurrency.
Another big step, yet to come, would be the declaration of bitcoin by US regulators as a security.
Another factor lending greater legitimacy to bitcoin is the investment capital being poured into related startups.
Recently, the total dollar volume backing startups in the sectorcrossed the $1 billion threshold. But the investors behind the money have also increased bitcoin's visibility.
The roster of bitcoin startup backersincludes Wall Street investment banks; the New York Stock Exchange and NASDAQ; andleading credit and debit card companiesincluding Visa, MasterCard and Capital One.
"The global banks and wire-houses have meaningfully gotten involved in the space," said Michael Sonnenshein, director of business development and sales at Grayscale Investments,which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin. "In 2013, they were beginning to dip their toe, but primarily behind closed doors and within internal working groups."
There are still lingering issues surrounding bitcoin's validity.
To be sure, it is volatile and – because its loosely regulated – a draw for frauds and criminals.
Some big names in the crytptocurrency community — perhaps most notably Blythe Masters, the CEO of Digital Asset Holdings — have been critical of bitcoin and say the underpinning blockchain technology is actually what's most sexy to Wall Street.
But right now, to many investors, bitcoin is hot. And it could stay that way.
NOW WATCH:Everyday phrases that even smart people say incorrectly
More From Business Insider
• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
• Bitcoin hit a new high for 2015
• The Winklevoss twins tell us why they believe Bitcoin will come to dominate global finance || Bitcoin is off to the races again: Bitcoin ATM (REUTERS/Bogdan Cristel) Rotariu uses Romania's first bitcoin ATM in downtown Bucharest The value of bitcoin has rocketed higher since late August, gaining more than 60% as investors around the world clamor to buy into the cryptocurrency . It recently hit new highs for the year. Long-term bitcoin watchers have seen this happen before, and they know that bitcoin rallies can be huge. The last time bitcoin's value began soaring the cryptocurrency went from below $200 in September 2013 to more than $1100 by early 2014. Right now after the recent gains bitcoin is trading at around $380. That's right, after that peak last year, bitcoin crashed badly damaging investor interest. It took more than a year for that interest to return. So what's bringing people back? The digital currency is gaining traction both in the consumer marketplace, as a tradeable security, and with regulators. To illustrate - you can donate to the American Red Cross in bitcoin, buy a new personal computer with it, or even book a holiday. It isn't just digital-currency enthusiasts that are bullish. Equity research firm Wedbush expects it to rise to $600 because of the growing adoption. That target includes a "high discount rate to account for uncertainty," the firm says in a Nov. 4 research note. In other words, there is a lot of risk here, but even factoring that in, the potential exists for a big gain. Were crossing the chasm from early enthusiasts to mainstream adoption," says Adam White, a vice president of business development with bitcoin exchange Coinbase. Screen Shot 2015 11 05 at 6.07.28 PM (Wedbush Securities) Payments with bitcoin have been on the rise as has the value of bitcoin, as an investment. As more people use bitcoin, retailers have become increasingly welcoming of it. Companies including Dish, Microsoft, Dell and Expedia are accepting cryptocurrency as payment. Perhaps most crucial: payments startups and legacy players including Square, Stripe, and PayPal are integrating it into their offerings. Story continues Regulation is evolving Regulators in the US and internationally are embracing bitcoin now, instead of fearing or, worse still, thwarting it. "What there needs to be is greater regulatory clarity," said Jerry Brito, executive director at Washington-based advocacy group Coin Center. "It's a very different world than it was in 2013." Bitcoin legislation is being readied in several US states, Brito said. In October, a consortium of startups announced the establishment of the Blockchain Alliance , a partnership between bitcoin companies and US and foreign agencies including the Department of Justice, FBI and the Commodity Futures Trading Commission, among others. Last month, the European Court of Justice said bitcoin transactions will be exempted from a consumer tax, which could lead to even greater use of the cryptocurrency. Another big step, yet to come, would be the declaration of bitcoin by US regulators as a security. Big investors are buying in Another factor lending greater legitimacy to bitcoin is the investment capital being poured into related startups. Recently, the total dollar volume backing startups in the sector crossed the $1 billion threshold . But the investors behind the money have also increased bitcoin's visibility. The roster of bitcoin startup backers includes Wall Street investment banks ; the New York Stock Exchange and NASDAQ; and leading credit and debit card companies including Visa, MasterCard and Capital One. " The global banks and wire-houses have meaningfully gotten involved in the space," said Michael Sonnenshein, director of business development and sales at Grayscale Investments, which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin . "In 2013, they were beginning to dip their toe, but primarily behind closed doors and within internal working groups." There are still lingering issues surrounding bitcoin's validity. To be sure, it is volatile and because its loosely regulated a draw for frauds and criminals. Some big names in the crytptocurrency community perhaps most notably Blythe Masters, the CEO of Digital Asset Holdings have been critical of bitcoin and say the underpinning blockchain technology is actually what's most sexy to Wall Street. But right now, to many investors, bitcoin is hot. And it could stay that way. NOW WATCH: Everyday phrases that even smart people say incorrectly More From Business Insider The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today Bitcoin hit a new high for 2015 The Winklevoss twins tell us why they believe Bitcoin will come to dominate global finance || Bitcoin is off to the races again: (REUTERS/Bogdan Cristel)Rotariu uses Romania's first bitcoin ATM in downtown Bucharest
The value of bitcoin has rocketed higher since late August, gaining more than 60% as investors around the worldclamor to buy into the cryptocurrency.
It recently hit new highs for the year.
Long-term bitcoin watchers have seen this happen before, and they know that bitcoin rallies can be huge.
The last time bitcoin's value began soaring the cryptocurrency went from below $200 in September 2013 to more than $1100 by early 2014.
Right now – after the recent gains – bitcoin is trading at around $380. That's right, after that peak last year, bitcoin crashed – badly damaging investor interest. It took more than a year for that interest to return.
So what's bringing people back? The digital currency is gaining traction both in the consumer marketplace, as a tradeable security, and with regulators. To illustrate - you can donate to theAmerican Red Crossin bitcoin, buy a new personal computer with it, or even book a holiday.
It isn't just digital-currency enthusiasts that are bullish. Equity research firm Wedbush expects it to rise to $600 because of the growing adoption. That target includes a "high discount rate to account for uncertainty," the firm says in a Nov. 4 research note. In other words, there is a lot of risk here, but even factoring that in, the potential exists for a big gain.
“We’re crossing the chasm from early enthusiasts to mainstream adoption," says Adam White, a vice president of business development with bitcoin exchange Coinbase.
(Wedbush Securities)Payments with bitcoin have been on the rise — as has the value of bitcoin, as an investment.
As more people use bitcoin, retailers have become increasingly welcoming of it.
Companies including Dish, Microsoft, Dell and Expedia are accepting cryptocurrency as payment.
Perhaps most crucial: payments startups and legacy players including Square, Stripe, and PayPal are integrating it into their offerings.
Regulators in the US and internationally are embracing bitcoin now, instead of fearing — or, worse still, thwarting — it.
"What there needs to be is greater regulatory clarity," said Jerry Brito, executive director at Washington-based advocacy group Coin Center. "It's a very different world than it was in 2013."
Bitcoin legislation is being readied in several US states, Brito said.
In October, a consortium of startupsannounced the establishmentof theBlockchain Alliance, a partnership between bitcoin companies and US and foreign agencies including the Department of Justice, FBI and the Commodity Futures Trading Commission, among others.
Last month, theEuropean Court of Justice said bitcoin transactions will be exemptedfrom a consumer tax, which could lead to even greater use of the cryptocurrency.
Another big step, yet to come, would be the declaration of bitcoin by US regulators as a security.
Another factor lending greater legitimacy to bitcoin is the investment capital being poured into related startups.
Recently, the total dollar volume backing startups in the sectorcrossed the $1 billion threshold. But the investors behind the money have also increased bitcoin's visibility.
The roster of bitcoin startup backersincludes Wall Street investment banks; the New York Stock Exchange and NASDAQ; andleading credit and debit card companiesincluding Visa, MasterCard and Capital One.
"The global banks and wire-houses have meaningfully gotten involved in the space," said Michael Sonnenshein, director of business development and sales at Grayscale Investments,which manages the Bitcoin Investment Trust, a publicly listed vehicle that tracks bitcoin. "In 2013, they were beginning to dip their toe, but primarily behind closed doors and within internal working groups."
There are still lingering issues surrounding bitcoin's validity.
To be sure, it is volatile and – because its loosely regulated – a draw for frauds and criminals.
Some big names in the crytptocurrency community — perhaps most notably Blythe Masters, the CEO of Digital Asset Holdings — have been critical of bitcoin and say the underpinning blockchain technology is actually what's most sexy to Wall Street.
But right now, to many investors, bitcoin is hot. And it could stay that way.
NOW WATCH:Everyday phrases that even smart people say incorrectly
More From Business Insider
• The Money Of The Future Will Look More Like Bitcoin Than The Paper We Carry Around Today
• Bitcoin hit a new high for 2015
• The Winklevoss twins tell us why they believe Bitcoin will come to dominate global finance
[Social Media Buzz]
#RDD / #BTC on the exchanges: Cryptsy: 0.00000002 Bittrex: 0.00000003 Average $6.0E-6 per #reddcoin 22:00:01 via #p…pic.twitter.com/1owGEYKTRX || #RDD / #BTC on the exchanges: Cryptsy: Error Bittrex: 0.00000002 Average $7.0E-6 per #reddcoin 06:00:02 via #priceo…pic.twitter.com/QLnekgjsfF || Current price: 332.28$ $BTCUSD $btc #bitcoin 2015-11-15 04:00:05 EST || $333.30 at 04:00 UTC [24h Range: $325.45 - $356.10 Volume: 26986 BTC] || Current price: 318.97$ $BTCUSD $btc #bitcoin 2015-11-15 19:00:1...
|
330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49.
|
[Bitcoin Technical Analysis for 2016-01-23]
Volume: 56247400, RSI (14-day): 42.55, 50-day EMA: 408.16, 200-day EMA: 339.06
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Australia's ASX invests in blockchain to simplify markets: SYDNEY (Reuters) - Markets operator ASX Ltd on Friday said it has made a minority investment in U.S.-based Digital Asset Holdings to develop distributed ledger technology, or blockchain, to potentially simplify Australias post-trade equity market. Blockchain technology, pioneered by Bitcoin, maintains a continuously growing list of transaction data which cannot be tampered with or revised. ASX paid A$14.9 million ($10.43 million) for a 5.0 percent equity interest in Digital Asset along with funding an initial phase of development and acquiring a warrant that will give it the right to purchase further equity and appoint a director to the board. ASX will work with Digital Asset to design a new post-trade solution for the Australian equity market, it said in a statement on Friday. Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent. (Reporting by Swati Pandey) || Australia's ASX invests in blockchain to simplify markets: SYDNEY (Reuters) - Markets operator ASX Ltd on Friday said it has made a minority investment in U.S.-based Digital Asset Holdings to develop distributed ledger technology, or blockchain, to potentially simplify Australias post-trade equity market. Blockchain technology, pioneered by Bitcoin, maintains a continuously growing list of transaction data which cannot be tampered with or revised. ASX paid A$14.9 million ($10.43 million) for a 5.0 percent equity interest in Digital Asset along with funding an initial phase of development and acquiring a warrant that will give it the right to purchase further equity and appoint a director to the board. ASX will work with Digital Asset to design a new post-trade solution for the Australian equity market, it said in a statement on Friday. Over the past year, interest in blockchain technology has grown rapidly. It has already attracted significant investment from many major banks, which reckon it could save them money by making their operations faster, more efficient and more transparent. (Reporting by Swati Pandey) || Cybersecurity A Hot Topic At Davos: Cybersecurity has been a hot-button issue in both the public and private sectors over the past year after a spate of hacking attacks left several companies in jeopardy and illustrated that the U.S. government is struggling to keep pace with hackers. With concerns about cyber-terrorism ramping up in the wake of several terror strikes around the world, the Word Economic Forum in Davos, Switzerland, has become a battle ground for world leaders and tech firms to discuss how to protect each nation's security without compromising customers' privacy, according to the Wall Street Journal. Data Tug Of War Government officials are pushing tech firms like Facebook Inc (NASDAQ: FB ) and Twitter Inc (NYSE: TWTR ) to make their data more accessible in order to give law enforcement better surveillance options. Related Link: Bitcoin Makes An Appearance At Davos They argue current encryption processes make it impossible for the firms to give officials access to communications that could be essential in preventing further terror attacks. However, tech firms say that making data more accessible would land them in a difficult position, as it makes customer data more accessible to everyone, not just law enforcement. Brad Smith, Microsoft Corporation (NASDAQ: MSFT )'s chief legal officer said that loosening encryption could violate customer privacy laws in the United States, causing tech firms to choose which laws they want to break in order to comply with government requests. Making Customers Happy Companies like Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ) and Apple Inc. (NASDAQ: AAPL ) have ramped up their privacy protection in the years since U.S. contractor Edward Snowden leaked documents detailing the Untied States' widespread surveillance practices. Since that time, many consumers have become much more conscious about their privacy protection, and companies like Google and Apple have responded by using encryption that even they don't have the keys to. Story continues Image Credit: Public Domain See more from Benzinga Apple Moves Into India Twitter Begins The Year On A Low Are Share Repurchases On The Horizon? © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Cybersecurity A Hot Topic At Davos: Cybersecurity has been a hot-button issue in both the public and private sectors over the past year after a spate of hacking attacks left several companies in jeopardy and illustrated that the U.S. government is struggling to keep pace with hackers.
With concerns about cyber-terrorism ramping up in the wake of several terror strikes around the world, the Word Economic Forum in Davos, Switzerland, has become abattle groundfor world leaders and tech firms to discuss how to protect each nation's security without compromising customers' privacy, according to the Wall Street Journal.
Data Tug Of War
Government officials are pushing tech firms likeFacebook Inc(NASDAQ:FB) andTwitter Inc(NYSE:TWTR) to make their data more accessible in order to give law enforcement better surveillance options.
Related Link:Bitcoin Makes An Appearance At Davos
They argue current encryption processes make it impossible for the firms to give officials access to communications that could be essential in preventing further terror attacks.
However, tech firms say that making data more accessible would land them in a difficult position, as it makes customer data more accessible to everyone, not just law enforcement. Brad Smith,Microsoft Corporation(NASDAQ:MSFT)'s chief legal officer said that loosening encryption could violate customer privacy laws in the United States, causing tech firms to choose which laws they want to break in order to comply with government requests.
Making Customers Happy
Companies likeAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL) andApple Inc.(NASDAQ:AAPL) have ramped up their privacy protection in the years since U.S. contractor Edward Snowden leaked documents detailing the Untied States' widespread surveillance practices. Since that time, many consumers have become much more conscious about their privacy protection, and companies like Google and Apple have responded by using encryption that even they don't have the keys to.
Image Credit:Public Domain
See more from Benzinga
• Apple Moves Into India
• Twitter Begins The Year On A Low
• Are Share Repurchases On The Horizon?
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Moves Forward In The Financial Industry: Cryptocurrencies like bitcoin have had a lot of negative attention over the past year, as several hacking attacks and scams have painted the coins as an unsafe way to make transactions. However, blockchain, the ledger-like system that bitcoin runs on, has received a great deal of praise across several industries that say the technology has the potential to completely reform the way they do business. This is especially true in the financial space, where banks say that although they are still wary of bitcoin transactions, incorporating blockchain into their operations could actually improve their businesses. Related Link: Now You Can Play The Lottery With Bitcoin Cross-Border Payments One way blockchain could improve the financial industry is by improving the way banks make cross-border transactions. The current system is cumbersome and takes a great deal of time and effort for both the sending and receiving bank. This process has made it difficult for banks to interact with one another from country to country, but incorporating blockchain could change all of that. The ledger system would streamline cross-border payments and take out much of the administrative work associated with processing international transactions. Closer To Integration From January 11 to January 15, several major banks began testing whether blockchain could be used in this way and the results looked promising, according to the Wall Street Journal. Eleven different banks were able to use a private blockchain in order to exchange tokens across several continents. The test included big name financial institutions like Barclays PLC (ADR) (NYSE: BCS ), Credit Suisse Group AG (ADR) (NYSE: CS ) and Wells Fargo & Co (NYSE: WFC ), and it is expected to pave the way for future blockchain investments. While this initial test provided only a small snapshot of what blockchain is capable of, many believe that its success will push banks to continue testing the technology and eventually put it into practice. Story continues See more from Benzinga Top 5 Losers When The Fed Raises Rates © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Blockchain Moves Forward In The Financial Industry: Cryptocurrencies like bitcoin have had a lot of negative attention over the past year, as several hacking attacks and scams have painted the coins as an unsafe way to make transactions.
However, blockchain, the ledger-like system that bitcoin runs on, has received a great deal of praise across several industries that say the technology has the potential to completely reform the way they do business. This is especially true in the financial space, where banks say that although they are still wary of bitcoin transactions, incorporating blockchain into their operations could actually improve their businesses.
Related Link:Now You Can Play The Lottery With Bitcoin
Cross-Border Payments
One way blockchain could improve the financial industry is by improving the way banks make cross-border transactions.
The current system is cumbersome and takes a great deal of time and effort for both the sending and receiving bank. This process has made it difficult for banks to interact with one another from country to country, but incorporating blockchain could change all of that. The ledger system would streamline cross-border payments and take out much of the administrative work associated with processing international transactions.
Closer To Integration
From January 11 to January 15, several major banks begantestingwhether blockchain could be used in this way and the results looked promising, according to the Wall Street Journal.
Eleven different banks were able to use a private blockchain in order to exchange tokens across several continents. The test included big name financial institutions likeBarclays PLC (ADR)(NYSE:BCS),Credit Suisse Group AG (ADR)(NYSE:CS) andWells Fargo & Co(NYSE:WFC), and it is expected to pave the way for future blockchain investments. While this initial test provided only a small snapshot of what blockchain is capable of, many believe that its success will push banks to continue testing the technology and eventually put it into practice.
See more from Benzinga
• Top 5 Losers When The Fed Raises Rates
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin's biggest investor bought its leading news outlet: There is one trade publication in the digital currency industry that every mainstream news outlet knows well, and cites regularly in stories about bitcoin:CoinDesk. It is a source of news about bitcoin investments, price spikes or crashes, and executive hires, and it is a regular destination for journalists who write about bitcoin (as well as for bitcoin enthusiasts who don't get paid to write about the currency).
Last week, CoinDesk reported some newsabout itself. The website has been bought by Digital Currency Group, the investment firm of Barry Silbert, who in 2004 founded SecondMarket, which allows for the trading of private-company stock. He sold the platform to Nasdaq (NDAQ) last year. This is DCG's first full acquisition; it did not disclose the sale price, but sources tell Yahoo Finance it was around $750,000.
DCG has invested in 60 different digital currency companies, and the companies in its portfolio have raised 70% of the venture capital in the industry. You might think that creates an obvious conflict of interest here. Silbert owning CoinDesk is like Red Sox co-owner John Henry buying the Boston Globe (which actually happened), or Peyton Manning buying the Denver Post, or Donald Trump buying Politico.
But Ryan Selkis, the DCG executive who will oversee business at CoinDesk for the time being, insists that won't be a problem. Nonetheless, he says the possibility did concern him at first.
The subject of changing ownership at a bitcoin news site may seem like granular inside-baseball, but it is significant when viewed in the context of ongoing fears about who owns the media. From NewsCorp to Bloomberg to recent changes at the Las Vegas Review-Journal, it is a topic on the minds of both journalists and their readers.
Is bitcoin's primary news site selling to bitcoin's biggest investment firm another piece of bad news for the industry? Selkis, DCG's director of growth, spoke to Yahoo Finance about that question and about DCG's plans for the site. What follows is an edited transcript.
Yahoo Finance:Before we get into CoinDesk, what was your take on the fallout from Mike Hearn's post last week? [Hearn, a bitcoin developer,declaredthat bitcoin had "failed" and that he was leaving the industry; it resulted in a media firestorm.]
Ryan Selkis:I won’t comment on the theatrics of it. I will say that Mike Hearn was one of the really solid developers, he’s contributed a good chunk of his life and energy into making bitcoin what it is today, so, style aside, there’s not a whole lot people can say to critique his overall contribution to the industry. But this [ongoing debateover the size of blocks, or bundles of transactions, recorded on bitcoin's public ledger] is more of a governance issue than it is a bitcoin issue, in terms of how this will get resolved. I think it will get resolved. But the governance of the overall project needs to be better.
What was DCG's approach to buying CoinDesk, what were the considerations?
The first priority we had when we considered this acquistion, my main hesitation, was whether we’d be able to preserve CoinDesk’s editorial independence. And it’s why I’m working with the team full-time now on operating activities. We are going to create both informational and physical barriers between the editorial team and Digital Currency Group. From a policy standpoint, I’ve recused myself from all investing activity at DCG. I was its director of investments; I have completely transitioned away from that and now I’m director of growth.
How does handling growth for DCG pertain to CoinDesk?
In this particular instance it means making sure we have a smooth transition post-acquisition. We’re combining two teams. We’ve kept all the CoinDesk employees and our plan is to continue to employ everyone that came over, hopefully for a long time. But we also have a professional events team we’ve been working with that were already in the midst of planning a large conference in May, and now we’re merging those two teams to plan one event, Consensus 2016. So now everyone, with the exception of myself, is a CoinDesk employee. And functionally, I’m full time with the CoinDesk team.
So how are you separating CoinDesk from DCG?
We are physically relocating offices to a different part of Manhattan. So the CoinDesk folks are not going to be sitting right next to our Genesis [a broker dealer that is another DCG subsidiary] trading team or our investment team, which has proprietary information on how 60 or so bitcoin companies that we are invested in are performing.
What if CoinDesk is now afraid to write bad news about companies DCG is invested in? Or it could go the other way: Will CoinDesk start getting all the scoops on DCG companies?
On the latter point, I’m not concerned because even before this, CoinDesk had established itself as a clear industry leader in terms of a trade journal. So they were already getting most of the scoops. When you talk about embargoed news releases, they are going to continue to be on the same lists as the other folks that DCG reaches out to. So that doesn’t really change. To be honest, CoinDesk was typically part of a broad group of outlets that would be contacted whenever there was news about a DCG company, because we never want to restrict press attention to just one outlet for any of its business interests. So that is the much easier question to answer.
With respect to editorial conflicts, look, that’s what I’m here for, is to make sure there’s a buffer between both entities. So on the one hand, I’m not influencing CoinDesk editorial, but on the other hand, I’m leading the team on a day-to-day basis, and I’m able to interface with DCG but I’m no longer privy to any inside-baseball related to the portfolio companies.
That seems like a contradiction: You won't influence CoinDesk editorial, but you'll lead CoinDesk day to day? So will you be full time at CoinDesk, or at DCG?
I’m DCG's director of growth, but I'm focused full time on CoinDesk and this acquisition, and the 10 or so employees we’ve absorbed, and the large-scale conference we’re producing in May. That makes CoinDesk our top priortity in terms of growth initiatives.
Is the conference the main reason DCG bought CoinDesk? Why else?
We think there’s a lot of organic growth potential for CoinDesk. They’ve had display advertising and various sponsors, but last year they hosted Consensus 2015, it was profitable, it was well-attended, folks were raving about the content of the event. And in mid-2015 they also began publishing paid research reports. As we continue new investments in CoinDesk, paid research and live events are going to be meaningful drivers of growth for the business.
We have the resources to invest not only in fantastic new editorial talent, as in full-time reporters, but also strengthen the ranks of freelance contributors. One area we will invest in is looking beyond just bitcoin the currency and the very insular community there, and branching much further out into blockchain applications that enterprise is taking a look at. Now, that doesn’t mean we are on this "blockchain, not bitcoin" bandwagon, because I don’t want to give that impression at all and it’s a very shrill conversation that happens on Twitter and Reddit when you bring it up. But I do think there will be private ledger solutions that work for enterprise where bitcoin isn’t necessarily a good alternative.
Yes, big financial institutions and banks, from Nasdaq to JPMorgan, have been on the "blockchain, not bitcoin" trend lately. Do you think that's all talk?
I think the interest is definitely real. The bigger question is, over what time frame does this play out? I don’t think that anyone should expect fully functioning products in the next year, two years, handful of years. It will take many years to build some of these core products that are used currently for clearing and settlement. But I think it’s not just a buzzword, I think "blockchain for banks" truly is more relevant in many cases than using the bitcoin blockchain. If you’re a large institution and you’re looking to create an open ledger where you can move securities around safely and transparently to other regulated institutions, you don’t need a native currency like bitcoin or a consensus mechanism that uses anonymous miners. You already know the parties. You could have five banks that are the only signatories to that particular blockchain. So that would be interesting.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer || Bitcoin's biggest investor bought its leading news outlet: There is one trade publication in the digital currency industry that every mainstream news outlet knows well, and cites regularly in stories about bitcoin:CoinDesk. It is a source of news about bitcoin investments, price spikes or crashes, and executive hires, and it is a regular destination for journalists who write about bitcoin (as well as for bitcoin enthusiasts who don't get paid to write about the currency).
Last week, CoinDesk reported some newsabout itself. The website has been bought by Digital Currency Group, the investment firm of Barry Silbert, who in 2004 founded SecondMarket, which allows for the trading of private-company stock. He sold the platform to Nasdaq (NDAQ) last year. This is DCG's first full acquisition; it did not disclose the sale price, but sources tell Yahoo Finance it was around $750,000.
DCG has invested in 60 different digital currency companies, and the companies in its portfolio have raised 70% of the venture capital in the industry. You might think that creates an obvious conflict of interest here. Silbert owning CoinDesk is like Red Sox co-owner John Henry buying the Boston Globe (which actually happened), or Peyton Manning buying the Denver Post, or Donald Trump buying Politico.
But Ryan Selkis, the DCG executive who will oversee business at CoinDesk for the time being, insists that won't be a problem. Nonetheless, he says the possibility did concern him at first.
The subject of changing ownership at a bitcoin news site may seem like granular inside-baseball, but it is significant when viewed in the context of ongoing fears about who owns the media. From NewsCorp to Bloomberg to recent changes at the Las Vegas Review-Journal, it is a topic on the minds of both journalists and their readers.
Is bitcoin's primary news site selling to bitcoin's biggest investment firm another piece of bad news for the industry? Selkis, DCG's director of growth, spoke to Yahoo Finance about that question and about DCG's plans for the site. What follows is an edited transcript.
Yahoo Finance:Before we get into CoinDesk, what was your take on the fallout from Mike Hearn's post last week? [Hearn, a bitcoin developer,declaredthat bitcoin had "failed" and that he was leaving the industry; it resulted in a media firestorm.]
Ryan Selkis:I won’t comment on the theatrics of it. I will say that Mike Hearn was one of the really solid developers, he’s contributed a good chunk of his life and energy into making bitcoin what it is today, so, style aside, there’s not a whole lot people can say to critique his overall contribution to the industry. But this [ongoing debateover the size of blocks, or bundles of transactions, recorded on bitcoin's public ledger] is more of a governance issue than it is a bitcoin issue, in terms of how this will get resolved. I think it will get resolved. But the governance of the overall project needs to be better.
What was DCG's approach to buying CoinDesk, what were the considerations?
The first priority we had when we considered this acquistion, my main hesitation, was whether we’d be able to preserve CoinDesk’s editorial independence. And it’s why I’m working with the team full-time now on operating activities. We are going to create both informational and physical barriers between the editorial team and Digital Currency Group. From a policy standpoint, I’ve recused myself from all investing activity at DCG. I was its director of investments; I have completely transitioned away from that and now I’m director of growth.
How does handling growth for DCG pertain to CoinDesk?
In this particular instance it means making sure we have a smooth transition post-acquisition. We’re combining two teams. We’ve kept all the CoinDesk employees and our plan is to continue to employ everyone that came over, hopefully for a long time. But we also have a professional events team we’ve been working with that were already in the midst of planning a large conference in May, and now we’re merging those two teams to plan one event, Consensus 2016. So now everyone, with the exception of myself, is a CoinDesk employee. And functionally, I’m full time with the CoinDesk team.
So how are you separating CoinDesk from DCG?
We are physically relocating offices to a different part of Manhattan. So the CoinDesk folks are not going to be sitting right next to our Genesis [a broker dealer that is another DCG subsidiary] trading team or our investment team, which has proprietary information on how 60 or so bitcoin companies that we are invested in are performing.
What if CoinDesk is now afraid to write bad news about companies DCG is invested in? Or it could go the other way: Will CoinDesk start getting all the scoops on DCG companies?
On the latter point, I’m not concerned because even before this, CoinDesk had established itself as a clear industry leader in terms of a trade journal. So they were already getting most of the scoops. When you talk about embargoed news releases, they are going to continue to be on the same lists as the other folks that DCG reaches out to. So that doesn’t really change. To be honest, CoinDesk was typically part of a broad group of outlets that would be contacted whenever there was news about a DCG company, because we never want to restrict press attention to just one outlet for any of its business interests. So that is the much easier question to answer.
With respect to editorial conflicts, look, that’s what I’m here for, is to make sure there’s a buffer between both entities. So on the one hand, I’m not influencing CoinDesk editorial, but on the other hand, I’m leading the team on a day-to-day basis, and I’m able to interface with DCG but I’m no longer privy to any inside-baseball related to the portfolio companies.
That seems like a contradiction: You won't influence CoinDesk editorial, but you'll lead CoinDesk day to day? So will you be full time at CoinDesk, or at DCG?
I’m DCG's director of growth, but I'm focused full time on CoinDesk and this acquisition, and the 10 or so employees we’ve absorbed, and the large-scale conference we’re producing in May. That makes CoinDesk our top priortity in terms of growth initiatives.
Is the conference the main reason DCG bought CoinDesk? Why else?
We think there’s a lot of organic growth potential for CoinDesk. They’ve had display advertising and various sponsors, but last year they hosted Consensus 2015, it was profitable, it was well-attended, folks were raving about the content of the event. And in mid-2015 they also began publishing paid research reports. As we continue new investments in CoinDesk, paid research and live events are going to be meaningful drivers of growth for the business.
We have the resources to invest not only in fantastic new editorial talent, as in full-time reporters, but also strengthen the ranks of freelance contributors. One area we will invest in is looking beyond just bitcoin the currency and the very insular community there, and branching much further out into blockchain applications that enterprise is taking a look at. Now, that doesn’t mean we are on this "blockchain, not bitcoin" bandwagon, because I don’t want to give that impression at all and it’s a very shrill conversation that happens on Twitter and Reddit when you bring it up. But I do think there will be private ledger solutions that work for enterprise where bitcoin isn’t necessarily a good alternative.
Yes, big financial institutions and banks, from Nasdaq to JPMorgan, have been on the "blockchain, not bitcoin" trend lately. Do you think that's all talk?
I think the interest is definitely real. The bigger question is, over what time frame does this play out? I don’t think that anyone should expect fully functioning products in the next year, two years, handful of years. It will take many years to build some of these core products that are used currently for clearing and settlement. But I think it’s not just a buzzword, I think "blockchain for banks" truly is more relevant in many cases than using the bitcoin blockchain. If you’re a large institution and you’re looking to create an open ledger where you can move securities around safely and transparently to other regulated institutions, you don’t need a native currency like bitcoin or a consensus mechanism that uses anonymous miners. You already know the parties. You could have five banks that are the only signatories to that particular blockchain. So that would be interesting.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer || Bitcoin's biggest investor bought its leading news outlet: There is one trade publication in the digital currency industry that every mainstream news outlet knows well, and cites regularly in stories about bitcoin: CoinDesk . It is a source of news about bitcoin investments, price spikes or crashes, and executive hires, and it is a regular destination for journalists who write about bitcoin (as well as for bitcoin enthusiasts who don't get paid to write about the currency). Last week, CoinDesk reported some news about itself . The website has been bought by Digital Currency Group, the investment firm of Barry Silbert, who in 2004 founded SecondMarket, which allows for the trading of private-company stock. He sold the platform to Nasdaq ( NDAQ ) last year. This is DCG's first full acquisition; it did not disclose the sale price, but sources tell Yahoo Finance it was around $750,000. DCG has invested in 60 different digital currency companies, and the companies in its portfolio have raised 70% of the venture capital in the industry . You might think that creates an obvious conflict of interest here. Silbert owning CoinDesk is like Red Sox co-owner John Henry buying the Boston Globe (which actually happened), or Peyton Manning buying the Denver Post, or Donald Trump buying Politico. But Ryan Selkis, the DCG executive who will oversee business at CoinDesk for the time being, insists that won't be a problem. Nonetheless, he says the possibility did concern him at first. The subject of changing ownership at a bitcoin news site may seem like granular inside-baseball, but it is significant when viewed in the context of ongoing fears about who owns the media. From NewsCorp to Bloomberg to recent changes at the Las Vegas Review-Journal, it is a topic on the minds of both journalists and their readers. Is bitcoin's primary news site selling to bitcoin's biggest investment firm another piece of bad news for the industry? Selkis, DCG's director of growth, spoke to Yahoo Finance about that question and about DCG's plans for the site. What follows is an edited transcript. Yahoo Finance : Before we get into CoinDesk, what was your take on the fallout from Mike Hearn's post last week? [Hearn, a bitcoin developer, declared that bitcoin had "failed" and that he was leaving the industry; it resulted in a media firestorm.] Ryan Selkis: I won’t comment on the theatrics of it. I will say that Mike Hearn was one of the really solid developers, he’s contributed a good chunk of his life and energy into making bitcoin what it is today, so, style aside, there’s not a whole lot people can say to critique his overall contribution to the industry. But this [ ongoing debate over the size of blocks, or bundles of transactions, recorded on bitcoin's public ledger] is more of a governance issue than it is a bitcoin issue, in terms of how this will get resolved. I think it will get resolved. But the governance of the overall project needs to be better. Story continues What was DCG's approach to buying CoinDesk, what were the considerations? The first priority we had when we considered this acquistion, my main hesitation, was whether we’d be able to preserve CoinDesk’s editorial independence. And it’s why I’m working with the team full-time now on operating activities. We are going to create both informational and physical barriers between the editorial team and Digital Currency Group. From a policy standpoint, I’ve recused myself from all investing activity at DCG. I was its director of investments; I have completely transitioned away from that and now I’m director of growth. How does handling growth for DCG pertain to CoinDesk? In this particular instance it means making sure we have a smooth transition post-acquisition. We’re combining two teams. We’ve kept all the CoinDesk employees and our plan is to continue to employ everyone that came over, hopefully for a long time. But we also have a professional events team we’ve been working with that were already in the midst of planning a large conference in May, and now we’re merging those two teams to plan one event, Consensus 2016. So now everyone, with the exception of myself, is a CoinDesk employee. And functionally, I’m full time with the CoinDesk team. So how are you separating CoinDesk from DCG? We are physically relocating offices to a different part of Manhattan. So the CoinDesk folks are not going to be sitting right next to our Genesis [a broker dealer that is another DCG subsidiary] trading team or our investment team, which has proprietary information on how 60 or so bitcoin companies that we are invested in are performing. What if CoinDesk is now afraid to write bad news about companies DCG is invested in? Or it could go the other way: Will CoinDesk start getting all the scoops on DCG companies? On the latter point, I’m not concerned because even before this, CoinDesk had established itself as a clear industry leader in terms of a trade journal. So they were already getting most of the scoops. When you talk about embargoed news releases, they are going to continue to be on the same lists as the other folks that DCG reaches out to. So that doesn’t really change. To be honest, CoinDesk was typically part of a broad group of outlets that would be contacted whenever there was news about a DCG company, because we never want to restrict press attention to just one outlet for any of its business interests. So that is the much easier question to answer. With respect to editorial conflicts, look, that’s what I’m here for, is to make sure there’s a buffer between both entities. So on the one hand, I’m not influencing CoinDesk editorial, but on the other hand, I’m leading the team on a day-to-day basis, and I’m able to interface with DCG but I’m no longer privy to any inside-baseball related to the portfolio companies. That seems like a contradiction: You won't influence CoinDesk editorial, but you'll lead CoinDesk day to day? So will you be full time at CoinDesk, or at DCG? I’m DCG's director of growth, but I'm focused full time on CoinDesk and this acquisition, and the 10 or so employees we’ve absorbed, and the large-scale conference we’re producing in May. That makes CoinDesk our top priortity in terms of growth initiatives. Is the conference the main reason DCG bought CoinDesk? Why else? We think there’s a lot of organic growth potential for CoinDesk. They’ve had display advertising and various sponsors, but last year they hosted Consensus 2015, it was profitable, it was well-attended, folks were raving about the content of the event. And in mid-2015 they also began publishing paid research reports. As we continue new investments in CoinDesk, paid research and live events are going to be meaningful drivers of growth for the business. We have the resources to invest not only in fantastic new editorial talent, as in full-time reporters, but also strengthen the ranks of freelance contributors. One area we will invest in is looking beyond just bitcoin the currency and the very insular community there, and branching much further out into blockchain applications that enterprise is taking a look at. Now, that doesn’t mean we are on this "blockchain, not bitcoin" bandwagon, because I don’t want to give that impression at all and it’s a very shrill conversation that happens on Twitter and Reddit when you bring it up. But I do think there will be private ledger solutions that work for enterprise where bitcoin isn’t necessarily a good alternative. Yes, big financial institutions and banks, from Nasdaq to JPMorgan, have been on the "blockchain, not bitcoin" trend lately. Do you think that's all talk? I think the interest is definitely real. The bigger question is, over what time frame does this play out? I don’t think that anyone should expect fully functioning products in the next year, two years, handful of years. It will take many years to build some of these core products that are used currently for clearing and settlement. But I think it’s not just a buzzword, I think "blockchain for banks" truly is more relevant in many cases than using the bitcoin blockchain. If you’re a large institution and you’re looking to create an open ledger where you can move securities around safely and transparently to other regulated institutions, you don’t need a native currency like bitcoin or a consensus mechanism that uses anonymous miners. You already know the parties. You could have five banks that are the only signatories to that particular blockchain. So that would be interesting. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Bitcoin industry consolidates: Why Kraken bought Coinsetter Here's a sign that PayPal is embracing Bitcoin Fantex, the 'athlete stock exchange,' signs first golfer View comments || Your first trade for Wednesday: The "Fast Money" traders delivered their final trades of the day.
Tim Seymour was a seller of the iShares 20+ Year Treasury Bond ETF(NYSE Arca: TLT)while Brian Kelly was a buyer.
Dan Nathan was a buyer of Twitter(TWTR).
Peter Najarian was bullish on Viacom(VIAB), a name he highlighted as a stock which could soon be aligned for stratospheric returns.
Trader disclosure: On January 19, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, IWM, JCP, JPM, KO, LGF, RL, T, TWTR. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO. Pete Najarian is long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls AAL, BAC, BX, CHS, GE, GDX, HAIN, LC, MSFT, NRF, WMB, WYNN, XBI, YDKN, he is long puts FCX, MRO. Dan Nathan is long WMT Feb Put Spread, long PFE buy-write, long VZ Buy-write, long XLU Feb Call Spread, long QCOM Feb Calls, long UUP, long TWTR, long TLT Apr risk reversal; he is short SPY. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, HSBC, SPY, Yuan.
SunTrust Managing Director Robert Peck: Firm makes a market in Netflix.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Wednesday: The " Fast Money " traders delivered their final trades of the day. Tim Seymour was a seller of the iShares 20+ Year Treasury Bond ETF (NYSE Arca: TLT) while Brian Kelly was a buyer. Dan Nathan was a buyer of Twitter ( TWTR ) . Peter Najarian was bullish on Viacom ( VIAB ) , a name he highlighted as a stock which could soon be aligned for stratospheric returns. Trader disclosure: On January 19, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, IWM, JCP, JPM, KO, LGF, RL, T, TWTR. Tim's firm is long BABA, BIDU, MCD, NKE, SBUX, YHOO. Pete Najarian is long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls AAL, BAC, BX, CHS, GE, GDX, HAIN, LC, MSFT, NRF, WMB, WYNN, XBI, YDKN, he is long puts FCX, MRO. Dan Nathan is long WMT Feb Put Spread, long PFE buy-write, long VZ Buy-write, long XLU Feb Call Spread, long QCOM Feb Calls, long UUP, long TWTR, long TLT Apr risk reversal; he is short SPY. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, HSBC, SPY, Yuan. SunTrust Managing Director Robert Peck: Firm makes a market in Netflix. More From CNBC Top News and Analysis Latest News Video Personal Finance || Celltick Partners With Cable & Wireless to Bring Startscreen to Android Devices: MIAMI, FL and SAN FRANCISCO, CA--(Marketwired - Jan 19, 2016) -Celltick, a global leader in mobile marketing announces a partnership with leading Caribbean and Latin American network provider,Cable & Wireless Communications(C&W) (LSE:CWC). C&W will provide a branded, localized and customized version of Celltick's Start on its android phones across its Caribbean and Latin American markets.
Start provides users with an intelligent next-generation startscreen giving users what they want most when they wake up their phones. The Start platform learns from the way users operate their phone and provides convenient productive ways to enhance the intelligence of the device. C&W users will get a new startscreen on their android devices under the C&W brands -- Flow, LIME, Mas Movil and BTC. Users will be able to better utilize their phones and personalize their devices with stickers, interactive themes as well as play games on their first screen.
"Through this partnership, our customers will now have the benefit of a much more personalized, interactive start screen on their mobile device that meets their specific individual needs," said John Reid, President of C&W's Consumer Group. C&W will provide users with local 'infotainments' such as news and weather, rapid access to social media feeds, web search, latest videos and more on the startscreen. "This underscores our ongoing commitment to continuously innovate and transform the total telecommunications experience across the region," added Reid.
"We're excited to partner with Cable & Wireless across its 14 mobile markets to provide an enhanced user experience for their subscribers," said Fernando Bortman, GM CALA, Celltick. "The selection of Start by C&W highlights the innovative approach that we have taken in delighting consumers and the excellence of the product."
Start's growing ecosystem includes hundreds of themes, plug-ins, stickers and lockgames. Celltick's Start has been adopted by over 40 large operators, OEMs and media companies who distribute over 100M devices around the globe. In 2014, Celltick powered billions of mobile-initiated commerce transactions for virtual and physical goods serving more than 150 million active consumers across 25 countries.
About Cable & Wireless Communications
Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information visit:www.cwc.com.
About Celltick
Celltick is a global leader in mobile marketing. Celltick's Start is a next generation personalized intelligent interface for Android devices. Celltick is unique in creating and managing mass market mobile marketing solutions for mobile operators, large media companies, device manufacturers and large brands. Celltick enables its partners to engage and monetize their users on the mobile. The company drives billions of transactions annually across more than 150 million active consumers across its different mobile platforms in over 25 countries. A rapidly growing company, Celltick has subsidiaries in Europe, Asia, South America and the U.S. For more information, visitwww.celltick.com. || Celltick Partners With Cable & Wireless to Bring Startscreen to Android Devices: MIAMI, FL and SAN FRANCISCO, CA--(Marketwired - Jan 19, 2016) - Celltick , a global leader in mobile marketing announces a partnership with leading Caribbean and Latin American network provider, Cable & Wireless Communications (C&W) ( LSE : CWC ). C&W will provide a branded, localized and customized version of Celltick's Start on its android phones across its Caribbean and Latin American markets. Start provides users with an intelligent next-generation startscreen giving users what they want most when they wake up their phones. The Start platform learns from the way users operate their phone and provides convenient productive ways to enhance the intelligence of the device. C&W users will get a new startscreen on their android devices under the C&W brands -- Flow, LIME, Mas Movil and BTC. Users will be able to better utilize their phones and personalize their devices with stickers, interactive themes as well as play games on their first screen. "Through this partnership, our customers will now have the benefit of a much more personalized, interactive start screen on their mobile device that meets their specific individual needs," said John Reid, President of C&W's Consumer Group. C&W will provide users with local 'infotainments' such as news and weather, rapid access to social media feeds, web search, latest videos and more on the startscreen. "This underscores our ongoing commitment to continuously innovate and transform the total telecommunications experience across the region," added Reid. "We're excited to partner with Cable & Wireless across its 14 mobile markets to provide an enhanced user experience for their subscribers," said Fernando Bortman, GM CALA, Celltick. "The selection of Start by C&W highlights the innovative approach that we have taken in delighting consumers and the excellence of the product." Start's growing ecosystem includes hundreds of themes, plug-ins, stickers and lockgames. Celltick's Start has been adopted by over 40 large operators, OEMs and media companies who distribute over 100M devices around the globe. In 2014, Celltick powered billions of mobile-initiated commerce transactions for virtual and physical goods serving more than 150 million active consumers across 25 countries. Story continues About Cable & Wireless Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . About Celltick Celltick is a global leader in mobile marketing. Celltick's Start is a next generation personalized intelligent interface for Android devices. Celltick is unique in creating and managing mass market mobile marketing solutions for mobile operators, large media companies, device manufacturers and large brands. Celltick enables its partners to engage and monetize their users on the mobile. The company drives billions of transactions annually across more than 150 million active consumers across its different mobile platforms in over 25 countries. A rapidly growing company, Celltick has subsidiaries in Europe, Asia, South America and the U.S. For more information, visit www.celltick.com . || XBT Provider AB: Bitcoin Tracker EUR (COINXBE) Now Available on Nasdaq Nordic through Interactive Brokers: Stockholm, Sweden (January 19, 2016) - XBT Provider AB (publ) announced today the availability of the ETN Bitcoin Tracker EUR in 179 countries. Starting today anyone with an Interactive Brokers account can trade the ETN Bitcoin Tracker EUR. The ticker code is COINXBE. ISIN: SE0007525332
The tracker is an exchange traded note designed to mirror the return of the underlying asset, U.S. dollar (USD) per bitcoin.
This is the first bitcoin-based security denominated in Euro available on a regulated exchange. XBT Provider launched this financial instrument to meet the needs of investors` growing appetite for exposure to bitcoin prices.
"Bitcoin tracker EUR" is listed on Nasdaq Nordic and traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. COINXBE is also available via Bloomberg terminals.
Direct link to specifications at Nasdaq:http://www.nasdaqomxnordic.com/etp/etn/etninfo?Instrument=SSE113749
Direct link to specifications at Bloomberg:http://www.bloomberg.com/quote/COINXBE:SS
The full prospectus and more information is available onxbtprovider.com
ABOUT THE ISSUER: XBT PROVIDER
XBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#1975095 || XBT Provider AB: Bitcoin Tracker EUR (COINXBE) Now Available on Nasdaq Nordic through Interactive Brokers: Stockholm, Sweden (January 19, 2016) - XBT Provider AB (publ) announced today the availability of the ETN Bitcoin Tracker EUR in 179 countries. Starting today anyone with an Interactive Brokers account can trade the ETN Bitcoin Tracker EUR. The ticker code is COINXBE. ISIN: SE0007525332
The tracker is an exchange traded note designed to mirror the return of the underlying asset, U.S. dollar (USD) per bitcoin.
This is the first bitcoin-based security denominated in Euro available on a regulated exchange. XBT Provider launched this financial instrument to meet the needs of investors` growing appetite for exposure to bitcoin prices.
"Bitcoin tracker EUR" is listed on Nasdaq Nordic and traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. COINXBE is also available via Bloomberg terminals.
Direct link to specifications at Nasdaq:http://www.nasdaqomxnordic.com/etp/etn/etninfo?Instrument=SSE113749
Direct link to specifications at Bloomberg:http://www.bloomberg.com/quote/COINXBE:SS
The full prospectus and more information is available onxbtprovider.com
ABOUT THE ISSUER: XBT PROVIDER
XBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies` registration office under registration number 559001-3313.
Press release (PDF)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: XBT Provider AB via GlobeNewswireHUG#1975095 || Bitcoin industry consolidates: Why Kraken bought Coinsetter: For the past two years, the most popular type of new bitcoin company has been exchanges, where investors can buy and trade bitcoin and other virtual currencies. Now two exchanges are already rolling up, in the first major bitcoin industry acquisition of 2016. Kraken, which is based in San Francisco but sees most of its trading activity in Euros, has bought Coinsetter, a smaller New York-based exchange, for an undisclosed amount. Coinsetter will shut down on Jan. 26 and its customers will be converted to Kraken. According to data from TradeBlock, the average daily transaction volume on Kraken last year was around $1.3 million. The deal comes amid a price collapse and high negativity around bitcoin's future. Mike Hearn, a prominent bitcoin developer, wrote a post on Medium last week announcing his opinion that the bitcoin "experiment" has failed. "I will no longer be taking part in bitcoin development and have sold all my coins," he wrote. "The network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result theres no longer much reason to think Bitcoin can actually be better than the existing financial system." The core of Hearn's argument is that the speed of transactions has slown; a contentious issue in the bitcoin community right now is whether and when to raise the size limit on "blocks," the term for a bundle of bitcoin transactions. Every single transaction is recorded and processed as part of a block on the bitcoin blockchain, a public, decentralized ledger. If this all sounds like a foreign language to you, don't worry: All you need to understand is that the bad optics of a prominent bitcoin flag-waver leaving the industry in a huff was enough to send the price plummeting. After Hearn posted his piece on Jan. 14, the price of the digital currency fell from $430 down to a low of $358 two days later. It now hovers around $380, according to Winkdex. Story continues Viewed in this context, consolidation in the industry may look troubling. But Coinsetter CEO Jaron Lukasiewicz isn't concerned. "Im bullish on bitcoin right now and believe well see the price hit four-digits again," he tells Yahoo Finance. Perhaps that's easy for him to say: Coinsetter will shut down, and Lukasiewicz is moving on, likely following Hearn to the exit. ("For my next venture I am focused on starting or leading a team whose products are improving society... Im not tied to any particular industry beyond that," he says.) The sale comes less than a year after Coinsetter made its own acquisition of the Canadian-based bitcoin exchange Cavirtexa deal that likely helped make Coinsetter an acquisition target itself. Benefiting from volatility Kraken CEO Jesse Powell is less starry-eyed about the industry right now. "I think the market has not grown as fast as everyone anticipated," he says. "And the price has gone in the opposite direction of what people hoped. I think well continue to see market consolidation. When the price is going up, new people are coming in, more media is covering it, its good news all around. When the price is going down, the public perception is bad, and everyone says bitcoin is crashing. The price is important in that aspect." For a long time, many bitcoin believers insisted that the price isn't important. As long as it is relatively stable, they reasoned, startups can keep innovating and building useful applications on top of the blockchain. But for bitcoin exchanges, price matters: Most make their money from transaction fees, so they do best when theres either a lot of volatility, or the price is high. When the price is stable and low, exchanges suffer. Leaving New York Kraken, founded in 2011, is like a foreign exchange for digital currencies. Its customers are mostly professional traders executing margin trades and other advanced orders. It is not a site where beginners would go to casually dip a toe into the bitcoin market. Coinsetter, founded in 2012, offers Kraken the chance to instantly expand its customer base in Canada (from Cavirtex) and the U.S. Except in New York. Kraken was one of the companies to cut off service in the state last summer after the New York Department of Financial Services released the final version of the BitLicense, a regulatory framework for digital currency companies in New York that holds customers' funds. Many bitcoin entrepreneurs complained the framework was too strict and limiting, so rather than play ball, they left. Coinsetter didn't leave New York. But under new management, it will now. "Were going to shut down New York again right after the acquisition," says Powell. "So the Coinsetter New York clients will be out of an exchange there, unfortunately. Coinsetter did put in a BitLicense application, but when you have a change of control, the application is void, so we wont be serving New York and we have no plans to apply for a BitLicense in the future." In a sense, Powell is simply sticking to his guns, just like Hearnexcept that the latter believes bitcoin has already failed, while the former believes it risks failure if there is over-regulation. Indeed, apart from the debate over block size, the industry's bigger battle will be over regulation. Many in the business are anxiously waiting to see whether other states will follow New York's lead and create their own form of a BitLicense. And while some companies stayed in New York and applied for a BitLicense (at high cost: Lukasiewicz says Coinsetter spent $50,000 to apply for one), others stayed in New York but did not apply, and continue to operate in uncertainty. That concerns Powell. "Theres still not really regulatory clarity, and the banks still arent getting on board. Theyre all about the blockchain these days, but theyre still not giving bitcoin exchanges bank accounts. So there are huge challenges with getting new exchanges started." He's right about the blockchain being a buzzword for big financial institutions: Everyone from JPMorgan ( JPM ) to the Nasdaq have talked up their interest in the blockchain while distancing themselves from the cryptocurrency that fuels it. For now, Kraken gets bigger. It can compete more with the leading exchanges like BitInstant, Bitstamp, Coinbase and itBit, as well as brand new exchange platforms launched last year, including Abra, Align Commerce, and Gemini, an exchange launched by Cameron and Tyler Winklevoss, of Facebook fame. "The issue for everybody in bitcoin right now," Powell says, "is if you started out a few years ago, say, in 2011, you thought that five years from now, its going to be flying cars, bitcoin everywhere, fiat currency will cease to exist. Clearly that didnt happen, and bitcoin isnt $10,000 a coin. I think a lot of companies created a structure that depended on a high price of bitcoin. When the price went from $1,000 to $200, they could no longer afford to finance their operation." If the price drops further, expect to see more consolidation. And with so many different exchanges out there, it's inevitable more will roll up. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Here's a sign that PayPal is embracing Bitcoin Fantex, the 'athlete stock exchange,' signs first golfer Why Apple, Uber are betting on Super Bowl sponsorship || Bitcoin industry consolidates: Why Kraken bought Coinsetter: For the past two years, the most popular type of new bitcoin company has been exchanges, where investors can buy and trade bitcoin and other virtual currencies. Now two exchanges are already rolling up, in the first major bitcoin industry acquisition of 2016.
Kraken, which is based in San Francisco but sees most of its trading activity in Euros, has bought Coinsetter, a smaller New York-based exchange, for an undisclosed amount. Coinsetter will shut down on Jan. 26 and its customers will be converted to Kraken. According to data from TradeBlock, the average daily transaction volume on Kraken last year was around $1.3 million.
The deal comes amid a price collapse and high negativity around bitcoin's future. Mike Hearn, a prominent bitcoin developer, wrote a poston Mediumlast week announcing his opinion that the bitcoin "experiment" has failed. "I will no longer be taking part in bitcoin development and have sold all my coins," he wrote. "The network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system."
The core of Hearn's argument is that the speed of transactions has slown; a contentious issue in the bitcoin community right now is whether and when to raise the size limit on "blocks," the term for a bundle of bitcoin transactions. Every single transaction is recorded and processed as part of a block on the bitcoin blockchain, a public, decentralized ledger. If this all sounds like a foreign language to you, don't worry: All you need to understand is that the bad optics of a prominent bitcoin flag-waver leaving the industry in a huff was enough to send the price plummeting. After Hearn posted his piece on Jan. 14, the price of the digital currency fell from $430 down to a low of $358 two days later. It now hovers around $380, according to Winkdex.
Viewed in this context, consolidation in the industry may look troubling. But Coinsetter CEO Jaron Lukasiewicz isn't concerned. "I’m bullish on bitcoin right now and believe we’ll see the price hit four-digits again," he tells Yahoo Finance. Perhaps that's easy for him to say: Coinsetter will shut down, and Lukasiewicz is moving on, likely following Hearn to the exit. ("For my next venture I am focused on starting or leading a team whose products are improving society... I’m not tied to any particular industry beyond that," he says.) The sale comes less than a year after Coinsettermade its own acquisitionof the Canadian-based bitcoin exchange Cavirtex—a deal that likely helped make Coinsetter an acquisition target itself.Benefiting from volatility
Kraken CEO Jesse Powell is less starry-eyed about the industry right now. "I think the market has not grown as fast as everyone anticipated," he says. "And the price has gone in the opposite direction of what people hoped. I think we’ll continue to see market consolidation. When the price is going up, new people are coming in, more media is covering it, it’s good news all around. When the price is going down, the public perception is bad, and everyone says bitcoin is crashing. The price is important in that aspect."
For a long time, many bitcoin believers insisted that the price isn't important. As long as it is relatively stable, they reasoned, startups can keep innovating and building useful applications on top of the blockchain. But for bitcoin exchanges, price matters: Most make their money from transaction fees, so they do best when there’s either a lot of volatility, or the price is high. When the price is stableandlow, exchanges suffer.
Leaving New York
Kraken, founded in 2011, is like a foreign exchange for digital currencies. Its customers are mostly professional traders executing margin trades and other advanced orders. It is not a site where beginners would go to casually dip a toe into the bitcoin market. Coinsetter, founded in 2012, offers Kraken the chance to instantly expand its customer base in Canada (from Cavirtex) and the U.S.
Except in New York. Kraken was one of the companies tocut off service in the statelast summer after the New York Department of Financial Services released the final version of the BitLicense, a regulatory framework for digital currency companies in New York that holds customers' funds. Many bitcoin entrepreneurs complained the framework was too strict and limiting, so rather than play ball, they left.
Coinsetter didn't leave New York. But under new management, it will now. "We’re going to shut down New York again right after the acquisition," says Powell. "So the Coinsetter New York clients will be out of an exchange there, unfortunately. Coinsetter did put in a BitLicense application, but when you have a change of control, the application is void, so we won’t be serving New York and we have no plans to apply for a BitLicense in the future."
In a sense, Powell is simply sticking to his guns, just like Hearn—except that the latter believes bitcoin has already failed, while the former believes it risks failure if there is over-regulation. Indeed, apart from the debate over block size, the industry's bigger battle will be over regulation. Many in the business are anxiously waiting to see whether other states will follow New York's lead and create their own form of a BitLicense. And while some companies stayed in New York and applied for a BitLicense (at high cost: Lukasiewicz says Coinsetter spent $50,000 to apply for one), others stayed in New York but did not apply, and continue to operate in uncertainty.
That concerns Powell. "There’s still not really regulatory clarity, and the banks still aren’t getting on board. They’re all about the blockchain these days, but they’re still not giving bitcoin exchanges bank accounts. So there are huge challenges with getting new exchanges started." He's right about the blockchain being a buzzword for big financial institutions: Everyone from JPMorgan (JPM) to the Nasdaq have talked up their interest in the blockchain while distancing themselves from the cryptocurrency that fuels it.
For now, Kraken gets bigger. It can compete more with the leading exchanges like BitInstant, Bitstamp, Coinbase and itBit, as well as brand new exchange platforms launched last year, including Abra, Align Commerce, and Gemini, an exchange launched by Cameron and Tyler Winklevoss, of Facebook fame.
"The issue for everybody in bitcoin right now," Powell says, "is if you started out a few years ago, say, in 2011, you thought that five years from now, it’s going to be flying cars, bitcoin everywhere, fiat currency will cease to exist. Clearly that didn’t happen, and bitcoin isn’t $10,000 a coin. I think a lot of companies created a structure that depended on a high price of bitcoin. When the price went from $1,000 to $200, they could no longer afford to finance their operation."
If the price drops further, expect to see more consolidation. And with so many different exchanges out there, it's inevitable more will roll up.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer
Why Apple, Uber are betting on Super Bowl sponsorship || Bitcoin industry consolidates: Why Kraken bought Coinsetter: For the past two years, the most popular type of new bitcoin company has been exchanges, where investors can buy and trade bitcoin and other virtual currencies. Now two exchanges are already rolling up, in the first major bitcoin industry acquisition of 2016.
Kraken, which is based in San Francisco but sees most of its trading activity in Euros, has bought Coinsetter, a smaller New York-based exchange, for an undisclosed amount. Coinsetter will shut down on Jan. 26 and its customers will be converted to Kraken. According to data from TradeBlock, the average daily transaction volume on Kraken last year was around $1.3 million.
The deal comes amid a price collapse and high negativity around bitcoin's future. Mike Hearn, a prominent bitcoin developer, wrote a poston Mediumlast week announcing his opinion that the bitcoin "experiment" has failed. "I will no longer be taking part in bitcoin development and have sold all my coins," he wrote. "The network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result there’s no longer much reason to think Bitcoin can actually be better than the existing financial system."
The core of Hearn's argument is that the speed of transactions has slown; a contentious issue in the bitcoin community right now is whether and when to raise the size limit on "blocks," the term for a bundle of bitcoin transactions. Every single transaction is recorded and processed as part of a block on the bitcoin blockchain, a public, decentralized ledger. If this all sounds like a foreign language to you, don't worry: All you need to understand is that the bad optics of a prominent bitcoin flag-waver leaving the industry in a huff was enough to send the price plummeting. After Hearn posted his piece on Jan. 14, the price of the digital currency fell from $430 down to a low of $358 two days later. It now hovers around $380, according to Winkdex.
Viewed in this context, consolidation in the industry may look troubling. But Coinsetter CEO Jaron Lukasiewicz isn't concerned. "I’m bullish on bitcoin right now and believe we’ll see the price hit four-digits again," he tells Yahoo Finance. Perhaps that's easy for him to say: Coinsetter will shut down, and Lukasiewicz is moving on, likely following Hearn to the exit. ("For my next venture I am focused on starting or leading a team whose products are improving society... I’m not tied to any particular industry beyond that," he says.) The sale comes less than a year after Coinsettermade its own acquisitionof the Canadian-based bitcoin exchange Cavirtex—a deal that likely helped make Coinsetter an acquisition target itself.Benefiting from volatility
Kraken CEO Jesse Powell is less starry-eyed about the industry right now. "I think the market has not grown as fast as everyone anticipated," he says. "And the price has gone in the opposite direction of what people hoped. I think we’ll continue to see market consolidation. When the price is going up, new people are coming in, more media is covering it, it’s good news all around. When the price is going down, the public perception is bad, and everyone says bitcoin is crashing. The price is important in that aspect."
For a long time, many bitcoin believers insisted that the price isn't important. As long as it is relatively stable, they reasoned, startups can keep innovating and building useful applications on top of the blockchain. But for bitcoin exchanges, price matters: Most make their money from transaction fees, so they do best when there’s either a lot of volatility, or the price is high. When the price is stableandlow, exchanges suffer.
Leaving New York
Kraken, founded in 2011, is like a foreign exchange for digital currencies. Its customers are mostly professional traders executing margin trades and other advanced orders. It is not a site where beginners would go to casually dip a toe into the bitcoin market. Coinsetter, founded in 2012, offers Kraken the chance to instantly expand its customer base in Canada (from Cavirtex) and the U.S.
Except in New York. Kraken was one of the companies tocut off service in the statelast summer after the New York Department of Financial Services released the final version of the BitLicense, a regulatory framework for digital currency companies in New York that holds customers' funds. Many bitcoin entrepreneurs complained the framework was too strict and limiting, so rather than play ball, they left.
Coinsetter didn't leave New York. But under new management, it will now. "We’re going to shut down New York again right after the acquisition," says Powell. "So the Coinsetter New York clients will be out of an exchange there, unfortunately. Coinsetter did put in a BitLicense application, but when you have a change of control, the application is void, so we won’t be serving New York and we have no plans to apply for a BitLicense in the future."
In a sense, Powell is simply sticking to his guns, just like Hearn—except that the latter believes bitcoin has already failed, while the former believes it risks failure if there is over-regulation. Indeed, apart from the debate over block size, the industry's bigger battle will be over regulation. Many in the business are anxiously waiting to see whether other states will follow New York's lead and create their own form of a BitLicense. And while some companies stayed in New York and applied for a BitLicense (at high cost: Lukasiewicz says Coinsetter spent $50,000 to apply for one), others stayed in New York but did not apply, and continue to operate in uncertainty.
That concerns Powell. "There’s still not really regulatory clarity, and the banks still aren’t getting on board. They’re all about the blockchain these days, but they’re still not giving bitcoin exchanges bank accounts. So there are huge challenges with getting new exchanges started." He's right about the blockchain being a buzzword for big financial institutions: Everyone from JPMorgan (JPM) to the Nasdaq have talked up their interest in the blockchain while distancing themselves from the cryptocurrency that fuels it.
For now, Kraken gets bigger. It can compete more with the leading exchanges like BitInstant, Bitstamp, Coinbase and itBit, as well as brand new exchange platforms launched last year, including Abra, Align Commerce, and Gemini, an exchange launched by Cameron and Tyler Winklevoss, of Facebook fame.
"The issue for everybody in bitcoin right now," Powell says, "is if you started out a few years ago, say, in 2011, you thought that five years from now, it’s going to be flying cars, bitcoin everywhere, fiat currency will cease to exist. Clearly that didn’t happen, and bitcoin isn’t $10,000 a coin. I think a lot of companies created a structure that depended on a high price of bitcoin. When the price went from $1,000 to $200, they could no longer afford to finance their operation."
If the price drops further, expect to see more consolidation. And with so many different exchanges out there, it's inevitable more will roll up.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer
Why Apple, Uber are betting on Super Bowl sponsorship || MarilynJean Interactive (MJMI.QB) Shareholder Update: Marilynjean Interactive ( MJMI ) Is Pleased To Update Its Shareholders on Its Business Plan for the Coming Year HENDERSON, NV / ACCESSWIRE / January 18, 2016 / The crypto-currency space saw major strides forward in 2015 with ground-breaking developments in its underlying technology and regulation as well as an unexpected rise in Bitcoin prices. The space appears poised for a quantum leap forward in 2016 and MarilynJean is excited to be a part of what will likely be tremendous growth in the industry. From a technology standpoint, Bitcoin's blockchain is envisioned to revolutionize the settlement of securities and payments for both financial and non-financial institutions alike. Major stock and futures exchanges, clearing houses, and other technology organizations are exploring the use of blockchain technology to underpin their transaction verification systems. Bloomberg estimates that approximately $373 million was invested in Bitcoin start-ups in 2015. As investment in Bitcoin and blockchain technology grew, new regulation evidenced that Bitcoin is on track to become a widely used and accepted currency. New York issued its first Bitlicense allowing Goldman Sachs backed Circle Internet Financial to offer digital currency services in the state. The advent of regulated exchanges and trading instruments may have been a factor in driving demand for Bitcoin, its value having increased over 40% in 2015. While price volatility remained higher than traditional FIAT currencies, 2015 was overall a more stable year than its predecessor for Bitcoin. Looking ahead to 2016, MJMI plans to continue its focus on the key verticals of exchange, remittance and gaming. In addition, the Company plans to seek partnerships with firms involved specifically in development of applications based on blockchain technology. The Company plans to continue to expand its management and advisory board in 2016, advance the partnerships it began negotiating last year and continue to forge new alliances in the space. Story continues Peter Janosi, MJMI's president said: "We believe that MJMI's best avenue for growth is via acquisitions and strategic partnerships. We expect the industry to continue to expand and evolve rapidly and, as such, we expect our publicly traded currency to be a key strategic tool for growth and financing." About MJMI MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies. Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular Bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of Bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence. MJMI is currently exploring partnerships in several verticals within the crypto-currency space. Management believes that several industries, including international remittances, currency exchange and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions. MarilynJean Media Interactive is among the first publicly traded companies focused on Bitcoin and the crypto-currency space. The company's trading symbol is OTCQB: MJMI. Website: www.marilynjean.com Press Contact: [email protected] SOURCE: MarilynJean Media Interactive || MarilynJean Interactive (MJMI.QB) Shareholder Update: Marilynjean Interactive (MJMI) Is Pleased To Update Its Shareholders on Its Business Plan for the Coming Year
HENDERSON, NV / ACCESSWIRE / January 18, 2016 /The crypto-currency space saw major strides forward in 2015 with ground-breaking developments in its underlying technology and regulation as well as an unexpected rise in Bitcoin prices. The space appears poised for a quantum leap forward in 2016 and MarilynJean is excited to be a part of what will likely be tremendous growth in the industry.
From a technology standpoint, Bitcoin's blockchain is envisioned to revolutionize the settlement of securities and payments for both financial and non-financial institutions alike. Major stock and futures exchanges, clearing houses, and other technology organizations are exploring the use of blockchain technology to underpin their transaction verification systems.
Bloomberg estimates that approximately $373 million was invested in Bitcoin start-ups in 2015. As investment in Bitcoin and blockchain technology grew, new regulation evidenced that Bitcoin is on track to become a widely used and accepted currency. New York issued its first Bitlicense allowing Goldman Sachs backed Circle Internet Financial to offer digital currency services in the state.
The advent of regulated exchanges and trading instruments may have been a factor in driving demand for Bitcoin, its value having increased over 40% in 2015. While price volatility remained higher than traditional FIAT currencies, 2015 was overall a more stable year than its predecessor for Bitcoin.
Looking ahead to 2016, MJMI plans to continue its focus on the key verticals of exchange, remittance and gaming. In addition, the Company plans to seek partnerships with firms involved specifically in development of applications based on blockchain technology. The Company plans to continue to expand its management and advisory board in 2016, advance the partnerships it began negotiating last year and continue to forge new alliances in the space.
Peter Janosi, MJMI's president said: "We believe that MJMI's best avenue for growth is via acquisitions and strategic partnerships. We expect the industry to continue to expand and evolve rapidly and, as such, we expect our publicly traded currency to be a key strategic tool for growth and financing."
About MJMI
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known. By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers. However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control. Many people believe crypto-currencies, and in particular Bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of Bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
MJMI is currently exploring partnerships in several verticals within the crypto-currency space. Management believes that several industries, including international remittances, currency exchange and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions.
MarilynJean Media Interactive is among the first publicly traded companies focused on Bitcoin and the crypto-currency space. The company's trading symbol is OTCQB: MJMI.
Website:www.marilynjean.comPress Contact:[email protected]
SOURCE:MarilynJean Media Interactive
[Social Media Buzz]
BTCTurk 1189.1 TL BTCe 388.293 $ CampBx $ BitStamp 383.43 $ Cavirtex 545.00 $ CEXIO 390.35 $ Bitcoin.de 360.07 € #Bitcoin #btc || LIVE: Profit = $35.36 (2.58 %). BUY B3.60 @ $380.00 (#VirCurex). SELL @ $389.47 (#HitBTC) #bitcoin #btc - http://www.projectcoin.org || #Bitcoin last trade
btcecom $393.00
cryptsy $427.93
Set #crypto #price #alerts at http://AlertCo.in via #A…pic.twitter.com/5X56wC0fmK || Bitstamp: $391.11/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 395.00, l...
|
402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84.
|
[Bitcoin Technical Analysis for 2020-11-30]
Volume: 47728480399, RSI (14-day): 70.91, 50-day EMA: 15545.83, 200-day EMA: 12082.65
[Wider Market Context]
Gold Price: 1775.70, Gold RSI: 30.53
Oil Price: 45.34, Oil RSI: 67.76
[Recent News (last 7 days)]
Bitcoin Is Winning the Covid-19 Monetary Revolution: (Bloomberg Opinion) -- In “Shuggie Bain,” Douglas Stuart’s award-winning and harrowing depiction of alcoholism, sectarianism and deprivation in post-industrial Scotland, money is always scarce and often dirty. Deserted by her second husband and unable to hold down a job, Shuggie’s mother, Agnes, relies on her twice-a-week child benefit to feed her children — or her booze habit. As the latter nearly always wins, she and Shuggie are regularly reduced to desperate expedients to fend off starvation: Extracting coins from electricity and television meters, pawning their few valuable possessions, and ultimately selling their bodies for brutal sexual favors.
Stuart vividly captures the miseries of a Glasgow of greasy coins and filthy banknotes. After one of many wretched copulations in the back of a taxi, one of Agnes’s lovers inadvertently showers her with coins from his pocket. Shuggie’s father briefly reappears at one point, handing his son two 20-pence pieces from his taxi’s change dispenser by way of a gift, grudgingly adding four 50-pence pieces when the boy looks nonplused. (“Don’t ask for mair!”) The “rag-and-bone man,” who goes from house to house buying old clothes and junk, pays “with a roll of grubby pound notes” bound by an old Band-Aid. The image is especially startling because banknotes have so rarely featured in the narrative. The only credit in this world is from rent-to-own catalogues, the Provident doorstep lender, and a few hard-pressed shopkeepers.
I grew up in middle-class, mostly sober Glasgow, but I still remember the tyranny of those damned coins: the nightmare of having too few for a bus fare or the wrong sort for a phone box. To my children, all this is as much a part of ancient lore as pirate chests of doubloons once were to me. Coins are fast fading from their lives, soon to be followed by banknotes. In some parts of the world — not only China but also Sweden — nearly all payments are now electronic. In the U.S., debit card transactions have exceeded cash transactions since 2017. Even in Latin America and parts of Africa, cash is yielding to cards and a growing number of people manage their money through their phones.
We are living through a monetary revolution so multifaceted that few of us comprehend its full extent. The technological transformation of the internet is driving this revolution. The pandemic of 2020 has accelerated it. To illustrate the extent of our confusion, consider the divergent performance of three forms of money this year: the U.S. dollar, gold and Bitcoin.
The dollar is the world’s favorite money, not only dominant in central bank reserves but in international transactions. It is a fiat currency, its supply determined by the Federal Reserve and U.S. banks. We can compute its value relative to the goods consumers buy, according to which measure it has scarcely depreciated this year (inflation is running at 1.2%), or relative to other fiat currencies. On the latter basis, according to Bloomberg’s dollar spot index, it is down 4% since Jan. 1. Gold, by contrast, is up 15% in dollar terms. But the dollar price of a bitcoin has risen 139% year-to-date.
This year’s Bitcoin rally has caught many smart people by surprise. Last week’s high was just below the peak of the last rally ($19,892 according to the exchange Coinbase) in December 2017. When Bitcoin subsequently sold off, the New York University economist Nouriel Roubini didn’t hold back. Bitcoin, he told CNBC in February 2018, had been the “biggest bubble in human history.” Its price would now “crash to zero.” Eight months later, Roubini returned to the fray in congressional testimony, denouncing Bitcoin as the “mother of all scams.” In tweets, he referred to it as “Shitcoin.”
Fast forward to November 2020, and Roubini has been forced to change his tune. Bitcoin, he conceded in an interview with Yahoo Finance, was “maybe a partial store of value, because … it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time.” If I were as fond of hyperbole as he is, I would call this the biggest conversion since St. Paul.
Roubini is not the only one who has been forced to reassess Bitcoin this year. Among the big-name investors who have turned bullish are Paul Tudor Jones, Stan Druckenmiller and Bill Miller. Even Ray Dalio admitted the other day that he “might be missing something” about Bitcoin.
Financial journalists, too, are capitulating: On Tuesday, the Financial Times’s Izabella Kaminska, a long-time cryptocurrency skeptic, conceded that Bitcoin had a valid use-case as a hedge against a dystopian future “in which the world slips towards authoritarianism and civil liberties cannot be taken for granted.” She is on to something there, as we shall see.
So what is going on?
First, we should not be surprised that a pandemic has quickened the pace of monetary evolution. In the wake of the Black Death, as the historian Mark Bailey noted in his masterful 2019 Oxford Ford lectures, there was an increased monetization of the English economy. Prior to the ravages of bubonic plague, the feudal system had bound peasants to the land and required them to pay rent in kind, handing over a share of all produce to their lord. With chronic labor shortages came a shift toward fixed, yearly tenant rents paid in cash. In Italy, too, the economy after the 1340s became more monetized: It was no accident that the most powerful Italian family of the 15th and 16th centuries were the Medici, who made their fortune as Florentine moneychangers.
In a similar way, Covid-19 has been good for Bitcoin and for cryptocurrency generally. First, the pandemic accelerated our advance into a more digital word: What might have taken 10 years has been achieved in 10 months. People who had never before risked an online transaction were forced to try, for the simple reason that banks were closed. Second, and as a result, the pandemic significantly increased our exposure to financial surveillance as well as financial fraud. Both these trends have been good for Bitcoin.
I never subscribed to the thesis that Bitcoin would go to zero after it plunged in price in late 2017 and 2018. In the updated 2018 edition of my book, “The Ascent of Money” — the first edition of which appeared more or less simultaneously with the foundational Bitcoin paper by the pseudonymous Satoshi Nakamoto — I argued that Bitcoin had established itself as “a new store of value and investment asset — a type of ‘digital gold’ that provides investors with guaranteed scarcity and high mobility, as well as low correlation with other asset classes.”
“Satoshi’s goal,” I argued, “was not to create a new money but rather to create the ultimate safe asset, capable of protecting wealth from confiscation in jurisdictions with poor investor protection as well as from the near-universal scourge of currency depreciation … Bitcoin is portable, liquid, anonymous and scarce … A simple thought experiment would imply that $6,000 is therefore a cheap price for this new store of value.”
Two years ago, I estimated that around 17 million bitcoins had been mined. The number of millionaires in the world, according to Credit Suisse, was then 36 million, with total wealth of $128.7 trillion. “If millionaires collectively decided to hold just 1% of their wealth as Bitcoin,” I argued, “the price would be above $75,000 — higher, if adjustment is made for all the bitcoins that have been lost or hoarded. Even if the millionaires held just 0.2% of their assets as Bitcoin, the price would be around $15,000.” We passed $15,000 on Nov. 8.
What is happening is that Bitcoin is gradually being adopted not so much as means of payment but as a store of value. Not only high-net-worth individuals but also tech companies are investing. In July, Michael Saylor, the billionaire founder of MicroStrategy, directed his company to hold part of its cash reserves in alternative assets. By September, MicroStrategy’s corporate treasury had purchased bitcoins worth $425 million. Square, the San Francisco-based payments company, bought bitcoins worth $50 million last month. PayPal just announced that American users can buy, hold and sell bitcoins in their PayPal wallets.
This process of adoption has much further to run. In the words of Wences Casares, the Argentine-born tech investor who is one of Bitcoin’s most ardent advocates, “After 10 years of working well without interruption, with close to 100 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide,” it has a 50% chance of hitting a price of $1 million per bitcoin in five to seven years’ time.
Whoever he is or was, Satoshi summed up how Bitcoin works: It is “a purely peer-to-peer version of electronic cash” that allows “online payments to be sent directly from one party to another without going through a financial institution.” In essence, Bitcoin is a public ledger shared by a network of computers. To pay with bitcoins, you send a signed message transferring ownership to a receiver’s public key. Transactions are grouped together and added to the ledger in blocks, and every node in the network has an entire copy of this blockchain at all times. A node can add a block to the chain (and receive a bitcoin reward) only by solving a cryptographic puzzle chosen by the Bitcoin protocol, which consumes processing power.
Nodes that have solved the cryptographic puzzle — “miners,” in Bitspeak — are rewarded not only with transaction fees (5 bitcoins per day, on average), but also with additional bitcoins — 900 new bitcoins per day. This reward will get cut in half every four years until the total number of bitcoins reaches 21 million, after which no new bitcoins will be created.
There are three obvious defects to Bitcoin. As a means of payment, it is slow. The Bitcoin blockchain can process only around 3,000 transactions every 10 minutes. Transaction costs are not trivial: Coinbase will charge a 1.49% commission if you want to buy one bitcoin.
There is also a significant negative externality: Bitcoin’s “proof-of-work” consensus algorithm requires specialized computer chips that consume a great deal of energy — 60 terawatt-hours of electricity a year, just under half the annual electricity consumption of Argentina. Aside from the environmental costs, one unforeseen consequence has been the increasing concentration of Bitcoin mining in a relatively few hands — many of them Chinese — wherever there is cheap energy.
But these disadvantages are outweighed by two unique features. First, as we have seen, Bitcoin offers built-in scarcity in a virtual world characterized by boundless abundance. Second, Bitcoin is sovereign. In the words of Casares, “No one can change a transaction in the Bitcoin blockchain and no one can keep the Bitcoin blockchain from accepting new transactions.” Bitcoin users can pay without going through intermediaries such as banks. They can transact without needing governments to enforce settlement.
The advantages of scarcity are obvious at a time when the supply of fiat money is exploding. Take M2, a measure of money that includes cash, bank accounts (including savings deposits) and money market mutual funds. Since May, U.S. M2 has been growing at a year-on-year rate above 20%, compared with an average of 5.9% since 1982. The future weakness of the dollar has been a favorite 2020 talking point for Wall Street economists such as Steve Roach. You can see why. There really are a lot of dollars around, even if their velocity of circulation has slumped because of the pandemic.
The advantages of sovereignty are less obvious but may be more important. Bitcoin is not the only form of digital money that has flourished in 2020. China has been advancing rapidly in two different ways.
Nowhere in the world are mobile payments happening on as large a scale as in China, thanks to the spectacular growth of Alipay and WeChat Pay. Those electronic payment platforms now handle close to $40 trillion of transactions a year, more than double the volume of Visa and Mastercard combined, according to calculations by Ribbit Capital. The Chinese platforms are expanding rapidly abroad, partly through investments in local fintech companies by Ant Group and Tencent.
At the same time, the People’s Bank of China has accelerated the rollout of its digital currency. The potential for a digital yuan to be adopted for remittance payments or cross-border trade settlements is substantial, especially if — as seems likely — countries participating in the One Belt One Road program are encouraged to use it. Even governments that are resisting Chinese financial penetration, such as India, are essentially building their own versions of China’s electronic payments systems.
Some economists, such as my friend Ken Rogoff, welcome the demise of cash because it will make the management of monetary policy easier and organized crime harder. But it will be a fundamentally different world when all our payments are recorded, centrally stored, and scrutinized by artificial intelligence — regardless of whether it is Amazon’s Jeff Bezos or China’s Xi Jinping who can access our data.
In its early years, Bitcoin suffered reputational damage because it was adopted by criminals and used for illicit transactions. Such nefarious activity has not gone away, as a recent Justice Department report makes clear. Increasingly, however, Bitcoin has an appeal to respectable individuals and institutions who would like at least some part of their economic lives to be sheltered from the gaze of Big Brother.
It is not (as the term “cryptocurrency” misleadingly implies) that Bitcoin is beyond the reach of the law or the taxman. When the Federal Bureau of Investigation busted the online illegal goods market Silk Road in 2013, it showed how readily government agencies can trace the counterparties in suspect Bitcoin transactions. This is precisely because the blockchain is an indelible record of all Bitcoin transactions, complete with senders’ and receivers’ bitcoin addresses.
Moreover, the Internal Revenue Service is perfectly prepared to demand information on bitcoin accounts from exchanges, as Coinbase discovered in 2016. A rumor of new U.S. Treasury regulations requiring greater disclosures by exchanges caused a sharp crypto selloff over Thanksgiving. The point is simply that the financial data of law-abiding individuals is better protected by Bitcoin than by Alipay. As the Stanford political theorist Stephen Krasner pointed out more than 20 years ago, sovereignty is a relative concept.
Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system — which, after all, was originally designed to be less centralized and more respectful of individual privacy than the systems of less-free societies.
Life in the East End of Glasgow in the 1980s was nasty, brutish and short of money. But all those transactions in grubby pounds and pence — genuine shitcoins — were, if nothing else, private. If Agnes Bain bought Special Brew instead of oven chips, it was a matter for her, the shopkeeper, and her long-suffering kids; the state was none the wiser. That was scant consolation to poor Shuggie. But, as we have learned again this year, a free society comes at a price that is not always payable in cash.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Niall Ferguson is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and a Bloomberg Opinion columnist. He was previously a professor of history at Harvard, New York University and Oxford. He is the founder and managing director of Greenmantle LLC, a New York-based advisory firm.
For more articles like this, please visit us atbloomberg.com/opinion
Subscribe nowto stay ahead with the most trusted business news source.
©2020 Bloomberg L.P. || Bitcoin Is Winning the Covid-19 Monetary Revolution: (Bloomberg Opinion) -- In Shuggie Bain, Douglas Stuarts award-winning and harrowing depiction of alcoholism, sectarianism and deprivation in post-industrial Scotland, money is always scarce and often dirty. Deserted by her second husband and unable to hold down a job, Shuggies mother, Agnes, relies on her twice-a-week child benefit to feed her children or her booze habit. As the latter nearly always wins, she and Shuggie are regularly reduced to desperate expedients to fend off starvation: Extracting coins from electricity and television meters, pawning their few valuable possessions, and ultimately selling their bodies for brutal sexual favors. Stuart vividly captures the miseries of a Glasgow of greasy coins and filthy banknotes. After one of many wretched copulations in the back of a taxi, one of Agness lovers inadvertently showers her with coins from his pocket. Shuggies father briefly reappears at one point, handing his son two 20-pence pieces from his taxis change dispenser by way of a gift, grudgingly adding four 50-pence pieces when the boy looks nonplused. (Dont ask for mair!) The rag-and-bone man, who goes from house to house buying old clothes and junk, pays with a roll of grubby pound notes bound by an old Band-Aid. The image is especially startling because banknotes have so rarely featured in the narrative. The only credit in this world is from rent-to-own catalogues, the Provident doorstep lender, and a few hard-pressed shopkeepers. I grew up in middle-class, mostly sober Glasgow, but I still remember the tyranny of those damned coins: the nightmare of having too few for a bus fare or the wrong sort for a phone box. To my children, all this is as much a part of ancient lore as pirate chests of doubloons once were to me. Coins are fast fading from their lives, soon to be followed by banknotes. In some parts of the world not only China but also Sweden nearly all payments are now electronic. In the U.S., debit card transactions have exceeded cash transactions since 2017. Even in Latin America and parts of Africa, cash is yielding to cards and a growing number of people manage their money through their phones. Story continues We are living through a monetary revolution so multifaceted that few of us comprehend its full extent. The technological transformation of the internet is driving this revolution. The pandemic of 2020 has accelerated it. To illustrate the extent of our confusion, consider the divergent performance of three forms of money this year: the U.S. dollar, gold and Bitcoin. The dollar is the worlds favorite money, not only dominant in central bank reserves but in international transactions. It is a fiat currency, its supply determined by the Federal Reserve and U.S. banks. We can compute its value relative to the goods consumers buy, according to which measure it has scarcely depreciated this year (inflation is running at 1.2%), or relative to other fiat currencies. On the latter basis, according to Bloombergs dollar spot index, it is down 4% since Jan. 1. Gold, by contrast, is up 15% in dollar terms. But the dollar price of a bitcoin has risen 139% year-to-date. This years Bitcoin rally has caught many smart people by surprise. Last weeks high was just below the peak of the last rally ($19,892 according to the exchange Coinbase) in December 2017. When Bitcoin subsequently sold off, the New York University economist Nouriel Roubini didnt hold back. Bitcoin, he told CNBC in February 2018, had been the biggest bubble in human history. Its price would now crash to zero. Eight months later, Roubini returned to the fray in congressional testimony, denouncing Bitcoin as the mother of all scams. In tweets, he referred to it as Shitcoin. Fast forward to November 2020, and Roubini has been forced to change his tune. Bitcoin, he conceded in an interview with Yahoo Finance, was maybe a partial store of value, because
it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time. If I were as fond of hyperbole as he is, I would call this the biggest conversion since St. Paul. Roubini is not the only one who has been forced to reassess Bitcoin this year. Among the big-name investors who have turned bullish are Paul Tudor Jones, Stan Druckenmiller and Bill Miller. Even Ray Dalio admitted the other day that he might be missing something about Bitcoin. Financial journalists, too, are capitulating: On Tuesday, the Financial Timess Izabella Kaminska, a long-time cryptocurrency skeptic, conceded that Bitcoin had a valid use-case as a hedge against a dystopian future in which the world slips towards authoritarianism and civil liberties cannot be taken for granted. She is on to something there, as we shall see. So what is going on? First, we should not be surprised that a pandemic has quickened the pace of monetary evolution. In the wake of the Black Death, as the historian Mark Bailey noted in his masterful 2019 Oxford Ford lectures, there was an increased monetization of the English economy. Prior to the ravages of bubonic plague, the feudal system had bound peasants to the land and required them to pay rent in kind, handing over a share of all produce to their lord. With chronic labor shortages came a shift toward fixed, yearly tenant rents paid in cash. In Italy, too, the economy after the 1340s became more monetized: It was no accident that the most powerful Italian family of the 15th and 16th centuries were the Medici, who made their fortune as Florentine moneychangers. In a similar way, Covid-19 has been good for Bitcoin and for cryptocurrency generally. First, the pandemic accelerated our advance into a more digital word: What might have taken 10 years has been achieved in 10 months. People who had never before risked an online transaction were forced to try, for the simple reason that banks were closed. Second, and as a result, the pandemic significantly increased our exposure to financial surveillance as well as financial fraud. Both these trends have been good for Bitcoin. I never subscribed to the thesis that Bitcoin would go to zero after it plunged in price in late 2017 and 2018. In the updated 2018 edition of my book, The Ascent of Money the first edition of which appeared more or less simultaneously with the foundational Bitcoin paper by the pseudonymous Satoshi Nakamoto I argued that Bitcoin had established itself as a new store of value and investment asset a type of digital gold that provides investors with guaranteed scarcity and high mobility, as well as low correlation with other asset classes. Satoshis goal, I argued, was not to create a new money but rather to create the ultimate safe asset, capable of protecting wealth from confiscation in jurisdictions with poor investor protection as well as from the near-universal scourge of currency depreciation
Bitcoin is portable, liquid, anonymous and scarce
A simple thought experiment would imply that $6,000 is therefore a cheap price for this new store of value. Two years ago, I estimated that around 17 million bitcoins had been mined. The number of millionaires in the world, according to Credit Suisse, was then 36 million, with total wealth of $128.7 trillion. If millionaires collectively decided to hold just 1% of their wealth as Bitcoin, I argued, the price would be above $75,000 higher, if adjustment is made for all the bitcoins that have been lost or hoarded. Even if the millionaires held just 0.2% of their assets as Bitcoin, the price would be around $15,000. We passed $15,000 on Nov. 8. What is happening is that Bitcoin is gradually being adopted not so much as means of payment but as a store of value. Not only high-net-worth individuals but also tech companies are investing. In July, Michael Saylor, the billionaire founder of MicroStrategy, directed his company to hold part of its cash reserves in alternative assets. By September, MicroStrategys corporate treasury had purchased bitcoins worth $425 million. Square, the San Francisco-based payments company, bought bitcoins worth $50 million last month. PayPal just announced that American users can buy, hold and sell bitcoins in their PayPal wallets. This process of adoption has much further to run. In the words of Wences Casares, the Argentine-born tech investor who is one of Bitcoins most ardent advocates, After 10 years of working well without interruption, with close to 100 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide, it has a 50% chance of hitting a price of $1 million per bitcoin in five to seven years time. Whoever he is or was, Satoshi summed up how Bitcoin works: It is a purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution. In essence, Bitcoin is a public ledger shared by a network of computers. To pay with bitcoins, you send a signed message transferring ownership to a receivers public key. Transactions are grouped together and added to the ledger in blocks, and every node in the network has an entire copy of this blockchain at all times. A node can add a block to the chain (and receive a bitcoin reward) only by solving a cryptographic puzzle chosen by the Bitcoin protocol, which consumes processing power. Nodes that have solved the cryptographic puzzle miners, in Bitspeak are rewarded not only with transaction fees (5 bitcoins per day, on average), but also with additional bitcoins 900 new bitcoins per day. This reward will get cut in half every four years until the total number of bitcoins reaches 21 million, after which no new bitcoins will be created. There are three obvious defects to Bitcoin. As a means of payment, it is slow. The Bitcoin blockchain can process only around 3,000 transactions every 10 minutes. Transaction costs are not trivial: Coinbase will charge a 1.49% commission if you want to buy one bitcoin. There is also a significant negative externality: Bitcoins proof-of-work consensus algorithm requires specialized computer chips that consume a great deal of energy 60 terawatt-hours of electricity a year, just under half the annual electricity consumption of Argentina. Aside from the environmental costs, one unforeseen consequence has been the increasing concentration of Bitcoin mining in a relatively few hands many of them Chinese wherever there is cheap energy. But these disadvantages are outweighed by two unique features. First, as we have seen, Bitcoin offers built-in scarcity in a virtual world characterized by boundless abundance. Second, Bitcoin is sovereign. In the words of Casares, No one can change a transaction in the Bitcoin blockchain and no one can keep the Bitcoin blockchain from accepting new transactions. Bitcoin users can pay without going through intermediaries such as banks. They can transact without needing governments to enforce settlement. The advantages of scarcity are obvious at a time when the supply of fiat money is exploding. Take M2, a measure of money that includes cash, bank accounts (including savings deposits) and money market mutual funds. Since May, U.S. M2 has been growing at a year-on-year rate above 20%, compared with an average of 5.9% since 1982. The future weakness of the dollar has been a favorite 2020 talking point for Wall Street economists such as Steve Roach. You can see why. There really are a lot of dollars around, even if their velocity of circulation has slumped because of the pandemic. The advantages of sovereignty are less obvious but may be more important. Bitcoin is not the only form of digital money that has flourished in 2020. China has been advancing rapidly in two different ways. Nowhere in the world are mobile payments happening on as large a scale as in China, thanks to the spectacular growth of Alipay and WeChat Pay. Those electronic payment platforms now handle close to $40 trillion of transactions a year, more than double the volume of Visa and Mastercard combined, according to calculations by Ribbit Capital. The Chinese platforms are expanding rapidly abroad, partly through investments in local fintech companies by Ant Group and Tencent. At the same time, the Peoples Bank of China has accelerated the rollout of its digital currency. The potential for a digital yuan to be adopted for remittance payments or cross-border trade settlements is substantial, especially if as seems likely countries participating in the One Belt One Road program are encouraged to use it. Even governments that are resisting Chinese financial penetration, such as India, are essentially building their own versions of Chinas electronic payments systems. Some economists, such as my friend Ken Rogoff, welcome the demise of cash because it will make the management of monetary policy easier and organized crime harder. But it will be a fundamentally different world when all our payments are recorded, centrally stored, and scrutinized by artificial intelligence regardless of whether it is Amazons Jeff Bezos or Chinas Xi Jinping who can access our data. In its early years, Bitcoin suffered reputational damage because it was adopted by criminals and used for illicit transactions. Such nefarious activity has not gone away, as a recent Justice Department report makes clear. Increasingly, however, Bitcoin has an appeal to respectable individuals and institutions who would like at least some part of their economic lives to be sheltered from the gaze of Big Brother. It is not (as the term cryptocurrency misleadingly implies) that Bitcoin is beyond the reach of the law or the taxman. When the Federal Bureau of Investigation busted the online illegal goods market Silk Road in 2013, it showed how readily government agencies can trace the counterparties in suspect Bitcoin transactions. This is precisely because the blockchain is an indelible record of all Bitcoin transactions, complete with senders and receivers bitcoin addresses. Moreover, the Internal Revenue Service is perfectly prepared to demand information on bitcoin accounts from exchanges, as Coinbase discovered in 2016. A rumor of new U.S. Treasury regulations requiring greater disclosures by exchanges caused a sharp crypto selloff over Thanksgiving. The point is simply that the financial data of law-abiding individuals is better protected by Bitcoin than by Alipay. As the Stanford political theorist Stephen Krasner pointed out more than 20 years ago, sovereignty is a relative concept. Rather than seeking to create a Chinese-style digital dollar, Joe Bidens nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system which, after all, was originally designed to be less centralized and more respectful of individual privacy than the systems of less-free societies. Life in the East End of Glasgow in the 1980s was nasty, brutish and short of money. But all those transactions in grubby pounds and pence genuine shitcoins were, if nothing else, private. If Agnes Bain bought Special Brew instead of oven chips, it was a matter for her, the shopkeeper, and her long-suffering kids; the state was none the wiser. That was scant consolation to poor Shuggie. But, as we have learned again this year, a free society comes at a price that is not always payable in cash. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Niall Ferguson is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and a Bloomberg Opinion columnist. He was previously a professor of history at Harvard, New York University and Oxford. He is the founder and managing director of Greenmantle LLC, a New York-based advisory firm. For more articles like this, please visit us at bloomberg.com/opinion Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P. || Bitcoin Is Winning the Covid-19 Monetary Revolution: (Bloomberg Opinion) -- In “Shuggie Bain,” Douglas Stuart’s award-winning and harrowing depiction of alcoholism, sectarianism and deprivation in post-industrial Scotland, money is always scarce and often dirty. Deserted by her second husband and unable to hold down a job, Shuggie’s mother, Agnes, relies on her twice-a-week child benefit to feed her children — or her booze habit. As the latter nearly always wins, she and Shuggie are regularly reduced to desperate expedients to fend off starvation: Extracting coins from electricity and television meters, pawning their few valuable possessions, and ultimately selling their bodies for brutal sexual favors.
Stuart vividly captures the miseries of a Glasgow of greasy coins and filthy banknotes. After one of many wretched copulations in the back of a taxi, one of Agnes’s lovers inadvertently showers her with coins from his pocket. Shuggie’s father briefly reappears at one point, handing his son two 20-pence pieces from his taxi’s change dispenser by way of a gift, grudgingly adding four 50-pence pieces when the boy looks nonplused. (“Don’t ask for mair!”) The “rag-and-bone man,” who goes from house to house buying old clothes and junk, pays “with a roll of grubby pound notes” bound by an old Band-Aid. The image is especially startling because banknotes have so rarely featured in the narrative. The only credit in this world is from rent-to-own catalogues, the Provident doorstep lender, and a few hard-pressed shopkeepers.
I grew up in middle-class, mostly sober Glasgow, but I still remember the tyranny of those damned coins: the nightmare of having too few for a bus fare or the wrong sort for a phone box. To my children, all this is as much a part of ancient lore as pirate chests of doubloons once were to me. Coins are fast fading from their lives, soon to be followed by banknotes. In some parts of the world — not only China but also Sweden — nearly all payments are now electronic. In the U.S., debit card transactions have exceeded cash transactions since 2017. Even in Latin America and parts of Africa, cash is yielding to cards and a growing number of people manage their money through their phones.
We are living through a monetary revolution so multifaceted that few of us comprehend its full extent. The technological transformation of the internet is driving this revolution. The pandemic of 2020 has accelerated it. To illustrate the extent of our confusion, consider the divergent performance of three forms of money this year: the U.S. dollar, gold and Bitcoin.
The dollar is the world’s favorite money, not only dominant in central bank reserves but in international transactions. It is a fiat currency, its supply determined by the Federal Reserve and U.S. banks. We can compute its value relative to the goods consumers buy, according to which measure it has scarcely depreciated this year (inflation is running at 1.2%), or relative to other fiat currencies. On the latter basis, according to Bloomberg’s dollar spot index, it is down 4% since Jan. 1. Gold, by contrast, is up 15% in dollar terms. But the dollar price of a bitcoin has risen 139% year-to-date.
This year’s Bitcoin rally has caught many smart people by surprise. Last week’s high was just below the peak of the last rally ($19,892 according to the exchange Coinbase) in December 2017. When Bitcoin subsequently sold off, the New York University economist Nouriel Roubini didn’t hold back. Bitcoin, he told CNBC in February 2018, had been the “biggest bubble in human history.” Its price would now “crash to zero.” Eight months later, Roubini returned to the fray in congressional testimony, denouncing Bitcoin as the “mother of all scams.” In tweets, he referred to it as “Shitcoin.”
Fast forward to November 2020, and Roubini has been forced to change his tune. Bitcoin, he conceded in an interview with Yahoo Finance, was “maybe a partial store of value, because … it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time.” If I were as fond of hyperbole as he is, I would call this the biggest conversion since St. Paul.
Roubini is not the only one who has been forced to reassess Bitcoin this year. Among the big-name investors who have turned bullish are Paul Tudor Jones, Stan Druckenmiller and Bill Miller. Even Ray Dalio admitted the other day that he “might be missing something” about Bitcoin.
Financial journalists, too, are capitulating: On Tuesday, the Financial Times’s Izabella Kaminska, a long-time cryptocurrency skeptic, conceded that Bitcoin had a valid use-case as a hedge against a dystopian future “in which the world slips towards authoritarianism and civil liberties cannot be taken for granted.” She is on to something there, as we shall see.
So what is going on?
First, we should not be surprised that a pandemic has quickened the pace of monetary evolution. In the wake of the Black Death, as the historian Mark Bailey noted in his masterful 2019 Oxford Ford lectures, there was an increased monetization of the English economy. Prior to the ravages of bubonic plague, the feudal system had bound peasants to the land and required them to pay rent in kind, handing over a share of all produce to their lord. With chronic labor shortages came a shift toward fixed, yearly tenant rents paid in cash. In Italy, too, the economy after the 1340s became more monetized: It was no accident that the most powerful Italian family of the 15th and 16th centuries were the Medici, who made their fortune as Florentine moneychangers.
In a similar way, Covid-19 has been good for Bitcoin and for cryptocurrency generally. First, the pandemic accelerated our advance into a more digital word: What might have taken 10 years has been achieved in 10 months. People who had never before risked an online transaction were forced to try, for the simple reason that banks were closed. Second, and as a result, the pandemic significantly increased our exposure to financial surveillance as well as financial fraud. Both these trends have been good for Bitcoin.
I never subscribed to the thesis that Bitcoin would go to zero after it plunged in price in late 2017 and 2018. In the updated 2018 edition of my book, “The Ascent of Money” — the first edition of which appeared more or less simultaneously with the foundational Bitcoin paper by the pseudonymous Satoshi Nakamoto — I argued that Bitcoin had established itself as “a new store of value and investment asset — a type of ‘digital gold’ that provides investors with guaranteed scarcity and high mobility, as well as low correlation with other asset classes.”
“Satoshi’s goal,” I argued, “was not to create a new money but rather to create the ultimate safe asset, capable of protecting wealth from confiscation in jurisdictions with poor investor protection as well as from the near-universal scourge of currency depreciation … Bitcoin is portable, liquid, anonymous and scarce … A simple thought experiment would imply that $6,000 is therefore a cheap price for this new store of value.”
Two years ago, I estimated that around 17 million bitcoins had been mined. The number of millionaires in the world, according to Credit Suisse, was then 36 million, with total wealth of $128.7 trillion. “If millionaires collectively decided to hold just 1% of their wealth as Bitcoin,” I argued, “the price would be above $75,000 — higher, if adjustment is made for all the bitcoins that have been lost or hoarded. Even if the millionaires held just 0.2% of their assets as Bitcoin, the price would be around $15,000.” We passed $15,000 on Nov. 8.
What is happening is that Bitcoin is gradually being adopted not so much as means of payment but as a store of value. Not only high-net-worth individuals but also tech companies are investing. In July, Michael Saylor, the billionaire founder of MicroStrategy, directed his company to hold part of its cash reserves in alternative assets. By September, MicroStrategy’s corporate treasury had purchased bitcoins worth $425 million. Square, the San Francisco-based payments company, bought bitcoins worth $50 million last month. PayPal just announced that American users can buy, hold and sell bitcoins in their PayPal wallets.
This process of adoption has much further to run. In the words of Wences Casares, the Argentine-born tech investor who is one of Bitcoin’s most ardent advocates, “After 10 years of working well without interruption, with close to 100 million holders, adding more than 1 million new holders per month and moving more than $1 billion per day worldwide,” it has a 50% chance of hitting a price of $1 million per bitcoin in five to seven years’ time.
Whoever he is or was, Satoshi summed up how Bitcoin works: It is “a purely peer-to-peer version of electronic cash” that allows “online payments to be sent directly from one party to another without going through a financial institution.” In essence, Bitcoin is a public ledger shared by a network of computers. To pay with bitcoins, you send a signed message transferring ownership to a receiver’s public key. Transactions are grouped together and added to the ledger in blocks, and every node in the network has an entire copy of this blockchain at all times. A node can add a block to the chain (and receive a bitcoin reward) only by solving a cryptographic puzzle chosen by the Bitcoin protocol, which consumes processing power.
Nodes that have solved the cryptographic puzzle — “miners,” in Bitspeak — are rewarded not only with transaction fees (5 bitcoins per day, on average), but also with additional bitcoins — 900 new bitcoins per day. This reward will get cut in half every four years until the total number of bitcoins reaches 21 million, after which no new bitcoins will be created.
There are three obvious defects to Bitcoin. As a means of payment, it is slow. The Bitcoin blockchain can process only around 3,000 transactions every 10 minutes. Transaction costs are not trivial: Coinbase will charge a 1.49% commission if you want to buy one bitcoin.
There is also a significant negative externality: Bitcoin’s “proof-of-work” consensus algorithm requires specialized computer chips that consume a great deal of energy — 60 terawatt-hours of electricity a year, just under half the annual electricity consumption of Argentina. Aside from the environmental costs, one unforeseen consequence has been the increasing concentration of Bitcoin mining in a relatively few hands — many of them Chinese — wherever there is cheap energy.
But these disadvantages are outweighed by two unique features. First, as we have seen, Bitcoin offers built-in scarcity in a virtual world characterized by boundless abundance. Second, Bitcoin is sovereign. In the words of Casares, “No one can change a transaction in the Bitcoin blockchain and no one can keep the Bitcoin blockchain from accepting new transactions.” Bitcoin users can pay without going through intermediaries such as banks. They can transact without needing governments to enforce settlement.
The advantages of scarcity are obvious at a time when the supply of fiat money is exploding. Take M2, a measure of money that includes cash, bank accounts (including savings deposits) and money market mutual funds. Since May, U.S. M2 has been growing at a year-on-year rate above 20%, compared with an average of 5.9% since 1982. The future weakness of the dollar has been a favorite 2020 talking point for Wall Street economists such as Steve Roach. You can see why. There really are a lot of dollars around, even if their velocity of circulation has slumped because of the pandemic.
The advantages of sovereignty are less obvious but may be more important. Bitcoin is not the only form of digital money that has flourished in 2020. China has been advancing rapidly in two different ways.
Nowhere in the world are mobile payments happening on as large a scale as in China, thanks to the spectacular growth of Alipay and WeChat Pay. Those electronic payment platforms now handle close to $40 trillion of transactions a year, more than double the volume of Visa and Mastercard combined, according to calculations by Ribbit Capital. The Chinese platforms are expanding rapidly abroad, partly through investments in local fintech companies by Ant Group and Tencent.
At the same time, the People’s Bank of China has accelerated the rollout of its digital currency. The potential for a digital yuan to be adopted for remittance payments or cross-border trade settlements is substantial, especially if — as seems likely — countries participating in the One Belt One Road program are encouraged to use it. Even governments that are resisting Chinese financial penetration, such as India, are essentially building their own versions of China’s electronic payments systems.
Some economists, such as my friend Ken Rogoff, welcome the demise of cash because it will make the management of monetary policy easier and organized crime harder. But it will be a fundamentally different world when all our payments are recorded, centrally stored, and scrutinized by artificial intelligence — regardless of whether it is Amazon’s Jeff Bezos or China’s Xi Jinping who can access our data.
In its early years, Bitcoin suffered reputational damage because it was adopted by criminals and used for illicit transactions. Such nefarious activity has not gone away, as a recent Justice Department report makes clear. Increasingly, however, Bitcoin has an appeal to respectable individuals and institutions who would like at least some part of their economic lives to be sheltered from the gaze of Big Brother.
It is not (as the term “cryptocurrency” misleadingly implies) that Bitcoin is beyond the reach of the law or the taxman. When the Federal Bureau of Investigation busted the online illegal goods market Silk Road in 2013, it showed how readily government agencies can trace the counterparties in suspect Bitcoin transactions. This is precisely because the blockchain is an indelible record of all Bitcoin transactions, complete with senders’ and receivers’ bitcoin addresses.
Moreover, the Internal Revenue Service is perfectly prepared to demand information on bitcoin accounts from exchanges, as Coinbase discovered in 2016. A rumor of new U.S. Treasury regulations requiring greater disclosures by exchanges caused a sharp crypto selloff over Thanksgiving. The point is simply that the financial data of law-abiding individuals is better protected by Bitcoin than by Alipay. As the Stanford political theorist Stephen Krasner pointed out more than 20 years ago, sovereignty is a relative concept.
Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system — which, after all, was originally designed to be less centralized and more respectful of individual privacy than the systems of less-free societies.
Life in the East End of Glasgow in the 1980s was nasty, brutish and short of money. But all those transactions in grubby pounds and pence — genuine shitcoins — were, if nothing else, private. If Agnes Bain bought Special Brew instead of oven chips, it was a matter for her, the shopkeeper, and her long-suffering kids; the state was none the wiser. That was scant consolation to poor Shuggie. But, as we have learned again this year, a free society comes at a price that is not always payable in cash.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Niall Ferguson is the Milbank Family Senior Fellow at the Hoover Institution at Stanford University and a Bloomberg Opinion columnist. He was previously a professor of history at Harvard, New York University and Oxford. He is the founder and managing director of Greenmantle LLC, a New York-based advisory firm.
For more articles like this, please visit us atbloomberg.com/opinion
Subscribe nowto stay ahead with the most trusted business news source.
©2020 Bloomberg L.P. || Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It: Today I want to talk about code.
I know, this newsletter is for professional investors and not developers – why aren’t we talking about price? Don’t worry, we will further down. But things are evolving with Bitcoin technology that are worth keeping an eye on. While these changes have little to do with the short-term price movements, they are likely to play a significant role inbitcoin’slong-term value proposition.
Two things happened this week to make this top of mind: anew development funding sourcewas announced, andprogress is being madeon a particularly ambitious protocol upgrade.
Related:Blockchain Bites: Bitcoin All-Time High Puts It on Pace for Highest Monthly Close
Before we go into more detail about why these are significant, let’s look at why Bitcoin development matters.
The idea of changes to the Bitcoin protocol will be surprising to many. I mean, doesn’t it just, you know,work? Isn’t one of its strengths that youcan’tchange the code? These highlight two misunderstandings about the technology and its potential.
Bitcoin’s code has been chugging along for over 10 years now, but it has undergone a few changes. In the early days, there were frequent bugs that Bitcoin’s pseudonymous creator Satoshi Nakamotoand collaboratorswould fix. And old-timers will remember the“civil war”of 2017 aroundvarious scaling optionsthat went to the heart of what the community wanted Bitcoin to be. The result was achange to the Bitcoin codeto amplify block capacity, while dissenting opinions branched off to form a “new” Bitcoin blockchain,Bitcoin Cash.
There’s also steady work on functionality enhancements, such asenabling sidechainsorsmoothing information exchange.And compatibility issues and other minor bugs require constant attention. Like all technologies, if Bitcoin is not maintained and frequently updated, it will wither.
Related:First Mover: You Call That a Record? Bitcoin's November Gains Are 3x Stock Market's
As for how changes happen, anyone canmake changesto Bitcoin’s code – it’s open source. Gettingthe changes implemented,however, requires network consensus, and that isextremelydifficult to achieve. Imagine trying to get 20 people with different philosophies, political convictions, economic incentives and life goals to agree on a simple change. Now, multiply that by hundreds if not thousands, make the changes complicated, and you get an inkling of how hard it would be to implement a meaningful alteration. This protects the network from any change other than those the majority believe are beneficial to the entire ecosystem.
An important question is, who pays the developers that work on Bitcoin code?
In the early days of the Bitcoin network, almost all developer funding came from one source, the Bitcoin Foundation. Since then,other fundershave entered the scene, including several companies dedicated to Bitcoin work, such as Blockstream, Chaincode Labs and Lightning Labs. Also involved are well-known crypto businesses such asSquare Crypto,Coinbase,OKCoin,BitMEXand others, as well as not-for-profit organizations such as MIT’sDigital Currency Initiativeand theHuman Rights Foundation. In addition, many developers work on Bitcoin for free, out of passion.
Diversity in the backers of Bitcoin development matters, as it ensures that the network cannot be influenced by one set of priorities. This is why the Brink initiativeannounced this weekis significant: It pushes the diversity of Bitcoin development even further.
Brinkintroduces an intriguing funding model. It aims to channel donations to developers from a range of sources, including individuals, companies and not-for-profits. Itsinitial fundingcomes from donations from investor John Pfeffer and crypto custodian Xapo founder Wences Casares, as well as the Human Rights Foundation and crypto platforms Kraken, Gemini and Square Crypto.
This form of sponsorship could be appealing to individuals and companies that want to support Bitcoin development but don’t want to have to choose specific individuals to fund. The organization has applied for the charitable 501(c)(3) designation in the U.S. so donations can be tax-exempt.
Another big step is Brink’s focus on training new developers, to ensure a steady stream of qualified and diverse contributors well into the future. This bodes well for the network’s long-term resilience and growth.
The second significant news item of the week highlighting the importance of the underlying technology concerns theTaproot upgrade,which will enhance the network’s smart contract functionality as well as introduce some privacy features. Bitcoin mining pools representing over 54% of the network’s current hashratehave signaled support.This is a strong step towards implementation (although there is yet some way to go – no change to the network iswithout controversy,no matter how popular the actual change is.)
This is significant not just because of the specific changes Taproot will introduce. It also shows that Bitcoin’s use cases are constantly evolving, and that itself is a value proposition. In other words, if you think Bitcoin is a powerful technologynow, just wait.
As an example of how Taproot could influence bitcoin’s value, let’s look at what smart contract functionality means. Bitcoin’s program is relatively simple. It can do few things, but it does them well. Ethereum, on the other hand, is complex, but it can support the execution of a wide range of “smart contracts,” or decentralized applications.
While Bitcoin will never rival Ethereum in flexibility (nor does it want to – the more complex the program, the greater the potential attack surface), some modest improvements could improve its utility as a store of value. For instance, imagine that accountability of ownership could be programmed to enable bitcoin to be more effectively used as collateral.
They could alsoenhance its useas a medium of exchange. A proposed new type of verification signature could make layer 2 transactions easier and cheaper. Taproot also introduces some features that could encourage more use by masking the type of transaction (not its send/receive addresses), which would offer more privacy.
While it is convenient to think of Bitcoin as a perpetual machine that just keeps running, we shouldn’t lose sight of the work involved in making that so. The more developers working on keeping Bitcoin clean and efficient, the more resilient the protocol, and the more likely it is that key improvements can be implemented carefully.
And the more diverse those developers are in terms of backgrounds and incentives, the less likely it becomes that Bitcoin could fall into the same trap as many of today’s technology networks: built by a few, for a few.
It’s also moving to see such a wide range of contributors involved in maintaining a “common good,” even though a direct path to profit is not clear. This is about more than open-source tinkering. It’s about building a new system that all involved believe is an answer to fundamental questions the world is just now waking up to.
This week U.S. President-elect Joe Bidenannounced his intentionto nominate former Federal Reserve chairman Janet Yellen to head the U.S. Treasury, andmay nameformer Commodity Futures Trading Commission Chair Gary Gensler to become deputy treasury secretary, according to reports.
Treasury appointments are significant for the crypto industry in that the department could shape how some of the main U.S. financial regulators approach crypto assets.
Yellen has said in the past that she is not a fan of bitcoin (my colleague Nik De has summarizedher views here) but supports blockchain and cryptocurrency innovation.
Gensler has demonstrated deeper expertise and enthusiasm. He testified before Congress about cryptocurrency and blockchain on multiple occasions,pushing backagainst comparisons with Ponzi schemes and declaring that the still-unlaunched libra tokenmet the requirementsof being a security under U.S. law. Late last year, he evenwrote an op-edfor CoinDesk.
Gensler is currently heading up Biden’s financial oversight transition team, which also includes four other cryptocurrency and blockchain experts:
Chris Brummer is a law professor and the faculty director of Georgetown University’s Institute of International Economic Law, author/editor on aseminal book on cryptoassets, and host of the excellentFintech Beat podcast. He also testified before the U.S. Congress regarding the libra project, and was nominated to serve as a commissioner on the CFTC under President Obama, although the nomination was reversed after the 2016 election.
Simon Johnson is an economist and professor at the MIT Sloan School of Management, where he supervised blockchain research and taught a course on the topic. He was part of the Congressional Budget Office’s Panel of Economic Advisers from April 2009 to April 2015. Johnson has also co-authored a paper about the extensive impact blockchain technology can have on the financial world, and served on CoinDesk’s advisory board, penningthis op-edin 2018.
Mehrsa Baradaran, a University of California at Irvine School of Law professor, specializes in banking law and also testified as an expert witness at a Senate Banking Committeehearing on the impact of digital currencieson financial inclusion, and at a House Financial Services Committeehearing on regulatory frameworks.
Lev Menand, one of theoriginal creatorsof the digital dollar concept, is an academic fellow and law professor at Columbia University. He served as a senior adviser to the deputy secretary of the treasury in 2015-16, has also worked as an economist at the Federal Reserve Bank of New York’s bank supervision group, andhelped witha provision detailing the digital dollar incrisis relief billsfrom the House of Representativesdrafted back in March.
Having stewards of U.S. currency regulation that are well-informed about cryptocurrency and blockchain is encouraging because it makes innovation-killing regulation less likely. Furthermore, official support for the exploration of new solutions to financial barriers, including blockchain-based assets, is likely to encourage both progress on regulatory clarity, and further investment in the crypto industry as a whole.
However, a statement from current U.S. Treasury Secretary Steve Mnuchin offset the resulting market optimism, triggering concern that onerous rules might be pushed through from his office before the end of the year. Former National Security Adviser John Bolton’s recent book revealed that President Trump had instructed Mnuchin to“go after” bitcoin. And earlier this year, Mnuchin said that FinCEN, the nation’s financial crimes watchdog,was preparing toroll out some “significant new requirements” around cryptocurrencies.
So, some innovation-killing regulation may get rushed through before the transition. Crypto exchange Coinbase’s CEO Brian Armstrongtweeted this weekthat he’d heard rumors Treasury wasplanning to rush outregulation limiting the use of self-hosted cryptocurrency wallets.
This would be bad news for crypto asset use cases such as decentralized finance and merchant applications, and would put U.S. cryptocurrency users in a “walled garden,” effectively negating its core value of resistance to censorship and seizure. It would also force many users to go “offshore” for such services, weaking both the protective oversight from U.S. regulators and the role of the U.S. as a financial innovation hub.
The S&P 500, Nasdaq and even the FTSE 100 saw further gains this week, which I still find bewildering.
It looks like I’m not the only one: TheEuropean Central Bank,International Monetary FundandFederal Reservehave all warned this month about shocks to the market should the coronavirus situation continue to worsen. And it looks like it is doing just that, given the latest confirmed case statistics. The latest news on vaccination progress is hopeful, yet expectations are likely to be disappointed by logistical complications andrevised efficacy estimates, and the markets seem to be pricing in a strong economic recovery in the short term. A lot can happen to delay that recovery, and not just further surges as Thanksgiving and Christmas throw us together and winter temperatures push us indoors. There’s also the looming possibility of a hard Brexit, which will hit both the U.K. and Europe.
That doesn’t mean that markets won’t keep at the laughing gas, though. If there’s bad news, the belief seems to be that governments will support the markets. If there’s good news, then obviously it’s not discounted. Obviously.
Gold also defied expectations this week, dropping to its lowest point since July as (according to analysts) investors decided now was a good time to move into risk assets and double down on the economic recovery bet. Yes, you read that right.
Bitcoin, which at times trades with gold and at times trades as a risk asset, continued to soar, reaching an annual high of almost $19,375 and only just depriving an expectant crypto community from a new all-time-high (ATH) celebration. (According to CoinDesk’s Bitcoin Price Index, the ATH is $19,783.Here is a good explanationof why there is confusion over what the ATH actually is.)
The bitcoin price started to correct early on Wednesday, and once the U.S. markets closed for the Thanksgiving holiday the correctionturned into a rout, unwinding its gains for the past 10 days (at time of writing – at this pace, things could have radically changed by the time you read this).
In searching for the reasons behind the recent bitcoin run-up (before this week’s slump), many pointed fingers at the institutions. While we have been hearing for years now about the fabled institutional “wall of money” poised to rush in and push BTC prices to stratospheric levels, there are some signs that institutional interest is growing.
• The CIO of Fixed Income ofBlackRock, the largest investment manager in the world,said on CNBC last weekthat bitcoin could take the place of gold to a large extent, because crypto is “so much more functional than passing a bar of gold around.”
• According to two Form D filings,Galaxy Digital’s bitcoin funds raised $58.7 million in their first year, with$55 million flowing intoan institution-focused fund.
• Analysts pointed out that most of the trading volume occurredin U.S. hours.
• The past three 8-K filings forGrayscale Investments(owned by DCG, also the parent of CoinDesk) show new accredited investor inflows of over $823 million. (Source: FactSet)
• In a recent investment note,JPMorganspeculates thatbitcoin’s failure to revert to its mean price in recent weeks is a sign that momentum traders such as commodity trading advisers (CTAs) have had a shrinking role in the market relative to institutions.
• Zerohedge shared a chart that shows thatDeutsche Bankincludes bitcoinin the asset groups its research team follows for investors.
The demand growth is not just coming from institutions:
• According to Marcus Swanepoel, CEO of crypto exchangeLuno(owned by DCG, also parent of CoinDesk), retail trading volumes from South Africa, Malaysia, Nigeria and Indonesiahave trebled over the past month.
• Dan Morehead, CEO and founder of fund manager Pantera Capital, believes that PayPal is behind the rally,buying almost 70% of new bitcoin supplyon behalf of its retail users.
In an interview on CNBC,PayPalCEO Dan Schulmansaid he believesbitcoin’s usefulness as a currency will ultimately prevail over the buy-and-hold ethos.TAKEAWAY:He has invested his company’s money in these beliefs, promising PayPal users the ability to use cryptocurrencies in approximately 28 million businesses as of early next year. While many of us will splutter and say “but who would want to spend a store of value?!,” we should remember that some regions don’t have access to convenient payment rails. For many, cryptocurrencies may be a more convenient online payment method than fiat. And the applications that could be built on top of public blockchains to enhance this could end up supporting both innovation and cryptocurrencies’ overall value.
U.S.-based crypto exchangeCoinbaseno longer allows margin trading,in response to recent regulations by the Commodity Futures Trading Commission.TAKEAWAY:This is a setback for institutional participation on Coinbase – institutions want leverage, and will move to where they can get it.
In this compelling article, my colleague Ian Allison looks atthe emergence ofa strong bitcoinmining industryin North America, encouraged by the access to capital markets, regulatory stability and the relatively low energy and hosting costs.TAKEAWAY:This is significant for two main reasons: 1) the diversification of the mining base strengthens the protocol’s resilience against political interference, and 2) the enhanced access to capital markets is likely to encourage even more investment in network maintenance. The greater the number of miners working on maintaining the network, the greater its security.
New York-based investment management firmVanEckhas launched abitcoin exchange-traded-noteon the Deutsche Boerse Xetra.TAKEAWAY:This will be the third exchange-traded product to list on Xetra, one of the largest electronic trading platforms in Europe, with a broad international reach (around 50%of its trading participants are from outside Germany). Diversity of choice is good for both investors and market maturity.
Canada-based investment firmCypherpunk Holdings(listed on the Canadian Securities Exchange with the very cypherpunk-ish symbol of “HODL”)has sold its positionsinmoneroandetherand increased its bitcoin holding by almost 280%.TAKEAWAY:I do not have insight into their reasoning. I share this news with you because the strong bitcoin conviction demonstrated by this change, combined with the hint in their ticker symbol, is interesting.
• Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It
• Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It || Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It: Today I want to talk about code.
I know, this newsletter is for professional investors and not developers – why aren’t we talking about price? Don’t worry, we will further down. But things are evolving with Bitcoin technology that are worth keeping an eye on. While these changes have little to do with the short-term price movements, they are likely to play a significant role inbitcoin’slong-term value proposition.
Two things happened this week to make this top of mind: anew development funding sourcewas announced, andprogress is being madeon a particularly ambitious protocol upgrade.
Related:Blockchain Bites: Bitcoin All-Time High Puts It on Pace for Highest Monthly Close
Before we go into more detail about why these are significant, let’s look at why Bitcoin development matters.
The idea of changes to the Bitcoin protocol will be surprising to many. I mean, doesn’t it just, you know,work? Isn’t one of its strengths that youcan’tchange the code? These highlight two misunderstandings about the technology and its potential.
Bitcoin’s code has been chugging along for over 10 years now, but it has undergone a few changes. In the early days, there were frequent bugs that Bitcoin’s pseudonymous creator Satoshi Nakamotoand collaboratorswould fix. And old-timers will remember the“civil war”of 2017 aroundvarious scaling optionsthat went to the heart of what the community wanted Bitcoin to be. The result was achange to the Bitcoin codeto amplify block capacity, while dissenting opinions branched off to form a “new” Bitcoin blockchain,Bitcoin Cash.
There’s also steady work on functionality enhancements, such asenabling sidechainsorsmoothing information exchange.And compatibility issues and other minor bugs require constant attention. Like all technologies, if Bitcoin is not maintained and frequently updated, it will wither.
Related:First Mover: You Call That a Record? Bitcoin's November Gains Are 3x Stock Market's
As for how changes happen, anyone canmake changesto Bitcoin’s code – it’s open source. Gettingthe changes implemented,however, requires network consensus, and that isextremelydifficult to achieve. Imagine trying to get 20 people with different philosophies, political convictions, economic incentives and life goals to agree on a simple change. Now, multiply that by hundreds if not thousands, make the changes complicated, and you get an inkling of how hard it would be to implement a meaningful alteration. This protects the network from any change other than those the majority believe are beneficial to the entire ecosystem.
An important question is, who pays the developers that work on Bitcoin code?
In the early days of the Bitcoin network, almost all developer funding came from one source, the Bitcoin Foundation. Since then,other fundershave entered the scene, including several companies dedicated to Bitcoin work, such as Blockstream, Chaincode Labs and Lightning Labs. Also involved are well-known crypto businesses such asSquare Crypto,Coinbase,OKCoin,BitMEXand others, as well as not-for-profit organizations such as MIT’sDigital Currency Initiativeand theHuman Rights Foundation. In addition, many developers work on Bitcoin for free, out of passion.
Diversity in the backers of Bitcoin development matters, as it ensures that the network cannot be influenced by one set of priorities. This is why the Brink initiativeannounced this weekis significant: It pushes the diversity of Bitcoin development even further.
Brinkintroduces an intriguing funding model. It aims to channel donations to developers from a range of sources, including individuals, companies and not-for-profits. Itsinitial fundingcomes from donations from investor John Pfeffer and crypto custodian Xapo founder Wences Casares, as well as the Human Rights Foundation and crypto platforms Kraken, Gemini and Square Crypto.
This form of sponsorship could be appealing to individuals and companies that want to support Bitcoin development but don’t want to have to choose specific individuals to fund. The organization has applied for the charitable 501(c)(3) designation in the U.S. so donations can be tax-exempt.
Another big step is Brink’s focus on training new developers, to ensure a steady stream of qualified and diverse contributors well into the future. This bodes well for the network’s long-term resilience and growth.
The second significant news item of the week highlighting the importance of the underlying technology concerns theTaproot upgrade,which will enhance the network’s smart contract functionality as well as introduce some privacy features. Bitcoin mining pools representing over 54% of the network’s current hashratehave signaled support.This is a strong step towards implementation (although there is yet some way to go – no change to the network iswithout controversy,no matter how popular the actual change is.)
This is significant not just because of the specific changes Taproot will introduce. It also shows that Bitcoin’s use cases are constantly evolving, and that itself is a value proposition. In other words, if you think Bitcoin is a powerful technologynow, just wait.
As an example of how Taproot could influence bitcoin’s value, let’s look at what smart contract functionality means. Bitcoin’s program is relatively simple. It can do few things, but it does them well. Ethereum, on the other hand, is complex, but it can support the execution of a wide range of “smart contracts,” or decentralized applications.
While Bitcoin will never rival Ethereum in flexibility (nor does it want to – the more complex the program, the greater the potential attack surface), some modest improvements could improve its utility as a store of value. For instance, imagine that accountability of ownership could be programmed to enable bitcoin to be more effectively used as collateral.
They could alsoenhance its useas a medium of exchange. A proposed new type of verification signature could make layer 2 transactions easier and cheaper. Taproot also introduces some features that could encourage more use by masking the type of transaction (not its send/receive addresses), which would offer more privacy.
While it is convenient to think of Bitcoin as a perpetual machine that just keeps running, we shouldn’t lose sight of the work involved in making that so. The more developers working on keeping Bitcoin clean and efficient, the more resilient the protocol, and the more likely it is that key improvements can be implemented carefully.
And the more diverse those developers are in terms of backgrounds and incentives, the less likely it becomes that Bitcoin could fall into the same trap as many of today’s technology networks: built by a few, for a few.
It’s also moving to see such a wide range of contributors involved in maintaining a “common good,” even though a direct path to profit is not clear. This is about more than open-source tinkering. It’s about building a new system that all involved believe is an answer to fundamental questions the world is just now waking up to.
This week U.S. President-elect Joe Bidenannounced his intentionto nominate former Federal Reserve chairman Janet Yellen to head the U.S. Treasury, andmay nameformer Commodity Futures Trading Commission Chair Gary Gensler to become deputy treasury secretary, according to reports.
Treasury appointments are significant for the crypto industry in that the department could shape how some of the main U.S. financial regulators approach crypto assets.
Yellen has said in the past that she is not a fan of bitcoin (my colleague Nik De has summarizedher views here) but supports blockchain and cryptocurrency innovation.
Gensler has demonstrated deeper expertise and enthusiasm. He testified before Congress about cryptocurrency and blockchain on multiple occasions,pushing backagainst comparisons with Ponzi schemes and declaring that the still-unlaunched libra tokenmet the requirementsof being a security under U.S. law. Late last year, he evenwrote an op-edfor CoinDesk.
Gensler is currently heading up Biden’s financial oversight transition team, which also includes four other cryptocurrency and blockchain experts:
Chris Brummer is a law professor and the faculty director of Georgetown University’s Institute of International Economic Law, author/editor on aseminal book on cryptoassets, and host of the excellentFintech Beat podcast. He also testified before the U.S. Congress regarding the libra project, and was nominated to serve as a commissioner on the CFTC under President Obama, although the nomination was reversed after the 2016 election.
Simon Johnson is an economist and professor at the MIT Sloan School of Management, where he supervised blockchain research and taught a course on the topic. He was part of the Congressional Budget Office’s Panel of Economic Advisers from April 2009 to April 2015. Johnson has also co-authored a paper about the extensive impact blockchain technology can have on the financial world, and served on CoinDesk’s advisory board, penningthis op-edin 2018.
Mehrsa Baradaran, a University of California at Irvine School of Law professor, specializes in banking law and also testified as an expert witness at a Senate Banking Committeehearing on the impact of digital currencieson financial inclusion, and at a House Financial Services Committeehearing on regulatory frameworks.
Lev Menand, one of theoriginal creatorsof the digital dollar concept, is an academic fellow and law professor at Columbia University. He served as a senior adviser to the deputy secretary of the treasury in 2015-16, has also worked as an economist at the Federal Reserve Bank of New York’s bank supervision group, andhelped witha provision detailing the digital dollar incrisis relief billsfrom the House of Representativesdrafted back in March.
Having stewards of U.S. currency regulation that are well-informed about cryptocurrency and blockchain is encouraging because it makes innovation-killing regulation less likely. Furthermore, official support for the exploration of new solutions to financial barriers, including blockchain-based assets, is likely to encourage both progress on regulatory clarity, and further investment in the crypto industry as a whole.
However, a statement from current U.S. Treasury Secretary Steve Mnuchin offset the resulting market optimism, triggering concern that onerous rules might be pushed through from his office before the end of the year. Former National Security Adviser John Bolton’s recent book revealed that President Trump had instructed Mnuchin to“go after” bitcoin. And earlier this year, Mnuchin said that FinCEN, the nation’s financial crimes watchdog,was preparing toroll out some “significant new requirements” around cryptocurrencies.
So, some innovation-killing regulation may get rushed through before the transition. Crypto exchange Coinbase’s CEO Brian Armstrongtweeted this weekthat he’d heard rumors Treasury wasplanning to rush outregulation limiting the use of self-hosted cryptocurrency wallets.
This would be bad news for crypto asset use cases such as decentralized finance and merchant applications, and would put U.S. cryptocurrency users in a “walled garden,” effectively negating its core value of resistance to censorship and seizure. It would also force many users to go “offshore” for such services, weaking both the protective oversight from U.S. regulators and the role of the U.S. as a financial innovation hub.
The S&P 500, Nasdaq and even the FTSE 100 saw further gains this week, which I still find bewildering.
It looks like I’m not the only one: TheEuropean Central Bank,International Monetary FundandFederal Reservehave all warned this month about shocks to the market should the coronavirus situation continue to worsen. And it looks like it is doing just that, given the latest confirmed case statistics. The latest news on vaccination progress is hopeful, yet expectations are likely to be disappointed by logistical complications andrevised efficacy estimates, and the markets seem to be pricing in a strong economic recovery in the short term. A lot can happen to delay that recovery, and not just further surges as Thanksgiving and Christmas throw us together and winter temperatures push us indoors. There’s also the looming possibility of a hard Brexit, which will hit both the U.K. and Europe.
That doesn’t mean that markets won’t keep at the laughing gas, though. If there’s bad news, the belief seems to be that governments will support the markets. If there’s good news, then obviously it’s not discounted. Obviously.
Gold also defied expectations this week, dropping to its lowest point since July as (according to analysts) investors decided now was a good time to move into risk assets and double down on the economic recovery bet. Yes, you read that right.
Bitcoin, which at times trades with gold and at times trades as a risk asset, continued to soar, reaching an annual high of almost $19,375 and only just depriving an expectant crypto community from a new all-time-high (ATH) celebration. (According to CoinDesk’s Bitcoin Price Index, the ATH is $19,783.Here is a good explanationof why there is confusion over what the ATH actually is.)
The bitcoin price started to correct early on Wednesday, and once the U.S. markets closed for the Thanksgiving holiday the correctionturned into a rout, unwinding its gains for the past 10 days (at time of writing – at this pace, things could have radically changed by the time you read this).
In searching for the reasons behind the recent bitcoin run-up (before this week’s slump), many pointed fingers at the institutions. While we have been hearing for years now about the fabled institutional “wall of money” poised to rush in and push BTC prices to stratospheric levels, there are some signs that institutional interest is growing.
• The CIO of Fixed Income ofBlackRock, the largest investment manager in the world,said on CNBC last weekthat bitcoin could take the place of gold to a large extent, because crypto is “so much more functional than passing a bar of gold around.”
• According to two Form D filings,Galaxy Digital’s bitcoin funds raised $58.7 million in their first year, with$55 million flowing intoan institution-focused fund.
• Analysts pointed out that most of the trading volume occurredin U.S. hours.
• The past three 8-K filings forGrayscale Investments(owned by DCG, also the parent of CoinDesk) show new accredited investor inflows of over $823 million. (Source: FactSet)
• In a recent investment note,JPMorganspeculates thatbitcoin’s failure to revert to its mean price in recent weeks is a sign that momentum traders such as commodity trading advisers (CTAs) have had a shrinking role in the market relative to institutions.
• Zerohedge shared a chart that shows thatDeutsche Bankincludes bitcoinin the asset groups its research team follows for investors.
The demand growth is not just coming from institutions:
• According to Marcus Swanepoel, CEO of crypto exchangeLuno(owned by DCG, also parent of CoinDesk), retail trading volumes from South Africa, Malaysia, Nigeria and Indonesiahave trebled over the past month.
• Dan Morehead, CEO and founder of fund manager Pantera Capital, believes that PayPal is behind the rally,buying almost 70% of new bitcoin supplyon behalf of its retail users.
In an interview on CNBC,PayPalCEO Dan Schulmansaid he believesbitcoin’s usefulness as a currency will ultimately prevail over the buy-and-hold ethos.TAKEAWAY:He has invested his company’s money in these beliefs, promising PayPal users the ability to use cryptocurrencies in approximately 28 million businesses as of early next year. While many of us will splutter and say “but who would want to spend a store of value?!,” we should remember that some regions don’t have access to convenient payment rails. For many, cryptocurrencies may be a more convenient online payment method than fiat. And the applications that could be built on top of public blockchains to enhance this could end up supporting both innovation and cryptocurrencies’ overall value.
U.S.-based crypto exchangeCoinbaseno longer allows margin trading,in response to recent regulations by the Commodity Futures Trading Commission.TAKEAWAY:This is a setback for institutional participation on Coinbase – institutions want leverage, and will move to where they can get it.
In this compelling article, my colleague Ian Allison looks atthe emergence ofa strong bitcoinmining industryin North America, encouraged by the access to capital markets, regulatory stability and the relatively low energy and hosting costs.TAKEAWAY:This is significant for two main reasons: 1) the diversification of the mining base strengthens the protocol’s resilience against political interference, and 2) the enhanced access to capital markets is likely to encourage even more investment in network maintenance. The greater the number of miners working on maintaining the network, the greater its security.
New York-based investment management firmVanEckhas launched abitcoin exchange-traded-noteon the Deutsche Boerse Xetra.TAKEAWAY:This will be the third exchange-traded product to list on Xetra, one of the largest electronic trading platforms in Europe, with a broad international reach (around 50%of its trading participants are from outside Germany). Diversity of choice is good for both investors and market maturity.
Canada-based investment firmCypherpunk Holdings(listed on the Canadian Securities Exchange with the very cypherpunk-ish symbol of “HODL”)has sold its positionsinmoneroandetherand increased its bitcoin holding by almost 280%.TAKEAWAY:I do not have insight into their reasoning. I share this news with you because the strong bitcoin conviction demonstrated by this change, combined with the hint in their ticker symbol, is interesting.
• Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It
• Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It || Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It: Today I want to talk about code. I know, this newsletter is for professional investors and not developers – why aren’t we talking about price? Don’t worry, we will further down. But things are evolving with Bitcoin technology that are worth keeping an eye on. While these changes have little to do with the short-term price movements, they are likely to play a significant role in bitcoin’s long-term value proposition. Two things happened this week to make this top of mind: a new development funding source was announced, and progress is being made on a particularly ambitious protocol upgrade. Related: Blockchain Bites: Bitcoin All-Time High Puts It on Pace for Highest Monthly Close Before we go into more detail about why these are significant, let’s look at why Bitcoin development matters. Constant evolution The idea of changes to the Bitcoin protocol will be surprising to many. I mean, doesn’t it just, you know, work ? Isn’t one of its strengths that you can’t change the code? These highlight two misunderstandings about the technology and its potential. Bitcoin’s code has been chugging along for over 10 years now, but it has undergone a few changes. In the early days, there were frequent bugs that Bitcoin’s pseudonymous creator Satoshi Nakamoto and collaborators would fix. And old-timers will remember the “civil war” of 2017 around various scaling options that went to the heart of what the community wanted Bitcoin to be. The result was a change to the Bitcoin code to amplify block capacity, while dissenting opinions branched off to form a “new” Bitcoin blockchain, Bitcoin Cash. There’s also steady work on functionality enhancements, such as enabling sidechains or smoothing information exchange. And compatibility issues and other minor bugs require constant attention. Like all technologies, if Bitcoin is not maintained and frequently updated, it will wither. Story continues Related: First Mover: You Call That a Record? Bitcoin's November Gains Are 3x Stock Market's As for how changes happen, anyone can make changes to Bitcoin’s code – it’s open source. Getting the changes implemented, however, requires network consensus, and that is extremely difficult to achieve. Imagine trying to get 20 people with different philosophies, political convictions, economic incentives and life goals to agree on a simple change. Now, multiply that by hundreds if not thousands, make the changes complicated, and you get an inkling of how hard it would be to implement a meaningful alteration. This protects the network from any change other than those the majority believe are beneficial to the entire ecosystem. Incentives matter An important question is, who pays the developers that work on Bitcoin code? In the early days of the Bitcoin network, almost all developer funding came from one source, the Bitcoin Foundation. Since then, other funders have entered the scene, including several companies dedicated to Bitcoin work, such as Blockstream, Chaincode Labs and Lightning Labs. Also involved are well-known crypto businesses such as Square Crypto , Coinbase , OKCoin , BitMEX and others, as well as not-for-profit organizations such as MIT’s Digital Currency Initiative and the Human Rights Foundation . In addition, many developers work on Bitcoin for free, out of passion. Diversity in the backers of Bitcoin development matters, as it ensures that the network cannot be influenced by one set of priorities. This is why the Brink initiative announced this week is significant: It pushes the diversity of Bitcoin development even further. Brink introduces an intriguing funding model. It aims to channel donations to developers from a range of sources, including individuals, companies and not-for-profits. Its initial funding comes from donations from investor John Pfeffer and crypto custodian Xapo founder Wences Casares, as well as the Human Rights Foundation and crypto platforms Kraken, Gemini and Square Crypto. This form of sponsorship could be appealing to individuals and companies that want to support Bitcoin development but don’t want to have to choose specific individuals to fund. The organization has applied for the charitable 501(c)(3) designation in the U.S. so donations can be tax-exempt. Another big step is Brink’s focus on training new developers, to ensure a steady stream of qualified and diverse contributors well into the future. This bodes well for the network’s long-term resilience and growth. Next upgrade The second significant news item of the week highlighting the importance of the underlying technology concerns the Taproot upgrade, which will enhance the network’s smart contract functionality as well as introduce some privacy features. Bitcoin mining pools representing over 54% of the network’s current hashrate have signaled support. This is a strong step towards implementation (although there is yet some way to go – no change to the network is without controversy, no matter how popular the actual change is.) This is significant not just because of the specific changes Taproot will introduce. It also shows that Bitcoin’s use cases are constantly evolving, and that itself is a value proposition. In other words, if you think Bitcoin is a powerful technology now , just wait. As an example of how Taproot could influence bitcoin’s value, let’s look at what smart contract functionality means. Bitcoin’s program is relatively simple. It can do few things, but it does them well. Ethereum, on the other hand, is complex, but it can support the execution of a wide range of “smart contracts,” or decentralized applications. While Bitcoin will never rival Ethereum in flexibility (nor does it want to – the more complex the program, the greater the potential attack surface), some modest improvements could improve its utility as a store of value. For instance, imagine that accountability of ownership could be programmed to enable bitcoin to be more effectively used as collateral. They could also enhance its use as a medium of exchange. A proposed new type of verification signature could make layer 2 transactions easier and cheaper. Taproot also introduces some features that could encourage more use by masking the type of transaction (not its send/receive addresses), which would offer more privacy. Looking ahead While it is convenient to think of Bitcoin as a perpetual machine that just keeps running, we shouldn’t lose sight of the work involved in making that so. The more developers working on keeping Bitcoin clean and efficient, the more resilient the protocol, and the more likely it is that key improvements can be implemented carefully. And the more diverse those developers are in terms of backgrounds and incentives, the less likely it becomes that Bitcoin could fall into the same trap as many of today’s technology networks: built by a few, for a few. It’s also moving to see such a wide range of contributors involved in maintaining a “common good,” even though a direct path to profit is not clear. This is about more than open-source tinkering. It’s about building a new system that all involved believe is an answer to fundamental questions the world is just now waking up to. Time to serve This week U.S. President-elect Joe Biden announced his intention to nominate former Federal Reserve chairman Janet Yellen to head the U.S. Treasury, and may name former Commodity Futures Trading Commission Chair Gary Gensler to become deputy treasury secretary, according to reports. Treasury appointments are significant for the crypto industry in that the department could shape how some of the main U.S. financial regulators approach crypto assets. Yellen has said in the past that she is not a fan of bitcoin (my colleague Nik De has summarized her views here ) but supports blockchain and cryptocurrency innovation. Gensler has demonstrated deeper expertise and enthusiasm. He testified before Congress about cryptocurrency and blockchain on multiple occasions, pushing back against comparisons with Ponzi schemes and declaring that the still-unlaunched libra token met the requirements of being a security under U.S. law. Late last year, he even wrote an op-ed for CoinDesk. Gensler is currently heading up Biden’s financial oversight transition team, which also includes four other cryptocurrency and blockchain experts: Chris Brummer is a law professor and the faculty director of Georgetown University’s Institute of International Economic Law, author/editor on a seminal book on cryptoassets , and host of the excellent Fintech Beat podcast . He also testified before the U.S. Congress regarding the libra project, and was nominated to serve as a commissioner on the CFTC under President Obama, although the nomination was reversed after the 2016 election. Simon Johnson is an economist and professor at the MIT Sloan School of Management, where he supervised blockchain research and taught a course on the topic. He was part of the Congressional Budget Office’s Panel of Economic Advisers from April 2009 to April 2015. Johnson has also co-authored a paper about the extensive impact blockchain technology can have on the financial world, and served on CoinDesk’s advisory board, penning this op-ed in 2018. Mehrsa Baradaran, a University of California at Irvine School of Law professor, specializes in banking law and also testified as an expert witness at a Senate Banking Committee hearing on the impact of digital currencies on financial inclusion, and at a House Financial Services Committee hearing on regulatory frameworks . Lev Menand, one of the original creators of the digital dollar concept, is an academic fellow and law professor at Columbia University. He served as a senior adviser to the deputy secretary of the treasury in 2015-16, has also worked as an economist at the Federal Reserve Bank of New York’s bank supervision group, and helped with a provision detailing the digital dollar in crisis relief bills from the House of Representatives drafted back in March. Having stewards of U.S. currency regulation that are well-informed about cryptocurrency and blockchain is encouraging because it makes innovation-killing regulation less likely. Furthermore, official support for the exploration of new solutions to financial barriers, including blockchain-based assets, is likely to encourage both progress on regulatory clarity, and further investment in the crypto industry as a whole. However, a statement from current U.S. Treasury Secretary Steve Mnuchin offset the resulting market optimism, triggering concern that onerous rules might be pushed through from his office before the end of the year. Former National Security Adviser John Bolton’s recent book revealed that President Trump had instructed Mnuchin to “go after” bitcoin . And earlier this year, Mnuchin said that FinCEN, the nation’s financial crimes watchdog, was preparing to roll out some “significant new requirements” around cryptocurrencies. So, some innovation-killing regulation may get rushed through before the transition. Crypto exchange Coinbase’s CEO Brian Armstrong tweeted this week that he’d heard rumors Treasury was planning to rush out regulation limiting the use of self-hosted cryptocurrency wallets. This would be bad news for crypto asset use cases such as decentralized finance and merchant applications, and would put U.S. cryptocurrency users in a “walled garden,” effectively negating its core value of resistance to censorship and seizure. It would also force many users to go “offshore” for such services, weaking both the protective oversight from U.S. regulators and the role of the U.S. as a financial innovation hub. Anyone know what’s going on yet? The S&P 500, Nasdaq and even the FTSE 100 saw further gains this week, which I still find bewildering. It looks like I’m not the only one: The European Central Bank , International Monetary Fund and Federal Reserve have all warned this month about shocks to the market should the coronavirus situation continue to worsen. And it looks like it is doing just that, given the latest confirmed case statistics. The latest news on vaccination progress is hopeful, yet expectations are likely to be disappointed by logistical complications and revised efficacy estimates , and the markets seem to be pricing in a strong economic recovery in the short term. A lot can happen to delay that recovery, and not just further surges as Thanksgiving and Christmas throw us together and winter temperatures push us indoors. There’s also the looming possibility of a hard Brexit, which will hit both the U.K. and Europe. That doesn’t mean that markets won’t keep at the laughing gas, though. If there’s bad news, the belief seems to be that governments will support the markets. If there’s good news, then obviously it’s not discounted. Obviously. Gold also defied expectations this week, dropping to its lowest point since July as ( according to analysts ) investors decided now was a good time to move into risk assets and double down on the economic recovery bet. Yes, you read that right. Bitcoin, which at times trades with gold and at times trades as a risk asset, continued to soar, reaching an annual high of almost $19,375 and only just depriving an expectant crypto community from a new all-time-high (ATH) celebration. (According to CoinDesk’s Bitcoin Price Index, the ATH is $19,783. Here is a good explanation of why there is confusion over what the ATH actually is.) The bitcoin price started to correct early on Wednesday, and once the U.S. markets closed for the Thanksgiving holiday the correction turned into a rout , unwinding its gains for the past 10 days (at time of writing – at this pace, things could have radically changed by the time you read this). CHAIN LINKS In searching for the reasons behind the recent bitcoin run-up (before this week’s slump), many pointed fingers at the institutions. While we have been hearing for years now about the fabled institutional “wall of money” poised to rush in and push BTC prices to stratospheric levels, there are some signs that institutional interest is growing. The CIO of Fixed Income of BlackRock , the largest investment manager in the world, said on CNBC last week that bitcoin could take the place of gold to a large extent, because crypto is “so much more functional than passing a bar of gold around.” According to two Form D filings, Galaxy Digital ’s bitcoin funds raised $58.7 million in their first year, with $55 million flowing into an institution-focused fund. Analysts pointed out that most of the trading volume occurred in U.S. hours . The past three 8-K filings for Grayscale Investments (owned by DCG, also the parent of CoinDesk) show new accredited investor inflows of over $823 million. (Source: FactSet) In a recent investment note, JPMorgan speculates that bitcoin’s failure to revert to its mean price in recent weeks is a sign that momentum traders such as commodity trading advisers (CTAs) have had a shrinking role in the market relative to institutions. Zerohedge shared a chart that shows that Deutsche Bank includes bitcoin in the asset groups its research team follows for investors. The demand growth is not just coming from institutions: According to Marcus Swanepoel, CEO of crypto exchange Luno (owned by DCG, also parent of CoinDesk), retail trading volumes from South Africa, Malaysia, Nigeria and Indonesia have trebled over the past month. Dan Morehead, CEO and founder of fund manager Pantera Capital, believes that PayPal is behind the rally, buying almost 70% of new bitcoin supply on behalf of its retail users. In an interview on CNBC, PayPal CEO Dan Schulman said he believes bitcoin’s usefulness as a currency will ultimately prevail over the buy-and-hold ethos. TAKEAWAY: He has invested his company’s money in these beliefs, promising PayPal users the ability to use cryptocurrencies in approximately 28 million businesses as of early next year. While many of us will splutter and say “but who would want to spend a store of value?!,” we should remember that some regions don’t have access to convenient payment rails. For many, cryptocurrencies may be a more convenient online payment method than fiat. And the applications that could be built on top of public blockchains to enhance this could end up supporting both innovation and cryptocurrencies’ overall value. U.S.-based crypto exchange Coinbase no longer allows margin trading, in response to recent regulations by the Commodity Futures Trading Commission. TAKEAWAY: This is a setback for institutional participation on Coinbase – institutions want leverage, and will move to where they can get it. In this compelling article, my colleague Ian Allison looks at the emergence of a strong bitcoin mining industry in North America, encouraged by the access to capital markets, regulatory stability and the relatively low energy and hosting costs. TAKEAWAY: This is significant for two main reasons: 1) the diversification of the mining base strengthens the protocol’s resilience against political interference, and 2) the enhanced access to capital markets is likely to encourage even more investment in network maintenance. The greater the number of miners working on maintaining the network, the greater its security. New York-based investment management firm VanEck has launched a bitcoin exchange-traded-note on the Deutsche Boerse Xetra. TAKEAWAY: This will be the third exchange-traded product to list on Xetra, one of the largest electronic trading platforms in Europe, with a broad international reach ( around 50% of its trading participants are from outside Germany). Diversity of choice is good for both investors and market maturity. Canada-based investment firm Cypherpunk Holdings (listed on the Canadian Securities Exchange with the very cypherpunk-ish symbol of “HODL”) has sold its positions in monero and ether and increased its bitcoin holding by almost 280%. TAKEAWAY: I do not have insight into their reasoning. I share this news with you because the strong bitcoin conviction demonstrated by this change, combined with the hint in their ticker symbol, is interesting. Related Stories Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It Crypto Long & Short: How Bitcoin Development Is Evolving – And What’s Behind It || Wall Street Braces As Tesla Addition To S&P 500 Could Put $100 Billion Into Play: WSJ: Wall Street is bracing forTesla Inc's (NASDAQ:TSLA) arrival to the S&P 500 Index on Dec. 18.
What Happened:Theadditionof the California-based automaker is expected to create challenges because of the company's size, $555 billion, and volatility. Tesla's share price jumped 40% right after the S&P 500 announcement on Nov. 16, and the addition comes at a time of pandemic-related volatility, the Wall Street Journalreports.
Tesla is the biggest company to ever join the index, and it’ll be the sixth largest by market capitalization.
Elon Musk’s company might put $100 billion “in motion” when added, as funds try to sell other companies’ stock to buy Tesla’s, according to WSJ.
To help ease the potential trading chaos, some Wall Street managers recommend splitting the addition “over two trading days,” something that has never happened before, WSJ notes.
Ben Inker, who manages asset allocation at investment manager GMO believes any unpreparedness might have consequences. “The people who will pay the price if S&P screws up are the investors in passive S&P,” he says.
Why It Matters:Tesla's addition to the S&P 500 also happens the same day the so-called “quadruple witching” takes place. Every last Friday of the quarter marks the day when futures and options expire at the same time, which increases the volume.
This, investors say, might help with the liquidity that day but may also increase market volatility.
Price Action:Tesla shares traded 0.17% lower at $584.77 in the after-hours markets on Friday.
Photo courtesy of Unsplash
See more from Benzinga
• Click here for options trades from Benzinga
• Guggenheim Fund Mulls Investment in Grayscale Bitcoin Trust
• Bloomberg Releases Its 2020 List Of Wealthiest Families In Asia
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Wall Street Braces As Tesla Addition To S&P 500 Could Put $100 Billion Into Play: WSJ: Wall Street is bracing for Tesla Inc 's (NASDAQ: TSLA ) arrival to the S&P 500 Index on Dec. 18. What Happened: The addition of the California-based automaker is expected to create challenges because of the company's size, $555 billion, and volatility. Tesla's share price jumped 40% right after the S&P 500 announcement on Nov. 16, and the addition comes at a time of pandemic-related volatility, the Wall Street Journal reports . Tesla is the biggest company to ever join the index, and it’ll be the sixth largest by market capitalization. Elon Musk’s company might put $100 billion “in motion” when added, as funds try to sell other companies’ stock to buy Tesla’s, according to WSJ. To help ease the potential trading chaos, some Wall Street managers recommend splitting the addition “over two trading days,” something that has never happened before, WSJ notes. Ben Inker, who manages asset allocation at investment manager GMO believes any unpreparedness might have consequences. “The people who will pay the price if S&P screws up are the investors in passive S&P,” he says. Why It Matters: Tesla's addition to the S&P 500 also happens the same day the so-called “quadruple witching” takes place. Every last Friday of the quarter marks the day when futures and options expire at the same time, which increases the volume. This, investors say, might help with the liquidity that day but may also increase market volatility. Price Action: Tesla shares traded 0.17% lower at $584.77 in the after-hours markets on Friday. Photo courtesy of Unsplash See more from Benzinga Click here for options trades from Benzinga Guggenheim Fund Mulls Investment in Grayscale Bitcoin Trust Bloomberg Releases Its 2020 List Of Wealthiest Families In Asia © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Guggenheim Fund Mulls Investment in Grayscale Bitcoin Trust: Guggenheim Strategic Opportunities Fund(NYSE:GOF) is considering gaining some “investment exposure" toBitcoin, afilingshows.
What Happened:The global investment firm with over $295 billion in assets filed an amendment with the Securities and Exchange Commission on Friday, saying that it’s considering investing in Bitcoin through its Macro Opportunities Fund.
The Macro Opportunities Fund invests in fixed income securities and has $5 billion under management, according to the company’swebsite.
The firm would invest up to 10% of the Macro Opportunities Fund's net asset value inGrayscale Bitcoin Trust (Btc)(OTCMKTS: GBTC).
Grayscale Bitcoin Trust is one of the biggest crypto asset management platforms, with $9 billion assets under management.
Why It Matters:The crypto space has been attracting major Wall Street institutions lately, signaling the beginning of mainstream adoption.
In November, payment giantPayPal Holdings Inc(NASDAQ:PYPL)enabledcryptocurrency services for its US users, allowing them to buy, sell and hold digital assets.
Price Action:Guggenheim Strategic Opportunities Fund shares closed 0.71% higher, at 18.50 on Friday.
Grayscale Bitcoin Trust shares closed at $18.84, down by 9.73% at Friday’s close.
Photo by Jürg Kradolfer on Unsplash
See more from Benzinga
• Click here for options trades from Benzinga
• Bloomberg Releases Its 2020 List Of Wealthiest Families In Asia
• UK To Approve Pfizer-BioNTech Vaccine 'Within Days,' Secures 2M More Doses From Moderna
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Guggenheim Fund Mulls Investment in Grayscale Bitcoin Trust: Guggenheim Strategic Opportunities Fund(NYSE:GOF) is considering gaining some “investment exposure" toBitcoin, afilingshows.
What Happened:The global investment firm with over $295 billion in assets filed an amendment with the Securities and Exchange Commission on Friday, saying that it’s considering investing in Bitcoin through its Macro Opportunities Fund.
The Macro Opportunities Fund invests in fixed income securities and has $5 billion under management, according to the company’swebsite.
The firm would invest up to 10% of the Macro Opportunities Fund's net asset value inGrayscale Bitcoin Trust (Btc)(OTCMKTS: GBTC).
Grayscale Bitcoin Trust is one of the biggest crypto asset management platforms, with $9 billion assets under management.
Why It Matters:The crypto space has been attracting major Wall Street institutions lately, signaling the beginning of mainstream adoption.
In November, payment giantPayPal Holdings Inc(NASDAQ:PYPL)enabledcryptocurrency services for its US users, allowing them to buy, sell and hold digital assets.
Price Action:Guggenheim Strategic Opportunities Fund shares closed 0.71% higher, at 18.50 on Friday.
Grayscale Bitcoin Trust shares closed at $18.84, down by 9.73% at Friday’s close.
Photo by Jürg Kradolfer on Unsplash
See more from Benzinga
• Click here for options trades from Benzinga
• Bloomberg Releases Its 2020 List Of Wealthiest Families In Asia
• UK To Approve Pfizer-BioNTech Vaccine 'Within Days,' Secures 2M More Doses From Moderna
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Guggenheim Fund Mulls Investment in Grayscale Bitcoin Trust: Guggenheim Strategic Opportunities Fund (NYSE: GOF ) is considering gaining some investment exposure" to Bitcoin , a filing shows. What Happened: The global investment firm with over $295 billion in assets filed an amendment with the Securities and Exchange Commission on Friday, saying that its considering investing in Bitcoin through its Macro Opportunities Fund. The Macro Opportunities Fund invests in fixed income securities and has $5 billion under management, according to the companys website . The firm would invest up to 10% of the Macro Opportunities Fund's net asset value in Grayscale Bitcoin Trust (Btc) (OTCMKTS: GBTC). Grayscale Bitcoin Trust is one of the biggest crypto asset management platforms, with $9 billion assets under management. Why It Matters: The crypto space has been attracting major Wall Street institutions lately, signaling the beginning of mainstream adoption. In November, payment giant PayPal Holdings Inc (NASDAQ: PYPL ) enabled cryptocurrency services for its US users, allowing them to buy, sell and hold digital assets. Price Action: Guggenheim Strategic Opportunities Fund shares closed 0.71% higher, at 18.50 on Friday. Grayscale Bitcoin Trust shares closed at $18.84, down by 9.73% at Fridays close. Photo by Jürg Kradolfer on Unsplash See more from Benzinga Click here for options trades from Benzinga Bloomberg Releases Its 2020 List Of Wealthiest Families In Asia UK To Approve Pfizer-BioNTech Vaccine 'Within Days,' Secures 2M More Doses From Moderna © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How Bitcoin Gets to $100,000: Another look at the bitcoin valuation models that could possibly lead to a six-figure bitcoin valuation over the course of the next year.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.comandNexo.io.
Related:Bitcoin's All-Time High Price Rally Is Sustainable. Analysts Explain Why
On this edition of The Breakdown’s Long Reads Sunday, NLW readsa recent pieceby Hong Fang, CEO of OKCoin.
In it, Fang provides a set of valuation models and scenarios that plausibly lead tobitcoinachieving a significant $100,000 value over the course of 2021.
Download this episode
See also:Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible
Related:5 Reasons Why Bitcoin Just Hit an All-Time High Price
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• How Bitcoin Gets to $100,000
• How Bitcoin Gets to $100,000 || How Bitcoin Gets to $100,000: Another look at the bitcoin valuation models that could possibly lead to a six-figure bitcoin valuation over the course of the next year.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.comandNexo.io.
Related:Bitcoin's All-Time High Price Rally Is Sustainable. Analysts Explain Why
On this edition of The Breakdown’s Long Reads Sunday, NLW readsa recent pieceby Hong Fang, CEO of OKCoin.
In it, Fang provides a set of valuation models and scenarios that plausibly lead tobitcoinachieving a significant $100,000 value over the course of 2021.
Download this episode
See also:Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible
Related:5 Reasons Why Bitcoin Just Hit an All-Time High Price
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• How Bitcoin Gets to $100,000
• How Bitcoin Gets to $100,000 || How Bitcoin Gets to $100,000: Another look at the bitcoin valuation models that could possibly lead to a six-figure bitcoin valuation over the course of the next year. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com and Nexo.io . Related: Bitcoin's All-Time High Price Rally Is Sustainable. Analysts Explain Why On this edition of The Breakdowns Long Reads Sunday, NLW reads a recent piece by Hong Fang, CEO of OKCoin. In it, Fang provides a set of valuation models and scenarios that plausibly lead to bitcoin achieving a significant $100,000 value over the course of 2021. Download this episode See also: Bitcoin at $318,000 Next December? One Citibank Exec Says Its Possible Related: 5 Reasons Why Bitcoin Just Hit an All-Time High Price For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories How Bitcoin Gets to $100,000 How Bitcoin Gets to $100,000 || Univest Securities, LLC. Announces Closing of $21 Million Follow-on Offering for its Ebang International Holdings Inc. (Nasdaq: EBON): New York, Nov. 29, 2020 (GLOBE NEWSWIRE) -- Univest Securities, LLC, a member of FINRA and SIPC, is a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of $21 million follow-on offering (the “Offering”) for its Ebang International Holdings Inc. (Nasdaq: EBON) (the “Company”) to which Univest Securities, LLC. acted as the exclusive investment bank and sole-placement agent.
Univest Securities, LLC was able to raise in a follow-on offering for the sale of 4 million units of the 8 million units offered for sale by the Company, at a purchase price of $5.25 per unit, for aggregate gross proceeds of approximately $21.0 million. Each unit consists of one Class A ordinary share and one warrant to purchase one-half of one Class A ordinary share of the Company. Each two warrants have an exercise price per share of $5.50. The Company intends to use the net proceeds from the Offering primarily for development and application of blockchain technology into financial services, sourcing core intellectual properties relating to its businesses, corporate branding and marketing activities, and general corporate purposes, which may include working capital needs and other corporate uses.
Univest Securities, LLC. acted as the exclusive investment bank and placement agent to the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to Univest in connection with the Offering.
The units are offered pursuant to the Company’s registration statement on Form F-1 (the “Form F-1”), as amended, which was originally filed with the SEC on October 23, 2020 and became effective on November 17, 2020. The units may be offered only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus may be obtained at the SEC’s website at http://www.sec.gov. Electronic copies of the prospectus may also be obtained by contacting Univest Securities, LLC at 375 Park Ave #1502, New York, NY 10152, by phone at (212) 343-8888 or by e-mail [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Univest Securities, LLC.
Registered with FINRA since 1994, Univest Securities, LLC. provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-added service and focuses on building long-term relationship with its clients. For more information, please visit:www.univest.us.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019*, with strong application-specific integrated circuit (ASIC) chip design capability underpinned by nearly a decade of industry experience and expertise in the telecommunications business. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a fully-licensed digital asset financial service platform to provide professional, convenient and innovative trading services. For more information, please visithttps://ir.ebang.com.cn/.
*According to an industry report prepared by Frost & Sullivan in 2019
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor and Media Contact
Univest Securities, LLC.Edric Guo375 Park Avenue #1502New York, NY 10152Phone: (212) 343-8888Email:[email protected] || Univest Securities, LLC. Announces Closing of $21 Million Follow-on Offering for its Ebang International Holdings Inc. (Nasdaq: EBON): New York, Nov. 29, 2020 (GLOBE NEWSWIRE) -- Univest Securities, LLC, a member of FINRA and SIPC, is a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of $21 million follow-on offering (the “Offering”) for its Ebang International Holdings Inc. (Nasdaq: EBON) (the “Company”) to which Univest Securities, LLC. acted as the exclusive investment bank and sole-placement agent. Univest Securities, LLC was able to raise in a follow-on offering for the sale of 4 million units of the 8 million units offered for sale by the Company, at a purchase price of $5.25 per unit, for aggregate gross proceeds of approximately $21.0 million. Each unit consists of one Class A ordinary share and one warrant to purchase one-half of one Class A ordinary share of the Company. Each two warrants have an exercise price per share of $5.50. The Company intends to use the net proceeds from the Offering primarily for development and application of blockchain technology into financial services, sourcing core intellectual properties relating to its businesses, corporate branding and marketing activities, and general corporate purposes, which may include working capital needs and other corporate uses. Univest Securities, LLC. acted as the exclusive investment bank and placement agent to the Offering. Hunter Taubman Fischer & Li LLC acted as counsel to Univest in connection with the Offering. The units are offered pursuant to the Company’s registration statement on Form F-1 (the “Form F-1”), as amended, which was originally filed with the SEC on October 23, 2020 and became effective on November 17, 2020. The units may be offered only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus may be obtained at the SEC’s website at http://www.sec.gov. Electronic copies of the prospectus may also be obtained by contacting Univest Securities, LLC at 375 Park Ave #1502, New York, NY 10152, by phone at (212) 343-8888 or by e-mail at [email protected] . Story continues This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About Univest Securities, LLC. Registered with FINRA since 1994, Univest Securities, LLC. provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-added service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us . About Ebang International Holdings Inc. Ebang International Holdings Inc. is a leading Bitcoin mining machine producer in the global market in terms of computing power sold in 2019*, with strong application-specific integrated circuit (ASIC) chip design capability underpinned by nearly a decade of industry experience and expertise in the telecommunications business. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a fully-licensed digital asset financial service platform to provide professional, convenient and innovative trading services. For more information, please visit https://ir.ebang.com.cn/ . *According to an industry report prepared by Frost & Sullivan in 2019 Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law. Investor and Media Contact Univest Securities, LLC. Edric Guo 375 Park Avenue #1502 New York, NY 10152 Phone: (212) 343-8888 Email: [email protected] || Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC: Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (GBTC).
• According to the amendment: “The Guggenheim Macro Opportunities Fund may seek investment exposure tobitcoinindirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”
• Given the fund has net assets of $4.97 billion, according to Fidelity, it means mean the fund can invest up to $497 million in GBTC. Grayscale’s bitcoin trust, a publicly traded financial product that functions similar to an exchange-traded fund (ETF), tracks the price of bitcoin. Guggenheim notes, GBTC trades at a “significant premium.”
• The Macro Opportunities Fund is part of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners, and has more than $233 billion in total assets across fixed income, equity and alternative strategies.
• Guggenheim is the latest multibillion dollar hedge fund to signal an interest in bitcoin. This summer, industry pioneer Paul Tudor Jones’s $22 billion BVI Global Fund could invest “a low-single-digit percentage” of its assets in bitcoin futures. Earlier this month, hedge fund manager Stanley Druckenmiller saidbitcoin could outperform gold.
• Grayscale is a sister company to CoinDesk.UPDATED 11/29/2020 18:16 UTC:Adds information about other funds.
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC || Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC: Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the fund’s net asset value in the Grayscale Bitcoin Trust (GBTC).
• According to the amendment: “The Guggenheim Macro Opportunities Fund may seek investment exposure tobitcoinindirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”
• Given the fund has net assets of $4.97 billion, according to Fidelity, it means mean the fund can invest up to $497 million in GBTC. Grayscale’s bitcoin trust, a publicly traded financial product that functions similar to an exchange-traded fund (ETF), tracks the price of bitcoin. Guggenheim notes, GBTC trades at a “significant premium.”
• The Macro Opportunities Fund is part of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners, and has more than $233 billion in total assets across fixed income, equity and alternative strategies.
• Guggenheim is the latest multibillion dollar hedge fund to signal an interest in bitcoin. This summer, industry pioneer Paul Tudor Jones’s $22 billion BVI Global Fund could invest “a low-single-digit percentage” of its assets in bitcoin futures. Earlier this month, hedge fund manager Stanley Druckenmiller saidbitcoin could outperform gold.
• Grayscale is a sister company to CoinDesk.UPDATED 11/29/2020 18:16 UTC:Adds information about other funds.
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC
• Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC || Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC: Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its $5 billion Macro Opportunities Fund gain exposure to bitcoin by investing up to 10% of the funds net asset value in the Grayscale Bitcoin Trust (GBTC). According to the amendment: The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (GBTC), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary. Given the fund has net assets of $4.97 billion, according to Fidelity, it means mean the fund can invest up to $497 million in GBTC. Grayscales bitcoin trust, a publicly traded financial product that functions similar to an exchange-traded fund (ETF), tracks the price of bitcoin. Guggenheim notes, GBTC trades at a significant premium. The Macro Opportunities Fund is part of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners, and has more than $233 billion in total assets across fixed income, equity and alternative strategies. Guggenheim is the latest multibillion dollar hedge fund to signal an interest in bitcoin. This summer, industry pioneer Paul Tudor Joness $22 billion BVI Global Fund could invest a low-single-digit percentage of its assets in bitcoin futures. Earlier this month, hedge fund manager Stanley Druckenmiller said bitcoin could outperform gold . Grayscale is a sister company to CoinDesk. UPDATED 11/29/2020 18:16 UTC: Adds information about other funds. Related Stories Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC View comments || The Crypto Daily – Movers and Shakers – November 29th, 2020: Bitcoin , BTC to USD, rose by 3.35% on Saturday. Reversing a 0.24% decline from Friday, Bitcoin ended the day at $17,746.0. A mixed start to the day saw Bitcoin rise to an early morning high $17,220.0 before hitting reverse. Falling short of the first major resistance level at $17,634, Bitcoin fell to a late morning intraday low $16,925.0. Steering clear of the first major support level at $16,604, Bitcoin rallied to a late intraday high $17,910.0. Bitcoin broke through the first major resistance level at $17,634 to test resistance at $18,000 before easing back. The near-term bullish trend remained intact, in spite of the latest slide back to sub-$17,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,920 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Saturday. Polkadot fell by 1.68% to buck the trend on the day. It was a bullish day for the rest of the majors, however. Ripple’s XRP and Cardano’s ADA surged by 11.58% and by 16.43% respectively to lead the way. Bitcoin Cash SV (+3.43%), Chainlink (+4.81%), Crypto.com Coin (+5.68%), Ethereum (+3.67%), and Litecoin (+5.13%), also found strong support. Binance Coin (+2.53%) saw a relatively modest gain on the day. In the current week, the crypto total market cap rose to a Tuesday high $593.32bn before sliding to a Thursday low $467.23bn. At the time of writing, the total market cap stood at $522.72bn. Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.80%. At the time of writing, Bitcoin’s dominance stood at 62.80%. This Morning At the time of writing, Bitcoin was down by 0.25% to $17,701.3. A mixed start to the day saw Bitcoin rise to an early morning high $17,775.0 before falling to a low $17,664.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a bearish start to the day. At the time of writing, Ripple’s XRP was down by 1.51% to lead the way down. Story continues For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the pivot level at $17,527 to bring the first major resistance level at $18,129 into play. Support from the broader market would be needed for Bitcoin to break through to $18,000 levels. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of a crypto breakout, Bitcoin could test resistance at $18,500 before any pullback. The second major resistance level sits at $18,512. Failure to avoid a fall through the $17,527 pivot would bring the first major support level at $17,144 into play. Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,000 levels. The second major support level sits at $16,542. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: A Week in Review – 27/11/20 Crude Oil Weekly Price Forecast – Crude Oil Markets Break Resistance COVID-19 Vaccine Update – Focus Shifts to Pre-orders and Distribution USD/CAD Daily Forecast – Test Of Support At 1.2985 Gold Weekly Price Forecast – Gold Markets Have Tough Week S&P 500 Price Forecast – Continue to Meander in Thin Holiday Trading
[Social Media Buzz]
None available.
|
18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96.
|
[Bitcoin Technical Analysis for 2016-04-01]
Volume: 51235700, RSI (14-day): 51.11, 50-day EMA: 414.56, 200-day EMA: 374.55
[Wider Market Context]
Gold Price: 1222.20, Gold RSI: 47.55
Oil Price: 36.79, Oil RSI: 48.71
[Recent News (last 7 days)]
Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Story continues Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan) || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan) || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Story continues Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan) || Japan looks to kickstart 'fintech' revolution: By Thomas Wilson TOKYO (Reuters) - A laggard in embracing the 'fintech', or financial technology, revolution, Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $9 trillion in individuals' cash deposits. Strict regulation, easy access to credit due to rock-bottom interest rates, and weak demand for innovative financial services from a risk-averse population that still prefers cash to credit cards, have strangled fintech's advance in Japan. Fintech ventures - usually start-ups leveraging technology from cloud data storage to smartphones to provide loans, insurance and payment services - raised $2.7 billion in China last year, and over $1.5 billion in India, according to CB Insights data. Ventures in the United States attracted investment of around $7.4 billion. In comparison, investment in Japanese ventures reached only around $44 million in the first nine months of 2015. Now, Japan's financial industry regulator hopes relaxed rules on investing in financial ventures, and a new system for regulating virtual currency exchanges will pass through parliament by May - a first step in kickstarting the fintech revolution in the world's third-biggest economy. "The law changes aren't a goal, but a first step," Norio Sato, a senior official at the Financial Services Authority (FSA), told Reuters. "Fintech will have a big impact on financial services." The changes, which will allow banks to buy stakes of up to 100 percent in non-finance-related firms, will free up Japan's three megabanks to enter into tie-ups with fintech ventures developing services including robotic investment advisory and blockchain, the decentralised ledger technology behind the bitcoin digital currency. Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have said they are eyeing such investments, having previously been restricted to holding stakes of only 5-15 percent in start-ups. Under pressure from weak loan demand, the megabanks see an opportunity to earn money through fintech, but are also aware of its potential to disrupt traditional business models. GAME CHANGER The unpromising fintech environment in Japan - which was blindsided by the high-profile collapse of the Mt. Gox bitcoin exchange in 2014 when hackers stole an estimated $650 million worth of the digital currency - has seen some entrepreneurs go overseas for funding. Junichi Horiguchi, co-founder and CEO of bitcoin service provider Zerobillbank Ltd, established his start-up in Tel Aviv last year to take advantage of Israel's advanced technology industry. Investment in fintech start-ups by global banks and tech giants including Barclays, Google and Facebook is far more common in Israel than in Japan, he said. "It's completely different over there," Horiguchi told Reuters. "Every month there are open innovation contests and (start-up) accelerator programmes." Sales at Japan's fintech start-ups could jump to over half a billion dollars by 2020 as the use of technology such as blockchain increases, Yano Research Institute said in a report. The new rules the FSA is promoting on virtual currency exchanges could make Japan one of the first countries to regulate bitcoin at a national level. "Japan hasn't previously been enthusiastic about fintech," said Sato. "But creating these rules this fast could gain the world's attention." Bitcoin entrepreneurs, often reliant on investment for growth, have called for clearer regulation and will welcome the latest changes, said Yuzo Kano, founder and CEO of bitcoin exchange bitFlyer Inc, and head of the Japan Authority for Digital Assets, a lobbying group. "The establishment of the law is extremely surprising," Kano said, referring to how quickly the FSA had drafted the law. "It's set to be very successful." ($1 = 112.95 yen) (Reporting by Thomas Wilson; Editing by Ian Geoghegan)
[Social Media Buzz]
#RDD / #BTC on the exchanges:
Cryptsy: Error
Bittrex: 0.00000010
Average $4.2E-5 per #reddcoin
14:00:00 || LIVE: Profit = $135.63 (7.75 %). BUY B4.53 @ $410.00 (#VirCurex). SELL @ $417.45 (#Kraken) #bitcoin #btc - http://www.projectcoin.org || BitcoinMuseum: RT ProjectCoin: LIVE: Profit = $129.13 (7.38 %). BUY B4.53 @ $410.00 (#VirCurex). SELL @ $414.69 (#Kraken) #bitcoin #btc - … || Current price: 290.48£ $BTCGBP $btc #bitcoin 2016-04-01 09:00:07 BST || 1 #bitcoin 1246.06 TL, 414.49 $, 370.829...
|
420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58.
|
[Bitcoin Technical Analysis for 2020-10-04]
Volume: 71251776995, RSI (14-day): 48.34, 50-day EMA: 10765.04, 200-day EMA: 9909.31
[Wider Market Context]
None available.
[Recent News (last 7 days)]
SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report: Securities and Exchange Commission (SEC) Chairman Jay Clayton said the regulatory body’s open to the idea of a tokenized exchange-traded fund (ETF), according to a report by Decrypt. “We’re willing to try that. Our door is wide open,” the report quoted Clayton as saying in a webinar yesterday with the Chamber of Digital Commerce. While Clayton’s statements expressed a willingness to explore the idea of tokenized stocks, the report also noted recent actions by the regulatory body that would seem to indicate the day those ideas becoming reality is still a ways off. Read more: The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution Correction (Oct. 4, 19:55 UTC): Fixes name of hosting group to Chamber of Digital Commerce . Related Stories SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report || SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report: Securities and Exchange Commission (SEC) Chairman Jay Clayton said the regulatory body’s open to the idea of a tokenized exchange-traded fund (ETF), according to areportby Decrypt.
• “We’re willing to try that. Our door is wide open,” the report quoted Clayton as saying in awebinaryesterday with the Chamber of Digital Commerce.
• While Clayton’s statements expressed a willingness to explore the idea of tokenized stocks, the report also noted recent actions by the regulatory body that would seem to indicate the day those ideas becoming reality is still a ways off.
Read more:The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution
Correction (Oct. 4, 19:55 UTC):Fixes name of hosting group to Chamber of Digital Commerce.
• SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report
• SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report
• SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report
• SEC Is Willing to ‘Try’ a Tokenized ETF, Chairman Says: Report || ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020: A monthly recap featuring conversations with Luke Gromen, Raoul Pal, Tavi Costa, Sven Henrich, Corey Hoffstein and Michael Saylor. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Nexo.io and Elliptic.co . Related: Bitcoin News Roundup for Oct. 5, 2020 A recap of September, which NLW calls a transitional month between the post-lockdown excitement of the summer and the growing macro insecurity around second wave fears and election volatility. Featuring some of the most interesting insights from our guests, including: Luke Gromen on the four options for countries that can’t pay their debts Tavi Costa on the Fed’s new “mandate” to keep asset prices high Raoul Pal on why “monetary policy is over” Sven Henrich on the ever-weakening economic cycle Corey Hoffstein on the fundamental supply-demand mismatch that exacerbates exogenous shocks Michael Saylor on why he moved his company’s cash reserves to bitcoin See also: ‘I Didn’t Buy It to Sell It. Ever.’ MicroStrategy’s Michael Saylor on His $425M Bitcoin Bet For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 || ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020: A monthly recap featuring conversations with Luke Gromen, Raoul Pal, Tavi Costa, Sven Henrich, Corey Hoffstein and Michael Saylor.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,Nexo.ioandElliptic.co.
Related:Bitcoin News Roundup for Oct. 5, 2020
A recap of September, which NLW calls a transitional month between the post-lockdown excitement of the summer and the growing macro insecurity around second wave fears and election volatility.
Featuring some of the most interesting insights from our guests, including:
• Luke Gromenon the four options for countries that can’t pay their debts
• Tavi Costaon the Fed’s new “mandate” to keep asset prices high
• Raoul Palon why “monetary policy is over”
• Sven Henrichon the ever-weakening economic cycle
• Corey Hoffsteinon the fundamental supply-demand mismatch that exacerbates exogenous shocks
• Michael Sayloron why he moved his company’s cash reserves tobitcoin
See also:‘I Didn’t Buy It to Sell It. Ever.’ MicroStrategy’s Michael Saylor on His $425M Bitcoin Bet
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020
• ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020
• ‘The Fed Meetings Are a Dead Spectator Sport’ – Best of The Breakdown September 2020 || How the Coinbase memo exemplifies Silicon Valley's current political crisis: Coinbase, the bitcoin bank valued at $8 billion andexpected to go public in 2021, is going through an internal identity crisis.
It started back in June, amid the nationwide protests over the death of George Floyd, when Brian Armstrong, the company’sextremely introverted cofounder and CEO, was asked a question at an employee town hall about why Coinbase had not shown public support for the Black Lives Matter movement. Armstrong declined to give a clear answer,according to crypto news site The Block, and his avoidance resulted in a virtual walkout by “hundreds” of Coinbase’s 1,100 employees on June 3.
The next day, Armstrongtweeted, “I want to unequivocally say that Black Lives Matter.” He added: “I’ve been watching the events of the last few weeks unfold – I really did not know what to say about it for a long time, and I'm still not sure I do. But I’ve been getting educated.”
News of the walkout never came out until this week, when Erica Baker, the director of engineering at GitHub,tweeted, “A large portion of the Coinbase engineering team walked off the job just before that thread went up because Brian *wouldn’t* say ‘black lives matter.’” She added that “even Google, who had been mum on racism for their entire existence, said something” about the Floyd protests.
Indeed, Google, Amazon, Apple, Facebook, Microsoft, and Salesforce are some of the mega-tech names that released public statements of support for the Floyd protests or the Black Lives Matter movement. Coinbase, during that time, made no such statement prior to Armstrong’s tweets.
Last weekend, likely in response to ongoing unrest within the company, Armstrongposted a public memo on the Coinbase blogexplicitly stating the company’s commitment to an “apolitical culture.”
Coinbase, Armstrong wrote, will focus on its “mission” to build cryptocurrency products. “We are a for-profit business,” he wrote. “We shouldn’t ever shy away from making profit, because with more resources we can have a great impact on the world.”
On political and social issues, Armstrong wrote, “We don’t engage here when issues are unrelated to our core mission, because we believe impact only comes with focus... We don’t advocate for any particular causes or candidates internally that are unrelated to our mission, because it is a distraction from our mission.”
Translation: Coinbase’s mission is to make money via cryptocurrency banking products. It is interested purely in crypto capitalism.
That in itself wouldn’t be so controversial. (Paul Graham, Y Combinator founder and an early investor in Coinbase,applauded: “I predict most successful companies will follow Coinbase's lead... those who don't are less likely to succeed.”) What rankled many inside the company and out was his apparent forbidding of employees from even talking about politics. Armstrong listed specific discussions he doesn’t want happening inside San Francisco-based Coinbase: “We won’t: Debate causes or political candidates internally; Expect the company to represent our personal beliefs externally; Assume negative intent, or not have each others back; Take on activism outside of our core mission at work.”
The Verge aptly called this “an act of wishful thinking.”Fortunewrote, “There is no such thing as apolitical culture.” Former Twitter CEO Dick Costoloreplied to Paul Graham: “This isn’t great leadership... It’s the equivalent of telling your employees to ‘shut up and dribble.’” Jill Carlson, who manages blockchain investments at VC firm Slow Ventures,tweeted, “Have you ever thought about what a privilege it is to be able to NARROWLY FOCUS at work?”
Other critics pointed out that by publicly declaring he wants his company to stay away from politics, Armstrong effectively did the opposite.
The memo clearly did not go over well with some employees. By Tuesday, Armstrongemailed employees to outline the severance package the company will offerto anyone who does not “feel comfortable with the new direction.”
Asurvey by the tech site The Informationon Thursday found that 51% of its subscribers disagreed with Armstrong’s memo and said companies should engage with social activism, but 56% of subscribers also don’t believe employees should leave a company because they disagree with their CEO’s politics.
The larger problem with the memo is that Armstrong’s goal of an apolitical tech company looks like a pipe dream in 2020.
Amid the Donald Trump presidency, political divisions have made social media a frequently toxic place, and big consumer-facing brands (in tech and in other industries) havefrequently been forced into politics. Under Armour founder Kevin Plank called Trump a “real asset for this country” and his company’s own sponsored athletesexpressed outrage on social media. After white nationalists toted Tiki torches at the violent rally in Charlottesville, Tiki had to clarify that, “We do not support their message or the use of our products in this way.” Keurig temporarily pulled its ads from Sean Hannity’s Fox program and quickly became the target of a boycott by Hannity fans who destroyed their Keurig machines.Wayfair employees in Boston staged a dramatic walkoutafter discovering the company was selling its furniture to a contractor that supplied private prisons.
As a result, many brands have proactively taken steps to make their political views clear—they have chosen to take a side.
Nike signed former NFL quarterback and political lightning rod Colin Kaepernick to an endorsement deal, and Dick’s Sporting Goods stopped selling assault rifles at its shops; both moves enraged conservatives, many of whom threatened to boycott those companies. American companies are“finding their ‘woke’ values,”and in many cases it has worked for them, said NYU marketing professor and tech commentator Scott Galloway. “It’s not principle-led, it’s shareholder-driven.”
In Silicon Valley, employee activism has surged.
Google has had multiple employee walkoutsor protests in response to multiple issues at the company, including its handling of sexual harassment accusations and its work with the Chinese government. Apple CEO Tim Cook faced backlash for his 2019 meeting with a Chinese tech regulator and for appearing to kowtow to China by removing apps from the app store at China’s request. Facebook has become the prime symbol of Big Tech’s failure to monitor misinformation and hate speech; it hasn’t hurt the stock one bit.
More recently, the direct listing of Palantir, the shadowy defense security firm cofounded by Trump donor Peter Thiel that has worked with I.C.E., served as a reminder that much of Silicon Valley is conservative, not all liberal idealists. In Palantir’s S-1 filing in August,CEO Alex Karp declared, "The engineering elite of Silicon Valley may know more than most about building software. But they do not know more about how society should be organized or what justice requires.”
Brian Armstrong’s memo has strong shades of Mark Zuckerberg’s much-maligned attempts to stay politically neutral. The rise of “stakeholder capitalism” and ESG investing (environmental, social, governance) makes Armstrong’s longing to keep Coinbase apolitical look clumsy.
Armstrong’s retort to that very trend is in his memo: “It has become common for Silicon Valley companies to engage in a wide variety of social activism, even those unrelated to what the company does... while I think these efforts are well intentioned, they have the potential to destroy a lot of value at most companies, both by being a distraction, and by creating internal division.”
His stance created internal division at his own company. And the situation is likely far from resolved.
UPDATE, Oct. 8: In ablog post, Coinbase CEO Brian Armstrong says that 60 employees, or 5% of the workforce, have left after his memo.
—
Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @readDanwrite.
Read more:
Why bitcoin and altcoins are hot again this summer
Bitcoin scams on Twitter are nothing new—and they work
Oatly is defending itself after selling stake to Trump-friendly firm Blackstone
Goya Foods facing consumer boycotts after CEO praises Trump
From Aunt Jemima to Uncle Ben, a reckoning for racist brand names and logos
Companies like Nike and Dick’s are ‘finding their woke values’
Wayfair is the latest example of brands getting burnt by politics || How the Coinbase memo exemplifies Silicon Valley's current political crisis: Coinbase, the bitcoin bank valued at $8 billion and expected to go public in 2021 , is going through an internal identity crisis. It started back in June, amid the nationwide protests over the death of George Floyd, when Brian Armstrong, the companys extremely introverted cofounder and CEO , was asked a question at an employee town hall about why Coinbase had not shown public support for the Black Lives Matter movement. Armstrong declined to give a clear answer, according to crypto news site The Block , and his avoidance resulted in a virtual walkout by hundreds of Coinbases 1,100 employees on June 3. The next day, Armstrong tweeted , I want to unequivocally say that Black Lives Matter. He added: Ive been watching the events of the last few weeks unfold I really did not know what to say about it for a long time, and I'm still not sure I do. But Ive been getting educated. News of the walkout never came out until this week, when Erica Baker, the director of engineering at GitHub, tweeted , A large portion of the Coinbase engineering team walked off the job just before that thread went up because Brian *wouldnt* say black lives matter. She added that even Google, who had been mum on racism for their entire existence, said something about the Floyd protests. Indeed, Google, Amazon, Apple, Facebook, Microsoft, and Salesforce are some of the mega-tech names that released public statements of support for the Floyd protests or the Black Lives Matter movement. Coinbase, during that time, made no such statement prior to Armstrongs tweets. Last weekend, likely in response to ongoing unrest within the company, Armstrong posted a public memo on the Coinbase blog explicitly stating the companys commitment to an apolitical culture. We dont engage here when issues are unrelated to our core mission Coinbase, Armstrong wrote, will focus on its mission to build cryptocurrency products. We are a for-profit business, he wrote. We shouldnt ever shy away from making profit, because with more resources we can have a great impact on the world. Story continues On political and social issues, Armstrong wrote, We dont engage here when issues are unrelated to our core mission, because we believe impact only comes with focus... We dont advocate for any particular causes or candidates internally that are unrelated to our mission, because it is a distraction from our mission. Translation: Coinbases mission is to make money via cryptocurrency banking products. It is interested purely in crypto capitalism. That in itself wouldnt be so controversial. (Paul Graham, Y Combinator founder and an early investor in Coinbase, applauded : I predict most successful companies will follow Coinbase's lead... those who don't are less likely to succeed.) What rankled many inside the company and out was his apparent forbidding of employees from even talking about politics. Armstrong listed specific discussions he doesnt want happening inside San Francisco-based Coinbase: We wont: Debate causes or political candidates internally; Expect the company to represent our personal beliefs externally; Assume negative intent, or not have each others back; Take on activism outside of our core mission at work. The Verge aptly called this an act of wishful thinking . Fortune wrote, There is no such thing as apolitical culture. Former Twitter CEO Dick Costolo replied to Paul Graham : This isnt great leadership... Its the equivalent of telling your employees to shut up and dribble. Jill Carlson, who manages blockchain investments at VC firm Slow Ventures, tweeted , Have you ever thought about what a privilege it is to be able to NARROWLY FOCUS at work? Other critics pointed out that by publicly declaring he wants his company to stay away from politics, Armstrong effectively did the opposite. The memo clearly did not go over well with some employees. By Tuesday, Armstrong emailed employees to outline the severance package the company will offer to anyone who does not feel comfortable with the new direction. A survey by the tech site The Information on Thursday found that 51% of its subscribers disagreed with Armstrongs memo and said companies should engage with social activism, but 56% of subscribers also dont believe employees should leave a company because they disagree with their CEOs politics. Coinbase Founder and CEO Brian Armstrong attends Consensus 2019 at the Hilton Midtown on May 15, 2019 in New York City. (Photo by Steven Ferdman/Getty Images) Big brands taking political stands The larger problem with the memo is that Armstrongs goal of an apolitical tech company looks like a pipe dream in 2020. Amid the Donald Trump presidency, political divisions have made social media a frequently toxic place, and big consumer-facing brands (in tech and in other industries) have frequently been forced into politics . Under Armour founder Kevin Plank called Trump a real asset for this country and his companys own sponsored athletes expressed outrage on social media . After white nationalists toted Tiki torches at the violent rally in Charlottesville, Tiki had to clarify that, We do not support their message or the use of our products in this way. Keurig temporarily pulled its ads from Sean Hannitys Fox program and quickly became the target of a boycott by Hannity fans who destroyed their Keurig machines. Wayfair employees in Boston staged a dramatic walkout after discovering the company was selling its furniture to a contractor that supplied private prisons. As a result, many brands have proactively taken steps to make their political views clearthey have chosen to take a side. Nike signed former NFL quarterback and political lightning rod Colin Kaepernick to an endorsement deal, and Dicks Sporting Goods stopped selling assault rifles at its shops; both moves enraged conservatives, many of whom threatened to boycott those companies. American companies are finding their woke values, and in many cases it has worked for them, said NYU marketing professor and tech commentator Scott Galloway. Its not principle-led, its shareholder-driven. In Silicon Valley, employee activism has surged. Google has had multiple employee walkouts or protests in response to multiple issues at the company, including its handling of sexual harassment accusations and its work with the Chinese government. Apple CEO Tim Cook faced backlash for his 2019 meeting with a Chinese tech regulator and for appearing to kowtow to China by removing apps from the app store at Chinas request. Facebook has become the prime symbol of Big Techs failure to monitor misinformation and hate speech; it hasnt hurt the stock one bit. More recently, the direct listing of Palantir, the shadowy defense security firm cofounded by Trump donor Peter Thiel that has worked with I.C.E., served as a reminder that much of Silicon Valley is conservative, not all liberal idealists. In Palantirs S-1 filing in August, CEO Alex Karp declared , "The engineering elite of Silicon Valley may know more than most about building software. But they do not know more about how society should be organized or what justice requires. The Coinbase cryptocurrency exchange application is seen on the screen of an iPhone on October 05, 2018 in Paris, France. (Photo Illustration by Chesnot/Getty Images) Brian Armstrongs memo has strong shades of Mark Zuckerbergs much-maligned attempts to stay politically neutral. The rise of stakeholder capitalism and ESG investing (environmental, social, governance) makes Armstrongs longing to keep Coinbase apolitical look clumsy. Armstrongs retort to that very trend is in his memo: It has become common for Silicon Valley companies to engage in a wide variety of social activism, even those unrelated to what the company does... while I think these efforts are well intentioned, they have the potential to destroy a lot of value at most companies, both by being a distraction, and by creating internal division. His stance created internal division at his own company. And the situation is likely far from resolved. UPDATE, Oct. 8: In a blog post , Coinbase CEO Brian Armstrong says that 60 employees, or 5% of the workforce, have left after his memo. Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @ readDanwrite . Read more: Why bitcoin and altcoins are hot again this summer Bitcoin scams on Twitter are nothing newand they work Oatly is defending itself after selling stake to Trump-friendly firm Blackstone Goya Foods facing consumer boycotts after CEO praises Trump From Aunt Jemima to Uncle Ben, a reckoning for racist brand names and logos Companies like Nike and Dicks are finding their woke values Wayfair is the latest example of brands getting burnt by politics || Every Credit Card a Tribe, Every Crypto Coin a Scaling Debate: A bunch of my friends from high school back in Kansas were getting together for a birthday at a hometown bar a little while back and I, now a New Yorker, couldn’t be there. So I told one of my buddies to buy everyone a round and Venmo me for whatever it cost. His response: “What’s Venmo?” It was one of about a billion times life has told me that you can’t go home again, but this story would come as no surprise to Lana Swartz, a media studies professor at the University of Virginia. She’s the author of the book “ New Money: How Payment Became Social Media ,” which goes into detail explaining how payment apps are more than tools. Related: Italian Payments Giants Merging to Form Entity That Will Dominate Local Market In short: Payment signals affiliation. Swartz calls payment groupings “transactional communities,” and every credit card or national currency represents one. As Swartz writes in her book, “Venmo is not a wallet, it’s a conversation.” I’ve joined it. My old friends are still splitting the tab by hand. So it goes. What about crypto? “New Money” is a read that will force members of any crypto tribe to ask themselves: Who am I? What does using ETH or BTC or XLM or ATOM say about me and those with whom I affiliate? Swartz’s book is all about the complex story of how payments work, and what your chosen currency says about you. Related: The Standard About to Revolutionize Payments Acknowledging this, Swartz describes blockchain in particularly in a grand way, writing: “A money that remembers better is, for many people, the ‘dream’ promised by blockchain, a perfect transactional memory, a truly distributed ledger of all money’s distributed agency, eternal and transcendent of human incapacity, remembering everything and beholden to no one.” As Swartz put it when we spoke, there was a camp of early Bitcoiners, those who counted themselves among the cypherpunks or an adjacent group, who knew that “getting the money right will either be a matter of having the internet be just another overlay on the existing kind of tyranny, existing power, or it could really be an opportunity for changing society for the better.” Story continues Read more: Bitcoin and the Rise of the Cypherpunks But, since Bitcoin, more than a thousand cryptocurrencies have sprung up, and 25 of those (as of this writing) have market capitalizations greater than $1 billion. Nothing gets to that kind of value without some number of people buying into its message. But blockchain tribes tell garbled stories about themselves; each credit card company knows exactly how it wants its customers to see themselves. Peasants into Frenchmen It should be noted that “New Money” is about payment, not crypto, but it gives crypto a respectful spot in the overall story, which is a useful one for this industry. Adopting a given kind of money has long helped instill a shared identity. In our conversation, Swartz and I revisited her book’s discussion of Eugen Weber , the UCLA historian who wrote in 1976 of how the French franc was a key tool in turning “ peasants into Frenchmen ” because using it gave them a transactional community, one where the fruits of their labor could be redeemed far from home. Since nations demonstrated the efficacy of creating transactional communities to bind their people, the private sector has just gone on building more and more transactional communities on top of fiat. Swartz describes how traveler’s checks were a way for wealthy people to show that their money was good all over the world. Charge cards were a way for businessmen to show they were elite. Read more: Understanding the Coming Currency Cold War And bitcoin came along and showed that some people bought into this complicated idea of self-sovereignty, the idea that two people should be able to exchange value without anything bigger (be it a state or a giant company) standing between them. But how well are the converted telling their conversion story? But hold on: I suspect some readers think I am, on Swartz’s behalf, overselling this notion that payment method has meaning. If so, consider one compelling data point: this 2015 post she cites on the website Budgets Are Sexy, unpacking what a date’s method of payment indicates about him. It will be a brand new thing for single guys to be neurotic about. You’re welcome. What are we talking about? So who are the people transacting in crypto? I tried and failed to get Swartz to make broad generalizations about crypto communities because she’s been watching them since at least 2013 . She demurred, no clue why . That said, she was willing to say how strange it is that so much energy is going into payments, a sector that has typically been viewed as quite dull. “If you had told anybody 10 or 20 years ago that there would be a subculture of young, kind of cool people trying to come together to build an alternative financial system,” she said, “that’s kind of historically unprecedented.” But what crypto natives might not have really wrapped their heads around just yet, and they need to in order to advance, is that using these things isn’t just about disrupting rent-seekers or establishing self-sovereignty, it also means choosing between either inducting people into a transactional community or accepting that these cultures will get diluted if they manage to grow. I am not especially convinced crypto’s evangelists are thinking about either. “Ethereum developers in Berlin look really different than venture capitalists in Silicon Valley, but they both look really different than people at home just trying to buy the latest asset,” Swartz said. She’s not so sure anyone’s accounting for those differences. Read more: Ethereum as Lifestyle Brand: What Unicorns and Rainbows Are Really About Meanwhile, the mainstream payment rails aren’t just winning out over crypto, they are winning out over nation-states, too. As Swartz put it, payment rails are already eroding the state. “In practical and really mundane ways I think of myself traveling as a citizen of American Express as much as I do the United States.” Isn’t this just the fight Bitcoin was supposed to win? Swartz took this a step further: Travelers in another era might have called their consulate when they found themselves in trouble abroad; she feels sure her first call would be to her credit card company and most likely many others like her would say the same. Plastic diplomacy This all feels much like the sort of vending-machine citizenship that Davidson and Rees-Mogg predicted in 1999’s “The Sovereign Individual” (part of crypto’s lingua franca), but Swartz doesn’t think it will actually play out quite so neatly or quite so pleasantly, with everyone just freely picking and choosing their citizenry. “I can easily imagine, in the withering of the state – not these really exciting networks of alterity – just corporate-states replacing nation-states,” she said. In other words: everything we dislike about government and big companies, together at last. But if Venmo succeeded by becoming a conversation, can crypto do the same? Writes Swartz: “State-issued currency created a ‘common economic language’ for citizens of the nation-state, social media money offers a private, cohesively branded experience of economic communication.” So if using crypto is also a conversation, then what are we talking about when we transact in it? And who else would want to join in such a discussion if they knew it was taking place? Consider this: For my buddies in Kansas, the Venmo conversation was not one that interested them – even if it meant free beers. Right now, PayPal, Mastercard and their allies in Washington and Frankfurt are winning the game of expanding their transactional communities. They have a larger conversation going, but that doesn’t mean there isn’t room for other ways to operate in parallel. Swartz said, “I think there are all kinds of people living outside the state all the time and that will absolutely be true in the future.” Related Stories Every Credit Card a Tribe, Every Crypto Coin a Scaling Debate Every Credit Card a Tribe, Every Crypto Coin a Scaling Debate || Every Credit Card a Tribe, Every Crypto Coin a Scaling Debate: A bunch of my friends from high school back in Kansas were getting together for a birthday at a hometown bar a little while back and I, now a New Yorker, couldn’t be there. So I told one of my buddies to buy everyone a round and Venmo me for whatever it cost. His response: “What’s Venmo?” It was one of about a billion times life has told me that you can’t go home again, but this story would come as no surprise to Lana Swartz, a media studies professor at the University of Virginia. She’s the author of the book “ New Money: How Payment Became Social Media ,” which goes into detail explaining how payment apps are more than tools. Related: Italian Payments Giants Merging to Form Entity That Will Dominate Local Market In short: Payment signals affiliation. Swartz calls payment groupings “transactional communities,” and every credit card or national currency represents one. As Swartz writes in her book, “Venmo is not a wallet, it’s a conversation.” I’ve joined it. My old friends are still splitting the tab by hand. So it goes. What about crypto? “New Money” is a read that will force members of any crypto tribe to ask themselves: Who am I? What does using ETH or BTC or XLM or ATOM say about me and those with whom I affiliate? Swartz’s book is all about the complex story of how payments work, and what your chosen currency says about you. Related: The Standard About to Revolutionize Payments Acknowledging this, Swartz describes blockchain in particularly in a grand way, writing: “A money that remembers better is, for many people, the ‘dream’ promised by blockchain, a perfect transactional memory, a truly distributed ledger of all money’s distributed agency, eternal and transcendent of human incapacity, remembering everything and beholden to no one.” As Swartz put it when we spoke, there was a camp of early Bitcoiners, those who counted themselves among the cypherpunks or an adjacent group, who knew that “getting the money right will either be a matter of having the internet be just another overlay on the existing kind of tyranny, existing power, or it could really be an opportunity for changing society for the better.” Story continues Read more: Bitcoin and the Rise of the Cypherpunks But, since Bitcoin, more than a thousand cryptocurrencies have sprung up, and 25 of those (as of this writing) have market capitalizations greater than $1 billion. Nothing gets to that kind of value without some number of people buying into its message. But blockchain tribes tell garbled stories about themselves; each credit card company knows exactly how it wants its customers to see themselves. Peasants into Frenchmen It should be noted that “New Money” is about payment, not crypto, but it gives crypto a respectful spot in the overall story, which is a useful one for this industry. Adopting a given kind of money has long helped instill a shared identity. In our conversation, Swartz and I revisited her book’s discussion of Eugen Weber , the UCLA historian who wrote in 1976 of how the French franc was a key tool in turning “ peasants into Frenchmen ” because using it gave them a transactional community, one where the fruits of their labor could be redeemed far from home. Since nations demonstrated the efficacy of creating transactional communities to bind their people, the private sector has just gone on building more and more transactional communities on top of fiat. Swartz describes how traveler’s checks were a way for wealthy people to show that their money was good all over the world. Charge cards were a way for businessmen to show they were elite. Read more: Understanding the Coming Currency Cold War And bitcoin came along and showed that some people bought into this complicated idea of self-sovereignty, the idea that two people should be able to exchange value without anything bigger (be it a state or a giant company) standing between them. But how well are the converted telling their conversion story? But hold on: I suspect some readers think I am, on Swartz’s behalf, overselling this notion that payment method has meaning. If so, consider one compelling data point: this 2015 post she cites on the website Budgets Are Sexy, unpacking what a date’s method of payment indicates about him. It will be a brand new thing for single guys to be neurotic about. You’re welcome. What are we talking about? So who are the people transacting in crypto? I tried and failed to get Swartz to make broad generalizations about crypto communities because she’s been watching them since at least 2013 . She demurred, no clue why . That said, she was willing to say how strange it is that so much energy is going into payments, a sector that has typically been viewed as quite dull. “If you had told anybody 10 or 20 years ago that there would be a subculture of young, kind of cool people trying to come together to build an alternative financial system,” she said, “that’s kind of historically unprecedented.” But what crypto natives might not have really wrapped their heads around just yet, and they need to in order to advance, is that using these things isn’t just about disrupting rent-seekers or establishing self-sovereignty, it also means choosing between either inducting people into a transactional community or accepting that these cultures will get diluted if they manage to grow. I am not especially convinced crypto’s evangelists are thinking about either. “Ethereum developers in Berlin look really different than venture capitalists in Silicon Valley, but they both look really different than people at home just trying to buy the latest asset,” Swartz said. She’s not so sure anyone’s accounting for those differences. Read more: Ethereum as Lifestyle Brand: What Unicorns and Rainbows Are Really About Meanwhile, the mainstream payment rails aren’t just winning out over crypto, they are winning out over nation-states, too. As Swartz put it, payment rails are already eroding the state. “In practical and really mundane ways I think of myself traveling as a citizen of American Express as much as I do the United States.” Isn’t this just the fight Bitcoin was supposed to win? Swartz took this a step further: Travelers in another era might have called their consulate when they found themselves in trouble abroad; she feels sure her first call would be to her credit card company and most likely many others like her would say the same. Plastic diplomacy This all feels much like the sort of vending-machine citizenship that Davidson and Rees-Mogg predicted in 1999’s “The Sovereign Individual” (part of crypto’s lingua franca), but Swartz doesn’t think it will actually play out quite so neatly or quite so pleasantly, with everyone just freely picking and choosing their citizenry. “I can easily imagine, in the withering of the state – not these really exciting networks of alterity – just corporate-states replacing nation-states,” she said. In other words: everything we dislike about government and big companies, together at last. But if Venmo succeeded by becoming a conversation, can crypto do the same? Writes Swartz: “State-issued currency created a ‘common economic language’ for citizens of the nation-state, social media money offers a private, cohesively branded experience of economic communication.” So if using crypto is also a conversation, then what are we talking about when we transact in it? And who else would want to join in such a discussion if they knew it was taking place? Consider this: For my buddies in Kansas, the Venmo conversation was not one that interested them – even if it meant free beers. Right now, PayPal, Mastercard and their allies in Washington and Frankfurt are winning the game of expanding their transactional communities. They have a larger conversation going, but that doesn’t mean there isn’t room for other ways to operate in parallel. Swartz said, “I think there are all kinds of people living outside the state all the time and that will absolutely be true in the future.” Related Stories Every Credit Card a Tribe, Every Crypto Coin a Scaling Debate Every Credit Card a Tribe, Every Crypto Coin a Scaling Debate || The Crypto Daily – Movers and Shakers – October 3rd, 2020: Bitcoin, BTC to USD, fell by 0.44% on Friday. Following on from a 1.51% on Thursday, Bitcoin ended the day at $10,586.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,686.0 before hitting reverse.
Falling well short of the first major resistance level at $10,919, Bitcoin slid to a late morning intraday low $10,391.0.
Bitcoin fell through the first major support level at $10,404 before finding support.
A partial recovery saw Bitcoin strike an afternoon high $10,607 before easing back into the red.
The near-term bullish trend remained intact, in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a bearish day on Friday.
Bitcoin Cash SV (-6.04%), Cardano’s ADA (-5.05%), Chainlink (-3.93%), and Polkadot (-4.59%) led the way down.
Bitcoin Cash ABC (-3.09%), Crypto.com Coin (-2.26%), Ethereum (-2.02%), Litecoin (-2.79%), and Ripple’s XRP (-1.54%) also struggled.
Binance Coin saw a modest 0.26% loss on the day, however.
In the current week, the crypto total market rose to a Thursday high $344.75bn before falling to a Friday low $320.05bn. At the time of writing, the total market cap stood at $327.54bn.
Bitcoin’s dominance fell to a Thursday low 58.78% before rising to a Friday high 60.02%. At the time of writing, Bitcoin’s dominance stood at 59.60%.
At the time of writing, Bitcoin was down by 0.25% to $10,560.0. A bearish start to the day saw Bitcoin fall from an early morning high $10,592.0 to a low $10,549.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV bucked the trend early on, with a 0.43% gain.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 0.82% to lead the way down.
Bitcoin would need to avoid a fall back through the pivot level at $10,554 to bring the first major resistance level at $10,718 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $10,686.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,849 before any pullback.
Failure to avoid a fall back through the $10,554 pivot would bring the first major support level at $10,423 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,200 support levels. The second major support level at $10,259 should limit any downside.
Thisarticlewas originally posted on FX Empire
• Gold Price Forecast – Gold Markets Throw Up Neutral Candlestick
• Crude Oil Price Forecast – Crude Oil Markets Look Vulnerable
• USD/CAD Daily Forecast – Support At 1.3280 Stays Strong
• Natural Gas Price Forecast – Natural Gas Markets Show Resiliency
• Gold Price Prediction – Prices Ease Following Soft Payroll Report
• The Weekly Wrap – Data, COVID-19, Brexit, and U.S Politics Drove the Majors || The Crypto Daily – Movers and Shakers – October 3rd, 2020: Bitcoin, BTC to USD, fell by 0.44% on Friday. Following on from a 1.51% on Thursday, Bitcoin ended the day at $10,586.0. A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,686.0 before hitting reverse. Falling well short of the first major resistance level at $10,919, Bitcoin slid to a late morning intraday low $10,391.0. Bitcoin fell through the first major support level at $10,404 before finding support. A partial recovery saw Bitcoin strike an afternoon high $10,607 before easing back into the red. The near-term bullish trend remained intact, in spite of the latest pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a bearish day on Friday. Bitcoin Cash SV (-6.04%), Cardano’s ADA (-5.05%), Chainlink (-3.93%), and Polkadot (-4.59%) led the way down. Bitcoin Cash ABC (-3.09%), Crypto.com Coin (-2.26%), Ethereum (-2.02%), Litecoin (-2.79%), and Ripple’s XRP (-1.54%) also struggled. Binance Coin saw a modest 0.26% loss on the day, however. In the current week, the crypto total market rose to a Thursday high $344.75bn before falling to a Friday low $320.05bn. At the time of writing, the total market cap stood at $327.54bn. Bitcoin’s dominance fell to a Thursday low 58.78% before rising to a Friday high 60.02%. At the time of writing, Bitcoin’s dominance stood at 59.60%. This Morning At the time of writing, Bitcoin was down by 0.25% to $10,560.0. A bearish start to the day saw Bitcoin fall from an early morning high $10,592.0 to a low $10,549.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Bitcoin Cash SV bucked the trend early on, with a 0.43% gain. It was a bearish start for the rest of the majors, however. At the time of writing, Binance Coin was down by 0.82% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall back through the pivot level at $10,554 to bring the first major resistance level at $10,718 into play. Story continues Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $10,686.0. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,849 before any pullback. Failure to avoid a fall back through the $10,554 pivot would bring the first major support level at $10,423 into play. Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,200 support levels. The second major support level at $10,259 should limit any downside. This article was originally posted on FX Empire More From FXEMPIRE: Gold Price Forecast – Gold Markets Throw Up Neutral Candlestick Crude Oil Price Forecast – Crude Oil Markets Look Vulnerable USD/CAD Daily Forecast – Support At 1.3280 Stays Strong Natural Gas Price Forecast – Natural Gas Markets Show Resiliency Gold Price Prediction – Prices Ease Following Soft Payroll Report The Weekly Wrap – Data, COVID-19, Brexit, and U.S Politics Drove the Majors || The Post-COVID Financial World Is Much More Crypto-Friendly: There has been a lot of discussion about what the world of money will look like following the COVID-19 pandemic of 2020. A few trends have already emerged in this regard: there is more emphasis on remote transactions and fintech, certain industries have proven less profitable to invest in, and the landscape is favoring cryptocurrency more than ever.
Between the influx of traffic to the cryptocurrency sector and the explosion ofDeFi, it seems that cryptocurrency is going to take center stage in the years following the pandemic.
What Is Drawing People To Crypto?
Cryptocurrency already had a healthy influx of both individual and institutional support prior to the COVID-19 outbreak, but the months following lockdown measures have seen a significant spike in crypto-related interest. For many people, this is due to the desire of having more control over their assets.
Despite new crypto interest, not everything has been positive. Sectors such as travel and tourism have been hit hard, with many companies expected to go out of business in the coming years as a result. Naturally, this caused the stock market to react with high volatility. With their investments in jeopardy, investors have turned to digital assets to hedge their bets in the event of another decline. This was further bolstered by the fact that digital assets like cryptocurrencies have fewer entry barriers than traditional asset classes.
New Investment Options Within The Blockchain Industry
One of the more interesting sectors of the blockchain industry has been lending and the chance to stake, lend, and borrow assets at interest rates that can be very attractive for both sides of the equation.
Back in March 2020,Babel Finance, a major cryptocurrency financial institution in Asia, announced that it had reached$380 million in outstanding loans. At the time, Babel had claimed that this development was due to trading firms, institutional lending desks, and Chinese miners who turned to crypto lending firms in order to pay for mining costs and offer their future mined tokens as collateral.
Babel Finance’s newly formed private banking services, calledBabel PRIVATE, were embraced by high-net-worth individuals which led to investments of up to $50 million in USDT tokens from these clients. The crypto market, primed for even more investment than ever before, is now providing ample opportunity for new investment products.
These were not the only new investment products available from Babel in 2020. On September 22 the company announced the launch of two Bitcoin open-ended Fund Investment products - BTC Ratchet-Snowball 001 and BTC Simons 001. Both products are open to subscription now and enable crypto investors to have an investment-friendly experience that was previously only available to traditional stocks and funds.
Details About The New Offering
According to Babel, the product will have an initial size of 500 bitcoin each. The subscription limit will also be one bitcoin and the net asset value of the products will be updated every Friday of the month. However, the product is only to Babel PRIVATE clients who will enjoy zero purchasing fees and redemption fees during the promotional period.
This offering, while innovative, appears to borrow some features from the traditional financial market such as its ‘snowball structure’, which is a popular investment strategy in the larger market. It has also been described as suitable for investors who have a "long-term bullish" view.
Crypto and Traditional Unite
These recent developments show that traditional financial services and crypto services can work side-by-side and in some cases, cryptocurrency offerings can improve existing traditional products. For example, Babel’s BTC Ratchet-Snowball 001 Fund is an improvement to the traditional concept of a Snowball structure. It aims to maximize returns with a carefully added layer of security that can withstand major price changes - even amid a volatile market like the one we’re in– so that heavy losses won’t occur.
According to Babel Finance’s historical data from Feb 28-Sep 11, its BTC Ratchet-Snowball 001 Fund achieved more than a 20% annualized rate of return. As consumers are expanding their options more and more to include cryptocurrency offerings, the larger market will have to adapt and embrace it, making way for a more pro-crypto financial future.
Disclaimer:The author of this post does not hold any public or private positions in any of the companies or products mentioned. Please consult your financial advisor before investing in any cryptocurrencies, stocks, or companies as they can pose risks for the average investor. This post is informational in nature and does not constitute financial advice.
See more from Benzinga
• Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas
• The 4 Signals That Can Predict Whether A Startup Will Succeed Or Fail
• How The Pandemic Is Stimulating Innovation In Crypto
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Post-COVID Financial World Is Much More Crypto-Friendly: There has been a lot of discussion about what the world of money will look like following the COVID-19 pandemic of 2020. A few trends have already emerged in this regard: there is more emphasis on remote transactions and fintech, certain industries have proven less profitable to invest in, and the landscape is favoring cryptocurrency more than ever. Between the influx of traffic to the cryptocurrency sector and the explosion of DeFi , it seems that cryptocurrency is going to take center stage in the years following the pandemic. What Is Drawing People To Crypto? Cryptocurrency already had a healthy influx of both individual and institutional support prior to the COVID-19 outbreak, but the months following lockdown measures have seen a significant spike in crypto-related interest. For many people, this is due to the desire of having more control over their assets. Despite new crypto interest, not everything has been positive. Sectors such as travel and tourism have been hit hard, with many companies expected to go out of business in the coming years as a result. Naturally, this caused the stock market to react with high volatility. With their investments in jeopardy, investors have turned to digital assets to hedge their bets in the event of another decline. This was further bolstered by the fact that digital assets like cryptocurrencies have fewer entry barriers than traditional asset classes. New Investment Options Within The Blockchain Industry One of the more interesting sectors of the blockchain industry has been lending and the chance to stake, lend, and borrow assets at interest rates that can be very attractive for both sides of the equation. Back in March 2020, Babel Finance , a major cryptocurrency financial institution in Asia, announced that it had reached $380 million in outstanding loans . At the time, Babel had claimed that this development was due to trading firms, institutional lending desks, and Chinese miners who turned to crypto lending firms in order to pay for mining costs and offer their future mined tokens as collateral. Story continues Babel Finance’s newly formed private banking services, called Babel PRIVATE , were embraced by high-net-worth individuals which led to investments of up to $50 million in USDT tokens from these clients. The crypto market, primed for even more investment than ever before, is now providing ample opportunity for new investment products. These were not the only new investment products available from Babel in 2020. On September 22 the company announced the launch of two Bitcoin open-ended Fund Investment products - BTC Ratchet-Snowball 001 and BTC Simons 001. Both products are open to subscription now and enable crypto investors to have an investment-friendly experience that was previously only available to traditional stocks and funds. Details About The New Offering According to Babel, the product will have an initial size of 500 bitcoin each. The subscription limit will also be one bitcoin and the net asset value of the products will be updated every Friday of the month. However, the product is only to Babel PRIVATE clients who will enjoy zero purchasing fees and redemption fees during the promotional period. This offering, while innovative, appears to borrow some features from the traditional financial market such as its ‘snowball structure’, which is a popular investment strategy in the larger market. It has also been described as suitable for investors who have a "long-term bullish" view. Crypto and Traditional Unite These recent developments show that traditional financial services and crypto services can work side-by-side and in some cases, cryptocurrency offerings can improve existing traditional products. For example, Babel’s BTC Ratchet-Snowball 001 Fund is an improvement to the traditional concept of a Snowball structure. It aims to maximize returns with a carefully added layer of security that can withstand major price changes - even amid a volatile market like the one we’re in– so that heavy losses won’t occur. According to Babel Finance’s historical data from Feb 28-Sep 11, its BTC Ratchet-Snowball 001 Fund achieved more than a 20% annualized rate of return. As consumers are expanding their options more and more to include cryptocurrency offerings, the larger market will have to adapt and embrace it, making way for a more pro-crypto financial future. Disclaimer: The author of this post does not hold any public or private positions in any of the companies or products mentioned. Please consult your financial advisor before investing in any cryptocurrencies, stocks, or companies as they can pose risks for the average investor. This post is informational in nature and does not constitute financial advice. See more from Benzinga Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas The 4 Signals That Can Predict Whether A Startup Will Succeed Or Fail How The Pandemic Is Stimulating Innovation In Crypto © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’: Bitcoin has performed well in the face of a bleak news cycle while stablecoin assets in the crypto ecosystem continue to grow. Bitcoin (BTC) trading around $10,515 as of 20:00 UTC (4 p.m. ET). Slipping 0.44% over the previous 24 hours. Bitcoin’s 24-hour range: $10,362-$10,667 BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians. Bitcoin’s price stumbled in the early hours of Friday, falling to as low as $10,362 on spot exchanges such as Coinbase around 5:00 UTC (1 a.m. ET) before rising to $10,515 as of press time. Despite the continuous stream of negative news this past week, the crypto markets have remained resilient, according to Zachary Friedman, chief operating officer of brokerage Global Digital Assets. Related: First Mover: Day In The Life of a Yield Farmer Means Part-Time Gig, Full-Time Risk “If we look back, we have seen a hack of Kucoin , a major BitMEX lawsuit and even trouble in the traditional markets through the announcement that [U.S. Pres. Donald] Trump contracted COVID-19 ,” Friedman said. “Historically, these three collective events would have sent markets reeling. This shows that the market is increasingly filled with more bullish investors [who] believe in the fundamentals.” Bitcoin’s dip to $10,362 Friday is its lowest price point since Sept. 24, well before the recent torrent of bad news began and perhaps a sign of the world’s oldest cryptocurrency’s capacity to recover quickly. Jean-Baptiste Pavageau, a partner at crypto quant trading firm ExoAlpha, anticipates some increased volatility ahead. “Liquidity is a key metric for professional traders,” said Pavageau. “While BitMEX witnessed sometimes unusual price behavior on its exchange, it would not be surprising to observe more of these spikes and crashes while the liquidity dries-up.” Read More: BitMEX Moves $337M in Bitcoin Ahead of First Withdrawals Since Charges Story continues Related: Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi Indeed, BTC/USD open interest on BitMEX, a measure of liquidity on derivatives exchanges, has dropped since the revelation of its legal troubles, going from $589 million just prior to the news Thursday to $461 million as of press time, a 21% decline. As open interest on BitMEX wanes, investors are increasingly moving bitcoin to other exchanges . At one point, an outflow of over 11,000 BTC went to other exchanges at 01:00 UTC Friday, including 4,786 BTC to Binance, 3,899 BTC to Gemini and 989 BTC to Kraken, according to data analysis firm CryptoQuant. “It’s going to be a volatile couple of weeks,” added Mostafa Al-Mashita, vice president of trading for Global Digital Assets. “I would not be surprised to see another ‘black swan’ event in the next two months, although bitcoin’s price action has been surprisingly bullish considering the news,” Volatility in bitcoin is positive news for options buyers, and that market has 34,100 BTC in bets placed for expiration on Oct. 30. The options market for October expiration provides some probabilities for bitcoin’s future price, as traders see a 63% chance of bitcoin over $10,000, a 50% chance over $10,500 and a 36% chance of $11,000 per 1 BTC. “It’s a tough market at the moment, up one minute and down the next,” said Rupert Douglas, head of institutional sales for crypto brokerage Koine. “I still think there are risks to the downside. Markets don’t like uncertainty and we’ve sure got that until early November.” Stablecoins over $20 billion Ether (ETH), the second-largest cryptocurrency by market capitalization, was down Friday trading around $344 and slipping 2% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: Ethereum 2.0 ‘Dress Rehearsal’ Gets a Second Shot With Zinken Testnet The total market capitalization of stablecoins has grown from $2.6 billion at the start of 2019 to $20 billion by late September. Tether (USDT), at $16 billion, leads the way, with U.S. dollar coin (USDC) in second at $2.5 billion followed by TrueUSD (TUSD) with a $507 million market cap. A yield farmer who chooses to go by the handle devops199fan believes stablecoins provide an important role as an increasing market for stable assets strengthen the decentralized finance, or DeFi, ecosystem. “The stablecoin market cap is starting to go parabolic,” said devops199fan. “I think we’re just getting started. In DeFi specifically, we’ve only scratched the surface of what’s possible in terms of financial primitives and systems.” Other markets Digital assets on the CoinDesk 20 are mostly in the red Friday. One winner as of 20:00 UTC (4:00 p.m. ET): tron (TRX) + 0.27% Notable losers as of 20:00 UTC (4:00 p.m. ET): tezos (XTZ) – 6% bitcoin sv (BSV) – 5.7% chainlink (LINK) – 4.3% Read More: Decentralized Exchange Volume Rose 103% in September Equities: Asia’s Nikkei 225 ended the day in the red 0.67%, dragged down by losses in the materials and mining sectors . Europe’s FTSE 100 closed in the green 0.39%, rebounding from an early sell-off as president Donald Trump’s positive coronavirus news affected the market . In the United States the S&P 500 fell 0.70% as investor concerns about a coronavirus resurgence pushed down stocks . Commodities: Oil was down 4%. Price per barrel of West Texas Intermediate crude: $36.97. Gold was flat, in the red 0.14% and at $1,902 as of press time. Treasurys: U.S. Treasury bond yields were mixed Friday. Yields, which move in the opposite direction as price, were up most on the 30-year, up to 1.479 and in the green 1.3%. Related Stories Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’ Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’ || Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’: Bitcoin has performed well in the face of a bleak news cycle while stablecoin assets in the crypto ecosystem continue to grow.
• Bitcoin(BTC) trading around $10,515 as of 20:00 UTC (4 p.m. ET). Slipping 0.44% over the previous 24 hours.
• Bitcoin’s 24-hour range: $10,362-$10,667
• BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians.
Bitcoin’s price stumbled in the early hours of Friday, falling to as low as $10,362 on spot exchanges such as Coinbase around 5:00 UTC (1 a.m. ET) before rising to $10,515 as of press time.
Despite the continuous stream of negative news this past week, the crypto markets have remained resilient, according to Zachary Friedman, chief operating officer of brokerage Global Digital Assets.
Related:First Mover: Day In The Life of a Yield Farmer Means Part-Time Gig, Full-Time Risk
“If we look back, we have seen ahack of Kucoin, a majorBitMEXlawsuit and even trouble in the traditional markets through the announcement that [U.S. Pres. Donald] Trumpcontracted COVID-19,” Friedman said. “Historically, these three collective events would have sent markets reeling. This shows that the market is increasingly filled with more bullish investors [who] believe in the fundamentals.”
Bitcoin’s dip to $10,362 Friday is its lowest price point since Sept. 24, well before the recent torrent of bad news began and perhaps a sign of the world’s oldest cryptocurrency’s capacity to recover quickly.
Jean-Baptiste Pavageau, a partner at crypto quant trading firm ExoAlpha, anticipates some increased volatility ahead. “Liquidity is a key metric for professional traders,” said Pavageau. “While BitMEX witnessed sometimes unusual price behavior on its exchange, it would not be surprising to observe more of these spikes and crashes while the liquidity dries-up.”
Read More:BitMEX Moves $337M in Bitcoin Ahead of First Withdrawals Since Charges
Related:Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi
Indeed, BTC/USD open interest on BitMEX, a measure of liquidity on derivatives exchanges, has dropped since the revelation of its legal troubles, going from $589 million just prior to the news Thursday to $461 million as of press time, a 21% decline.
As open interest on BitMEX wanes, investors are increasingly moving bitcointo other exchanges. At one point, an outflow of over 11,000 BTC went to other exchanges at 01:00 UTC Friday, including 4,786 BTC to Binance, 3,899 BTC to Gemini and 989 BTC to Kraken, according to data analysis firm CryptoQuant.
“It’s going to be a volatile couple of weeks,” added Mostafa Al-Mashita, vice president of trading for Global Digital Assets. “I would not be surprised to see another ‘black swan’ event in the next two months, although bitcoin’s price action has been surprisingly bullish considering the news,”
Volatility in bitcoin is positive news for options buyers, and that market has 34,100 BTC in bets placed for expiration on Oct. 30.
The options market for October expiration provides some probabilities for bitcoin’s future price, as traders see a 63% chance of bitcoin over $10,000, a 50% chance over $10,500 and a 36% chance of $11,000 per 1 BTC.
“It’s a tough market at the moment, up one minute and down the next,” said Rupert Douglas, head of institutional sales for crypto brokerage Koine. “I still think there are risks to the downside. Markets don’t like uncertainty and we’ve sure got that until early November.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was down Friday trading around $344 and slipping 2% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Ethereum 2.0 ‘Dress Rehearsal’ Gets a Second Shot With Zinken Testnet
The total market capitalization of stablecoins has grown from $2.6 billion at the start of 2019 to $20 billion by late September.Tether(USDT), at $16 billion, leads the way, withU.S. dollar coin(USDC) in second at $2.5 billion followed by TrueUSD (TUSD) with a $507 million market cap.
A yield farmer who chooses to go by the handle devops199fan believes stablecoins provide an important role as an increasing market for stable assets strengthen the decentralized finance, or DeFi, ecosystem. “The stablecoin market cap is starting to go parabolic,” said devops199fan. “I think we’re just getting started. In DeFi specifically, we’ve only scratched the surface of what’s possible in terms of financial primitives and systems.”
Digital assets on theCoinDesk 20are mostly in the red Friday. One winner as of 20:00 UTC (4:00 p.m. ET):
• tron(TRX) + 0.27%
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• tezos(XTZ) – 6%
• bitcoin sv(BSV) – 5.7%
• chainlink(LINK) – 4.3%
Read More:Decentralized Exchange Volume Rose 103% in September
Equities:
• Asia’s Nikkei 225 ended the day in the red 0.67%,dragged down by losses in the materials and mining sectors.
• Europe’s FTSE 100 closed in the green 0.39%,rebounding from an early sell-off as president Donald Trump’s positive coronavirus news affected the market.
• In the United States the S&P 500 fell 0.70% asinvestor concerns about a coronavirus resurgence pushed down stocks.
Commodities:
• Oil was down 4%. Price per barrel of West Texas Intermediate crude: $36.97.
• Gold was flat, in the red 0.14% and at $1,902 as of press time.
Treasurys:
• U.S. Treasury bond yields were mixed Friday. Yields, which move in the opposite direction as price, were up most on the 30-year, up to 1.479 and in the green 1.3%.
• Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’
• Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’ || Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’: Bitcoin has performed well in the face of a bleak news cycle while stablecoin assets in the crypto ecosystem continue to grow.
• Bitcoin(BTC) trading around $10,515 as of 20:00 UTC (4 p.m. ET). Slipping 0.44% over the previous 24 hours.
• Bitcoin’s 24-hour range: $10,362-$10,667
• BTC above its 10-day moving average but below the 50-day, a sideways signal for market technicians.
Bitcoin’s price stumbled in the early hours of Friday, falling to as low as $10,362 on spot exchanges such as Coinbase around 5:00 UTC (1 a.m. ET) before rising to $10,515 as of press time.
Despite the continuous stream of negative news this past week, the crypto markets have remained resilient, according to Zachary Friedman, chief operating officer of brokerage Global Digital Assets.
Related:First Mover: Day In The Life of a Yield Farmer Means Part-Time Gig, Full-Time Risk
“If we look back, we have seen ahack of Kucoin, a majorBitMEXlawsuit and even trouble in the traditional markets through the announcement that [U.S. Pres. Donald] Trumpcontracted COVID-19,” Friedman said. “Historically, these three collective events would have sent markets reeling. This shows that the market is increasingly filled with more bullish investors [who] believe in the fundamentals.”
Bitcoin’s dip to $10,362 Friday is its lowest price point since Sept. 24, well before the recent torrent of bad news began and perhaps a sign of the world’s oldest cryptocurrency’s capacity to recover quickly.
Jean-Baptiste Pavageau, a partner at crypto quant trading firm ExoAlpha, anticipates some increased volatility ahead. “Liquidity is a key metric for professional traders,” said Pavageau. “While BitMEX witnessed sometimes unusual price behavior on its exchange, it would not be surprising to observe more of these spikes and crashes while the liquidity dries-up.”
Read More:BitMEX Moves $337M in Bitcoin Ahead of First Withdrawals Since Charges
Related:Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi
Indeed, BTC/USD open interest on BitMEX, a measure of liquidity on derivatives exchanges, has dropped since the revelation of its legal troubles, going from $589 million just prior to the news Thursday to $461 million as of press time, a 21% decline.
As open interest on BitMEX wanes, investors are increasingly moving bitcointo other exchanges. At one point, an outflow of over 11,000 BTC went to other exchanges at 01:00 UTC Friday, including 4,786 BTC to Binance, 3,899 BTC to Gemini and 989 BTC to Kraken, according to data analysis firm CryptoQuant.
“It’s going to be a volatile couple of weeks,” added Mostafa Al-Mashita, vice president of trading for Global Digital Assets. “I would not be surprised to see another ‘black swan’ event in the next two months, although bitcoin’s price action has been surprisingly bullish considering the news,”
Volatility in bitcoin is positive news for options buyers, and that market has 34,100 BTC in bets placed for expiration on Oct. 30.
The options market for October expiration provides some probabilities for bitcoin’s future price, as traders see a 63% chance of bitcoin over $10,000, a 50% chance over $10,500 and a 36% chance of $11,000 per 1 BTC.
“It’s a tough market at the moment, up one minute and down the next,” said Rupert Douglas, head of institutional sales for crypto brokerage Koine. “I still think there are risks to the downside. Markets don’t like uncertainty and we’ve sure got that until early November.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was down Friday trading around $344 and slipping 2% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Ethereum 2.0 ‘Dress Rehearsal’ Gets a Second Shot With Zinken Testnet
The total market capitalization of stablecoins has grown from $2.6 billion at the start of 2019 to $20 billion by late September.Tether(USDT), at $16 billion, leads the way, withU.S. dollar coin(USDC) in second at $2.5 billion followed by TrueUSD (TUSD) with a $507 million market cap.
A yield farmer who chooses to go by the handle devops199fan believes stablecoins provide an important role as an increasing market for stable assets strengthen the decentralized finance, or DeFi, ecosystem. “The stablecoin market cap is starting to go parabolic,” said devops199fan. “I think we’re just getting started. In DeFi specifically, we’ve only scratched the surface of what’s possible in terms of financial primitives and systems.”
Digital assets on theCoinDesk 20are mostly in the red Friday. One winner as of 20:00 UTC (4:00 p.m. ET):
• tron(TRX) + 0.27%
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• tezos(XTZ) – 6%
• bitcoin sv(BSV) – 5.7%
• chainlink(LINK) – 4.3%
Read More:Decentralized Exchange Volume Rose 103% in September
Equities:
• Asia’s Nikkei 225 ended the day in the red 0.67%,dragged down by losses in the materials and mining sectors.
• Europe’s FTSE 100 closed in the green 0.39%,rebounding from an early sell-off as president Donald Trump’s positive coronavirus news affected the market.
• In the United States the S&P 500 fell 0.70% asinvestor concerns about a coronavirus resurgence pushed down stocks.
Commodities:
• Oil was down 4%. Price per barrel of West Texas Intermediate crude: $36.97.
• Gold was flat, in the red 0.14% and at $1,902 as of press time.
Treasurys:
• U.S. Treasury bond yields were mixed Friday. Yields, which move in the opposite direction as price, were up most on the 30-year, up to 1.479 and in the green 1.3%.
• Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’
• Market Wrap: Bitcoin Rebounds to $10.5K; Stablecoin Market Cap ‘Goes Parabolic’ || U.S. Immigration and Customs Enforcement wants to automate its accounting and that includes transactions in bitcoin: U.S. Immigration and Customs Enforcement (ICE)'s tech division has put out a request for information for software that the agency could use to beef up its financial auditing management capabilities and that includes its employees' interactions with and utilization of bitcoin. The agency is looking to build a financial management add-on to an existing piece of open-source application, according to the request. The hope is to digitize the existing functions and add a centralized accounting system to automate workflow related to financial transactions. Within the call, ICE detailed a number of example scenarios it's looking to address. Among these was a digital currency use case calling for software to track transfers, purchases and expenses in bitcoin. Here's how the RFI explains the digital currency use cases, mentioning bitcoin specifically: " DIGITAL CURRENCY Respective employee A transferred 0.03790587 BTC of held digital currency from hardware wallet F to an software wallet G. The fair market value was an exchange rate of $8,531.08. The transfer incurred a mining fee of 0.00021801 BTC. Respective employee A purchased 0.01487506 BTC through Digital Currency Exchange E (exchange rate $6,521.65) with a Coinbase fee of $2.99. Respective employee A transferred the total amount purchased from the Digital Currency Exchange E wallet to a hardware wallet F. Incurred mining fee 0.00001409 BTC. Expense of 0.0191111 BTC paid from wallet. Incurred a mining fee of 0.00043663. Exchange rate on the date of purchase was $13,211.39. Remainder transferred back to software wallet G, which received 0.01777286 BTC. Incurred a mining fee of 0.00036727." Businesses with suitable feedback and solutions can submit answers to the agency's questions by November 9. They may be selected for one-on-one consultations based on their responses. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || U.S. Immigration and Customs Enforcement wants to automate its accounting — and that includes transactions in bitcoin: U.S. Immigration and Customs Enforcement (ICE)'s tech division has put outa request for informationfor software that the agency could use to beef up its financial auditing management capabilities — and that includes its employees' interactions with and utilization of bitcoin.
The agency is looking to build a financial management add-on to an existing piece of open-source application, according to the request. The hope is to digitize the existing functions and add a centralized accounting system to automate workflow related to financial transactions.
Within the call, ICE detailed a number of example scenarios it's looking to address. Among these was a digital currency use case calling for software to track transfers, purchases and expenses in bitcoin.
Here's how the RFI explains the digital currency use cases, mentioning bitcoin specifically:
"DIGITAL CURRENCY• Respective employee A transferred 0.03790587 BTC of held digital currency from hardware wallet F to an software wallet G. The fair market value was an exchange rate of $8,531.08. The transfer incurred a mining fee of 0.00021801 BTC.• Respective employee A purchased 0.01487506 BTC through Digital Currency Exchange E (exchange rate $6,521.65) with a Coinbase fee of $2.99. Respective employee A transferred the total amount purchased from the Digital Currency Exchange E wallet to a hardware wallet F. Incurred mining fee 0.00001409 BTC.• Expense of 0.0191111 BTC paid from wallet. Incurred a mining fee of 0.00043663. Exchange rate on the date of purchase was $13,211.39. Remainder transferred back to software wallet G, which received 0.01777286 BTC. Incurred a mining fee of 0.00036727."
Businesses with suitable feedback and solutions can submit answers to the agency's questions by November 9. They may be selected for one-on-one consultations based on their responses.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 2, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
CONTACT:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/608963/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 2, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . CONTACT: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/608963/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 2, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
CONTACT:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/608963/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH
[Social Media Buzz]
None available.
|
10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92.
|
[Bitcoin Technical Analysis for 2018-06-08]
Volume: 4227579904, RSI (14-day): 43.53, 50-day EMA: 8121.66, 200-day EMA: 8611.99
[Wider Market Context]
Gold Price: 1298.10, Gold RSI: 45.14
Oil Price: 65.74, Oil RSI: 40.93
[Recent News (last 7 days)]
Is This How Weight Watchers Achieves Its Next Growth Spurt?: Weight Watchers (NYSE: WTW) isn't your mother's weight loss program anymore. Combining the latest knowledge on healthful eating into a program aimed at providing the flexibility and convenience desired by today's consumer, along with a modern, digital option for support, Weight Watchers has transformed itself from the days it simply had you counting calories. Yet because it is still a program with a decidedly female clientele, it may be leaving a lot of money on the table. That may be changing, however. A man holding a tape measure around his stomach. Men represent nearly half the population, but only about 15% of Weight Watchers' customers. Image source: Getty Images. Calling the men Although President and CEO Mindy Grossman said during the company's May 3 conference call with analysts that you won't see a specific Weight Watchers for men program, she also pointed out that "we can target the right influencers who are going to inspire other people." Such inspiration is coming from the people Weight Watchers hires as ambassadors, and lately they've been men. It kicked off the year by hiring hip-hop impresario DJ Khaled as its "social media ambassador." Khaled will appeal to a demographic that might never have considered Weight Watchers before. Independent market research firm Marketdata says 85% of Weight Watchers' current clients are women. There might be cultural reasons why men are less likely to sign up for a structured program, but the Kaiser Family Foundation says 71% of all U.S. men are overweight or obese versus 59% of women, so that's a lot of potential customers for Weight Watchers to go after. Weight Watchers has also partnered with filmmaker and actor Kevin Smith. When he joined the program, Weight Watchers made him another of its ambassadors and he's also detailed his weight-loss journey on social media. A healthy appetite for growth The moves Weight Watchers has made, regardless of gender, are paying off. In the first quarter of 2018, Weight Watchers reported a record 4.6 million subscribers, up 29% from the year-ago period. Total paid weeks grew 27%, leading to a 24% increase in revenue, which hit $408 million. Story continues Grossman also notes that client retention rates are climbing as well, and are now "well over nine months, also the highest level in our company history." That's come about because Weight Watchers improved its original and popular SmartPoints program by creating one that was even more flexible, adding some 200 foods to a list that users didn't need to track. Called WW Freestyle, the program lists foods such as eggs, corn, fish, and beans as now carrying zero points, whereas before they had anywhere from two to four points per serving. The rationale is that these are healthier options than some other foods, and people will be better off choosing them and will be more apt to choose them as they have no points value in the program. A member's target number of points per day is based on things such as their size and activity level. Will it work? However, this isn't the first time Weight Watchers has tried appealing to men, as it hired NBA star Charles Barkley as its first male spokesperson a few years ago, though now it seems to be making a more concerted effort to reach out to them. The U.S. weight-loss market is a $66 billion industry with commercial programs like Weight Watchers and NutriSystem accounting for about $2.8 billion of the total. Weight Watchers, though, sees that it can sell more, not necessarily by further rejiggering its menus, but in broadening the appeal of its lifestyle message. Bringing in more men would help it achieve its ambitious three-year plan laid out earlier this year to help 10 million people "adopt healthy habits" while growing revenue to $2 billion by 2020 yet also increasing profits at a faster rate than revenue. Having men represent half of Weight Watchers' customer base is something that may not be attainable, but going after that demographic just might allow it to accomplish those goals and help its stock continue on its growth trajectory. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Is This How Weight Watchers Achieves Its Next Growth Spurt?: Weight Watchers(NYSE: WTW)isn't your mother's weight loss program anymore. Combining the latest knowledge on healthful eating into a program aimed at providing the flexibility and convenience desired by today's consumer, along with a modern, digital option for support, Weight Watchers has transformed itself from the days it simply had you counting calories.
Yet because it is still a program with a decidedly female clientele, it may be leaving a lot of money on the table. That may be changing, however.
Men represent nearly half the population, but only about 15% of Weight Watchers' customers. Image source: Getty Images.
Although President and CEO Mindy Grossman said during the company's May 3 conference call with analysts that you won't see a specific Weight Watchers for men program, she also pointed out that "we can target the right influencers who are going to inspire other people."
Such inspiration is coming from the people Weight Watchers hires as ambassadors, and lately they've been men. It kicked off the year by hiringhip-hop impresarioDJ Khaled as its "social media ambassador." Khaled will appeal to a demographic that might never have considered Weight Watchers before.
Independent market research firm Marketdata says 85% of Weight Watchers' current clients are women. There might be cultural reasons why men are less likely to sign up for a structured program, but the Kaiser Family Foundation says 71% of all U.S. men are overweight or obese versus 59% of women, so that's a lot of potential customers for Weight Watchers to go after.
Weight Watchers has also partnered with filmmaker and actor Kevin Smith. When he joined the program, Weight Watchers made him another of its ambassadors and he's also detailed his weight-loss journey on social media.
The moves Weight Watchers has made, regardless of gender, are paying off. In the first quarter of 2018, Weight Watchers reported a record 4.6 million subscribers, up 29% from the year-ago period. Total paid weeks grew 27%, leading to a 24% increase in revenue, which hit $408 million.
Grossman also notes that client retention rates are climbing as well, and are now "well over nine months, also the highest level in our company history."
That's come about because Weight Watchers improved its original and popular SmartPoints program by creating one that was even more flexible, adding some 200 foods to a list that users didn't need to track.
Called WW Freestyle, the program lists foods such as eggs, corn, fish, and beans as now carrying zero points, whereas before they had anywhere from two to four points per serving. The rationale is that these are healthier options than some other foods, and people will be better off choosing them and will be more apt to choose them as they have no points value in the program. A member's target number of points per day is based on things such as their size and activity level.
However, this isn't the first time Weight Watchers has tried appealing to men, as it hired NBA star Charles Barkley as its first male spokesperson a few years ago, though now it seems to be making a more concerted effort to reach out to them.
The U.S. weight-loss market is a $66 billion industry with commercial programs like Weight Watchers and NutriSystem accounting for about $2.8 billion of the total. Weight Watchers, though, sees that it can sell more, not necessarily by further rejiggering its menus, but in broadening the appeal of its lifestyle message.
Bringing in more men would help it achieve its ambitious three-year plan laid out earlier this year to help 10 million people "adopt healthy habits" while growing revenue to $2 billion by 2020 yet also increasing profits at a faster rate than revenue.
Having men represent half of Weight Watchers' customer base is something that may not be attainable, but going after that demographic just might allow it to accomplish those goals and help its stock continue on its growth trajectory.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Rich Dupreyhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Universities Have Started to Invest in Bitcoin, Start of Institutional Adoption: According to John Lore, the founder of Capital Fund Law Group, academic institutions and universities have started to get involved in the cryptocurrency market, acknowledging the long-term potential of cryptocurrencies like bitcoin and ethereum.
“We’re seeing some academic institutions getting involved on a limited basis for strategic reasons. I can’t say the names of [the academic institutions] because that’s attorney-client but we have people mostly on the East Coast that have begun doing investments in this space on a fairly modest basis,”Lore told Oscar Williams-Grut of Business Insider in an interview.
By definition, aninstitutional investoris an entity that garners funds from different sources to purchase properties, securities, and assets. Institutional investors include entities like banks, insurance companies, hedge funds, endowments, and mutual funds.
Small hedge funds and medium-sized investment firms cannot be considered as institutional investors, contrary to the views of many investors in the cryptocurrency market. But, entities like universities and endowments are proper institutional investors that can allocate many billions of dollars into the cryptocurrency market and increase the liquidity of cryptocurrencies.
However, for academic institutions and endowments to commit large sums of capital into the cryptocurrency market, propercustodian solutionsare necessary, as cryptocurrency hedge fund Blocktower founderAri Paul previously stated:
“Institutional money started trickling into cryptocurrency in mid 2017, but it’s been slower than many (including myself) expected. That doesn’t mean it’s not coming. There are a lot of pieces that need to come together, one big piece being third party custody. Custody isn’t binary. It’s not like Coinbase custody will launch and suddenly every pension will throw $100m into BTC. It takes time for custody solutions to gain trustworthiness. But, I think we’ll have solid third party custody by September of this year.”
Lore echoed a similar sentiment to Paul and noted that the majority of investment that has come into the cryptocurrency market has come from high net-worth individuals and family offices, not institutional investors. But, Lore emphasized that there are several institutional investors that are actively involved in the cryptocurrency market, and once potential regulatory conflicts are avoided, institutions will begin to invest in the market.
Still, Lore said that university endowment funds have already started to invest in the cryptocurrency market in a limited basis, adding that the growing interest toward the market by endowments show the strong potential of cryptocurrencies in the long-term.
“We see academia as a tie between these somewhat young and enthusiastic fund managers and capital raising,” Lore added.
University endowments often manage many billions of dollars and the priority of endowments is to invest in safe haven assets that can sustain stability over the long run.`
The growing demand for cryptocurrency by academic institutions signify that institutional investors have started to acknowledge cryptocurrencies as a stable asset class that will eventually compete against traditional assets.
Images from Shutterstock
The postUniversities Have Started to Invest in Bitcoin, Start of Institutional Adoptionappeared first onCCN. || Universities Have Started to Invest in Bitcoin, Start of Institutional Adoption: university According to John Lore, the founder of Capital Fund Law Group, academic institutions and universities have started to get involved in the cryptocurrency market, acknowledging the long-term potential of cryptocurrencies like bitcoin and ethereum. “We’re seeing some academic institutions getting involved on a limited basis for strategic reasons. I can’t say the names of [the academic institutions] because that’s attorney-client but we have people mostly on the East Coast that have begun doing investments in this space on a fairly modest basis,” Lore told Oscar Williams-Grut of Business Insider in an interview . Real Institutional Adoption By definition, an institutional investor is an entity that garners funds from different sources to purchase properties, securities, and assets. Institutional investors include entities like banks, insurance companies, hedge funds, endowments, and mutual funds. Small hedge funds and medium-sized investment firms cannot be considered as institutional investors, contrary to the views of many investors in the cryptocurrency market. But, entities like universities and endowments are proper institutional investors that can allocate many billions of dollars into the cryptocurrency market and increase the liquidity of cryptocurrencies. institutional investor However, for academic institutions and endowments to commit large sums of capital into the cryptocurrency market, proper custodian solutions are necessary, as cryptocurrency hedge fund Blocktower founder Ari Paul previously stated : “Institutional money started trickling into cryptocurrency in mid 2017, but it’s been slower than many (including myself) expected. That doesn’t mean it’s not coming. There are a lot of pieces that need to come together, one big piece being third party custody. Custody isn’t binary. It’s not like Coinbase custody will launch and suddenly every pension will throw $100m into BTC. It takes time for custody solutions to gain trustworthiness. But, I think we’ll have solid third party custody by September of this year.” Story continues Lore echoed a similar sentiment to Paul and noted that the majority of investment that has come into the cryptocurrency market has come from high net-worth individuals and family offices, not institutional investors. But, Lore emphasized that there are several institutional investors that are actively involved in the cryptocurrency market, and once potential regulatory conflicts are avoided, institutions will begin to invest in the market. Still, Lore said that university endowment funds have already started to invest in the cryptocurrency market in a limited basis, adding that the growing interest toward the market by endowments show the strong potential of cryptocurrencies in the long-term. “We see academia as a tie between these somewhat young and enthusiastic fund managers and capital raising,” Lore added. Significance of University Endowments Showing Interest in Crypto University endowments often manage many billions of dollars and the priority of endowments is to invest in safe haven assets that can sustain stability over the long run.` The growing demand for cryptocurrency by academic institutions signify that institutional investors have started to acknowledge cryptocurrencies as a stable asset class that will eventually compete against traditional assets. Images from Shutterstock The post Universities Have Started to Invest in Bitcoin, Start of Institutional Adoption appeared first on CCN . || Universities Have Started to Invest in Bitcoin, Start of Institutional Adoption: According to John Lore, the founder of Capital Fund Law Group, academic institutions and universities have started to get involved in the cryptocurrency market, acknowledging the long-term potential of cryptocurrencies like bitcoin and ethereum.
“We’re seeing some academic institutions getting involved on a limited basis for strategic reasons. I can’t say the names of [the academic institutions] because that’s attorney-client but we have people mostly on the East Coast that have begun doing investments in this space on a fairly modest basis,”Lore told Oscar Williams-Grut of Business Insider in an interview.
By definition, aninstitutional investoris an entity that garners funds from different sources to purchase properties, securities, and assets. Institutional investors include entities like banks, insurance companies, hedge funds, endowments, and mutual funds.
Small hedge funds and medium-sized investment firms cannot be considered as institutional investors, contrary to the views of many investors in the cryptocurrency market. But, entities like universities and endowments are proper institutional investors that can allocate many billions of dollars into the cryptocurrency market and increase the liquidity of cryptocurrencies.
However, for academic institutions and endowments to commit large sums of capital into the cryptocurrency market, propercustodian solutionsare necessary, as cryptocurrency hedge fund Blocktower founderAri Paul previously stated:
“Institutional money started trickling into cryptocurrency in mid 2017, but it’s been slower than many (including myself) expected. That doesn’t mean it’s not coming. There are a lot of pieces that need to come together, one big piece being third party custody. Custody isn’t binary. It’s not like Coinbase custody will launch and suddenly every pension will throw $100m into BTC. It takes time for custody solutions to gain trustworthiness. But, I think we’ll have solid third party custody by September of this year.”
Lore echoed a similar sentiment to Paul and noted that the majority of investment that has come into the cryptocurrency market has come from high net-worth individuals and family offices, not institutional investors. But, Lore emphasized that there are several institutional investors that are actively involved in the cryptocurrency market, and once potential regulatory conflicts are avoided, institutions will begin to invest in the market.
Still, Lore said that university endowment funds have already started to invest in the cryptocurrency market in a limited basis, adding that the growing interest toward the market by endowments show the strong potential of cryptocurrencies in the long-term.
“We see academia as a tie between these somewhat young and enthusiastic fund managers and capital raising,” Lore added.
University endowments often manage many billions of dollars and the priority of endowments is to invest in safe haven assets that can sustain stability over the long run.`
The growing demand for cryptocurrency by academic institutions signify that institutional investors have started to acknowledge cryptocurrencies as a stable asset class that will eventually compete against traditional assets.
Images from Shutterstock
The postUniversities Have Started to Invest in Bitcoin, Start of Institutional Adoptionappeared first onCCN. || Warren Buffett and Jamie Dimon on Bitcoin: 'Just Beware': Berkshire HathawayCEO Warren Buffett andJ.P. MorganCEO Jamie Dimon voiced apprehension aboutBitcoinduring a joint interview onCNBC’sSquawk Box.
During the interview, which aired on Thursday, the two were asked “which one of you hates Bitcoin more?”
“I set a high standard,” Buffett, who has been critical of the cryptocurrency, replied. “I don’t know whether Jamie can top me or not.”
“I don’t want to be a Bitcoin spokesman,” Dimon responded. “Just beware.”
Buffett has long been critical of Bitcoin, calling it a“mirage”in 2014. In May, prior to the Berkshire Hathaway annual shareholders meeting, Buffett said the popular (yet volatile) cryptocurrency was“probably rat poison squared.”
Dimon has also critiqued the cryptocurrency. Last fall he called Bitcoin a “fraud.” In January, he walked back those comments, saying in an interview onFox Business, that “the blockchain is real,” a reference to Bitcoin’s underlying open accounting technology that is seen by many as a more reliable and secure alternative to standard accounting software. || Warren Buffett and Jamie Dimon on Bitcoin: 'Just Beware': Berkshire HathawayCEO Warren Buffett andJ.P. MorganCEO Jamie Dimon voiced apprehension aboutBitcoinduring a joint interview onCNBC’sSquawk Box.
During the interview, which aired on Thursday, the two were asked “which one of you hates Bitcoin more?”
“I set a high standard,” Buffett, who has been critical of the cryptocurrency, replied. “I don’t know whether Jamie can top me or not.”
“I don’t want to be a Bitcoin spokesman,” Dimon responded. “Just beware.”
Buffett has long been critical of Bitcoin, calling it a“mirage”in 2014. In May, prior to the Berkshire Hathaway annual shareholders meeting, Buffett said the popular (yet volatile) cryptocurrency was“probably rat poison squared.”
Dimon has also critiqued the cryptocurrency. Last fall he called Bitcoin a “fraud.” In January, he walked back those comments, saying in an interview onFox Business, that “the blockchain is real,” a reference to Bitcoin’s underlying open accounting technology that is seen by many as a more reliable and secure alternative to standard accounting software. || Warren Buffett and Jamie Dimon on Bitcoin: 'Just Beware': Berkshire Hathaway CEO Warren Buffett and J.P. Morgan CEO Jamie Dimon voiced apprehension about Bitcoin during a joint interview on CNBC’s Squawk Box. During the interview, which aired on Thursday, the two were asked “which one of you hates Bitcoin more?” “I set a high standard,” Buffett, who has been critical of the cryptocurrency, replied. “I don’t know whether Jamie can top me or not.” “I don’t want to be a Bitcoin spokesman,” Dimon responded. “Just beware.” Buffett has long been critical of Bitcoin, calling it a “mirage” in 2014. In May, prior to the Berkshire Hathaway annual shareholders meeting, Buffett said the popular ( yet volatile ) cryptocurrency was “probably rat poison squared.” Dimon has also critiqued the cryptocurrency. Last fall he called Bitcoin a “fraud.” In January, he walked back those comments, saying in an interview on Fox Business , that “the blockchain is real,” a reference to Bitcoin’s underlying open accounting technology that is seen by many as a more reliable and secure alternative to standard accounting software. || Amazon Owns the Smart-Speaker Market, but Google Is Gaining Ground: Amazon.com (NASDAQ: AMZN) continues to dominate the smart-speaker market, benefiting from its first-mover status with its Alexa-powered voice assistants. But Google may be ready to surpass its rival soon. The two tech giants have sucked most of the oxygen out of the room, owning a combined 94% share of the smart-speaker market. But Alphabet 's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google continues to flood the space with cheap Home and Home Mini devices that could help it become the dominant provider sooner than many expect. Amazon Echo on kitchen counter The Amazon Echo. Image source: Amazon.com. Trouble on the horizon Amazon still has a commanding lead with a 66% share of the market, compared to Google's 28%. Market research firm Strategy Analytics estimates that Google shipped 2.5 million devices in the first quarter compared to 4 million shipped by Amazon. Despite the lower volume, Google's shipments represented 700% year-over-year growth, while Amazon only doubled its shipments. Those types of numbers suggest that Google is focused on toppling Amazon as the leader in smart speakers. One of the primary advantages of the Amazon artificial intelligence ecosystem has been its broad set of skills that allow it to perform a variety of functions. Its smart speaker's skills, combined with its large base of installed users has allowed Amazon to leverage the strength of its online marketplace and Prime ecosystem. However, Google Home has been considered the "smarter" of the two platforms. With recent updates to Google Assistant, the brains behind the devices, Google Home might soon become integrated across the suite of Google services, making it an e-commerce powerhouse all its own. Businesses like Walmart and Target have already incorporated Google Home into their online marketplaces. That may be helping Google Home narrow the gap with its rival, along with the fact that it has been giving away its devices with the purchase of various products. Buyers of Google's Pixel 2 smartphone, for instance, can get a free Home Mini. You can also get one if you spend at least $150 on eBay , and Walmart gives you one when you buy a Nest thermostat. Story continues Google Home products The Google Home choice of products. Image source: Google.com. The future of the connected home As connected homes becomes more commonplace, so will the use of voice assistants. Market research company eMarketer says no device other than the smartphone has seen a faster adoption rate than the smart speaker. It forecasts that by 2020, there will be 76.5 million units in use, a 47.9% compounded annual rate of growth. "Uptake has been so strong that the number of adult smart-speaker users will surpass that of wearable users for the first time this year." eMarketer says. It likely won't be just a two-horse race for much longer, either. Alibaba (NYSE: BABA) has quickly become the third largest smart-speaker maker, because it and Xiaomi have the China market to themselves; Amazon and Google don't have a presence there yet. Apple (NASDAQ: AAPL) began selling its HomePod speaker earlier this year , but it has only shipped some 600,000 units. The technology titan focused on superior sound quality as a defining feature of the HomePod, but its delayed introduction, its failure to support streaming music services, and a significantly higher sticker price have limited its market appeal. It is rumored, though, that Apple may offer a HomePod device at half of its current $349 price. Amazon.com remains the market leader, but Google's aggressive marketing, along with integration into online marketplaces, could make the Home and Home Mini essential devices for many. (And a recent incident in which an Amazon Echo secretly recorded conversations and then sent them to a third party may also cause some buyers to consider the other available options.) It's a big market, and growing fast. And it may be Google, not Amazon, that winds up on top. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || Amazon Owns the Smart-Speaker Market, but Google Is Gaining Ground: Amazon.com(NASDAQ: AMZN)continues to dominate the smart-speaker market, benefiting from its first-mover status with its Alexa-powered voice assistants. But Google may be ready to surpass its rival soon.
The two tech giants have sucked most of the oxygen out of the room, owning a combined 94% share of the smart-speaker market. ButAlphabet's(NASDAQ: GOOG)(NASDAQ: GOOGL)Google continues to flood the space with cheap Home and Home Mini devices that could help it become the dominant provider sooner than many expect.
The Amazon Echo. Image source: Amazon.com.
Amazon still has a commanding lead with a 66% share of the market, compared to Google's 28%. Market research firm Strategy Analytics estimates that Google shipped 2.5 million devices in the first quarter compared to 4 million shipped by Amazon. Despite the lower volume, Google's shipments represented 700% year-over-year growth, while Amazon only doubled its shipments. Those types of numbers suggest that Google is focused on toppling Amazon as the leader in smart speakers.
One of the primary advantages of the Amazon artificial intelligence ecosystem has been its broad set of skills that allow it to perform a variety of functions. Its smart speaker's skills, combined with its large base of installed users has allowed Amazon to leverage the strength of its online marketplace and Prime ecosystem.
However, Google Home has been considered the "smarter" of the two platforms. With recent updates to Google Assistant, the brains behind the devices, Google Home might soon become integrated across the suite of Google services, making it an e-commerce powerhouse all its own. Businesses likeWalmartandTargethave already incorporated Google Home into their online marketplaces.
That may be helping Google Home narrow the gap with its rival, along with the fact that it has been giving away its devices with the purchase of various products. Buyers of Google's Pixel 2 smartphone, for instance, can get a free Home Mini. You can also get one if you spend at least $150 oneBay, and Walmart gives you one when you buy a Nest thermostat.
The Google Home choice of products. Image source: Google.com.
As connected homes becomes more commonplace, so will the use of voice assistants. Market research company eMarketer says no device other than the smartphone has seen a faster adoption rate than the smart speaker. It forecasts that by 2020, there will be 76.5 million units in use, a 47.9% compounded annual rate of growth. "Uptake has been so strong that the number of adult smart-speaker users will surpass that of wearable users for the first time this year." eMarketer says.
It likely won't be just a two-horse race for much longer, either.Alibaba(NYSE: BABA)has quickly become the third largest smart-speaker maker, because it and Xiaomi have the China market to themselves; Amazon and Google don't have a presence there yet.
Apple(NASDAQ: AAPL)began selling its HomePod speakerearlier this year, but it has only shipped some 600,000 units. The technology titan focused on superior sound quality as a defining feature of the HomePod, but its delayed introduction, its failure to support streaming music services, and a significantly higher sticker price have limited its market appeal. It is rumored, though, that Apple may offer a HomePod device at half of its current $349 price.
Amazon.com remains the market leader, but Google's aggressive marketing, along with integration into online marketplaces, could make the Home and Home Mini essential devices for many. (And a recent incident in which an Amazon Echo secretly recorded conversations and then sent them to a third party may also cause some buyers to consider the other available options.)
It's a big market, and growing fast. And it may be Google, not Amazon, that winds up on top.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.Rich Dupreyhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || Bitcoin Miner Aspires to Launch Largest Crypto Mining Facility in the U.S.: Coinmint, a cloud mining service provider, has confirmed it will go ahead with its proposed plan to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa, in Massena, New York.
In a statement publishedonline, the company said it will repurpose the 1,300-acre, 435-megawatt site into the biggest cryptocurrency mining plant in the world. The move, which was approved inFebruary, will see the mining service invest up to $700 million and the creation of 150 jobs in the coming months.
The company remains unfazed by the slump in bitcoin prices, which has seen a drop of almost 50 percent this year, according to data fromCoinmarketcap.
In correspondence withBitcoin Magazine, Coinmint CTO Prieur Leary said, “Current bitcoin prices affect the value proposition. That being said, we are very comfortable with current metrics, given our technology and infrastructure.”
Coinmint sees upstate New York as the perfect environment for them to set up shop. Operations have begun at the complex through Coinmint’s wholly owned subsidiary North Country Data Center Corporation, and the facility is expected to be at full capacity within 12 months.
The company believes this move will impact the crypto industry in a positive way. Leary went further by saying that “given the current concentration of digital currency data centers in Asia, launching the largest of such facilit[ies] in the U.S. makes a bold statement that the West is active within the industry and is a driver of growth and innovation within the space.”
New York is not known for being friendly to crypto companies or to miners, but as Steven O’Shaughnessy, Massena’s town supervisor, remarked in a localinterview, “Our main marketing point is that we have cheap, reliable power.”
Mining is a power-hungry activity that has been getting a lot of attention lately.
In May, an expert panel met at a mining conference to discuss the implications of high energy consumption amongminersworldwide, where they refuted the notion that energy devoted to proof-of-work operations is a wasteful by-product of cryptocurrency mining.
This article originally appeared onBitcoin Magazine. || Bitcoin Miner Aspires to Launch Largest Crypto Mining Facility in the U.S.: Bitcoin Miner Aspires to Launch Biggest Mining Facility in the U.S. Coinmint , a cloud mining service provider, has confirmed it will go ahead with its proposed plan to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa, in Massena, New York. In a statement published online , the company said it will repurpose the 1,300-acre, 435-megawatt site into the biggest cryptocurrency mining plant in the world. The move, which was approved in February , will see the mining service invest up to $700 million and the creation of 150 jobs in the coming months. The company remains unfazed by the slump in bitcoin prices, which has seen a drop of almost 50 percent this year, according to data from Coinmarketcap . In correspondence with Bitcoin Magazine , Coinmint CTO Prieur Leary said, Current bitcoin prices affect the value proposition. That being said, we are very comfortable with current metrics, given our technology and infrastructure. Coinmint sees upstate New York as the perfect environment for them to set up shop. Operations have begun at the complex through Coinmints wholly owned subsidiary North Country Data Center Corporation, and the facility is expected to be at full capacity within 12 months. The company believes this move will impact the crypto industry in a positive way. Leary went further by saying that given the current concentration of digital currency data centers in Asia, launching the largest of such facilit[ies] in the U.S. makes a bold statement that the West is active within the industry and is a driver of growth and innovation within the space. New York is not known for being friendly to crypto companies or to miners, but as Steven OShaughnessy, Massenas town supervisor, remarked in a local interview , Our main marketing point is that we have cheap, reliable power. Mining is a power-hungry activity that has been getting a lot of attention lately. In May, an expert panel met at a mining conference to discuss the implications of high energy consumption among miners worldwide, where they refuted the notion that energy devoted to proof-of-work operations is a wasteful by-product of cryptocurrency mining. This article originally appeared on Bitcoin Magazine . || Bitcoin Miner Aspires to Launch Largest Crypto Mining Facility in the U.S.: Coinmint, a cloud mining service provider, has confirmed it will go ahead with its proposed plan to open a cryptocurrency mining plant in an abandoned smelter previously used by Alcoa, in Massena, New York.
In a statement publishedonline, the company said it will repurpose the 1,300-acre, 435-megawatt site into the biggest cryptocurrency mining plant in the world. The move, which was approved inFebruary, will see the mining service invest up to $700 million and the creation of 150 jobs in the coming months.
The company remains unfazed by the slump in bitcoin prices, which has seen a drop of almost 50 percent this year, according to data fromCoinmarketcap.
In correspondence withBitcoin Magazine, Coinmint CTO Prieur Leary said, “Current bitcoin prices affect the value proposition. That being said, we are very comfortable with current metrics, given our technology and infrastructure.”
Coinmint sees upstate New York as the perfect environment for them to set up shop. Operations have begun at the complex through Coinmint’s wholly owned subsidiary North Country Data Center Corporation, and the facility is expected to be at full capacity within 12 months.
The company believes this move will impact the crypto industry in a positive way. Leary went further by saying that “given the current concentration of digital currency data centers in Asia, launching the largest of such facilit[ies] in the U.S. makes a bold statement that the West is active within the industry and is a driver of growth and innovation within the space.”
New York is not known for being friendly to crypto companies or to miners, but as Steven O’Shaughnessy, Massena’s town supervisor, remarked in a localinterview, “Our main marketing point is that we have cheap, reliable power.”
Mining is a power-hungry activity that has been getting a lot of attention lately.
In May, an expert panel met at a mining conference to discuss the implications of high energy consumption amongminersworldwide, where they refuted the notion that energy devoted to proof-of-work operations is a wasteful by-product of cryptocurrency mining.
This article originally appeared onBitcoin Magazine. || How General Motors and Honda Will Fight Tesla's Battery Advantage: General Motors(NYSE: GM)andHonda Motor(NYSE: HMC)announced that they plan to team up on advanced batteries for electric vehicles in a bid to push back againstTesla(NASDAQ: TSLA)and its massive Gigafactory.
Simply put, Honda will buy electric-vehicle battery packs from GM to use in its own vehicles. The companies will each develop their own unique electric vehicles, but Honda's will be designed to use GM's upcoming next-generation batteries.
Here's the background.
GM already has a long-range mass-market electric vehicle in production, the Chevrolet Bolt EV. The Bolt uses what GM calls its "first-generation" battery system, developed by GM with Korean supplierLG Chem. LG Chem produces the battery cells and packs for the Bolt, using a unique battery chemistry owned by GM.
But GM has amore advanced battery system under development, including new cells and new battery packs. GM expects the new cells to cost less than $100 per kilowatt-hour (kWh), down from the roughly $145 per kWh it pays for the cells used in the Bolt. The new battery cells have a higher energy density than GM's current cells, they're better for high-speed recharging, and they have a lower profile that gives GM much more flexibility around the shapes of its battery packs.
This slide from a presentation given by GM CEO Mary Barra in November outlines the advantages of GM's "next-generation" battery modules. Image source: General Motors.
The new cells will allow GM to build smaller, thinner battery packs with more range. The new batteries will come to market as part of an all-new electric-vehicle architecture that GM will launch in 2021. Importantly, GM CEO Mary Barra has emphasized that the electric vehicles built on that architecture will be profitable.
No. Honda will design its own electric-vehicle architecture around GM's new battery packs. Part of the agreement is that GM will share all of the relevant engineering information well in advance of the new batteries' launch.
GM and Honda set up a joint venture last year to manufacture fuel cells in this building in Michigan. Image source: General Motors.
Honda and GM have already established a partnership around another electric-vehicle technology: hydrogen fuel cells. GM and Honda have been working for several years to jointly develop a new series of lower-cost fuel cells for automotive applications. Honda has already brought one of the jointly developed cells to market in its newClarity FCV sedan, while GM has said that it will wait until the next-generation cell is ready before launching its own fuel-cell-powered products, likely around 2020.
Last year, Honda and GM set up a joint venture to (eventually)mass-produce the fuel cellsin a factory in Michigan.
Honda could certainly strike a deal to buy battery cells from a company like LG Chem and use them in a pack of its own design. But by buying from GM, it gets a complete battery "module," saving it the step of developing a pack. It also gets GM's upcoming new battery cells, which may have range, packaging, or cost advantages versus the cells available to Honda from battery makers.
It's very likely that GM gave Honda some inside information about the capabilities of its upcoming new batteries and that Honda decided that buying GM's battery packs made more sense than alternatives.
Timing may also be a factor. Honda lagged other major global automakers in stepping up development of battery-electric vehicles. Its current battery-electric model, a version of the Clarity sedan, has just 80 miles of range. Honda may have decided that working with GM would help it get competitive vehicles to market more quickly.
The battery-electric version of Honda's Clarity sedan has just 80 miles of range. Image source: Honda Motor Co., Ltd.
Obviously, GM probably plans to make a profit on the battery packs it sells to Honda. That's a good thing. But there may be a bigger consideration: The scale that Honda adds might help GM bring the costs of the new battery cells down further, benefiting both partners -- and helping to offset the scale advantage that Tesla is expected to have once its battery Gigafactory in Nevada is fully up and running.
GM has said that it will launch its all-new battery-electric vehicle platform in 2021. That platform will underpin many of the 20 all-electric vehicles that GM haspromised to launch by 2023. It's very likely that Honda will be ready to launch its own advanced electric vehicles, using GM's new battery packs, on roughly the same time frame.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Rosevearowns shares of General Motors. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has adisclosure policy. || How General Motors and Honda Will Fight Tesla's Battery Advantage: General Motors (NYSE: GM) and Honda Motor (NYSE: HMC) announced that they plan to team up on advanced batteries for electric vehicles in a bid to push back against Tesla (NASDAQ: TSLA) and its massive Gigafactory. What's the deal? Simply put, Honda will buy electric-vehicle battery packs from GM to use in its own vehicles. The companies will each develop their own unique electric vehicles, but Honda's will be designed to use GM's upcoming next-generation batteries. What are those "next-generation" GM batteries? Here's the background. GM already has a long-range mass-market electric vehicle in production, the Chevrolet Bolt EV. The Bolt uses what GM calls its "first-generation" battery system, developed by GM with Korean supplier LG Chem . LG Chem produces the battery cells and packs for the Bolt, using a unique battery chemistry owned by GM. But GM has a more advanced battery system under development , including new cells and new battery packs. GM expects the new cells to cost less than $100 per kilowatt-hour (kWh), down from the roughly $145 per kWh it pays for the cells used in the Bolt. The new battery cells have a higher energy density than GM's current cells, they're better for high-speed recharging, and they have a lower profile that gives GM much more flexibility around the shapes of its battery packs. The slide shows GM's current battery pack as used in the Chevy Bolt next to its upcoming new pack. The new pack has a lower profile, gives greater range, and uses less-expensive battery cells. This slide from a presentation given by GM CEO Mary Barra in November outlines the advantages of GM's "next-generation" battery modules. Image source: General Motors. The new cells will allow GM to build smaller, thinner battery packs with more range. The new batteries will come to market as part of an all-new electric-vehicle architecture that GM will launch in 2021. Importantly, GM CEO Mary Barra has emphasized that the electric vehicles built on that architecture will be profitable. Is Honda using GM's electric-vehicle architecture? No. Honda will design its own electric-vehicle architecture around GM's new battery packs. Part of the agreement is that GM will share all of the relevant engineering information well in advance of the new batteries' launch. Story continues A brown two-story building. GM and Honda set up a joint venture last year to manufacture fuel cells in this building in Michigan. Image source: General Motors. Why does Honda want to work with GM? Honda and GM have already established a partnership around another electric-vehicle technology: hydrogen fuel cells. GM and Honda have been working for several years to jointly develop a new series of lower-cost fuel cells for automotive applications. Honda has already brought one of the jointly developed cells to market in its new Clarity FCV sedan , while GM has said that it will wait until the next-generation cell is ready before launching its own fuel-cell-powered products, likely around 2020. Last year, Honda and GM set up a joint venture to (eventually) mass-produce the fuel cells in a factory in Michigan. What does Honda get out of this deal versus just buying battery cells? Honda could certainly strike a deal to buy battery cells from a company like LG Chem and use them in a pack of its own design. But by buying from GM, it gets a complete battery "module," saving it the step of developing a pack. It also gets GM's upcoming new battery cells, which may have range, packaging, or cost advantages versus the cells available to Honda from battery makers. It's very likely that GM gave Honda some inside information about the capabilities of its upcoming new batteries and that Honda decided that buying GM's battery packs made more sense than alternatives. Timing may also be a factor. Honda lagged other major global automakers in stepping up development of battery-electric vehicles. Its current battery-electric model, a version of the Clarity sedan, has just 80 miles of range. Honda may have decided that working with GM would help it get competitive vehicles to market more quickly. A blue Honda Clarity Electric, a midsize sedan. The battery-electric version of Honda's Clarity sedan has just 80 miles of range. Image source: Honda Motor Co., Ltd. What does GM get out of this? Obviously, GM probably plans to make a profit on the battery packs it sells to Honda. That's a good thing. But there may be a bigger consideration: The scale that Honda adds might help GM bring the costs of the new battery cells down further, benefiting both partners -- and helping to offset the scale advantage that Tesla is expected to have once its battery Gigafactory in Nevada is fully up and running. When is this all going to happen? GM has said that it will launch its all-new battery-electric vehicle platform in 2021. That platform will underpin many of the 20 all-electric vehicles that GM has promised to launch by 2023 . It's very likely that Honda will be ready to launch its own advanced electric vehicles, using GM's new battery packs, on roughly the same time frame. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear owns shares of General Motors. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy . || J.M. Smucker Continues to Struggle With Industry Headwinds: J.M. Smucker(NYSE: SJM)closed out the fourth quarter of fiscal year 2018 in rather flat fashion, as a bird's-eye view of revenue, pulled from the company's earnings report issued Thursday morning, suggests:
[{"Metric": "Revenue", "Q4 2018": "$1.781 billion", "Q4 2017": "$1.784 billion", "Year-Over-Year Growth": "(0.02%)"}, {"Metric": "Net income", "Q4 2018": "$185.9 million", "Q4 2017": "$110.4 million", "Year-Over-Year Growth": "68.3%"}, {"Metric": "Diluted earnings per share", "Q4 2018": "$1.64", "Q4 2017": "$0.96", "Year-Over-Year Growth": "70.1%"}]
Data source: The J.M. Smucker Company.
• Net sales declined by $2.5 million. Management cited volume and mix weakness in oils, peanut butter, and baking products, which was partially offset by stronger volume in the company's coffee segment.
• Notably, higher price realization in peanut butter and oils also helped to minimize the volume/mix deterioration. Smucker is one of the few large consumer packaged goods (CPG) companies to report any success in raising prices this reporting cycle. As I recently discussed, most multinational CPGs,including category giantUnilever, have faced downward pricing pressure thus far in 2018.
• Nonetheless, a bit of pricing power only went so far for Smucker. After removing a positive currency effect of $4.6 million during the quarter, the company experienced an organic sales drop of roughly $7.0 million over the last three months.
• In Smucker's coffee segment, revenue increased by $2.3 million to $508.2 million. Favorable volume and mix in the Folgers brand and licensed Dunkin' Donuts coffee brand was offset by pricing softness due to promotional trade spending. Segment operating income improved 4% to $156.0 million.
• The U.S. retail consumer foods business reported a revenue decrease of $8.5 million, to $465.3 million. The organization reported that volume and mix declined in the Jif, Crisco, and Pillsbury brands, accounting for about 8 percentage points of drag on the segment's sales, though this was again offset by 6 percentage points of positive pricing in the Jif, Smucker's, and Crisco labels. Higher pricing helped push operating income up by $5.4 million, to $114.1 million.
• In the U.S. retail pet foods segment, revenue of $533.6 million was virtually unchanged, but higher input costs and a voluntary recall of certain Gravy Train products caused a 13% decline in segment profit margin, to $102.1 million.
• In Smucker's smallest revenue stream, the "International and Away from Home" business, both revenue and segment profit booked 2% increases, to $274.2 million and $49.6 million, respectively.
• While Smucker is facing industry pressures similar to its peers, includingchallenges from young, upstart brands, difficulty in gaining new grocery shelf space, and a gradual shift to online purchasing by consumers, the company still managed to increase gross profit by roughly 7% during the final quarter of the year, to $43.7 million. The margin advance was assisted by certain derivatives gains, as well as the pricing realization discussed above.
• The organization's significantly higher quarterly net income resulted from a few one-time factors, including a curtailment in special project costs equal to $7.1 million, and a comparative benefit due to a prior-year impairment charge of $57.5 million.
Image source: The J.M. Smucker Company.
In J.M. Smucker's earnings press release, CEO Mark Smucker described the company's current challenges, as well as the concrete steps management is taking to attempt to push revenue expansion in the coming years. His quote is a bit lengthy, but worth reading in full:
"While fourth quarter adjusted earnings per share was below our projections due to industrywide headwinds and certain discrete items, the actions we are taking to align our portfolio for growth set up our business to win...In the past few months, we brought 1850 premium coffee and Jif PowerUps snacks to market, innovations created in response to changing consumer preferences. We acquired Ainsworth, thereby strengthening our pet food portfolio with the addition of the high-growth, on-trend Rachel Ray Nutrish premium pet food brand. We also announced plans to explore a potential divestiture of our U.S. baking business, underscoring our commitment to regularly evaluate our portfolio and emphasizing our focus toward growing the coffee, snacking, and pet food categories. Further, we have executed on our cost reduction programs, which have fueled investments for key growth brands such as Dunkin' Donuts, Smucker's, Uncrustables, and Nature's Recipe. As we continue to transform our Company, we are confident in our ability to deliver against our strategic objectives and enhance long-term shareholder value."
While the tone above is quite positive, at least in the near term, management is striking a more cautious note regarding forward guidance. Net sales are expected to increase 13% in fiscal 2019 to $8.3 billion, but this is almost entirely composed of an acquisition benefit from the Ainsworth Pet Nutrition acquisition, which Mark Smucker mentions above (the $1.7 billion transaction closed on May 18, 2018).
Adjusted earnings per share are projected to rise modestly from $7.96 in 2018, to a range of $8.40-$8.65 next year, primarily reflecting the impact of the Ainsworth deal and lower income tax expense from recently enacted U.S. tax reform. At least at the outset of fiscal 2019, Smucker's prospects remain, well, rather flat.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Asit Sharmahas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || J.M. Smucker Continues to Struggle With Industry Headwinds: J.M. Smucker (NYSE: SJM) closed out the fourth quarter of fiscal year 2018 in rather flat fashion, as a bird's-eye view of revenue, pulled from the company's earnings report issued Thursday morning, suggests: J.M. Smucker: The raw numbers Metric Q4 2018 Q4 2017 Year-Over-Year Growth Revenue $1.781 billion $1.784 billion (0.02%) Net income $185.9 million $110.4 million 68.3% Diluted earnings per share $1.64 $0.96 70.1% Data source: The J.M. Smucker Company. What happened this quarter? Net sales declined by $2.5 million. Management cited volume and mix weakness in oils, peanut butter, and baking products, which was partially offset by stronger volume in the company's coffee segment. Notably, higher price realization in peanut butter and oils also helped to minimize the volume/mix deterioration. Smucker is one of the few large consumer packaged goods (CPG) companies to report any success in raising prices this reporting cycle. As I recently discussed, most multinational CPGs, including category giant Unilever , have faced downward pricing pressure thus far in 2018. Nonetheless, a bit of pricing power only went so far for Smucker. After removing a positive currency effect of $4.6 million during the quarter, the company experienced an organic sales drop of roughly $7.0 million over the last three months. In Smucker's coffee segment, revenue increased by $2.3 million to $508.2 million. Favorable volume and mix in the Folgers brand and licensed Dunkin' Donuts coffee brand was offset by pricing softness due to promotional trade spending. Segment operating income improved 4% to $156.0 million. The U.S. retail consumer foods business reported a revenue decrease of $8.5 million, to $465.3 million. The organization reported that volume and mix declined in the Jif, Crisco, and Pillsbury brands, accounting for about 8 percentage points of drag on the segment's sales, though this was again offset by 6 percentage points of positive pricing in the Jif, Smucker's, and Crisco labels. Higher pricing helped push operating income up by $5.4 million, to $114.1 million. In the U.S. retail pet foods segment, revenue of $533.6 million was virtually unchanged, but higher input costs and a voluntary recall of certain Gravy Train products caused a 13% decline in segment profit margin, to $102.1 million. In Smucker's smallest revenue stream, the "International and Away from Home" business, both revenue and segment profit booked 2% increases, to $274.2 million and $49.6 million, respectively. While Smucker is facing industry pressures similar to its peers, including challenges from young, upstart brands , difficulty in gaining new grocery shelf space, and a gradual shift to online purchasing by consumers, the company still managed to increase gross profit by roughly 7% during the final quarter of the year, to $43.7 million. The margin advance was assisted by certain derivatives gains, as well as the pricing realization discussed above. The organization's significantly higher quarterly net income resulted from a few one-time factors, including a curtailment in special project costs equal to $7.1 million, and a comparative benefit due to a prior-year impairment charge of $57.5 million. Story continues Three jars of Jif creamy-style peanut butter. Image source: The J.M. Smucker Company. What management had to say In J.M. Smucker's earnings press release, CEO Mark Smucker described the company's current challenges, as well as the concrete steps management is taking to attempt to push revenue expansion in the coming years. His quote is a bit lengthy, but worth reading in full: "While fourth quarter adjusted earnings per share was below our projections due to industrywide headwinds and certain discrete items, the actions we are taking to align our portfolio for growth set up our business to win...In the past few months, we brought 1850 premium coffee and Jif PowerUps snacks to market, innovations created in response to changing consumer preferences. We acquired Ainsworth, thereby strengthening our pet food portfolio with the addition of the high-growth, on-trend Rachel Ray Nutrish premium pet food brand. We also announced plans to explore a potential divestiture of our U.S. baking business, underscoring our commitment to regularly evaluate our portfolio and emphasizing our focus toward growing the coffee, snacking, and pet food categories. Further, we have executed on our cost reduction programs, which have fueled investments for key growth brands such as Dunkin' Donuts, Smucker's, Uncrustables, and Nature's Recipe. As we continue to transform our Company, we are confident in our ability to deliver against our strategic objectives and enhance long-term shareholder value." Looking forward While the tone above is quite positive, at least in the near term, management is striking a more cautious note regarding forward guidance. Net sales are expected to increase 13% in fiscal 2019 to $8.3 billion, but this is almost entirely composed of an acquisition benefit from the Ainsworth Pet Nutrition acquisition, which Mark Smucker mentions above (the $1.7 billion transaction closed on May 18, 2018). Adjusted earnings per share are projected to rise modestly from $7.96 in 2018, to a range of $8.40-$8.65 next year, primarily reflecting the impact of the Ainsworth deal and lower income tax expense from recently enacted U.S. tax reform. At least at the outset of fiscal 2019, Smucker's prospects remain, well, rather flat. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Asit Sharma has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Antitrust Regulators Are Worried About Wholesale Prices in T-Mobile-Sprint Merger: It's been just over a month sinceT-Mobile(NASDAQ: TMUS)andSprint(NYSE: S)announced their blockbuster $26 billion merger, which was immediatelymet with investor skepticism. The proposed deal has massive implications for the competitive landscape for cellular service, particularly at the national level. Of course, antitrust regulators would primarily be concerned about the effect that reduced competition may have on the prices that consumers pay for their monthly cellphone bills.
Just days after the announcement, T-Mobile CEO John Legere did what any businessman looking for regulatory approval would do with an administration that seems susceptible to influence: booked a room at the Trump International Hotel in Washington, D.C. (It's possible Legere is merely a historical post office enthusiast.) Regardless, the U.S. Department of Justice has already begun scrutinizing the deal.
John Legere. Image source: T-Mobile.
Reutersreports that the DOJ is starting to look at how the deal would affect pricing, specifically on the wholesale front. Regulators are soliciting input from smaller operators that purchase wholesale capacity from national carriers and resell that service under their own brands, known as mobile virtual network operators (MVNOs).
Sprint and T-Mobile are prominent players in this market segment, commanding nearly 28 million wholesale connections combined at the end of the first quarter. However, these aren't huge parts of the companies' businesses. At $266 million, wholesale revenue accounted for just 3% of T-Mobile's total services revenue in the first quarter. Last fiscal year, wholesale revenue represented 5% of Sprint's service revenue.
[{"Wholesale Connections": "T-Mobile", "Q1 2018": "14.1 million"}, {"Wholesale Connections": "Sprint", "Q1 2018": "13.5 million"}, {"Wholesale Connections": "Total", "Q1 2018": "27.6 million"}]
Data source: SEC filings.
While Sprint and T-Mobile are smaller overall than larger rivalsAT&TandVerizon Communications, they have stronger positions in the wholesale market. Ma Bell had just 8.9 million wholesale subscribers in its U.S. consumer business at the end of the first quarter. Verizon does not disclose wholesale connections.
MVNOs often address the lower end of the market, so any price increases in that segment could impact those consumers that are most vulnerable, as any increases in wholesale prices would inevitably flow down to consumers. MVNO margins are thin enough as it is; the companies can't afford to absorb any potential cost increases.
Meanwhile on the consumer front, Sprint today unveiled a new unlimited plan for branded customers at an aggressive $15 per month, highlighting the positive effects of competition on consumer pricing. That promotional offer, which is effective starting tomorrow, is only available for customers that are willing to switch carriers (along with a few other limitations and other strings attached).
If the national market for cellular service consolidates from four carriers to three, there simply won't be as much competitive pressure to win over consumers. And for a service that's as commoditized as cellular service is, price is the primary competitive tool -- in both the wholesale and consumer segment.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Evan Niu, CFAhas no position in any of the stocks mentioned. The Motley Fool owns shares of VZ. The Motley Fool recommends T-Mobile US. The Motley Fool has adisclosure policy. || AMD Announces New Threadripper and EPYC Chips: Afterlaunching the second generation of its Ryzen PC CPUsearlier this year,Advanced Micro Devices(NASDAQ: AMD)teased more new products at Computex 2018 earlier this month. AMD is trying to win market share fromIntel(NASDAQ: INTC)in both the PC and server CPU markets, and new iterations of its Threadripper and EPYC chips represent the next step in that plan.
AMD launched the first generation of its ultra-high-end Threadripper desktop processors last year. Those chips featured as many as 16 cores and were priced as high as $999, offering more cores for less money than comparable Intel products.
Image source: AMD.
The company announced the second generation of Threadripper at Computex, doubling down on its many-core strategy. The new Threadripper chips, expected to launch in the third quarter, increase the max core count to 32. Pricing wasn't announced, but I'd expect AMD to be aggressive.
Intel unveiled its own many-core monster at Computex, a 28-core chip set to ship later this year. But as Tom's Hardware notes, pricing this chip too low could cannibalize Intel's high-margin server chip sales. AMD doesn't have a massively profitable data center business to protect, so I'd wager that the second-generation Threadripper chips will be more affordable than Intel's offering.
Prior to Threadripper, AMD had been absent from the ultra-high-end market for a long time. If the company can build up a reputation for providing solid value and performance, and undercutting Intel on price, it could win some converts in this lucrative portion of the market.
Along with trying to win market share in the PC CPU market, AMD is also trying to wrestle away share from Intel in the server CPU market. The company's EPYC chips are the centerpiece of this effort. Progress has been slow (not surprising given that it takes time for server OEMs to build systems around new chips). AMD aims to reach a mid-single-digit unit share by the end of the year, leaving Intel with the lion's share of the market.
AMD announced its second-generation EPYC processors at Computex, built on a 7-nanometer process. Code-named "Rome," these chips are expected to begin sampling to customers in the second half of 2018, with a full launch in 2019. Details beyond the basics were scarce.
These second-gen products will build on the success AMD has had so far getting EPYC chips into systems. Recent developments includeCisco's adoption of EPYC for its UCS server line, a new one-socket server fromHP Enterpriseaimed at virtualization and software-defined storage applications, and the availability ofTencent's EPYC-based SA1 cloud service offering.
Intel's main focus is its data center business, so AMD will certainly face an uphill battle as it tries to pick up more market share. But at the very least, AMD is on a path to become a meaningful player in the market once again.
Shares of AMD have surged so far this year, gaining about 46% year to date. Revenue is growing on the strength of new products, and the company hasreturned to profitabilityafter years of drowning in red ink. AMD is executing well, but it's also benefiting fromIntel's ongoing problems bringing 10-nanometer chips to market. Intel created an opening for AMD, and AMD is taking advantage.
With AMD stock now trading for around $15 per share, nearly 90 times adjusted earnings in 2017, the market is betting that profits will soar as these new products gain traction. High-end products like Threadripper and EPYC will certainly help the cause, although it's hard to say whether that will be enough to justify the valuation.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Timothy Greenowns shares of CSCO. The Motley Fool owns shares of and recommends TCEHY. The Motley Fool has adisclosure policy. || AMD Announces New Threadripper and EPYC Chips: After launching the second generation of its Ryzen PC CPUs earlier this year, Advanced Micro Devices (NASDAQ: AMD) teased more new products at Computex 2018 earlier this month. AMD is trying to win market share from Intel (NASDAQ: INTC) in both the PC and server CPU markets, and new iterations of its Threadripper and EPYC chips represent the next step in that plan. Doubling down on Threadripper AMD launched the first generation of its ultra-high-end Threadripper desktop processors last year. Those chips featured as many as 16 cores and were priced as high as $999, offering more cores for less money than comparable Intel products. The AMD Ryzen Threadripper logo. Image source: AMD. The company announced the second generation of Threadripper at Computex, doubling down on its many-core strategy. The new Threadripper chips, expected to launch in the third quarter, increase the max core count to 32. Pricing wasn't announced, but I'd expect AMD to be aggressive. Intel unveiled its own many-core monster at Computex, a 28-core chip set to ship later this year. But as Tom's Hardware notes, pricing this chip too low could cannibalize Intel's high-margin server chip sales. AMD doesn't have a massively profitable data center business to protect, so I'd wager that the second-generation Threadripper chips will be more affordable than Intel's offering. Prior to Threadripper, AMD had been absent from the ultra-high-end market for a long time. If the company can build up a reputation for providing solid value and performance, and undercutting Intel on price, it could win some converts in this lucrative portion of the market. EPYC progress Along with trying to win market share in the PC CPU market, AMD is also trying to wrestle away share from Intel in the server CPU market. The company's EPYC chips are the centerpiece of this effort. Progress has been slow (not surprising given that it takes time for server OEMs to build systems around new chips). AMD aims to reach a mid-single-digit unit share by the end of the year, leaving Intel with the lion's share of the market. Story continues AMD announced its second-generation EPYC processors at Computex, built on a 7-nanometer process. Code-named "Rome," these chips are expected to begin sampling to customers in the second half of 2018, with a full launch in 2019. Details beyond the basics were scarce. These second-gen products will build on the success AMD has had so far getting EPYC chips into systems. Recent developments include Cisco 's adoption of EPYC for its UCS server line, a new one-socket server from HP Enterprise aimed at virtualization and software-defined storage applications, and the availability of Tencent 's EPYC-based SA1 cloud service offering. Intel's main focus is its data center business, so AMD will certainly face an uphill battle as it tries to pick up more market share. But at the very least, AMD is on a path to become a meaningful player in the market once again. Investors like what they see Shares of AMD have surged so far this year, gaining about 46% year to date. Revenue is growing on the strength of new products, and the company has returned to profitability after years of drowning in red ink. AMD is executing well, but it's also benefiting from Intel's ongoing problems bringing 10-nanometer chips to market . Intel created an opening for AMD, and AMD is taking advantage. With AMD stock now trading for around $15 per share, nearly 90 times adjusted earnings in 2017, the market is betting that profits will soar as these new products gain traction. High-end products like Threadripper and EPYC will certainly help the cause, although it's hard to say whether that will be enough to justify the valuation. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Timothy Green owns shares of CSCO. The Motley Fool owns shares of and recommends TCEHY. The Motley Fool has a disclosure policy .
[Social Media Buzz]
#TipusCanvi de #divises a les 04:00 del dia 08-06-2018
1 euro = 1,3912 roures
1 dòlar = 0,6090 roures
1 lliure = 0,8171 roures
1 yen = 0,0055 roures
1 franc suís = 0,6208 roures
1 bitcoin = 4.675,43 roures
#Criptomoneda a #SantEsteveDeLesRoures || Jun 08, 2018 04:00:00 UTC | 7,638.30$ | 6,472.90€ | 5,691.90£ | #Bitcoin #btc pic.twitter.com/9hAP20kWJh || ツイート数の多かった仮想通貨
1位 $TRX 685 Tweets
2位 $BTC 677 Tweets
3位 $ETH 127 Tweets
4位 $XRP 89 Tweets
5位 $WTC 84 Tweets
2018-06-09 00:00 ～ 2018-06-09 00:5...
|
7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42, 2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81, 2863.20, 2732.16, 2805.62, 2823.81, 2947.71, 2958.11, 2659.63, 2717.02, 2506.37, 2464.58, 2518.56, 2655.88, 2548.29, 2589.60, 2721.79, 2689.10, 2705.41, 2744.91, 2608.72, 2589.41, 2478.45, 2552.45, 2574.79, 2539.32, 2480.84, 2434.55, 2506.47, 2564.06, 2601.64, 2601.99, 2608.56, 2518.66, 2571.34, 2518.44, 2372.56, 2337.79, 2398.84, 2357.90, 2233.34, 1998.86, 1929.82, 2228.41, 2318.88, 2273.43, 2817.60, 2667.76, 2810.12, 2730.40, 2754.86, 2576.48, 2529.45, 2671.78, 2809.01, 2726.45, 2757.18, 2875.34, 2718.26, 2710.67, 2804.73, 2895.89, 3252.91, 3213.94.
|
[Bitcoin Technical Analysis for 2017-08-06]
Volume: 1105030016, RSI (14-day): 66.28, 50-day EMA: 2595.60, 200-day EMA: 1906.74
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Bitcoin Rockets Past $3,000 to a New Record High: In just four hours of early Saturday trading, the price of the cryptocurrency Bitcoin surged over 9% to a new record. At the time of this writing, one Bitcoin is valued at $3,169.90, well above the previous record of $3,000 setin June.
Bitcoin’s total market value is now more that $52 billion, according to data from CoinMarketCap, and the return on Bitcoin investments made on January 1st of this year stands at nearly 220%.
Bitcoin will almost certainly remain a highly volatile asset, but its latest high reflects a major positive development. After years of heated debate over how to increase the Bitcoin network’s transaction capacity, major players have finally agreed on a compromise solution known asSegwit2x. That accomplishment is reassuring for those who may have begun to doubt the effectiveness of Bitcoin’s leaderlessgovernance model.
Get Data Sheet,Fortune’stechnology newsletter.
The Segwit2x solution also seems to have driven Bitcoin’s price higher in a less direct way. On Tuesday, a faction who disagreed with the proposal spun off a so-called ‘fork’ of Bitcoin, known asBitcoin Cash, which implemented a different fix. All holders of Bitcoin received matching Bitcoin Cash, which now trades as BCH on exchanges, and has a total current value of $3.75 billion.
However, the price of Bitcoin Cash has declined steadily over the last two days as Bitcoin and other major cryptocurrencies have surged. That suggests investors are cashing out of the upstart fork, which has sparse support fromminersand exchanges, and pumping their gains back into older, more trusted, and more widely-adopted cryptocurrencies. || Bitcoin Rockets Past $3,000 to a New Record High: In just four hours of early Saturday trading, the price of the cryptocurrency Bitcoin surged over 9% to a new record. At the time of this writing, one Bitcoin is valued at $3,169.90, well above the previous record of $3,000 setin June.
Bitcoin’s total market value is now more that $52 billion, according to data from CoinMarketCap, and the return on Bitcoin investments made on January 1st of this year stands at nearly 220%.
Bitcoin will almost certainly remain a highly volatile asset, but its latest high reflects a major positive development. After years of heated debate over how to increase the Bitcoin network’s transaction capacity, major players have finally agreed on a compromise solution known asSegwit2x. That accomplishment is reassuring for those who may have begun to doubt the effectiveness of Bitcoin’s leaderlessgovernance model.
Get Data Sheet,Fortune’stechnology newsletter.
The Segwit2x solution also seems to have driven Bitcoin’s price higher in a less direct way. On Tuesday, a faction who disagreed with the proposal spun off a so-called ‘fork’ of Bitcoin, known asBitcoin Cash, which implemented a different fix. All holders of Bitcoin received matching Bitcoin Cash, which now trades as BCH on exchanges, and has a total current value of $3.75 billion.
However, the price of Bitcoin Cash has declined steadily over the last two days as Bitcoin and other major cryptocurrencies have surged. That suggests investors are cashing out of the upstart fork, which has sparse support fromminersand exchanges, and pumping their gains back into older, more trusted, and more widely-adopted cryptocurrencies. || Bitcoin Rockets Past $3,000 to a New Record High: In just four hours of early Saturday trading, the price of the cryptocurrency Bitcoin surged over 9% to a new record. At the time of this writing, one Bitcoin is valued at $3,169.90, well above the previous record of $3,000 set in June . Bitcoins total market value is now more that $52 billion, according to data from CoinMarketCap, and the return on Bitcoin investments made on January 1st of this year stands at nearly 220%. Bitcoin will almost certainly remain a highly volatile asset, but its latest high reflects a major positive development. After years of heated debate over how to increase the Bitcoin networks transaction capacity, major players have finally agreed on a compromise solution known as Segwit2x . That accomplishment is reassuring for those who may have begun to doubt the effectiveness of Bitcoins leaderless governance model . Get Data Sheet , Fortunes technology newsletter. The Segwit2x solution also seems to have driven Bitcoins price higher in a less direct way. On Tuesday, a faction who disagreed with the proposal spun off a so-called fork of Bitcoin, known as Bitcoin Cash , which implemented a different fix. All holders of Bitcoin received matching Bitcoin Cash, which now trades as BCH on exchanges, and has a total current value of $3.75 billion. However, the price of Bitcoin Cash has declined steadily over the last two days as Bitcoin and other major cryptocurrencies have surged. That suggests investors are cashing out of the upstart fork, which has sparse support from miners and exchanges, and pumping their gains back into older, more trusted, and more widely-adopted cryptocurrencies. || Coinbase will support newly-minted Bitcoin Cash after all: Earlier this week, disgruntled members of the bitcoin community successfully split a new cryptocurrency off from the main branch. Bitcoin Cash, as it's called, attempts to speed up transactions, a key problem with bitcoin's aging structure. But the new alternative currency will only survive if users invest in it. Some cryptocurrency exchanges said they wouldn't back it due to its instability, but one of those holdouts, Coinbase, just announced that it's come around and will support Bitcoin Cash. In a blog post, Coinbase stated their decision came after careful review. Ensuring the security of Bitcoin Cash's network was a priority, as was evaluating customer demand, trading volumes, and regulatory considerations. But the exchange wanted to be clear that "both bitcoin and Bitcoin Cash remain safely stored on Coinbase," and "that customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase." Assuming no great risks emerge, Coinbase says it will start supporting Bitcoin Cash on January 1st, 2018. Once that happens, customers will be able to withdraw their new cryptocoins -- but until then, they'll stay safely locked away. || Coinbase will support newly-minted Bitcoin Cash after all: Earlier this week, disgruntled members of the bitcoin community successfullysplita new cryptocurrency off from the main branch. Bitcoin Cash, as it's called, attempts to speed up transactions, a key problem with bitcoin's aging structure. But the new alternative currency will only survive if users invest in it. Some cryptocurrency exchanges said they wouldn't back it due to its instability, but one of those holdouts, Coinbase, justannouncedthat it's come around and will support Bitcoin Cash.
In a blog post, Coinbase stated their decision came after careful review. Ensuring the security of Bitcoin Cash's network was a priority, as was evaluating customer demand, trading volumes, and regulatory considerations. But the exchange wanted to be clear that "both bitcoin and Bitcoin Cash remain safely stored on Coinbase," and "that customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase."
Assuming no great risks emerge, Coinbase says it will start supporting Bitcoin Cash on January 1st, 2018. Once that happens, customers will be able to withdraw their new cryptocoins -- but until then, they'll stay safely locked away. || Coinbase will support newly-minted Bitcoin Cash after all: Earlier this week, disgruntled members of the bitcoin community successfullysplita new cryptocurrency off from the main branch. Bitcoin Cash, as it's called, attempts to speed up transactions, a key problem with bitcoin's aging structure. But the new alternative currency will only survive if users invest in it. Some cryptocurrency exchanges said they wouldn't back it due to its instability, but one of those holdouts, Coinbase, justannouncedthat it's come around and will support Bitcoin Cash.
In a blog post, Coinbase stated their decision came after careful review. Ensuring the security of Bitcoin Cash's network was a priority, as was evaluating customer demand, trading volumes, and regulatory considerations. But the exchange wanted to be clear that "both bitcoin and Bitcoin Cash remain safely stored on Coinbase," and "that customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase."
Assuming no great risks emerge, Coinbase says it will start supporting Bitcoin Cash on January 1st, 2018. Once that happens, customers will be able to withdraw their new cryptocoins -- but until then, they'll stay safely locked away. || 5 Smart Beta ETFs With Brilliant Returns: The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market. They provide low-cost, convenient and transparent way of replicating market returns. But many investors have realized that capitalization weighted indexes are not the most efficient way of investing, at times.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest through active managers. However, most investors have been disappointed with the performance of active managed funds, as returns generated by them often do not justify the higher costs associated with them.
Smart beta strategies seek to combine the best of active and passive investing i.e. outperforming the market while keeping costs low. While not so popular with retail investors yet, they have already become very popular with institutional investors. (Read: Ethereum ETF? The Bitcoin Crushing Digital Currency Explained)
What is Smart Beta?
In simple words, ‘beta’ can be defined as the correlation of a security’s return with the market return. Smart beta indexes attempt to select stocks that may have better risk-return performance than the market.
Many ETF industry experts do not like the name since the word ‘smart’ may suggest that the traditional strategies are ‘not so intelligent’ or rather ‘dumb’. They prefer to call these ‘alternative’ or ‘advanced’ beta strategies instead of ‘smart’. Investors should probably understand that these indexing methods are just different and may be better. There is nothing really smart or intelligent about them. (Read: Buy Top Ranked Apple ETFs on Solid Earnings)
This space offers a number of choices to investors, starting from simplest equal-weighting to fundamental weighting which assigns weights to stocks based on their fundamental characteristics such as revenue/earnings, cash flow, dividends etc. Others seek to exploit “anomalies” present in the market.
Best Smart Beta ETFs
Not all these strategies have been able to deliver superior results. Strategies like low volatility, high beta and momentum outperform only in certain market conditions and investors are not very good at market timing.
Further, many smart beta strategies are based on market anomalies that disappear if too many investors chase them. (Read: 6 ETFs for a Historically Low Returns)
And, while smart beta ETFs follow rules based methodologies, not all are very transparent and simple to understand. Most of them charge high fees for their complicated strategies, which may or may not produce commensurate results.
At the same time, there are some smart beta ETFs that follow easy to understand strategies and add value to investor portfolios. These have the potential to outperform the market over the long term. We have highlighted five such excellent smart beta ETFs.
iShares Core Dividend Growth ETF (DGRO).
The product holds companies that have a history of consistently growing their dividends and are likely to continue growing dividends. Holdings are weighted by dividend dollars.
I believe that companies with uninterrupted dividend growth record usually have solid balance sheets and strong cash flows. So, these strategies outperform the market over time and also provide stability and downside protection during market downturns, in addition to growing income streams.
The ETF doesn’t have a lot of exposure to rate sensitive sectors and would be a good choice for investors worried about the rising rate environment.
It has a low expense ratio of 0.08%. The ETF had beaten the S&P 500 index since inception in June 2014. It is up 38.7% while SPY has risen 35.6% over the past three years.
Vanguard Dividend Appreciation ETF (VIG)
VIG is the most popular ETF in the dividend space with AUM exceeding $24.8 billion. It is my favorite dividend ETF. Like DGRO, this product also focuses on dividend growth. It holds high quality stocks that have a record of increasing dividends over the past decade.
The product currently holds 185 securities in its basket. The ETF charges just 8 bps in annual fees while its dividend yield is 2.05%.
VIG has delivered a return of 114.6% over the past ten years, compared to SPY’s 110.5% return.
Guggenheim S&P 500 Equal Weight ETF(RSP)
Each of the stocks that make up the S&P 500 index are equally weighted in this product rather than by market capitalization. Due to equal weighting, this product has higher exposure to smaller companies that are more volatile but have higher return potential as well.
At the same time, equal weighting largely reduced single stock risk. Since its inception about 10 years back, the fund has significantly outperformed the broader market. It is up 128%, while SPY is up about 110% over the past ten years.
PowerShares FTSE RAFI US 1000 Portfolio (PRF)
PRF is based on a RAFI index that aims to select stocks based on four fundamental measures-- book value, cash flow, sales and dividends. The 1,000 equities with the highest fundamental strength are weighted by their fundamental scores.
Top holdings include Exxon Mobil, Apple and Chevron but the asset base is pretty well spread out with top 10 holdings accounting for less than 18% of the total. The product has an expense ratio of 39 basis points.
The ETF made its debut in December 2005 and has outperformed the Russell 1000 index since inception. Over the past ten years, PRF is up 118%, compared to SPY’s rise of110.5%.
Guggenheim S&P 500 Pure Value ETF (RPV)
S&P 500 pure style indexes divide one third of S&P 500 market capitalization as ‘Pure Growth and one third as ‘Pure Value’. These two buckets have no overlapping stocks. Index constituents are weighted by their style scores as opposed to market cap. Thus ‘pure’ approaches eliminate any overlap between growth and value.
RPV tracks the S&P 500 Pure Value Index and holds 114 securities in its basket. Deep focus on value stocks is evident from P/E and P/B ratios of 14.96 and 1.49 respectively. It has risen 128% over the past ten years, handily beating the broader market.
Bottom Line
Not all smart beta funds have outperformed their market-cap weighted counterparts. Further they usually have slightly higher expense ratios and many also come with higher trading costs, due to lower volumes.
But some of them have been consistently outperforming and are worth a look due to their excellent strategies. To begin with, investors should use products based on simple and transparent alternative methodologies that are easy to understand and are not too expensive.
More Stock News: Tech Opportunity Worth $386 Billion in 2017From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential.See these stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportSPDR-SP 500 TR (SPY): ETF Research ReportsISHRS-CORE DG (DGRO): ETF Research ReportsVANGD-DIV APPRC (VIG): ETF Research ReportsGUGG-SP5 EQ ETF (RSP): ETF Research ReportsGUGG-SP 500 PV (RPV): ETF Research ReportsPWRSH-FTSE RAFI (PRF): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || 5 Smart Beta ETFs With Brilliant Returns: The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market. They provide low-cost, convenient and transparent way of replicating market returns. But many investors have realized that capitalization weighted indexes are not the most efficient way of investing, at times. On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest through active managers. However, most investors have been disappointed with the performance of active managed funds, as returns generated by them often do not justify the higher costs associated with them. Smart beta strategies seek to combine the best of active and passive investing i.e. outperforming the market while keeping costs low. While not so popular with retail investors yet, they have already become very popular with institutional investors. (Read: Ethereum ETF? The Bitcoin Crushing Digital Currency Explained) What is Smart Beta? In simple words, beta can be defined as the correlation of a securitys return with the market return. Smart beta indexes attempt to select stocks that may have better risk-return performance than the market. Many ETF industry experts do not like the name since the word smart may suggest that the traditional strategies are not so intelligent or rather dumb. They prefer to call these alternative or advanced beta strategies instead of smart. Investors should probably understand that these indexing methods are just different and may be better. There is nothing really smart or intelligent about them. (Read: Buy Top Ranked Apple ETFs on Solid Earnings) This space offers a number of choices to investors, starting from simplest equal-weighting to fundamental weighting which assigns weights to stocks based on their fundamental characteristics such as revenue/earnings, cash flow, dividends etc. Others seek to exploit anomalies present in the market. Story continues Best Smart Beta ETFs Not all these strategies have been able to deliver superior results. Strategies like low volatility, high beta and momentum outperform only in certain market conditions and investors are not very good at market timing. Further, many smart beta strategies are based on market anomalies that disappear if too many investors chase them. (Read: 6 ETFs for a Historically Low Returns) And, while smart beta ETFs follow rules based methodologies, not all are very transparent and simple to understand. Most of them charge high fees for their complicated strategies, which may or may not produce commensurate results. At the same time, there are some smart beta ETFs that follow easy to understand strategies and add value to investor portfolios. These have the potential to outperform the market over the long term. We have highlighted five such excellent smart beta ETFs. iShares Core Dividend Growth ETF (DGRO). The product holds companies that have a history of consistently growing their dividends and are likely to continue growing dividends. Holdings are weighted by dividend dollars. I believe that companies with uninterrupted dividend growth record usually have solid balance sheets and strong cash flows. So, these strategies outperform the market over time and also provide stability and downside protection during market downturns, in addition to growing income streams. The ETF doesnt have a lot of exposure to rate sensitive sectors and would be a good choice for investors worried about the rising rate environment. It has a low expense ratio of 0.08%. The ETF had beaten the S&P 500 index since inception in June 2014. It is up 38.7% while SPY has risen 35.6% over the past three years. Vanguard Dividend Appreciation ETF (VIG) VIG is the most popular ETF in the dividend space with AUM exceeding $24.8 billion. It is my favorite dividend ETF. Like DGRO, this product also focuses on dividend growth. It holds high quality stocks that have a record of increasing dividends over the past decade. The product currently holds 185 securities in its basket. The ETF charges just 8 bps in annual fees while its dividend yield is 2.05%. VIG has delivered a return of 114.6% over the past ten years, compared to SPYs 110.5% return. Guggenheim S&P 500 Equal Weight ETF (RSP) Each of the stocks that make up the S&P 500 index are equally weighted in this product rather than by market capitalization. Due to equal weighting, this product has higher exposure to smaller companies that are more volatile but have higher return potential as well. At the same time, equal weighting largely reduced single stock risk. Since its inception about 10 years back, the fund has significantly outperformed the broader market. It is up 128%, while SPY is up about 110% over the past ten years. PowerShares FTSE RAFI US 1000 Portfolio (PRF) PRF is based on a RAFI index that aims to select stocks based on four fundamental measures-- book value, cash flow, sales and dividends. The 1,000 equities with the highest fundamental strength are weighted by their fundamental scores. Top holdings include Exxon Mobil, Apple and Chevron but the asset base is pretty well spread out with top 10 holdings accounting for less than 18% of the total. The product has an expense ratio of 39 basis points. The ETF made its debut in December 2005 and has outperformed the Russell 1000 index since inception. Over the past ten years, PRF is up 118%, compared to SPYs rise of110.5%. Guggenheim S&P 500 Pure Value ETF (RPV) S&P 500 pure style indexes divide one third of S&P 500 market capitalization as Pure Growth and one third as Pure Value. These two buckets have no overlapping stocks. Index constituents are weighted by their style scores as opposed to market cap. Thus pure approaches eliminate any overlap between growth and value. RPV tracks the S&P 500 Pure Value Index and holds 114 securities in its basket. Deep focus on value stocks is evident from P/E and P/B ratios of 14.96 and 1.49 respectively. It has risen 128% over the past ten years, handily beating the broader market. Bottom Line Not all smart beta funds have outperformed their market-cap weighted counterparts. Further they usually have slightly higher expense ratios and many also come with higher trading costs, due to lower volumes. But some of them have been consistently outperforming and are worth a look due to their excellent strategies. To begin with, investors should use products based on simple and transparent alternative methodologies that are easy to understand and are not too expensive. More Stock News: Tech Opportunity Worth $386 Billion in 2017 From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR-SP 500 TR (SPY): ETF Research Reports ISHRS-CORE DG (DGRO): ETF Research Reports VANGD-DIV APPRC (VIG): ETF Research Reports GUGG-SP5 EQ ETF (RSP): ETF Research Reports GUGG-SP 500 PV (RPV): ETF Research Reports PWRSH-FTSE RAFI (PRF): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Bitcoin, Bitcoin Cash and the “Wise Guys” Bubble: InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Just as each recovery and recession are different, so is each bubble preceding a crash.
Source: Shutterstock
The Internet bubble of the 1990s involved investors lying to one another about the prospects for stocks, pushed into the public market by “wise guys” in the venture capital world. There were losers, but at least we had our eyes wide open. We were warned.
The housing bubble of the last decade was about wise guys trading a lie called mortgage insurance. Those who bought the lie lost homes and fortunes. This was true even for those of us far from the bubble itself.
Popping a bubble creates financial waves. The bigger the bubble, the louder the pop, the bigger the waves. The last popping nearly took down the global economy.
Right now, we’re in what I call a wise guys bubble. Unicorns are at the heart of this bubble. Venture capitalists have convinced their investors that companies likeUberare worth what they claim they are. These values have not been tested in the public market. Those which have been went the way ofSnap Inc(NYSE:SNAP).
Bitcoin, and other cryptocurrencies, are also a part of the wise guy bubble. The programmers, market-makers, traders and boosters behind Bitcoin have convinced many people that encryption keys have real value, that they’re not only money but better than money, because they’re not manipulated by government.
• Should You Buy Bitcoin? 3 Pros, 3 Cons
But they are manipulated by Wise Guys, as we saw this past week with the fork of Bitcoin and Bitcoin Cash.
At a stroke, we are told, $6.3 billion in new value was created. If you had Bitcoins on July 31, you woke up Aug. 3 to find you had both Bitcoins — worth even more than they had been — along with an equal supply of Bitcoin Cash. One BTH for each BTC.
Unless, that is, you had your Bitcoins parked at Coinbase, the largest Bitcoin exchange.Coinbase refused to accept the fork. If you chose a Coinbase wallet the way you would a bank — because it was big and therefore safe — you’re out almost $400 for each Bitcoin you had there.
That’s not all the shenanigans going on at Bitcoin exchanges. Another such exchange, Poloniex, changed its terms of service last week, deciding that it now owned anything its customers said about it on social media. Some critics claimed it was preparing to steal their Bitcoin Cash tokensand keep that money for itself.
There is no Federal Reserve for Bitcoin, or any other cryptocurrency. It’s the way banks were before the creation of the Federal Reserve in 1913, when a “run” meant the bank was running off with the depositors’ money and those who didn’t get out immediately were just out of luck.
Since few unicorns have gone public, investors are also in the dark about the value of their holdings. CB Insights recently counted 209 unicorns witha total valuation of $730 billion, more than the value of the Moscow and Tel Aviv stock exchanges put together.
Compared with this, the $101 billion value of the cryptocurrency market is small. But taken together with unicorns, that’s nearly $850 billion — almost10 times the dollar volumeof stocks trading on the New York Stock Exchange on a given day.
• Bitcoin and Ethereum Price Surge: Are Cryptocurrencies Becoming the New Reality?
That’s also $850 billion in value that is backstopped by no central authority — value that its owners would likely have to recoup in the event of a crash by selling other assets.
When the Wise Guy bubble pops — and it will — the damage to the real economy is going to be massive.
Dana Blankenhorn is a financial and technology journalist. He is the author of the historical mystery romanceThe Reluctant Detective Saves the World, a mystery novel involving Bitcoin, available now at the Amazon Kindle store. Write him [email protected] follow him on Twitter at@danablankenhorn. As of this writing, he did not hold a position in any of the aforementioned securities. To follow the value of crypto currencies, bookmarkhttps://coinmarketcap.com/.
The postBitcoin, Bitcoin Cash and the “Wise Guys” Bubbleappeared first onInvestorPlace. || Bitcoin, Bitcoin Cash and the “Wise Guys” Bubble: InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Just as each recovery and recession are different, so is each bubble preceding a crash.
Source: Shutterstock
The Internet bubble of the 1990s involved investors lying to one another about the prospects for stocks, pushed into the public market by “wise guys” in the venture capital world. There were losers, but at least we had our eyes wide open. We were warned.
The housing bubble of the last decade was about wise guys trading a lie called mortgage insurance. Those who bought the lie lost homes and fortunes. This was true even for those of us far from the bubble itself.
Popping a bubble creates financial waves. The bigger the bubble, the louder the pop, the bigger the waves. The last popping nearly took down the global economy.
Right now, we’re in what I call a wise guys bubble. Unicorns are at the heart of this bubble. Venture capitalists have convinced their investors that companies likeUberare worth what they claim they are. These values have not been tested in the public market. Those which have been went the way ofSnap Inc(NYSE:SNAP).
Bitcoin, and other cryptocurrencies, are also a part of the wise guy bubble. The programmers, market-makers, traders and boosters behind Bitcoin have convinced many people that encryption keys have real value, that they’re not only money but better than money, because they’re not manipulated by government.
• Should You Buy Bitcoin? 3 Pros, 3 Cons
But they are manipulated by Wise Guys, as we saw this past week with the fork of Bitcoin and Bitcoin Cash.
At a stroke, we are told, $6.3 billion in new value was created. If you had Bitcoins on July 31, you woke up Aug. 3 to find you had both Bitcoins — worth even more than they had been — along with an equal supply of Bitcoin Cash. One BTH for each BTC.
Unless, that is, you had your Bitcoins parked at Coinbase, the largest Bitcoin exchange.Coinbase refused to accept the fork. If you chose a Coinbase wallet the way you would a bank — because it was big and therefore safe — you’re out almost $400 for each Bitcoin you had there.
That’s not all the shenanigans going on at Bitcoin exchanges. Another such exchange, Poloniex, changed its terms of service last week, deciding that it now owned anything its customers said about it on social media. Some critics claimed it was preparing to steal their Bitcoin Cash tokensand keep that money for itself.
There is no Federal Reserve for Bitcoin, or any other cryptocurrency. It’s the way banks were before the creation of the Federal Reserve in 1913, when a “run” meant the bank was running off with the depositors’ money and those who didn’t get out immediately were just out of luck.
Since few unicorns have gone public, investors are also in the dark about the value of their holdings. CB Insights recently counted 209 unicorns witha total valuation of $730 billion, more than the value of the Moscow and Tel Aviv stock exchanges put together.
Compared with this, the $101 billion value of the cryptocurrency market is small. But taken together with unicorns, that’s nearly $850 billion — almost10 times the dollar volumeof stocks trading on the New York Stock Exchange on a given day.
• Bitcoin and Ethereum Price Surge: Are Cryptocurrencies Becoming the New Reality?
That’s also $850 billion in value that is backstopped by no central authority — value that its owners would likely have to recoup in the event of a crash by selling other assets.
When the Wise Guy bubble pops — and it will — the damage to the real economy is going to be massive.
Dana Blankenhorn is a financial and technology journalist. He is the author of the historical mystery romanceThe Reluctant Detective Saves the World, a mystery novel involving Bitcoin, available now at the Amazon Kindle store. Write him [email protected] follow him on Twitter at@danablankenhorn. As of this writing, he did not hold a position in any of the aforementioned securities. To follow the value of crypto currencies, bookmarkhttps://coinmarketcap.com/.
The postBitcoin, Bitcoin Cash and the “Wise Guys” Bubbleappeared first onInvestorPlace. || Bitcoin, Bitcoin Cash and the Wise Guys Bubble: InvestorPlace - Stock Market News, Stock Advice & Trading Tips Just as each recovery and recession are different, so is each bubble preceding a crash. Bitcoin, Bitcoin Cash and the "Wise Guys" Bubble Source: Shutterstock The Internet bubble of the 1990s involved investors lying to one another about the prospects for stocks, pushed into the public market by wise guys in the venture capital world. There were losers, but at least we had our eyes wide open. We were warned. The housing bubble of the last decade was about wise guys trading a lie called mortgage insurance. Those who bought the lie lost homes and fortunes. This was true even for those of us far from the bubble itself. Popping a bubble creates financial waves. The bigger the bubble, the louder the pop, the bigger the waves. The last popping nearly took down the global economy. Right now, were in what I call a wise guys bubble. Unicorns are at the heart of this bubble. Venture capitalists have convinced their investors that companies like Uber are worth what they claim they are. These values have not been tested in the public market. Those which have been went the way of Snap Inc (NYSE: SNAP ). Wise Guys Fork Bitcoin Bitcoin, and other cryptocurrencies, are also a part of the wise guy bubble. The programmers, market-makers, traders and boosters behind Bitcoin have convinced many people that encryption keys have real value, that theyre not only money but better than money, because theyre not manipulated by government. Should You Buy Bitcoin? 3 Pros, 3 Cons But they are manipulated by Wise Guys, as we saw this past week with the fork of Bitcoin and Bitcoin Cash. At a stroke, we are told, $6.3 billion in new value was created. If you had Bitcoins on July 31, you woke up Aug. 3 to find you had both Bitcoins worth even more than they had been along with an equal supply of Bitcoin Cash. One BTH for each BTC. Unless, that is, you had your Bitcoins parked at Coinbase, the largest Bitcoin exchange. Coinbase refused to accept the fork . If you chose a Coinbase wallet the way you would a bank because it was big and therefore safe youre out almost $400 for each Bitcoin you had there. Story continues Thats not all the shenanigans going on at Bitcoin exchanges. Another such exchange, Poloniex, changed its terms of service last week, deciding that it now owned anything its customers said about it on social media. Some critics claimed it was preparing to steal their Bitcoin Cash tokens and keep that money for itself . You Could Be Out of Luck There is no Federal Reserve for Bitcoin, or any other cryptocurrency. Its the way banks were before the creation of the Federal Reserve in 1913, when a run meant the bank was running off with the depositors money and those who didnt get out immediately were just out of luck. Since few unicorns have gone public, investors are also in the dark about the value of their holdings. CB Insights recently counted 209 unicorns with a total valuation of $730 billion , more than the value of the Moscow and Tel Aviv stock exchanges put together. Compared with this, the $101 billion value of the cryptocurrency market is small. But taken together with unicorns, thats nearly $850 billion almost 10 times the dollar volume of stocks trading on the New York Stock Exchange on a given day. Bitcoin and Ethereum Price Surge: Are Cryptocurrencies Becoming the New Reality? Thats also $850 billion in value that is backstopped by no central authority value that its owners would likely have to recoup in the event of a crash by selling other assets. When the Wise Guy bubble pops and it will the damage to the real economy is going to be massive. Dana Blankenhorn is a financial and technology journalist. He is the author of the historical mystery romance The Reluctant Detective Saves the World , a mystery novel involving Bitcoin, available now at the Amazon Kindle store. Write him at [email protected] or follow him on Twitter at @danablankenhorn . As of this writing, he did not hold a position in any of the aforementioned securities. To follow the value of crypto currencies, bookmark https://coinmarketcap.com/ . The post Bitcoin, Bitcoin Cash and the Wise Guys Bubble appeared first on InvestorPlace . || Bitcoin cash is crashing: (Ian MacNicol/Getty Images)
Bitcoin cash, the new cryptocurrency, is crashing.
Bitcoin cash has dropped 33%, to $290 a coin, over the past day, according to data from Coinmarketcap.com. That's down from its all-time high of $727 set on Wednesday, a day after its debut.
Meanwhile, bitcoin is up 1.92%, to $2,852.
On Tuesday, bitcoin split in two after a years-long battle in the cryptocurrency community over the rules that should guide bitcoin's network.
That split resulted in the creation ofbitcoin cash, which was spun out of the same blockchain network as bitcoin — almost like a copy of it — but built to process more transactions more quickly.
Many folks in the community think bitcoin cash's price has beeninflated by issues with the technologyunderpinning the coin.
When the cryptocurrency split, investors who stored their bitcoin in digital wallets that supported bitcoin cash received one bitcoin cash coin for every bitcoin. But many of them can't access their bitcoin cash coins, so they can't transfer them to exchanges where they can actively be bought and sold.
According to Aaron Lasher, the CMO of Breadwallet, a bitcoin wallet, the price of bitcoin cash could drop even further once those coins enter the exchanges, based on simple economics — when more people look to sell a good than to buy it, the price falls.
Samson Mow, the chief strategy officer at Blockstream, told Business Insider the bitcoin cash house of cards could fall apart and that the cryptocurrency was unlikely to "survive at prices above $100 in the long term."
Sebastian Quinn-Watson, a venture partner at Blockchain Global, a bitcoin exchange operator based in Australia, said, "We have some of our key traders telling us that they will be getting out of their BCC positions by 8 August."
August 8 is when SegWit, a software update for the original bitcoin blockchain, is set to go into effect.
"We see 8 August as the day the bell tolls for bitcoin cash," Quinn-Watson said. "If the prices of BCC remain strong post the 8th then it is likely to be a currency for a long period.
"Alternatively, we could see a consolidation in bitcoin and see it run well past its peak," he concluded.
NOW WATCH:Stocks have shrugged off Trump headlines to hit new highs this week
More From Business Insider
• Bitcoin's meteoric rise is costing some investors billions
• Bitcoin cash may be a house of cards that comes crashing down
• Bitcoin's explosive gains could spell good news for stocks || Bitcoin cash is crashing: crash (Ian MacNicol/Getty Images) Bitcoin cash , the new cryptocurrency, is crashing. Bitcoin cash has dropped 33%, to $290 a coin, over the past day, according to data from Coinmarketcap.com. That's down from its all-time high of $727 set on Wednesday, a day after its debut. Meanwhile, bitcoin is up 1.92%, to $2,852. On Tuesday, bitcoin split in two after a years-long battle in the cryptocurrency community over the rules that should guide bitcoin's network. That split resulted in the creation of bitcoin cash , which was spun out of the same blockchain network as bitcoin almost like a copy of it but built to process more transactions more quickly. Many folks in the community think bitcoin cash's price has been inflated by issues with the technology underpinning the coin. When the cryptocurrency split, investors who stored their bitcoin in digital wallets that supported bitcoin cash received one bitcoin cash coin for every bitcoin. But many of them can't access their bitcoin cash coins, so they can't transfer them to exchanges where they can actively be bought and sold. According to Aaron Lasher, the CMO of Breadwallet, a bitcoin wallet, the price of bitcoin cash could drop even further once those coins enter the exchanges, based on simple economics when more people look to sell a good than to buy it, the price falls. Samson Mow, the chief strategy officer at Blockstream, told Business Insider the bitcoin cash house of cards could fall apart and that the cryptocurrency was unlikely to "survive at prices above $100 in the long term." Sebastian Quinn-Watson, a venture partner at Blockchain Global, a bitcoin exchange operator based in Australia, said, "We have some of our key traders telling us that they will be getting out of their BCC positions by 8 August." August 8 is when SegWit, a software update for the original bitcoin blockchain, is set to go into effect. "We see 8 August as the day the bell tolls for bitcoin cash," Quinn-Watson said. "If the prices of BCC remain strong post the 8th then it is likely to be a currency for a long period. Story continues "Alternatively, we could see a consolidation in bitcoin and see it run well past its peak," he concluded. NOW WATCH: Stocks have shrugged off Trump headlines to hit new highs this week More From Business Insider Bitcoin's meteoric rise is costing some investors billions Bitcoin cash may be a house of cards that comes crashing down Bitcoin's explosive gains could spell good news for stocks || Bitcoin cash is crashing: (Ian MacNicol/Getty Images)
Bitcoin cash, the new cryptocurrency, is crashing.
Bitcoin cash has dropped 33%, to $290 a coin, over the past day, according to data from Coinmarketcap.com. That's down from its all-time high of $727 set on Wednesday, a day after its debut.
Meanwhile, bitcoin is up 1.92%, to $2,852.
On Tuesday, bitcoin split in two after a years-long battle in the cryptocurrency community over the rules that should guide bitcoin's network.
That split resulted in the creation ofbitcoin cash, which was spun out of the same blockchain network as bitcoin — almost like a copy of it — but built to process more transactions more quickly.
Many folks in the community think bitcoin cash's price has beeninflated by issues with the technologyunderpinning the coin.
When the cryptocurrency split, investors who stored their bitcoin in digital wallets that supported bitcoin cash received one bitcoin cash coin for every bitcoin. But many of them can't access their bitcoin cash coins, so they can't transfer them to exchanges where they can actively be bought and sold.
According to Aaron Lasher, the CMO of Breadwallet, a bitcoin wallet, the price of bitcoin cash could drop even further once those coins enter the exchanges, based on simple economics — when more people look to sell a good than to buy it, the price falls.
Samson Mow, the chief strategy officer at Blockstream, told Business Insider the bitcoin cash house of cards could fall apart and that the cryptocurrency was unlikely to "survive at prices above $100 in the long term."
Sebastian Quinn-Watson, a venture partner at Blockchain Global, a bitcoin exchange operator based in Australia, said, "We have some of our key traders telling us that they will be getting out of their BCC positions by 8 August."
August 8 is when SegWit, a software update for the original bitcoin blockchain, is set to go into effect.
"We see 8 August as the day the bell tolls for bitcoin cash," Quinn-Watson said. "If the prices of BCC remain strong post the 8th then it is likely to be a currency for a long period.
"Alternatively, we could see a consolidation in bitcoin and see it run well past its peak," he concluded.
NOW WATCH:Stocks have shrugged off Trump headlines to hit new highs this week
More From Business Insider
• Bitcoin's meteoric rise is costing some investors billions
• Bitcoin cash may be a house of cards that comes crashing down
• Bitcoin's explosive gains could spell good news for stocks || Coinbase says it will support Bitcoin Cash after all -- but it isn't committed to trading yet: Coinbase,one of the world's largest (if not the) largest cryptocurrency exchanges, has reversed its stance onBitcoin Cashand said it will introduce support for the fork next year.
Coinbase was among numerous exchanges to opt out of trading Bitcoin Cash after it came into existence on August 1 on the grounds that it wasn't proven or safe. Beyond refusing to facilitate trading, Coinbase also said it wouldn't allow customers storing original Bitcoin on its platform to claim their Bitcoin Cash entitlement. Those who wanted it were told to remove their coins and go elsewhere to do that.
But now the company -- which was started by former Airbnb engineer Brian Armstrong (pictured above) and is reportedly raising funding at a $1 billion valuation -- has changed its stance slightly. It told customers via email that it will introduce "support" for Bitcoin Cash by January 1.
"Once supported, customers will be able to withdraw Bitcoin Cash. We'll make a determination at a later date about adding trading support,"Coinbase said.
In other words, let's see what happens before we commit to trading
That's almost certainly a response to anger from Coinbase customers, who threatened to move their coins elsewhere and, in some cases, take legal action over their Bitcoin Cash entitlement.(Tl;dr people like free stuff, especially people who are into crypto.)It is unclear exactly what impact this had on the Coinbase business, but signs aren't great.One analytics firm estimatedthat its cold storage reserves dropped to half of their previous level following customer withdraws.
Yet, despite that,a number of Coinbase investors told Business Insiderthat they aren't overly concerned about the pushback, while the overall future of Bitcoin Cash itself is unclear. Principally that's because the fork has the same mining difficulty as Bitcoin, but a smaller fraction of its hashrate.
Right now, Bitcoin Cash becamethe third largest cryptocurrencybased on total coins in the market on day one, but it's $7 billion market cap trails Bitcoin ($44 billion) and Ethereum ($21 billion) by some way. Its situation may have changed by January, too, while also Coinbase has tended to take a conservative approach to bringing new currencies on.
Right now it offers trading for Bitcoin, Ethereum and Litecoin --the latter of which was only added this past May despite gaining significant attention in 2013. Indeed, Litecoin's founder had been director of engineering at Coinbase for nearly four years before leaving this summer -- that gives some insight into how stringent its policy is.
Note: Article corrected to note that Litecoin founder Charlie Lee is no longer with Coinbase. || Coinbase says it will support Bitcoin Cash after all -- but it isn't committed to trading yet: Coinbase, one of the world's largest (if not the) largest cryptocurrency exchanges, has reversed its stance on Bitcoin Cash and said it will introduce support for the fork next year. Coinbase was among numerous exchanges to opt out of trading Bitcoin Cash after it came into existence on August 1 on the grounds that it wasn't proven or safe. Beyond refusing to facilitate trading, Coinbase also said it wouldn't allow customers storing original Bitcoin on its platform to claim their Bitcoin Cash entitlement. Those who wanted it were told to remove their coins and go elsewhere to do that. But now the company -- which was started by former Airbnb engineer Brian Armstrong (pictured above) and is reportedly raising funding at a $1 billion valuation -- has changed its stance slightly. It told customers via email that it will introduce "support" for Bitcoin Cash by January 1. "Once supported, customers will be able to withdraw Bitcoin Cash. We'll make a determination at a later date about adding trading support," Coinbase said . In other words, let's see what happens before we commit to trading That's almost certainly a response to anger from Coinbase customers, who threatened to move their coins elsewhere and, in some cases, take legal action over their Bitcoin Cash entitlement. (Tl;dr people like free stuff, especially people who are into crypto.) It is unclear exactly what impact this had on the Coinbase business, but signs aren't great. One analytics firm estimated that its cold storage reserves dropped to half of their previous level following customer withdraws. Yet, despite that, a number of Coinbase investors told Business Insider that they aren't overly concerned about the pushback, while the overall future of Bitcoin Cash itself is unclear. Principally that's because the fork has the same mining difficulty as Bitcoin, but a smaller fraction of its hashrate. Right now, Bitcoin Cash became the third largest cryptocurrency based on total coins in the market on day one, but it's $7 billion market cap trails Bitcoin ($44 billion) and Ethereum ($21 billion) by some way. Its situation may have changed by January, too, while also Coinbase has tended to take a conservative approach to bringing new currencies on. Right now it offers trading for Bitcoin, Ethereum and Litecoin -- the latter of which was only added this past May despite gaining significant attention in 2013 . Indeed, Litecoin's founder had been director of engineering at Coinbase for nearly four years before leaving this summer -- that gives some insight into how stringent its policy is. Note: Article corrected to note that Litecoin founder Charlie Lee is no longer with Coinbase. || Coinbase says it will support Bitcoin Cash after all -- but it isn't committed to trading yet: Coinbase,one of the world's largest (if not the) largest cryptocurrency exchanges, has reversed its stance onBitcoin Cashand said it will introduce support for the fork next year.
Coinbase was among numerous exchanges to opt out of trading Bitcoin Cash after it came into existence on August 1 on the grounds that it wasn't proven or safe. Beyond refusing to facilitate trading, Coinbase also said it wouldn't allow customers storing original Bitcoin on its platform to claim their Bitcoin Cash entitlement. Those who wanted it were told to remove their coins and go elsewhere to do that.
But now the company -- which was started by former Airbnb engineer Brian Armstrong (pictured above) and is reportedly raising funding at a $1 billion valuation -- has changed its stance slightly. It told customers via email that it will introduce "support" for Bitcoin Cash by January 1.
"Once supported, customers will be able to withdraw Bitcoin Cash. We'll make a determination at a later date about adding trading support,"Coinbase said.
In other words, let's see what happens before we commit to trading
That's almost certainly a response to anger from Coinbase customers, who threatened to move their coins elsewhere and, in some cases, take legal action over their Bitcoin Cash entitlement.(Tl;dr people like free stuff, especially people who are into crypto.)It is unclear exactly what impact this had on the Coinbase business, but signs aren't great.One analytics firm estimatedthat its cold storage reserves dropped to half of their previous level following customer withdraws.
Yet, despite that,a number of Coinbase investors told Business Insiderthat they aren't overly concerned about the pushback, while the overall future of Bitcoin Cash itself is unclear. Principally that's because the fork has the same mining difficulty as Bitcoin, but a smaller fraction of its hashrate.
Right now, Bitcoin Cash becamethe third largest cryptocurrencybased on total coins in the market on day one, but it's $7 billion market cap trails Bitcoin ($44 billion) and Ethereum ($21 billion) by some way. Its situation may have changed by January, too, while also Coinbase has tended to take a conservative approach to bringing new currencies on.
Right now it offers trading for Bitcoin, Ethereum and Litecoin --the latter of which was only added this past May despite gaining significant attention in 2013. Indeed, Litecoin's founder had been director of engineering at Coinbase for nearly four years before leaving this summer -- that gives some insight into how stringent its policy is.
Note: Article corrected to note that Litecoin founder Charlie Lee is no longer with Coinbase. || Coinbase to Let Users Withdraw Bitcoin Cash After Outcry: The world’s most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner.
The reversal comes after days of tumult asangry Coinbase customersdemanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently tradingaround $400.
Coinbase announced the decision in ablog post, explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers.We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency.
It’s also unclear how Coinbase’s announcement will affecta campaignby a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash.
Get Data Sheet,Fortune’stechnology newsletter.
In the days preceding the arrival of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new currency and advised customers who objected to the policy to withdraw their bitcoins. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds.
Meanwhile, reports suggest a large percentage of Coinbase’s customer base elected to leave prior to August 1, which is when a so-calledforkin bitcoin’s underlying software took place that gave rise to Bitcoin Cash. A graph published by analytics company BlockSeer suggests customers withdrew over half of the $1 worth billion bitcoins stored in Coinbase’s “vault” storage service:
It’s unclear how many of the departing Coinbase customers elected to cash out their bitcoins into dollars or instead to transfer it to other digital wallet services where they would be eligible to receive the Bitcoin Cash immediately. One such company, London-based Blockchain, suggested most customers chose the latter course.
“It’s been a record week for Blockchain,” said a spokesperson for the company.
An earlier version of this story incorrectly suggested customers had withdrawn half of 1 billion bitcoins, not $1 billion worth of bitcoin. || Coinbase to Let Users Withdraw Bitcoin Cash After Outcry: The world’s most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner.
The reversal comes after days of tumult asangry Coinbase customersdemanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently tradingaround $400.
Coinbase announced the decision in ablog post, explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers.We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency.
It’s also unclear how Coinbase’s announcement will affecta campaignby a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash.
Get Data Sheet,Fortune’stechnology newsletter.
In the days preceding the arrival of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new currency and advised customers who objected to the policy to withdraw their bitcoins. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds.
Meanwhile, reports suggest a large percentage of Coinbase’s customer base elected to leave prior to August 1, which is when a so-calledforkin bitcoin’s underlying software took place that gave rise to Bitcoin Cash. A graph published by analytics company BlockSeer suggests customers withdrew over half of the $1 worth billion bitcoins stored in Coinbase’s “vault” storage service:
It’s unclear how many of the departing Coinbase customers elected to cash out their bitcoins into dollars or instead to transfer it to other digital wallet services where they would be eligible to receive the Bitcoin Cash immediately. One such company, London-based Blockchain, suggested most customers chose the latter course.
“It’s been a record week for Blockchain,” said a spokesperson for the company.
An earlier version of this story incorrectly suggested customers had withdrawn half of 1 billion bitcoins, not $1 billion worth of bitcoin. || Coinbase to Let Users Withdraw Bitcoin Cash After Outcry: The world’s most popular digital currency exchange, Coinbase, reversed course on Thursday and announced it would accept a new bitcoin offshoot that was issued to every bitcoin owner. The reversal comes after days of tumult as angry Coinbase customers demanded to know why the company had not released their new currency, called Bitcoin Cash, to them. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is currently trading around $400 . Coinbase announced the decision in a blog post , explaining it wanted to first ensure the company could safely support Bitcoin Cash before developing technology to support it. The exchange said it would start supporting Bitcoin cash begining on Jan. 1, 2018. Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. While the decision to support Bitcoin Cash may placate some Coinbase customers, others are likely to question why the company will take months to do so, even as other digital exchanges support the new currency. It’s also unclear how Coinbase’s announcement will affect a campaign by a group of customers who had vowed to file a class action lawsuit if the company did not permit them to withdraw their Bitcoin Cash. Get Data Sheet , Fortune’s technology newsletter. In the days preceding the arrival of Bitcoin Coin cash, Coinbase made clear it did not intend to support the new currency and advised customers who objected to the policy to withdraw their bitcoins. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds. Story continues Meanwhile, reports suggest a large percentage of Coinbase’s customer base elected to leave prior to August 1, which is when a so-called fork in bitcoin’s underlying software took place that gave rise to Bitcoin Cash. A graph published by analytics company BlockSeer suggests customers withdrew over half of the $1 worth billion bitcoins stored in Coinbase’s “vault” storage service: Prior to the Bitcoin Cash fork, this is what the Coinbase cold storage balance looks like based on our analysis. pic.twitter.com/yZrsvir9rh — BlockSeer (@BlockSeer) August 1, 2017 It’s unclear how many of the departing Coinbase customers elected to cash out their bitcoins into dollars or instead to transfer it to other digital wallet services where they would be eligible to receive the Bitcoin Cash immediately. One such company, London-based Blockchain, suggested most customers chose the latter course. “It’s been a record week for Blockchain,” said a spokesperson for the company. An earlier version of this story incorrectly suggested customers had withdrawn half of 1 billion bitcoins, not $1 billion worth of bitcoin.
[Social Media Buzz]
El bitcoin cotiza a 3210.00$ http://ift.tt/2ufIRuh || Balance till 07-08-2017 00:14:06 UTC in Petya Hackers account is 4.12938375 BTC || BTC Real Time Price: ThePriceOfBTC: $3162.85 #GDAX;
$3173.00 #bitstamp;
$3152.77 #gemini;
$3180.10 #kraken;
$3163.00 #hitbtc;
$3180.61 #cex; || #BTC 24hr Summary:
Last: $3226.92
High: $3335.00
Low: $2873.37
Change: 12.30% | $353.43
Volume: $70,414,250.22
$BTC #Bitcoin #Pricebotspic.twitter.com/nQ9kiDzGoA || Bitcoin - BTC
Price: $3,173.68
Change in 1h: -1.07%
M...
|
3378.94, 3419.94, 3342.47, 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43.
|
[Bitcoin Technical Analysis for 2020-02-16]
Volume: 43374780305, RSI (14-day): 59.58, 50-day EMA: 9040.02, 200-day EMA: 8517.32
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Barron's Picks And Pans: Berkshire Hathaway, Bitcoin, Roku And More: This weekend's Barron's cover story explores what comes next for the empire that Warren Buffet built. Other featured articles present the annual ranking of top fund families, examine regulatory issues at tech giants and review the performance of former Dividend Aristocrats. Also, the prospects for two natural gas picks, a leading cryptocurrency and more. Cover story " Inside Berkshire Hathaway's Future Without Warren Buffett " by Andrew Bary makes a case that as the Oracle of Omaha turns 90 this year, the company he built, Berkshire Hathaway Inc. (NASDAQ: BRK-A ), could be in for a stock-boosting makeover. Sarah Max's " Barron's Top Fund Families of 2019 " shares why MFS Investment Management was the big winner in the Barron's annual ranking of how the industry performed in its actively managed mutual and exchange-traded funds. In " Avoid Natural Gas Stocks Except for These 2 Names ," Avi Salzman points out that most natural-gas stocks look like dismal investments as gas prices plummet. See why Barron's says Cabot Corp (NYSE: CBT ) and one other pick may buck that trend. Regulators and presidential candidates are calling out big tech companies like Amazon.com, Inc. (NASDAQ: AMZN ), but self-imposed checks could be even more painful for the industry, according to " Big Tech's Regulatory Problems Go Deeper Than You Think " by Eric J. Savitz. In Lawrence C. Strauss's "When Dividend Aristocrats Lose Their Status, Their Returns Often Improve," see why the post-Aristocrat performance of some companies is solid, and some resume raising dividends after their membership infraction. Does that include U.S. Bancorp (NYSE: USB )? See also: 7 Ways To Invest In Gold Amid Coronavirus Fears "When Will Bitcoin Go Full Tesla?" by Jack Hough discusses how Tesla Inc (NASDAQ: TSLA ) stock has just had the ride of its life, and Bitcoin could be next as the cryptocurrency approaches a signal that in the past has led to new highs. Aurora Cannabis Inc (NYSE: ACB ) and other big North American cannabis companies could burn through their cash balances in months unless they can raise funds or cut spending. So says Bill Alpert and Connor Smith's "Marijuana Companies Could Burn Through Cash in Months." In "There's No Doubt Roku Is Growing Fast. But Analysts Are Split on the Stock," Nicholas Jasinski suggests that though the latest results from Roku Inc (NASDAQ: ROKU ) blew past their expectations, analysts still must weigh its rapid growth and large, still-untapped market against the stock's rich valuation. Also in this week's Barron's: Whether a stock and bond "twin bubble" is forming Story continues Why silver prices are poised to rise more this year The new director who bought $1 million in stock How a small-cap fund finds exceptional growth overseas Activist investors making moves in restaurant stocks At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Benzinga's Bulls And Bears Of The Week: GM, Luckin, Slack, Tesla And More Benzinga's Bulls And Bears Of The Week: Apple, Comcast, GE, Netflix And More Barron's Picks And Pans: GM, Kraft Heinz, Tesla, Under Armour And More © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Barron's Picks And Pans: Berkshire Hathaway, Bitcoin, Roku And More: This weekend's Barron's cover story explores what comes next for the empire that Warren Buffet built. Other featured articles present the annual ranking of top fund families, examine regulatory issues at tech giants and review the performance of former Dividend Aristocrats. Also, the prospects for two natural gas picks, a leading cryptocurrency and more. Cover story " Inside Berkshire Hathaway's Future Without Warren Buffett " by Andrew Bary makes a case that as the Oracle of Omaha turns 90 this year, the company he built, Berkshire Hathaway Inc. (NASDAQ: BRK-A ), could be in for a stock-boosting makeover. Sarah Max's " Barron's Top Fund Families of 2019 " shares why MFS Investment Management was the big winner in the Barron's annual ranking of how the industry performed in its actively managed mutual and exchange-traded funds. In " Avoid Natural Gas Stocks Except for These 2 Names ," Avi Salzman points out that most natural-gas stocks look like dismal investments as gas prices plummet. See why Barron's says Cabot Corp (NYSE: CBT ) and one other pick may buck that trend. Regulators and presidential candidates are calling out big tech companies like Amazon.com, Inc. (NASDAQ: AMZN ), but self-imposed checks could be even more painful for the industry, according to " Big Tech's Regulatory Problems Go Deeper Than You Think " by Eric J. Savitz. In Lawrence C. Strauss's "When Dividend Aristocrats Lose Their Status, Their Returns Often Improve," see why the post-Aristocrat performance of some companies is solid, and some resume raising dividends after their membership infraction. Does that include U.S. Bancorp (NYSE: USB )? See also: 7 Ways To Invest In Gold Amid Coronavirus Fears "When Will Bitcoin Go Full Tesla?" by Jack Hough discusses how Tesla Inc (NASDAQ: TSLA ) stock has just had the ride of its life, and Bitcoin could be next as the cryptocurrency approaches a signal that in the past has led to new highs. Aurora Cannabis Inc (NYSE: ACB ) and other big North American cannabis companies could burn through their cash balances in months unless they can raise funds or cut spending. So says Bill Alpert and Connor Smith's "Marijuana Companies Could Burn Through Cash in Months." In "There's No Doubt Roku Is Growing Fast. But Analysts Are Split on the Stock," Nicholas Jasinski suggests that though the latest results from Roku Inc (NASDAQ: ROKU ) blew past their expectations, analysts still must weigh its rapid growth and large, still-untapped market against the stock's rich valuation. Also in this week's Barron's: Whether a stock and bond "twin bubble" is forming Story continues Why silver prices are poised to rise more this year The new director who bought $1 million in stock How a small-cap fund finds exceptional growth overseas Activist investors making moves in restaurant stocks At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Benzinga's Bulls And Bears Of The Week: GM, Luckin, Slack, Tesla And More Benzinga's Bulls And Bears Of The Week: Apple, Comcast, GE, Netflix And More Barron's Picks And Pans: GM, Kraft Heinz, Tesla, Under Armour And More © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Barron's Picks And Pans: Berkshire Hathaway, Bitcoin, Roku And More: This weekend's Barron's cover story explores what comes next for the empire that Warren Buffet built. Other featured articles present the annual ranking of top fund families, examine regulatory issues at tech giants and review the performance of former Dividend Aristocrats. Also, the prospects for two natural gas picks, a leading cryptocurrency and more. Cover story " Inside Berkshire Hathaway's Future Without Warren Buffett " by Andrew Bary makes a case that as the Oracle of Omaha turns 90 this year, the company he built, Berkshire Hathaway Inc. (NASDAQ: BRK-A ), could be in for a stock-boosting makeover. Sarah Max's " Barron's Top Fund Families of 2019 " shares why MFS Investment Management was the big winner in the Barron's annual ranking of how the industry performed in its actively managed mutual and exchange-traded funds. In " Avoid Natural Gas Stocks Except for These 2 Names ," Avi Salzman points out that most natural-gas stocks look like dismal investments as gas prices plummet. See why Barron's says Cabot Corp (NYSE: CBT ) and one other pick may buck that trend. Regulators and presidential candidates are calling out big tech companies like Amazon.com, Inc. (NASDAQ: AMZN ), but self-imposed checks could be even more painful for the industry, according to " Big Tech's Regulatory Problems Go Deeper Than You Think " by Eric J. Savitz. In Lawrence C. Strauss's "When Dividend Aristocrats Lose Their Status, Their Returns Often Improve," see why the post-Aristocrat performance of some companies is solid, and some resume raising dividends after their membership infraction. Does that include U.S. Bancorp (NYSE: USB )? See also: 7 Ways To Invest In Gold Amid Coronavirus Fears "When Will Bitcoin Go Full Tesla?" by Jack Hough discusses how Tesla Inc (NASDAQ: TSLA ) stock has just had the ride of its life, and Bitcoin could be next as the cryptocurrency approaches a signal that in the past has led to new highs. Aurora Cannabis Inc (NYSE: ACB ) and other big North American cannabis companies could burn through their cash balances in months unless they can raise funds or cut spending. So says Bill Alpert and Connor Smith's "Marijuana Companies Could Burn Through Cash in Months." In "There's No Doubt Roku Is Growing Fast. But Analysts Are Split on the Stock," Nicholas Jasinski suggests that though the latest results from Roku Inc (NASDAQ: ROKU ) blew past their expectations, analysts still must weigh its rapid growth and large, still-untapped market against the stock's rich valuation. Also in this week's Barron's: Whether a stock and bond "twin bubble" is forming Story continues Why silver prices are poised to rise more this year The new director who bought $1 million in stock How a small-cap fund finds exceptional growth overseas Activist investors making moves in restaurant stocks At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Benzinga's Bulls And Bears Of The Week: GM, Luckin, Slack, Tesla And More Benzinga's Bulls And Bears Of The Week: Apple, Comcast, GE, Netflix And More Barron's Picks And Pans: GM, Kraft Heinz, Tesla, Under Armour And More © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Ethereum Falls 10% In Rout: Investing.com - Ethereum was trading at $259.21 by 19:11 (00:11 GMT) on the Investing.com Index on Sunday, down 10.05% on the day. It was the largest one-day percentage loss since September 24, 2019.
The move downwards pushed Ethereum's market cap down to $28.99B, or 9.77% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $258.89 to $265.09 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a rise in value, as it gained 17.48%. The volume of Ethereum traded in the twenty-four hours to time of writing was $23.45B or 13.93% of the total volume of all cryptocurrencies. It has traded in a range of $217.0203 to $287.9298 in the past 7 days.
At its current price, Ethereum is still down 81.79% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $9,866.7 on the Investing.com Index, down 4.73% on the day.
XRP was trading at $0.30075 on the Investing.com Index, a loss of 11.67%.
Bitcoin's market cap was last at $180.25B or 60.75% of the total cryptocurrency market cap, while XRP's market cap totaled $13.36B or 4.50% of the total cryptocurrency market value.
Related Articles
Coronavirus Spreads and Crypto Rallies, but Not Everything Is Related
Coming to a ConsenSys: JP Morgan Acquisition Paves JPM Coin Growth
Uptrend Broken? Bitcoin Tumbles Below $10K as Greed Hits 6-Month High || Ethereum Falls 10% In Rout: Ethereum Falls 10% In Rout Investing.com - Ethereum was trading at $259.21 by 19:11 (00:11 GMT) on the Investing.com Index on Sunday, down 10.05% on the day. It was the largest one-day percentage loss since September 24, 2019. The move downwards pushed Ethereum's market cap down to $28.99B, or 9.77% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B. Ethereum had traded in a range of $258.89 to $265.09 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a rise in value, as it gained 17.48%. The volume of Ethereum traded in the twenty-four hours to time of writing was $23.45B or 13.93% of the total volume of all cryptocurrencies. It has traded in a range of $217.0203 to $287.9298 in the past 7 days. At its current price, Ethereum is still down 81.79% from its all-time high of $1,423.20 set on January 13, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $9,866.7 on the Investing.com Index, down 4.73% on the day. XRP was trading at $0.30075 on the Investing.com Index, a loss of 11.67%. Bitcoin's market cap was last at $180.25B or 60.75% of the total cryptocurrency market cap, while XRP's market cap totaled $13.36B or 4.50% of the total cryptocurrency market value. Related Articles Coronavirus Spreads and Crypto Rallies, but Not Everything Is Related Coming to a ConsenSys: JP Morgan Acquisition Paves JPM Coin Growth Uptrend Broken? Bitcoin Tumbles Below $10K as Greed Hits 6-Month High || We Think 10-Minute Settlement Is Slow but Thats Crazy, Feat. CoinDesk Researchs Noelle Acheson: CoinDesk Head of Research Noelle Acheson joins the Amun State of Crypto crew to discuss the advantages, disadvantages and eccentricities of crypto markets, exchanges, settlement and more. Listen or subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . In this deep-dive conversation, the group discusses the differences in the market microstructure between the crypto asset industry and traditional capital markets. The guests drew from their experience within traditional capital markets to explain the intricacies of the crypto market micro-structures and price discovery. Related: How Bitcoin Is Used to Promote Human Rights: Stories From Activists and Refugees Listen or subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . Related Stories Mainstream Moments and the CompuServe of Crypto, Feat. Andreas M. Antonopoulos The Top Narratives Driving Crypto Market Growth, Feat. Travis Kling IOHK Opens Cardano Research Lab at University of Wyoming Following $500K Donation || We Think 10-Minute Settlement Is Slow but That’s Crazy, Feat. CoinDesk Research’s Noelle Acheson: CoinDesk Head of Research Noelle Acheson joins theAmun State of Cryptocrew to discuss the advantages, disadvantages and eccentricities of crypto markets, exchanges, settlement and more.
Listen or subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
In this deep-dive conversation, the group discusses the differences in the market microstructure between the crypto asset industry and traditional capital markets. The guests drew from their experience within traditional capital markets to explain the intricacies of the crypto market micro-structures and price discovery.
Related:How Bitcoin Is Used to Promote Human Rights: Stories From Activists and Refugees
Listen or subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
• Mainstream Moments and the CompuServe of Crypto, Feat. Andreas M. Antonopoulos
• The Top Narratives Driving Crypto Market Growth, Feat. Travis Kling
• IOHK Opens Cardano Research Lab at University of Wyoming Following $500K Donation || When Corporations Violate Privacy, They Do Concrete Harm: Lindsey Barrett , a staff attorney at Georgetown Law, does not hold back when she sees bad actors in the tech space. She recently vehemently opposed the Sprint-T-Mobile merger in Slate , warning that “further consolidating an already anti-competitive sector” would make “it easier for those companies to gouge their customers.” Social media companies are making our lives a privacy hell, she says. And Democrats aren’t much better than Republicans when it comes to standing up to Big Tech. Part of the Institute for Public Representation (IPR) Communications & Technology Clinic, Barrett represents non-profits in enforcing and defending public interest laws. We spoke with her as part of our Election 2020 package, covering big issues in tech, where the candidates stand, and what politicians can do about the data abusers. This interview has been edited and condensed. Related: Privacy Laws Are Only as Effective as the Companies Implementing Them Ben Powers: What big questions around tech should we be paying more attention to? Barrett: Corruption is a big one. There’s no major issue where the law isn’t either non-inclusive or deeply skewed towards allowing industry impunity. We can’t change things unless we are able to tamp down on how lobbyists are able to shape policy, and ensure the expertise that Congress has access to is independent. Privacy, particularly consumer privacy, is a really big one under the tech umbrella. So is consumer privacy. Privacy can unfortunately get siloed into talking about Facebook and Google and nothing else. But we’re talking about data that’s collected from us and that law enforcement has access to, in 50 different ways, and none of it is trivial. Lindsey Barrett We’ve progressed a lot in how we characterize privacy problems and the real risks they pose. It’s less and less a tenable or serious position for companies to come out and say that a privacy law would cause the industry and its beautiful innovation to come crumbling down. We know that’s not true. Story continues It’s also a less serious position to say that people “don’t care about privacy” or “because they don’t care, they don’t deserve protections from it.” We’ve had visceral examples demonstrating why that idea isn’t true. We know that ad tech companies and data brokers hoover up every bit of information about us that they can, make assessments of us based on that, and sell them to the highest bidder. Related: US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer We know that those assessments can affect or determine whether we can rent an AirBnB , go to a bar , and afford health insurance or college . None of this is trivial. As the rhetoric moves in a positive direction, we need it reflected in meaningful privacy protections and laws that make it possible for people to sue to vindicate privacy violation, executive liability where appropriate, and measures that would make privacy law something companies take seriously because, not laughing it off because their risks for violating It is so low. We need a basic level of privacy laws that treat privacy as a civil right and a human right. Powers: What are ways that people are harmed by abuses of privacy and data? Barrett: When a company has bad data security practices, that company lets you get hacked, and now you’re subject to identity fraud, with the anxieties about time, money and everything else that entails. Then you have actual safety risks. There’ve been a whole series of stories and investigations into telecom giants selling location data and you can’t come up with a more horrifying safety risk than a bail bondsman (who can have access to that data) deciding he wants to stalk his girlfriend that day. There are concrete and dangerous safety implications to consumer privacy violations. Other harms come in how the data or technology is used. We know many important life decisions are made accessible or mediated through algorithms. The information collected about you determines how you are characterized in ways that you can’t see and won’t have access to. These can impact everything from educational and job opportunities to being able to rent an Airbnb . Powers: How do you give a privacy law teeth? Barrett: A big start is understanding how consumer privacy laws are based on an outmoded understanding of privacy decision making. If you think of privacy rights as a consumer nicety or as a privilege, then you have laws that assume someone will read the privacy policy and make a decision for themselves. That’s how we’ll mediate whether a practice is okay or not, through the acceptance of the privacy policy. But, in so many other consumer protection areas, we acknowledge when people are at a bad informational disadvantage, where they’re not able to assess these kinds of risks. So we make allowances for your right to breathe air that is not full of mold, your right to not be poisoned. Your ability to protect yourself is limited, so we’re not going to leave you at the mercy of having to protect yourself. We realize it’s an artificial choice when we say, ‘oh, well, you didn’t read the privacy policy so you deserve whatever happened to you.’ We need a basic level of privacy laws that treat privacy as a civil right and a human right. We need privacy laws that understand how privacy decision-making is constrained. We need a privacy law that understands how data uses can limit life opportunities. We need a privacy law with penalties that companies take seriously. After the FTC settlements with Facebook and Youtube were reported last year you saw the stock go up . That is a concrete demonstration of how the incentives of our current privacy laws are working. We need better enforcement, whether that’s empowering the FTC, or a new agency. And we need a private right of action, where a plaintiff can bring an action based directly on a public statute, the Constitution, or federal common law. Suing is expensive and it’s hard. Powers: So do privacy plaintiffs not have the right to sue companies that abuse their own privacy agreements? Big “it depends” here. The long answer: It depends on the kind of privacy violation, because many privacy laws do not provide individuals with the right to sue violators, but instead vest enforcement authority solely in an agency and/or state attorney general . Even with a privacy law that has a private right of action, the company might have buried an arbitration clause in its terms of service. Plaintiffs are shunted into a process with no transparency where the company is at a strategic advantage, including the choice of arbitrator and applicable rules. And where privacy-plaintiffs are able to sue, courts have long been unduly parsimonious over their perception of privacy injuries for the purpose of standing doctrine. So, the short answer: rarely. Suing is expensive and it’s hard. Powers: How are campaigns addressing these areas? Barrett: Some candidates have pushed ideas that have become popular and other candidates have seized on those. Elizabeth Warren’s tech proposals have been subsequently embraced by other candidates, which is great because they’re really good ideas. [Bernie] Sanders said that he supported a right to repair after she came out for one. [Andrew] Yang said he supported reviving the Office of Technology Assessment in Congress after she did. And the whole field has had to address the problems of anti-competitiveness and consolidation in the tech sector after she put out her plan to break up big tech. Whether or not they’re committed to the actual full bones of the idea or just like the way it sounds, is another question. Warren and Sanders appreciate the need for broad legal reforms and recognize a broad corruption problem. I find myself gravitating to Warren’s tech-related proposals because of her precision, ambition, and her prioritization of rooting out corruption. Her plans reflect careful deliberations and consultation on niche, but crucial, issues — she was the first to suggest a national right to repair, the first to come out for supporting reviving Congress’s Office of Technology Assessment, and her push for antitrust reform has entirely reshaped the debate. Her anti-corruption reforms are crucial because at the end of the day, the biggest tech policy difficulty isn’t figuring out how to draft effective laws, it’s figuring out how to enact anything meaningful at all when industry has billions of dollars to burn on lobbying Congress, state legislatures, and the FTC and FCC. The biggest difficulty is figuring out how to enact anything meaningful at all when industry has billions of dollars to burn on lobbying Congress, state legislatures, and the FTC and FCC. Sanders has a number of exciting tech policy proposals, and exhibits a clear and necessary capacity to name villains and tackle the biggest policy problems at their root. I’m thrilled that he supports banning law enforcement’s uses of facial recognition; commercial uses are dangerous too, but he’s helping to move the conversation in the right direction. His public broadband plan is sparse on detail but otherwise excellent. And I love that he supports a tax on digital advertising. The digital ecosystem is heavily skewed towards corporate profitability and against meaningful rights for consumers. None of the other candidates have demonstrated a desire to constrain corporate power to the extent that Sanders and Warren have, which gives me little reason to think that their policies will be sufficient to restore any kind of equilibrium to our corporate-friendly tech policy ecosystem. [Pete] Buttigieg criticized Warren’s antitrust plan as being inappropriate for targeting specific companies, which is, well, how antitrust works. His coziness with Sillicon Valley and enthusiasm for a “freedom of choice” framing in healthcare, another area, like privacy, where ‘freedom to choose’ functionally means ‘freedom to be taken advantage of by companies’ also bodes poorly for the kinds of policies he would put forward or support. Yang had put out a number of tech proposals that strike me as ill-considered and unduly corporate-friendly. Framing privacy rights as property rights doubles down on the bad faith bargaining structure created by the consent model of privacy governance, which is the last possible thing privacy policy should be doubling down on. A “department of the attention economy” based in Silicon Valley and designed to foster public-private partnerships is another proposal that reflects a desire to allow the foxes to keep writing the rules for the henhouse, rather than a basic, necessary understanding of how industry self-interest works. His faith in the unique inspiration of private industry ignores everything that the last 30 years of Silicon Valley companies moving fast and breaking things should’ve taught us by now. Powers: You argue that Silicon Valley is just one part of the attack on our privacy? Can you explain? Barrett: By siloing this conversation in Silicon Valley, we’re giving short shrift to companies that are doing the same thing. When it comes to adtech and tracking, AT&T and Verizon are both in the ad tech business. Verizon had the biggest COPPA fine assessed until it was then topped by TikTok and YouTube. They were tracking kids and making money off of them. AT&T is buying reams of regular location data and sex preference information on people from Grindr. These companies are engaging in practices like those of tech companies that are incredibly problematic but they also have their own issues. They’re lobbying against municipal broadband, against any kind of meaningful competition reform, against broadband privacy rules, and against meaningful state and federal privacy legislation. Not to mention getting net neutrality murdered. Related Stories The US Government’s Mixed Signals on Digital Currency Privacy EFF Defends Ex-Kraken Employee’s Right to Post Anonymously About Company || When Corporations Violate Privacy, They Do Concrete Harm: Lindsey Barrett, a staff attorney at Georgetown Law, does not hold back when she sees bad actors in the tech space.
She recently vehemently opposed the Sprint-T-Mobile mergerin Slate, warning that “further consolidating an already anti-competitive sector” would make “it easier for those companies togougetheir customers.” Social media companies are making our lives a privacy hell, she says. And Democrats aren’t much better than Republicans when it comes to standing up to Big Tech.
Part of the Institute for Public Representation (IPR) Communications & Technology Clinic, Barrett represents non-profits in enforcing and defending public interest laws. We spoke with her as part of ourElection 2020package, covering big issues in tech, where the candidates stand, and what politicians can do about the data abusers. This interview has been edited and condensed.
Related:Privacy Laws Are Only as Effective as the Companies Implementing Them
Ben Powers:What big questions around tech should we be paying more attention to?
Barrett:Corruption is a big one. There’s no major issue where the law isn’t either non-inclusive or deeply skewed towards allowing industry impunity. We can’t change things unless we are able to tamp down on how lobbyists are able to shape policy, and ensure the expertise that Congress has access to is independent. Privacy, particularly consumer privacy, is a really big one under the tech umbrella. So is consumer privacy. Privacy can unfortunately get siloed into talking about Facebook and Google and nothing else. But we’re talking about data that’s collected from us and that law enforcement has access to, in 50 different ways, and none of it is trivial.
We’ve progressed a lot in how we characterize privacy problems and the real risks they pose. It’s less and less a tenable or serious position for companies to come out and say that a privacy law would cause the industry and its beautiful innovation to come crumbling down. We know that’s not true.
It’s also a less serious position to say that people “don’t care about privacy” or “because they don’t care, they don’t deserve protections from it.” We’ve had visceral examples demonstrating why that idea isn’t true. We know that ad tech companies and data brokers hoover up every bit of information about us that they can, make assessments of us based on that, and sell them to the highest bidder.
Related:US DOJ Calls Bitcoin Mixing ‘a Crime’ in Arrest of Software Developer
We know that those assessments can affect or determine whether we canrent an AirBnB,go to a bar, and affordhealthinsuranceorcollege. None of this is trivial. As the rhetoric moves in a positive direction, we need it reflected in meaningful privacy protections and laws that make it possible for people to sue to vindicate privacy violation, executive liability where appropriate, and measures that would make privacy law something companies take seriously because, not laughing it off because their risks for violating It is so low.
We need a basic level of privacy laws that treat privacy as a civil right and a human right.
Powers:What are ways that people are harmed by abuses of privacy and data?
Barrett:When a company has bad data security practices, that company lets you get hacked, and now you’re subject to identity fraud, with the anxieties about time, money and everything else that entails. Then you have actual safety risks. There’ve been awhole series of storiesand investigations into telecom giants selling location data and you can’t come up with a more horrifying safety risk than a bail bondsman (who can have access to that data) deciding he wants to stalk his girlfriend that day. There are concrete and dangerous safety implications to consumer privacy violations.
Other harms come in how the data or technology is used. We know many important life decisions are made accessible or mediated through algorithms. The information collected about you determines how you are characterized in ways that you can’t see and won’t have access to. These can impact everything from educational and job opportunities to being able torent an Airbnb.
Powers:How do you give a privacy law teeth?
Barrett:A big start is understanding how consumer privacy laws are based on an outmoded understanding of privacy decision making. If you think of privacy rights as a consumer nicety or as a privilege, then you have laws that assume someone will read the privacy policy and make a decision for themselves. That’s how we’ll mediate whether a practice is okay or not, through the acceptance of the privacy policy.
But, in so many other consumer protection areas, we acknowledge when people are at a bad informational disadvantage, where they’re not able to assess these kinds of risks. So we make allowances for your right to breathe air that is not full of mold, your right to not be poisoned. Your ability to protect yourself is limited, so we’re not going to leave you at the mercy of having to protect yourself. We realize it’s an artificial choice when we say, ‘oh, well, you didn’t read the privacy policy so you deserve whatever happened to you.’
We need a basic level of privacy laws that treat privacy as a civil right and a human right. We need privacy laws that understand how privacy decision-making is constrained. We need a privacy law that understands how data uses can limit life opportunities. We need a privacy law with penalties that companies take seriously. After the FTC settlements with Facebook and Youtube were reported last year you sawthe stock go up. That is a concrete demonstration of how the incentives of our current privacy laws are working. We need better enforcement, whether that’s empowering the FTC, or a new agency. And we need a private right of action, where a plaintiff can bring an action based directly on a public statute, the Constitution, or federal common law.
Suing is expensive and it’s hard.
Powers: So do privacy plaintiffs not have the right to sue companies that abuse their own privacy agreements?
Big “it depends” here. The long answer: It depends on the kind of privacy violation, because many privacy laws do not provide individuals with the right to sue violators, but instead vest enforcement authority solely in an agency and/or state attorney general . Even with a privacy law that has a private right of action, the company might have buried an arbitration clause in its terms of service. Plaintiffs are shunted into a process with no transparency where the company is at a strategic advantage, including the choice of arbitrator and applicable rules. And where privacy-plaintiffs are able to sue, courts have long been unduly parsimonious over their perception of privacy injuries for the purpose of standing doctrine. So, the short answer: rarely. Suing is expensive and it’s hard.
Powers:How are campaigns addressing these areas?
Barrett:Some candidates have pushed ideas that have become popular and other candidates have seized on those. Elizabeth Warren’s tech proposals have been subsequently embraced by other candidates, which is great because they’re really good ideas. [Bernie] Sanders said that he supported a right to repair after she came out for one. [Andrew]Yangsaid he supported reviving the Office of Technology Assessment in Congress after she did. And the whole field has had to address the problems of anti-competitiveness and consolidation in the tech sector after she put out her plan to break up big tech. Whether or not they’re committed to the actual full bones of the idea or just like the way it sounds, is another question. Warren and Sanders appreciate the need for broad legal reforms and recognize a broad corruption problem.
I find myself gravitating to Warren’s tech-related proposals because of her precision, ambition, and her prioritization of rooting out corruption. Her plans reflect careful deliberations and consultation on niche, but crucial, issues — she was the first to suggest a national right to repair, the first to come out for supporting reviving Congress’s Office of Technology Assessment, and her push for antitrust reform has entirely reshaped the debate. Her anti-corruption reforms are crucial because at the end of the day, the biggest tech policy difficulty isn’t figuring out how to draft effective laws, it’s figuring out how to enact anything meaningful at all when industry has billions of dollars to burn on lobbying Congress, state legislatures, and the FTC and FCC.
The biggest difficulty is figuring out how to enact anything meaningful at all when industry has billions of dollars to burn on lobbying Congress, state legislatures, and the FTC and FCC.
Sanders has a number of exciting tech policy proposals, and exhibits a clear and necessary capacity to name villains and tackle the biggest policy problems at their root. I’m thrilled that he supports banning law enforcement’s uses of facial recognition; commercial uses are dangerous too, but he’s helping to move the conversation in the right direction. His public broadband plan is sparse on detail but otherwise excellent. And I love that he supports a tax on digital advertising. The digital ecosystem is heavily skewed towards corporate profitability and against meaningful rights for consumers.
None of the other candidates have demonstrated a desire to constrain corporate power to the extent that Sanders and Warren have, which gives me little reason to think that their policies will be sufficient to restore any kind of equilibrium to our corporate-friendly tech policy ecosystem.
[Pete] Buttigieg criticized Warren’s antitrust plan as being inappropriate for targeting specific companies, which is, well, how antitrust works. His coziness with Sillicon Valley and enthusiasm for a “freedom of choice” framing in healthcare, another area, like privacy, where ‘freedom to choose’ functionally means ‘freedom to be taken advantage of by companies’ also bodes poorly for the kinds of policies he would put forward or support.
Yang had put out a number of tech proposals that strike me as ill-considered and unduly corporate-friendly. Framing privacy rights as property rights doubles down on the bad faith bargaining structure created by the consent model of privacy governance, which is the last possible thing privacy policy should be doubling down on. A “department of the attention economy” based in Silicon Valley and designed to foster public-private partnerships is another proposal that reflects a desire to allow the foxes to keep writing the rules for the henhouse, rather than a basic, necessary understanding of how industry self-interest works. His faith in the unique inspiration of private industry ignores everything that the last 30 years of Silicon Valley companies moving fast and breaking things should’ve taught us by now.
Powers:You argue that Silicon Valley is just one part of the attack on our privacy? Can you explain?
Barrett:By siloing this conversation in Silicon Valley, we’re giving short shrift to companies that are doing the same thing. When it comes to adtech and tracking, AT&T and Verizon are both in the ad tech business. Verizon had the biggest COPPAfineassessed until it was then topped by TikTok and YouTube. They were tracking kids and making money off of them. AT&T isbuying reamsof regular location data and sex preference information on people from Grindr. These companies are engaging in practices like those of tech companies that are incredibly problematic but they also have their own issues. They’re lobbying against municipal broadband, against any kind of meaningful competition reform, against broadband privacy rules, and against meaningful state and federal privacy legislation. Not to mention getting net neutrality murdered.
• The US Government’s Mixed Signals on Digital Currency Privacy
• EFF Defends Ex-Kraken Employee’s Right to Post Anonymously About Company || Ethereum price accelerates towards $300: The price ofEthereum (ETH)has shot up in recent weeks. Since January 1, the coin has more than doubled in price, rising from $130 to its current value of $283.
It has made strong gains againstBitcoin (BTC)too. The coin went from 0.018 BTC to 0.027 BTC in the same timeframe, a 50% increase.
Altcoins are racing past Bitcoin ahead of its halvening
Alongside otherbullish performancesfrom the rest of the altcoin market, this has helped erode Bitcoin's market dominance—its share of the entirecrypto market. Bitcoin's market share has fallen from 68% down to 61% since the start of the year. In contrast, Ethereum's share has bloated from 7.4% to 10%.
As a result, Ethereum looks set to challenge previous highs. Its last peak was at $351 in June 2019, a price value that hadn't been seen since August 2018—on the wane of the crypto bubble. But first it needs to challenge the $300 psychological price point.
Ethereum's not the only top 10 coin in the green today. Theprice of XRPis up three percent, reaching $0.34. It has similarly seen strong growth in recent months, having risen from a low of $0.18 on December 18. || Ethereum price accelerates towards $300: The price of Ethereum (ETH) has shot up in recent weeks. Since January 1, the coin has more than doubled in price, rising from $130 to its current value of $283. It has made strong gains against Bitcoin (BTC) too. The coin went from 0.018 BTC to 0.027 BTC in the same timeframe, a 50% increase. Altcoins are racing past Bitcoin ahead of its halvening Alongside other bullish performances from the rest of the altcoin market, this has helped erode Bitcoin's market dominanceits share of the entire crypto market . Bitcoin's market share has fallen from 68% down to 61% since the start of the year. In contrast, Ethereum's share has bloated from 7.4% to 10%. As a result, Ethereum looks set to challenge previous highs. Its last peak was at $351 in June 2019, a price value that hadn't been seen since August 2018on the wane of the crypto bubble. But first it needs to challenge the $300 psychological price point. Ethereum's not the only top 10 coin in the green today. The price of XRP is up three percent, reaching $0.34. It has similarly seen strong growth in recent months, having risen from a low of $0.18 on December 18. || XRP Climbs Above 0.33620 Level, Up 2%: Investing.com - XRP rose above the $0.33620 threshold on Saturday. XRP was trading at 0.33620 by 08:06 (13:06 GMT) on the Investing.com Index, up 1.71% on the day. It was the largest one-day percentage gain since February 14.
The move upwards pushed XRP's market cap up to $14.68837B, or 4.71% of the total cryptocurrency market cap. At its highest, XRP's market cap was $20.48129B.
XRP had traded in a range of $0.33064 to $0.34553 in the previous twenty-four hours.
Over the past seven days, XRP has seen a rise in value, as it gained 21.06%. The volume of XRP traded in the twenty-four hours to time of writing was $4.12855B or 2.68% of the total volume of all cryptocurrencies. It has traded in a range of $0.2676 to $0.3455 in the past 7 days.
At its current price, XRP is still down 89.78% from its all-time high of $3.29 set on January 4, 2018.
Bitcoin was last at $10,237.5 on the Investing.com Index, down 0.23% on the day.
Ethereum was trading at $282.82 on the Investing.com Index, a gain of 4.26%.
Bitcoin's market cap was last at $186.19522B or 59.76% of the total cryptocurrency market cap, while Ethereum's market cap totaled $30.96346B or 9.94% of the total cryptocurrency market value.
Related Articles
XRP Price Hits 7-Month High as BitMEX Users Reel From 60% Flash Crash
Ethereum Climbs Above 278.97 Level, Up 5%
Japan Uneased by Chinese CBDC, Plans on Digital Yen in ‘2 to 3’ Years || XRP Climbs Above 0.33620 Level, Up 2%: XRP Climbs Above 0.33620 Level, Up 2% Investing.com - XRP rose above the $0.33620 threshold on Saturday. XRP was trading at 0.33620 by 08:06 (13:06 GMT) on the Investing.com Index, up 1.71% on the day. It was the largest one-day percentage gain since February 14. The move upwards pushed XRP's market cap up to $14.68837B, or 4.71% of the total cryptocurrency market cap. At its highest, XRP's market cap was $20.48129B. XRP had traded in a range of $0.33064 to $0.34553 in the previous twenty-four hours. Over the past seven days, XRP has seen a rise in value, as it gained 21.06%. The volume of XRP traded in the twenty-four hours to time of writing was $4.12855B or 2.68% of the total volume of all cryptocurrencies. It has traded in a range of $0.2676 to $0.3455 in the past 7 days. At its current price, XRP is still down 89.78% from its all-time high of $3.29 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $10,237.5 on the Investing.com Index, down 0.23% on the day. Ethereum was trading at $282.82 on the Investing.com Index, a gain of 4.26%. Bitcoin's market cap was last at $186.19522B or 59.76% of the total cryptocurrency market cap, while Ethereum's market cap totaled $30.96346B or 9.94% of the total cryptocurrency market value. Related Articles XRP Price Hits 7-Month High as BitMEX Users Reel From 60% Flash Crash Ethereum Climbs Above 278.97 Level, Up 5% Japan Uneased by Chinese CBDC, Plans on Digital Yen in 2 to 3 Years || Ethereum Climbs Above 278.97 Level, Up 5%: Ethereum Climbs Above 278.97 Level, Up 5% Investing.com - Ethereum rose above the $278.97 threshold on Saturday. Ethereum was trading at 278.97 by 02:30 (07:30 GMT) on the Investing.com Index, up 5.21% on the day. It was the largest one-day percentage gain since February 14. The move upwards pushed Ethereum's market cap up to $30.66B, or 9.87% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B. Ethereum had traded in a range of $277.93 to $287.93 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a rise in value, as it gained 26.11%. The volume of Ethereum traded in the twenty-four hours to time of writing was $23.80B or 14.81% of the total volume of all cryptocurrencies. It has traded in a range of $217.0203 to $287.9298 in the past 7 days. At its current price, Ethereum is still down 80.40% from its all-time high of $1,423.20 set on January 13, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $10,220.1 on the Investing.com Index, up 0.24% on the day. XRP was trading at $0.33321 on the Investing.com Index, a gain of 3.60%. Bitcoin's market cap was last at $186.47B or 60.04% of the total cryptocurrency market cap, while XRP's market cap totaled $14.61B or 4.70% of the total cryptocurrency market value. Related Articles Japan Uneased by Chinese CBDC, Plans on Digital Yen in 2 to 3 Years Governments Begin to Roll Out FATFs Travel Rule Around the Globe Bahamas Digital Dollar to Roll out Across All Islands in H2 2020, Governor Says || Ethereum Climbs Above 278.97 Level, Up 5%: Investing.com - Ethereum rose above the $278.97 threshold on Saturday. Ethereum was trading at 278.97 by 02:30 (07:30 GMT) on the Investing.com Index, up 5.21% on the day. It was the largest one-day percentage gain since February 14.
The move upwards pushed Ethereum's market cap up to $30.66B, or 9.87% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $277.93 to $287.93 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a rise in value, as it gained 26.11%. The volume of Ethereum traded in the twenty-four hours to time of writing was $23.80B or 14.81% of the total volume of all cryptocurrencies. It has traded in a range of $217.0203 to $287.9298 in the past 7 days.
At its current price, Ethereum is still down 80.40% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $10,220.1 on the Investing.com Index, up 0.24% on the day.
XRP was trading at $0.33321 on the Investing.com Index, a gain of 3.60%.
Bitcoin's market cap was last at $186.47B or 60.04% of the total cryptocurrency market cap, while XRP's market cap totaled $14.61B or 4.70% of the total cryptocurrency market value.
Related Articles
Japan Uneased by Chinese CBDC, Plans on Digital Yen in ‘2 to 3’ Years
Governments Begin to Roll Out FATF’s Travel Rule Around the Globe
Bahamas Digital Dollar to Roll out Across All Islands in H2 2020, Governor Says || CFTC Sues Alleged Crypto Ponzi Scammer for $500K Theft: The U.S. Commodity Futures Trading Commission (CFTC) is suing an alleged Ponzi scammer on claims he and his company raised half a million dollars for cryptocurrency investments, which instead went to personal uses. According to a press release , Breonna Clark, otherwise known as Eliot Clark or Alexander Pak, and his firm Venture Capital Investments Ltd. and The Life Group allegedly raised $534,829 from 72 victims, promising to invest funds in bitcoin (BTC), altcoins and foreign currency contracts. Instead, some $400,000 in funds went to personal uses, including the purchase of a BMW. The CFTC is charging Clark with fraud by a commodity pool operator and commodity trading adviser, fraud by deceptive device, failure to register as a commodity pool operator and failure to register as a commodity trading advisor. Related: LabCFTC Wants to Meet FinTech Startups in New York Clark created false account statements to mislead investors and used some of the funds he raised to pay off other investors, an attached complaint claims. A small portion of the funds were ultimately used to trade on the pools behalf. At various times during the Relevant Period, several pool participants requested to withdraw funds from their accounts. In some instances, Clark failed to respond at all to a pool participants request. In other instances, Clark responded with false excuses. Among the false excuses Clark made to pool participants why Defendants could not comply was that the CFTC was conducting an audit,' the complaint said (the CFTC did not conduct an audit). Clark did not return any of the funds raised through the alleged scheme, the complaint said. The press release thanked the Financial Supervision Commission of Bulgaria, Financial Markets Authority of New Zealand, Seychelles Financial Services Authority, St. Vincent and the Grenadines Financial Services Authority and the U.K. Financial Conduct Authority. Related: US Authorities Charge Crypto Trading Club Operators With Defrauding 150 Investors Story continues Read the full complaint below: Related Stories CFTC Asked to Provide Opinion in SEC Case Against Telegram ICO Now More Than Ever, SEC Is Scrutinizing Unregistered Token Offerings || CFTC Sues Alleged Crypto Ponzi Scammer for $500K Theft: The U.S. Commodity Futures Trading Commission (CFTC) is suing an alleged Ponzi scammer on claims he and his company raised half a million dollars for cryptocurrency investments, which instead went to personal uses.
Accordingto a press release, Breonna Clark, otherwise known as Eliot Clark or Alexander Pak, and his firm Venture Capital Investments Ltd. and The Life Group allegedly raised $534,829 from 72 victims, promising to invest funds in bitcoin (BTC), altcoins and foreign currency contracts. Instead, some $400,000 in funds went to personal uses, including the purchase of a BMW.
The CFTC is charging Clark with fraud by a commodity pool operator and commodity trading adviser, fraud by deceptive device, failure to register as a commodity pool operator and failure to register as a commodity trading advisor.
Related:LabCFTC Wants to Meet FinTech Startups in New York
Clark created “false account statements” to mislead investors and used some of the funds he raised to pay off other investors,an attached complaintclaims. “A small portion” of the funds were ultimately used to trade on the pool’s behalf.
“At various times during the Relevant Period, several pool participants requested to withdraw funds from their accounts. In some instances, Clark failed to respond at all to a pool participant’s request. In other instances, Clark responded with false excuses. Among the false excuses Clark made to pool participants why Defendants could not comply was that the CFTC was conducting an ‘audit,'” the complaint said (the CFTC did not conduct an audit).
Clark did not return any of the funds raised through the alleged scheme, the complaint said.
The press release thanked the Financial Supervision Commission of Bulgaria, Financial Markets Authority of New Zealand, Seychelles Financial Services Authority, St. Vincent and the Grenadines Financial Services Authority and the U.K. Financial Conduct Authority.
Related:US Authorities Charge Crypto ‘Trading Club’ Operators With Defrauding 150 Investors
Read the full complaint below:
• CFTC Asked to Provide Opinion in SEC Case Against Telegram ICO
• Now More Than Ever, SEC Is Scrutinizing Unregistered Token Offerings || Canopy Growth surges 15% on shrinking losses, CEO says acquisitions won't be an emphasis moving forward: Canopy Growth CEO David Klein had a lot to celebrate on his first earnings call.
Canopy shares (CGC) surged as much as 20% Friday after the world’s largest cannabis companyreported results for its fiscal third quarter, highlighted by shrinking adjusted losses and net revenue that topped analysts’ expectations.
The company also boasted a major improvement to gross margins, which came in at 34%, marking the highest margin benchmark for Canopy since its fiscal first quarter in 2018. That, coupled with its adjusted EBITDA losses shrinking $64 million from last quarter helped strengthen the case that Canopy, under Klein’s leadership, is getting serious about minimizing costs and operating expenses to make good on its 40%-margin goal and path to profitability.
In his first interview as CEO, Klein told Yahoo Finance a large part of delivering on both of those goals moving forward will be avoiding unnecessary expenditures and doubling down on investments that Canopy has already made.
“I think we need to focus on the businesses that we have,” Klein toldYahoo Finance’s YFi PM, praising deals made under his predecessors, including taking a majority stake in sports nutrition company BioSteel and acquiring cosmetics company This Works. “I think right now we’re going through a phase in the cannabis space where we at Canopy need to focus on execution and more-focused execution, meaning we have to pick a couple of areas we intend to win and then we need to make sure we’re investing behind those areas so that we do in fact win in those key profit pools.”
One of those areas of focus identified by his predecessor and former Canopy Growth CEO Bruce Linton was the opportunity in CBD retail products, estimated by research firm Brightfield Group to become a $25 billion market opportunity by 2025. As CEO, Linton not only orchestrated both the This Works acquisition and BioSteel investment to line up adding CBD to various consumer products, butalso doubled the $150 million he planned to pour into hemp-CBD cultivation efforts in the U.S.
Klein made it clear that he still sees the same opportunity Canopy has with CBD efforts, but said future acquisitions that might again expand future losses won’t be a pillar of his regime.
“Our investments will be more in route-to-market, in sales execution, in brand building execution in that marketplace more than it will be in things like M&A,” he said.
As a former CFO at alcohol giant Constellation Brands (STZ), which invested billions in Canopy Growth, Klein is expectedly more aligned with the pressure being applied by Constellation leadership to tighten the purse stings — somethingLinton said was part of his ousting. Constellation Brands CEO Bill Newlands sits on Canopy’s Board, along with five other Constellation-affiliated directors including newly appointed Canopy Board Chair Judy Schmeling, who also serves as Constellation’s audit committee chair.
Klein highlighted that newfound alignment with the board as a positive moving forward and made very clear what he is using as his measurement for success.
“If anything else, what I am trying to do is to build a closer relationship with Constellation to take advantage of their consumer insights, their brand building capabilities, their sales execution capability because we can really benefit from that,” he said. “At the end of the day my job is to create as much value at Canopy Growth as I possibly can so that we actually entice Constellation to exercise their warrants in 2023, which would bring $3.5 billion of cash to Canopy at that time.”
Canopy ended the quarter with roughly $1.73 billion in cash on its balance sheet, which was less than the $2.03 billion it had at the end of the prior quarter. For the time being, however, Klein said his company isn’t facing the same cash concerns some of his cannabis competitors are facing after turning in profitless quarter after profitless quarter.
Zack Guzman is the host ofYFi PMas well as a senior writer and on-air reporter covering entrepreneurship, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter@zGuz.
Read the latest financial and business news from Yahoo Finance
Read more:
Bitcoin could more than double again in 2020 after 30% surge, says Tom Lee
Illinois becomes the latest state to legalize marijuana, these states may follow
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. || Canopy Growth surges 15% on shrinking losses, CEO says acquisitions won't be an emphasis moving forward: Canopy Growth CEO David Klein had a lot to celebrate on his first earnings call. Canopy shares ( CGC ) surged as much as 20% Friday after the world’s largest cannabis company reported results for its fiscal third quarter , highlighted by shrinking adjusted losses and net revenue that topped analysts’ expectations. The company also boasted a major improvement to gross margins, which came in at 34%, marking the highest margin benchmark for Canopy since its fiscal first quarter in 2018. That, coupled with its adjusted EBITDA losses shrinking $64 million from last quarter helped strengthen the case that Canopy, under Klein’s leadership, is getting serious about minimizing costs and operating expenses to make good on its 40%-margin goal and path to profitability. In his first interview as CEO, Klein told Yahoo Finance a large part of delivering on both of those goals moving forward will be avoiding unnecessary expenditures and doubling down on investments that Canopy has already made. “I think we need to focus on the businesses that we have,” Klein told Yahoo Finance’s YFi PM , praising deals made under his predecessors, including taking a majority stake in sports nutrition company BioSteel and acquiring cosmetics company This Works. “I think right now we’re going through a phase in the cannabis space where we at Canopy need to focus on execution and more-focused execution, meaning we have to pick a couple of areas we intend to win and then we need to make sure we’re investing behind those areas so that we do in fact win in those key profit pools.” One of those areas of focus identified by his predecessor and former Canopy Growth CEO Bruce Linton was the opportunity in CBD retail products, estimated by research firm Brightfield Group to become a $25 billion market opportunity by 2025. As CEO, Linton not only orchestrated both the This Works acquisition and BioSteel investment to line up adding CBD to various consumer products, but also doubled the $150 million he planned to pour into hemp-CBD cultivation efforts in the U.S. Klein made it clear that he still sees the same opportunity Canopy has with CBD efforts, but said future acquisitions that might again expand future losses won’t be a pillar of his regime. “Our investments will be more in route-to-market, in sales execution, in brand building execution in that marketplace more than it will be in things like M&A,” he said. Closer ties to Constellation As a former CFO at alcohol giant Constellation Brands ( STZ ), which invested billions in Canopy Growth, Klein is expectedly more aligned with the pressure being applied by Constellation leadership to tighten the purse stings — something Linton said was part of his ousting . Constellation Brands CEO Bill Newlands sits on Canopy’s Board, along with five other Constellation-affiliated directors including newly appointed Canopy Board Chair Judy Schmeling, who also serves as Constellation’s audit committee chair. Story continues “Our investments will be more in route-to-market, in sales execution, in brand building execution in that marketplace more than it will be in things like M&A,” said Canopy Growth CEO David Klein. Credit: Yahoo Finance Klein highlighted that newfound alignment with the board as a positive moving forward and made very clear what he is using as his measurement for success. “If anything else, what I am trying to do is to build a closer relationship with Constellation to take advantage of their consumer insights, their brand building capabilities, their sales execution capability because we can really benefit from that,” he said. “At the end of the day my job is to create as much value at Canopy Growth as I possibly can so that we actually entice Constellation to exercise their warrants in 2023, which would bring $3.5 billion of cash to Canopy at that time.” Canopy ended the quarter with roughly $1.73 billion in cash on its balance sheet, which was less than the $2.03 billion it had at the end of the prior quarter. For the time being, however, Klein said his company isn’t facing the same cash concerns some of his cannabis competitors are facing after turning in profitless quarter after profitless quarter. Zack Guzman is the host of YFi PM as well as a senior writer and on-air reporter covering entrepreneurship, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter @zGuz . Read the latest financial and business news from Yahoo Finance Read more: Bitcoin could more than double again in 2020 after 30% surge, says Tom Lee Illinois becomes the latest state to legalize marijuana, these states may follow Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit . View comments || The Next Big Trend Most Investors Will Miss: Investors are always looking for the next big thing. When they find it, the opportunity can pay out fast, or it can take a couple years to develop. The trades that work out over the longer-term are usually referred to as a market trend.You might be shocked to find out that you missed out on one of the biggest hidden trends over the last year. I'm not talking Apple, Tesla, or even Bitcoin. While those are all very well-known outperformers, what I'm bringing you today was a big secret up until recently. This hidden treasure resides in the often-overlooked commodity asset class, in a segment that you might not have known existed.Many investors think you can only make money in commodities through futures contracts and options. They also mainly think of investing in gold or oil. So it's likely they wouldn't have considered a simple ETF trade in what turned out to be a super-hot commodity: Palladium.What the heck is Palladium???Palladium is a chemical element that is easily found as "PD" on the Periodic Table. The silvery-white metal is used in catalytic convertors to contain engine emissions, by turning them into water vapor or carbon-dioxide. New pollution control innovations for catalytic convertors in cars has helped keep the demand for Palladium strong.With governments mandating emission regulations all over the world, the need for palladium continues to accelerate. Now add in that the element is very rare, the demand is weighing on supply, which has caused the price to skyrocket.
Continued . . .------------------------------------------------------------------------------------------------------This Simple Little-Known Buy Could TRIPLEDon't miss the Sunday deadline to start Zacks' new approach to the overlooked, skyrocketing potential of commodities investing.Now you can get in the easy way. No futures contracts or option moves - just stocks and ETFs.In fact, Zacks expert Jeremy Mullin is about to trigger the portfolio's first move. He predicts it will exceed the breakneck growth of palladium which more than tripled in the last 3 years.Important: Your chance to access this new portfolio endsmidnight Sunday, February 16.Be First to its First Buys >>----------------------------------------------------------------------------------------------------Let's talk numbersPalladium's move started a few years back, but it really didn't take off until late 2018. The Palladium ETF (ticker PALL) was trading at $75 at the start of 2017, when Palladium's actual price was at $750. Since then we have seen a 217% run, with the ETF making 2020 highs at $237.99, or $2427 per ounce. In 2020 alone, the ETF has gone parabolic, already making an almost 30% move higher from the beginning of the year.The fun has likely been had in Palladium and the trade now seems exhausted. There might be some more meat on the bone as traders scramble to cover short positions, forcing a short squeeze even higher. However, the big portion of the move is likely over as the market starts to normalize. You might have missed that big move, but make sure you don't miss the next commodity opportunity.How to take advantage of the next big trendI see a similar move forming for another commodity, one that could be a top performer in 2020. There are comparable supply/demand issues in this particular segment that makes it very compelling over the next few years.Recently, commodities and some stocks have seen big pullbacks due to a systematic risk: The Coronavirus. This tragedy has created an exceptional opportunity for those interested in commodities, one of the hardest hit asset classes over the last month.When the environment normalizes, I expect bullish trends to resume, especially in certain commodity markets as China comes back online.The segment I have identified is on sale right now! And when its trend resumes, we could see the same kind of results in 2020 that Palladium showed investors in 2019.You're invited to take part in the brand-new portfolio service I'm directing,Zacks Commodity Innovators.I will post the single best move to make when the markets re-open after the Presidents Day holiday, Tuesday, February 18th.No need to get involved with futures contracts or complicated option moves.Commodity Innovatorswill only recommend easy-to-trade stocks and ETFs.Our first selection will be an ETF that allows investors to enter a market that most aren't even aware of and have never be exposed to. Make sure you don't miss the opportunity to get in on the hottest commodity trend of 2020.I'm also getting ready to post 2 other moves to take advantage of the Big Rebound that lies ahead.This new portfolio will capitalize both on breaking news and on developing long-term trends. We will minimize our risk without being exposed to the futures market, while keeping the same potential rewards. With the Zacks Rank working for us, we will have a plethora of ETFs and stocks to choose from that will allow us to capture this profit potential.We aim for short-term jumps of +20-40% and also ride trends that could carry us for months and years to gains of +100% and more.Important: Please note that the number of investors who view these moves will be restricted and the deadline to gain access is coming up fast. The portfolio closes to entrySunday, February 16.Be sure to look intoZacks Commodity Innovatorsright now >>Good Investing,JeremyJeremy Mullin is a technical expert with 15 years' experience pinpointing the best times to buy and sell commodities. He is the editor of Zacks' newest portfolio,Commodity Innovators.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment Research
[Social Media Buzz]
None available.
|
9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49.
|
[Bitcoin Technical Analysis for 2015-06-08]
Volume: 23378400, RSI (14-day): 45.69, 50-day EMA: 234.40, 200-day EMA: 256.11
[Wider Market Context]
Gold Price: 1173.20, Gold RSI: 40.28
Oil Price: 58.14, Oil RSI: 48.73
[Recent News (last 7 days)]
Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claim the opposite is true . New Jobs In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index. Some say a large part of that rise can be attributed to the marijuana industry. The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana. Related Link: Marijuana Industry Blazes The Path For A New Kind Of Lawyer Access To Marijuana The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit. Still Some Concern While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in. For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home. Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area. Image Credit: Public Domain See more from Benzinga Have You Met The Bitcoin Booty Girls? AgriScience Makes Smart Soil To Improve Farming Dutch Bank Issues Europe's First Certified Climate Bond © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claimthe opposite is true.
New Jobs
In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index.Some saya large part of that rise can be attributed to the marijuana industry.
The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana.
Related Link:Marijuana Industry Blazes The Path For A New Kind Of Lawyer
Access To Marijuana
The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit.
Still Some Concern
While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in.
For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home.
Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area.
Image Credit: Public Domain
See more from Benzinga
• Have You Met The Bitcoin Booty Girls?
• AgriScience Makes Smart Soil To Improve Farming
• Dutch Bank Issues Europe's First Certified Climate Bond
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: Pixelated Bitcoin symbol made from cubes, mosaic pattern New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have been writing and rewriting those regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process. The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech. While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, told The Wall Street Journal that the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness is shared by a lot of people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns. New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out this full set of regulations released by Lawsky's department. [Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || Your first trade for Friday: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a seller of IWM (NYSE Arca: IWM) . Jon Najarian was a buyer of ARG ( ARG ) . Brian Kelly was a seller of HYG (NYSE Arca: HYG) . Dan Nathan was a buyer of LVS ( LVS ) puts. Trader disclosure: On June 4, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, T, BAC, C, DIS, F, FXI, GE, GM, GOOGL, INTC, KORS, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Jon Najarian is l ong AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARG, ARIA, CA, CBS, CTXS, DE, DRI, EBAY, ETFC, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, MU, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long puts KORS, LC. Today he bought ARG calls, MU calls, CA calls, ETFC calls, and LC puts. Dan Nathan is long LNKD July call fly, LVS July Aug Put Spread, GOOGL June/July Call Spread, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, SPY June put fly, he is short SO Aug calls. Today he sold to close TLT June call butterfly and GOOGL June call fly. Brian Kelly is long DXGE, BTC=, BBRY, U.S. Dollar, he is short Australian Dollar, he is short Canadian Dollar, he is short Yen, he is short Yuan. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a seller of IWM(NYSE Arca: IWM).
Jon Najarian was a buyer of ARG(ARG).
Brian Kelly was a seller of HYG(NYSE Arca: HYG).
Dan Nathan was a buyer of LVS(LVS)puts.
Trader disclosure: On June 4, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, T, BAC, C, DIS, F, FXI, GE, GM, GOOGL, INTC, KORS, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.Jon Najarian is long AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARG, ARIA, CA, CBS, CTXS, DE, DRI, EBAY, ETFC, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, MU, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long puts KORS, LC. Today he bought ARG calls, MU calls, CA calls, ETFC calls, and LC puts.Dan Nathan is long LNKD July call fly, LVS July Aug Put Spread, GOOGL June/July Call Spread, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, SPY June put fly, he is short SO Aug calls. Today he sold to close TLT June call butterfly and GOOGL June call fly.Brian Kelly is long DXGE, BTC=, BBRY, U.S. Dollar, he is short Australian Dollar, he is short Canadian Dollar, he is short Yen, he is short Yuan.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 5 Entrepreneurial Lessons From Uber on Its 5-Year Anniversary: Remember 2010? Justin Bieber was 16 years old and becoming a teen superstar,Breaking Badwas just getting really good, an earthquake devastated Haiti, an explosion on BP’s Deepwater Horizon offshore drilling rig caused the worst oil spill in history and Uber was just a baby.
Five years later, Bieber has grown up and so has Uber.
What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and isvalued at more than $40 billion, with some new estimates reportedly stretching as high north as$50 billion. Along the ride, Uber’s founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth$5.3 billion.
But Uber’s rise to stardom didn’t come without some prettycontroversial detoursincluding a driver beingaccused of raping a passenger in India, an executive who suggested that the ridesharing company shoulddig up personal dirt on journalists who run afoul of the companyand the transportation juggernaut is prettyregularly getting into hot water with regulators around the world.
It’s becoming clear that Kalanick has had some time to think about his maladies, though. On the eve of Uber’s five-year anniversary, hedelivered a speechto employees and drivers where he reflected on where the company has come from, what it’s been through and where it’s headed.
Related:Lyft CMO: Uber Is the Wal-Mart of Transportation. We Aren't.
Here are five takeaways from Kalanick’s speech, which, even if you aren’t sitting at the helm of a $50 billion global Goliath, are worth remembering as you launch and grow your own business.
It might be hard to believe but Uber wasn’t always such a big deal. Just five years ago, the global company was only a four-person team in San Francisco.
“We couldn’t have guessed that this would be something we would do or something in our future but here we are. For a while, Graves [Uber’s head of operations] and I, we could barely keep the lights on and our thoughts in the beginning were really about surviving and making sure we had enough rides with the number of cars we put on the system,” said Kalanick. “We needed to make sure we were surviving, much less thriving.”
Launching a company isn’t always glamorous. But tough times do not mean it’s the end of the road. Keep your head down and pushing toward what you believe in.
If you are dreaming of being the founder of the next Uber, start by zeroing in on a very specific problem that you have. Then fix that problem.
The other founder of Uber, Garrett Camp, who now serves as a chairman of the company, wanted to be able to push a button and get a ride to wherever he wanted to go, says Kalanick. “Uber didn’t begin with any grand ambitions, it began as the answer to that simple question.”
Related:Who Exactly Are Uber's Drivers?
Part of why Uber has experienced such astronomical growth is that consumers are driven by convenience and price. And for many people who need to go from point A to point B, taking a car powered by Uber is often the fastest, most reliable way to get where you need to go.
“Uber is the most affordable transportation choice. In most cities, UberX is half the cost of a taxi and when you factor in parking, insurance and maintenance, commuting with UberX is cheaper than owning a car,” says Kalanick.
For drivers, Uber is also a convenient complement to a busy life already jam packed with obligations -- and squeezed with bills. “These people tell us they drive, because they love the flexibility these jobs provide,” says Kalanick. “What other job out there can you just turn it on when you want to start and off when you want to stop -- whenever you feel like it.”
As you are looking to launch or grow your business, look to solve your customers’ problems in the most efficient and convenient way possible.
Kalanick isn’t known for being a charmer. In fact, quite the opposite. But he also seems to be willing to call out himself -- and his company -- on tone deaf behavior.
“I realize that I can come off as a somewhat fierce advocate for Uber. I also realize that some have used a different ‘A’ word to describe me,” said Kalanick in his speech. “Well, I’ll be the first to admit that I’m not perfect and neither is this company. Like everyone else, we make mistakes.”
This isn’t the first time Uber has made an effort to improve its PR.Six months ago, when Uber announced its $1.2 billion raise, it also expressed its remorse for its arrogance and committed to more sensitive behavior going forward.
Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. That’s life. But don’t think your customers didn’t notice. Fess up, apologize, learn from your mistakes and move on.
Related:Finland's Capital Wants to Do Away With Car Ownership
Uber has had to change the laws (or just flat out ignore them) in order for it to be able to expand. “We’ve faced resistance every step of the way. Nearly every time we try to set up shop in a new city, there’s a powerful industry with powerful allies who try to stop progress — you may have read about it in the news — who try at all costs to protect the status quo,” said Kalanick.
Not all companies are going to be working to rewrite city and state laws to be able to operate, but regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you can’t let that halt your momentum or efforts.
Watch Kalanick’s full remarks below:
Related:The Future of the Sharing Economy Is a World Built Like Bitcoin || 5 Entrepreneurial Lessons From Uber on Its 5-Year Anniversary: Remember 2010? Justin Bieber was 16 years old and becoming a teen superstar, Breaking Bad was just getting really good, an earthquake devastated Haiti, an explosion on BPs Deepwater Horizon offshore drilling rig caused the worst oil spill in history and Uber was just a baby. Five years later, Bieber has grown up and so has Uber. What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and is valued at more than $40 billion , with some new estimates reportedly stretching as high north as $50 billion . Along the ride, Ubers founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth $5.3 billion . But Ubers rise to stardom didnt come without some pretty controversial detours including a driver being accused of raping a passenger in India , an executive who suggested that the ridesharing company should dig up personal dirt on journalists who run afoul of the company and the transportation juggernaut is pretty regularly getting into hot water with regulators around the world . Its becoming clear that Kalanick has had some time to think about his maladies, though. On the eve of Ubers five-year anniversary, he delivered a speech to employees and drivers where he reflected on where the company has come from, what its been through and where its headed. Related: Lyft CMO: Uber Is the Wal-Mart of Transportation. We Aren't. Here are five takeaways from Kalanicks speech, which, even if you arent sitting at the helm of a $50 billion global Goliath, are worth remembering as you launch and grow your own business. 1. Even big companies start small. It might be hard to believe but Uber wasnt always such a big deal. Just five years ago, the global company was only a four-person team in San Francisco. We couldnt have guessed that this would be something we would do or something in our future but here we are. For a while, Graves [Ubers head of operations] and I, we could barely keep the lights on and our thoughts in the beginning were really about surviving and making sure we had enough rides with the number of cars we put on the system, said Kalanick. We needed to make sure we were surviving, much less thriving. Story continues Launching a company isnt always glamorous. But tough times do not mean its the end of the road. Keep your head down and pushing toward what you believe in. 2. Great businesses solve a problem. If you are dreaming of being the founder of the next Uber, start by zeroing in on a very specific problem that you have. Then fix that problem. The other founder of Uber, Garrett Camp, who now serves as a chairman of the company, wanted to be able to push a button and get a ride to wherever he wanted to go, says Kalanick. Uber didnt begin with any grand ambitions, it began as the answer to that simple question. Related: Who Exactly Are Uber's Drivers? 3. Give people a better, cheaper option. Part of why Uber has experienced such astronomical growth is that consumers are driven by convenience and price. And for many people who need to go from point A to point B, taking a car powered by Uber is often the fastest, most reliable way to get where you need to go. Uber is the most affordable transportation choice. In most cities, UberX is half the cost of a taxi and when you factor in parking, insurance and maintenance, commuting with UberX is cheaper than owning a car, says Kalanick. For drivers, Uber is also a convenient complement to a busy life already jam packed with obligations -- and squeezed with bills. These people tell us they drive, because they love the flexibility these jobs provide, says Kalanick. What other job out there can you just turn it on when you want to start and off when you want to stop -- whenever you feel like it. As you are looking to launch or grow your business, look to solve your customers problems in the most efficient and convenient way possible. 4. Admit your mistakes. Kalanick isnt known for being a charmer. In fact, quite the opposite. But he also seems to be willing to call out himself -- and his company -- on tone deaf behavior. I realize that I can come off as a somewhat fierce advocate for Uber. I also realize that some have used a different A word to describe me, said Kalanick in his speech. Well, Ill be the first to admit that Im not perfect and neither is this company. Like everyone else, we make mistakes. This isnt the first time Uber has made an effort to improve its PR. Six months ago, when Uber announced its $1.2 billion raise , it also expressed its remorse for its arrogance and committed to more sensitive behavior going forward. Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. Thats life. But dont think your customers didnt notice. Fess up, apologize, learn from your mistakes and move on. Related: Finland's Capital Wants to Do Away With Car Ownership 5. Roadblocks may slow you down but dont let them stop you. Uber has had to change the laws (or just flat out ignore them) in order for it to be able to expand. Weve faced resistance every step of the way. Nearly every time we try to set up shop in a new city, theres a powerful industry with powerful allies who try to stop progress you may have read about it in the news who try at all costs to protect the status quo, said Kalanick. Not all companies are going to be working to rewrite city and state laws to be able to operate, but regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you cant let that halt your momentum or efforts. Watch Kalanicks full remarks below: Related: The Future of the Sharing Economy Is a World Built Like Bitcoin || Dutch Bank Issues Europe's First Certified Climate Bond: ABN AMRO Bank N.V. , a bank based in the Netherlands, issued the eurozone's first ever green bond on Wednesday, shortly after the Climate Bonds Standard for Low Carbon Buildings was unveiled at an investor meeting in London. The bond represents what many hope will be a growing push to lower carbon emissions throughout Europe and is expected to be the first of many bonds issued with this certification. High Demand Investor interest in the bond caused ABN AMRO to upsize the bond deal from €350 million to €500 million ($556 million USD), making it the largest Certified Climate Bond to have been issued to date. In late May, Australia and New Zealand Banking (ADR) (OTC: ANZBY ) issued its own Certified Climate Bond for A$600 million ($464 million USD). Both bonds were well received by all types of investors, though dedicated green investors made up the majority of the interested parties. Related Link: Is Bitcoin Bad For The Environment? What Does It Mean? A Certified Climate Bond means that the bond has been evaluated by an approved verifying party that ensures that the proceeds of the bond are used to further the development of low carbon buildings. This week at the RI Europe 2015 in London, the standards dictating what projects would qualify for use of Certified Climate Bond funds were unveiled. They included new rules regarding carbon standards for commercial and residential buildings as well as upgrade projects. Interest To Continue Both ANZBY and ABN AMRO saw investors oversubscribing for their green bonds, suggesting that there is a massive market for environmentally conscious investment options. Many expect that the growing number of green investors will prompt more banks to roll out their own Certified Climate Bonds and help push forward the initiative for sustainable construction. Image Credit: Public Domain See more from Benzinga Pre-IPOs Are The New IPOs The Hemp Industry Struggles To Find Its Place New York Issues BitLicense Rules To Mixed Reviews © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Dutch Bank Issues Europe's First Certified Climate Bond: ABN AMRO Bank N.V., a bank based in the Netherlands,issuedthe eurozone's first ever green bond on Wednesday, shortly after the Climate Bonds Standard for Low Carbon Buildings was unveiled at an investor meeting in London.
The bond represents what many hope will be a growing push to lower carbon emissions throughout Europe and is expected to be the first of many bonds issued with this certification.
High Demand
Investor interest in the bond caused ABN AMRO to upsize the bond deal from €350 million to €500 million ($556 million USD), making it the largest Certified Climate Bond to have been issued to date.
In late May,Australia and New Zealand Banking (ADR)(OTC:ANZBY) issued its own Certified Climate Bond for A$600 million ($464 million USD). Both bonds were well received by all types of investors, though dedicated green investors made up the majority of the interested parties.
Related Link: Is Bitcoin Bad For The Environment?
What Does It Mean?
A Certified Climate Bond means that the bond has been evaluated by an approved verifying party that ensures that the proceeds of the bond are used to further the development of low carbon buildings.
This week at the RI Europe 2015 in London, the standards dictating what projects would qualify for use of Certified Climate Bond funds were unveiled.
They included new rules regarding carbon standards for commercial and residential buildings as well as upgrade projects.
Interest To Continue
Both ANZBY and ABN AMRO saw investors oversubscribing for their green bonds, suggesting that there is a massive market for environmentally conscious investment options.
Many expect that the growing number of green investors will prompt more banks to roll out their own Certified Climate Bonds and help push forward the initiative for sustainable construction.
Image Credit: Public Domain
See more from Benzinga
• Pre-IPOs Are The New IPOs
• The Hemp Industry Struggles To Find Its Place
• New York Issues BitLicense Rules To Mixed Reviews
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY --(Marketwired - June 04, 2015) - Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector. As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents. The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang" www.briankellycapital.com , David Berger,Founder and CEO, Digital Currency Council (DCC) , Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (OTCQX: GBTC) . Interviews: Brian Kelly Q: Investorideas.com You have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate? A: Brian Kelly, author of the book "The Bitcoin Big Bang" It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services. Q: Investorideas.com Do you see many publicly-traded stocks in play now and are you hearing of IPO's in the space? A: Brian Kelly, author of the book "The Bitcoin Big Bang" I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs. Q: Investorideas.com With the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency? A: Brian Kelly, author of the book "The Bitcoin Big Bang" A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay. David Berger Q: Investorideas.com Can you give us background on the creation of the Digital Currency Council (DCC) and why you formed it? A: David Berger , Founder and CEO, Digital Currency Council (DCC) The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts. Story continues Q: Investorideas.com With a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now? A: David Berger , Founder and CEO, Digital Currency Council (DCC) We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize. Q: Investorideas.com What do you see as the primary obstacles to the acceptance of digital currency? A: David Berger , Founder and CEO, Digital Currency Council (DCC) It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit. Q: Investorideas.com What do you see for Bitcoin within the next year and over the next 5 years? A: David Berger , Founder and CEO, Digital Currency Council (DCC) The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it. Brad Moynes Q: Investorideas.com What do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin? A: Mr. Brad Moynes, President of Bit-X Financial Corp. The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation. Q: Investorideas.com What do you think are some of the hurdles and obstacles for Bitcoin? A: Mr. Brad Moynes, President of Bit-X Financial Corp Perhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to. Q: Investorideas.com Will your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing? A: Mr. Brad Moynes, President of Bit-X Financial Corp. The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves. There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis. A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases. Michael Sonnenshein Q: Investorideas.com The Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin? A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC) Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse. In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV. In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website, www.grayscale.co Q: Investorideas.com Where does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now? A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (OTCQX: GBTC) Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally. Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better. Bios: Brian Kelly www.briankellycapital.com Brian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World." Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics. A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing. Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers. Brian provides money management services to a select clientele and consults on digital currencies. David Berger, Founder and CEO, Digital Currency Council (DCC) David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight. Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group. Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University. About BIT-X: Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC." www.bitxfin.com About The Bitcoin Investment Trust (OTCQX: GBTC) The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group. About Investorideas.com InvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology. Follow Investorideas.com on Twitter http://twitter.com/#!/Investorideas Follow Investorideas.com on Facebook http://www.facebook.com/Investorideas Sign up for free news alerts at Investorideas.com http://www.investorideas.com/Resources/Newsletter.asp Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info: http://www.investorideas.com/About/News/Clientspecifics.asp and http://www.investorideas.com/About/Disclaimer.asp BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894 . Global investors must adhere to regulations of each country. View comments || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - June 04, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector.
As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents.
The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang"www.briankellycapital.com, David Berger,Founder and CEO,Digital Currency Council (DCC), Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC).
Interviews:
Brian KellyQ: Investorideas.comYou have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services.
Q: Investorideas.comDo you see many publicly-traded stocks in play now and are you hearing of IPO's in the space?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs.
Q: Investorideas.comWith the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay.
David BergerQ: Investorideas.comCan you give us background on the creation of the Digital Currency Council (DCC) and why you formed it?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts.
Q: Investorideas.comWith a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize.
Q: Investorideas.comWhat do you see as the primary obstacles to the acceptance of digital currency?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit.
Q: Investorideas.comWhat do you see for Bitcoin within the next year and over the next 5 years?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it.
Brad MoynesQ: Investorideas.comWhat do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation.
Q: Investorideas.comWhat do you think are some of the hurdles and obstacles for Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial CorpPerhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to.
Q: Investorideas.comWill your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves.
There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis.
A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases.
Michael SonnensheinQ: Investorideas.comThe Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC)Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse.
In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP.
Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV.
In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website,www.grayscale.co
Q: Investorideas.comWhere does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC)Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally.
Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better.
Bios:Brian Kellywww.briankellycapital.comBrian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World."
Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics.
A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers.
Brian provides money management services to a select clientele and consults on digital currencies.
David Berger,Founder and CEO,Digital Currency Council (DCC)David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight.
Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group.
Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University.
About BIT-X:Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."www.bitxfin.com
About The Bitcoin Investment Trust(OTCQX: GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - June 04, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector.
As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents.
The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang"www.briankellycapital.com, David Berger,Founder and CEO,Digital Currency Council (DCC), Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC).
Interviews:
Brian KellyQ: Investorideas.comYou have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services.
Q: Investorideas.comDo you see many publicly-traded stocks in play now and are you hearing of IPO's in the space?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs.
Q: Investorideas.comWith the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay.
David BergerQ: Investorideas.comCan you give us background on the creation of the Digital Currency Council (DCC) and why you formed it?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts.
Q: Investorideas.comWith a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize.
Q: Investorideas.comWhat do you see as the primary obstacles to the acceptance of digital currency?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit.
Q: Investorideas.comWhat do you see for Bitcoin within the next year and over the next 5 years?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it.
Brad MoynesQ: Investorideas.comWhat do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation.
Q: Investorideas.comWhat do you think are some of the hurdles and obstacles for Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial CorpPerhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to.
Q: Investorideas.comWill your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves.
There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis.
A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases.
Michael SonnensheinQ: Investorideas.comThe Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC)Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse.
In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP.
Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV.
In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website,www.grayscale.co
Q: Investorideas.comWhere does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC)Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally.
Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better.
Bios:Brian Kellywww.briankellycapital.comBrian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World."
Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics.
A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers.
Brian provides money management services to a select clientele and consults on digital currencies.
David Berger,Founder and CEO,Digital Currency Council (DCC)David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight.
Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group.
Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University.
About BIT-X:Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."www.bitxfin.com
About The Bitcoin Investment Trust(OTCQX: GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || New York Issues BitLicense Rules To Mixed Reviews: On Wednesday, New York State announced new rules that will govern cryptocurrency-based businesses designed to protect consumers in the increasingly popular digital currency space. The regulations are expected to create a safer environment for consumers, but many bitcoin enthusiasts say that the government's attempt at regulation will stifle growth in the industry. BitLicense The new set of regulations require any company that deals in virtual currencies to obtain a "BitLicense" to prove that it meets the state's guidelines for safeguarding customer funds. The license can only be obtained by firms with adequate security and customer protection standards and anti-money laundering practices in place. Related Link: Should The UK Regulate Bitcoin Wallets? The Benefits Of BitLicenses A spate of high-profile scams involving bitcoin have created a sense of mistrust among the general public when it comes to using cryptocurrencies. The state's regulations could persuade more average investors to use bitcoin as they require more stringent customer protections for bitcoin-based transactions, thus creating a safer space to use the currency. Criticism Others are criticizing the new regulations, saying they are bound to stifle innovation in the cryptocurrency space. The rules say that digital currency firms must gain approval for things like product changes and taking on new controlling investors, something most firms say will waste time and money. These rules could simply add to the red tape associated with starting a new business, and will discourage entrepreneurs from entering the digital currency space. See more from Benzinga Despite Looming Payments, Athens Refuses To Be Blackmailed Manufacturing Is Getting A Technology Makeover Blockchain Could Be Used For Surveillance © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York Issues BitLicense Rules To Mixed Reviews: On Wednesday, New York Stateannouncednew rules that will govern cryptocurrency-based businesses designed to protect consumers in the increasingly popular digital currency space.
The regulations are expected to create a safer environment for consumers, but many bitcoin enthusiasts say that the government's attempt at regulation will stifle growth in the industry.
BitLicense
The new set of regulations require any company that deals in virtual currencies to obtain a "BitLicense" to prove that it meets the state's guidelines for safeguarding customer funds. The license can only be obtained by firms with adequate security and customer protection standards and anti-money laundering practices in place.
Related Link:Should The UK Regulate Bitcoin Wallets?
The Benefits Of BitLicenses
A spate of high-profile scams involving bitcoin have created a sense of mistrust among the general public when it comes to using cryptocurrencies. The state's regulations could persuade more average investors to use bitcoin as they require more stringent customer protections for bitcoin-based transactions, thus creating a safer space to use the currency.
Criticism
Others are criticizing the new regulations, saying they are bound to stifle innovation in the cryptocurrency space. The rules say that digital currency firms must gain approval for things like product changes and taking on new controlling investors, something most firms say will waste time and money. These rules could simply add to the red tape associated with starting a new business, and will discourage entrepreneurs from entering the digital currency space.
See more from Benzinga
• Despite Looming Payments, Athens Refuses To Be Blackmailed
• Manufacturing Is Getting A Technology Makeover
• Blockchain Could Be Used For Surveillance
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a licence from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, whilst failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter licence can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Centre, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programmes, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specialises in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. Story continues But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry.
The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations.
It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense."
"There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington.
The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections.
The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds.
Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked.
Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December.
Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors.
But they would not need approval from the state for every round of venture capital funding or standard software updates.
"We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky.
Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both.
Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations.
He said the group was working with other states "to ensure they do not repeat the mistakes made here."
The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment.
Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies.
The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online.
Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013.
"I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts."
(Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. Story continues But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky)
[Social Media Buzz]
#RDD / #BTC on the exchanges:
Cryptsy: 0.00000004
Bittrex: 0.00000005
Average $9.0E-6 per #reddcoin
12:00:01 || In the last 10 mins, there were arb opps spanning 15 exchange pair(s), yielding profits ranging between $5.00 and $1,175.65 #bitcoin #btc || $224.00 at 07:45 UTC [24h Range: $221.86 - $225.48 Volume: 3896 BTC] || Bitcoin traded at $226.5 USD on BTC-e at 02:00 AM Pacific Time || In the last 10 mins, there were arb opps spanning 21 exchange pair(s), yielding profits ranging between $0.00...
|
229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75.
|
[Bitcoin Technical Analysis for 2021-01-20]
Volume: 66834573161, RSI (14-day): 56.74, 50-day EMA: 29328.39, 200-day EMA: 18642.45
[Wider Market Context]
Gold Price: 1865.90, Gold RSI: 49.92
Oil Price: 53.24, Oil RSI: 69.70
[Recent News (last 7 days)]
Inauguration Day Prop Bets: Length Of Joe Biden's Speech, Lady Gaga's Hair Color And More: On Wednesday, Jan. 20, Joe Biden will be sworn in as the 46th President of the United States. People around the world will be watching this historic transformation of power and people outside the U.S. can do something that Americans can’t do on inauguration day — place wagers on prop bets. Despite the rise of online sports betting in the U.S. from companies like DraftKings Inc (NASDAQ: DKNG ), Penn National Gaming (NASDAQ: PENN ) and FanDuel, Americans are not able to place wagers on political events. See Also: How The Markets Performed On The Last Day Of Trump's Presidency For those outside the U.S. or for anyone curious, here are some of the best prop bets about inauguration day 2021. Length of Joe Biden’s speech: Over 17:30: -150 Under 17:30: +110 Will Bitcoin be up or down on Inauguration Day: Up: -150 Down: +110 Will Joe Biden wear a mask during oath: No: -4000 Yes: +1000 How long will the Pledge of Allegiance be: Under 17.5 seconds: -140 Over 17.5 seconds: Even Will Biden say Scranton: No: -250 Yes: +170 Word count of inauguration speech: Over 1,500 words: -250 Under 1,500 words: +170 Lady Gaga’s primary hair color: White/blonde: -200 Brown: +375 Blue: +400 Pink: +500 Red: +1200 Length of National Anthem: Over 120 seconds: -120 Under 120 seconds: -120 Will Jennifer Lopez sing a cover song: Yes: -200 No: +150 What will Trump be doing during the Inauguration Day ceremony: Playing golf: -200 Tanning: +600 Speaking with Kim-Jong-Un on telephone: +2,500 On a plane to Russia: +5,000 Measuring his hands: +10,000 Odds for the prop bets provided by Oddsshark , Sportsbettingdime and Covers . See more from Benzinga Click here for options trades from Benzinga Michigan Enters Online Sports Betting Game, With Barstool And DraftKings Ready To Roll DraftKings To Launch Super Bowl Prop Bet Show With Bleacher Report © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Inauguration Day Prop Bets: Length Of Joe Biden's Speech, Lady Gaga's Hair Color And More: On Wednesday, Jan. 20, Joe Biden will be sworn in as the 46th President of the United States. People around the world will be watching this historic transformation of power and people outside the U.S. can do something that Americans can’t do on inauguration day — place wagers on prop bets. Despite the rise of online sports betting in the U.S. from companies like DraftKings Inc (NASDAQ: DKNG ), Penn National Gaming (NASDAQ: PENN ) and FanDuel, Americans are not able to place wagers on political events. See Also: How The Markets Performed On The Last Day Of Trump's Presidency For those outside the U.S. or for anyone curious, here are some of the best prop bets about inauguration day 2021. Length of Joe Biden’s speech: Over 17:30: -150 Under 17:30: +110 Will Bitcoin be up or down on Inauguration Day: Up: -150 Down: +110 Will Joe Biden wear a mask during oath: No: -4000 Yes: +1000 How long will the Pledge of Allegiance be: Under 17.5 seconds: -140 Over 17.5 seconds: Even Will Biden say Scranton: No: -250 Yes: +170 Word count of inauguration speech: Over 1,500 words: -250 Under 1,500 words: +170 Lady Gaga’s primary hair color: White/blonde: -200 Brown: +375 Blue: +400 Pink: +500 Red: +1200 Length of National Anthem: Over 120 seconds: -120 Under 120 seconds: -120 Will Jennifer Lopez sing a cover song: Yes: -200 No: +150 What will Trump be doing during the Inauguration Day ceremony: Playing golf: -200 Tanning: +600 Speaking with Kim-Jong-Un on telephone: +2,500 On a plane to Russia: +5,000 Measuring his hands: +10,000 Odds for the prop bets provided by Oddsshark , Sportsbettingdime and Covers . See more from Benzinga Click here for options trades from Benzinga Michigan Enters Online Sports Betting Game, With Barstool And DraftKings Ready To Roll DraftKings To Launch Super Bowl Prop Bet Show With Bleacher Report © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum, Cardano & Tezos - American Wrap: 1/19/2021: Ethereum Price Against Bitcoin Not Looking This Bullish In The Last Three Years Ethereum had a nice run-up to its previous all-time high and hit $1,438 on Binance, just $2 away from it. Ethereum is up by more than 11% against Bitcoin and has reached 15% in market dominance, its highest number since August 2018. Cardano Price Forecast: ADA Must Climb Above Crucial Hurdle To Resume Uptrend Towards $2 Cardano price is up by 153% in the past three weeks after a massive breakout from a crucial pattern on the weekly chart. The digital asset has slowed down in the past 48 hours, but the momentum remains bullish. Tezos Price Prediction: XTZ On Track To $5 Despite Stiff Resistance Ahead It looks like Tezos is trading under a significant resistance trendline which stops the digital asset from rising towards $5. Additionally, XTZ faces a strong short-term selling pressure according to a crucial indicator. See more from Benzinga Click here for options trades from Benzinga Bitcoin, Ethereum & Stellar - American Wrap: 1/18/2021 Bitcoin, Uniswap & Aragon - American Wrap: 1/14/2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Ethereum, Cardano & Tezos - American Wrap: 1/19/2021: Ethereum Price Against Bitcoin Not Looking This Bullish In The Last Three Years
Ethereum had a nice run-up to its previous all-time high and hit $1,438 on Binance, just $2 away from it. Ethereum is up by more than 11% against Bitcoin and has reached 15% in market dominance, its highest number since August 2018.
Cardano Price Forecast: ADA Must Climb Above Crucial Hurdle To Resume Uptrend Towards $2
Cardano price is up by 153% in the past three weeks after a massive breakout from a crucial pattern on the weekly chart. The digital asset has slowed down in the past 48 hours, but the momentum remains bullish.
Tezos Price Prediction: XTZ On Track To $5 Despite Stiff Resistance Ahead
It looks like Tezos is trading under a significant resistance trendline which stops the digital asset from rising towards $5. Additionally, XTZ faces a strong short-term selling pressure according to a crucial indicator.
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin, Ethereum & Stellar - American Wrap: 1/18/2021
• Bitcoin, Uniswap & Aragon - American Wrap: 1/14/2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Stock Market Today: Investors Cheer Yellen Remarks on Stimulus, Taxes: Sitting before Congress for her confirmation hearing, Janet Yellen, President-elect Joe Biden's pick for Treasury secretary, caught the eye of Wall Street as well. The former Federal Reserve chair urged listeners there to act swiftly and strongly on additional COVID-19 aid, saying "The smartest thing we can do is act big." SEE MORE 20 Best Stocks to Buy for the Joe Biden Presidency "President-Elect Biden's nomination of Janet Yellen as Secretary of Treasury was largely seen as a positive by investors," says the Wells Fargo Investment Institute. "Yellen has been a proponent of fiscal stimulus, which benefits the (financial) sector, and she is viewed as being a more moderate choice from a regulation perspective." That helped investors look past a new low point on the coronavirus front – Johns Hopkins reported that America's COVID death toll has surpassed 400,000 – as well as another mixed earnings report from a Big Four bank, this time Bank of America ( BAC , -0.7%), which beat profit expectations but came up short on revenues. The Dow Jones Industrial Average closed 0.4% higher to 30,930, led by American Express ( AXP , +3.8%) and Boeing ( BA , +3.1%). Other action in the stock market today: The S&P 500 gained 0.8% to 3,798. The Russell 2000 rebounded 1.3% to 2,151. Gold futures improved by 0.6% to $1,840.20 per ounce. U.S. crude oil futures bounced back from a rough Friday, jumping 1.2% to settle at $52.98 per barrel. Bitcoin prices, at $36,274 on Monday, improved by 0.4% to $36,433. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) stock chart for 011921 And a reminder: The stock market is open for Inauguration Day. Setting the Political Stage Biden administration policy could set the market's tone early on. The Nasdaq Composite also surged Tuesday, rising 1.5% to 13,197 after Yellen also suggested that Biden was looking to change some aspects of Trump's tax cuts, but not a full repeal. SEE MORE The 21 Best ETFs to Buy for a Prosperous 2021 That's good news for many corporations, but particularly bullish for tech stocks like these 15 picks , and a large number of funds tied to the tech-heavy Nasdaq . John Vail, chief global strategist at Nikko Asset Management, says to keep an eye on Biden's executive orders, too. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock recommendations and other investing advice. "The aggressiveness of (Biden's EOs) will indicate how much Biden wishes to compromise with Republicans in the Senate on the first stimulus bill," he says. "It is possible that if the Orders are not radical and the negotiations are without blame-game rancor, he could get enough Republicans to pass about half of his fiscal requests, which would be positive for the markets." Story continues While value stocks are expected to be a prime beneficiary of stimulus progress, don't count out growth completely. Yes, the investing style could continue to cool after more than a decade of outperforming value, but the pros still see oodles of potential in a number of rapidly expanding companies. Here, we look at 11 growth stocks that could shine in 2021 , even if the market finally does continue a much anticipated rotation into value. Kyle Woodley was long BA and Bitcoin as of this writing. View comments || Stock Market Today: Investors Cheer Yellen Remarks on Stimulus, Taxes: Sitting before Congress for her confirmation hearing, Janet Yellen, President-elect Joe Biden's pick for Treasury secretary, caught the eye of Wall Street as well. The former Federal Reserve chair urged listeners there to act swiftly and strongly on additional COVID-19 aid, saying "The smartest thing we can do is act big." SEE MORE 20 Best Stocks to Buy for the Joe Biden Presidency "President-Elect Biden's nomination of Janet Yellen as Secretary of Treasury was largely seen as a positive by investors," says the Wells Fargo Investment Institute. "Yellen has been a proponent of fiscal stimulus, which benefits the (financial) sector, and she is viewed as being a more moderate choice from a regulation perspective." That helped investors look past a new low point on the coronavirus front – Johns Hopkins reported that America's COVID death toll has surpassed 400,000 – as well as another mixed earnings report from a Big Four bank, this time Bank of America ( BAC , -0.7%), which beat profit expectations but came up short on revenues. The Dow Jones Industrial Average closed 0.4% higher to 30,930, led by American Express ( AXP , +3.8%) and Boeing ( BA , +3.1%). Other action in the stock market today: The S&P 500 gained 0.8% to 3,798. The Russell 2000 rebounded 1.3% to 2,151. Gold futures improved by 0.6% to $1,840.20 per ounce. U.S. crude oil futures bounced back from a rough Friday, jumping 1.2% to settle at $52.98 per barrel. Bitcoin prices, at $36,274 on Monday, improved by 0.4% to $36,433. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) stock chart for 011921 And a reminder: The stock market is open for Inauguration Day. Setting the Political Stage Biden administration policy could set the market's tone early on. The Nasdaq Composite also surged Tuesday, rising 1.5% to 13,197 after Yellen also suggested that Biden was looking to change some aspects of Trump's tax cuts, but not a full repeal. SEE MORE The 21 Best ETFs to Buy for a Prosperous 2021 That's good news for many corporations, but particularly bullish for tech stocks like these 15 picks , and a large number of funds tied to the tech-heavy Nasdaq . John Vail, chief global strategist at Nikko Asset Management, says to keep an eye on Biden's executive orders, too. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock recommendations and other investing advice. "The aggressiveness of (Biden's EOs) will indicate how much Biden wishes to compromise with Republicans in the Senate on the first stimulus bill," he says. "It is possible that if the Orders are not radical and the negotiations are without blame-game rancor, he could get enough Republicans to pass about half of his fiscal requests, which would be positive for the markets." Story continues While value stocks are expected to be a prime beneficiary of stimulus progress, don't count out growth completely. Yes, the investing style could continue to cool after more than a decade of outperforming value, but the pros still see oodles of potential in a number of rapidly expanding companies. Here, we look at 11 growth stocks that could shine in 2021 , even if the market finally does continue a much anticipated rotation into value. Kyle Woodley was long BA and Bitcoin as of this writing. View comments || Bitcoin Is Aiding the Ransomware Industry: What do the smart watch maker Garmin , the Israeli insurer Shirbit , the electronics manufacturer Foxconn , Pennsylvanias Delaware county , the foreign exchange company Travelex , the alcohol producer Campari and the Baltimore Public School system have in common? They were all hit by ransomware attacks in the last year. Boaz Sobrado is a London-based data analyst and cryptocurrency enthusiast. Related: First Mover: What's Next for Ethereum After Cryptocurrency Hits All-Time High Ransomware attacks are when hackers gain access to the computer systems of the victim, and threaten to expose them or render them useless unless the victim pays a ransom. The attacks are increasingly professional. Victims are directed to a user support site where they can chat with the ransomware operators. Sometimes they can see a ticking clock: If the ransom is not paid within 24 hours, the ransom amount doubles. The COVID-19 pandemic forced even reluctant companies to start working remotely, which was a blessing for ransomware operators. The average ransom payment in Q2 2020 was over $178,000 , which is a 60% increase from Q1 2020. Ransomware operators have also improved on their methods. Whereas a few years ago attacks were largely spray-and-pray, hackers are now deliberately picking their targets and adjusting ransom amounts based on what they think those targets can pay. The ransom is often only part of the cost. The Danish facilities company ISS estimated that a ransomware incident in February will end up costing it between $45 million to $75 million in IT upgrades and other measures. These ransoms are almost always paid in bitcoin. It is estimated that ransomware operations will cause $20 billion in damages this year. See also: JP Koning Ban All Ransomware Payments, in Bitcoin or Otherwise Related: Bitcoin Falls 5% Despite Continued Accumulation by Investors The ransomware industry is experiencing rapid growth, and governments are increasingly aware. On Jan. 6, the U.S. Federal Bureau of Investigation (FBI) issued a warning to the private sector about Egreror, a ransomware operator that has affected Barnes & Noble, Kmart and Ubisoft. CoinDesk columnist JP Koning has argued for a government ban on companies paying for ransomware , as a way to reduce the incentive for criminals to engage in these attacks. We are a high-profile hack away from ransomware being a topic in mainstream politics. Story continues We are a high-profile hack away from ransomware being a topic in mainstream politics. The emergence of bitcoin has facilitated a crime that previously was not possible. Yet, there is no reason why the use of bitcoin for ransom should be considered only for online crime. When an American businessman was kidnapped in Costa Rica in 2018, his kidnappers demanded (and received) a ransom in bitcoin . Known cases of kidnapping for bitcoin are rare as of now, but it is just a matter of time until kidnappers understand the product market fit. In fact, bitcoin adoption is growing fastest in countries like in Nigeria , where kidnapping has been called a growth industry . Bitcoin ransom payments may enable new forms of real-world crime. In the past, Somali pirates risked their lives for a ransom payment that had to be airdropped from a helicopter. In the future, pirates may simply steer an explosive-laden, remote-controlled ship next to an oil tanker and tweet a picture with a bitcoin address at the shipping company. Private jets flying out of Davos may find themselves approached by autonomous aircraft threatening to smash into the rudder unless demands are met. See also: Boaz Sobrado DeFi Still Needs a Silk Road Moment Bitcoin is highly liquid, censorship-resistant digital cash. These properties make it attractive for criminals but also pro-democracy activists. The Human Rights Foundation championed bitcoin for its important role in helping protestors in Belarus, Hong Kong and Nigeria. Bitcoin is also gaining acceptance as an effective hedge against inflation and government confiscation on Wall Street. While people like U.S. Rep. Rashida Tlaib, JPMorgans Jamie Dimon and outgoing President Donald Trump continue to criticize digital currencies, the cat is out of the bag. We are living in a world where the second-order effects of permissionless money are evident, and there is no going back. Just ask the CEOs of Garmin, Travelex, Campari or Foxconn. Related Stories Bitcoin Is Aiding the Ransomware Industry Bitcoin Is Aiding the Ransomware Industry || Bitcoin Is Aiding the Ransomware Industry: What do the smart watch makerGarmin, the Israeli insurerShirbit, the electronics manufacturerFoxconn, Pennsylvania’sDelaware county, the foreign exchange companyTravelex, the alcohol producerCampariand theBaltimore Public Schoolsystem have in common?
They were all hit by ransomware attacks in the last year.
Boaz Sobrado is a London-based data analyst and cryptocurrency enthusiast.
Related:First Mover: What's Next for Ethereum After Cryptocurrency Hits All-Time High
Ransomware attacks are when hackers gain access to the computer systems of the victim, and threaten to expose them or render them useless unless the victim pays a ransom. The attacks are increasingly professional. Victims are directed to a “user support” site where they can chat with the ransomware operators. Sometimes they can see a ticking clock: If the ransom is not paid within 24 hours, the ransom amount doubles.
The COVID-19 pandemic forced even reluctant companies to start working remotely, which was a blessing for ransomware operators. Theaverage ransom payment in Q2 2020 was over $178,000, which is a 60% increase from Q1 2020. Ransomware operators have also improved on their methods. Whereas a few years ago attacks were largely “spray-and-pray,” hackers are now deliberately picking their targets and adjusting ransom amounts based on what they think those targets can pay. The ransom is often only part of the cost.
The Danish facilities company ISS estimated that a ransomware incident in February will end upcosting it between $45 million to $75 millionin IT upgrades and other measures. These ransoms are almost always paid in bitcoin. It is estimated that ransomware operationswill cause $20 billion in damagesthis year.
See also: JP Koning –Ban All Ransomware Payments, in Bitcoin or Otherwise
Related:Bitcoin Falls 5% Despite Continued Accumulation by Investors
The ransomware industry is experiencing rapid growth, and governments are increasingly aware. On Jan. 6,the U.S. Federal Bureau of Investigation (FBI) issued a warningto the private sector about Egreror, a ransomware operator that has affected Barnes & Noble, Kmart and Ubisoft. CoinDesk columnist JP Koning has argued for agovernment ban on companies paying for ransomware, as a way to reduce the incentive for criminals to engage in these attacks. We are a high-profile hack away from ransomware being a topic in mainstream politics.
We are a high-profile hack away from ransomware being a topic in mainstream politics.
The emergence ofbitcoinhas facilitated a crime that previously was not possible. Yet, there is no reason why the use of bitcoin for ransom should be considered only for online crime. When an American businessman was kidnapped in Costa Rica in 2018, his kidnappers demanded (and received) aransom in bitcoin. Known cases of kidnapping for bitcoin are rare as of now, but it is just a matter of time until kidnappers understand the product market fit. In fact, bitcoin adoption is growing fastest in countries like inNigeria, where kidnapping has been called “agrowth industry.”
Bitcoin ransom payments may enable new forms of real-world crime. In the past, Somali pirates risked their lives for a ransom payment that had to be airdropped from a helicopter. In the future, pirates may simply steer an explosive-laden, remote-controlled ship next to an oil tanker and tweet a picture with a bitcoin address at the shipping company. Private jets flying out of Davos may find themselves approached by autonomous aircraft threatening to smash into the rudder unless demands are met.
See also: Boaz Sobrado –DeFi Still Needs a Silk Road Moment
Bitcoin is highly liquid, censorship-resistant digital cash. These properties make it attractive for criminals but also pro-democracy activists. The Human Rights Foundation championed bitcoin for its important role in helpingprotestorsin Belarus, Hong Kong and Nigeria. Bitcoin is alsogaining acceptance as an effective hedge against inflationand government confiscation on Wall Street.
While people like U.S. Rep. Rashida Tlaib, JPMorgan’s Jamie Dimon and outgoing President Donald Trump continue to criticize digital currencies, the cat is out of the bag. We are living in a world where the second-order effects of permissionless money are evident, and there is no going back. Just ask the CEOs of Garmin, Travelex, Campari or Foxconn.
• Bitcoin Is Aiding the Ransomware Industry
• Bitcoin Is Aiding the Ransomware Industry || Bitcoin Is Aiding the Ransomware Industry: What do the smart watch makerGarmin, the Israeli insurerShirbit, the electronics manufacturerFoxconn, Pennsylvania’sDelaware county, the foreign exchange companyTravelex, the alcohol producerCampariand theBaltimore Public Schoolsystem have in common?
They were all hit by ransomware attacks in the last year.
Boaz Sobrado is a London-based data analyst and cryptocurrency enthusiast.
Related:First Mover: What's Next for Ethereum After Cryptocurrency Hits All-Time High
Ransomware attacks are when hackers gain access to the computer systems of the victim, and threaten to expose them or render them useless unless the victim pays a ransom. The attacks are increasingly professional. Victims are directed to a “user support” site where they can chat with the ransomware operators. Sometimes they can see a ticking clock: If the ransom is not paid within 24 hours, the ransom amount doubles.
The COVID-19 pandemic forced even reluctant companies to start working remotely, which was a blessing for ransomware operators. Theaverage ransom payment in Q2 2020 was over $178,000, which is a 60% increase from Q1 2020. Ransomware operators have also improved on their methods. Whereas a few years ago attacks were largely “spray-and-pray,” hackers are now deliberately picking their targets and adjusting ransom amounts based on what they think those targets can pay. The ransom is often only part of the cost.
The Danish facilities company ISS estimated that a ransomware incident in February will end upcosting it between $45 million to $75 millionin IT upgrades and other measures. These ransoms are almost always paid in bitcoin. It is estimated that ransomware operationswill cause $20 billion in damagesthis year.
See also: JP Koning –Ban All Ransomware Payments, in Bitcoin or Otherwise
Related:Bitcoin Falls 5% Despite Continued Accumulation by Investors
The ransomware industry is experiencing rapid growth, and governments are increasingly aware. On Jan. 6,the U.S. Federal Bureau of Investigation (FBI) issued a warningto the private sector about Egreror, a ransomware operator that has affected Barnes & Noble, Kmart and Ubisoft. CoinDesk columnist JP Koning has argued for agovernment ban on companies paying for ransomware, as a way to reduce the incentive for criminals to engage in these attacks. We are a high-profile hack away from ransomware being a topic in mainstream politics.
We are a high-profile hack away from ransomware being a topic in mainstream politics.
The emergence ofbitcoinhas facilitated a crime that previously was not possible. Yet, there is no reason why the use of bitcoin for ransom should be considered only for online crime. When an American businessman was kidnapped in Costa Rica in 2018, his kidnappers demanded (and received) aransom in bitcoin. Known cases of kidnapping for bitcoin are rare as of now, but it is just a matter of time until kidnappers understand the product market fit. In fact, bitcoin adoption is growing fastest in countries like inNigeria, where kidnapping has been called “agrowth industry.”
Bitcoin ransom payments may enable new forms of real-world crime. In the past, Somali pirates risked their lives for a ransom payment that had to be airdropped from a helicopter. In the future, pirates may simply steer an explosive-laden, remote-controlled ship next to an oil tanker and tweet a picture with a bitcoin address at the shipping company. Private jets flying out of Davos may find themselves approached by autonomous aircraft threatening to smash into the rudder unless demands are met.
See also: Boaz Sobrado –DeFi Still Needs a Silk Road Moment
Bitcoin is highly liquid, censorship-resistant digital cash. These properties make it attractive for criminals but also pro-democracy activists. The Human Rights Foundation championed bitcoin for its important role in helpingprotestorsin Belarus, Hong Kong and Nigeria. Bitcoin is alsogaining acceptance as an effective hedge against inflationand government confiscation on Wall Street.
While people like U.S. Rep. Rashida Tlaib, JPMorgan’s Jamie Dimon and outgoing President Donald Trump continue to criticize digital currencies, the cat is out of the bag. We are living in a world where the second-order effects of permissionless money are evident, and there is no going back. Just ask the CEOs of Garmin, Travelex, Campari or Foxconn.
• Bitcoin Is Aiding the Ransomware Industry
• Bitcoin Is Aiding the Ransomware Industry || Coinbase acquires crypto builder Bison Trails, deal reported to be above $80M: Cryptocurrency giant Coinbase on Tuesday announced it has acquired Bison Trails, a firm that specializes in building blockchain infrastructure for banks and other companies.
The deal is the latest in a spate of acquisitions for Coinbase, which is slated togo publicin the coming weeks. The company is trying to position itself as the go-to firm for a variety of crypto-related services beyond buying and selling digital assets like Bitcoin.
“[The deal] will help drive one of the greatest transformations in finance in the last hundred years and will drive us closer to achieving our mission of creating an open financial system,” said Coinbase in ablog postannouncing the acquisition.
Coinbase did not provide a dollar figure for the transaction, but a person familiar with the deal said it was the company’s biggest acquisition to date. Prior to Bison Trails, Coinbase’s largest purchase came last May when it bought a brokerage firmcalled Tagomi.That all-stock deal was reported to be worth around $80 million.
Founded in 2018, Brooklyn-based Bison Trails had raised $31 million for various investors, including Coinbase Ventures. The company has not disclosed revenue figures.
In the cryptocurrency world, Bison Trails touts itself as an infrastructure provider, helping other firms stand up features like nodes, which are intrinsic to the blockchain networks on which a variety of crypto protocols, including Bitcoin, operate. Blockchain is a type of software that creates a tamper-proof record of transactions across multiple, far-flung computers.
In an interview withFortune, Joe Lallouz, the CEO and cofounder of Bison Trails, declined to identify the company’s clients. But he said the firm has “around 200” customers in fields ranging from banking to fintech to currency exchanges.
Lallouz says he will stay on at Coinbase for now, though his precise role is still being determined.
For Coinbase, the Bison Trails acquisition is a bet that the current crypto industry boom—which has attracted newfound interest from banks and payment companies like Square—will continue, and that its more esoteric elements will gain traction.
Such elements include node-hosting, and services likestaking, which describes a feature in some newer cryptocurrencies that lets owners vote on how their blockchains are governed. Other recent innovations to the world of cryptocurrency include services that enable people to lend out their crypto, as well as blockchain-basedartandsports collectibles.
Surojit Chatterjee, the chief product officer at Coinbase, toldFortunethat he expects the crypto industry to develop along the lines of the video game industry, which lets anyone—including his 8-year-old son—learn how to build or modify games just by watching YouTube. Chatterjee says this is possible because many of the technical elements of building games are now tucked away in the background, letting users tinker with easy-to-use dashboards.
If Chatterjee’s prediction comes to pass, it will mean a wide variety of companies and consumers will be able to take advantage of blockchain tools that are currently the province of programmers and crypto diehards.
• Biden’s economic plan rests on a daring wager that rates stay low.But watch out if they don’t
• WhyBig Tech regulation is good for private equity, according to one CEO
• Bitcoin bull market sparksboom in crypto news media
• The lesson lenders learned from the Great Recession:Forbearance works
• From a disillusioned youth precariat to state collapse—WEF ranks the risks to our post-COVID world
This story was originally featured onFortune.com || Coinbase acquires crypto builder Bison Trails, deal reported to be above $80M: Cryptocurrency giant Coinbase on Tuesday announced it has acquired Bison Trails, a firm that specializes in building blockchain infrastructure for banks and other companies. The deal is the latest in a spate of acquisitions for Coinbase, which is slated to go public in the coming weeks. The company is trying to position itself as the go-to firm for a variety of crypto-related services beyond buying and selling digital assets like Bitcoin. “[The deal] will help drive one of the greatest transformations in finance in the last hundred years and will drive us closer to achieving our mission of creating an open financial system,” said Coinbase in a blog post announcing the acquisition. Coinbase did not provide a dollar figure for the transaction, but a person familiar with the deal said it was the company’s biggest acquisition to date. Prior to Bison Trails, Coinbase’s largest purchase came last May when it bought a brokerage firm called Tagomi. That all-stock deal was reported to be worth around $80 million. Founded in 2018, Brooklyn-based Bison Trails had raised $31 million for various investors, including Coinbase Ventures. The company has not disclosed revenue figures. In the cryptocurrency world, Bison Trails touts itself as an infrastructure provider, helping other firms stand up features like nodes, which are intrinsic to the blockchain networks on which a variety of crypto protocols, including Bitcoin, operate. Blockchain is a type of software that creates a tamper-proof record of transactions across multiple, far-flung computers. In an interview with Fortune , Joe Lallouz, the CEO and cofounder of Bison Trails, declined to identify the company’s clients. But he said the firm has “around 200” customers in fields ranging from banking to fintech to currency exchanges. Lallouz says he will stay on at Coinbase for now, though his precise role is still being determined. For Coinbase, the Bison Trails acquisition is a bet that the current crypto industry boom—which has attracted newfound interest from banks and payment companies like Square—will continue, and that its more esoteric elements will gain traction. Story continues Such elements include node-hosting, and services like staking , which describes a feature in some newer cryptocurrencies that lets owners vote on how their blockchains are governed. Other recent innovations to the world of cryptocurrency include services that enable people to lend out their crypto, as well as blockchain-based art and sports collectibles . Surojit Chatterjee, the chief product officer at Coinbase, told Fortune that he expects the crypto industry to develop along the lines of the video game industry, which lets anyone—including his 8-year-old son—learn how to build or modify games just by watching YouTube. Chatterjee says this is possible because many of the technical elements of building games are now tucked away in the background, letting users tinker with easy-to-use dashboards. If Chatterjee’s prediction comes to pass, it will mean a wide variety of companies and consumers will be able to take advantage of blockchain tools that are currently the province of programmers and crypto diehards. More must-read finance coverage from Fortune : Biden’s economic plan rests on a daring wager that rates stay low. But watch out if they don’t Why Big Tech regulation is good for private equity , according to one CEO Bitcoin bull market sparks boom in crypto news media The lesson lenders learned from the Great Recession: Forbearance works From a disillusioned youth precariat to state collapse— WEF ranks the risks to our post-COVID world This story was originally featured on Fortune.com || Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal: Ether reached new highs, more people than ever are “long bitcoin” and a debate over bitcoin’s energy consumption is raging.
Out of the ether?Ether(ETH), the native cryptocurrency of the Ethereum blockchain network, hit afresh high of $1,439.33, up $19 from a previous record level of $1,420 in 2018. The currency is up well over 1000% since the initial public sale of ETH in 2015, according to Messari. CoinDesk’s Will Foxley reports ETH has a different value proposition frombitcoin, which has also been on a tear in recent months, due to its programmability, developer-friendly community and legacy of serving as the foundation of some of crypto’s biggest trends including ICOs and DeFi.
Crowds tradeBank of America found that “long bitcoin” is now the most crowded trade among fund managers, finally unseating “long tech.” Essentially this means investors are placing bullish bets on bitcoin – for what I assume is a variety of reasons including bitcoin’s deflationary attributes amid record money printing as well as herd mentality. The survey found that shorting the dollar is now the third most popular trade. Meanwhile, JPMorgan thinks bitcoin needs tocross $40,000again to keep from bleeding investors while South Korean fintech firm Dunamu has revealed a “fear and greed” digital asset index.
Related:First Mover: What's Next for Ethereum After Cryptocurrency Hits All-Time High
Supply the chainThe U.K. National Health Service tapped distributed ledger Hedera Hashgraph and software firm Everyware totrack the temperature of COVID-19 vaccines in cold storage. NHS facilities in the U.K.’s South Warwickshire, Stratford Upon Avon, and Warwick hospitals region will be using the technology initially, with a wider rollout planned as vaccine distribution progresses.
ANOTHER BTC ETP:Is launching on Switzerland’s SIX exchange, this time developed by CoinShares. (CoinDesk)
WHITELISTED:ENJ is the first gaming token to receive (self)-regulatory approval in Japan. (CoinDesk)
UNISWAP UNIVERSITY:Harvard Law Blockchain & FinTech Initiative, a student organization, is the latest “Uni” delegate. (Twitter)
Related:Valid Points: Why Ethereum 2.0 Shifts How Investors Value ETH
LAST DAY:OCC’s Brooks steps down. (Twitter)
FORGOTTEN MILLIONS:Binance unlocked 16 million BNB meant to be released for staff in July 2020. (Decrypt)
666,666:A biblical message was encoded at a recent bitcoin block height corresponding with “the mark of the beast.” (Decrypt)
Consolidation and rotationWith all eyes on ether, which crossed a new all-time high, market analysts are still confident in their assertion that traders areallocating to altcoins. Bitcoin notched two straight days of gains, but is still trapped in the $34,000 and $40,000 range – hovering near $37,000 at press time. “This period of consolidation is building a solid base, giving those who wish to sell bitcoin plenty of time,” according to the cryptocurrency exchange firm Diginex.
Bitcoin batteryWith bitcoin at record levels, a number of critics have come out of the woodwork to present counter-narratives of the recent market rally or reasons why the cryptocurrency should be banned. Of all the age-old critiques of the cryptocurrency, the one that is most damaging, and perhaps most sympathetic to outsiders, is bitcoin’s intense energy consumption.
On Sunday, London-based software engineer Stephen Deihl composed atweet threaddiscussing the environmental impact of bitcoin mining. CitingWolframAlphadata, Diehl claims that the “bitcoin network annually wastes 78 TWh (terrawatt hours),” said to be enough to power “several million U.S. households.”
This is a “giant smoldering Chernobyl sitting at the heart of Silicon Valley,” Diehl writes. He’s not alone. Apple engineer Fredrick Jacobs joined thefracassaying the financial incentives of bitcoin can lead to wasted, “often not green,” energy.
It’s indisputable that bitcoin is a consumptive good. Just asmining goldhas a range of externalities, so does bitcoin. In 2018, the World Economic Forum (WEF) estimated that the global bitcoin network consumes as much energy as Ireland. I’ve also heard Austria and Venezuela as points of comparison. For those who see little value of a distributed, un-censorable currency, this is unconscionable. It’s enough to turn any sane observer into a cryptoKaczynski.
As ever, bitcoin’s supporters have come out to counter these claims. The Schelling point bitcoin champions have landed on this time around is the idea that “bitcoin is a battery.” Not only is bitcoin a store of value, but it could be seen as a useful store of energy.
As CoinShares Chief Strategy Officer Meltem Demirors writes, bitcoin “makes energy mutable, portable, storable and transferable by turning it into money.” In other words, bitcoin is a “battery” because it takes energy and turns it into a currency that can be used to pay for energy later.
There are a boatload of ideological and material assumptions baked into this battery idea. But is it wrong?
At the most basic level, this is precisely the business model of bitcoin miners. The owners and operators of bitcoin’s specialized mining equipment deploy their systems wherever there is cheap, readily available power. These machines solve complex mathematical problems that secure the ~$700 billion network and are rewarded with a bitcoin subsidy.
This payout is then often cashed out to pay the power bills. Complicating this idea slightly, Bitcoin advocate and author Knut Svanholm, an early promulgator of the “bitcoin battery” concept, said: “It is important to remember that it does not convert energy into value directly but rather electricity into digital scarcity. Digital scarcity which then can be programmed to express value.”
This doesn’t address the issue of bitcoin’s energy draw directly, but is a defense of bitcoin as a scarce, valuable asset worth powering. A similar line of defense is to compare bitcoin to other energy-intensive goods or services. What about Netflix? What about Twitter? Are not most internet-based platforms major draws on the power grid with arguably limited usability?
I was born at the tail end of the millennial generation, and as such am painfully aware of the environmental catastrophe humanity is staring down. I turn off the lights when I exit a room. I buy nuts and grains in bulk. In elementary school, I gave a report on recycling and have kept up the habit. I am committed to the idea of using less and preserving more.
It’s for this reason that I want to take bitcoin’s environmental footprint seriously.
The last line of defense (that I’ll cover) is the idea that bitcoin is green, to an extent. It’s frequently claimed that the majority of bitcoin mining is powered by renewable sources. CoinShares estimated, in 2019, that73% of bitcoin’s “energy mix”is from renewables. Others say that a fair amount of bitcoin is mined using energy that would have been otherwise wasted – such as from naturalgas flaring.
“Bitcoin thrives on the margins, where energy is lost or curtailed,” Nic Carterwrotein a CoinDesk op-ed titled “Last Word on Bitcoin’s Energy Consumption.”
Along these lines, WEF argued in 2018 that renewables providers, like wind or solar farms, should consider turning on crypto miners whenever there is a surplus of energy when the sun is shining and the skies a’blowing. “[I]f the grids are overloaded, clean energy is abundantly wasted,” they write. “For every block added to the chain by this method, there will be no accompanying carbon emissions.”
This isn’t a bad idea. But I think there is a blindspot that could also explain one of the weakest claims that bitcoin is green. In short, a block subsidy that’s won by an eco-friendly miner isn’t carbon free, there’s a whole network of miners competing for the same subsidy that may not be plugged into a hydroelectric port.
Bitcoin is wasteful by design. No matter what percentage of hash power is green is besides the point.Proof-of-work is wasteful, and there will always be people that are offended by that. And ideas of coordinating the bitcoin network to turn on and off depending on energy production will never work. Right now, coordinating a network of bitcoin miners is easy, because there is no coordination – people plug in their miners and let them rip.
Underlying the environmental discussion is a presumption of whether bitcoin has any value, and whether that value is worth the cost. Unchained Capitalframedbitcoin’s energy-value in near-apocalyptic terms:
“Future economic stability is fundamentally why there can be no more important source of demand for the consumption of energy than the security of bitcoin’s monetary system, especially when the alternatives (fiat and gold) are structurally flawed.”
It doesn’t have to be so black and white. But when it comes to bitcoin’s future, it’s worth asking what powers bitcoin could disrupt.
• Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal
• Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal || Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal: Ether reached new highs, more people than ever are “long bitcoin” and a debate over bitcoin’s energy consumption is raging.
Out of the ether?Ether(ETH), the native cryptocurrency of the Ethereum blockchain network, hit afresh high of $1,439.33, up $19 from a previous record level of $1,420 in 2018. The currency is up well over 1000% since the initial public sale of ETH in 2015, according to Messari. CoinDesk’s Will Foxley reports ETH has a different value proposition frombitcoin, which has also been on a tear in recent months, due to its programmability, developer-friendly community and legacy of serving as the foundation of some of crypto’s biggest trends including ICOs and DeFi.
Crowds tradeBank of America found that “long bitcoin” is now the most crowded trade among fund managers, finally unseating “long tech.” Essentially this means investors are placing bullish bets on bitcoin – for what I assume is a variety of reasons including bitcoin’s deflationary attributes amid record money printing as well as herd mentality. The survey found that shorting the dollar is now the third most popular trade. Meanwhile, JPMorgan thinks bitcoin needs tocross $40,000again to keep from bleeding investors while South Korean fintech firm Dunamu has revealed a “fear and greed” digital asset index.
Related:First Mover: What's Next for Ethereum After Cryptocurrency Hits All-Time High
Supply the chainThe U.K. National Health Service tapped distributed ledger Hedera Hashgraph and software firm Everyware totrack the temperature of COVID-19 vaccines in cold storage. NHS facilities in the U.K.’s South Warwickshire, Stratford Upon Avon, and Warwick hospitals region will be using the technology initially, with a wider rollout planned as vaccine distribution progresses.
ANOTHER BTC ETP:Is launching on Switzerland’s SIX exchange, this time developed by CoinShares. (CoinDesk)
WHITELISTED:ENJ is the first gaming token to receive (self)-regulatory approval in Japan. (CoinDesk)
UNISWAP UNIVERSITY:Harvard Law Blockchain & FinTech Initiative, a student organization, is the latest “Uni” delegate. (Twitter)
Related:Valid Points: Why Ethereum 2.0 Shifts How Investors Value ETH
LAST DAY:OCC’s Brooks steps down. (Twitter)
FORGOTTEN MILLIONS:Binance unlocked 16 million BNB meant to be released for staff in July 2020. (Decrypt)
666,666:A biblical message was encoded at a recent bitcoin block height corresponding with “the mark of the beast.” (Decrypt)
Consolidation and rotationWith all eyes on ether, which crossed a new all-time high, market analysts are still confident in their assertion that traders areallocating to altcoins. Bitcoin notched two straight days of gains, but is still trapped in the $34,000 and $40,000 range – hovering near $37,000 at press time. “This period of consolidation is building a solid base, giving those who wish to sell bitcoin plenty of time,” according to the cryptocurrency exchange firm Diginex.
Bitcoin batteryWith bitcoin at record levels, a number of critics have come out of the woodwork to present counter-narratives of the recent market rally or reasons why the cryptocurrency should be banned. Of all the age-old critiques of the cryptocurrency, the one that is most damaging, and perhaps most sympathetic to outsiders, is bitcoin’s intense energy consumption.
On Sunday, London-based software engineer Stephen Deihl composed atweet threaddiscussing the environmental impact of bitcoin mining. CitingWolframAlphadata, Diehl claims that the “bitcoin network annually wastes 78 TWh (terrawatt hours),” said to be enough to power “several million U.S. households.”
This is a “giant smoldering Chernobyl sitting at the heart of Silicon Valley,” Diehl writes. He’s not alone. Apple engineer Fredrick Jacobs joined thefracassaying the financial incentives of bitcoin can lead to wasted, “often not green,” energy.
It’s indisputable that bitcoin is a consumptive good. Just asmining goldhas a range of externalities, so does bitcoin. In 2018, the World Economic Forum (WEF) estimated that the global bitcoin network consumes as much energy as Ireland. I’ve also heard Austria and Venezuela as points of comparison. For those who see little value of a distributed, un-censorable currency, this is unconscionable. It’s enough to turn any sane observer into a cryptoKaczynski.
As ever, bitcoin’s supporters have come out to counter these claims. The Schelling point bitcoin champions have landed on this time around is the idea that “bitcoin is a battery.” Not only is bitcoin a store of value, but it could be seen as a useful store of energy.
As CoinShares Chief Strategy Officer Meltem Demirors writes, bitcoin “makes energy mutable, portable, storable and transferable by turning it into money.” In other words, bitcoin is a “battery” because it takes energy and turns it into a currency that can be used to pay for energy later.
There are a boatload of ideological and material assumptions baked into this battery idea. But is it wrong?
At the most basic level, this is precisely the business model of bitcoin miners. The owners and operators of bitcoin’s specialized mining equipment deploy their systems wherever there is cheap, readily available power. These machines solve complex mathematical problems that secure the ~$700 billion network and are rewarded with a bitcoin subsidy.
This payout is then often cashed out to pay the power bills. Complicating this idea slightly, Bitcoin advocate and author Knut Svanholm, an early promulgator of the “bitcoin battery” concept, said: “It is important to remember that it does not convert energy into value directly but rather electricity into digital scarcity. Digital scarcity which then can be programmed to express value.”
This doesn’t address the issue of bitcoin’s energy draw directly, but is a defense of bitcoin as a scarce, valuable asset worth powering. A similar line of defense is to compare bitcoin to other energy-intensive goods or services. What about Netflix? What about Twitter? Are not most internet-based platforms major draws on the power grid with arguably limited usability?
I was born at the tail end of the millennial generation, and as such am painfully aware of the environmental catastrophe humanity is staring down. I turn off the lights when I exit a room. I buy nuts and grains in bulk. In elementary school, I gave a report on recycling and have kept up the habit. I am committed to the idea of using less and preserving more.
It’s for this reason that I want to take bitcoin’s environmental footprint seriously.
The last line of defense (that I’ll cover) is the idea that bitcoin is green, to an extent. It’s frequently claimed that the majority of bitcoin mining is powered by renewable sources. CoinShares estimated, in 2019, that73% of bitcoin’s “energy mix”is from renewables. Others say that a fair amount of bitcoin is mined using energy that would have been otherwise wasted – such as from naturalgas flaring.
“Bitcoin thrives on the margins, where energy is lost or curtailed,” Nic Carterwrotein a CoinDesk op-ed titled “Last Word on Bitcoin’s Energy Consumption.”
Along these lines, WEF argued in 2018 that renewables providers, like wind or solar farms, should consider turning on crypto miners whenever there is a surplus of energy when the sun is shining and the skies a’blowing. “[I]f the grids are overloaded, clean energy is abundantly wasted,” they write. “For every block added to the chain by this method, there will be no accompanying carbon emissions.”
This isn’t a bad idea. But I think there is a blindspot that could also explain one of the weakest claims that bitcoin is green. In short, a block subsidy that’s won by an eco-friendly miner isn’t carbon free, there’s a whole network of miners competing for the same subsidy that may not be plugged into a hydroelectric port.
Bitcoin is wasteful by design. No matter what percentage of hash power is green is besides the point.Proof-of-work is wasteful, and there will always be people that are offended by that. And ideas of coordinating the bitcoin network to turn on and off depending on energy production will never work. Right now, coordinating a network of bitcoin miners is easy, because there is no coordination – people plug in their miners and let them rip.
Underlying the environmental discussion is a presumption of whether bitcoin has any value, and whether that value is worth the cost. Unchained Capitalframedbitcoin’s energy-value in near-apocalyptic terms:
“Future economic stability is fundamentally why there can be no more important source of demand for the consumption of energy than the security of bitcoin’s monetary system, especially when the alternatives (fiat and gold) are structurally flawed.”
It doesn’t have to be so black and white. But when it comes to bitcoin’s future, it’s worth asking what powers bitcoin could disrupt.
• Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal
• Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal || Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal: Ether reached new highs, more people than ever are “long bitcoin” and a debate over bitcoin’s energy consumption is raging. Top shelf Out of the ether? Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, hit a fresh high of $1,439.33 , up $19 from a previous record level of $1,420 in 2018. The currency is up well over 1000% since the initial public sale of ETH in 2015, according to Messari. CoinDesk’s Will Foxley reports ETH has a different value proposition from bitcoin , which has also been on a tear in recent months, due to its programmability, developer-friendly community and legacy of serving as the foundation of some of crypto’s biggest trends including ICOs and DeFi. Crowds trade Bank of America found that “ long bitcoin ” is now the most crowded trade among fund managers, finally unseating “long tech.” Essentially this means investors are placing bullish bets on bitcoin – for what I assume is a variety of reasons including bitcoin’s deflationary attributes amid record money printing as well as herd mentality. The survey found that shorting the dollar is now the third most popular trade. Meanwhile, JPMorgan thinks bitcoin needs to cross $40,000 again to keep from bleeding investors while South Korean fintech firm Dunamu has revealed a “ fear and greed ” digital asset index. Related: First Mover: What's Next for Ethereum After Cryptocurrency Hits All-Time High Supply the chain The U.K. National Health Service tapped distributed ledger Hedera Hashgraph and software firm Everyware to track the temperature of COVID-19 vaccines in cold storage . NHS facilities in the U.K.’s South Warwickshire, Stratford Upon Avon, and Warwick hospitals region will be using the technology initially, with a wider rollout planned as vaccine distribution progresses. Quick bites ANOTHER BTC ETP: Is launching on Switzerland’s SIX exchange, this time developed by CoinShares. ( CoinDesk ) WHITELISTED: ENJ is the first gaming token to receive (self)-regulatory approval in Japan. ( CoinDesk ) UNISWAP UNIVERSITY: Harvard Law Blockchain & FinTech Initiative, a student organization, is the latest “Uni” delegate. ( Twitter ) Related: Valid Points: Why Ethereum 2.0 Shifts How Investors Value ETH LAST DAY: OCC’s Brooks steps down. ( Twitter ) FORGOTTEN MILLIONS: Binance unlocked 16 million BNB meant to be released for staff in July 2020. ( Decrypt ) 666,666: A biblical message was encoded at a recent bitcoin block height corresponding with “the mark of the beast.” ( Decrypt ) Story continues Market intel Consolidation and rotation With all eyes on ether, which crossed a new all-time high, market analysts are still confident in their assertion that traders are allocating to altcoins . Bitcoin notched two straight days of gains, but is still trapped in the $34,000 and $40,000 range – hovering near $37,000 at press time. “This period of consolidation is building a solid base, giving those who wish to sell bitcoin plenty of time,” according to the cryptocurrency exchange firm Diginex. At stake Bitcoin battery With bitcoin at record levels, a number of critics have come out of the woodwork to present counter-narratives of the recent market rally or reasons why the cryptocurrency should be banned. Of all the age-old critiques of the cryptocurrency, the one that is most damaging, and perhaps most sympathetic to outsiders, is bitcoin’s intense energy consumption. On Sunday, London-based software engineer Stephen Deihl composed a tweet thread discussing the environmental impact of bitcoin mining. Citing WolframAlpha data, Diehl claims that the “bitcoin network annually wastes 78 TWh (terrawatt hours),” said to be enough to power “several million U.S. households.” This is a “giant smoldering Chernobyl sitting at the heart of Silicon Valley,” Diehl writes. He’s not alone. Apple engineer Fredrick Jacobs joined the fracas saying the financial incentives of bitcoin can lead to wasted, “often not green,” energy. It’s indisputable that bitcoin is a consumptive good. Just as mining gold has a range of externalities, so does bitcoin. In 2018, the World Economic Forum (WEF) estimated that the global bitcoin network consumes as much energy as Ireland. I’ve also heard Austria and Venezuela as points of comparison. For those who see little value of a distributed, un-censorable currency, this is unconscionable. It’s enough to turn any sane observer into a crypto Kaczynski . As ever, bitcoin’s supporters have come out to counter these claims. The Schelling point bitcoin champions have landed on this time around is the idea that “bitcoin is a battery.” Not only is bitcoin a store of value, but it could be seen as a useful store of energy. As CoinShares Chief Strategy Officer Meltem Demirors writes, bitcoin “makes energy mutable, portable, storable and transferable by turning it into money.” In other words, bitcoin is a “battery” because it takes energy and turns it into a currency that can be used to pay for energy later. There are a boatload of ideological and material assumptions baked into this battery idea. But is it wrong? At the most basic level, this is precisely the business model of bitcoin miners. The owners and operators of bitcoin’s specialized mining equipment deploy their systems wherever there is cheap, readily available power. These machines solve complex mathematical problems that secure the ~$700 billion network and are rewarded with a bitcoin subsidy. This payout is then often cashed out to pay the power bills. Complicating this idea slightly, Bitcoin advocate and author Knut Svanholm, an early promulgator of the “ bitcoin battery ” concept, said: “It is important to remember that it does not convert energy into value directly but rather electricity into digital scarcity. Digital scarcity which then can be programmed to express value.” This doesn’t address the issue of bitcoin’s energy draw directly, but is a defense of bitcoin as a scarce, valuable asset worth powering. A similar line of defense is to compare bitcoin to other energy-intensive goods or services. What about Netflix? What about Twitter? Are not most internet-based platforms major draws on the power grid with arguably limited usability? I was born at the tail end of the millennial generation, and as such am painfully aware of the environmental catastrophe humanity is staring down. I turn off the lights when I exit a room. I buy nuts and grains in bulk. In elementary school, I gave a report on recycling and have kept up the habit. I am committed to the idea of using less and preserving more. It’s for this reason that I want to take bitcoin’s environmental footprint seriously. The last line of defense (that I’ll cover) is the idea that bitcoin is green, to an extent. It’s frequently claimed that the majority of bitcoin mining is powered by renewable sources. CoinShares estimated, in 2019, that 73% of bitcoin’s “energy mix” is from renewables. Others say that a fair amount of bitcoin is mined using energy that would have been otherwise wasted – such as from natural gas flaring . “Bitcoin thrives on the margins, where energy is lost or curtailed,” Nic Carter wrote in a CoinDesk op-ed titled “Last Word on Bitcoin’s Energy Consumption.” Along these lines, WEF argued in 2018 that renewables providers, like wind or solar farms, should consider turning on crypto miners whenever there is a surplus of energy when the sun is shining and the skies a’blowing. “[I]f the grids are overloaded, clean energy is abundantly wasted,” they write. “For every block added to the chain by this method, there will be no accompanying carbon emissions.” This isn’t a bad idea. But I think there is a blindspot that could also explain one of the weakest claims that bitcoin is green. In short, a block subsidy that’s won by an eco-friendly miner isn’t carbon free, there’s a whole network of miners competing for the same subsidy that may not be plugged into a hydroelectric port. Bitcoin is wasteful by design. No matter what percentage of hash power is green is besides the point. Proof-of-work is wasteful , and there will always be people that are offended by that. And ideas of coordinating the bitcoin network to turn on and off depending on energy production will never work. Right now, coordinating a network of bitcoin miners is easy, because there is no coordination – people plug in their miners and let them rip. Underlying the environmental discussion is a presumption of whether bitcoin has any value, and whether that value is worth the cost. Unchained Capital framed bitcoin’s energy-value in near-apocalyptic terms: “Future economic stability is fundamentally why there can be no more important source of demand for the consumption of energy than the security of bitcoin’s monetary system, especially when the alternatives (fiat and gold) are structurally flawed.” It doesn’t have to be so black and white. But when it comes to bitcoin’s future, it’s worth asking what powers bitcoin could disrupt. Who won Crypto Twitter? Related Stories Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal Blockchain Bites: ‘Crowded’ Crypto Traders, Ether All-Time High, the Bitcoin Battery Proposal View comments || Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing: Cryptocurrencies are “a particular concern” when it comes to terrorist financing, potential Treasury Secretary Janet Yellen said Tuesday.
Speaking at a Senate Finance Committee hearing on her anticipated nomination after President-elect Joe Biden takes office tomorrow, Yellen said the U.S. should be aware of emerging tools for terrorist financing.
“The technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology, cryptocurrencies are a particular concern,” she said in response to a question by Sen. Maggie Hassan (D-N.H.), who called crypto use in terrorist financing a “growing concern.”
Related:US Lawmakers Tell Mnuchin to Back Off From Potential Crypto Wallet Regs
Hassan was asking about last year’s National Defense Authorization Act, which includes a provision for examining how terrorists might use new financial technologies to raise funds. Sen. Mark Warner (D-Va.) led the provision’s inclusion.
“I think many [cryptocurrencies] are used, at least in transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” Yellen said Tuesday.
Federal authorities are currently investigating whether there is a link betweena December transactionof 13.5bitcoinby now-deceased French computer programmerLaurent Bachelierto right-wing figures and the attempted insurrection at the U.S. Capitol earlier this month. Several of the recipients of the transaction appear to have been at the Capitol on Jan. 6.
As Fed Chair, Yellen said she didn’t want to over-regulate the crypto space, though she’s also dismissed bitcoin at various pointsduring her term and immediately after. When she takes office, she’ll oversee a number of proposed regulations through the Financial Crimes Enforcement Network, includinga controversial rulethat would require exchanges to collect and store counterparty information for unhosted wallets.
Related:What Janet Yellen as Treasury Secretary Means for Bitcoin and Markets
Sen. Ron Wyden (D-Ore.) hopes a confirmation votewill occur Thursday.
UPDATE (Jan. 19, 2021, 18:55 UTC):Updated with additional context.
• Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing
• Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing || Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing: Cryptocurrencies are “a particular concern” when it comes to terrorist financing, potential Treasury Secretary Janet Yellen said Tuesday. Speaking at a Senate Finance Committee hearing on her anticipated nomination after President-elect Joe Biden takes office tomorrow, Yellen said the U.S. should be aware of emerging tools for terrorist financing. “The technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters, with tech terrorist financing, change along with changing technology, cryptocurrencies are a particular concern,” she said in response to a question by Sen. Maggie Hassan (D-N.H.), who called crypto use in terrorist financing a “growing concern.” Related: US Lawmakers Tell Mnuchin to Back Off From Potential Crypto Wallet Regs Hassan was asking about last year’s National Defense Authorization Act, which includes a provision for examining how terrorists might use new financial technologies to raise funds. Sen. Mark Warner (D-Va.) led the provision’s inclusion. “I think many [cryptocurrencies] are used, at least in transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” Yellen said Tuesday. Federal authorities are currently investigating whether there is a link between a December transaction of 13.5 bitcoin by now-deceased French computer programmer Laurent Bachelier to right-wing figures and the attempted insurrection at the U.S. Capitol earlier this month. Several of the recipients of the transaction appear to have been at the Capitol on Jan. 6. As Fed Chair, Yellen said she didn’t want to over-regulate the crypto space, though she’s also dismissed bitcoin at various points during her term and immediately after . When she takes office, she’ll oversee a number of proposed regulations through the Financial Crimes Enforcement Network, including a controversial rule that would require exchanges to collect and store counterparty information for unhosted wallets. Story continues Related: What Janet Yellen as Treasury Secretary Means for Bitcoin and Markets Sen. Ron Wyden (D-Ore.) hopes a confirmation vote will occur Thursday . UPDATE (Jan. 19, 2021, 18:55 UTC): Updated with additional context. Related Stories Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing Janet Yellen Says Cryptocurrencies Are a ‘Concern’ in Terrorist Financing || The US Can Make Bitcoin Mining Greener: The incoming administration of Joe Biden has an opportunity to take the global lead in green mining for digital assets.It is no secret that there is a geopolitical strugglebrewing over new forms of cryptocurrencies – both state-backed and private – and the best location for new capital formation and technological advancements. To win this global competition, the new U.S. government must ensure more regulatory clarity for digital assets while also ensuring that the mining process, atremendous drain on energy resourcesand a contributor to global warming, is done in an environmentally sensitive way.
Some of the new administration’s leaders should work together to make policies to encourage development in this burgeoning industry.The expected ascension of Gary Gensler, a former chairman of the Commodity Futures Trading Commission, to lead the Securities and Exchange Commission augurs well for a more enlightened and proactive approach by regulators concerning digital assets. After all, he just finished teaching a course on blockchain at MIT, sees the technology as a“catalyst for change,”and isviewed as a threat to the legacy financial system. That’s all good for the disruptive financial technologies.
James Cooper is a Professor of Law and Associate Dean of Experiential Learning at California Western School of Law. He is moderatinga panel for Digital Davoson Jan. 20 on ethics and technologies in developing countries.
Related:Bitcoin Is Aiding the Ransomware Industry
Also,the naming of former Secretary of State John Kerryto a cabinet-level position as Special Presidential Envoy for Climate, is a signal of the new administration’s commitment to tackling global climate change. He understands the importance of cryptocurrency. At the World Economic Forum three years ago this week, Kerry was quoted as saying cryptocurrency has“got value.”Together, these two appointees can ensure the country leads fintech development while preventing crypto mining from contributing to more greenhouse gases.
A raft of projects abroad are already primed for success in the green mining space and can act as models for the United States. In 2019, Bitfury set up mining centers in Paraguay, home to South America’s biggest hydro-electric project – the Itaipu Dam –the world’s largest generator of renewable clean energy. The government in Asunción has backed the Commons Foundation’sGolden Goose project, in its attempt to establish the region as the world’s largest crypto mining center. But there is a challenge to keep the Paraguay project itself from contributing to greenhouse gases given the intense heat that the tropical country faces year round. It would be counter-productive to use a lot of energy to cool the computers even if the energy was being produced by renewable sources.
See also: Jeff Bandman –What Crypto Can Expect From Gary Gensler at the SEC
Cost-effective mining centers based on renewable energy have also been established in Russia’s frozen lands ofSiberia. The city of Norilsk is home to the mineral mining behemoth Norilsk Nickel but increasinglybitcoin mining is becoming an important economic driver.With temperatures in winter bottoming out at minus 40 degrees Celsius (which is roughly minus 40 degrees Fahrenheit), this is a perfect climate by which to keep computing machines cool. It’s a lot cooler than Paraguay for sure.
Related:Nvidia May Restart Production of Crypto Mining GPUs if Demand Sufficient
Nor should we forget about China, the home to over half thebitcoinminers in the world, the majority of whom are situated in Sichuan due to low energy costs, powered by hydro-electric facilities. That the area has recently suffered some of the worst flooding in 70 years, largely due to climate change, shows that irony is as much at play here as hash rates. Poolin, which controls the majority of BTC hash rate, has had trouble with consistent energy supplies and some of its mining farms have been inundated by monsoon floods. Even with the province’s vast hydro-electric capabilities, the authorities in the People’s Republic of China have generally banned the digital asset industry – shuttering mining, exchanges and industry conferences.
A more secure and geographically proximate project is rolling out near the Churchill Falls hydro-electric plant in Labrador, a remote part of Eastern Canada.Pow.re, a Montreal-based company with investors from Asia, is taking advantage of the stranded energy that NL Hydro generates. This hydro-electric facility is long past emitting mercury traces, so the project meets many environmental protection and sustainable development goals. The temperature rarely exceeds 60 degrees Fahrenheit in the summer, ensuring that the machines stay cool. The only source of waste is heat – which is a luxury in the sub-Arctic region where they are mining.
See also:State of Crypto: What the Crypto World Should Watch for in the Biden Era
The United States has much to learn from such foreign green mining projects. There are some new initiatives to encourage bitcoin mining stateside (includinga new legislative bill in Kentucky to provide state tax incentives), but many of these are not green and may contribute to the earth’s warming.Coal-fired power plants supply 73% of Kentucky’s electrical generation, for example, dulling the greenness of that project. (Layer1’s mining project in Texas, by contrast, isprizedfor its environmental performance.)
And while bountiful and clean electricity are critical to providing hash rates that are cost effective and have little environmental impact, so are champions in major policy-making positions. The combination of Gensler and Kerry in the Biden administration can help position the United States at the forefront of green mining. President Biden promised to “build back better.” Green mining is one such way. Private companies are getting in on this opportunity too:Square Crypto recently announced a $10 million fundto promote projects that use green energy for bitcoin mining.
The U.S. government has much to gain by providing regulatory clarity for fintech and environmentally sound policies for cryptocurrency mining. If it does not, there are plenty of other countries to take the lead and profit accordingly.
• The US Can Make Bitcoin Mining Greener
• The US Can Make Bitcoin Mining Greener || The US Can Make Bitcoin Mining Greener: The incoming administration of Joe Biden has an opportunity to take the global lead in green mining for digital assets. It is no secret that there is a geopolitical struggle brewing over new forms of cryptocurrencies – both state-backed and private – and the best location for new capital formation and technological advancements. To win this global competition, the new U.S. government must ensure more regulatory clarity for digital assets while also ensuring that the mining process, a tremendous drain on energy resources and a contributor to global warming, is done in an environmentally sensitive way. Some of the new administration’s leaders should work together to make policies to encourage development in this burgeoning industry. The expected ascension of Gary Gensler , a former chairman of the Commodity Futures Trading Commission, to lead the Securities and Exchange Commission augurs well for a more enlightened and proactive approach by regulators concerning digital assets. After all, he just finished teaching a course on blockchain at MIT, sees the technology as a “catalyst for change,” and is viewed as a threat to the legacy financial system . That’s all good for the disruptive financial technologies. James Cooper is a Professor of Law and Associate Dean of Experiential Learning at California Western School of Law. He is moderating a panel for Digital Davos on Jan. 20 on ethics and technologies in developing countries. Related: Bitcoin Is Aiding the Ransomware Industry Also, the naming of former Secretary of State John Kerry to a cabinet-level position as Special Presidential Envoy for Climate, is a signal of the new administration’s commitment to tackling global climate change. He understands the importance of cryptocurrency. At the World Economic Forum three years ago this week, Kerry was quoted as saying cryptocurrency has “got value.” Together, these two appointees can ensure the country leads fintech development while preventing crypto mining from contributing to more greenhouse gases. Story continues A raft of projects abroad are already primed for success in the green mining space and can act as models for the United States. In 2019, Bitfury set up mining centers in Paraguay, home to South America’s biggest hydro-electric project – the Itaipu Dam – the world’s largest generator of renewable clean energy . The government in Asunción has backed the Commons Foundation’s Golden Goose project , in its attempt to establish the region as the world’s largest crypto mining center. But there is a challenge to keep the Paraguay project itself from contributing to greenhouse gases given the intense heat that the tropical country faces year round. It would be counter-productive to use a lot of energy to cool the computers even if the energy was being produced by renewable sources. See also: Jeff Bandman – What Crypto Can Expect From Gary Gensler at the SEC Cost-effective mining centers based on renewable energy have also been established in Russia’s frozen lands of Siberia . The city of Norilsk is home to the mineral mining behemoth Norilsk Nickel but increasingly bitcoin mining is becoming an important economic driver. With temperatures in winter bottoming out at minus 40 degrees Celsius (which is roughly minus 40 degrees Fahrenheit), this is a perfect climate by which to keep computing machines cool. It’s a lot cooler than Paraguay for sure. Related: Nvidia May Restart Production of Crypto Mining GPUs if Demand Sufficient Nor should we forget about China, the home to over half the bitcoin miners in the world, the majority of whom are situated in Sichuan due to low energy costs, powered by hydro-electric facilities. That the area has recently suffered some of the worst flooding in 70 years, largely due to climate change, shows that irony is as much at play here as hash rates. Poolin, which controls the majority of BTC hash rate, has had trouble with consistent energy supplies and some of its mining farms have been inundated by monsoon floods. Even with the province’s vast hydro-electric capabilities, the authorities in the People’s Republic of China have generally banned the digital asset industry – shuttering mining, exchanges and industry conferences. A more secure and geographically proximate project is rolling out near the Churchill Falls hydro-electric plant in Labrador, a remote part of Eastern Canada. Pow.re , a Montreal-based company with investors from Asia, is taking advantage of the stranded energy that NL Hydro generates. This hydro-electric facility is long past emitting mercury traces, so the project meets many environmental protection and sustainable development goals. The temperature rarely exceeds 60 degrees Fahrenheit in the summer, ensuring that the machines stay cool. The only source of waste is heat – which is a luxury in the sub-Arctic region where they are mining. See also: State of Crypto: What the Crypto World Should Watch for in the Biden Era The United States has much to learn from such foreign green mining projects. There are some new initiatives to encourage bitcoin mining stateside (including a new legislative bill in Kentucky to provide state tax incentives ), but many of these are not green and may contribute to the earth’s warming. Coal-fired power plants supply 73% of Kentucky’s electrical generation , for example, dulling the greenness of that project. (Layer1’s mining project in Texas, by contrast, is prized for its environmental performance.) And while bountiful and clean electricity are critical to providing hash rates that are cost effective and have little environmental impact, so are champions in major policy-making positions. The combination of Gensler and Kerry in the Biden administration can help position the United States at the forefront of green mining. President Biden promised to “build back better.” Green mining is one such way. Private companies are getting in on this opportunity too: Square Crypto recently announced a $10 million fund to promote projects that use green energy for bitcoin mining. The U.S. government has much to gain by providing regulatory clarity for fintech and environmentally sound policies for cryptocurrency mining. If it does not, there are plenty of other countries to take the lead and profit accordingly. Related Stories The US Can Make Bitcoin Mining Greener The US Can Make Bitcoin Mining Greener || The US Can Make Bitcoin Mining Greener: The incoming administration of Joe Biden has an opportunity to take the global lead in green mining for digital assets.It is no secret that there is a geopolitical strugglebrewing over new forms of cryptocurrencies – both state-backed and private – and the best location for new capital formation and technological advancements. To win this global competition, the new U.S. government must ensure more regulatory clarity for digital assets while also ensuring that the mining process, atremendous drain on energy resourcesand a contributor to global warming, is done in an environmentally sensitive way.
Some of the new administration’s leaders should work together to make policies to encourage development in this burgeoning industry.The expected ascension of Gary Gensler, a former chairman of the Commodity Futures Trading Commission, to lead the Securities and Exchange Commission augurs well for a more enlightened and proactive approach by regulators concerning digital assets. After all, he just finished teaching a course on blockchain at MIT, sees the technology as a“catalyst for change,”and isviewed as a threat to the legacy financial system. That’s all good for the disruptive financial technologies.
James Cooper is a Professor of Law and Associate Dean of Experiential Learning at California Western School of Law. He is moderatinga panel for Digital Davoson Jan. 20 on ethics and technologies in developing countries.
Related:Bitcoin Is Aiding the Ransomware Industry
Also,the naming of former Secretary of State John Kerryto a cabinet-level position as Special Presidential Envoy for Climate, is a signal of the new administration’s commitment to tackling global climate change. He understands the importance of cryptocurrency. At the World Economic Forum three years ago this week, Kerry was quoted as saying cryptocurrency has“got value.”Together, these two appointees can ensure the country leads fintech development while preventing crypto mining from contributing to more greenhouse gases.
A raft of projects abroad are already primed for success in the green mining space and can act as models for the United States. In 2019, Bitfury set up mining centers in Paraguay, home to South America’s biggest hydro-electric project – the Itaipu Dam –the world’s largest generator of renewable clean energy. The government in Asunción has backed the Commons Foundation’sGolden Goose project, in its attempt to establish the region as the world’s largest crypto mining center. But there is a challenge to keep the Paraguay project itself from contributing to greenhouse gases given the intense heat that the tropical country faces year round. It would be counter-productive to use a lot of energy to cool the computers even if the energy was being produced by renewable sources.
See also: Jeff Bandman –What Crypto Can Expect From Gary Gensler at the SEC
Cost-effective mining centers based on renewable energy have also been established in Russia’s frozen lands ofSiberia. The city of Norilsk is home to the mineral mining behemoth Norilsk Nickel but increasinglybitcoin mining is becoming an important economic driver.With temperatures in winter bottoming out at minus 40 degrees Celsius (which is roughly minus 40 degrees Fahrenheit), this is a perfect climate by which to keep computing machines cool. It’s a lot cooler than Paraguay for sure.
Related:Nvidia May Restart Production of Crypto Mining GPUs if Demand Sufficient
Nor should we forget about China, the home to over half thebitcoinminers in the world, the majority of whom are situated in Sichuan due to low energy costs, powered by hydro-electric facilities. That the area has recently suffered some of the worst flooding in 70 years, largely due to climate change, shows that irony is as much at play here as hash rates. Poolin, which controls the majority of BTC hash rate, has had trouble with consistent energy supplies and some of its mining farms have been inundated by monsoon floods. Even with the province’s vast hydro-electric capabilities, the authorities in the People’s Republic of China have generally banned the digital asset industry – shuttering mining, exchanges and industry conferences.
A more secure and geographically proximate project is rolling out near the Churchill Falls hydro-electric plant in Labrador, a remote part of Eastern Canada.Pow.re, a Montreal-based company with investors from Asia, is taking advantage of the stranded energy that NL Hydro generates. This hydro-electric facility is long past emitting mercury traces, so the project meets many environmental protection and sustainable development goals. The temperature rarely exceeds 60 degrees Fahrenheit in the summer, ensuring that the machines stay cool. The only source of waste is heat – which is a luxury in the sub-Arctic region where they are mining.
See also:State of Crypto: What the Crypto World Should Watch for in the Biden Era
The United States has much to learn from such foreign green mining projects. There are some new initiatives to encourage bitcoin mining stateside (includinga new legislative bill in Kentucky to provide state tax incentives), but many of these are not green and may contribute to the earth’s warming.Coal-fired power plants supply 73% of Kentucky’s electrical generation, for example, dulling the greenness of that project. (Layer1’s mining project in Texas, by contrast, isprizedfor its environmental performance.)
And while bountiful and clean electricity are critical to providing hash rates that are cost effective and have little environmental impact, so are champions in major policy-making positions. The combination of Gensler and Kerry in the Biden administration can help position the United States at the forefront of green mining. President Biden promised to “build back better.” Green mining is one such way. Private companies are getting in on this opportunity too:Square Crypto recently announced a $10 million fundto promote projects that use green energy for bitcoin mining.
The U.S. government has much to gain by providing regulatory clarity for fintech and environmentally sound policies for cryptocurrency mining. If it does not, there are plenty of other countries to take the lead and profit accordingly.
• The US Can Make Bitcoin Mining Greener
• The US Can Make Bitcoin Mining Greener || Stimulus is like heroin, 'it doesn’t do you a lot of good long-term': Wall Street heavy-hitter: Wall Street power player Rob Arnott — the founder of influential money managerResearch Affiliateswho is known to challenge conventional thinking in markets — is out with a double barreled warning to market bulls who continue to print money during the pandemic on the back of gobs of fiscal and monetary stimulus.
First, don’t forget the long-term ramifications of government spending. At some point, that money is going to have to be paid back and Mr. Market won’t dig that. And secondarily, remember the health of Main Street remains detached from the bullish realities of Wall Street this past year during the health crisis.
“Applying the word stimulus to spending large quantities of money on a fiscal basis that we don’t already have — creating new money from the central bank — it all feels good. Stimulus, think of it as a little bit like heroin. I have heard that heroin feels good, but it doesn’t do you a lot of good long-term,”explained Arnott on Yahoo Finance Live. The reduced spending from the lockdowns paired with the fiscal and monetary so-called stimulus, pours money into the markets. There is no alternative. With zero yields you may as well go into the markets at any price creating bubbles. And when fiscal and monetary stimulus don’t promote spending in the macro economy, it does into Wall Street and not Main Street.”
Arnott founded Research Affiliates in 2002 and it has about $145 billion in assets under management.
To be sure, the market is doing anything but pondering Arnott’s concerns right now. Actually, it remains distinctly to the opposite. Consider this factoid out of Deutsche Bank on Tuesday. Only 12% of 627 market pros in a new survey from the bank see no bubbles in risk assets. Looked at another way, 78% saw bubbles all over the place.
This herd mentality on the Street is heightening the worries of Wall Street power brokers like Arnott that bubbles in many asset classes (bitcoin, Tesla, electric vehicle stocks, etc.) are nearing their day of reckoning with a sharp pin.
Just take a gander at some of the euphoric action.
All three major stock averages have been on a tear in the past six months, led by a 24% gain in the Nasdaq Composite. The S&P 500 (trading at a record high price-to-earnings multiple amidst a major health crisis) and Dow Jones Industrial Average are up 18% and 17%, respectively, during that stretch.Tesla sharesare up 180% in six months and trade at an inflated 204 times forward earnings on a P/E basis. Dying video game seller GameStop has seen its stock explode 180% inside of a month simply because it has shaken up its board.
Bitcoin is up more than 315%. Largely unknown companies with no prospects for profits within three years arecoming to market via SPAC deals to huge valuations.
It could be easily argued these are signs of bubbles brewing in the market as investors blind chase performance, fueled by ultra easy monetary policy and more recently — the prospect of a $1.9 trillion stimulus plan by the incoming Biden administration.
Arnott is not entirely sure what will trigger the bursting of these new proverbial bubbles.
“Bubbles can persist longer and take markets further than you can possible imagine. And so short-selling a bubble is very dangerous. The old cliche is that a market can remain irrational longer than you can remain solvent,” he said. “I could speculate on possible causes of today’s bubbles bursting. But the simple fact is it will happen. Bubbles burst. And so the question is do you want to be picking up nickels in front of a steamroller, or do you want to invest?”
Brian Sozziis an editor-at-large andanchor at Yahoo Finance. Follow Sozzi on Twitter@BrianSozziand onLinkedIn. Julia La Roche is a correspondent for Yahoo Finance. Follow her onTwitter.
Sign up for Yahoo Finance Tech newsletter
What’s hot from Yahoo Finance:
• T-Mobile CEO on his response to the Capitol Hill riots
• Melinda Gates: we are giving $250 million more to the COVID-19 relief effort
• Olympics great Michael Phelps: the COVID-19 pandemic hasn’t been all smiles for me
• Lululemon founder: retail will rally back after the pandemic
• Walmart CEO: the lack of stimulus is taking its toll
Watch Yahoo Finance’s live programming onVerizon FIOS channel 604,Apple TV,Amazon Fire TV,Roku, Samsung TV, Pluto TV, andYouTube. Online catch Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn, andreddit.
[Social Media Buzz]
None available.
|
30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02.
|
[Bitcoin Technical Analysis for 2021-01-03]
Volume: 78665235202, RSI (14-day): 88.31, 50-day EMA: 22127.90, 200-day EMA: 15288.95
[Wider Market Context]
None available.
[Recent News (last 7 days)]
My Top 10 Predictions for 2021: Happy New Year! Less than 48 hours ago we closed the chapter on a historic year and started fresh in a new one. So let me be one of many to welcome you to 2021 — the second year of the even more historic Roaring 2020s. A photo of a businesswoman pointing at charts on a piece of paper on a table. Source: Shutterstock Even through all of the uncertainty that 2020 threw our way, we got clarity on some important things. InvestorPlace - Stock Market News, Stock Advice & Trading Tips One is that investing in small, early stage companies in hypergrowth trends works. And the other is that those trends not only survived the pandemic … but accelerated. That has me more excited than ever for 2021 and the rest of the decade. One of my favorite things to do at this time each year is to reflect on what the last 12 months handed us and look ahead at what’s in store for the next 12 months. I’ve come up with some predictions as a result of my analysis, and I want to share some of them with you today … Prediction #1: There will NOT be a federal COVID-19 lockdown in 2021. One of the biggest fears hanging over investors as we turn the calendar to the new year is another potential lockdown. This time the fear is that it could be nationwide and crumble an already fragile economy after the mid-2020 lockdowns. Even if the new Biden administration has a different view on the virus from the Trump administration, the odds of a complete shutdown are very small. This is good news for the economy … and for stocks. Prediction #2: Money moves from the sidelines into the market. There is more than $4.5 trillion sitting on the sidelines today in money market funds. With interest rates near historic lows, investors are making virtually nothing on it. Some of it must make its way into the stock market. Prediction #3: The consumer rebounds and related stocks soar. American consumers make up about two-thirds of the economy, and they will be key to getting everything back to normal in 2021. With record amounts of money in checking and savings accounts, there is pent-up energy to spend once there is a light at the end of the pandemic tunnel. Add in more stimulus from Washington, D.C. and the consumer could be the gasoline on the fire that is already starting to burn for the economy. Story continues Prediction #4: China’s growth will surge along with its stock market. Chine was one of the only countries to avoid a recession in 2020, even though COVID-19 is believed to have originated in Wuhan. Estimates are for GDP growth to expand again in 2021, and I predict China will see 9% economic growth. The stock market gains will also be impressive – I say the Shanghai Stock Exchange will be up over 25% at some point in 2021. Prediction #5: Bitcoin will hit 40k (before the Dow). The world’s largest cryptocurrency was the best performing asset class in 2020. And I expect that trend will continue in 2021 as bitcoin reaches $40,000 for the first time ever. That’s about a double from here! And as bitcoin rises, so do the altcoins that trade in its wake — oftentimes even more so . Prediction #6: There will be at least two corrections. I predicted that there would be at least one correction in 2020, and there were two. This year, I’m upping my prediction to account for increased volatility and the higher probability of two pullbacks of at least 10%. A new presidential administration and a stock market that may get frothy could both be reasons for a correction. And if you’re a regular reader, you can probably guess what I’m about to say next… every correction will be a buying opportunity. Prediction #7: A massive infrastructure/clean energy bill will be passed. The odds of an infrastructure bill should be a full 100%, but unfortunately our politicians tend to forget about the needs of the country. I am going out on a limb and saying that 2021 is the year that a major infrastructure bill finally gets passed. And the focus will be on clean energy – solar, wind, hydrogen, electric vehicle charging stations, etc. Prediction #8: Small caps will outperform. Small caps have crushed their larger counterparts in recent months, and I believe that will continue in 2021. In fact, I think small-cap stocks are in the early stages of a multiyear bull market. Due to higher inefficiencies in how investors value small caps, there are more opportunities to find mispriced stocks and generate life-changing gains. Prediction #9: SPAC mania will continue. The biggest story of 2020 — well, other than the obvious — was the reemergence of the Special Purpose Acquisition Company. SPACs have become the preferred way for small-cap growth companies to go public on a major U.S. stock exchange. And I don’t blame them. The current IPO process is antiquated, costly, and benefits the investment bankers more than anyone else. It’s broken and needs to be changed … and the SPAC is a cool alternative being welcomed with open arms by investors. Investors will need to be more selective in 2021 regarding which SPACs they invest in. Not all are created equal. The winners will be big winners, and the laggards will really lag. But don’t worry. My team and I will be here to help with that. Prediction #10: China will invade Mars. China successfully launched a mission called Tianwen-1 in 2020, and if all goes well it will be that nation’s first successful landing on the red planet. This is important because it will kick off the Great 2020s Space Race. The U.S. has landed several missions on Mars with another on its way, and China’s success will really push the U.S. and other countries. Hundreds of billions will be spent, and the race to conquer Mars will kick up a notch in 2021. Of course, there will be investment implications … The Time to Be Invested Is NOW And there you have it. My Top 10 Predictions for 2021. 2020 may not have been the kickoff to the decade that we expected, but I really do expect the rest of the Roaring 2020s to really, well, roar — thanks to multiple breakthroughs, innovations, and mega-trends that are changing our lives. So stay tuned, because the best is yet to come. I can’t wait to explore this new year with you and your fellow MoneyWire readers. On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets The post My Top 10 Predictions for 2021 appeared first on InvestorPlace . || Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst: On-chain data shows big money continues to chase bitcoin amid the frantic bull run. That’s a sign of institutions catching the “FOMO” bug, according to one analyst.
• Institution-focused Coinbase Pro exchange registered an outflow of over 35,000bitcoinworth more than $1 billion early Saturday, according to data sourceCryptoQuant.
• The large outflow comes a day after12,063 coins leftthe exchange and represents institutional FOMO (Fear Of Missing Out) buying,according to Ki Young Ju, CEO of the Korea-based blockchain analytics firm CryptoQuant.
• Massive outflows from Coinbase Pro usually end in Coinbase’s cold wallets for custody, which is directly integrated with the exchange’s over-the-counter (OTC) desk. Institutions typically transact over-the-counter in a bid to avoid influencing the spot market price,as discussedin December.
• Bitcoin’s rally from October lows near $10,000 has been mainly fueled by institutional demand. The ascent has gone ballistic over the past four weeks, with prices rising from $19,000 to over $30,000.
• While Ju’s claim that institutions are now buying on fear of missing out can be challenged, there is evidence that persistent demand from big players is creating a supply squeeze, allowing for a continued price rally.
• For instance, at least 47,000 bitcoins have left Coinbase Pro in the first two days of the year, while miners have minted just over 1,700 bitcoin. Bitcoin rose from $29,800 tonew record highsover $33,000 early today and was last seen changing hands near $31,600.
• The cryptocurrency is already up 10% this year, having scored a 300% gain last year, according to CoinDesk 20 data.
Read more:On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst || Bitcoin Worth $1B Leaves Coinbase as Institutions FOMO Buy: Analyst: On-chain data shows big money continues to chase bitcoin amid the frantic bull run. Thats a sign of institutions catching the FOMO bug, according to one analyst. Institution-focused Coinbase Pro exchange registered an outflow of over 35,000 bitcoin worth more than $1 billion early Saturday, according to data source CryptoQuant . The large outflow comes a day after 12,063 coins left the exchange and represents institutional FOMO (Fear Of Missing Out) buying, according to Ki Young Ju , CEO of the Korea-based blockchain analytics firm CryptoQuant. Massive outflows from Coinbase Pro usually end in Coinbases cold wallets for custody, which is directly integrated with the exchanges over-the-counter (OTC) desk. Institutions typically transact over-the-counter in a bid to avoid influencing the spot market price, as discussed in December. Bitcoins rally from October lows near $10,000 has been mainly fueled by institutional demand. The ascent has gone ballistic over the past four weeks, with prices rising from $19,000 to over $30,000. While Jus claim that institutions are now buying on fear of missing out can be challenged, there is evidence that persistent demand from big players is creating a supply squeeze, allowing for a continued price rally. For instance, at least 47,000 bitcoins have left Coinbase Pro in the first two days of the year, while miners have minted just over 1,700 bitcoin. Bitcoin rose from $29,800 to new record highs over $33,000 early today and was last seen changing hands near $31,600. The cryptocurrency is already up 10% this year, having scored a 300% gain last year, according to CoinDesk 20 data. Read more: On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter Related Stories Bitcoin Worth $1B Leaves Coinbase as Institutions FOMO Buy: Analyst Bitcoin Worth $1B Leaves Coinbase as Institutions FOMO Buy: Analyst Bitcoin Worth $1B Leaves Coinbase as Institutions FOMO Buy: Analyst Bitcoin Worth $1B Leaves Coinbase as Institutions FOMO Buy: Analyst || Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst: On-chain data shows big money continues to chase bitcoin amid the frantic bull run. That’s a sign of institutions catching the “FOMO” bug, according to one analyst.
• Institution-focused Coinbase Pro exchange registered an outflow of over 35,000bitcoinworth more than $1 billion early Saturday, according to data sourceCryptoQuant.
• The large outflow comes a day after12,063 coins leftthe exchange and represents institutional FOMO (Fear Of Missing Out) buying,according to Ki Young Ju, CEO of the Korea-based blockchain analytics firm CryptoQuant.
• Massive outflows from Coinbase Pro usually end in Coinbase’s cold wallets for custody, which is directly integrated with the exchange’s over-the-counter (OTC) desk. Institutions typically transact over-the-counter in a bid to avoid influencing the spot market price,as discussedin December.
• Bitcoin’s rally from October lows near $10,000 has been mainly fueled by institutional demand. The ascent has gone ballistic over the past four weeks, with prices rising from $19,000 to over $30,000.
• While Ju’s claim that institutions are now buying on fear of missing out can be challenged, there is evidence that persistent demand from big players is creating a supply squeeze, allowing for a continued price rally.
• For instance, at least 47,000 bitcoins have left Coinbase Pro in the first two days of the year, while miners have minted just over 1,700 bitcoin. Bitcoin rose from $29,800 tonew record highsover $33,000 early today and was last seen changing hands near $31,600.
• The cryptocurrency is already up 10% this year, having scored a 300% gain last year, according to CoinDesk 20 data.
Read more:On-Chain Data Suggests More Institutions Are Buying Bitcoin Over the Counter
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst
• Bitcoin Worth $1B Leaves Coinbase as Institutions ‘FOMO’ Buy: Analyst || Dogecoin Sees 125% Increase In Trading On Saturday Following Adult Film Star's Tweet: The ironic cryptocurrency Dogecoin has taken on a new layer of seriousness today. What Happened : Dogecoin as of time of publication was trading at 0.011 cents, according to TradingView . That's more than a 125% increase for the day and a break past the psychologically significant one-cent mark. Riding The Crypto Rocket : The rise is in line with the skyrocketing price of Bitcoin , which today flew past the ,000 level , the latest in a series of recent high points. Dogecoin has traditionally been viewed as a parody of the cryptocurrency world. But it nonetheless is a real cryptocurrency and therefore just as capable of delivering returns as Bitcoin. Dogecoin also recently got a boost after Tesla CEO Elon Musk mentioned it on Twitter, albeit in a non-flattering light . The altcoin may also have gotten a boost by a tweet from adult film star Angela White, who said she's been an investor since 2014. The tweet came out on Friday night right as the price surge began. Photo by Dogeloverforever on Wikimedia. See more from Benzinga Click here for options trades from Benzinga Tesla Deliveries Fall Just Short Of Musk's 500,000 Target For 2020 India Approves Its First Emergency-Use COVID-19 Vaccine © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Dogecoin Sees 125% Increase In Trading On Saturday Following Adult Film Star's Tweet: Theironic cryptocurrency Dogecoinhas taken on a new layer of seriousness today.
What Happened: Dogecoin as of time of publication was trading at 0.011 cents, according toTradingView. That's more than a 125% increase for the day and a break past the psychologically significant one-cent mark.
Riding The Crypto Rocket: The rise is in line with the skyrocketing price ofBitcoin, which today flew past the,000 level, the latest in a series of recent high points.
Dogecoin has traditionally been viewed as a parody of the cryptocurrency world. But it nonetheless is a real cryptocurrency and therefore just as capable of delivering returns as Bitcoin.
Dogecoin also recently got a boost after Tesla CEO Elon Musk mentioned it on Twitter, albeit in anon-flattering light.
The altcoin may also have gotten a boost by atweetfrom adult film star Angela White, who said she's been an investor since 2014. The tweet came out on Friday night right as the price surge began.
Photo by Dogeloverforever on Wikimedia.
See more from Benzinga
• Click here for options trades from Benzinga
• Tesla Deliveries Fall Just Short Of Musk's 500,000 Target For 2020
• India Approves Its First Emergency-Use COVID-19 Vaccine
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || A brief history of Bitcoin bubbles: It’s been a breakout year for Bitcoin. In 2020 a wave of interest frommainstream investors and institutionshelped push the price of the virtual currency from $7,200 in January to above $29,000 on December 31 (and then on past $32,700 by early January 2021). But the innovative digital asset, maintained by a decentralized swarm of so-called miners, has a long history of volatility. Most observers expect some retrenchment of that rally sooner or later.
For insight into why (or maybe when) a slump is likely, it’s worth looking back at Bitcoin’s many “bubble” periods: stretches when the price increased dramatically in a short amount of time, then fell, in most cases, even more sharply. “Bubble,” of course, has negative connotations, implyingpopular delusions and the madness of crowds. But there’s a growing understanding that financial bubbles can also be generated by temporary overoptimism aboutreal innovationthat can still pay off in the long run. Examples of this include theBritish Railway Maniaof the 1840s and the 1999 Dot-com bubble.
Supporters see Bitcoin’s history of volatility as just a matter of watching the world catch up, in fits and starts, with an inevitable future. Ten years of steady growth seems to have vindicated that view—at least for now. But the growing pains can be truly savage.
Below, a trip down Bitcoin’s memory lane.
Caveat: Many of the Bitcoin marketplaces(such asMt.Gox)that established the historical prices cited in the following text no longer exist. Even at the time, it would have been hard to identify a single price in the very small, relatively illiquid market. For simplicity and consistency, this article primarily relies on99bitcoins.comfor prices from 2009 to 2012 andCoinGeckofor prices from 2013 to the present.
The Peak: $1.06(Feb. 14, 2011)
The Bottom: $0.67(April 5, 2011)
The Bitcoin bull run that peaked in February 2011 was arguably the cryptocurrency’s first bubble, and tremendously significant for its evolution. It began as early asJuly 2010, when Bitcoin—then worth just pennies per coin—was first mentioned on Slashdot, a news aggregator popular with die-hard techies. That post first brought important developers including Jeff Garzik and Jed McCaleb to the project. Heightened interest then drove the price of a Bitcoin to one dollar on Feb. 10, 2011. That day became known as Dollar Parity Day, and triggered asecond Slashdot postthat brought further attention.
That basic cycle is still a major dynamic of the Bitcoin market: real technology or infrastructure advances drive the price higher, then the price itself generates further, less sustainable price growth.
The Peak: $29.58(June 9, 2011)
The Bottom: $2.14(Nov. 18, 2011)
The first truly wild Bitcoin bubble began with a June 1, 2011 article about the darkweb market Silk Road onnow-defunctnews site Gawker. The articledescribed how illegal drugs could be purchasedon a hidden website using Bitcoin. (Beliefs at the time that Bitcoin is untraceable turned out to bewildly incorrect.) Just as important, the article followed on the heels of several early Bitcoin exchanges opening, which made the token easier to buy. The combination of attention and access sent Bitcoin from $10 to nearly $30 in just a week. Then, setting a pattern, it slumped for months.
The Peak: $1,127.45(Nov. 29, 2013)
The Bottom: $172.15(Jan. 13, 2015)
Just short of three years after breaking the barrier to dollar parity, Bitcoin zoomed on to another crucial threshold, cracking $1,000 in late November 2013. It didn’t last, and the price cratered nearly 50% by mid December. This bull run is notable for its relative stickiness: The Bitcoin price declined relatively gently over a little more than a year to a new bottom, then rode along that bottom for another year. Prices didn’t break $1,000 again for more than three years after the first time.
The Peak: $19,665(Dec. 15, 2017)
The Bottom: $3,164(Dec. 15, 2018)
The most brutal and crazy of all Bitcoin bubbles so far, except it wasn’t really a Bitcoin bubble. Instead, 2017’s bull run was largely fueled by a wave of newly-minted “alternative” cryptocurrencies that made big promises.
More importantly, a novel process known as an Initial Coin Offering (ICO) allowed founders to sell their new offerings directly to the public. That created not just one speculative mania, butliterally thousandsthat fed off of each other: One ICO’s purely speculative run-up would create FOMO—that is, fear of missing out—for the next. Bitcoin benefited from the frenzy, but its“dominance,”or share of the overall crypto market, fell off a cliff as interest in “altcoins” surged.
It all ended in tears, of course. A mere week after peaking, Bitcoin dropped more than 25%. Other cryptocurrencies plummeted even further. Longer term, many of the projects rolling out ICOs turned out to bebrazen frauds, and ICOs have since been broadly and aggressively pursued by the U.S. Securities and Exchange Commission asillegal securities offerings.
To cite one example of how bloody things got, Japanese tech mogul Masayoshi Son, of SoftBank fame, is reported to havelost $130 millionin the 2017 crypto bubble—and that was allegedly his personal money, not SoftBank’s.
Veterans of Bitcoin’s wild roller-coaster ride have argued that the current white-knuckle run-up is, in crucial ways, different. (Of course, we’ve heard this before.) They argue that the absence of ICOs has forestalled the worst excesses of scammers and their greedy marks, the U.S. COVID stimulus can be read as validation of theinflation-hedgethesis that is crucial to Bitcoin’s appeal as an investment, and the presence of regulated institutions and publicly-traded corporations throughout the crypto market has created an entirely new sense of normality.
But Bitcoin, it can’t be repeated enough, is still a speculative and risky asset. If history is any teacher (and it often is) there will be more than a few more steps backwards on Bitcoin’sjourney to the moon.
• When to expect$600 checks and $300 enhanced unemployment payments
• A brief history ofBitcoin bubbles
• From Bitcoin to Asian tech stocks, these arethe biggest winners and losers of the 2020 global markets
• The biggestbusiness scandalsof 2020
• Under Biden, expectmore scrutiny of Big Tech and mergers
This story was originally featured onFortune.com || A brief history of Bitcoin bubbles: It’s been a breakout year for Bitcoin. In 2020 a wave of interest frommainstream investors and institutionshelped push the price of the virtual currency from $7,200 in January to above $29,000 on December 31 (and then on past $32,700 by early January 2021). But the innovative digital asset, maintained by a decentralized swarm of so-called miners, has a long history of volatility. Most observers expect some retrenchment of that rally sooner or later.
For insight into why (or maybe when) a slump is likely, it’s worth looking back at Bitcoin’s many “bubble” periods: stretches when the price increased dramatically in a short amount of time, then fell, in most cases, even more sharply. “Bubble,” of course, has negative connotations, implyingpopular delusions and the madness of crowds. But there’s a growing understanding that financial bubbles can also be generated by temporary overoptimism aboutreal innovationthat can still pay off in the long run. Examples of this include theBritish Railway Maniaof the 1840s and the 1999 Dot-com bubble.
Supporters see Bitcoin’s history of volatility as just a matter of watching the world catch up, in fits and starts, with an inevitable future. Ten years of steady growth seems to have vindicated that view—at least for now. But the growing pains can be truly savage.
Below, a trip down Bitcoin’s memory lane.
Caveat: Many of the Bitcoin marketplaces(such asMt.Gox)that established the historical prices cited in the following text no longer exist. Even at the time, it would have been hard to identify a single price in the very small, relatively illiquid market. For simplicity and consistency, this article primarily relies on99bitcoins.comfor prices from 2009 to 2012 andCoinGeckofor prices from 2013 to the present.
The Peak: $1.06(Feb. 14, 2011)
The Bottom: $0.67(April 5, 2011)
The Bitcoin bull run that peaked in February 2011 was arguably the cryptocurrency’s first bubble, and tremendously significant for its evolution. It began as early asJuly 2010, when Bitcoin—then worth just pennies per coin—was first mentioned on Slashdot, a news aggregator popular with die-hard techies. That post first brought important developers including Jeff Garzik and Jed McCaleb to the project. Heightened interest then drove the price of a Bitcoin to one dollar on Feb. 10, 2011. That day became known as Dollar Parity Day, and triggered asecond Slashdot postthat brought further attention.
That basic cycle is still a major dynamic of the Bitcoin market: real technology or infrastructure advances drive the price higher, then the price itself generates further, less sustainable price growth.
The Peak: $29.58(June 9, 2011)
The Bottom: $2.14(Nov. 18, 2011)
The first truly wild Bitcoin bubble began with a June 1, 2011 article about the darkweb market Silk Road onnow-defunctnews site Gawker. The articledescribed how illegal drugs could be purchasedon a hidden website using Bitcoin. (Beliefs at the time that Bitcoin is untraceable turned out to bewildly incorrect.) Just as important, the article followed on the heels of several early Bitcoin exchanges opening, which made the token easier to buy. The combination of attention and access sent Bitcoin from $10 to nearly $30 in just a week. Then, setting a pattern, it slumped for months.
The Peak: $1,127.45(Nov. 29, 2013)
The Bottom: $172.15(Jan. 13, 2015)
Just short of three years after breaking the barrier to dollar parity, Bitcoin zoomed on to another crucial threshold, cracking $1,000 in late November 2013. It didn’t last, and the price cratered nearly 50% by mid December. This bull run is notable for its relative stickiness: The Bitcoin price declined relatively gently over a little more than a year to a new bottom, then rode along that bottom for another year. Prices didn’t break $1,000 again for more than three years after the first time.
The Peak: $19,665(Dec. 15, 2017)
The Bottom: $3,164(Dec. 15, 2018)
The most brutal and crazy of all Bitcoin bubbles so far, except it wasn’t really a Bitcoin bubble. Instead, 2017’s bull run was largely fueled by a wave of newly-minted “alternative” cryptocurrencies that made big promises.
More importantly, a novel process known as an Initial Coin Offering (ICO) allowed founders to sell their new offerings directly to the public. That created not just one speculative mania, butliterally thousandsthat fed off of each other: One ICO’s purely speculative run-up would create FOMO—that is, fear of missing out—for the next. Bitcoin benefited from the frenzy, but its“dominance,”or share of the overall crypto market, fell off a cliff as interest in “altcoins” surged.
It all ended in tears, of course. A mere week after peaking, Bitcoin dropped more than 25%. Other cryptocurrencies plummeted even further. Longer term, many of the projects rolling out ICOs turned out to bebrazen frauds, and ICOs have since been broadly and aggressively pursued by the U.S. Securities and Exchange Commission asillegal securities offerings.
To cite one example of how bloody things got, Japanese tech mogul Masayoshi Son, of SoftBank fame, is reported to havelost $130 millionin the 2017 crypto bubble—and that was allegedly his personal money, not SoftBank’s.
Veterans of Bitcoin’s wild roller-coaster ride have argued that the current white-knuckle run-up is, in crucial ways, different. (Of course, we’ve heard this before.) They argue that the absence of ICOs has forestalled the worst excesses of scammers and their greedy marks, the U.S. COVID stimulus can be read as validation of theinflation-hedgethesis that is crucial to Bitcoin’s appeal as an investment, and the presence of regulated institutions and publicly-traded corporations throughout the crypto market has created an entirely new sense of normality.
But Bitcoin, it can’t be repeated enough, is still a speculative and risky asset. If history is any teacher (and it often is) there will be more than a few more steps backwards on Bitcoin’sjourney to the moon.
• When to expect$600 checks and $300 enhanced unemployment payments
• A brief history ofBitcoin bubbles
• From Bitcoin to Asian tech stocks, these arethe biggest winners and losers of the 2020 global markets
• The biggestbusiness scandalsof 2020
• Under Biden, expectmore scrutiny of Big Tech and mergers
This story was originally featured onFortune.com || A brief history of Bitcoin bubbles: Its been a breakout year for Bitcoin. In 2020 a wave of interest from mainstream investors and institutions helped push the price of the virtual currency from $7,200 in January to above $29,000 on December 31 (and then on past $32,700 by early January 2021). But the innovative digital asset, maintained by a decentralized swarm of so-called miners, has a long history of volatility. Most observers expect some retrenchment of that rally sooner or later. For insight into why (or maybe when) a slump is likely, its worth looking back at Bitcoins many bubble periods: stretches when the price increased dramatically in a short amount of time, then fell, in most cases, even more sharply. Bubble, of course, has negative connotations, implying popular delusions and the madness of crowds . But theres a growing understanding that financial bubbles can also be generated by temporary overoptimism about real innovation that can still pay off in the long run. Examples of this include the British Railway Mania of the 1840s and the 1999 Dot-com bubble. Supporters see Bitcoins history of volatility as just a matter of watching the world catch up, in fits and starts, with an inevitable future. Ten years of steady growth seems to have vindicated that viewat least for now. But the growing pains can be truly savage. Below, a trip down Bitcoins memory lane. Caveat: Many of the Bitcoin marketplaces (such as Mt.Gox ) that established the historical prices cited in the following text no longer exist. Even at the time, it would have been hard to identify a single price in the very small, relatively illiquid market. For simplicity and consistency, this article primarily relies on 99bitcoins.com for prices from 2009 to 2012 and CoinGecko for prices from 2013 to the present. Feb. 2011: The Great Slashdotting/Dollar Parity Day The Peak: $1.06 (Feb. 14, 2011) The Bottom: $0.67 (April 5, 2011) The Bitcoin bull run that peaked in February 2011 was arguably the cryptocurrencys first bubble, and tremendously significant for its evolution. It began as early as July 2010 , when Bitcointhen worth just pennies per coinwas first mentioned on Slashdot, a news aggregator popular with die-hard techies. That post first brought important developers including Jeff Garzik and Jed McCaleb to the project. Heightened interest then drove the price of a Bitcoin to one dollar on Feb. 10, 2011. That day became known as Dollar Parity Day, and triggered a second Slashdot post that brought further attention. Story continues That basic cycle is still a major dynamic of the Bitcoin market: real technology or infrastructure advances drive the price higher, then the price itself generates further, less sustainable price growth. June 2011: The Bump on Silk Road The Peak: $29.58 (June 9, 2011) The Bottom: $2.14 (Nov. 18, 2011) The first truly wild Bitcoin bubble began with a June 1, 2011 article about the darkweb market Silk Road on now-defunct news site Gawker. The article described how illegal drugs could be purchased on a hidden website using Bitcoin. (Beliefs at the time that Bitcoin is untraceable turned out to be wildly incorrect .) Just as important, the article followed on the heels of several early Bitcoin exchanges opening, which made the token easier to buy. The combination of attention and access sent Bitcoin from $10 to nearly $30 in just a week. Then, setting a pattern, it slumped for months. November 2013: A Thousandaire The Peak: $1,127.45 (Nov. 29, 2013) The Bottom: $172.15 (Jan. 13, 2015) Just short of three years after breaking the barrier to dollar parity, Bitcoin zoomed on to another crucial threshold, cracking $1,000 in late November 2013. It didnt last, and the price cratered nearly 50% by mid December. This bull run is notable for its relative stickiness: The Bitcoin price declined relatively gently over a little more than a year to a new bottom, then rode along that bottom for another year. Prices didnt break $1,000 again for more than three years after the first time. December 2017: The Widowmaker The Peak: $19,665 (Dec. 15, 2017) The Bottom: $3,164 (Dec. 15, 2018) The most brutal and crazy of all Bitcoin bubbles so far, except it wasnt really a Bitcoin bubble. Instead, 2017s bull run was largely fueled by a wave of newly-minted alternative cryptocurrencies that made big promises. More importantly, a novel process known as an Initial Coin Offering (ICO) allowed founders to sell their new offerings directly to the public. That created not just one speculative mania, but literally thousands that fed off of each other: One ICOs purely speculative run-up would create FOMOthat is, fear of missing outfor the next. Bitcoin benefited from the frenzy, but its dominance, or share of the overall crypto market, fell off a cliff as interest in altcoins surged. It all ended in tears, of course. A mere week after peaking, Bitcoin dropped more than 25%. Other cryptocurrencies plummeted even further. Longer term, many of the projects rolling out ICOs turned out to be brazen frauds , and ICOs have since been broadly and aggressively pursued by the U.S. Securities and Exchange Commission as illegal securities offerings . To cite one example of how bloody things got, Japanese tech mogul Masayoshi Son, of SoftBank fame, is reported to have lost $130 million in the 2017 crypto bubbleand that was allegedly his personal money, not SoftBanks. This time, its
different? Veterans of Bitcoins wild roller-coaster ride have argued that the current white-knuckle run-up is, in crucial ways, different. (Of course, weve heard this before.) They argue that the absence of ICOs has forestalled the worst excesses of scammers and their greedy marks, the U.S. COVID stimulus can be read as validation of the inflation-hedge thesis that is crucial to Bitcoins appeal as an investment, and the presence of regulated institutions and publicly-traded corporations throughout the crypto market has created an entirely new sense of normality. But Bitcoin, it cant be repeated enough, is still a speculative and risky asset. If history is any teacher (and it often is) there will be more than a few more steps backwards on Bitcoins journey to the moon . More must-read finance coverage from Fortune : When to expect $600 checks and $300 enhanced unemployment payments A brief history of Bitcoin bubbles From Bitcoin to Asian tech stocks, these are the biggest winners and losers of the 2020 global markets The biggest business scandals of 2020 Under Biden, expect more scrutiny of Big Tech and mergers This story was originally featured on Fortune.com || 3 New ETFs For 2021: Rookies Ready To Come Of Age: Rarely is it a dull year in the exchange traded funds industry and 2020 was no exception. Among the many records set last year in ETF Land were closures and launches.
First, the bad news. As Bloomberganalyst Eric Balchunaspoints out in some recent posts, as of Dec. 28, 253 ETFs closed in 2020. That's a record and more than double the closure level seen in 2019, but that is the sign of a hyper-competitive, maturing industry. Just because an issuer builds it (an ETF) doesn't they (investors) will come.
The better news is that more than 300 new ETFs, just in the U.S., debuted last year, up from 219 the previous year. Balchunas recently posted some interesting footnotes about the top 20 by assets. First, Vanguard isn't on that list because it didn't introduce any new products last year. Second, some nuanced products from smaller issuers rapidly accumulated assets. Third, as Balchunas notes, just 36 rookie ETFs amassed more than $100 million in assets last year and just one topped $1 billion.
Here, we'll examine three of 2020's new ETFs that could be in for big things this year for reasons that go beyond their assets under management.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC)
Yes, some of the smaller though still successful rookie ETFs will be highlighted here, but theJPMorgan BetaBuilders U.S. Mid Cap Equity ETF(NYSE: BBMC) deserves attention, too, because this is the only new one of 2020's new ETFs that has over $1 billion in assets. To be precise, BBMCis a $1.34 billion fundfollowing its April 14 debut.
JPMorgan was a late entrant to the ETF business, but thanks to a robust distribution network and the ability to bring its own assets, it's a rapidly growing issuer. Those benefits are trickling down to BBMC — the mid-cap fund is now the issuer's seventh-largest ETF.
Besides those superficial superlatives, BBMC is up 61% since inception. Buoyed by mid-cap earnings momentum, the new JPMorgan ETF could shine again next year.
“We expect the Russell Midcap Index to post a sizable earnings-per-share increase, which should support our 2021 year-end median price target for the index of 2,700,”according to Wells Fargo.
Cabana Target Drawdown 10 ETF (TDSC)
TheCabana Target Drawdown 10 ETF(NYSE:TDSC) is part of a broader suite of five ETFs launched by Cabana Group in May — another is on the top 20 list in terms of assets added by new ETFs.
As of Dec. 29, TDSC had $552.28 million in assets under management, a total surpassed by just five other new ETFs. TDSC is an ETF of ETFs that's designed to protect investors against equity market swoons while still providing ample opportunity for upside capture. There's a hefty dose of income as four of the new fund's holdings include Treasury, corporate debt — investment-grade and junk — and preferred stock ETFs.
Other holdings include theInvesco QQQ(NASDAQ:QQQ) and theConsumer Discretionary Select Sector SPDR(NYSE:XLY).
Global X Telemedicine & Digital Health ETF (EDOC)
Just seven new ETFs, including the aforementioned BBMC and TDSC, have accumulated more assets this year than theGlobal X Telemedicine & Digital Health ETF(NASDAQ:EDOC). EDOC debuted on July 29 and now has a tidy $564.17 million in assets, speaking to investorsenthusiasm for thematic ETFs.
EDOC is benefiting from the duel tailwinds of that thirst for thematic investments and the coronavirus pandemic hastening adoption of digital health practices. On the other hand, both of those catalysts could expire next year.
Fortunately, that won't weigh on EDOC because telemedicine was growing prior to the pandemic and is forecast to do so after COVID-19 is a thing of the past. EDOC is up 24.15% in just five months on the market.
Photo courtesy: Joe Mabel via Wikimedia
See more from Benzinga
• Click here for options trades from Benzinga
• VanEck Gives Bitcoin ETF Another Go
• 4 ETFs To Watch In 2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 3 New ETFs For 2021: Rookies Ready To Come Of Age: Rarely is it a dull year in the exchange traded funds industry and 2020 was no exception. Among the many records set last year in ETF Land were closures and launches. First, the bad news. As Bloomberg analyst Eric Balchunas points out in some recent posts, as of Dec. 28, 253 ETFs closed in 2020. That's a record and more than double the closure level seen in 2019, but that is the sign of a hyper-competitive, maturing industry. Just because an issuer builds it (an ETF) doesn't they (investors) will come. The better news is that more than 300 new ETFs, just in the U.S., debuted last year, up from 219 the previous year. Balchunas recently posted some interesting footnotes about the top 20 by assets. First, Vanguard isn't on that list because it didn't introduce any new products last year. Second, some nuanced products from smaller issuers rapidly accumulated assets. Third, as Balchunas notes, just 36 rookie ETFs amassed more than $100 million in assets last year and just one topped $1 billion. Here, we'll examine three of 2020's new ETFs that could be in for big things this year for reasons that go beyond their assets under management. JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (BBMC) Yes, some of the smaller though still successful rookie ETFs will be highlighted here, but the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (NYSE: BBMC) deserves attention, too, because this is the only new one of 2020's new ETFs that has over $1 billion in assets. To be precise, BBMC is a $1.34 billion fund following its April 14 debut. JPMorgan was a late entrant to the ETF business, but thanks to a robust distribution network and the ability to bring its own assets, it's a rapidly growing issuer. Those benefits are trickling down to BBMC — the mid-cap fund is now the issuer's seventh-largest ETF. Besides those superficial superlatives, BBMC is up 61% since inception. Buoyed by mid-cap earnings momentum, the new JPMorgan ETF could shine again next year. Story continues “We expect the Russell Midcap Index to post a sizable earnings-per-share increase, which should support our 2021 year-end median price target for the index of 2,700,” according to Wells Fargo . Cabana Target Drawdown 10 ETF (TDSC) The Cabana Target Drawdown 10 ETF (NYSE: TDSC ) is part of a broader suite of five ETFs launched by Cabana Group in May — another is on the top 20 list in terms of assets added by new ETFs. As of Dec. 29, TDSC had $552.28 million in assets under management, a total surpassed by just five other new ETFs. TDSC is an ETF of ETFs that's designed to protect investors against equity market swoons while still providing ample opportunity for upside capture. There's a hefty dose of income as four of the new fund's holdings include Treasury, corporate debt — investment-grade and junk — and preferred stock ETFs. Other holdings include the Invesco QQQ (NASDAQ: QQQ ) and the Consumer Discretionary Select Sector SPDR (NYSE: XLY ). Global X Telemedicine & Digital Health ETF (EDOC) Just seven new ETFs, including the aforementioned BBMC and TDSC, have accumulated more assets this year than the Global X Telemedicine & Digital Health ETF (NASDAQ: EDOC ). EDOC debuted on July 29 and now has a tidy $564.17 million in assets, speaking to investors enthusiasm for thematic ETFs . EDOC is benefiting from the duel tailwinds of that thirst for thematic investments and the coronavirus pandemic hastening adoption of digital health practices. On the other hand, both of those catalysts could expire next year. Fortunately, that won't weigh on EDOC because telemedicine was growing prior to the pandemic and is forecast to do so after COVID-19 is a thing of the past. EDOC is up 24.15% in just five months on the market. Photo courtesy: Joe Mabel via Wikimedia See more from Benzinga Click here for options trades from Benzinga VanEck Gives Bitcoin ETF Another Go 4 ETFs To Watch In 2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020: It’s generally agreed that 2020 was not a great year. But for investors, there was a happy ending to it all. Despite the headwinds of the pandemic, most mutual funds and exchange traded funds showed strong returns by the end of the year. Vanguard’s Total Stock Market Index fund, the largest fund by assets, returned 19.5 percent as of the end of December, more than double its average annual performance. More from Deadline Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021 Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Cannes & Netflix: Fest Chiefs On 'Roma' Fallout, Future Plans & French Windows Bond funds also did well, showing slow and stead growth. The average intermediate-term core bond fund returned 7.3 percent as of the end of December. Cryptocurrency also had a boom year, as institutional investors and large companies finally got on board with the volatile digital currency. Bitcoin rose from the $3,800 level to now stand above $31,000 as of today. All of these reflect a market that took a 30 percent hit from February to March, when the US pandemic first emerged on a large scale. Panic selling ensued, plunging prices into the depths. But the blood in the streets lured in others, and their patience has paid off. Best of Deadline U.S. Covid-19 Update: Nation Hits 20M Cases By Start Of 2021, With More than 346,000 Deaths Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020: It’s generally agreed that 2020 was not a great year. But for investors, there was a happy ending to it all.
Despite the headwinds of the pandemic, mostmutual fundsand exchange traded funds showed strong returns by the end of the year. Vanguard’s Total Stock Market Index fund, the largest fund by assets, returned 19.5 percent as of the end of December, more than double its average annual performance.
More from Deadline
• Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021
• Bitcoin Tops $40k Mark, Ether At All-Time High Amid Crypto Markets Boom
• Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin
Bond funds also did well, showing slow and stead growth. The average intermediate-term core bond fund returned 7.3 percent as of the end of December.
Cryptocurrency also had a boom year, as institutional investors and large companies finally got on board with the volatile digital currency.Bitcoinrose from the $3,800 level to now stand above $31,000 as of today.
All of these reflect a market that took a 30 percent hit from February to March, when the US pandemic first emerged on a large scale. Panic selling ensued, plunging prices into the depths. But the blood in the streets lured in others, and their patience has paid off. || Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020: It’s generally agreed that 2020 was not a great year. But for investors, there was a happy ending to it all. Despite the headwinds of the pandemic, most mutual funds and exchange traded funds showed strong returns by the end of the year. Vanguard’s Total Stock Market Index fund, the largest fund by assets, returned 19.5 percent as of the end of December, more than double its average annual performance. More from Deadline Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021 Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Cannes & Netflix: Fest Chiefs On 'Roma' Fallout, Future Plans & French Windows Bond funds also did well, showing slow and stead growth. The average intermediate-term core bond fund returned 7.3 percent as of the end of December. Cryptocurrency also had a boom year, as institutional investors and large companies finally got on board with the volatile digital currency. Bitcoin rose from the $3,800 level to now stand above $31,000 as of today. All of these reflect a market that took a 30 percent hit from February to March, when the US pandemic first emerged on a large scale. Panic selling ensued, plunging prices into the depths. But the blood in the streets lured in others, and their patience has paid off. Best of Deadline U.S. Covid-19 Update: Nation Hits 20M Cases By Start Of 2021, With More than 346,000 Deaths Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020: It’s generally agreed that 2020 was not a great year. But for investors, there was a happy ending to it all.
Despite the headwinds of the pandemic, mostmutual fundsand exchange traded funds showed strong returns by the end of the year. Vanguard’s Total Stock Market Index fund, the largest fund by assets, returned 19.5 percent as of the end of December, more than double its average annual performance.
More from Deadline
• Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021
• Bitcoin Tops $40k Mark, Ether At All-Time High Amid Crypto Markets Boom
• Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin
Bond funds also did well, showing slow and stead growth. The average intermediate-term core bond fund returned 7.3 percent as of the end of December.
Cryptocurrency also had a boom year, as institutional investors and large companies finally got on board with the volatile digital currency.Bitcoinrose from the $3,800 level to now stand above $31,000 as of today.
All of these reflect a market that took a 30 percent hit from February to March, when the US pandemic first emerged on a large scale. Panic selling ensued, plunging prices into the depths. But the blood in the streets lured in others, and their patience has paid off. || Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020: It’s generally agreed that 2020 was not a great year. But for investors, there was a happy ending to it all. Despite the headwinds of the pandemic, most mutual funds and exchange traded funds showed strong returns by the end of the year. Vanguard’s Total Stock Market Index fund, the largest fund by assets, returned 19.5 percent as of the end of December, more than double its average annual performance. More from Deadline Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021 Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Cannes & Netflix: Fest Chiefs On 'Roma' Fallout, Future Plans & French Windows Bond funds also did well, showing slow and stead growth. The average intermediate-term core bond fund returned 7.3 percent as of the end of December. Cryptocurrency also had a boom year, as institutional investors and large companies finally got on board with the volatile digital currency. Bitcoin rose from the $3,800 level to now stand above $31,000 as of today. All of these reflect a market that took a 30 percent hit from February to March, when the US pandemic first emerged on a large scale. Panic selling ensued, plunging prices into the depths. But the blood in the streets lured in others, and their patience has paid off. Best of Deadline U.S. Covid-19 Update: Nation Hits 20M Cases By Start Of 2021, With More than 346,000 Deaths Coronavirus: Movies That Have Halted Or Delayed Production Amid Outbreak Hong Kong Filmart Postponed Due To Coronavirus Fears; Event Moves Two Weeks Before Toronto Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . || Mutual Funds, ETFs, Bitcoin Showed Strong Gains In 2020: It’s generally agreed that 2020 was not a great year. But for investors, there was a happy ending to it all. Despite the headwinds of the pandemic, most mutual funds and exchange traded funds showed strong returns by the end of the year. Vanguard’s Total Stock Market Index fund, the largest fund by assets, returned 19.5 percent as of the end of December, more than double its average annual performance. More from Deadline Bitcoin Approaching $30k As Crypto Market Booms Heading Into 2021 Bitcoin Tops $40k Mark, Ether At All-Time High Amid Crypto Markets Boom Facebook Reveals Launch Plans For Libra, Its Crypto Answer To Bitcoin Bond funds also did well, showing slow and stead growth. The average intermediate-term core bond fund returned 7.3 percent as of the end of December. Cryptocurrency also had a boom year, as institutional investors and large companies finally got on board with the volatile digital currency. Bitcoin rose from the $3,800 level to now stand above $31,000 as of today. All of these reflect a market that took a 30 percent hit from February to March, when the US pandemic first emerged on a large scale. Panic selling ensued, plunging prices into the depths. But the blood in the streets lured in others, and their patience has paid off. || Benzinga's Final Bulls And Bears Of The Year: Alibaba, Apple, Intel, Tesla And More: • Benzinga has examined the prospects for many investorfavorite stocksover the past week.
• The week's bullish calls included the iPhone maker and electric vehicle stocks.
• A semiconductor maker and a Chinese internet giant were among the bearish calls.
The final trading week ofa tumultuous yearoffered little in the way of a Santa Claus rally, with the S&P 500 and Dow Jones industrial average up about 1% and the Nasdaq essentially flat for the week. For the full year though, the Dow was up about 6%, the S&P 500 was more than 14% higher, and the Nasdaq saw a gain of more than 41%. Not bad for a year that saw a market collapse in March.
The year ended with progress on athird COVID-19 vaccine, continuedpolitical bickeringin Washington andsigns of lifein the movie industry. Also, theecommerce colossushad success with a new endeavor, theelectric vehicle leaderis poised to expand anda top chipmaker's days may be numbered.
The year's end is also a time to look forward, withmarket themes to watchand predictions aboutthe FAANG stocks,cryptocurrencyand so much more.
Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
Bulls
In Jayson Derrick's "3 Reasons Why Gene Munster Says Apple Will Be A Top Performer In 2021," see why this noted tech expert and venture capitalist believes that some key catalysts will help driveApple Inc.(NASDAQ:AAPL) stock higher this year and make it a top-performing FAANG play.
Tesla Inc(NASDAQ:TSLA) could beat both internal and Wall Street expectations in the fourth quarter despite some "speed bumps." That's according to Shivdeep Dhaliwal's "Tesla On Track To Beat Its Ambitious Delivery Target Of 500,000 Deliveries For 2020, Says Wedbush."
"Snap Rallies On New Street-High Price Target: Why Goldman Sachs Is Bullish" by Shanthi Rexaline examines why one top analyst believes thatSnap Inc(NYSE:SNAP) stock is poised for further upside, and fourth-quarter revenue likely will come in well above consensus expectations.
In "Why BofA Is Raising Its Nio Price Target Ahead Of The Jan. 9 Nio Day Event," Wayne Duggan discusses what electric carmakerNio Inc(NYSE:NIO) likely will announce at its upcoming event. See what should give investors plenty of reason for optimism this year.
Priya Nigam's "Why KeyBanc Is Turning Bullish On Continental Resources" focuses on why petroleum and natural gas exploration and production companyContinental Resources, Inc.(NYSE:CLR) is now well positioned and could reinstate its dividend this year.
For additional bullish calls of the past week, also have a look at the following:
• The S&P 500 Just Did Something That Has Been Bullish Every Time Since WWII
• 3 Catalysts That Could Drive Stock Prices Higher In 2021
• Tilson: Frothy Stock Market Could Still Be 'One To Two Years From The Top'
In Shanthi Rexaline's "Intel Analyst: Challenges In 2021 Look 'Substantial'," see how one analyst expects formerly leading chipmakerIntel Corporation(NASDAQ:INTC) to respond to activist pressure to make big changes. What may be next for the tech giant?
"Alibaba Shares Tank Even As E-Commerce Giant Ups Stock Buyback Target To B" by Aditya Raghunath shows why boosting theAlibaba Group Holdings Ltd(NYSE:BABA) share buyback program in the face of anti-competition probes from Chinese authorities failed to please investors.
Chris Katje's "Bears Pile On FuboTV After 330% Rise In 2020" argues that bears are questioning the valuation and the long-term outlook forFuboTV Inc(NYSE:FUBO), one of the hottest stocks in the streaming market in the past year. Was five straight days of double-digit gains too much?
Electric vehicle makerNikola Corporation(NASDAQ:NKLA) faces "lack of scale in the first 18 months of truck sales," according to "JPMorgan Lowers Nikola Price Target, Sees 'Execution Risk Associated With A Tarnished Brand'" by Priya Nigam.
For more bearish takes, be sure to check out these posts:
• Bitcoin Rally Likely To Peak Out In Coming Weeks, Says Technical Analyst
• 10 Worst Performing S&P 500 Stocks Of 2020
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by followingBenzingaon Twitter.
Photo credit:Andy Mitchell, Flickr
See more from Benzinga
• Click here for options trades from Benzinga
• Barron's Post-Christmas Picks And Pans: Alibaba, Apple, Intel, Pool, Yelp And More
• Notable Insider Buys In The Week Of Christmas: Foot Locker, GameStop, NetApp And More
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Benzinga's Final Bulls And Bears Of The Year: Alibaba, Apple, Intel, Tesla And More: Benzinga has examined the prospects for many investor favorite stocks over the past week. The week's bullish calls included the iPhone maker and electric vehicle stocks. A semiconductor maker and a Chinese internet giant were among the bearish calls. The final trading week of a tumultuous year offered little in the way of a Santa Claus rally, with the S&P 500 and Dow Jones industrial average up about 1% and the Nasdaq essentially flat for the week. For the full year though, the Dow was up about 6%, the S&P 500 was more than 14% higher, and the Nasdaq saw a gain of more than 41%. Not bad for a year that saw a market collapse in March. The year ended with progress on a third COVID-19 vaccine , continued political bickering in Washington and signs of life in the movie industry. Also, the ecommerce colossus had success with a new endeavor, the electric vehicle leader is poised to expand and a top chipmaker 's days may be numbered. The year's end is also a time to look forward, with market themes to watch and predictions about the FAANG stocks , cryptocurrency and so much more. Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look. Bulls In Jayson Derrick's " 3 Reasons Why Gene Munster Says Apple Will Be A Top Performer In 2021 ," see why this noted tech expert and venture capitalist believes that some key catalysts will help drive Apple Inc. (NASDAQ: AAPL ) stock higher this year and make it a top-performing FAANG play. Tesla Inc (NASDAQ: TSLA ) could beat both internal and Wall Street expectations in the fourth quarter despite some "speed bumps." That's according to Shivdeep Dhaliwal's " Tesla On Track To Beat Its Ambitious Delivery Target Of 500,000 Deliveries For 2020, Says Wedbush ." " Snap Rallies On New Street-High Price Target: Why Goldman Sachs Is Bullish " by Shanthi Rexaline examines why one top analyst believes that Snap Inc (NYSE: SNAP ) stock is poised for further upside, and fourth-quarter revenue likely will come in well above consensus expectations. Story continues In " Why BofA Is Raising Its Nio Price Target Ahead Of The Jan. 9 Nio Day Event ," Wayne Duggan discusses what electric carmaker Nio Inc (NYSE: NIO ) likely will announce at its upcoming event. See what should give investors plenty of reason for optimism this year. Priya Nigam's " Why KeyBanc Is Turning Bullish On Continental Resources " focuses on why petroleum and natural gas exploration and production company Continental Resources, Inc. (NYSE: CLR ) is now well positioned and could reinstate its dividend this year. For additional bullish calls of the past week, also have a look at the following: The S&P 500 Just Did Something That Has Been Bullish Every Time Since WWII 3 Catalysts That Could Drive Stock Prices Higher In 2021 Tilson: Frothy Stock Market Could Still Be 'One To Two Years From The Top' In Shanthi Rexaline's " Intel Analyst: Challenges In 2021 Look 'Substantial' ," see how one analyst expects formerly leading chipmaker Intel Corporation (NASDAQ: INTC ) to respond to activist pressure to make big changes. What may be next for the tech giant? " Alibaba Shares Tank Even As E-Commerce Giant Ups Stock Buyback Target To B " by Aditya Raghunath shows why boosting the Alibaba Group Holdings Ltd (NYSE: BABA ) share buyback program in the face of anti-competition probes from Chinese authorities failed to please investors. Chris Katje's " Bears Pile On FuboTV After 330% Rise In 2020 " argues that bears are questioning the valuation and the long-term outlook for FuboTV Inc (NYSE: FUBO ), one of the hottest stocks in the streaming market in the past year. Was five straight days of double-digit gains too much? Electric vehicle maker Nikola Corporation (NASDAQ: NKLA ) faces "lack of scale in the first 18 months of truck sales," according to " JPMorgan Lowers Nikola Price Target, Sees 'Execution Risk Associated With A Tarnished Brand' " by Priya Nigam. For more bearish takes, be sure to check out these posts: Bitcoin Rally Likely To Peak Out In Coming Weeks, Says Technical Analyst 10 Worst Performing S&P 500 Stocks Of 2020 At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. Photo credit: Andy Mitchell, Flickr See more from Benzinga Click here for options trades from Benzinga Barron's Post-Christmas Picks And Pans: Alibaba, Apple, Intel, Pool, Yelp And More Notable Insider Buys In The Week Of Christmas: Foot Locker, GameStop, NetApp And More © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || More Aussies Back Bitcoin, the Underdog: In January this year, the world watched in horror as sky-high fires tore through 44 million hectares of Australian bushland, engulfing property, wildlife and humanity. Then, just as victims were emerging from the ashes, COVID-19 arrived and the local economy went into lockdown. Gross domestic product shrank 7% in the three months through June, unemployment rose as high as 7.5% and Australia entered its first recession in 30 years.
Beyond the bleak news headlines and broader economic downturn, I have uncovered evidence to suggest that a sizable chunk of the Aussie population seebitcoinas a ray of hope.
This post is part of CoinDesk’s2020 Year in Review– a collection of op-eds, essays and interviews about the year in crypto and beyond. Adrian Przelozny is CEO ofIndependent Reserve, a cryptocurrency exchange.
Related:First Mover: Bitcoin's Plunge to $31K Shows How Bullish Market Had Become
In November 2020, we conducted the annualIndependent Reserve Cryptocurrency Index(IRCI) where we surveyed over 1,100 ordinary Australians to get a gauge on their current feelings about crypto. Crucially, we didn’t seek out existing crypto users, nor did we sample the users of our own exchange. We wanted to hear from everyday Australians from all walks of life and made our survey representative of Australian demographics.
The data revealed their confidence and trust in digital currencies had significantly improved. Almost one in five Australians now owns crypto, and, at 91.4%, nearly everyone had heard about it. But what is perhaps more poignant was the big change in how many people were inclined to think bitcoin is a scam – only 17.3$ are wary about it now, down from 21.3% in 2019. Instead, Australians are now more likely to view the world’s dominant crypto as a store of value, an investment vehicle or money.
We witnessed that growing confidence on our exchange, too, as we welcomed new traders in droves. Our worst month for account registrations in 2020 counted 50%morenew signups than our best month in 2019. These are some of the most extraordinary growth numbers we’ve seen since Independent Reserve began in 2013.
To me, this proves that Aussies are getting behind crypto like never before, which isn’t surprising when you know how we love to back the underdog. That old story – one of willful perseverance and stoic resilience in the face of adversity – is baked into our national psyche. We love to see the little guy taking on the system.
Related:Bitcoin Suddenly Drops 13% as Altcoins Continue to Rise
In 2020, bitcoin is that underdog. Antithetical to the old and duly established world of centralized banking and governance, the nascent technology has attracted its fair share of haters. In particular, JPMorgan’s CEO Jamie Dimon has relished every opportunity to call bitcoin a fraud and compare its meteoric price rise with thetulip bulb bubble. He even attacked bitcoin holders themselves, telling them they’ll “pay the price for it one day” if they’re “stupid enough to buy it.”
The last three years of crypto winter have been bitterly cold and painfully long and it’s true that bitcoin dipped close to rock bottom. But those who truly believed in its ideology never lost hope.
And then, bitcoin bounces back with breathtaking gusto, silencing its naysayers to break its previous all-time high and set an impressive new personal best. In the process, it’s also won many new fans such as MassMutual, the 169-year-old insurance giant that never previously identified as a bitcoin believer but justbought US$100 millionworth of bitcoin to diversify its own treasury. This has caught the world’s attention withElon Musk now consideringdiversifying some of Tesla’s balance sheet,.
Even Jamie’s crew are warming up to it, with strategists at JP Morganadmittingthat purchases like MassMutual’s are a clear signal for increasing institutional demand for bitcoin and, critically, a significant milestone as we edge ever closer toward mainstream adoption.
Like bitcoin, we’ll hang on.
All this is mere validation for those who were already betting on bitcoin for their future. At Independent Reserve, we have over 8,000self-managed super funds(SMSF) established by individuals who are going so long on crypto they’ve put their retirement savings into it. The first was created in 2016 when one savvy punter put AUD $41,000 into bitcoin. Today, that account is valued over 1.2 million AUD. That’s an annualized return of nearly 100% year on year.
Comparably, Australia’s leading “aggressive growth” industry superannuation funds returned9% year on yearover a five-year period.
So it’s not hard to imagine why 13% of IRCI survey respondents are pushing for their super fund to start investing in digital assets. That number is even higher if you ask the under-34 age group; almost 30% are keen on the idea and a further 25% said they were likely to set up an SMSF and do it themselves, should they have to wait any longer.
This is a critical insight when the Australian population is aging fast. Most pension funds are in outflow and struggling to demonstrate their relevance to the next generation. This could be the disrupt-or-be-disrupted story to define an era.
This lack of trust and confidence in institutions has been brewing for a while. This year, as big-league investors such as Paul Tudor Jones told the world they bought crypto as a hedge against central bank and government actions, and themoney printer go brrrmeme spread through Twitter like a virus, almost a third of under-45-year-olds told us they, too, were worried about the process of quantitative easing (QE) devaluing their wealth.
As such, each newspaper headline about a crypto bubble about to pop or some talking head dismissing it as a scam is probably doing more to assist adoption than they realize. They forget our nation’s positive bias for the one that isn’t meant to win but is fighting anyway. The one who was told to go home but is still here. That’s the little guy that we’ll keep cheering to the end.
See also:Michael Casey – Money Reimagined: Memes Mean Money
In the year ahead, I expect we will see plenty of hardship thanks to the flow-on effects of QE as well as the unpredicted and unintended consequences of many COVID-19 policies. But I suspect this will only serve to strengthen Australia’s conviction. To the general public, bitcoin is still the up-and-comer,shunned by the traditional setand struggling to be recognized on the main stage. Honestly, that’s what makes it so likable. And with 7.7% of IRCI respondents admitting they planned to buy crypto in 2020 but didn’t due to COVID-related economic pressures, I can only assume they’ll enter the market as soon as they hit greener pastures.
To me, this is a classic example of that iconic Aussie resilience that binds us together during times of fear, uncertainty and doubt. We may fall on hard times but we never stop working toward our goals and our optimism for the future is unwavering. We’re still willing to take a punt, we’re still keen to have a go and we choose to see the upside where others focus only on the risk. Like bitcoin, we’ll hang on. Because we love to believe that anything is possible.
• More Aussies Back Bitcoin, the Underdog
• More Aussies Back Bitcoin, the Underdog
[Social Media Buzz]
None available.
|
31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17.
|
[Bitcoin Technical Analysis for 2017-04-02]
Volume: 514187008, RSI (14-day): 52.47, 50-day EMA: 1076.41, 200-day EMA: 903.33
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Flow's Ultimate Football Experience Attracts Top Manchester United Star: MIAMI, FL--(Marketwired - Mar 31, 2017) - When young Jamaican footballers take to the field on April 1stfor theFlow Ultimate Football Experiencethey'll be joined by Manchester United (Man Utd) Legend and fan favourite, Quinton Fortune who will share words of encouragement and guidance to the youngsters.
The tough-tackling midfielder and South African international, earned his place in the hearts of his friends, peers and supporters of Man Utd after a 6-year stint with the club. He's one of several Man Utd Legends who will be present in some of Flow's markets at the skills-based events, leading up to theFlow Ultimate Football Experience Finalin Trinidad on May 7th.
During his time at Old Trafford, Fortune displayed an honourable sense of determination and drive, despite being hampered by a string of unfortunate injuries.
As part of the club, he earned the Intercontinental Cup (1999) and the FA Community Shield (2003) before moving on to other teams.
Like many other former pro footballers, Fortune is not just a player; he's a coach, too. After his retirement in 2010, he spent time training with Man Utd's reserve team while simultaneously working towards his coaching badges, which he received in 2013.
Needless to say, Fortune -- who wore number 25 with the Reds -- brings a unique combination of playing experience and coaching acumen to the Jamaican chapter of theFlow Ultimate Football Experience. And not only will the youngsters get expert advice on ways to enhance their performance, they'll also doubtlessly get a fresh boost of energy by simply playing in the presence of one of football's best.
Flow and Manchester United's latest region-wide initiative, theFlow Ultimate Football Experienceis designed to give youngsters the chance-of-a-lifetime to participate in local talent development football camps across Flow's 15 markets. Two winners from each country will advance to the two-day skills session in T&T to experience one-on-one training with Caribbean Football Union (CFU) and Manchester United Soccer School Coaches. There, they will participate in a series of drills designed by the coaches and compete for the chance for two finalists and their coach to win a once-in-a-lifetime trip to Old Trafford in Manchester, England to seeMan Utd in a Premier League fixture.
Skilled boys and girls between the ages of 13 to 16 can register online athttps://discoverflow.co/flowmanutd.
Follow Flow Jamaica onFacebookand Twitter@FlowJamaicato track his visit to Jamaica for theFlow Ultimate Football Experience!
"Flow and Manchester United - together we are in a different league."
About C&W Communications
C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3125292 || Flow's Ultimate Football Experience Attracts Top Manchester United Star: MIAMI, FL--(Marketwired - Mar 31, 2017) - When young Jamaican footballers take to the field on April 1 st for the Flow Ultimate Football Experience they'll be joined by Manchester United (Man Utd) Legend and fan favourite, Quinton Fortune who will share words of encouragement and guidance to the youngsters. The tough-tackling midfielder and South African international, earned his place in the hearts of his friends, peers and supporters of Man Utd after a 6-year stint with the club. He's one of several Man Utd Legends who will be present in some of Flow's markets at the skills-based events, leading up to the Flow Ultimate Football Experience Final in Trinidad on May 7 th . During his time at Old Trafford, Fortune displayed an honourable sense of determination and drive, despite being hampered by a string of unfortunate injuries. As part of the club, he earned the Intercontinental Cup (1999) and the FA Community Shield (2003) before moving on to other teams. Like many other former pro footballers, Fortune is not just a player; he's a coach, too. After his retirement in 2010, he spent time training with Man Utd's reserve team while simultaneously working towards his coaching badges, which he received in 2013. Needless to say, Fortune -- who wore number 25 with the Reds -- brings a unique combination of playing experience and coaching acumen to the Jamaican chapter of the Flow Ultimate Football Experience . And not only will the youngsters get expert advice on ways to enhance their performance, they'll also doubtlessly get a fresh boost of energy by simply playing in the presence of one of football's best. Flow and Manchester United's latest region-wide initiative, the Flow Ultimate Football Experience is designed to give youngsters the chance-of-a-lifetime to participate in local talent development football camps across Flow's 15 markets. Two winners from each country will advance to the two-day skills session in T&T to experience one-on-one training with Caribbean Football Union (CFU) and Manchester United Soccer School Coaches. There, they will participate in a series of drills designed by the coaches and compete for the chance for two finalists and their coach to win a once-in-a-lifetime trip to Old Trafford in Manchester, England to see Man Utd in a Premier League fixture . Story continues Skilled boys and girls between the ages of 13 to 16 can register online at https://discoverflow.co/flowmanutd . Follow Flow Jamaica on Facebook and Twitter @FlowJamaica to track his visit to Jamaica for the Flow Ultimate Football Experience ! " Flow and Manchester United - together we are in a different league ." About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3125292 || How Sears Ruined Its CEO Eddie Lampert’s Hedge Fund: As if in sympathy with his dying retail giant, Sears CEO Eddie Lampert’s hedge fund has sunk perfectly in line with Sears’ own decline . While shares of fell nearly 55% in 2016 amid bankruptcy rumors , the assets in Lampert’s 29-year-old fund ESL Investments have dwindled a matching 55% in the same period. Sears, making up about a third of Lampert’s portfolio, was a major contributor to the the hedge fund’s shrink, but investors have also abandoned the fund recently, taking their money with them. By the end of 2016, Lampert’s fund held a mere $653 million--a sizable decline of 94% from the $16.5 billion it once managed at Sears’ peak in 2007 , according to securities filings. Lampert’s turnaround plan for Sears has so far not only failed to bring the struggling retailer back to health, but it has also been a personal disaster for the investor’s net worth. Lampert’s fund held $3.8 billion when he became CEO at the beginning of 2013, but those assets have dropped 84% since then, a Fortune analysis found--even greater than Sears’ 74% drop in the same period . Wilson’s stake in Sears, along with Sears Canada, once worth billions of dollars, is now valued at just $285 million. At least part of the reason Lampert’s losses outpaced those of Sears’ was due to the hedge funder significantly paring down stakes in his two other major holdings, and Gap . Neither or those stocks have done well since 2013, with Gap down 39% by the end of 2016, and AutoNation down 3.3%. The flagging performance has also prompted Lampert’s shareholders to pull their money out of the fund, according to the New York Times . This was not how Lampert, who has sworn his resolve to save Sears, envisioned how his investment would play out . Lampert had become a majority Sears stakeholder in 2004, and later helped engineer the company’s merger with Kmart in early 2005. By the time the merger had been completed, Lampert’s stake in Sears was worth $8.6 billion, amounting to a massive 72% of his portfolio. And that wasn’t the end of its glory days. By early 2007, those same shares had grown 29% in value to $11.1 billion--or 67% of his portfolio at the time. Story continues But when the financial recession hit Sears , as it did with other retailers, Lampert’s own fund suffered heavily. And now, the investor and CEO appears to be losing faith in the idea of ever making his money back: Sears acknowledged last week that “substantial doubt exists” in its “ability to continue as a going concern.” See original article on Fortune.com More from Fortune.com VC Fred Wilson Thinks Coinbase Is the Goldman Sachs of Bitcoin Nasdaq Stocks Are Quietly Setting New Highs Every Single Day Amazon and the Race to Be the First $1 Trillion Company Principal Financial Group Just Accused This Hedge Fund of Hiding Investments with Bernie Madoff Robots Are Replacing Humans at All These Wall Street Firms || How Sears Ruined Its CEO Eddie Lampert’s Hedge Fund: As if in sympathy with his dying retail giant, Sears CEO Eddie Lampert’s hedge fund has sunk perfectlyin line with Sears’ own decline.
While shares of fell nearly 55% in 2016amid bankruptcy rumors, the assets in Lampert’s 29-year-old fund ESL Investments have dwindled a matching 55% in the same period.
Sears, making up about a third of Lampert’s portfolio, was a major contributor to the the hedge fund’s shrink, but investors have also abandoned the fund recently, taking their money with them. By the end of 2016, Lampert’s fund held a mere $653 million--a sizable decline of 94% from the $16.5 billion it once managed atSears’ peak in 2007, according to securities filings.
Lampert’sturnaround planfor Sears has so far not only failed to bring the struggling retailer back to health, but it has also been a personal disaster for the investor’s net worth. Lampert’s fund held $3.8 billion when he became CEO at the beginning of 2013, but those assets have dropped 84% since then, aFortuneanalysis found--even greater than Sears’74% drop in the same period.
Wilson’s stake in Sears, along with Sears Canada, once worth billions of dollars, is now valued at just $285 million.
At least part of the reason Lampert’s losses outpaced those of Sears’ was due to the hedge funder significantly paring down stakes in his two other major holdings, and Gap . Neither or those stocks have done well since 2013, with Gap down 39% by the end of 2016, and AutoNation down 3.3%. The flagging performance has also prompted Lampert’s shareholders to pull their money out of the fund, according to theNew York Times.
This was not how Lampert, who hassworn his resolve to saveSears,envisioned how his investment would play out. Lampert had become a majority Sears stakeholder in 2004, and later helped engineer the company’s merger with Kmart in early 2005. By the time the merger had been completed, Lampert’s stake in Sears was worth $8.6 billion, amounting to a massive 72% of his portfolio. And that wasn’t the end of its glory days. By early 2007, those same shares had grown 29% in value to $11.1 billion--or 67% of his portfolio at the time.
Butwhen the financial recession hit Sears, as it did with other retailers, Lampert’s own fund suffered heavily. And now, the investor and CEO appears to be losing faith in the idea of ever making his money back: Searsacknowledged last week that “substantial doubt exists”in its “ability to continue as a going concern.”
See original article on Fortune.com
More from Fortune.com
• VC Fred Wilson Thinks Coinbase Is the Goldman Sachs of Bitcoin
• Nasdaq Stocks Are Quietly Setting New Highs Every Single Day
• Amazon and the Race to Be the First $1 Trillion Company
• Principal Financial Group Just Accused This Hedge Fund of Hiding Investments with Bernie Madoff
• Robots Are Replacing Humans at All These Wall Street Firms || Altcoin Crowdsale ICO Begins New Offering Under Symbol "ALT": VANCOUVER, BC / ACCESSWIRE / March 29, 2017 / First Bitcoin Capital Corp.(OTC PINK: BITCF) launched its first Initial Coin Offering (ICO) today. The Company foresees a major shift coming that will overnight witness the emergences of altcoins surpassing Bitcoin in overall market cap. Investopedia.com defines "Altcoin" as a combination of two words: "alt" and "coin"; alt being short for alternative and coin signifying currency. Thus, together they imply a category of cryptocurrency that is alternative to the digital currency, Bitcoin. In order to capitalize on the pending shift, the Company has wasted no time in launching its first ICO choosing a name to capture the maximum exposure to this emerging trend calling it "ALTcoin" bearing the symbol " ALT ." In conjunction with this new ICO (also sometimes known as ITO for Initial Token Offering), the company is preparing to launch the AltCoinMarketCap.com - website for worldwide tracking capitalization of various alternative cryptocurrencies, as a social platform for cryptocurrency enthusiasts and as a new, potential income source. Crypto Coin speculators may already begin acquiring ALT using Tether (USDT) as the medium of exchange. Early participants will automatically receive approximately 1.25 ALT for each USDT sent to the company's Omni wallet, Bitcoin address: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS In order to insure receipt of the ALT upon transferring USDT to the company's wallet address, speculators will need to use their own personal Omni Wallet address and not an exchange provided wallet as the exchanges may not be prepared to credit those ALT to the senders account. After 6 confirmations, the ALTcoin ( ALT ) will arrive in recipient's personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of ALT . To participate, kindly see further details at: https://www.omniwallet.org/assets/details/149 The early bird bonus originally at 25%, will be gradually reduced to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the public. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers. Story continues Management expects to witness ALT listed on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send USDT to acquire ALT may also participate and so that secondary trading may ensue. Cryptopia is the first Bitcoin exchange outside OMNIDEX to list ALT . ALT utilizes the same Omni protocol as our recently launched Bitcoin Unlimited Futures, which is now trading on 3 exchanges under the symbols XBU on OmniDEX and CoinQX and as XB on C-Cex. We chose USDT as a medium of exchange for speculators to acquire ALT since it is the most actively traded Omni asset with tens of millions of coins in daily volume, trading in 11 currencies on Poloniex cryptocurrency exchange, as well as many other exchanges such as CoinQX.com and OMNIDEX exchanges. About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates the following digital assets. www.CoinQX.com cryptocurrency exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins. www.bitcannpay.com Open Loop merchant services for dispensaries. List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company: http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . Contact us via: [email protected] or visit http://www.bitcoincapitalcorp.com SOURCE: First Bitcoin Capital Corp. || Altcoin Crowdsale ICO Begins New Offering Under Symbol "ALT": VANCOUVER, BC / ACCESSWIRE / March 29, 2017 /First Bitcoin Capital Corp.(OTC PINK: BITCF) launched its first Initial Coin Offering (ICO) today.
The Company foresees a major shift coming that will overnight witness the emergences of altcoins surpassing Bitcoin in overall market cap. Investopedia.com defines "Altcoin" as a combination of two words: "alt" and "coin"; alt being short for alternative and coin signifying currency. Thus, together they imply a category of cryptocurrency that is alternative to the digital currency, Bitcoin.
In order to capitalize on the pending shift, the Company has wasted no time in launching its first ICO choosing a name to capture the maximum exposure to this emerging trend calling it "ALTcoin" bearing the symbol "ALT." In conjunction with this new ICO (also sometimes known as ITO for Initial Token Offering), the company is preparing to launch theAltCoinMarketCap.com- website for worldwide tracking capitalization of various alternative cryptocurrencies, as a social platform for cryptocurrency enthusiasts and as a new, potential income source.
Crypto Coin speculators may already begin acquiringALTusingTether (USDT)as the medium of exchange. Early participants will automatically receive approximately 1.25ALTfor eachUSDTsent to the company's Omni wallet, Bitcoin address: 1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
In order to insure receipt of theALTupon transferringUSDTto the company's wallet address, speculators will need to use their own personal Omni Wallet address and not an exchange provided wallet as the exchanges may not be prepared to credit thoseALTto the senders account. After 6 confirmations, the ALTcoin (ALT) will arrive in recipient's personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer ofALT.
To participate, kindly see further details at:https://www.omniwallet.org/assets/details/149
The early bird bonus originally at 25%, will be gradually reduced to 20% the second week, 15% the third week, 10% the fourth week and 5% the final, fifth week, when the ICO closes. A bonus of 10% of all coins sold will belong to The Company while the 90% will be held by the public. It is rare to find an ICO that doesn't amass a greater percentage to the issuers and organizers.
Management expects to witnessALTlisted on several exchanges in the immediate future, including its subsidiary, COINQX.com so that those unable to send USDT to acquire ALT may also participate and so that secondary trading may ensue. Cryptopia is the first Bitcoin exchange outside OMNIDEX to listALT.
ALTutilizes the same Omni protocol as our recently launched Bitcoin Unlimited Futures, which is now trading on 3 exchanges under the symbols XBU on OmniDEX and CoinQX and as XB on C-Cex.
We chose USDT as a medium of exchange for speculators to acquire ALT since it is the most actively traded Omni asset with tens of millions of coins in daily volume, trading in 11 currencies on Poloniex cryptocurrency exchange, as well as many other exchanges such as CoinQX.com and OMNIDEX exchanges.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. At this time the Company owns and operates the following digital assets.
www.CoinQX.comcryptocurrency exchange, registered with FINCEN.www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.www.BITminer.ccproviding mining pool management services.www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL, $GARY& $BURN -commemorative presidential election coins.www.bitcannpay.comOpen Loop merchant services for dispensaries.
List of Omni protocol coins issued on the Bitcoin Blockchain owned by the Company:http://omnichest.info/lookupadd.aspx?address=1FwADyEvdvaLNxjN1v3q6tNJCgHEBuABrS
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release .Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
Contact us via:
[email protected] visithttp://www.bitcoincapitalcorp.com
SOURCE:First Bitcoin Capital Corp. || SEC denies a second application to list bitcoin product: By Trevor Hunnicutt NEW YORK (Reuters) - The U.S. Securities and Exchange Commission on Tuesday denied for the second time this month a request to bring to market a first-of-its-kind product tracking bitcoin, the digital currency. The SEC announced in a filing its decision denying Intercontinental Exchange Inc's NYSE Arca exchange the ability to list and trade the SolidX Bitcoin Trust, an exchange-traded product (ETP) that would trade like a stock and track the digital asset's price. Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron Winklevoss and Tyler Winklevoss. "The Commission believes that the significant markets for bitcoin are unregulated," the SEC said in its filing, echoing language from its decision earlier this month on the application by CBOE Holdings Inc's Bats exchange to list The Bitcoin ETF proposed by the Winklevoss brothers. On Friday, Bats asked the SEC to review its decision not to allow that fund to trade. "We are reviewing the SEC's order and evaluating our next steps," said Daniel H. Gallancy, chief executive officer of SolidX Partners Inc, a U.S. technology company that provides blockchain services. NYSE did not immediately respond to a request for comment. Bitcoin had scaled to a record of more than $1,300 this month, higher than the price of an ounce of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset. But after denial of the Winklevoss-proposed ETF, the digital currency's price plunged as much as 18 percent. It has rebounded partially since then and was at $1,041 on Tuesday, roughly unchanged from the previous day. Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments. There is one remaining bitcoin ETP proposal awaiting a verdict from the SEC. Grayscale Investments LLC's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed an application last year. (Reporting by Trevor Hunnicutt; Additional reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Cynthia Osterman) || SEC denies a second application to list bitcoin product: By Trevor Hunnicutt NEW YORK (Reuters) - The U.S. Securities and Exchange Commission on Tuesday denied for the second time this month a request to bring to market a first-of-its-kind product tracking bitcoin, the digital currency. The SEC announced in a filing its decision denying Intercontinental Exchange Inc's NYSE Arca exchange the ability to list and trade the SolidX Bitcoin Trust, an exchange-traded product (ETP) that would trade like a stock and track the digital asset's price. Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron Winklevoss and Tyler Winklevoss. "The Commission believes that the significant markets for bitcoin are unregulated," the SEC said in its filing, echoing language from its decision earlier this month on the application by CBOE Holdings Inc's Bats exchange to list The Bitcoin ETF proposed by the Winklevoss brothers. On Friday, Bats asked the SEC to review its decision not to allow that fund to trade. "We are reviewing the SEC's order and evaluating our next steps," said Daniel H. Gallancy, chief executive officer of SolidX Partners Inc, a U.S. technology company that provides blockchain services. NYSE did not immediately respond to a request for comment. Bitcoin had scaled to a record of more than $1,300 this month, higher than the price of an ounce of gold, as investors speculated that an ETF holding the digital currency could woo more people into buying the asset. But after denial of the Winklevoss-proposed ETF, the digital currency's price plunged as much as 18 percent. It has rebounded partially since then and was at $1,041 on Tuesday, roughly unchanged from the previous day. Bitcoin is a virtual currency that can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government. Yet bitcoin presents a new set of risks to investors given its limited adoption, a number of massive cybersecurity breaches affecting bitcoin owners and the lack of consistent treatment of the assets by governments. There is one remaining bitcoin ETP proposal awaiting a verdict from the SEC. Grayscale Investments LLC's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed an application last year. (Reporting by Trevor Hunnicutt; Additional reporting by Gertrude Chavez-Dreyfuss; Editing by David Gregorio and Cynthia Osterman) || Bitcoin dives after the SEC shoots down plans for another bitcoin ETF: (Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF.The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday.
The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.In its ruling theSEC said:
"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.
Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF.
2017 has been a volatile year for bitcoin.
The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First,China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they wereblocking customer withdrawals.
But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF.
Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a "hard fork" that would split the currency in two.
Bitcoin has been the top-performing currency every year since 2010, aside from 2014.
A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin tanks below $1,000
• Bitcoin spikes above $1,000
• Bitcoin tumbles below $1,000 || Bitcoin dives after the SEC shoots down plans for another bitcoin ETF: (Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF.The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday.
The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.In its ruling theSEC said:
"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.
Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF.
2017 has been a volatile year for bitcoin.
The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First,China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they wereblocking customer withdrawals.
But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF.
Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a "hard fork" that would split the currency in two.
Bitcoin has been the top-performing currency every year since 2010, aside from 2014.
A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin tanks below $1,000
• Bitcoin spikes above $1,000
• Bitcoin tumbles below $1,000 || Bitcoin dives after the SEC shoots down plans for another bitcoin ETF: Bitcoin (Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip) Bitcoin has slid into negative territory after the US Securities and Exchange Commission rejected the plans for the SolidX Bitcoin ETF. The cryptocurrency is down 0.7% at $1,033 a coin. It was as high as $1,066 earlier on Tuesday. The regulator cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation. In its ruling the SEC said : "As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest. The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (ETPs) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated. Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPsagreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this marketthe Commission does not find the proposed rule change to be consistent with the Exchange Act." Tuesday's announcement follows a similar ruling that was reached on March 10, when the SEC said it had rejected the Winklevoss twins' bitcoin ETF. Story continues 2017 has been a volatile year for bitcoin. The cryptocurrency gained 20% in the first week of the year, but soon crashed 35% after reports surfaced that China was going to crack down on trading. First, China's biggest exchanges started charging a flat fee of 0.2% per transaction, then they announced they were blocking customer withdrawals . But bitcoin continued to climb higher, putting in a peak of $1,327 a coin shortly before the SEC rejected the Winklevoss ETF. Since then, however, bitcoin has tumbled more than 20% following reports developers were threatening a " hard fork " that would split the currency in two. Bitcoin has been the top-performing currency every year since 2010, aside from 2014. A third SEC ruling on a bitcoin ETF, by Grayscale Investments, is also expected to be rejected; although the timing of a final decision is not yet known. Bitcoin (Investing.com) NOW WATCH: 7 mega-billionaires who made a fortune last year More From Business Insider Bitcoin tanks below $1,000 Bitcoin spikes above $1,000 Bitcoin tumbles below $1,000 || Flow Mobile Top Up Made Easy with Scotiabank: MIAMI, FL--(Marketwired - Mar 28, 2017) - Adding credit to your mobile phone has never been easier if you are a Flow and Scotiabank customer. Both companies have partnered to provide Mobile Top Up -- a solution that allows customers to add credit to their phones directly from their Scotiabank online and mobile banking accounts, or from any Scotiabank ATM across the Caribbean. Having access to Mobile Top Up means Flow customers no longer have to wait in long lines or rely on a phone card to stay connected. Now, Flow customers who use Scotiabank for their banking needs, can top up their phones virtually anytime and anywhere in the region. "We're happy to have teamed up with Scotiabank to integrate their banking with our mobile phone services," said Garry Sinclair, Caribbean President, C&W Communications, operators of the retail brand Flow. "We're always looking for new and convenient ways to enhance our customers' experience and make their lives easier. With this fast and simple Mobile Top Up service we're doing just that -- providing customers with an innovative option to always stay connected, hassle free," Sinclair added. Mobile Top Up is available in all of Flow Caribbean markets with mobile services. For more information please visit www.discoverflow.co . About Scotiabank Scotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened its first office in Kingston, Jamaica to support the trade of rum sugar and fish. This was the first time a Canadian bank had opened a branch outside the U.K. or the U.S. Scotiabank had a branch in Kingston before the Bank opened a branch in Toronto, Canada, where the Bank's Executive Offices are now located. Some 120 plus years later, Scotiabank is the leading bank in the Caribbean and Central America, with operations in 25 countries, including affiliates. Scotiabank is the only Canadian bank with operations in four five of the seven Central American countries, namely Costa Rica, Belize, Panama and El Salvador. Story continues About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Flow Mobile Top Up Made Easy with Scotiabank: MIAMI, FL--(Marketwired - Mar 28, 2017) - Adding credit to your mobile phone has never been easier if you are aFlowandScotiabankcustomer. Both companies have partnered to provideMobile Top Up-- a solution that allows customers to add credit to their phones directly from their Scotiabank online andmobile bankingaccounts, or from any Scotiabank ATM across the Caribbean.
Having access toMobile Top Upmeans Flow customers no longer have to wait in long lines or rely on a phone card to stay connected. Now, Flow customers who use Scotiabank for their banking needs, can top up their phones virtually anytime and anywhere in the region.
"We're happy to have teamed up with Scotiabank to integrate their banking with our mobile phone services," said Garry Sinclair, Caribbean President, C&W Communications, operators of the retail brand Flow. "We're always looking for new and convenient ways to enhance our customers' experience and make their lives easier. With this fast and simpleMobile Top Upservice we're doing just that -- providing customers with an innovative option to always stay connected, hassle free," Sinclair added.
Mobile Top Upis available in all of Flow Caribbean markets with mobile services. For more information please visitwww.discoverflow.co.
About ScotiabankScotiabank has been part of the Caribbean and Central America region since 1889 when the Bank opened its first office in Kingston, Jamaica to support the trade of rum sugar and fish. This was the first time a Canadian bank had opened a branch outside the U.K. or the U.S. Scotiabank had a branch in Kingston before the Bank opened a branch in Toronto, Canada, where the Bank's Executive Offices are now located.
Some 120 plus years later, Scotiabank is the leading bank in the Caribbean and Central America, with operations in 25 countries, including affiliates. Scotiabank is the only Canadian bank with operations in four five of the seven Central American countries, namely Costa Rica, Belize, Panama and El Salvador.
About C&W CommunicationsC&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next generation networks that connect our 25 million customers who subscribe to over 50 million television, broadband internet and telephony services. We also serve over 10 million mobile subscribers and offer WiFi service across 5 million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 11 European countries under the consumer brands Virgin Media, Unitymedia, Telenet and UPC. The Liberty Global Group also owns 50% of VodafoneZiggo, a Dutch joint venture, which has 4 million customers, 10 million fixed-line subscribers and 5 million mobile subscribers. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Más Móvil and BTC. In addition, the LiLAC Group operates a sub-sea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Bitcoin is taking off: Bitcoin is up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another b itcoin ETF, on or before March 30. The SolidX Bitcoin ETF is expected to suffer the same fate as the Wiklevoss twins' bitcoin ETF , which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF because it did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest." Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a " hard fork " that would split bitcoin in two. Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year. Bitcoin (Investing.com) NOW WATCH: 7 mega-billionaires who made a fortune last year More From Business Insider Bitcoin spikes above $1,000 Bitcoin tanks below $1,000 Bitcoin is roaring back || Bitcoin is taking off: Bitcoinis up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another bitcoin ETF, on or before March 30.
TheSolidX Bitcoin ETF is expected to suffer the same fate as theWiklevoss twins' bitcoin ETF, which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF becauseit did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."
Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a "hard fork" that would split bitcoin in two.
Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin spikes above $1,000
• Bitcoin tanks below $1,000
• Bitcoin is roaring back || Bitcoin is taking off: Bitcoinis up 2.1% at $1,062 a coin, as of 8:02 a.m. ET, extending its winning streak to a second day. The two-day advance has tacked on 11% as traders ready for the upcoming US Securities and Exchange Commision ruling on another bitcoin ETF, on or before March 30.
TheSolidX Bitcoin ETF is expected to suffer the same fate as theWiklevoss twins' bitcoin ETF, which was rejected by the SEC on March 10. At the time, the SEC said it was rejecting the Winkleovss ETF becauseit did not "find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest."
Bitcoin has had a volaile 2017. It gained 20% in the first week of the year before crashing 35% on news that China was going to crack down on trading. The cryptocurrency then rallied another 75%, putting in an all-time high of $1,327.19 the morning of the SEC's ruling on the Winklevoss ETF before tumbling to a low of $939 on Monday amid fears developers were threatening to set up a "hard fork" that would split bitcoin in two.
Bitcoin has been the top-performing currency every year since 2010, except for 2014. It gained 120% last year.
(Investing.com)
NOW WATCH:7 mega-billionaires who made a fortune last year
More From Business Insider
• Bitcoin spikes above $1,000
• Bitcoin tanks below $1,000
• Bitcoin is roaring back || How New Short Squeeze ETF Can Juice Returns: It’s easy to love the premise of the just-launchedActive Alts Contrarian ETF (SQZZ). Wefirst startedwriting about it 2014, for Pete’s sake: an ETF that deliberately invests in individual stocks that are so out of favor, they’ve been shorted to the point where the mythical short squeeze might occur.
The idea is that a stock can get so over-shorted that any positive news causes so much pain to short-sellers that they give up and cover their shorts, driving the price up even further.
It’s always fun to be right on something like this, and to be the guy who zigs when the market zags. The challenge, of course, is you have to be more right than the short-sellers. With SQZZ now in the market, I thought it would be interesting to look at what the fund (which is 100% actively managed) is actually doing right now, and whether it’s poised to deliver on the premise.
First: About Squeezes
For a stock to experience a big pop, you need to have a few things:
1. A lot of people shorting it
2. A news event precipitating the squeeze
The first is relatively easy to suss out. Quick and dirty, I ran the short interest on all the NYSE stocks, and you can get a quick list of the stocks people really seem to hate. There are two easy ways to look at it. One is by how much of the float is actually short:
The other is by how much is short relative to an average day’s trading volume:
This latter number is sometimes referred to as “days-to-trade” because it implies, for instance, that it will take 60 normal trading days to unwind the 4 million shares of Tootsie Roll that are currently short.
When a company hits top 10 on both of these lists, you know you’ve got a real winner in the hate-race. Here, Vivint Solar takes the cake, being both 43% short and taking 31 days to theoretically trade out.
So what about the news factor? Well, there are some obvious things that can make a short’s day very, very bad: Earnings can beat, the company is announced as a takeover target, and so on.
The most recent example I can think of was the day Oprah Winfrey announced she was taking a 10% stake in Weight Watchers in October 2015. The stock was an astonishing 74% short before the announcement, and the stock shot up over 300% as the shorts ran for the doors.
Not Just Being Right
Taking the other side of the short-sellers bet has a side benefit: If you own a pile of stocks that everyone hates in an ETF, you can often make good money loaning that stock out to short-sellers who will continue the hate.
Mechanically, if I own Weight Watchers in my fund, I can make it available for a short-seller to borrow. In return for loaning him my stock, he gives me collateral (generally cash). I take that cash and invest it in something super safe, like a money market fund.
If the security is something boring, like Caterpillar—which nobody really hates—I might give some of that interest I get from the money market fund back to the person who borrowed my shares. For instance, someone borrows my CAT shares, I invest the cash collateral they give me in a money market fund paying 0.85%, and I agree to “rebate” 0.65% back to the borrower (that is in fact CAT’s rebate right now, according to my friends at FactSet).
Not Riskless, But Self-Contained
I pocket, on average, 0.20% over the course of the year for doing this, and if I ever need that CAT back immediately, well, I can recall it at any time. There’s some small risk the borrower will be a deadbeat, but then I have all his cash (generally 104% of the value of the stock loaned), so I can just go buy more. It’s not riskless, but it’s pretty self-contained.
But imagine someone comes to me wanting my Weight Watchers stock. Well, since 36% of the float is already short, it’s probably pretty hard to borrow, so instead of rebating them some of my money market interest, I can actually demand they pay me. In the case of Weight Watchers, the rebate is currently reported as being -10.59%, meaning the lender is paid 10.59% of the amount lent by the borrower
At the extreme, funds with much-hated stock generate real money from this activity. TheGuggenheim Solar ETF (TAN)has consistently held some of the most hated stocks in the market. As of the fund’s last filing (August 2016), 39% of the fund was out on loan. And the fund earned 3.26% in the 12 months prior, presumably all from lending, since essentially no solar company pays a meaningful dividend. In 2012, they earned over 7% from this.
And What About SQZZ?
So in fact, there are two ways for SQZZ to make money. First, they can just plain get it right (or be lucky) and catch numerous short squeezes in the portfolio, giving them the chance for significant capital appreciation. At the same time, they can loan out these hated stocks and earn significant income, but if the fund is sitting on cash, that’s not going to happen.
With all that in mind, what does the fund actually own?
Two things immediately leap out at me here ...
First, the fund is 75% in cash. It’s actively managed, so they can do whatever they like, but it strikes me as a pretty-low-conviction start. Of course, next week, the fund could be fully invested, but SQZZ just launched, so it may be that they’re legging into their positions slowly. But for the moment, investors are paying a very hefty expense ratio (1.95%, making it one of the most expensive ETFs on the market) for a giant slug of cash. Sure, that gives the active fund manager flexibility, but if he sits on it for a year, it’s painful.
Second, many of the securities here don’t meet any traditional definition of “hated.” There’s Weight Watchers in here, but we also have firms like Oritani Financial, a $750 million regional bank in New Jersey, with just 4% of the float sold short, and that currently has a rebate higher than Disney or Apple. I’m not a bank analyst—maybe there’s some hidden story here that the manager is counting on coming to light. Or maybe they’re just convinced it’s been oversold the past year. But it’s hard to see how it’s going to get “squeezed” or how it’s going to generate any additional income.
And what about GE? I’m just not convinced GE is a short-squeeze candidate, with 1% short and two days to trade. I’m not even sure it counts as contrarian, when it’s just 10% under its eight-year high. And with a P/E of 29, I can’t even really come up with a “chronically undervalued/oversold” argument.
All About The Manager
It’s true with any new ETF idea, the proof will always be in the performance, but in this case, I think that’s doubly so. It’s not the case that SQZZ is a proxy-trade for heavily shorted stocks. It’s not an index fund chasing “shortness” as a factor for investors to make pure contrarian bets.
Instead, this is a purely active fund that happens to make contrarian bets that might or might not have anything to do with actual structural short squeezes. I wish them nothing but luck, but investors thinking this was a kind of formulaic bet on squeezes really need to look carefully—and at 1.95%, you better be pretty convinced the manager’s going to shoot the lights.
Note: I actually did call to get some reaction today, but as of this writing, they hadn’t returned any calls.
At the time of writing, the author held no positions in the securities mentioned. You can contact Dave Nadig [email protected].
Recommended Stories
• How New Short Squeeze ETF Can Juice Returns
• Swedroe: Private Equity Adds Risk, Little Return
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
Permalink| © Copyright 2017ETF.com.All rights reserved || How New Short Squeeze ETF Can Juice Returns: Its easy to love the premise of the just-launched Active Alts Contrarian ETF (SQZZ) . We first started writing about it 2014, for Petes sake: an ETF that deliberately invests in individual stocks that are so out of favor, theyve been shorted to the point where the mythical short squeeze might occur. The idea is that a stock can get so over-shorted that any positive news causes so much pain to short-sellers that they give up and cover their shorts, driving the price up even further. Its always fun to be right on something like this, and to be the guy who zigs when the market zags. The challenge, of course, is you have to be more right than the short-sellers. With SQZZ now in the market, I thought it would be interesting to look at what the fund (which is 100% actively managed) is actually doing right now, and whether its poised to deliver on the premise. First: About Squeezes For a stock to experience a big pop, you need to have a few things: A lot of people shorting it A news event precipitating the squeeze The first is relatively easy to suss out. Quick and dirty, I ran the short interest on all the NYSE stocks, and you can get a quick list of the stocks people really seem to hate. There are two easy ways to look at it. One is by how much of the float is actually short: The other is by how much is short relative to an average days trading volume: This latter number is sometimes referred to as days-to-trade because it implies, for instance, that it will take 60 normal trading days to unwind the 4 million shares of Tootsie Roll that are currently short. When a company hits top 10 on both of these lists, you know youve got a real winner in the hate-race. Here, Vivint Solar takes the cake, being both 43% short and taking 31 days to theoretically trade out. So what about the news factor? Well, there are some obvious things that can make a shorts day very, very bad: Earnings can beat, the company is announced as a takeover target, and so on. Story continues The most recent example I can think of was the day Oprah Winfrey announced she was taking a 10% stake in Weight Watchers in October 2015. The stock was an astonishing 74% short before the announcement, and the stock shot up over 300% as the shorts ran for the doors. Not Just Being Right Taking the other side of the short-sellers bet has a side benefit: If you own a pile of stocks that everyone hates in an ETF, you can often make good money loaning that stock out to short-sellers who will continue the hate. Mechanically, if I own Weight Watchers in my fund, I can make it available for a short-seller to borrow. In return for loaning him my stock, he gives me collateral (generally cash). I take that cash and invest it in something super safe, like a money market fund. If the security is something boring, like Caterpillarwhich nobody really hatesI might give some of that interest I get from the money market fund back to the person who borrowed my shares. For instance, someone borrows my CAT shares, I invest the cash collateral they give me in a money market fund paying 0.85%, and I agree to rebate 0.65% back to the borrower (that is in fact CATs rebate right now, according to my friends at FactSet). Not Riskless, But Self-Contained I pocket, on average, 0.20% over the course of the year for doing this, and if I ever need that CAT back immediately, well, I can recall it at any time. Theres some small risk the borrower will be a deadbeat, but then I have all his cash (generally 104% of the value of the stock loaned), so I can just go buy more. Its not riskless, but its pretty self-contained. But imagine someone comes to me wanting my Weight Watchers stock. Well, since 36% of the float is already short, its probably pretty hard to borrow, so instead of rebating them some of my money market interest, I can actually demand they pay me. In the case of Weight Watchers, the rebate is currently reported as being -10.59%, meaning the lender is paid 10.59% of the amount lent by the borrower At the extreme, funds with much-hated stock generate real money from this activity. The Guggenheim Solar ETF (TAN) has consistently held some of the most hated stocks in the market. As of the funds last filing (August 2016), 39% of the fund was out on loan. And the fund earned 3.26% in the 12 months prior, presumably all from lending, since essentially no solar company pays a meaningful dividend. In 2012, they earned over 7% from this. And What About SQZZ? So in fact, there are two ways for SQZZ to make money. First, they can just plain get it right (or be lucky) and catch numerous short squeezes in the portfolio, giving them the chance for significant capital appreciation. At the same time, they can loan out these hated stocks and earn significant income, but if the fund is sitting on cash, thats not going to happen. With all that in mind, what does the fund actually own? Two things immediately leap out at me here ... First, the fund is 75% in cash. Its actively managed, so they can do whatever they like, but it strikes me as a pretty-low-conviction start. Of course, next week, the fund could be fully invested, but SQZZ just launched, so it may be that theyre legging into their positions slowly. But for the moment, investors are paying a very hefty expense ratio (1.95%, making it one of the most expensive ETFs on the market) for a giant slug of cash. Sure, that gives the active fund manager flexibility, but if he sits on it for a year, its painful. Second, many of the securities here dont meet any traditional definition of hated. Theres Weight Watchers in here, but we also have firms like Oritani Financial, a $750 million regional bank in New Jersey, with just 4% of the float sold short, and that currently has a rebate higher than Disney or Apple. Im not a bank analystmaybe theres some hidden story here that the manager is counting on coming to light. Or maybe theyre just convinced its been oversold the past year. But its hard to see how its going to get squeezed or how its going to generate any additional income. And what about GE? Im just not convinced GE is a short-squeeze candidate, with 1% short and two days to trade. Im not even sure it counts as contrarian, when its just 10% under its eight-year high. And with a P/E of 29, I cant even really come up with a chronically undervalued/oversold argument. All About The Manager Its true with any new ETF idea, the proof will always be in the performance, but in this case, I think thats doubly so. Its not the case that SQZZ is a proxy-trade for heavily shorted stocks. Its not an index fund chasing shortness as a factor for investors to make pure contrarian bets. Instead, this is a purely active fund that happens to make contrarian bets that might or might not have anything to do with actual structural short squeezes. I wish them nothing but luck, but investors thinking this was a kind of formulaic bet on squeezes really need to look carefullyand at 1.95%, you better be pretty convinced the managers going to shoot the lights. Note: I actually did call to get some reaction today, but as of this writing, they hadnt returned any calls. At the time of writing, the author held no positions in the securities mentioned. You can contact Dave Nadig at [email protected] . Recommended Stories How New Short Squeeze ETF Can Juice Returns Swedroe: Private Equity Adds Risk, Little Return How Hedge Funds Use ETFs Bitcoin ETFs For Dummies The Most Interesting New Gold ETF Since GLD Permalink | © Copyright 2017 ETF.com. All rights reserved || 3 ETFs For Surprise Drop In The Dollar: One of the most prominent consensus calls heading into 2017 was that the U.S. dollar would head higher during the year.
Wall Street analysts were nearly unanimous in their expectation that a Donald Trump presidency would spell only good news for the greenback thanks to stronger growth expectations and higher interest rates.
As is often the case, the consensus expectation has proven to be off the mark, at least during the first part of the year. After peaking at a 14-year high late last year, the U.S. Dollar Index has steadily dropped during the first quarter of 2017, and was last trading down 3% year-to-date.
Last week's failure by Republicans to pass a health care bill through the House of Representatives was the latest setback for the buck, which had rallied four-straight years, measured by the popular U.S. Dollar Index.
Under The Dollar Index Hood
That index is heavily influenced by the euro-dollar (EUR/USD) foreign exchange rate, which has a 57.6% weighting in the index basket. That's followed by the dollar-yen (USD/JPY) at 13.6%; the pound-dollar (GBP/USD) at 11.9%; and a few others with smaller weights.
[{"Currency": "Euro (EUR)", "Weight": "57.6%"}, {"Currency": "Japanese Yen (JPY)", "Weight": "13.6%"}, {"Currency": "British Pound (GBP)", "Weight": "11.9%"}, {"Currency": "Canadian Dollar (CAD)", "Weight": "9.1%"}, {"Currency": "Swedish Krona (SEK)", "Weight": "4.2%"}, {"Currency": "Swiss Franc (CHF)", "Weight": "3.5%"}]
Of course, there are plenty of other currency pairs outside of those in the U.S. Dollar Index basket. The Mexican peso, for example, is up nearly 10% against the greenback after falling to a record low around the time of Trump's inauguration in January.
It could be that the peso is rallying simply because it fell too far and too fast. Or it could be that Trump's policies haven't proven to be as detrimental to the Mexican economy as feared. In any case, the point is that currencies across the board are climbing against the dollar, an unexpected development that investors should pay attention to.
Here are three ETFs that are poised to benefit if the dollar continues to slide:
WisdomTree Emerging Currency Fund (CEW)
TheWisdomTree Emerging Currency Fund (CEW)provides exposure to an equal-weighted basket of 15 emerging market currencies and their money market rates. If the dollar decline goes on, emerging market currencies are likely to be some of the biggest beneficiaries.
CEW's basket includes the aforementioned Mexican peso, the Brazilian real, the Indian rupee and the Chinese yuan, among others.
CEW invests in forward contracts and doesn't pay regular dividends, but it has a chunky implied yield of 4.8%. Year-to-date, the fund is up 5.2% after returning 4.1% last year.
YTD Return For CEW, US Dollar Index
SPDR Gold Trust (GLD)
Widely regarded as a dollar hedge, gold has delivered on its promise this year. TheSPDR Gold Trust (GLD)is up 9% year-to-date, and stands at its highest levels of the year just as the dollar drops to its lowest levels of the year.
That's no coincidence. The 120-day correlation between gold prices and the U.S. Dollar Index is about -0.62, the tightest level since 2012 (a correlation of +1 means the two always move in the same direction, while a correlation of -1 means the two always move in opposite directions).
If this correlation holds, GLD will continue to be one of the best anti-dollar ETFs available for investors.
YTD Return For GLD, US Dollar Index
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC)
TheVanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC)is the second-largest emerging market bond ETF on the market, with $3 billion in assets under management, but it's often been overshadowed by the $9.8 billioniShares JP Morgan USD Emerging Markets Bond ETF (EMB).
If the dollar keeps dropping, that could change. The main difference between EMLC and EMB is that the latter invests in dollar-denominated emerging market bonds, while the former invests in local-currency emerging market bonds.
When the dollar is rising―as it's mostly done during the last few years―EMB will have superior returns to EMLC as depreciating emerging market currencies take a bite out of returns for the local-currency fund.
But if the dollar drops, the opposite will be the case. Appreciating emerging market currencies will add to the returns for EMLC. That's what's happened so far this year, with EMLC up 6.8%, compared to 4% for EMB. If the downturn in the greenback has more room to run, expect more outperformance for EMLC.
YTD Returns For EMB, EMLC
Contact Sumit Roy [email protected]
Recommended Stories
• 3 ETFs For Surprise Drop In The Dollar
• Emerging Market Local Debt ETFs Shine
• Big Bitcoin ETF Decision Coming Today, Or Maybe Not
• The Most Interesting New Gold ETF Since GLD
• Swedroe: The Nuts & Bolts Of Currencies
Permalink| © Copyright 2017ETF.com.All rights reserved || 3 ETFs For Surprise Drop In The Dollar: One of the most prominent consensus calls heading into 2017 was that the U.S. dollar would head higher during the year. Wall Street analysts were nearly unanimous in their expectation that a Donald Trump presidency would spell only good news for the greenback thanks to stronger growth expectations and higher interest rates. As is often the case, the consensus expectation has proven to be off the mark, at least during the first part of the year. After peaking at a 14-year high late last year, the U.S. Dollar Index has steadily dropped during the first quarter of 2017, and was last trading down 3% year-to-date. Last week's failure by Republicans to pass a health care bill through the House of Representatives was the latest setback for the buck, which had rallied four-straight years, measured by the popular U.S. Dollar Index. Under The Dollar Index Hood That index is heavily influenced by the euro-dollar (EUR/USD) foreign exchange rate, which has a 57.6% weighting in the index basket. That's followed by the dollar-yen (USD/JPY) at 13.6%; the pound-dollar (GBP/USD) at 11.9%; and a few others with smaller weights. Currency Weight Euro (EUR) 57.6% Japanese Yen (JPY) 13.6% British Pound (GBP) 11.9% Canadian Dollar (CAD) 9.1% Swedish Krona (SEK) 4.2% Swiss Franc (CHF) 3.5% Of course, there are plenty of other currency pairs outside of those in the U.S. Dollar Index basket. The Mexican peso, for example, is up nearly 10% against the greenback after falling to a record low around the time of Trump's inauguration in January. It could be that the peso is rallying simply because it fell too far and too fast. Or it could be that Trump's policies haven't proven to be as detrimental to the Mexican economy as feared. In any case, the point is that currencies across the board are climbing against the dollar, an unexpected development that investors should pay attention to. Here are three ETFs that are poised to benefit if the dollar continues to slide: Story continues WisdomTree Emerging Currency Fund (CEW) The WisdomTree Emerging Currency Fund (CEW) provides exposure to an equal-weighted basket of 15 emerging market currencies and their money market rates. If the dollar decline goes on, emerging market currencies are likely to be some of the biggest beneficiaries. CEW's basket includes the aforementioned Mexican peso, the Brazilian real, the Indian rupee and the Chinese yuan, among others. CEW invests in forward contracts and doesn't pay regular dividends, but it has a chunky implied yield of 4.8%. Year-to-date, the fund is up 5.2% after returning 4.1% last year. YTD Return For CEW, US Dollar Index SPDR Gold Trust (GLD) Widely regarded as a dollar hedge, gold has delivered on its promise this year. The SPDR Gold Trust (GLD) is up 9% year-to-date, and stands at its highest levels of the year just as the dollar drops to its lowest levels of the year. That's no coincidence. The 120-day correlation between gold prices and the U.S. Dollar Index is about -0.62, the tightest level since 2012 (a correlation of +1 means the two always move in the same direction, while a correlation of -1 means the two always move in opposite directions). If this correlation holds, GLD will continue to be one of the best anti-dollar ETFs available for investors. YTD Return For GLD, US Dollar Index VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) The VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) is the second-largest emerging market bond ETF on the market, with $3 billion in assets under management, but it's often been overshadowed by the $9.8 billion iShares JP Morgan USD Emerging Markets Bond ETF (EMB) . If the dollar keeps dropping, that could change. The main difference between EMLC and EMB is that the latter invests in dollar-denominated emerging market bonds, while the former invests in local-currency emerging market bonds. When the dollar is rising―as it's mostly done during the last few years―EMB will have superior returns to EMLC as depreciating emerging market currencies take a bite out of returns for the local-currency fund. But if the dollar drops, the opposite will be the case. Appreciating emerging market currencies will add to the returns for EMLC. That's what's happened so far this year, with EMLC up 6.8%, compared to 4% for EMB. If the downturn in the greenback has more room to run, expect more outperformance for EMLC. YTD Returns For EMB, EMLC Contact Sumit Roy at [email protected] Recommended Stories 3 ETFs For Surprise Drop In The Dollar Emerging Market Local Debt ETFs Shine Big Bitcoin ETF Decision Coming Today, Or Maybe Not The Most Interesting New Gold ETF Since GLD Swedroe: The Nuts & Bolts Of Currencies Permalink | © Copyright 2017 ETF.com. All rights reserved
[Social Media Buzz]
1 #BTC (#Bitcoin) quotes:
$1082.53/$1083.95 #Bitstamp
$1088.95/$1090.63 #BTCe
⇢$5.00/$8.10
$1099.46/$1110.51 #Coinbase
⇢$15.51/$27.98 || #bitcoin #miner ANTMINER S9 13TH/s BITCOIN MINER ASIC BITMAIN - READY TO SHIP $1900.00 http://ift.tt/2ooxX26 pic.twitter.com/y7mYK1WJbU || $1098.60 at 20:30 UTC [24h Range: $1061.64 - $1100.00 Volume: 7192 BTC] || Média de preços #BTC
Compra: R$3.601,12
Venda: R$3.523,54
Horário: 06:00
https://watchcoins.net
#CotacaoWatchCoins #bitcoin || #UFOCoin #UFO $0.0000...
|
1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99.
|
[Bitcoin Technical Analysis for 2017-11-17]
Volume: 4651670016, RSI (14-day): 64.36, 50-day EMA: 6049.91, 200-day EMA: 4067.05
[Wider Market Context]
Gold Price: 1295.80, Gold RSI: 58.68
Oil Price: 56.55, Oil RSI: 64.32
[Recent News (last 7 days)]
What you need to know in markets on Friday: At the end of what’s been a sneaky busy week in markets, investors will have a lighter schedule to contend with ahead of what will be a holiday-shortened trading week in the U.S.
The main earnings highlight on Friday will come from footwear retailer Foot Locker (FL), which is set to report results before the market open. The economic calendar will also be fairly sparse, with the monthly reports on housing starts and building permits serving as highlights.
Markets will look to build off what was a positive day on Thursday, with the major U.S. indexes bouncing back after declines earlier this week as the Dow and S&P 500 each gained about 0.8% and the tech-heavy Nasdaq added 1.3%. Walmart (WMT) shares were a big winner on Thursday, rising nearly 11% to anew record high after earnings.
Investors will also be keeping an eye onreports late Thursdaythat both Comcast (CMCSA) and Yahoo Finance parent company Verizon (VZ) were looking at buying some of 21st Century Fox’s (FOXA) assets, which followed a report last week which said Disney (DIS) and Fox had held talks on the matter.
According to the Wall Street Journal, Comcast and Disney were both looking at most all of Fox’s assets save for its live sports, Fox News, and its broadcast network.
As we noted last week, talk of a potential major consolidation in the media space will also like bring with it discussions of the broader market and economic cycle, asmega media deals marked the topof both the tech bubble and pre-financial crisis bull runs.
Third quarter earnings season is winding down, and on Wednesday, analysts at Goldman Sachs released their quarterly “Beige Book” to give investors an overview of what some of the biggest companies in the U.S. were talking about on earnings calls.
Goldman takes this report’s name from the Federal Reserve’s Beige Book, which is a collection of economic anecdotes from each of the Fed’s 12 districts.
The main themes in the third quarter are likely not surprising to most — taxes, the economy, and what companies are planning to do with their cash.
On Thursday,the House passed its versionof a plan to cut corporate taxes, though hurdles still remain to get a deal through the Senate. Most managements, however, “expressed optimism” that something will get done on lower corporate taxes, even if the details remain uncertain, according to Goldman.
“Tax reform or, simply, tax cuts have a higher chance of passage than major healthcare reform did or does,” said executives from Ventas (VTR), a real estate investment trust with a market cap near $23 billion. “While the specific outcomes of tax reform are too early to call, we are ready to optimize our opportunities as soon as the final framework emerges.”
Executives at Hilton (HLT) said they are “much more optimistic” now than they were last quarter on something getting done on taxes, adding that a main impact of lower taxes is “psychology, which matters and that is the business community and others feeling better about where the economy is going.” The company added that this could get positive impacts flowing into the economy fairly quickly.
Executives from JP Morgan (JPM), however, don’t see tax reform holding the economy back right now, despite the uncertainty that some investors have argued the current wrangling in Washington, D.C. creates.
“Tax reform… at this point it’s not front-and-center in the dialogue we’re having with our clients about whether they should or shouldn’t do a strategic deal or take an action,” the firm said. This commentary echoes whatGoldman CFO Marty Chavez said last month, when he said the firm’s clients agree that tax reform — that is, lower taxes — would be great, but that this potential change isn’t holding back the consideration of any strategic deals or acquisitions.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Walmart’s strong quarter shows why Amazon had to buy Whole Foods
• Foreign investors might be the key to forecasting a U.S. recession
• It’s been 17 years since U.S. consumers felt this good about the economy
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin || Stock market outlook, November 17: At the end of what’s been a sneaky busy week in markets, investors will have a lighter schedule to contend with ahead of what will be a holiday-shortened trading week in the U.S. The main earnings highlight on Friday will come from footwear retailer Foot Locker ( FL ), which is set to report results before the market open. The economic calendar will also be fairly sparse, with the monthly reports on housing starts and building permits serving as highlights. Markets will look to build off what was a positive day on Thursday, with the major U.S. indexes bouncing back after declines earlier this week as the Dow and S&P 500 each gained about 0.8% and the tech-heavy Nasdaq added 1.3%. Walmart ( WMT ) shares were a big winner on Thursday, rising nearly 11% to a new record high after earnings . Investors will also be keeping an eye on reports late Thursday that both Comcast ( CMCSA ) and Yahoo Finance parent company Verizon ( VZ ) were looking at buying some of 21st Century Fox’s ( FOXA ) assets, which followed a report last week which said Disney ( DIS ) and Fox had held talks on the matter. According to the Wall Street Journal , Comcast and Disney were both looking at most all of Fox’s assets save for its live sports, Fox News, and its broadcast network. There are now reportedly three major media players — Comcast, Disney, and Verizon — looking to scoop up some 21st Century Fox assets, which could include Fox Studios. As we noted last week, talk of a potential major consolidation in the media space will also like bring with it discussions of the broader market and economic cycle, as mega media deals marked the top of both the tech bubble and pre-financial crisis bull runs. What America’s biggest companies said this quarter Third quarter earnings season is winding down, and on Wednesday, analysts at Goldman Sachs released their quarterly “Beige Book” to give investors an overview of what some of the biggest companies in the U.S. were talking about on earnings calls. Goldman takes this report’s name from the Federal Reserve’s Beige Book, which is a collection of economic anecdotes from each of the Fed’s 12 districts. Story continues The main themes in the third quarter are likely not surprising to most — taxes, the economy, and what companies are planning to do with their cash. On Thursday, the House passed its version of a plan to cut corporate taxes, though hurdles still remain to get a deal through the Senate. Most managements, however, “expressed optimism” that something will get done on lower corporate taxes, even if the details remain uncertain, according to Goldman. House Speaker Paul Ryan of Wis., left, leads applause for House Ways and Means Chair Rep. Kevin Brady, R-Texas, along with Rep. Carlos Curbelo, R-Fla., and Rep. Cathy McMorris Rodgers, R-Wash., during a news conference following a vote on tax reform on Capitol Hill in Washington, Thursday, Nov. 16, 2017. (AP Photo/Jacquelyn Martin) “Tax reform or, simply, tax cuts have a higher chance of passage than major healthcare reform did or does,” said executives from Ventas ( VTR ), a real estate investment trust with a market cap near $23 billion. “While the specific outcomes of tax reform are too early to call, we are ready to optimize our opportunities as soon as the final framework emerges.” Executives at Hilton ( HLT ) said they are “much more optimistic” now than they were last quarter on something getting done on taxes, adding that a main impact of lower taxes is “psychology, which matters and that is the business community and others feeling better about where the economy is going.” The company added that this could get positive impacts flowing into the economy fairly quickly. Executives from JP Morgan ( JPM ), however, don’t see tax reform holding the economy back right now, despite the uncertainty that some investors have argued the current wrangling in Washington, D.C. creates. “Tax reform… at this point it’s not front-and-center in the dialogue we’re having with our clients about whether they should or shouldn’t do a strategic deal or take an action,” the firm said. This commentary echoes what Goldman CFO Marty Chavez said last month , when he said the firm’s clients agree that tax reform — that is, lower taxes — would be great, but that this potential change isn’t holding back the consideration of any strategic deals or acquisitions. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: Walmart’s strong quarter shows why Amazon had to buy Whole Foods Foreign investors might be the key to forecasting a U.S. recession It’s been 17 years since U.S. consumers felt this good about the economy TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin || Bitcoin Gets a Boost as Coinbase Lures Hedge Funds, $10 Million Minimum Deposit: Coinbase is going whale hunting. The popular crypto-currency exchange announced on Thursday it will open a new custodian service aimed at large institutional investors like hedge funds and sovereign wealth funds.
The new service, Coinbase Custody, will offer a raft of extra security measures and hand-holding in order to persuade big investors to put their money into assets like bitcoin.
Those measures include strict financial controls and a “regulated digital currency custodian.”Coinbaseis only making the service available to those who deposit at least $10 million, and will charge 0.1% a month in addition to a $100,000 set-up fee.
According to Coinbase CEO Brian Armstrong, the absence of a trusted digital asset custodian is preventing major investors from getting exposure to crypto-currency.
“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets,” said Armstrong ina blog post. “By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today.”
While there is no shortage of companies that provide “vault” and wallet services to hold crypto-currency, the majority of them would not qualify as custodians for the purposes of hedge funds and others that are entrusted with managing the money of others.
“Everyone sees a gaping hole,” said Michael Moro, the CEO ofGenesis Trading, a firm that specializes in providing liquidity for crypto-currency markets.
Moro explained that traditional banks and brokerage firms have been reluctant to act as custodians because of know-your-customer laws, and because any such firms that carry bitcoin must back it with dollar-based reserves at a one-to-one level--a formula that ties up capital, and is an unattractive proposition for the likes of or JPMorgan.
Moro said Hong Kong-based Xapo is currently the leading custodian in the digital currency world, but added that Xapo is limited by the fact it only holds bitcoin and not Ethereum or many other newer crypto currencies.
Other custodians include Boston-based Circle, which began as a consumer bitcoin service, but has pivoted into a global money transfer service.
Coinbase currently offers only bitcoin, Ethereum, and Litecoin on the retail level, but Armstrong’s blog post says Coinbase Custody will support “a wide range of digital assets and currencies.” The service is slated to be ready by 2018.
This is part of Fortune's new initiative, The Ledger, a trusted news source at the intersection of tech and finance. For more on The Ledger,click here.
See original article on Fortune.com
More from Fortune.com
• Bitcoin Shop Coinbase Boosts Hacker Bounties to $50,000
• The Biggest Bitcoin Exchange Opens the Door to Day Trading
• Why Fidelity Is Mining Bitcoin and Ethereum
• The IRS Has Special Software to Find Bitcoin Tax Cheats
• Hacking Coinbase: The Great Bitcoin Bank Robbery || Bitcoin Gets a Boost as Coinbase Lures Hedge Funds, $10 Million Minimum Deposit: Coinbase is going whale hunting. The popular crypto-currency exchange announced on Thursday it will open a new custodian service aimed at large institutional investors like hedge funds and sovereign wealth funds. The new service, Coinbase Custody, will offer a raft of extra security measures and hand-holding in order to persuade big investors to put their money into assets like bitcoin. Those measures include strict financial controls and a regulated digital currency custodian. Coinbase is only making the service available to those who deposit at least $10 million, and will charge 0.1% a month in addition to a $100,000 set-up fee. According to Coinbase CEO Brian Armstrong, the absence of a trusted digital asset custodian is preventing major investors from getting exposure to crypto-currency. Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets, said Armstrong in a blog post . By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today. While there is no shortage of companies that provide vault and wallet services to hold crypto-currency, the majority of them would not qualify as custodians for the purposes of hedge funds and others that are entrusted with managing the money of others. Everyone sees a gaping hole, said Michael Moro, the CEO of Genesis Trading , a firm that specializes in providing liquidity for crypto-currency markets. Moro explained that traditional banks and brokerage firms have been reluctant to act as custodians because of know-your-customer laws, and because any such firms that carry bitcoin must back it with dollar-based reserves at a one-to-one level--a formula that ties up capital, and is an unattractive proposition for the likes of or JPMorgan. Moro said Hong Kong-based Xapo is currently the leading custodian in the digital currency world, but added that Xapo is limited by the fact it only holds bitcoin and not Ethereum or many other newer crypto currencies. Story continues Other custodians include Boston-based Circle, which began as a consumer bitcoin service, but has pivoted into a global money transfer service. Coinbase currently offers only bitcoin, Ethereum, and Litecoin on the retail level, but Armstrongs blog post says Coinbase Custody will support a wide range of digital assets and currencies. The service is slated to be ready by 2018. This is part of Fortune's new initiative, The Ledger, a trusted news source at the intersection of tech and finance. For more on The Ledger, click here . See original article on Fortune.com More from Fortune.com Bitcoin Shop Coinbase Boosts Hacker Bounties to $50,000 The Biggest Bitcoin Exchange Opens the Door to Day Trading Why Fidelity Is Mining Bitcoin and Ethereum The IRS Has Special Software to Find Bitcoin Tax Cheats Hacking Coinbase: The Great Bitcoin Bank Robbery || Bitcoin Gets a Boost as Coinbase Lures Hedge Funds, $10 Million Minimum Deposit: Coinbase is going whale hunting. The popular crypto-currency exchange announced on Thursday it will open a new custodian service aimed at large institutional investors like hedge funds and sovereign wealth funds.
The new service, Coinbase Custody, will offer a raft of extra security measures and hand-holding in order to persuade big investors to put their money into assets like bitcoin.
Those measures include strict financial controls and a “regulated digital currency custodian.”Coinbaseis only making the service available to those who deposit at least $10 million, and will charge 0.1% a month in addition to a $100,000 set-up fee.
According to Coinbase CEO Brian Armstrong, the absence of a trusted digital asset custodian is preventing major investors from getting exposure to crypto-currency.
“Over 100 hedge funds have been created in the past year exclusively to trade digital currency. An even greater number of traditional institutional investors are starting to look at trading digital assets,” said Armstrong ina blog post. “By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today.”
While there is no shortage of companies that provide “vault” and wallet services to hold crypto-currency, the majority of them would not qualify as custodians for the purposes of hedge funds and others that are entrusted with managing the money of others.
“Everyone sees a gaping hole,” said Michael Moro, the CEO ofGenesis Trading, a firm that specializes in providing liquidity for crypto-currency markets.
Moro explained that traditional banks and brokerage firms have been reluctant to act as custodians because of know-your-customer laws, and because any such firms that carry bitcoin must back it with dollar-based reserves at a one-to-one level--a formula that ties up capital, and is an unattractive proposition for the likes of or JPMorgan.
Moro said Hong Kong-based Xapo is currently the leading custodian in the digital currency world, but added that Xapo is limited by the fact it only holds bitcoin and not Ethereum or many other newer crypto currencies.
Other custodians include Boston-based Circle, which began as a consumer bitcoin service, but has pivoted into a global money transfer service.
Coinbase currently offers only bitcoin, Ethereum, and Litecoin on the retail level, but Armstrong’s blog post says Coinbase Custody will support “a wide range of digital assets and currencies.” The service is slated to be ready by 2018.
This is part of Fortune's new initiative, The Ledger, a trusted news source at the intersection of tech and finance. For more on The Ledger,click here.
See original article on Fortune.com
More from Fortune.com
• Bitcoin Shop Coinbase Boosts Hacker Bounties to $50,000
• The Biggest Bitcoin Exchange Opens the Door to Day Trading
• Why Fidelity Is Mining Bitcoin and Ethereum
• The IRS Has Special Software to Find Bitcoin Tax Cheats
• Hacking Coinbase: The Great Bitcoin Bank Robbery || Coinbase Courts Hedge Funds With Storage Service: Cryptocurrency wallet and exchange startup Coinbase is launching a new storage service aimed specifically at institutional investors. Coinbase Custody, CEO Brian Armstrong wrote in a new blog post published today, is aimed at those who have a minimum of $10 million in deposits. In order to utilize the service, users would need to pay the initial $100,000 set-up fee, along with a 10 basis point fee per-month on the coins stored within the system (although these prices could change over time, Coinbase added). The idea, according to the company, is to appeal to an institutional audience that harbors concerns over the security of wholly digitized assets. Armstrong wrote: "When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely. his is why I’m excited to announce Coinbase Custody. The next step to accelerating the world’s adoption of digital currencies is to unlock the institutional money preparing to enter the space." Coinbase's service isn't opening for business immediately, however. The company said that it would begin "gradually rolling out access to our early access product in 2018," inviting prospective clients to get in touch. That the firm would move to create such a service is perhaps unsurprising, given the rising interest in cryptocurrencies from institutional investors, as well as the proliferation of hedge funds focused specifically on digital assets. Indeed, recent reports and statements suggest that major hedge funds are e yeing the market , though how that interest translates into actual investments remains to be seen. Founded in 2012, Coinbase has raised more than $200 million in funding to date, including a $100 million Series D round closed in August. Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase. Story continues Safe lock dial image via Shutterstock Related Stories Coinbase's GDAX Exchange Sets Out Criteria for Token Listings Algorithmic Trading Platform Integrates GDAX Exchange API Bitcoin, Ether, Litecoin: Coinbase Enables 'Instant' Purchases for US Buyers CFTC Investigating Ether Crash on Coinbase Exchange || Coinbase Courts Hedge Funds With Storage Service: Cryptocurrency wallet and exchange startup Coinbase is launching a new storage service aimed specifically at institutional investors.
Coinbase Custody, CEO Brian Armstrong wrote ina new blog postpublished today, is aimed at those who have a minimum of $10 million in deposits. In order to utilize the service, users would need to pay the initial $100,000 set-up fee, along with a 10 basis point fee per-month on the coins stored within the system (although these prices could change over time, Coinbase added).
The idea, according to the company, is to appeal to an institutional audience that harbors concerns over the security of wholly digitized assets.
Armstrong wrote:
"When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely. his is why I’m excited to announce Coinbase Custody. The next step to accelerating the world’s adoption of digital currencies is to unlock the institutional money preparing to enter the space."
Coinbase's service isn't opening for business immediately, however. The company said that it would begin "gradually rolling out access to our early access product in 2018," inviting prospective clients to get in touch.
That the firm would move to create such a service is perhaps unsurprising, given therising interestin cryptocurrencies from institutional investors, as well as theproliferation of hedge fundsfocused specifically on digital assets. Indeed, recent reports and statements suggest that major hedge funds are eyeing the market, though how that interest translates into actual investments remains to be seen.
Founded in 2012, Coinbase has raised more than $200 million in funding to date, includinga $100 million Series Dround closed in August.
Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
Safe lock dialimage via Shutterstock
• Coinbase's GDAX Exchange Sets Out Criteria for Token Listings
• Algorithmic Trading Platform Integrates GDAX Exchange API
• Bitcoin, Ether, Litecoin: Coinbase Enables 'Instant' Purchases for US Buyers
• CFTC Investigating Ether Crash on Coinbase Exchange || Coinbase is going after big hedge fund money with its new cryptocurrency security platform: Brian Armstrong Coinbase Coinbase, the US cryptocurrency exchange, is wooing big hedge fund money with a new security platform. Coinbase Custody was built to meet the security needs of institutional investors like hedge funds and family offices, according to a Medium post by Coinbase CEO Brian Armstrong. The impressive appreciation of cryptocurrencies like bitcoin and Ethereum has finally piqued the interest of big money, but some still have their reservations about whether their crypto-investments will be secure. Who can blame them? Just last week, an unidentified user accidentally deleted the code library required to use recently created digital wallets within Parity, a popular digital-wallet provider , and cryptocurrencies have long been associated with the chasms of the deep, dark web. On Thursday, Coinbase, the San Francisco-based cryptocurrency exchange, announced a new platform that might quell the anxieties of big money investors looking to invest in crypto. The platform, called Coinbase Custody, was built specifically to meet the needs of such investors, including hedge funds and family offices, according to a Medium post by Coinbase CEO Brian Armstrong. "We are designing Coinbase Custody to meet the needs of institutional clients," Armstrong said in a Medium post highlighting the news . Some of the heightened security features, according to Armstrong include: "Dedicated account representatives and phone support." "Multi-user accounts with separate permissions." "Insurance (in some cases)." The service will charge users a $100,000 startup fee. Armstrong said there will also be a monthly fee based on assets. Coinbase, a unicorn company valued at more than $1 billion, is among the most visible cryptocurrency companies operating in the US. They store $9 billion worth of digital currencies and are backed by financial institutions such as the Intercontinental Exchange, which owns the New York Stock Exchange and Westpac. Story continues According to Maxime Boonen, a former interest rate swaps trader at Goldman Sachs who founded B2C2, a bitcoin trading firm, over-the-counter bitcoin trade sizes have increased this year as interest from institutional clients has buoyed. As such, larger million-dollar trades are more common at B2C2 than they were when the company was founded, according to Boonen. At the same time, cryptocurrency hedge funds have been opening up at an eye-popping rate, according to Autonomous NEXT, the fintech analytics firm. At last count, the firm said 126 cryptofunds have opened, managing approximately $2.3 billion . NOW WATCH: TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years See Also: Bitcoin gets blowback following SegWit2x delay 'Market manipulation 101': 'Wolf of Wall Street'-style 'pump and dump' scams plague cryptocurrency markets WALKTHROUGH: How traders 'pump and dump' cryptocurrencies SEE ALSO: Bitcoin trading shops are hiring Wall Streeters to build out the 'next generation' of cryptocurrency trading || Coinbase is going after big hedge fund money with its new cryptocurrency security platform: • Coinbase, the US cryptocurrency exchange, is wooing big hedge fund money with a new security platform.
• Coinbase Custody was built to meet the security needs of institutional investors like hedge funds and family offices, according to a Medium post by Coinbase CEO Brian Armstrong.
The impressive appreciation of cryptocurrencies likebitcoinandEthereumhas finally piqued the interest of big money, but some still have their reservations about whether their crypto-investments will be secure.
Who can blame them? Just last week, an unidentified user accidentally deleted the code library required to use recently created digital wallets withinParity, a popular digital-wallet provider, and cryptocurrencies have long been associated with the chasms of the deep, dark web.
On Thursday, Coinbase, the San Francisco-based cryptocurrency exchange, announced a new platform that might quell the anxieties of big money investors looking to invest in crypto. The platform, called Coinbase Custody, was built specifically to meet the needs of such investors, including hedge funds and family offices, according to a Medium post by Coinbase CEO Brian Armstrong.
"We are designing Coinbase Custody to meet the needs of institutional clients," Armstrong said ina Medium post highlighting the news.
Some of the heightened security features, according to Armstrong include:
• "Dedicated account representatives and phone support."
• "Multi-user accounts with separate permissions."
• "Insurance (in some cases)."
The service will charge users a $100,000 startup fee. Armstrong said there will also be a monthly feebased on assets.
Coinbase, a unicorn company valued at more than $1 billion, is among the most visible cryptocurrency companies operating in the US. They store $9 billion worth of digital currencies and are backed by financialinstitutions such as the Intercontinental Exchange, which owns the New York Stock Exchange and Westpac.
According to Maxime Boonen, a former interest rate swaps trader at Goldman Sachs who founded B2C2, a bitcoin trading firm, over-the-counter bitcoin trade sizes have increased this year as interest from institutional clients has buoyed. As such, larger million-dollar trades are more common at B2C2 than they were when the company was founded, according to Boonen.
At the same time, cryptocurrency hedge funds have been opening up at an eye-popping rate, according to Autonomous NEXT, the fintech analytics firm. At last count, the firm said 126 cryptofunds have opened, managing approximately$2.3 billion.
NOW WATCH:TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years
See Also:
• Bitcoin gets blowback following SegWit2x delay
• 'Market manipulation 101': 'Wolf of Wall Street'-style 'pump and dump' scams plague cryptocurrency markets
• WALKTHROUGH: How traders 'pump and dump' cryptocurrencies
SEE ALSO:Bitcoin trading shops are hiring Wall Streeters to build out the 'next generation' of cryptocurrency trading || Crude Oil Price Analysis for November 17, 2017: Crude oil prices remained steady on Thursday consolidating in a tight range following Wednesday’s route. The IEA negative demand report trumped the mixed inventory report, and higher production is now weighing on prices. U.S. producers continued to raise the stakes increasing production above 9.62 million barrels per day, just as the IEA says demand will decline. Technicals Crude oil prices are hovering above former resistance now support at the February 2017 highs at 54.92. Resistance is seen near the November highs at 57.92. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day exponential moving average minus the 26-day exponential moving average) crosses below the MACD signal line (the 9-day exponential moving average of the MACD line). cl-111617d Demand is Dwindling On Wednesday the Department of Energy released its inventory report but this was overshadowed by news that the International Energy Agency downgraded its demand forecast for both this year and next. The agency lowered its 2017 forecast by 50,000 barrels a day, which may not seem like much, but is the result of a more recent slowdown. The IEA says that demand in the Q4 will likely end up being 311,000 barrels lower than it previously thought. There are a variety of reasons for this, including fewer heating degree day numbers for the winter, lower demand in the Middle East, and some “modest changes elsewhere.” Overall, the IEA revised down its 2018 oil demand forecast by 190,000 barrels a day. The drop in demand will leave the market with a surplus in the Q4, and that slowdown will continue into 2018. Global supply will exceed demand in the first quarter of next year, and the surplus will linger in the second quarter. The sudden pessimistic outlook for the oil market is a symptom of explosive growth from U.S. shale, which, combined with other non-OPEC producers, will result in an additional supply in 2018. That is a staggering number, and so large that “next year’s demand growth will struggle to match this,” the IEA said. The agency warned that “absent any geopolitical premium, we may not have seen a ‘new normal’ for oil prices.” Story continues Canada Manufacturing Shipments Grew Canada manufacturing shipments grew 0.5% in September following a revised 1.4% gain in August. The rise in September shipments was contrary to expectations for a modest pull-back. A 10.3% surge in the value of petroleum and coal product shipments dove the increase in total shipment values during September, which higher petro and coal prices supporting. But petro and coal shipments excluding the impact of prices grew a solid 6.7%. Meanwhile, total shipment volumes were up 0.7% month over month in September, supportive of expectations for a resumption in GDP growth during September following the 0.1% month over month drop in August GDP. Canada saw a C$16.8 billion investment inflow from abroad in September following the C$9.8 billion inflow which was C$9.9 billion in August. The bond market was the source of much of the purchases, accounting for C$18.7 billion in September. A total of 9.5 billion in Federal government bonds was acquired U.S. Jobs Data Remains Strong The 10k initial claims rise to 249k in the second week of November, which included Veteran’s Day, extended the prior 10k bounce to 239k, as claims rise further above the 44-year low of 223k in October’s BLS survey week. Claims have given back some of the surprising post-hurricane tightness in October, though we still expect tight claims levels through early 2018 with rebuilding activity and an improved economic backdrop. Claims are averaging 245k in November, which is above the super-lean 233k October average but below the hurricane-boosted 269k average in September, versus similar prior averages of 246k in August, and 242k in July. This article was originally posted on FX Empire More From FXEMPIRE: E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 16, 2017 Forecast Getting Back to Normal: Bitcoin Back Above $7,500, Bitcoin Cash Fall Natural Gas Price Analysis for November 17, 2017 Gold Price Futures (GC) Technical Analysis – November 16, 2017 Forecast S&P 500; US Indexes Fundamental Daily Forecast – Wal-Mart, Cisco Drive Dow, S&P Sharply Higher Stocks Rebound as Correction Runs its Course || Crude Oil Price Analysis for November 17, 2017: Crude oil prices remained steady on Thursday consolidating in a tight range following Wednesday’s route. The IEA negative demand report trumped the mixed inventory report, and higher production is now weighing on prices. U.S. producers continued to raise the stakes increasing production above 9.62 million barrels per day, just as the IEA says demand will decline.
Crude oil prices are hovering above former resistance now support at the February 2017 highs at 54.92. Resistance is seen near the November highs at 57.92. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day exponential moving average minus the 26-day exponential moving average) crosses below the MACD signal line (the 9-day exponential moving average of the MACD line).
On Wednesday the Department of Energy released its inventory report but this was overshadowed by news that the International Energy Agency downgraded its demand forecast for both this year and next. The agency lowered its 2017 forecast by 50,000 barrels a day, which may not seem like much, but is the result of a more recent slowdown. The IEA says that demand in the Q4 will likely end up being 311,000 barrels lower than it previously thought. There are a variety of reasons for this, including fewer heating degree day numbers for the winter, lower demand in the Middle East, and some “modest changes elsewhere.” Overall, the IEA revised down its 2018 oil demand forecast by 190,000 barrels a day.
The drop in demand will leave the market with a surplus in the Q4, and that slowdown will continue into 2018. Global supply will exceed demand in the first quarter of next year, and the surplus will linger in the second quarter.
The sudden pessimistic outlook for the oil market is a symptom of explosive growth from U.S. shale, which, combined with other non-OPEC producers, will result in an additional supply in 2018. That is a staggering number, and so large that “next year’s demand growth will struggle to match this,” the IEA said. The agency warned that “absent any geopolitical premium, we may not have seen a ‘new normal’ for oil prices.”
Canada manufacturing shipments grew 0.5% in September following a revised 1.4% gain in August. The rise in September shipments was contrary to expectations for a modest pull-back. A 10.3% surge in the value of petroleum and coal product shipments dove the increase in total shipment values during September, which higher petro and coal prices supporting. But petro and coal shipments excluding the impact of prices grew a solid 6.7%. Meanwhile, total shipment volumes were up 0.7% month over month in September, supportive of expectations for a resumption in GDP growth during September following the 0.1% month over month drop in August GDP.
Canada saw a C$16.8 billion investment inflow from abroad in September following the C$9.8 billion inflow which was C$9.9 billion in August. The bond market was the source of much of the purchases, accounting for C$18.7 billion in September. A total of 9.5 billion in Federal government bonds was acquired
The 10k initial claims rise to 249k in the second week of November, which included Veteran’s Day, extended the prior 10k bounce to 239k, as claims rise further above the 44-year low of 223k in October’s BLS survey week. Claims have given back some of the surprising post-hurricane tightness in October, though we still expect tight claims levels through early 2018 with rebuilding activity and an improved economic backdrop. Claims are averaging 245k in November, which is above the super-lean 233k October average but below the hurricane-boosted 269k average in September, versus similar prior averages of 246k in August, and 242k in July.
Thisarticlewas originally posted on FX Empire
• E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 16, 2017 Forecast
• Getting Back to Normal: Bitcoin Back Above $7,500, Bitcoin Cash Fall
• Natural Gas Price Analysis for November 17, 2017
• Gold Price Futures (GC) Technical Analysis – November 16, 2017 Forecast
• S&P 500; US Indexes Fundamental Daily Forecast – Wal-Mart, Cisco Drive Dow, S&P Sharply Higher
• Stocks Rebound as Correction Runs its Course || Survey: Bitcoin Investors Won't Sell Until Price Nears $200k: New survey data highlights the ideological and economic factors driving some investors to purchase bitcoin.
A new report published today byLendEDU– which has conducted several similar studies in the past year – details the responses from 564 poll-takers. Of those, roughly 40% of participants said that they invested in bitcoin because they believe it is "a world changing technology."
Twenty-one percent of those involved say its because bitcoin is "a long term store of value, like gold or silver", with roughly 15% of those saying they bought in because a friend or family member recommended it. Those who said they think the price is "too low" accounted for 14% of respondents, while just 8% said they planned to use bitcoin as a payment method.
Notably, the survey also asked at which price participants would choose to sell their holdings. Perhaps unsurprisingly, the average of the amounts cited came out to a whopping $196,165.79 per bitcoin. Bitcoin is currently trading at around $7,680, according to the CoinDesk Bitcoin Price Index (BPI).
Further, many of those who responded to the survey don't appear to be in any rush to sell off their investments anytime soon.
"We found that about a third, 32.62 percent, of respondents have sold some of their Bitcoin since investing. However, we found that the majority of investors, 67.38 percent, have not sold any of their Bitcoin investments since purchasing," LendEDU wrote in its report.
On average, investors owned just under $3,000 in bitcoin. While 16.5 percent of these owners plan to sell within a year, 20 percent plan to hold the cryptocurrency for at least seven years.
Another noteworthy data point: just over a third of survey-takers have no intention of reporting their trades to the Internal Revenue Service (IRS), whichdeclared in 2014that it would consider bitcoin (and other cryptocurrencies) as a kind of property for tax purposes.
"We found that the majority, 64.13 percent, of respondents are planning to report or have already reported their bitcoin transactions to the IRS. Although, it was interesting to see that over a third, 35.87 percent, of our respondents are not planning to report their transactions to the IRS," LendEDU wrote.
The survey follows two others fromSeptemberandOctober, which indicated that younger people are becoming increasingly aware of bitcoin and different cryptocurrencies.
Surveyimage via Shutterstock
• Survey: CFOs Think Bitcoin Is 'Real' But Are Divided on Price
• Untethered? Bitcoin Shrugs Off Hack to Push Above $8,000
• CME's Bitcoin Futures Likely to Start Trading December 11
• $8,200: Bitcoin's Price Starts Week With New All-Time High || Survey: Bitcoin Investors Won't Sell Until Price Nears $200k: New survey data highlights the ideological and economic factors driving some investors to purchase bitcoin.
A new report published today byLendEDU– which has conducted several similar studies in the past year – details the responses from 564 poll-takers. Of those, roughly 40% of participants said that they invested in bitcoin because they believe it is "a world changing technology."
Twenty-one percent of those involved say its because bitcoin is "a long term store of value, like gold or silver", with roughly 15% of those saying they bought in because a friend or family member recommended it. Those who said they think the price is "too low" accounted for 14% of respondents, while just 8% said they planned to use bitcoin as a payment method.
Notably, the survey also asked at which price participants would choose to sell their holdings. Perhaps unsurprisingly, the average of the amounts cited came out to a whopping $196,165.79 per bitcoin. Bitcoin is currently trading at around $7,680, according to the CoinDesk Bitcoin Price Index (BPI).
Further, many of those who responded to the survey don't appear to be in any rush to sell off their investments anytime soon.
"We found that about a third, 32.62 percent, of respondents have sold some of their Bitcoin since investing. However, we found that the majority of investors, 67.38 percent, have not sold any of their Bitcoin investments since purchasing," LendEDU wrote in its report.
On average, investors owned just under $3,000 in bitcoin. While 16.5 percent of these owners plan to sell within a year, 20 percent plan to hold the cryptocurrency for at least seven years.
Another noteworthy data point: just over a third of survey-takers have no intention of reporting their trades to the Internal Revenue Service (IRS), whichdeclared in 2014that it would consider bitcoin (and other cryptocurrencies) as a kind of property for tax purposes.
"We found that the majority, 64.13 percent, of respondents are planning to report or have already reported their bitcoin transactions to the IRS. Although, it was interesting to see that over a third, 35.87 percent, of our respondents are not planning to report their transactions to the IRS," LendEDU wrote.
The survey follows two others fromSeptemberandOctober, which indicated that younger people are becoming increasingly aware of bitcoin and different cryptocurrencies.
Surveyimage via Shutterstock
• Survey: CFOs Think Bitcoin Is 'Real' But Are Divided on Price
• Untethered? Bitcoin Shrugs Off Hack to Push Above $8,000
• CME's Bitcoin Futures Likely to Start Trading December 11
• $8,200: Bitcoin's Price Starts Week With New All-Time High || The average bitcoin investor doesn't plan to sell their coins until they hit more than $190,000: Andrew Burton/Getty Images
• Bitcoin has been on a tear, trading up more than 500% this year.
• But it doesn't look like bitcoin investors plan on giving up their coins just yet, according to a newLendEDU surveyof 564 American bitcoin investors.
• The survey found the average bitcoin investor doesn't plan to sell until bitcoin reaches $196,165.
Bitcoinfanatics often tout the motto "hodl" with pride.
The phrase, which is just a misspelling of hold, is said to derive from the chasms of Reddit during the earliest days of crypto. Today #hodl litters crypto-Twitter with traders pledging to their followings that they are in it for the long-haul.
It doesn't look like those investors are kidding, according to a newLendEDU survey. The survey found the average bitcoin investor doesn't plan to give up their bitcoin until the cryptocurrency reaches $196,165, or 26 times its current value.
Just 32% of investors surveyed said they have ever sold some of their bitcoin holdings.
Bitcoin was trading at7,682 on Thursday, although like a roller coaster it is subject to dramatic peaks and valleys.
LendEDU also asked investors how long they plan to hold their bitcoin. By the looks of it, they expect the price to skyrocket in the short-term. Take a look:
LendEDU
Check out the rest of the survey results at LendEDU >>
NOW WATCH:We talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now
See Also:
• 'Market manipulation 101': 'Wolf of Wall Street'-style 'pump and dump' scams plague cryptocurrency markets
• WALKTHROUGH: How traders 'pump and dump' cryptocurrencies
• Cryptocurrency trading volumes reached a record high over the weekend that beats some US stock exchanges
SEE ALSO:We just got a glimpse of how bitcoin futures will work || The average bitcoin investor doesn't plan to sell their coins until they hit more than $190,000: bitcoin Andrew Burton/Getty Images Bitcoin has been on a tear, trading up more than 500% this year. But it doesn't look like bitcoin investors plan on giving up their coins just yet, according to a new LendEDU survey of 564 American bitcoin investors. The survey found the average bitcoin investor doesn't plan to sell until bitcoin reaches $196,165. Bitcoin fanatics often tout the motto "hodl" with pride. The phrase, which is just a misspelling of hold, is said to derive from the chasms of Reddit during the earliest days of crypto. Today #hodl litters crypto-Twitter with traders pledging to their followings that they are in it for the long-haul. It doesn't look like those investors are kidding, according to a new LendEDU survey . The survey found the average bitcoin investor doesn't plan to give up their bitcoin until the cryptocurrency reaches $196,165, or 26 times its current value. Just 32% of investors surveyed said they have ever sold some of their bitcoin holdings. Bitcoin was trading at 7,682 on Thursday , although like a roller coaster it is subject to dramatic peaks and valleys. LendEDU also asked investors how long they plan to hold their bitcoin. By the looks of it, they expect the price to skyrocket in the short-term. Take a look: Screen Shot 2017 11 16 at 12.58.21 PM LendEDU Check out the rest of the survey results at LendEDU >> NOW WATCH: We talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now See Also: 'Market manipulation 101': 'Wolf of Wall Street'-style 'pump and dump' scams plague cryptocurrency markets WALKTHROUGH: How traders 'pump and dump' cryptocurrencies Cryptocurrency trading volumes reached a record high over the weekend that beats some US stock exchanges SEE ALSO: We just got a glimpse of how bitcoin futures will work View comments || Walmart just proved why Amazon had to buy Whole Foods: Walmart’s (WMT) third-quarter earningscrushed expectations.
And a key area of growth for the company was its food business, which had its strongest quarter in almost six years. CEO Doug McMillansaidthe company’s fresh meat, bakery and produce segments “lead the way” in this segment during the quarter.
Online sales were also a boon for the company during the quarter, with grocery boosting performance here as well. Walmart CFO Brett Biggs said, U.S. eCommerce growth was up 50% in the third quarter with Walmart.com, which includes online grocery sales, are “responsible for the majority of the growth in the period.” (Thus, it is core Walmart.com, and not its Jet.com unit, where Walmart is seeing most of its online sales grow.)
And the success that Walmart is seeing in both its online business and grocery segments illustrates some of the strategic impetus behind 2017’s most high-profile acquisition — Amazon (AMZN) buying Whole Foods.
Back in June, Amazon acquired the high-end grocer for $14 billion, the company’s biggest acquisition ever. The basic outline of why Amazon bought Whole Foods is fairly straightforward — the company got hundreds of grocery stores located in high-income zip codes which could jumpstart its lagging grocery business, with these stores also serving as small warehouses to help its last-mile delivery operations.
After the deal closed, Amazon slashed prices on a number of items at Whole Foods, which led to animmediate increasein foot traffic,according to data from Thasos Group. This data also showed that many of these new customers came primarily from Walmart, which accounted for almost a quarter of Whole Foods’ increase in the week following these new lower-priced initiatives.
The success of Walmart in the wake of these customer shifts and Amazon’s new push in groceries, however, shows why Amazon felt the need to go compete on Walmart’s turf when the dynamic between these companies has largely been the inverse. And this offers another explanation for the strategy behind Amazon’s Whole Foods buy — Amazon did not buy Whole Foods because it wanted to be in the grocery business, but because it wanted to be in the physical retail business.
Until recently, Amazon had no physical retail presence to speak of, meaning its transactions were entirely initiated online and completed with a delivery.
In contrast, Walmart’s eCommerce channel includes sales done online and sent to a buyer, as well as those initiated online but picked up in-store, online grocery sales, and its suite of other brands housed under its eCommerce unit led by Marc Lore. But Walmart’s online shopping arm is not so much an addition to its sales efforts as it is a supplement; buying things online through Walmart makes you more likely to buy something in-store at Walmart.
Walmart’s most recent quarterly results, which include the week after Whole Foods slashed prices, show that while Amazon has become synonymous with online shopping in the U.S., Walmart’s efforts to challenge that preeminence are paying off. And a lot of this online success, perhaps counterintuitively, is anchored in Walmart’s stores.
In addition to its strong online results, Walmart’ssame-store sales rose 2.7%in the third quarter, up from a 1.2% increase in the same quarter last year, which traffic rose 1.5% against last year’s 0.7% increase. At its Sam’s Club wholesale stores, traffic rose 3.6% in the third quarter of this year against a 0.5% decline seen last year.
Walmart is able to use its stores as points of contact with customers in the way that an online retailer might try to use an email blast as a reminder that they are still there, ready to sell you stuff. And the company’s traffic figures back this up.
Except that Walmart’s stores are not just email blasts reminding customers they exist but places you go to also buy other things. Which makes the in-store pick-up from an online sale more likely to lead to an additional purchase, or if nothing else keeps the customer aware of what else is available at Walmart.
And that’s why Amazon now has bookstores—and why Amazon bought Whole Foods.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Foreign investors might be the key to forecasting a U.S. recession
• It’s been 17 years since U.S. consumers felt this good about the economy
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
• Warren Buffett likes the stock market because of the bond market
• America’s shortage of workers is about to get ‘much worse’ || Walmart food sales pressure Amazon and Whole Foods: Walmart’s ( WMT ) third-quarter earnings crushed expectations . And a key area of growth for the company was its food business, which had its strongest quarter in almost six years. CEO Doug McMillan said the company’s fresh meat, bakery and produce segments “lead the way” in this segment during the quarter. Walmart employees cheer at the Walmart U.S. associates meeting in Fayetteville, Arkansas.. REUTERS/Rick Wilking Online sales were also a boon for the company during the quarter, with grocery boosting performance here as well. Walmart CFO Brett Biggs said, U.S. eCommerce growth was up 50% in the third quarter with Walmart.com, which includes online grocery sales, are “responsible for the majority of the growth in the period.” (Thus, it is core Walmart.com, and not its Jet.com unit, where Walmart is seeing most of its online sales grow.) And the success that Walmart is seeing in both its online business and grocery segments illustrates some of the strategic impetus behind 2017’s most high-profile acquisition — Amazon ( AMZN ) buying Whole Foods. This holiday season, you could step into a Whole Foods for some organic bananas and step out with a couple of Echo speakers instead. Amazon’s physical retail bet Back in June, Amazon acquired the high-end grocer for $14 billion, the company’s biggest acquisition ever. The basic outline of why Amazon bought Whole Foods is fairly straightforward — the company got hundreds of grocery stores located in high-income zip codes which could jumpstart its lagging grocery business, with these stores also serving as small warehouses to help its last-mile delivery operations. After the deal closed, Amazon slashed prices on a number of items at Whole Foods, which led to an immediate increase in foot traffic, according to data from Thasos Group . This data also showed that many of these new customers came primarily from Walmart, which accounted for almost a quarter of Whole Foods’ increase in the week following these new lower-priced initiatives. The success of Walmart in the wake of these customer shifts and Amazon’s new push in groceries, however, shows why Amazon felt the need to go compete on Walmart’s turf when the dynamic between these companies has largely been the inverse. And this offers another explanation for the strategy behind Amazon’s Whole Foods buy — Amazon did not buy Whole Foods because it wanted to be in the grocery business, but because it wanted to be in the physical retail business. Story continues Until recently, Amazon had no physical retail presence to speak of, meaning its transactions were entirely initiated online and completed with a delivery. In contrast, Walmart’s eCommerce channel includes sales done online and sent to a buyer, as well as those initiated online but picked up in-store, online grocery sales, and its suite of other brands housed under its eCommerce unit led by Marc Lore. But Walmart’s online shopping arm is not so much an addition to its sales efforts as it is a supplement; buying things online through Walmart makes you more likely to buy something in-store at Walmart. Walmart’s most recent quarterly results, which include the week after Whole Foods slashed prices, show that while Amazon has become synonymous with online shopping in the U.S., Walmart’s efforts to challenge that preeminence are paying off. And a lot of this online success, perhaps counterintuitively, is anchored in Walmart’s stores. Walmart store traffic surged in the third quarter In addition to its strong online results, Walmart’s same-store sales rose 2.7% in the third quarter, up from a 1.2% increase in the same quarter last year, which traffic rose 1.5% against last year’s 0.7% increase. At its Sam’s Club wholesale stores, traffic rose 3.6% in the third quarter of this year against a 0.5% decline seen last year. Walmart is able to use its stores as points of contact with customers in the way that an online retailer might try to use an email blast as a reminder that they are still there, ready to sell you stuff. And the company’s traffic figures back this up. Except that Walmart’s stores are not just email blasts reminding customers they exist but places you go to also buy other things. Which makes the in-store pick-up from an online sale more likely to lead to an additional purchase, or if nothing else keeps the customer aware of what else is available at Walmart. And that’s why Amazon now has bookstores—and why Amazon bought Whole Foods. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: Foreign investors might be the key to forecasting a U.S. recession It’s been 17 years since U.S. consumers felt this good about the economy TOM LEE: Bitcoin is an important asset for investors to own Wall Street can’t stop talking about Bitcoin Warren Buffett likes the stock market because of the bond market America’s shortage of workers is about to get ‘much worse’ || Why Facebook Inc Stock Isn’t Rallying After a Blowout Earnings Report: Facebook Inc (NASDAQ: FB ) put up a great quarter two weeks ago. However, FB stock has traded softly since then. Long-running Facebook skeptics, this author included, have mostly failed to change their minds following the third-quarter earnings report. Why Facebook Inc (FB) Stock Isn't Rallying After a Blowout Earnings Report Source: Scott Beale / Laughing Squid> What is holding back FB stock here? 9 Must-Own Stocks That Have Paid Over a Century of Dividends First, let’s start with the positives. Facebook’s business continues to grow at a tremendous rate. Every time you think Facebook has reached the limit where its growth rate will have to slow down, it finds some new lever for maintaining its torrid expansion. InvestorPlace - Stock Market News, Stock Advice & Trading Tips And give credit where it is due, Facebook has proven it’s no flash-in-the-pan like so many other social networks before it. Even if you’re long-term bearish on Facebook’s namesake platform (as I am), the company’s success in integrating Instagram and WhatsApp purchases has been outstanding. I doubt even FB stock bulls expected Instagram to turn into half the property it is today at the time Facebook paid a seemingly huge premium to buy the start-up. Zooming in on this past quarter, Facebook’s results blew away analyst expectations. The company posted $1.59 in earnings, beating the consensus $1.28 estimate by a mile. Revenues grew by 47% year-over-year, greatly exceeding the 42% consensus forecast. The Catch: Soaring Costs I was fairly negative last month when I last discussed FB stock. As I noted at the time, the Russia meddling scandal caused me to think that Facebook would have to change its business model. A month ago, Facebook continued to reiterate that it didn’t want to be more like a traditional media publisher, and that it wasn’t responsible for policing the content on its site. As Facebook COO Sheryl Sandberg said then, Facebook doesn’t “hire reporters. No one is a journalist.” Story continues However, it appears Facebook has reconsidered that position. That’s good for both society and Facebook’s long-term odds at shedding the “fake news” label and remaining a trusted source of information. In the short-run, though, this change is going to cost FB stock — dearly. Zuckerburg’s Warning for FB Stock As I mentioned last month, I don’t think it should come as a surprise that company Chairman and CEO Mark Zuckerburg is looking to sell almost $13 billion in FB stock in coming quarters. No one would blame him for taking profits; however, the timing does seem opportune, given the challenges Facebook will have to tackle over the next year. And now, with this Q3 earnings release, Facebook prominently put a warning right at the top of its statement, quoting Mr. Zuckerburg as saying: “Our community continues to grow and our business is doing well […] but none of that matters if our services are used in ways that don’t bring people closer together. We’re serious about preventing abuse on our platforms. We’re investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits .” As a FB stock owner, you should take notice when he specifically says the company won’t be focusing on maximizing profits anymore. You rarely hear management address a situation that directly. How bad will the hit be? Zuckerburg had the following to say on the company’s Q3 conference call: “We already have about 10,000 people working on safety and security, and we’re planning to double that to 20,000 in the next year to better enforce our community standards and review ads. In many places, we’re doubling or more our engineering efforts focused on security.” You read that right, Facebook is planning on hiring ten thousand new people just to police content and beef up security. Ten thousand! As I previously warned, if Facebook makes the pivot from bots to human oversight, you’re going to see Facebook’s profit margins take a dive. 10,000 employees don’t come cheap — especially in the pricey geographies where Facebook tends to have its offices. Downhill From Here For this most recent quarter, Facebook grew revenues by 47%, while operating costs grew by only 34%. That allowed Facebook’s all-important gross profit margin to swell by 600 basis points. It’s classic economies of scale at work. Once you build the network, every new user adds a lot of incremental revenue and not much cost — at least if your platform doesn’t require much human oversight. Now, though, Facebook projects costs rising by 45% to 60% next year. That’s a massive change from just 34% this year. Unless Facebook manages to accelerate revenue growth, its profit margin will go from rapidly expanding, as it did this quarter, into outright contraction. FB stock is trading at 33 times trailing earnings and 27 times forward earnings (and expect earnings estimates to come down further for 2018). That’s not cheap for a company that has a bruised reputation and has to pay through the nose to try and fix it now. Long-Term FB Stock Thesis Intact, but 2018 Will Be a Lost Year InvestorPlace contributor Laura Hoy recently argued that Facebook’s increased spending is a good thing . She makes some excellent points, particularly that the increased spending will help repair the site’s image, and also, more effectively, fend off challenges from Snap Inc (NYSE: SNAP ) and other such upstarts. I agree. However, it won’t help FB stock much in 2018. Facebook is about to transition from a company with exploding profits to a company that only modestly grows the bottom line in 2018, as costs escalate significantly faster than revenues. The 10 Best Growth Stocks You Can Buy Now I do think Zuckerburg and company are making the right move for the company’s brand. But it’s going to hurt a lot in the short-run. Facebook took a big hit with the Russia scandal, and the solution won’t be cheap. I’d have no problem with FB stock here if it already reflected the cost problems going forward. But Facebook stock is still within 5% of its all-time high. FB stock is up 55% on the year, despite its forward prospects taking a material hit. Investors are pricing Facebook as though its best growth days are still yet to come. But there’s a good chance that, with hindsight, investors will look at Q3 2017 as the transition point where Facebook went from an explosive growth stock to a much more mature and lower-upside tech company. At the time of this writing, the author held no positions in any of the aforementioned securities. You can reach him on Twitter at @irbezek. More From InvestorPlace Holidays Expected to Bring Good Tidings to Macy's Inc Why Home Depot Inc Stock Will Keep Grinding Higher Valeant Pharmaceuticals Intl Inc: On the Long Path Unwinding Investors Beware of the Bitcoin 10,000 Bubble The post Why Facebook Inc Stock Isn’t Rallying After a Blowout Earnings Report appeared first on InvestorPlace . || Why Facebook Inc Stock Isn’t Rallying After a Blowout Earnings Report: Facebook Inc(NASDAQ:FB) put up a great quarter two weeks ago. However, FB stock has traded softly since then. Long-running Facebook skeptics, this author included, have mostly failed to change their minds following the third-quarter earnings report.
Source:Scott Beale / Laughing Squid>
What is holding back FB stock here?
• 9 Must-Own Stocks That Have Paid Over a Century of Dividends
First, let’s start with the positives. Facebook’s business continues to grow at a tremendous rate. Every time you think Facebook has reached the limit where its growth rate will have to slow down, it finds some new lever for maintaining its torrid expansion.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
And give credit where it is due, Facebook has proven it’s no flash-in-the-pan like so many other social networks before it. Even if you’re long-term bearish on Facebook’s namesake platform (as I am), the company’s success in integrating Instagram and WhatsApp purchases has been outstanding. I doubt even FB stock bulls expected Instagram to turn into half the property it is today at the time Facebook paid a seemingly huge premium to buy the start-up.
Zooming in on this past quarter, Facebook’s results blew away analyst expectations. The company posted $1.59 in earnings, beating the consensus $1.28 estimate by a mile. Revenues grew by 47% year-over-year, greatly exceeding the 42% consensus forecast.
I was fairly negative last month when I last discussed FB stock. As I noted at the time, theRussia meddlingscandal caused me to think that Facebook would have to change its business model. A month ago, Facebook continued to reiterate that it didn’t want to be more like a traditional media publisher, and that it wasn’t responsible for policing the content on its site. As Facebook COO Sheryl Sandberg said then, Facebook doesn’t “hire reporters. No one is a journalist.”
However, it appears Facebook has reconsidered that position. That’s good for both society and Facebook’s long-term odds at shedding the “fake news” label and remaining a trusted source of information. In the short-run, though, this change is going to cost FB stock — dearly.
As I mentioned last month, I don’t think it should come as a surprise that company Chairman and CEO Mark Zuckerburg is looking to sell almost $13 billion in FB stock in coming quarters. No one would blame him for taking profits; however, the timing does seem opportune, given the challenges Facebook will have to tackle over the next year.
And now, with this Q3 earnings release, Facebook prominently put a warning right at the top of its statement, quoting Mr. Zuckerburg as saying: “Our community continues to grow and our business is doing well […] but none of that matters if our services are used in ways that don’t bring people closer together. We’re serious about preventing abuse on our platforms.We’re investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits.”
As a FB stock owner, you should take notice when he specifically says the company won’t be focusing on maximizing profits anymore. You rarely hear management address a situation that directly.
How bad will the hit be? Zuckerburg had the following to say on the company’s Q3 conference call: “We already have about 10,000 people working on safety and security, and we’re planning to double that to 20,000 in the next year to better enforce our community standards and review ads. In many places, we’re doubling or more our engineering efforts focused on security.”
You read that right, Facebook is planning on hiring ten thousand new people just to police content and beef up security. Ten thousand! As I previously warned, if Facebook makes the pivot from bots to human oversight, you’re going to see Facebook’s profit margins take a dive. 10,000 employees don’t come cheap — especially in the pricey geographies where Facebook tends to have its offices.
For this most recent quarter, Facebook grew revenues by 47%, while operating costs grew by only 34%. That allowed Facebook’s all-important gross profit margin to swell by 600 basis points. It’s classic economies of scale at work. Once you build the network, every new user adds a lot of incremental revenue and not much cost — at least if your platform doesn’t require much human oversight.
Now, though, Facebook projects costs rising by 45% to 60% next year. That’s a massive change from just 34% this year. Unless Facebook manages to accelerate revenue growth, its profit margin will go from rapidly expanding, as it did this quarter, into outright contraction.
FB stock is trading at 33 times trailing earnings and 27 times forward earnings (and expect earnings estimates to come down further for 2018). That’s not cheap for a company that has a bruised reputation and has to pay through the nose to try and fix it now.
InvestorPlacecontributor Laura Hoy recently argued that Facebook’s increased spending isa good thing. She makes some excellent points, particularly that the increased spending will help repair the site’s image, and also, more effectively, fend off challenges fromSnap Inc(NYSE:SNAP) and other such upstarts.
I agree. However, it won’t help FB stock much in 2018. Facebook is about to transition from a company with exploding profits to a company that only modestly grows the bottom line in 2018, as costs escalate significantly faster than revenues.
• The 10 Best Growth Stocks You Can Buy Now
I do think Zuckerburg and company are making the right move for the company’s brand. But it’s going to hurt a lot in the short-run. Facebook took a big hit with the Russia scandal, and the solution won’t be cheap.
I’d have no problem with FB stock here if it already reflected the cost problems going forward. But Facebook stock is still within 5% of its all-time high. FB stock is up 55% on the year, despite its forward prospects taking a material hit. Investors are pricing Facebook as though its best growth days are still yet to come. But there’s a good chance that, with hindsight, investors will look at Q3 2017 as the transition point where Facebook went from an explosive growth stock to a much more mature and lower-upside tech company.
At the time of this writing, the author held no positions in any of the aforementioned securities. You can reach him on Twitter at @irbezek.
• Holidays Expected to Bring Good Tidings to Macy's Inc
• Why Home Depot Inc Stock Will Keep Grinding Higher
• Valeant Pharmaceuticals Intl Inc: On the Long Path Unwinding
• Investors Beware of the Bitcoin 10,000 Bubble
The postWhy Facebook Inc Stock Isn’t Rallying After a Blowout Earnings Reportappeared first onInvestorPlace. || Intel Corporation Is a Buy Heading Into 2018: Intel Corporation(NASDAQ:INTC) is on fire. INTC stock broke out to highs not seen since the dot-com era following last month’s strong quarterly earnings report. Intel news points to an expanding presence in artificial intelligence and a fresh cadre of semiconductors to solidify the company’s market presence in both server and data center applications.
In short, now is the time to buy INTC stock.
Technically, INTC’s stock price broke out above long-term resistance at $45 due to follow through buying in the wake of last month’s earnings report. The shares even came within striking distance of $50.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Click to Enlarge
However, INTC stock had been trading in overbought territory for a while — it wasone of the drawbacksI saw in the shares heading into earnings. But INTC stock has staged an orderly retreat over the past week, consolidating into new-found support at $45.
• 3 Trades to Generate Monthly Income Selling Puts
The shares have nearly worked off their overbought status, and now appear poised to rally heading into 2018 — as long as the broader market holds up.
Sentiment is par for the course when it comes to INTC stock. According to Thomson/First Call, 22 of the 43 analysts following INTC rate the shares a “buy” or better, leaving room for potential upgrades. Meanwhile, the 12-month price target of $45.95 rests just above INTC stock’s current perch. Given Intel’s solid fundamentals, I would expect a price-target increase or two relatively soon.
Given the recent froth in the market, it’s not surprising that options traders are a bit wary when it comes to INTC stock. At last check, the December put/call open interest ratio arrived at 0.83, with puts on the verge of parity with calls among back-month options. This ratio is declining, however, indicating that sentiment is shifting bullish on INTC, which is a positive sign for the shares.
Overall, December implieds are pricing in a potential move of about 4.3% for INTC stock heading into expiration. This places the lower bound at $43.50 and the upper bound at $47.50.
Call Spread:Traders looking for a turn higher for INTC stock following the recent consolidation might want to consider a Dec $46/$47 bull call spread. At last check, this spread was offered at 35 cents, or $35 per pair of contracts.
Breakeven lies at $46.35, while a maximum profit of 65 cents, or $65 per pair of contracts — a potential return of 85% — is possible if INTC stock closes at or above $47 when December options expire.
Put Sell:For a more conservative play, traders might be interested in a Dec $43 put sell position. At last check, this put was bid at 23 cents, or $23 per contract. The upside to this put sell strategy is that you keep the premium as long as INTC stock closes above $43 when December options expire.
• Here's How to Play the Dip In Apple Inc. Stock
The downside is that should SNAP trade below $43 ahead of expiration, you could be assigned 100 shares for each sold put at a cost of $43 per share.
As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.
• 9 More Companies Whose Dividend Is in Danger
• Square Inc Takes a Ride on the Bitcoin Train
• 7 Money-Losing Stocks to Sell Now
The postIntel Corporation Is a Buy Heading Into 2018appeared first onInvestorPlace.
[Social Media Buzz]
1hr Report : 01:00:15 UTC Top 10 Mentions
$BTC, $LTC, $ETH, $BCH, $XRP, $DASH, $LSK, $XVG, $XEM, $NEOpic.twitter.com/3ZMNA2UCjg || 6589.2 Eur | -0.01% | Kraken | 18/11/17 00:26 #Bitcoin #Kraken #BTCEUR || Nov 17, 2017 17:00:00 UTC | 7,879.90$ | 6,688.70€ | 5,967.20£ | #Bitcoin #btc pic.twitter.com/GjFaBOKNTB || Nov 17, 2017 17:30:00 UTC | 7,809.00$ | 6,619.10€ | 5,906.60£ | #Bitcoin #btc pic.twitter.com/5QTZegpAB6 || 1 #BTC (#Bitcoin) quotes:
$7957.89/$7964.96 #Bitstamp
$7917.20/$7931.00 #Krak...
|
7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62.
|
[Bitcoin Technical Analysis for 2016-07-22]
Volume: 134169000, RSI (14-day): 47.57, 50-day EMA: 635.30, 200-day EMA: 509.14
[Wider Market Context]
Gold Price: 1323.10, Gold RSI: 52.15
Oil Price: 44.19, Oil RSI: 41.18
[Recent News (last 7 days)]
Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers.
Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries.
Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin.
"Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website.
"In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world."
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network.
Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts.
In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders.
According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85.
Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million.
At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays (BARCR.UL), and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalisation of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays (BARCR.UL), and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalisation of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Why Ethereum is the hottest new thing in digital currency: Just when you were (maybe) beginning to get a basic understanding of the digital currency bitcoin , a second-place digital currency is gaining steam and growing in value. It’s called ether, it is the token of a blockchain network called Ethereum, and less than one year after launching, its market cap now exceeds $1 billion. On Thursday, Ethereum hit another business milestone when Coinbase , the leading mainstream platform for buying and trading of bitcoin, added support for ether . Coinbase customers—there are 4 million of them in 32 countries—can now easily buy and trade ether using the Coinbase web site or mobile app. But would they want to? First they’d have to understand it. If bitcoin, which runs on a decentralized, permission-less, peer-to-peer blockchain , is still in its infancy—a point bitcoin believers love to make —then Ethereum is barely out of the womb. As the New York Times wrote in March, the network “is complicated enough that even people who know it well have trouble describing it in plain English.” Ethereum’s creator is Vitalik Buterin , a 22-year-old Russian tech-wunderkind who began working on the concept at age 19. A presentation Buterin made at Ethereum’s developer conference last year listed use cases such as: issuing assets; crowdfunding; domain registration; title registration; gambling; prediction markets; and the Internet of Things , among others. Ethereum is not without troubling security issues: Last month a decentralized network called The DAO, built on top of the Ethereum blockchain, was attacked, in a theft of $50 million worth of ether. After the attack, an SEC official expressed grave concern over the network’s security. Still, many in the cryptocurrency world say Ethereum is even more exciting than bitcoin because of the ability to smore smart contracts on its network. Many developers are already running early-stage apps on top of Ethereum , for all manner of services including blockchain payments via Slack and placing bets on which tech startups will get popular first. Story continues Coinbase had already added ether to its more formal cryptocurrency exchange site for institutional investors, GDAX, back in May. “We saw individual as well as developer interest in Ethereum rise at the end of 2015, and by the early part of 2016 our customers on GDAX were saying, ‘Give us the ability to sell ether,'” says Adam White, VP of business development and strategy for Coinbase. Bringing ether to its mainstream wallet product was the obvious next step. Coinbase adding ether (everywhere but New York) also means that all partners using the Coinbase “buy widget” can do the same. One such partner is Lawnmower , a mobile app that originally launched as a “roundup” service that invests your spare change into bitcoin, using Coinbase. Lawnmower recently changed its model to allow users to set an auto-purchase of bitcoin once a month at a set price, and it just updated its app this week to include a news hub for intel on many cryptocurrencies, including ether, litecoin, and ripple. In other words: Lawnmower, like Coinbase, saw ether pulling into second in the crypto race. “Some of these assets recently, like ether, our users have made it clear they want to learn more about it,” says Alex Sunnarborg, Lawnmower CFO. “So we just said, ‘Let’s move as fast as we can on it.'” Lawnmower added an index that shows ether’s price over time, compares it against bitcoin, and even has the full original white paper on Ethereum. What it couldn’t add was the ability to actually buy ether. Now that Coinbase has implemented that, it can. All of the momentum for ether reflects that bitcoin will not be the only digital currency of interest. It was the first to come along, in 2009, but there is room for more. And indeed, there were more—like dogecoin, litecoin (whose inventor now works for Coinbase), and ripple—but White says, “Nothing uniquely differentiated itself until Ethereum. While bitcoin is a fantastic global transaction network, we see Ethereum offering a worldwide computational network.” Coinbase was the first bitcoin wallet to get mainstream recognition. It was also by far the best-funded bitcoin startup until the mysterious 21 Inc. raised $116 million in a single round last year. Adding Ethereum to Coinbase, White says, “required a fresh look at how we design the platform. We wanted to keep it super simple, easy to understand, so that people like my dad, when they hear about Ethereum in the paper, and he wants to buy $100, he can go to Coinbase and it’s still a very simple process.” If the casual investor does want to dip a toe into ether, Coinbase now allows it through a bank account, credit or debit card. Ether currently trades at around $12. Coinbase expects to see “a very significant amount of interest.” — Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @ readDanwrite . Read more: The latest Bitcoin price hike is not all about Brexit British bitcoin market sent incredible signals ahead of Brexit Here’s why 21 Inc. is the most exciting bitcoin company right now How early bitcoin leader Coinbase is staying relevant amid the blockchain craze || Why Ethereum is the hottest new thing in digital currency: Just when you were (maybe) beginning to get a basic understanding ofthe digital currency bitcoin, a second-place digital currency is gaining steam and growing in value. It’s called ether, it is the token of a blockchain network called Ethereum, and less than one year after launching, its market cap now exceeds $1 billion.
On Thursday, Ethereum hit another business milestone whenCoinbase, the leading mainstream platform for buying and trading of bitcoin,added support for ether. Coinbase customers—there are 4 million of them in 32 countries—can now easily buy and trade ether using the Coinbase web site or mobile app.
But would they want to? First they’d have to understand it.
If bitcoin, which runs on adecentralized, permission-less, peer-to-peer blockchain, is still in its infancy—a pointbitcoin believers love to make—then Ethereum is barely out of the womb. As theNew York Timeswrote in March, the network “is complicated enough that even people who know it well have trouble describing it in plain English.”
Ethereum’s creator isVitalik Buterin, a 22-year-old Russian tech-wunderkind who began working on the concept at age 19. A presentationButerin made at Ethereum’s developer conferencelast year listed use cases such as: issuing assets; crowdfunding; domain registration; title registration; gambling; prediction markets; and theInternet of Things, among others.
Ethereum is not without troubling security issues: Last month a decentralized network called The DAO, built on top of the Ethereum blockchain, was attacked, in a theft of $50 million worth of ether. After the attack, an SEC officialexpressed grave concernover the network’s security.
Still, many in the cryptocurrency world say Ethereum is even more exciting than bitcoin because of the ability to smore smart contracts on its network. Many developers are already runningearly-stage apps on top of Ethereum, for all manner of services including blockchain payments via Slack and placing bets on which tech startups will get popular first.
Coinbase had already added ether to its more formal cryptocurrency exchange site for institutional investors, GDAX, back in May. “We saw individual as well as developer interest in Ethereum rise at the end of 2015, and by the early part of 2016 our customers on GDAX were saying, ‘Give us the ability to sell ether,'” says Adam White, VP of business development and strategy for Coinbase. Bringing ether to its mainstream wallet product was the obvious next step.
Coinbase adding ether (everywhere but New York) also means that all partners using the Coinbase “buy widget” can do the same. One such partner isLawnmower, a mobile app that originally launched as a “roundup” service that invests your spare change into bitcoin, using Coinbase.
Lawnmower recently changed its model to allow users to set an auto-purchase of bitcoin once a month at a set price, and it just updated its app this week to include a news hub for intel on many cryptocurrencies, including ether, litecoin, and ripple. In other words: Lawnmower, like Coinbase, saw ether pulling into second in the crypto race.
“Some of these assets recently, like ether, our users have made it clear they want to learn more about it,” says Alex Sunnarborg, Lawnmower CFO. “So we just said, ‘Let’s move as fast as we can on it.'” Lawnmower added an index that shows ether’s price over time, compares it against bitcoin, and even has the full original white paper on Ethereum. What it couldn’t add was the ability to actually buy ether. Now that Coinbase has implemented that, it can.
All of the momentum for ether reflects that bitcoin will not be the only digital currency of interest. It was the first to come along, in 2009, but there is room for more. And indeed, there were more—like dogecoin, litecoin (whose inventor now works for Coinbase), and ripple—but White says, “Nothing uniquely differentiated itself until Ethereum. While bitcoin is a fantastic global transaction network, we see Ethereum offering a worldwide computational network.”
Coinbase was the first bitcoin wallet to get mainstream recognition. It was also by far the best-funded bitcoin startup until themysterious 21 Inc. raised $116 million in a single roundlast year. Adding Ethereum to Coinbase, White says, “required a fresh look at how we design the platform. We wanted to keep it super simple, easy to understand, so that people like my dad, when they hear about Ethereum in the paper, and he wants to buy $100, he can go to Coinbase and it’s still a very simple process.”
If the casual investor does want to dip a toe into ether, Coinbase now allows it through a bank account, credit or debit card. Ether currently trades at around $12.
Coinbase expects to see “a very significant amount of interest.”
—
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.
Read more:
The latest Bitcoin price hike is not all about Brexit
British bitcoin market sent incredible signals ahead of Brexit
Here’s why 21 Inc. is the most exciting bitcoin company right now
How early bitcoin leader Coinbase is staying relevant amid the blockchain craze || Texan gets 1-1/2 years in prison for running bitcoin Ponzi scheme: By Nate Raymond
NEW YORK, July 21 (Reuters) - A Texas man was sentenced to 1-1/2 years in prison on Thursday for operating a bitcoin-related Ponzi scheme that prosecutors say resulted in the first U.S. criminal securities fraud case related to the digital currency.
Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. District Judge Lewis Kaplan in Manhattan to forfeit $1.23 million and pay restitution in the same amount for operating what the judge called a "class Ponzi scheme."
"You defrauded innocent people," he said. "You did it, in the last analysis, for personal gain."
Shavers, who pleaded guilty in September 2015 to one count of securities fraud and who now supports himself as a cook, said in court he had "royally messed up," and had lost friends and embarrassed his family as a result of his fraud.
"I don't think this is something I'm ever going to get over," he said.
Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit.
Prosecutors said from 2011 to 2012, Shavers, 33, raised at least 764,000 bitcoins, which at the time were worth more than $4.5 million, for his Bitcoin Savings and Trust. He operated the business from his home, offering bitcoin-related investments through the internet.
Prosecutors said Shavers solicited the investments on the website Bitcoin Forum, and promised interest rates of 7 percent per week to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy.
While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said.
At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said.
In total, out of 100 investors, at least 48 suffered losses, prosecutors said. His lawyers said the losses equaled $1.23 million.
Prosecutors said Shavers also misappropriated bitcoins to purchase a used BMW M5 sedan, to buy have a $1,000 steakhouse dinner in Las Vegas and to go to spas and casinos.
The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157.
(Reporting by Nate Raymond in New York; Editing by David Gregorio) || Texan gets 1-1/2 years in prison for running bitcoin Ponzi scheme: By Nate Raymond NEW YORK, July 21 (Reuters) - A Texas man was sentenced to 1-1/2 years in prison on Thursday for operating a bitcoin-related Ponzi scheme that prosecutors say resulted in the first U.S. criminal securities fraud case related to the digital currency. Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. District Judge Lewis Kaplan in Manhattan to forfeit $1.23 million and pay restitution in the same amount for operating what the judge called a "class Ponzi scheme." "You defrauded innocent people," he said. "You did it, in the last analysis, for personal gain." Shavers, who pleaded guilty in September 2015 to one count of securities fraud and who now supports himself as a cook, said in court he had "royally messed up," and had lost friends and embarrassed his family as a result of his fraud. "I don't think this is something I'm ever going to get over," he said. Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit. Prosecutors said from 2011 to 2012, Shavers, 33, raised at least 764,000 bitcoins, which at the time were worth more than $4.5 million, for his Bitcoin Savings and Trust. He operated the business from his home, offering bitcoin-related investments through the internet. Prosecutors said Shavers solicited the investments on the website Bitcoin Forum, and promised interest rates of 7 percent per week to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy. While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said. At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said. Story continues In total, out of 100 investors, at least 48 suffered losses, prosecutors said. His lawyers said the losses equaled $1.23 million. Prosecutors said Shavers also misappropriated bitcoins to purchase a used BMW M5 sedan, to buy have a $1,000 steakhouse dinner in Las Vegas and to go to spas and casinos. The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157. (Reporting by Nate Raymond in New York; Editing by David Gregorio) || Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches: For the second quarter in a row, Nasdaq led all other U.S. exchanges and captured 39 percent of exchange traded product listings and switches with 36 products in total for April, May and June.
Nasdaq added 13 new listings in June, which followed the addition offive new listings in Mayand18 new listings in April.
Jeff McCarthy, Nasdaq Vice President and Head of ETP Listings, said Nasdaq had tremendous success in attracting the industry’s leading ETP issuers to list on Nasdaq through the first half of the year.
“We grew the number of listings and switches to Nasdaq by 44 percent over the first quarter 2016, reinforcing Nasdaq as the exchange of choice for issuers introducing new and innovative products to market,” McCarthy said.
Related:Is the NYSE Losing Its Luster for ETFs?
In the first half of 2016, The Nasdaq Stock Market captured 39 percent of new ETP listings and switches across all exchanges.
In total, 61 ETPs have chosen Nasdaq thus far this year, among which 37 are new ETP launches, including products from BlackRock, State Street, Janus and AccuShares, and 24 are product switches from other US exchanges, bringing Nasdaq’s total ETP listings to 277.
Trending on ETF Trends
ARK Launches ETF Solely Focused on 3D Printing
SolidX Reveals Plan to Launch a Bitcoin ETF
A Big Day for ETFs as 5 Sponsors Launch New Products
O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup
AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF
Of Nasdaq’s first half of the year listings and switches, 29 track an index calculated and operated by Nasdaq.
Nasdaq was selected as the exchange of choice for 13 new ETP launches in June:
BlackRock launched two new funds that provide access to international and emerging market stocks that have positive environmental, social and governance characteristics; both launched June 30, 2016:
• iShares MSCI EAFE ESG Select ETF (ESGD)
• iShares MSCI EM ESG Select ETF (ESGE)
AccuShares launchedtwo oil market related Fundswhich began trading June 28, 2016:
• AccuShares S&P GSCI Crude Oil Excess Return Up Shares (OILU)
• AccuShares S&P GSCI Crude Oil Excess Return Down Shares (OILD)
Royal Bank of Canada launched an exchange traded note (ETN) that allocates between the S&P 500 and the Federal Funds rate, trading began June 28, 2016:
• RBC S&P 500 Trend Allocator PR Index ETN (TALL)
BlackRock also launchedtwo high yield ETFswhich began trading June 16, 2016:
• iShares Fallen Angels USD Bond ETF (FALN)
• iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF (HYXE)
First Trust launched the firstactively managed emerging market equity ETF; trading began June 15, 2016:
• First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)
Janus launchedfour thematic healthy lifestyle based ETFsthat trade in Long‐Term Care, Health and Fitness, Organics and Obesity prevention; trading began June 9, 2016:
• The Long‐Term Care ETF (OLD)
• The Health and Fitness ETF (FITS)
• The Organics ETF (ORG)
• The Obesity ETF (SLIM)
State Street Global Advisors launched its first SPDR ETF to Nasdaqand whose index is owned and was developed by Dorsey, Wright & Associates, a Nasdaq Company; the fund began trading on June 2, 2016:
• SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI)
Click hereto read the full story on ETF Trends. || Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches: For the second quarter in a row, Nasdaq led all other U.S. exchanges and captured 39 percent of exchange traded product listings and switches with 36 products in total for April, May and June. Nasdaq added 13 new listings in June, which followed the addition of five new listings in May and 18 new listings in April . Jeff McCarthy, Nasdaq Vice President and Head of ETP Listings, said Nasdaq had tremendous success in attracting the industry’s leading ETP issuers to list on Nasdaq through the first half of the year. “We grew the number of listings and switches to Nasdaq by 44 percent over the first quarter 2016, reinforcing Nasdaq as the exchange of choice for issuers introducing new and innovative products to market,” McCarthy said. Related: Is the NYSE Losing Its Luster for ETFs? In the first half of 2016, The Nasdaq Stock Market captured 39 percent of new ETP listings and switches across all exchanges. In total, 61 ETPs have chosen Nasdaq thus far this year, among which 37 are new ETP launches, including products from BlackRock, State Street, Janus and AccuShares, and 24 are product switches from other US exchanges, bringing Nasdaq’s total ETP listings to 277. Trending on ETF Trends ARK Launches ETF Solely Focused on 3D Printing SolidX Reveals Plan to Launch a Bitcoin ETF A Big Day for ETFs as 5 Sponsors Launch New Products O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF Of Nasdaq’s first half of the year listings and switches, 29 track an index calculated and operated by Nasdaq. Nasdaq was selected as the exchange of choice for 13 new ETP launches in June: BlackRock launched two new funds that provide access to international and emerging market stocks that have positive environmental, social and governance characteristics; both launched June 30, 2016: iShares MSCI EAFE ESG Select ETF ( ESGD ) iShares MSCI EM ESG Select ETF ( ESGE ) AccuShares launched two oil market related Funds which began trading June 28, 2016: Story continues AccuShares S&P GSCI Crude Oil Excess Return Up Shares ( OILU ) AccuShares S&P GSCI Crude Oil Excess Return Down Shares ( OILD ) Royal Bank of Canada launched an exchange traded note (ETN) that allocates between the S&P 500 and the Federal Funds rate, trading began June 28, 2016: RBC S&P 500 Trend Allocator PR Index ETN ( TALL ) BlackRock also launched two high yield ETFs which began trading June 16, 2016: iShares Fallen Angels USD Bond ETF ( FALN ) iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF ( HYXE ) First Trust launched the first actively managed emerging market equity ETF ; trading began June 15, 2016: First Trust RiverFront Dynamic Emerging Markets ETF ( RFEM ) Janus launched four thematic healthy lifestyle based ETFs that trade in Long‐Term Care, Health and Fitness, Organics and Obesity prevention; trading began June 9, 2016: The Long‐Term Care ETF ( OLD ) The Health and Fitness ETF ( FITS ) The Organics ETF ( ORG ) The Obesity ETF ( SLIM ) State Street Global Advisors launched its f irst SPDR ETF to Nasdaq and whose index is owned and was developed by Dorsey, Wright & Associates, a Nasdaq Company; the fund began trading on June 2, 2016: SPDR Dorsey Wright Fixed Income Allocation ETF ( DWFI ) Click here to read the full story on ETF Trends. || C&W Networks Selects Cologix to Unlock Traditional Connections Between North and South America: DENVER, CO and JACKSONVILLE, FL and MIAMI, FL--(Marketwired - Jul 21, 2016) - Cologix ™, a network neutral interconnection and data center company, announced today that C&W Networks , a subsidiary of Cable & Wireless Communications , (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin America region, has invested in the most advanced data center in its region by deploying a Point of Presence (PoP) in Cologix's JAX1 data center in Jacksonville (Florida) to further enhance C&W Networks' ongoing commitment in offering customers multiple routes for their traffic ecosystem and a robust industry leading network. Through their deployment in Cologix's Meet-Me-Room, C&W Networks can connect peers and customers to both their subsea and terrestrial networks. Last year, C&W Networks announced it was a member of the Pacific and Caribbean Cable System (PCCS) operating a 3,700 mile subsea cable system with its landing in the United States directly in Jacksonville. The submarine cable connects Aruba, Colombia, Curacao, Ecuador, Panama, Puerto Rico, the British Virgin Islands and Tortola, and then terminates in Jacksonville, Florida. Cologix operates the most connected data center and the Meet-Me-Room (JAX1) in the 421 W. Church carrier hotel. Cologix's JAX1 facility offers connectivity to 30+ LECS, MSOs, backbone networks, regional fiber networks, long haul dark fiber network, ISPs, content providers and cloud service providers. Cologix recently connected JAX1 to its enterprise grade data center at 4800 Spring Park Rd, JAX2, via a diverse dark fiber ring . The combined data center platform provides networks direct access to the largest and growing set of enterprises in the region and significant space and power capacity for growth. "Jacksonville is gaining a reputation as one of the key peering and interconnection points in North America providing cross-border opportunities and diversity which are important in network design. Our customers are recognizing that Jacksonville is part of another regional alternative for traffic between North and South America. We are very proud to be the central and only hub in the region connecting all of the subsea cables and major network providers to each other," stated Graham Williams, chief operating officer, Cologix. Story continues C&W Networks is a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring, fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. "PCCS is our fourth international submarine cable landing in the United States and our third in Florida," stated Paul Scott, President of C&W Networks. The deployment through Cologix in Jacksonville enables us to offer even greater route diversity, redundancy and interconnection to our customers which further enables their business to expand and grow. Mr. Scott further states that "The Cologix facility provides us an ideal exchange and peering platform that is strategically diverse from our established gateways in South Florida and the Caribbean." About Cologix Inc. Cologix Inc. is a network-neutral interconnection and colocation data center company headquartered in Denver. Cologix provides scalable interconnection services and secure, reliable colocation services. Cologix operates densely connected, strategically located facilities in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, Northern New Jersey, Toronto and Vancouver. With more than 450+ network choices and 24 prime interconnection locations, Cologix currently serves over 1,600 carrier, managed services, cloud, media, content, financial services and enterprise customers. The company's experienced local service teams are committed to providing its customers the highest standard of local customer support. To arrange a tour of the center closest to you, contact us at [email protected] . Follow Cologix on LinkedIn and Twitter . About C&W Networks C&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit: www.cwnetworks.com . About C&W Communications CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our customers who subscribe to over 59 million 1 television, broadband internet and telephony services. We also serve over ten million1 mobile subscribers and offer Wi-Fi service across six million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Móvil and BTC. In addition, the LiLAC Group operates a submarine fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Footnote 1 : Subscriber statistics for Liberty Global (including the LiLAC Group) and CWC are as of March 31, 2016 and December 31, 2015, respectively, and are based on each entity's subscriber counting policies. CWC's subscriber counting policies may differ from those of Liberty Global. Accordingly, the combined subscriber statistics are not necessarily indicative of the actual number of subscribers to be reported by the combined operations once CWC conforms to Liberty Global's subscriber counting policies. || C&W Networks Selects Cologix to Unlock Traditional Connections Between North and South America: DENVER, CO and JACKSONVILLE, FL and MIAMI, FL--(Marketwired - Jul 21, 2016) -Cologix™, anetwork neutral interconnectionanddata centercompany, announced today thatC&W Networks, a subsidiary ofCable & Wireless Communications, (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin America region, has invested in the most advanced data center in its region by deploying a Point of Presence (PoP) in Cologix's JAX1 data center in Jacksonville (Florida) to further enhance C&W Networks' ongoing commitment in offering customers multiple routes for their traffic ecosystem and a robust industry leading network. Through their deployment in Cologix's Meet-Me-Room, C&W Networks can connect peers and customers to both their subsea and terrestrial networks. Last year, C&W Networks announced it was a member of the Pacific and Caribbean Cable System (PCCS) operating a 3,700 mile subsea cable system with its landing in the United States directly in Jacksonville. The submarine cable connects Aruba, Colombia, Curacao, Ecuador, Panama, Puerto Rico, the British Virgin Islands and Tortola, and then terminates in Jacksonville, Florida.
Cologix operates the most connected data center and the Meet-Me-Room (JAX1) in the421 W. Churchcarrier hotel. Cologix's JAX1 facility offers connectivity to 30+ LECS, MSOs, backbone networks, regional fiber networks, long haul dark fiber network, ISPs, content providers and cloud service providers. Cologix recently connected JAX1 to its enterprise grade data center at4800 Spring Park Rd, JAX2, via a diverse dark fiber ring. The combined data center platform provides networks direct access to the largest and growing set of enterprises in the region and significant space and power capacity for growth.
"Jacksonville is gaining a reputation as one of the key peering and interconnection points in North America providing cross-border opportunities and diversity which are important in network design. Our customers are recognizing that Jacksonville is part of another regional alternative for traffic between North and South America. We are very proud to be the central and only hub in the region connecting all of the subsea cables and major network providers to each other," stated Graham Williams, chief operating officer, Cologix.
C&W Networks is a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring, fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region.
"PCCS is our fourth international submarine cable landing in the United States and our third in Florida," stated Paul Scott, President of C&W Networks. The deployment through Cologix in Jacksonville enables us to offer even greater route diversity, redundancy and interconnection to our customers which further enables their business to expand and grow. Mr. Scott further states that "The Cologix facility provides us an ideal exchange and peering platform that is strategically diverse from our established gateways in South Florida and the Caribbean."
About Cologix Inc.Cologix Inc. is a network-neutral interconnection and colocation data center company headquartered in Denver. Cologix provides scalable interconnection services and secure, reliable colocation services. Cologix operates densely connected, strategically located facilities in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, Northern New Jersey, Toronto and Vancouver. With more than 450+ network choices and 24 prime interconnection locations, Cologix currently serves over 1,600 carrier, managed services, cloud, media, content, financial services and enterprise customers. The company's experienced local service teams are committed to providing its customers the highest standard of local customer support. To arrange a tour of the center closest to you, contact us [email protected]. Follow Cologix onLinkedInandTwitter.
About C&W NetworksC&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit:www.cwnetworks.com.
About C&W CommunicationsCWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our customers who subscribe to over 59 million1television, broadband internet and telephony services. We also serve over ten million1 mobile subscribers and offer Wi-Fi service across six million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Móvil and BTC. In addition, the LiLAC Group operates a submarine fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Footnote1: Subscriber statistics for Liberty Global (including the LiLAC Group) and CWC are as of March 31, 2016 and December 31, 2015, respectively, and are based on each entity's subscriber counting policies. CWC's subscriber counting policies may differ from those of Liberty Global. Accordingly, the combined subscriber statistics are not necessarily indicative of the actual number of subscribers to be reported by the combined operations once CWC conforms to Liberty Global's subscriber counting policies. || 25 Payment Tools for Small Businesses, Freelancers and Startups: Billing your customers is very important. Even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business -- based on how many payments you receive, the type of business you have and, of course, your budget.
I’ve worked with many payment companies over the past 10+ years. I’ve learned that not every payment company is created equal. For that reason, I’ve compiled a list of 25 payment tools to consider for your business. These options will expand the number of payment methods you can accept which will attract more clients, facilitate faster payment, and ensure a secure environment for both parties during every transaction you make.
Due is a payments solution company that offers credit card processing and international credit card processing. You get a low flat-rate transaction fee of 2.7 percent for credit card processing, includingglobal credit card payments. It features a digital wallet tool as well as the ability to handle ACH payments. The company has integrated PayPal and Stripe for further payment options. Due also offers time tracking and online invoicing.
PayPal has become one of the most trusted payment platforms online. It was one of the first that provided freelancers with a way to accept credit card and debit card payments without having to partner with a credit card processing company and face high monthly and transaction fees. Over time, PayPal has evolved into offering personal and business accounts, its own debit and credit card, a revolving credit line and business loans. It allows you to accept payment in foreign currency and then handles the currency exchange process for you for a minimal fee. Now, PayPal is beginning to accept Bitcoin so that you can make and accept cryptocurrency payments.
Related:20 Online Invoice Solutions That Offer More Than Just Invoicing
As part of PayPal, this company has bolstered the company’s payments expertise and provided more options for you to pass onto your customers -- like Venmo, Apple Pay, Android Pay, Bitcoin and debit and credit cards. There are no extra fees, including no fees for refunds, inactivity or failed transactions. You only pay for those transactions you actually carry out. After your first $50,000 in transactions, you will pay aslittle as 2.9 percent + $.30 per transaction.
Dwolla is a developer-friendly payments system that lets you customize how you make and receive recurring, bulk or single payments. Offering a free account with no transaction fees, it only links to a U.S. bank account or credit union account. There is no fee to set up your account, plus there are no transaction fees. However, Dwolla is strictly made for making payments within the U.S.
Authorize.net is a payments gateway that offers domestic and some international transactions for small to medium-sized businesses. You can accept all major credit cards, signature debit cards, echecks and digital paymentoptionslike Apple Pay, PayPal and Visa Checkout. Other features include automated recurring billing, a free suite of security and fraud prevention tools and the ability to synch with your Quickbooks. Although there are no annual renewal or hidden fees involved, there are some other fees to consider. There’s a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction.
2Checkout focuses on global payment acceptance, providing you with a secure and compliant gateway to do business in nearly every country around the world. It offers both online and mobile platforms for payments, including numerous language and currency options, recurring billing, hosted checkout and fraud protection. You can accept all major credit and debit cards as well as PayPal, and then get paid by bank or wire transfer. Transactions are 2.9 percent plus $0.30 per transaction. While there are no set-up or monthly fees, you will have fees like an extra 1 percent added on to each transaction from outside of the U.S., 2-5 percent charge above daily bank rate on currency conversion and a $20 charge back fee.
Square is a credit card processing company that provides a way for small businesses like yours to accept credit cards without carrying the burden of all those fees that typically get added in by other credit card processors. You will be able to accept credit cards anywhere and process gift cards with their free magstripe reader that works with the Square app on smartphones and tablets. Features include fraud protection and deposits on demand with payments received in your bank account in one to two business days. You only pay per transaction with no set-up or monthly fees. The fee is 2.75 percent per swipe for all major credit cards.
Stripe was built for developers to create custom payment solutions, but it can also be used in its basic form. Even as a standardized payment platform, it is packed with features like integrated mobile payments for iOS and Android, checkout, the ability to add coupons and recurring billing. As a global payment option, it works with over 100 currencies, as well as Bitcoin and local payment instruments like Alipay. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout.
Wepay is an online payments processing platform that is completely customizable. Its standard payments solution is fully integrated into your business, offers fraud prevention and fraud detection tools, direct bank transfer, recurring payments and multi-party payments, all major credit cards and ACH payments. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15.
Related:5 Features to Look For While Selecting the Right E-Payment Model
Popmoney is a way to send, request and receive money within the U.S. from bank account to bank account or debit card. It has a limited amount of daily and monthly funds that can be sent and received, making this ideal for smaller sized transactions. This highly secure payment solution is ideal for collecting money from groups or for recurring payments. With a debit card, you can receive the funds in as little as one business day while a bank account may take up to three business days. There is one small fee of $0.95 for each transaction, making this a low-cost payment option.
Although they do not list their pricing, they are known to be a competitively priced payment processing provider that focuses on service, security and transparent processes. They promise no fees and next-day funding on a wide range of payments, including major credit and debit cards, EMV, gift cards, PayPal, Apple Pay, Samsung Pay and Android Pay. They offer payment processing on any type of device and focus on EMV, tokenization and end-to-end encryption to deliver one of the most robust security solutions for card processing. They have other services for businesses, including payroll, POS, loyalty programs, ecommerce and billing solutions, mobile payments, gift cards and more.
Cybersource is an online payment processing company that offers a wide array of services, including gateway and processing connections, digital wallet and digital payments, debit and bank transfers, payer authentication, payments security, global tax calculation and more. It allows you to take and make payments in 190 countries and 40 currencies across all major and local payment cards as well as Alipay, PayPal, Visa Checkout, PayEase, Apple Pay and Android Pay. It does not list pricing but instead offers a custom program for businesses of all sizes.
Digital River is positioned as a true global payment processing company, working in 190 countries, including many emerging countries like China and India, as well as in 170 transaction and display currencies. It offers local and global card processing as well as transactions with retail and Internet banks. Its pricing is available by contacting the online payment processing company and working with them to develop a customized program for your business.
ecoPayz offers personal, business and merchant global payment processing services that do not require any recipient bank accounts. This is because this payments solution uses its own branded ecoCards that have a Visa or Mastercard logo and work as payment cards for transactions in 45 currencies. There is instant funding and free set-up for an ecoAccount that uses these virtual payment cards.
Creditcall links to all U.S. processors and UK acquirers, offering online and mobile payments for your business. It uses an EMV-ready payment gateway and virtual terminal to keep your transaction costs low. Creditcall allows you to customize your hosted payment page to seamlessly integrate it into your existing website.
Elavon Converge offers a number of services, including a solution for small businesses. With an online and mobile option, Elavon Converge provides a way to process credit cards, debit cards, electronic gift cards, electronic checks, Electronic Benefit Transfer (EBT) and mobile wallets like Apple Pay. The payment processing provider is also preparing its customers for the EMV transition. Pricing is also available by calling the company to get a customized payment processing program that fits your small business.
Neteller is a global payment processing company that helps businesses work with customers in 200 countries and across 15 languages. You will be able to accept a wide array of credit and debit cards and local payment options, including cryptocurrency like Bitcoin. Along with many deposit options, Neteller offers businesses instant payouts on these transactions.
Related:4 Tips for Revving Up Revenue When You Need It The Most
Nochex is a UK credit card processing company that was established to help companies in the UK work with consumers and businesses around the world, accepting payments from all the major debit and credit card companies. It offers free PCI and anti-fraud tools along with low fees and transparent pricing.
Payoneer specializes in the ability for a business to make mass payments to customers all over the world, but it also offers a payment processing solution. You will be able to work with 200 countries and 150 currencies. Payoneer lets you receive and withdraw funds through deposit in your local bank account, use of the Payoneer Prepaid Mastercard, or purchase through an online store affiliated with Payoneer’s network.
PayXpert is a globally known payments processing company that offers transaction rates as low as 1.5 percet based on volume and risk. They handle more than 40 currencies across 40 countries and work with 150 payment solutions. Features include a payment gateway, merchant account services, mobile and online payment functionality, credit card processing, data encryption and a virtual terminal.
As a global payments system solution, the company offers numerous POS, online and mobile payment processing options. Its online payment solutions include shopping carts, payment gateways, a virtual terminal and recurring payments. You can accept all major payment types, including credit, debit, gift and direct debit cards. The pricing is also customized to fit your business needs.
Payment Depot operates as a membership solution to offer businesses of all sizes access to wholesale credit card processing. It works for all major credit cards and delivers one of the lowest transaction rates available. For its basic membership, which costs $29 per month or $299 per year, you can process up to $20,000 per month and receive a rate of $0.25 per transaction. As your transactions grow in value per month you can tap into even lower transaction rates, from $0.15 all the way down to $0.05 per transaction with the highest volume of transaction value.
Payline Data is a credit card and debit card company that offers low rates for small businesses, helping them grow on a budget. Its simple plan is interchange plus 0.5 percent and $0.15 per transaction for online credit card processing for under $5,000 per month. The other plan is for those who do more than $5,000 per month. It is $15 per month plus a $0.10 per transaction as well as interchange plus 0.2 percent.
Charge.com offers many types of credit card processing services, including one made for small businesses. It comes with no set-up fees, low processing fees, free software and shopping card, no hidden fees and SSL secured transactions. Charge.com lets you process all major credit and debit cards online and through a mobile device like a tablet or smartphone.
Moneris Solutions is a U.S./Canadian payments processing company that offers a wide range of tools, including EMV solutions, online and mobile payments, gift card and loyalty programs, echecks, ACH direct deposit, recurring payments and even payroll processing. There are custom pricing models for businesses to match business size, volume and budget.
This is just a sampling of the growing number of payments companies that include credit card processors, global payment processing firms, online payments providers, digital payment companies and cryptocurrency payment businesses. As you build out your business, you’ll be able to offer a wide range of payment options, including ecash and echecks, digital currency and traditional payments across a world of currencies, and credit and debit cards. || 25 Payment Tools for Small Businesses, Freelancers and Startups: Billing your customers is very important. Even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business -- based on how many payments you receive, the type of business you have and, of course, your budget. I’ve worked with many payment companies over the past 10+ years. I’ve learned that not every payment company is created equal. For that reason, I’ve compiled a list of 25 payment tools to consider for your business. These options will expand the number of payment methods you can accept which will attract more clients, facilitate faster payment, and ensure a secure environment for both parties during every transaction you make. 1. Due Due is a payments solution company that offers credit card processing and international credit card processing. You get a low flat-rate transaction fee of 2.7 percent for credit card processing, including global credit card payments . It features a digital wallet tool as well as the ability to handle ACH payments. The company has integrated PayPal and Stripe for further payment options. Due also offers time tracking and online invoicing. 2. PayPal PayPal has become one of the most trusted payment platforms online. It was one of the first that provided freelancers with a way to accept credit card and debit card payments without having to partner with a credit card processing company and face high monthly and transaction fees. Over time, PayPal has evolved into offering personal and business accounts, its own debit and credit card, a revolving credit line and business loans. It allows you to accept payment in foreign currency and then handles the currency exchange process for you for a minimal fee. Now, PayPal is beginning to accept Bitcoin so that you can make and accept cryptocurrency payments. Related: 20 Online Invoice Solutions That Offer More Than Just Invoicing 3. Braintree As part of PayPal, this company has bolstered the company’s payments expertise and provided more options for you to pass onto your customers -- like Venmo, Apple Pay, Android Pay, Bitcoin and debit and credit cards. There are no extra fees, including no fees for refunds, inactivity or failed transactions. You only pay for those transactions you actually carry out. After your first $50,000 in transactions, you will pay as little as 2.9 percent + $.30 per transaction . Story continues 4. Dwolla Dwolla is a developer-friendly payments system that lets you customize how you make and receive recurring, bulk or single payments. Offering a free account with no transaction fees, it only links to a U.S. bank account or credit union account. There is no fee to set up your account, plus there are no transaction fees. However, Dwolla is strictly made for making payments within the U.S. 5. Authorize.net Authorize.net is a payments gateway that offers domestic and some international transactions for small to medium-sized businesses. You can accept all major credit cards, signature debit cards, echecks and digital payment options like Apple Pay, PayPal and Visa Checkout. Other features include automated recurring billing, a free suite of security and fraud prevention tools and the ability to synch with your Quickbooks. Although there are no annual renewal or hidden fees involved, there are some other fees to consider. There’s a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction. 6. 2Checkout 2Checkout focuses on global payment acceptance, providing you with a secure and compliant gateway to do business in nearly every country around the world. It offers both online and mobile platforms for payments, including numerous language and currency options, recurring billing, hosted checkout and fraud protection. You can accept all major credit and debit cards as well as PayPal, and then get paid by bank or wire transfer. Transactions are 2.9 percent plus $0.30 per transaction. While there are no set-up or monthly fees, you will have fees like an extra 1 percent added on to each transaction from outside of the U.S., 2-5 percent charge above daily bank rate on currency conversion and a $20 charge back fee. 7. Square Square is a credit card processing company that provides a way for small businesses like yours to accept credit cards without carrying the burden of all those fees that typically get added in by other credit card processors. You will be able to accept credit cards anywhere and process gift cards with their free magstripe reader that works with the Square app on smartphones and tablets. Features include fraud protection and deposits on demand with payments received in your bank account in one to two business days. You only pay per transaction with no set-up or monthly fees. The fee is 2.75 percent per swipe for all major credit cards. 8. Stripe Stripe was built for developers to create custom payment solutions, but it can also be used in its basic form. Even as a standardized payment platform, it is packed with features like integrated mobile payments for iOS and Android, checkout, the ability to add coupons and recurring billing. As a global payment option, it works with over 100 currencies, as well as Bitcoin and local payment instruments like Alipay. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout. 9. Wepay Wepay is an online payments processing platform that is completely customizable. Its standard payments solution is fully integrated into your business, offers fraud prevention and fraud detection tools, direct bank transfer, recurring payments and multi-party payments, all major credit cards and ACH payments. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15. Related: 5 Features to Look For While Selecting the Right E-Payment Model 10. Popmoney Popmoney is a way to send, request and receive money within the U.S. from bank account to bank account or debit card. It has a limited amount of daily and monthly funds that can be sent and received, making this ideal for smaller sized transactions. This highly secure payment solution is ideal for collecting money from groups or for recurring payments. With a debit card, you can receive the funds in as little as one business day while a bank account may take up to three business days. There is one small fee of $0.95 for each transaction, making this a low-cost payment option. 11. Heartland Payment Systems Although they do not list their pricing, they are known to be a competitively priced payment processing provider that focuses on service, security and transparent processes. They promise no fees and next-day funding on a wide range of payments, including major credit and debit cards, EMV, gift cards, PayPal, Apple Pay, Samsung Pay and Android Pay. They offer payment processing on any type of device and focus on EMV, tokenization and end-to-end encryption to deliver one of the most robust security solutions for card processing. They have other services for businesses, including payroll, POS, loyalty programs, ecommerce and billing solutions, mobile payments, gift cards and more. 12. Cybersource Cybersource is an online payment processing company that offers a wide array of services, including gateway and processing connections, digital wallet and digital payments, debit and bank transfers, payer authentication, payments security, global tax calculation and more. It allows you to take and make payments in 190 countries and 40 currencies across all major and local payment cards as well as Alipay, PayPal, Visa Checkout, PayEase, Apple Pay and Android Pay. It does not list pricing but instead offers a custom program for businesses of all sizes. 13. Digital River Digital River is positioned as a true global payment processing company, working in 190 countries, including many emerging countries like China and India, as well as in 170 transaction and display currencies. It offers local and global card processing as well as transactions with retail and Internet banks. Its pricing is available by contacting the online payment processing company and working with them to develop a customized program for your business. 14. ecoPayz ecoPayz offers personal, business and merchant global payment processing services that do not require any recipient bank accounts. This is because this payments solution uses its own branded ecoCards that have a Visa or Mastercard logo and work as payment cards for transactions in 45 currencies. There is instant funding and free set-up for an ecoAccount that uses these virtual payment cards. 15. Creditcall Creditcall links to all U.S. processors and UK acquirers, offering online and mobile payments for your business. It uses an EMV-ready payment gateway and virtual terminal to keep your transaction costs low. Creditcall allows you to customize your hosted payment page to seamlessly integrate it into your existing website. 16. Elavon Converge Elavon Converge offers a number of services, including a solution for small businesses. With an online and mobile option, Elavon Converge provides a way to process credit cards, debit cards, electronic gift cards, electronic checks, Electronic Benefit Transfer (EBT) and mobile wallets like Apple Pay. The payment processing provider is also preparing its customers for the EMV transition. Pricing is also available by calling the company to get a customized payment processing program that fits your small business. 17. Neteller Neteller is a global payment processing company that helps businesses work with customers in 200 countries and across 15 languages. You will be able to accept a wide array of credit and debit cards and local payment options, including cryptocurrency like Bitcoin. Along with many deposit options, Neteller offers businesses instant payouts on these transactions. Related: 4 Tips for Revving Up Revenue When You Need It The Most 18. Nochex Nochex is a UK credit card processing company that was established to help companies in the UK work with consumers and businesses around the world, accepting payments from all the major debit and credit card companies. It offers free PCI and anti-fraud tools along with low fees and transparent pricing. 19. Payoneer Payoneer specializes in the ability for a business to make mass payments to customers all over the world, but it also offers a payment processing solution. You will be able to work with 200 countries and 150 currencies. Payoneer lets you receive and withdraw funds through deposit in your local bank account, use of the Payoneer Prepaid Mastercard, or purchase through an online store affiliated with Payoneer’s network. 20. PayXpert PayXpert is a globally known payments processing company that offers transaction rates as low as 1.5 percet based on volume and risk. They handle more than 40 currencies across 40 countries and work with 150 payment solutions. Features include a payment gateway, merchant account services, mobile and online payment functionality, credit card processing, data encryption and a virtual terminal. 21. Worldpay As a global payments system solution, the company offers numerous POS, online and mobile payment processing options. Its online payment solutions include shopping carts, payment gateways, a virtual terminal and recurring payments. You can accept all major payment types, including credit, debit, gift and direct debit cards. The pricing is also customized to fit your business needs. 22. Payment Depot Payment Depot operates as a membership solution to offer businesses of all sizes access to wholesale credit card processing. It works for all major credit cards and delivers one of the lowest transaction rates available. For its basic membership, which costs $29 per month or $299 per year, you can process up to $20,000 per month and receive a rate of $0.25 per transaction. As your transactions grow in value per month you can tap into even lower transaction rates, from $0.15 all the way down to $0.05 per transaction with the highest volume of transaction value. 23. Payline Data Payline Data is a credit card and debit card company that offers low rates for small businesses, helping them grow on a budget. Its simple plan is interchange plus 0.5 percent and $0.15 per transaction for online credit card processing for under $5,000 per month. The other plan is for those who do more than $5,000 per month. It is $15 per month plus a $0.10 per transaction as well as interchange plus 0.2 percent. 24. Charge.com Charge.com offers many types of credit card processing services, including one made for small businesses. It comes with no set-up fees, low processing fees, free software and shopping card, no hidden fees and SSL secured transactions. Charge.com lets you process all major credit and debit cards online and through a mobile device like a tablet or smartphone. 25. Moneris Solutions Moneris Solutions is a U.S./Canadian payments processing company that offers a wide range of tools, including EMV solutions, online and mobile payments, gift card and loyalty programs, echecks, ACH direct deposit, recurring payments and even payroll processing. There are custom pricing models for businesses to match business size, volume and budget. A world of online payment options for your business. This is just a sampling of the growing number of payments companies that include credit card processors, global payment processing firms, online payments providers, digital payment companies and cryptocurrency payment businesses. As you build out your business, you’ll be able to offer a wide range of payment options, including ecash and echecks, digital currency and traditional payments across a world of currencies, and credit and debit cards. || ARK Launches ETF Solely Focused on 3D Printing: The first ETF in the United States to focus solely on the 3D printing ecosystem launched today on BATS ETF Marketplace.
ARK Investment Management LLC said its launch of The 3D Printing ETF (PRNT) adds to its investment product line-up that focuses on disruptive innovation.
ARK believes 3D printing will revolutionize manufacturing by collapsing the time between design and production, reducing costs, and enabling greater design complexity, accuracy and customization than traditional manufacturing.
While 3D printing is a $5.2 billion market today, ARK estimates that it could grow to more than $40 billion by 2020; McKinsey projects a growth of up to $490 billion by 2025.
Related:A Big Day for ETFs as 5 Sponsors Launch New Products
Catherine D. Wood , ARK Founder, Chief Executive Officer and Chief Investment Officer, said ARK’s research showed that the 3D printing industry has one of the highest growth projections in the economy.
“As the technology evolves and costs continue to decline, the 3D printing industry has the potential to steal market share from traditional manufacturing and transform every sector of the economy,” Wood said.
Trending on ETF Trends
Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches
SolidX Reveals Plan to Launch a Bitcoin ETF
A Big Day for ETFs as 5 Sponsors Launch New Products
O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup
AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF
PRNT tracks the Total 3D-Printing Index which includes companies that are the worldwide leaders in 3D printing and related businesses such as Computer-Aided Design and simulation software, service centers, scanning and measurement, and materials. Fund holdings are driven by ARK’s original research and span sectors, industries, and market caps.
Related:Robotics ETF has a 10% 3D Printing Tilt
Aside from PRNT, ARK continues to expand its commitment to disruptive innovation through various investment solutions, including active and index ETFs.
ARK’s current ETF offerings include: the ARK Industrial Innovation ETF (ARKQ) , ARK Web x.0 ETF (ARKW) , ARK Multi-Sector Genomic Revolution ETF (ARKG) , ARK Innovation ETF (ARKK) , and has filed for the ARK Israel Innovative Technology ETF (Bats:IZRL) . ARKQ and ARKK also provide exposure to 3D printing companies.
Click hereto read the full story on ETF Trends. || ARK Launches ETF Solely Focused on 3D Printing: The first ETF in the United States to focus solely on the 3D printing ecosystem launched today on BATS ETF Marketplace. ARK Investment Management LLC said its launch of The 3D Printing ETF ( PRNT ) adds to its investment product line-up that focuses on disruptive innovation. ARK believes 3D printing will revolutionize manufacturing by collapsing the time between design and production, reducing costs, and enabling greater design complexity, accuracy and customization than traditional manufacturing. While 3D printing is a $5.2 billion market today, ARK estimates that it could grow to more than $40 billion by 2020; McKinsey projects a growth of up to $490 billion by 2025. Related: A Big Day for ETFs as 5 Sponsors Launch New Products Catherine D. Wood , ARK Founder, Chief Executive Officer and Chief Investment Officer, said ARKs research showed that the 3D printing industry has one of the highest growth projections in the economy. As the technology evolves and costs continue to decline, the 3D printing industry has the potential to steal market share from traditional manufacturing and transform every sector of the economy, Wood said. Trending on ETF Trends Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches SolidX Reveals Plan to Launch a Bitcoin ETF A Big Day for ETFs as 5 Sponsors Launch New Products OLearys OShares Seeks Big Additions to its ETF Lineup AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF PRNT tracks the Total 3D-Printing Index which includes companies that are the worldwide leaders in 3D printing and related businesses such as Computer-Aided Design and simulation software, service centers, scanning and measurement, and materials. Fund holdings are driven by ARKs original research and span sectors, industries, and market caps. Related: Robotics ETF has a 10% 3D Printing Tilt Aside from PRNT, ARK continues to expand its commitment to disruptive innovation through various investment solutions, including active and index ETFs. ARKs current ETF offerings include: the ARK Industrial Innovation ETF ( ARKQ ) , ARK Web x.0 ETF ( ARKW ) , ARK Multi-Sector Genomic Revolution ETF ( ARKG ) , ARK Innovation ETF ( ARKK ) , and has filed for the ARK Israel Innovative Technology ETF (Bats:IZRL) . ARKQ and ARKK also provide exposure to 3D printing companies. Click here to read the full story on ETF Trends. || Hackers are already targeting the GOP convention: The Republican National Convention has had to fend off a wave of cyberattacks even before the opening gavel sounded, according to the official charged with securing the network. And many more attacks are expected this week, either from nation-states hunting for intelligence or protesters trying to disrupt the network at the convention, said Max Everett, the consulting chief information officer for the Republican National Committee. "There are a lot of folks who are going to try to poke around in any new network they find," said Everett. Republican presumptive presidential candidate Donald Trump's highly charged campaign , coupled with particularly well-funded and highly motivated groups of attackers only serves to intensify the threat, security experts said. The convention, which opens Monday afternoon, will attract some 50,000 people plus a global audience watching from afar, providing the perfect platform and smokescreen for hack attacks, said Orlando Scott-Cowley, a strategist with cybersecurity firm Mimecast. A successful attack could impact physical security on the ground, for example, by taking connected security scanners offline. It could also affect online activity, for example, by hijacking the livestream and derailing the GOP's message. The Secret Service has designated the conventions "national special security events" and has its work cut out, said Scott-Cowley. The professionalization of hacking has given rise to the most sophisticated and technologically well-armed adversaries authorities have ever faced. The convention staff will have 600 to 700 people on its network, and some of them will bring in their own personal devices, which will complicate the cybersecurity challenge, said Everett. He has spent the past year visiting Cleveland in preparation for the challenge this is his fourth convention and will have an onsite IT team of up to 70 people. They are using Microsoft (NASDAQ: MSFT) and ForeScout software to monitor the network in real time, working with AT&T (NYSE: T) and Cisco (NASDAQ: CSCO) on securing external access to the network and a firm called Dark Cubed to share real-time threat information among the firms trying to defend against cyberattacks. Story continues "The unique things we're seeing are the typical spearphishing attacks, with people sending links in phony emails telling users they need to reset their passwords." And they're seeing "malvertising," or malware that's designed to look like an ad for people to click on on their phones. "We have not seen any specific social engineering attacks yet, but we have seen that in the past," he said. "We have spear phishing attacks with links telling people 'you have a shipment,' and things like that." The vast majority of the attacks so far, he said, have been "opportunistic," or hackers just trying to see what they can find. But they have seen one more sophisticated attack already, in which the attacker knew that the convention is using Microsoft Office 365, a software group designed mostly for businesses. "Somebody took the time to see that we were using that, and sent a link saying 'click here to reset your password,'" Everett said. "The user wisely sent that one to us. That's the most sophisticated attack we've seen." These cyberdefenders face well-funded adversaries thanks to successful hacker business models leveraging tools like ransomware to make money, and tools like botnets for hire to launch large-scale distributed denial-of-service attacks. Bitcoin greases the wheels, allowing all this illicit activity and commerce to take place anonymously. Trump has already been widely hacked anonymous forums purport to offer personal information about him, his contacts and properties, said Danny Rogers, CEO of cybersecurity firm Terbium Labs. Over the course of the conventions and leading up to the election, more information about the candidates, their parties and supporters will likely be leaked, particularly given how controversial both candidates are this year, he said. More From CNBC Top News and Analysis Latest News Video Personal Finance || Hackers are already targeting the GOP convention: The Republican National Convention has had to fend off a wave of cyberattacks even before the opening gavel sounded, according to the official charged with securing the network.
And many more attacks are expected this week, either from nation-states hunting for intelligence or protesters trying to disrupt the network at the convention, said Max Everett, the consulting chief information officer for the Republican National Committee.
"There are a lot of folks who are going to try to poke around in any new network they find," said Everett.
Republican presumptive presidential candidateDonald Trump's highly charged campaign, coupled with particularlywell-funded and highly motivated groups of attackersonly serves to intensify the threat, security experts said.
The convention, which opens Monday afternoon, will attract some 50,000 people plus a global audience watching from afar, providing the perfect platform and smokescreen for hack attacks, said Orlando Scott-Cowley, a strategist with cybersecurity firm Mimecast.
A successful attack could impact physical security on the ground, for example, by taking connected security scanners offline. It could also affect online activity, for example, by hijacking the livestream and derailing the GOP's message.
The Secret Service has designated the conventions "national special security events" and has its work cut out, said Scott-Cowley. The professionalization of hacking has given rise to the most sophisticated and technologically well-armed adversaries authorities have ever faced.
The convention staff will have 600 to 700 people on its network, and some of them will bring in their own personal devices, which will complicate the cybersecurity challenge, said Everett.
He has spent the past year visiting Cleveland in preparation for the challenge — this is his fourth convention — and will have an onsite IT team of up to 70 people. They are using Microsoft(NASDAQ: MSFT)and ForeScout software to monitor the network in real time, working with AT&T(NYSE: T)and Cisco(NASDAQ: CSCO)on securing external access to the network and a firm called Dark Cubed to share real-time threat information among the firms trying to defend against cyberattacks.
"The unique things we're seeing are the typical spearphishing attacks, with people sending links in phony emails telling users they need to reset their passwords." And they're seeing "malvertising," or malware that's designed to look like an ad for people to click on on their phones.
"We have not seen any specific social engineering attacks yet, but we have seen that in the past," he said. "We have spear phishing attacks with links telling people 'you have a shipment,' and things like that."
The vast majority of the attacks so far, he said, have been "opportunistic," or hackers just trying to see what they can find. But they have seen one more sophisticated attack already, in which the attacker knew that the convention is using Microsoft Office 365, a software group designed mostly for businesses.
"Somebody took the time to see that we were using that, and sent a link saying 'click here to reset your password,'" Everett said. "The user wisely sent that one to us. That's the most sophisticated attack we've seen."
These cyberdefenders face well-funded adversaries thanks to successful hacker business models leveraging tools like ransomware to make money, and tools like botnets for hire to launch large-scale distributed denial-of-service attacks. Bitcoin greases the wheels, allowing all this illicit activity and commerce to take place anonymously.
Trump has already been widely hacked — anonymous forums purport to offer personal information about him, his contacts and properties, said Danny Rogers, CEO of cybersecurity firm Terbium Labs. Over the course of the conventions and leading up to the election, more information about the candidates, their parties and supporters will likely be leaked, particularly given how controversial both candidates are this year, he said.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance
[Social Media Buzz]
Fri 7/22/16 11 AM ET
#Dow $18,522 +5
#SP500 $2170 +4
#Oil $43.97
#Gold $1,323
#Silver $19.61
#BTC $649
#LTC $4.00
Please Retweet || $ 0.007971 (-0.02 %) 0.00001199 BTC (0.00 %) #WHIPPED #FETISH #BDSM || #8BitCoin #8BIT $ 0.016399 (4.24 %) 0.00002466 BTC (4.00 %) || Current price of Bitcoin is $657.00 #BTC || #UFOCoin #UFO $ 0.000020 (0.67 %) 0.00000003 BTC (-0.00 %) || 1 #BTC (#Bitcoin) quotes:
$663.22/$664.66 #Bitstamp
$654.00/$657.24 #BTCe
⇢$-10.66/$-5.98
$667.28/$667.32 #Coinbase
⇢$2.62/...
|
655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98.
|
[Bitcoin Technical Analysis for 2018-06-06]
Volume: 4692259840, RSI (14-day): 44.09, 50-day EMA: 8160.86, 200-day EMA: 8631.39
[Wider Market Context]
Gold Price: 1297.10, Gold RSI: 44.11
Oil Price: 64.73, Oil RSI: 35.59
[Recent News (last 7 days)]
Bitcoin Wont Be Global Currency: Ripple CEO Brad Garlinghouse: Ripple Brad Garlinghouse Bitcoin Brad Garlinghouse of Ripple told CNBC on Tuesday that Bitcoin will not be the catch-all solution people are hoping for in terms of being a global currency. I think its not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems, Garlinghouse said on the sidelines of Money20/20 Euorpe, which is being held this week in Amsterdam. Instead, youre seeing specializations of different kind of ledgers, different kinds of blockchains. On Monday, Apple co-founder Steve Wozniak said that he hoped bitcoin could become a one-world currency , a prediction that has been previously made by Square CEO Jack Dorsey. While emphasizing that its not necessarily a case of one currency versus another, Garlinghouse pointed out that XRP transactions are a thousand times faster than those of Bitcoin, which he described as quite slow. Its true that Bitcoin, the most widely-traded cryptocurrency, is far slower. At the time of the interview, the average BTC transaction was 42 minutes according to Blockchain.info , while XRP transactions take approximately four seconds, although it worth pointing out that Bitcoins trading volume is far greater than that of XRP as well. However, Bitcoins transaction speeds are a result of the use of blockchain technology which has not yet been successfully scaled to allow for a wider user base. Ripple transactions are carried out natively on the Ripple protocol, not on a blockchain. Ripple Ripple is seeing successful adoption as a cross-border payment service with mainstream financial institutions, offering products that enable large transactions to be carried out across borders from one fiat currency to another in seconds, using XRP as a bridge asset. He went on to say that the maximalist ideology of there being only one currency is not the way to go. Theres some people in this, the crypto space, the blockchain space for them, its almost a holy war of one versus the other. I dont look at that at all, he said. Story continues Garlinghouse said there would be many winners in the adoption of cryptocurrencies, and recently in a separate CNBC interview said that he expected Bitcoins influence on the price of the other currencies in the cryptocurrency market would soon weaken as people begin to explore other options. I think that what were seeing is the overall growth of this space and there will be many winners, he added. While Ripple as a company is a separate entity from the XRP currency, 60% of the XRP supply is owned by the company, much of it by the Ripple founders themselves. Ripple is being sued in a class-action lawsuit by a trader who lost money trading XRP and who now claims the company violated US securities law by selling the token to the company. Featured image from Flickr/ Christopher Michel The post Bitcoin Wont Be Global Currency: Ripple CEO Brad Garlinghouse appeared first on CCN . || Bitcoin Won’t Be Global Currency: Ripple CEO Brad Garlinghouse: Brad Garlinghouse of Ripple toldCNBCon Tuesday that Bitcoin will not be the catch-all solution people are hoping for in terms of being a global currency.
“I think it’s not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems,” Garlinghouse said on the sidelines of Money20/20 Euorpe, which is being held this week in Amsterdam. “Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”
On Monday, Apple co-founder Steve Wozniak said that he hoped bitcoin could become aone-world currency, a prediction that has been previously made by Square CEO Jack Dorsey.
While emphasizing that it’s not necessarily a case of one currency versus another, Garlinghouse pointed out that XRP transactions are “a thousand times faster” than those of Bitcoin, which he described as “quite slow.”
It’s true that Bitcoin, the most widely-traded cryptocurrency, is far slower. At the time of the interview, the average BTC transaction was 42 minutes according toBlockchain.info, while XRP transactions take approximately four seconds, although it worth pointing out that Bitcoin’s trading volume is far greater than that of XRP as well.
However, Bitcoin’s transaction speeds are a result of the use of blockchain technology which has not yet been successfully scaled to allow for a wider user base. Ripple transactions are carried out natively on the Ripple protocol, not on a blockchain.
Ripple is seeing successful adoption as a cross-border payment service with mainstream financial institutions, offering products that enable large transactions to be carried out across borders from one fiat currency to another in seconds, using XRP as a “bridge” asset.
He went on to say that the maximalist ideology of there being only one currency is not the way to go. “There’s some people in this, the crypto space, the blockchain space — for them, it’s almost a holy war of one versus the other. I don’t look at that at all,” he said.
Garlinghouse said there would be “many winners” in the adoption of cryptocurrencies, and recently in aseparate CNBC interviewsaid that he expected Bitcoin’s influence on the price of the other currencies in the cryptocurrency market would soon weaken as people begin to explore other options.
“I think that what we’re seeing is the overall growth of this space and there will be many winners,” he added.
While Ripple as a company is a separate entity from the XRP currency, 60% of the XRP supply is owned by the company, much of it by the Ripple founders themselves. Ripple is being sued in aclass-action lawsuitby a trader who lost money trading XRP and who now claims the company violated US securities law by selling the token to the company.
Featured image from Flickr/Christopher Michel
The postBitcoin Won’t Be Global Currency: Ripple CEO Brad Garlinghouseappeared first onCCN. || Bitcoin Won’t Be Global Currency: Ripple CEO Brad Garlinghouse: Brad Garlinghouse of Ripple toldCNBCon Tuesday that Bitcoin will not be the catch-all solution people are hoping for in terms of being a global currency.
“I think it’s not going to be the panacea that people once thought it would be, where it would solve all of these different kinds of problems,” Garlinghouse said on the sidelines of Money20/20 Euorpe, which is being held this week in Amsterdam. “Instead, you’re seeing specializations of different kind of ledgers, different kinds of blockchains.”
On Monday, Apple co-founder Steve Wozniak said that he hoped bitcoin could become aone-world currency, a prediction that has been previously made by Square CEO Jack Dorsey.
While emphasizing that it’s not necessarily a case of one currency versus another, Garlinghouse pointed out that XRP transactions are “a thousand times faster” than those of Bitcoin, which he described as “quite slow.”
It’s true that Bitcoin, the most widely-traded cryptocurrency, is far slower. At the time of the interview, the average BTC transaction was 42 minutes according toBlockchain.info, while XRP transactions take approximately four seconds, although it worth pointing out that Bitcoin’s trading volume is far greater than that of XRP as well.
However, Bitcoin’s transaction speeds are a result of the use of blockchain technology which has not yet been successfully scaled to allow for a wider user base. Ripple transactions are carried out natively on the Ripple protocol, not on a blockchain.
Ripple is seeing successful adoption as a cross-border payment service with mainstream financial institutions, offering products that enable large transactions to be carried out across borders from one fiat currency to another in seconds, using XRP as a “bridge” asset.
He went on to say that the maximalist ideology of there being only one currency is not the way to go. “There’s some people in this, the crypto space, the blockchain space — for them, it’s almost a holy war of one versus the other. I don’t look at that at all,” he said.
Garlinghouse said there would be “many winners” in the adoption of cryptocurrencies, and recently in aseparate CNBC interviewsaid that he expected Bitcoin’s influence on the price of the other currencies in the cryptocurrency market would soon weaken as people begin to explore other options.
“I think that what we’re seeing is the overall growth of this space and there will be many winners,” he added.
While Ripple as a company is a separate entity from the XRP currency, 60% of the XRP supply is owned by the company, much of it by the Ripple founders themselves. Ripple is being sued in aclass-action lawsuitby a trader who lost money trading XRP and who now claims the company violated US securities law by selling the token to the company.
Featured image from Flickr/Christopher Michel
The postBitcoin Won’t Be Global Currency: Ripple CEO Brad Garlinghouseappeared first onCCN. || Netflix's Annual Meeting: What Investors Want to Know About: Netflix(NASDAQ: NFLX)will have a lot to celebrate at its annual meeting on Wednesday.
The streaming video giant reported a blowout first quarter in mid-April, adding 2 million net subscribers domestically and 5.5 million internationally. Those numbers pleasantly surprised analysts, who had been expecting far fewer.
Investors tuning in to the annual meeting (you can find a link to the webcasthere) will mostly be focused on three things: subscriber growth, content spend, and debt.
"Stranger Things" is one of the many hit shows attracting new subscribers to Netflix. Image source: Netflix.
Netflix has been riding an impressive wave of growth. It reported a stunning 125 million total streaming subscribers as of the end of Q1, up from 99 million a year earlier. Those gains came mainly thanks to Netflix becoming a content machine, turning out hit show after hit show. In 2018, Netflix plans torelease 700 series and film titles, including 80 non-English-language projects being created in foreign markets.
Theseoverseas projectsare important, considering Netflix's international growth surpassed its domestic growth in 2017 for the first time. Last quarter, international subscriber additions were more than double U.S. subscriber additions. Credit the company's efforts to create original content specifically for those overseas markets in their local languages and with local producers, rather than simply dubbing or subtitling its U.S. titles.
At the annual meeting, Netflix is expected to boast about its healthy subscriber growth this past year, and touch on its strategy to keep up that growth rate. For the past few years, the company has been juicing up a multibillion-dollar content budget. This year, Netflix raised some eyebrows when it announced plans to spend between $7.5 billion and $8 billion on content.
Its hard for Netflix to talk about its content spending and its expanding subscriber base without also talking about itsrising debt. For now, the company says that it's willing to take on debt and be free-cash-flow negative in order to gain subscribers faster.
In late April, the company told investors that it would continue raising debt to fund that $8 billion (and growing) annual content budget. As of March 31, Netflix had $2.6 billion in cash and equivalents on the balance sheet, with $6.54 billion in long-term debt and $3.44 billion in long-term content payment agreements.
Netflix priced its latest debt offering at $1.9 billion, which was higher than initially planned, but this has become the norm for the company. Last year, it raised $1.6 billion in the fall, in addition to $1.4 billion in new debt financing arranged earlier in the year, and a $750 million line of credit opened in the summer.
Netflix has made it clear that it will continue to spend billions on content each year. It believes that, over time, its catalog will pull in enough subscribers to one day become an asset on its balance sheet. Until then, it will spend heavily to maintain the quality and quantity of its TV series and films.
Wall Street is used to hearing Netflix explain away its high debt levels as just a natural condition for a media company at this stage of its growth cycle. But this annual meeting will also be a good time for Netflix to inspire investors again with its content plans and subscriber growth goals. Then maybe that growing pool of red ink won't look so bad.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Natalie Waltershas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Netflix. The Motley Fool has adisclosure policy. || Today In Cryptocurrency: Bitfinex Cyberattack, New SEC Crypto Chief: The cryptocurrency market bounced back Tuesday from its slow start to the week, with most major cryptocurrencies trading higher by more than 3 percent. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move. Headlines Notorious short seller and Kynikos Associates fund manager Jim Chanos bashed cryptocurrencies in a new interview with the Institute for Economic Thinking . Chanos called cryptos “a security speculation game masquerading as a technological breakthrough” and said cryptocurrency would hold absolutely no value in the event of a financial system collapse. Cryptocurrency exchange Bitfinex briefly halted trading on Tuesday following a denial-of-service cyberattack on the platform. Trading resumed as of 10:00 a.m., and Bitfinex said on Twitter that all funds are safe and it is investigating the issue further. U.S. Securities and Exchange Commission chairman Jay Clayton has named Valerie Szczepanik as the new senior advisor for digital assets and innovation. Szczepanik previously served as the assistant director in the SEC’s Division of Enforcement’s cyber unit. The SEC is still in the process of determining how best to classify and regulate cryptocurrencies, but the agency has been vocal in warning investors of the dangers of cryptocurrency investing. Price Action The Bitcoin Investment Trust (OTC: GBTC ) traded at $12.31, up 2.7 percent. Here’s how several top crypto investments fared Tuesday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours. Bitcoin gained 1.8 percent to $7,637; Ethereum gained 3.0 percent to $609; Ripple gained 3.5 percent to 67 cents; Bitcoin Cash gained 4.3 percent to $1,149; EOS gained 3.3 percent to $14.10. The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are: DeusCoin: $1.7-million market cap, 115.6-percent gain. BitTube: $15.4-million market cap, 87.3-percent gain. WeAreSatoshi: $1.3-million market cap, 58.0-percent gain. Story continues The three cryptocurrencies hit hardest in the past 24 hours were: Vsync: $1.4-million market cap, 31.8-percent decline. MagicCoin: $2.2-million market cap, 31.6-percent decline. FairCoin: $20.2-million market cap, 22.9-percent decline. Related Links: Today In Cryptocurrency: Ripple Gives M To University Blockchain Projects, Estonia Denies Report Of A National Crytpo Riot Blockchain's 10-Q Sheds Light On Crypto Mining Operation See more from Benzinga Today In Cryptocurrency: Ripple Gives M To University Blockchain Projects, Estonia Denies Report Of A National Crytpo Today In Cryptocurrency: New Billion Crypto Fund, Hedge Fund Manager Says Buy Bitcoin Today In Cryptocurrency: European Crypto Hubs, ASUS Launches Mining Motherboard © 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Today In Cryptocurrency: Bitfinex Cyberattack, New SEC Crypto Chief: The cryptocurrency market bounced back Tuesday from its slow start to the week, with most major cryptocurrencies trading higher by more than 3 percent. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move.
Headlines
Notorious short seller and Kynikos Associates fund manager Jim Chanos bashed cryptocurrencies in a new interview with theInstitute for Economic Thinking. Chanos called cryptos “a security speculation game masquerading as a technological breakthrough” and said cryptocurrency would hold absolutely no value in the event of a financial system collapse.
Cryptocurrency exchange Bitfinexbriefly haltedtrading on Tuesday following a denial-of-service cyberattack on the platform. Trading resumed as of 10:00 a.m., and Bitfinex said on Twitter that all funds are safe and it is investigating the issue further.
U.S. Securities and Exchange Commission chairman Jay Claytonhas namedValerie Szczepanik as the new senior advisor for digital assets and innovation. Szczepanik previously served as the assistant director in the SEC’s Division of Enforcement’s cyber unit. The SEC is still in the process of determining how best to classify and regulate cryptocurrencies, but the agency has been vocal in warning investors of the dangers of cryptocurrency investing.
Price Action
TheBitcoin Investment Trust(OTC:GBTC) traded at $12.31, up 2.7 percent.
Here’s how several top crypto investments fared Tuesday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.
• Bitcoin gained 1.8 percent to $7,637;
• Ethereum gained 3.0 percent to $609;
• Ripple gained 3.5 percent to 67 cents;
• Bitcoin Cash gained 4.3 percent to $1,149;
• EOS gained 3.3 percent to $14.10.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
• DeusCoin: $1.7-million market cap, 115.6-percent gain.
• BitTube: $15.4-million market cap, 87.3-percent gain.
• WeAreSatoshi: $1.3-million market cap, 58.0-percent gain.
The three cryptocurrencies hit hardest in the past 24 hours were:
• Vsync: $1.4-million market cap, 31.8-percent decline.
• MagicCoin: $2.2-million market cap, 31.6-percent decline.
• FairCoin: $20.2-million market cap, 22.9-percent decline.
Related Links:
Today In Cryptocurrency: Ripple Gives M To University Blockchain Projects, Estonia Denies Report Of A National Crytpo
Riot Blockchain's 10-Q Sheds Light On Crypto Mining Operation
See more from Benzinga
• Today In Cryptocurrency: Ripple Gives M To University Blockchain Projects, Estonia Denies Report Of A National Crytpo
• Today In Cryptocurrency: New Billion Crypto Fund, Hedge Fund Manager Says Buy Bitcoin
• Today In Cryptocurrency: European Crypto Hubs, ASUS Launches Mining Motherboard
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Why Tarena International Inc. (ADR) Stock Plunged Today: What happened Shares of Tarena International Inc. (ADR) (NASDAQ: TEDU) plummeted 22.1% on Tuesday after the China-based professional education services provider announced disappointing first-quarter 2018 results. Tarena's quarterly revenue climbed 22.1% year over year to 406.3 million yuan (roughly $63.4 million), and translated to an adjusted (non- GAAP ) net loss of 145.7 million yuan, or 2.59 yuan (roughly $0.40) per American depositary share (ADS). Analysts, on average, were expecting a significantly narrower loss of $0.07 per ADS. Asian stock market prices on a large LED display Image source: Getty Images. So what Still, Tarena Chairman and CEO Shaoyun Han noted that it achieved solid revenue growth above the high end of the company's financial guidance despite seasonal fluctuations caused by Chinese New Year. To explain the bottom-line miss, CFO Yudou Yang stated that Tarena added 16 new centers during the quarter within its professional education business, which meant increased expenses related to hiring new teaching staff and developing new courses ahead of student enrollment. "However, by the end of the quarter, these investments increased our seat capacity to 58,959, representing a year-over-year increase of 11.6% with a utilization rate of 68% and has laid a solid foundation for revenue growth in the future," added Yang. Now what Tarena expects total net revenue for full-year 2018 to arrive between 2.3 billion yuan and 2.45 billion yuan, good for growth of 16.5% to 24.1% from 2017. The midpoint of that range is roughly in line with consensus estimates. So while it's not terribly surprising to see Tarena stock pulling back today given its earnings miss, it's hard to blame the company for making investments with the aim of driving longer-term growth. As those investments begin to yield fruit in the coming quarters, I suspect Tarena's pullback could be short-lived. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Why Tarena International Inc. (ADR) Stock Plunged Today: Shares ofTarena International Inc.(ADR)(NASDAQ: TEDU)plummeted 22.1% on Tuesday after the China-based professional education services provider announced disappointing first-quarter 2018 results.
Tarena's quarterly revenue climbed 22.1% year over year to 406.3 million yuan (roughly $63.4 million), and translated to an adjusted (non-GAAP) net loss of 145.7 million yuan, or 2.59 yuan (roughly $0.40) per American depositary share (ADS). Analysts, on average, were expecting a significantly narrower loss of $0.07 per ADS.
Image source: Getty Images.
Still, Tarena Chairman and CEO Shaoyun Han noted that it achieved solid revenue growth above the high end of the company's financial guidance despite seasonal fluctuations caused by Chinese New Year.
To explain the bottom-line miss, CFO Yudou Yang stated that Tarena added 16 new centers during the quarter within its professional education business, which meant increased expenses related to hiring new teaching staff and developing new courses ahead of student enrollment.
"However, by the end of the quarter, these investments increased our seat capacity to 58,959, representing a year-over-year increase of 11.6% with a utilization rate of 68% and has laid a solid foundation for revenue growth in the future," added Yang.
Tarena expects total net revenue for full-year 2018 to arrive between 2.3 billion yuan and 2.45 billion yuan, good for growth of 16.5% to 24.1% from 2017. The midpoint of that range is roughly in line with consensus estimates.
So while it's not terribly surprising to see Tarena stock pulling back today given its earnings miss, it's hard to blame the company for making investments with the aim of driving longer-term growth. As those investments begin to yield fruit in the coming quarters, I suspect Tarena's pullback could be short-lived.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Steve Symingtonhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || What Happened in the Stock Market Today: Stocks were mixed on Tuesday, with the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) waffling between positive and negative territory after two consecutive days of gains to start the month of June. When all was said and done, the S&P eked out a minuscule gain and the Dow fell slightly. Today's stock market Index Percentage Change Point Change Dow (0.06%) (13.71) S&P 500 0.07% 1.93 Data source: Yahoo! Finance. Consumer goods stocks traded modestly lower today, with the Consumer Staples Select Sector SPDR ETF (NYSEMKT: XLP) down 0.5%. But retail stocks soared for the third straight session, with the SPDR S&P Retail ETF (NYSEMKT: XRT) up another 1.8%. As for individual stocks, earnings news from G-III Apparel Group (NASDAQ: GIII) and Ascena Retail (NASDAQ: ASNA) had shares of both clothing and apparel specialists soaring today. Blue and white shirts hanging on a clothing display rack Image source: Getty Images. G-III Apparel's surprise profit Shares of G-III Apparel soared as much as 19.4% early today, then settled to close up 10.8% after the parent company of brands including Tommy Hilfiger, Donna Karan, Levi's, and Calvin Klein announced better-than-expected fiscal first-quarter 2019 results. G-III's sales grew 16% year over year to $611.7 million, and translated into net income of $9.9 million, or $0.20 per diluted share. On an adjusted (non- GAAP ) basis, which notably excludes expenses related to its acquisition of Donna Karan, net income was $0.22 per share, swinging from an adjusted net loss of $0.18 per share in the same year-ago period. Analysts, on average, were expecting an adjusted loss of $0.06 per share on revenue of $567.4 million. G-III Chairman and CEO Morris Goldfarb called it a "solid quarter across the board," adding: "Strong brands, quality product, diversified distribution and great execution continue to be our winning formula." If that wasn't enough, G-III Apparel increased its full-year guidance to call for net sales of $2.97 billion (up $30 million from its old range), and for net income per share between $2.20 and $2.30 (up from $1.90 to $2.00 per share previously). Story continues In the end, this was a straightforward beat-and-raise scenario from G-III, and it's no surprise to see investors' positive response. Shrugging off Ascena Retail's light guidance Meanwhile, shares of Ascena Retail Group -- the owner of a handful of retail chains including Justice, dressbarn, Ann Taylor, LOFT, Lane Bryant, Catherines, and maurices -- closed up 7.9%, but only after recovering from a nearly 14% drop in this morning's early trading. Ascena's fiscal third-quarter 2018 results were decent relative to expectations. Net sales declined 3.9% year over year to $1.503 billion, as 10% comparable-store sales growth at Justice was more than offset by a modest decline in comps at Ascena's other retail concepts. On the bottom line, that translated to an adjusted net loss of $0.08 per share, compared to adjusted income of $0.05 per share in the same year-ago period. This might not sound encouraging, but consensus predictions on Wall Street called for an even wider net loss of $0.09 per share on lower sales of $1.47 billion. "Our third quarter results reflected a soft start in February, with sequential improvement over the combined March/April period," explained CEO David Jaffe. Still, Jaffe admitted that the company's net loss was "certainly not at a level that we consider acceptable, or representative of the company's earnings potential." But he also noted that its late momentum has carried into the current fiscal fourth quarter, with comparable sales up in the mid-single-digit range. Looking ahead, Ascena expects fiscal Q4 sales of $1.62 billion to $1.66 billion, with the bottom line ranging from a loss of $0.05 per share to net income of $0.05 per share. Wall Street was looking for earnings near the high end of that range, but on significantly lower sales of $1.58 billion. Given Ascena's history of underpromising and overdelivering, it's apparent that the market was willing to forgive that bottom-line guidance shortfall with the hope that its top-line momentum will continue. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Steve Symington has no position in any of the stocks mentioned. The Motley Fool owns shares of G-III Apparel Group. The Motley Fool has a disclosure policy . || What Happened in the Stock Market Today: Stocks were mixed on Tuesday, with theDow Jones Industrial Average(DJINDICES: ^DJI)and theS&P 500(SNPINDEX: ^GSPC)waffling between positive and negative territory after two consecutivedays of gainsto start the month of June. When all was said and done, the S&P eked out a minuscule gain and the Dow fell slightly.
[{"Index": "Dow", "Percentage Change": "(0.06%)", "Point Change": "(13.71)"}, {"Index": "S&P 500", "Percentage Change": "0.07%", "Point Change": "1.93"}]
Data source: Yahoo! Finance.
Consumer goods stocks traded modestly lower today, with theConsumer Staples Select Sector SPDR ETF(NYSEMKT: XLP)down 0.5%. But retail stocks soared for the third straight session, with theSPDR S&P Retail ETF(NYSEMKT: XRT)up another 1.8%.
As for individual stocks, earnings news fromG-III Apparel Group(NASDAQ: GIII)andAscena Retail(NASDAQ: ASNA)had shares of both clothing and apparel specialists soaring today.
Image source: Getty Images.
Shares of G-III Apparelsoared as much as 19.4%early today, then settled to close up 10.8% after the parent company of brands including Tommy Hilfiger, Donna Karan, Levi's, and Calvin Klein announced better-than-expected fiscal first-quarter 2019 results.
G-III's sales grew 16% year over year to $611.7 million, and translated into net income of $9.9 million, or $0.20 per diluted share. On an adjusted (non-GAAP) basis, which notably excludes expenses related to its acquisition of Donna Karan, net income was $0.22 per share, swinging from an adjusted net loss of $0.18 per share in the same year-ago period.
Analysts, on average, were expecting an adjustedlossof $0.06 per share on revenue of $567.4 million.
G-III Chairman and CEO Morris Goldfarb called it a "solid quarter across the board," adding: "Strong brands, quality product, diversified distribution and great execution continue to be our winning formula."
If that wasn't enough, G-III Apparel increased its full-year guidance to call for net sales of $2.97 billion (up $30 million from its old range), and for net income per share between $2.20 and $2.30 (up from $1.90 to $2.00 per share previously).
In the end, this was a straightforward beat-and-raise scenario from G-III, and it's no surprise to see investors' positive response.
Meanwhile, shares of Ascena Retail Group -- the owner of a handful of retail chains including Justice, dressbarn, Ann Taylor, LOFT, Lane Bryant, Catherines, and maurices -- closed up 7.9%, but only after recovering from a nearly 14% drop in this morning's early trading.
Ascena's fiscal third-quarter 2018 results were decent relative to expectations. Net sales declined 3.9% year over year to $1.503 billion, as 10% comparable-store sales growth at Justice was more than offset by a modest decline in comps at Ascena's other retail concepts. On the bottom line, that translated to an adjusted net loss of $0.08 per share, compared to adjusted income of $0.05 per share in the same year-ago period.
This might not sound encouraging, but consensus predictions on Wall Street called for an even wider net loss of $0.09 per share on lower sales of $1.47 billion.
"Our third quarter results reflected a soft start in February, with sequential improvement over the combined March/April period," explained CEO David Jaffe.
Still, Jaffe admitted that the company's net loss was "certainly not at a level that we consider acceptable, or representative of the company's earnings potential." But he also noted that its late momentum has carried into the current fiscal fourth quarter, with comparable sales up in the mid-single-digit range.
Looking ahead, Ascena expects fiscal Q4 sales of $1.62 billion to $1.66 billion, with the bottom line ranging from a loss of $0.05 per share to net income of $0.05 per share. Wall Street was looking for earnings near the high end of that range, but on significantly lower sales of $1.58 billion.
Given Ascena's history of underpromising and overdelivering, it's apparent that the market was willing to forgive that bottom-line guidance shortfall with the hope that its top-line momentum will continue.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Steve Symingtonhas no position in any of the stocks mentioned. The Motley Fool owns shares of G-III Apparel Group. The Motley Fool has adisclosure policy. || Why Carnival, Tarena International, and Genesco Slumped Today: Tuesday was a calm day on Wall Street, with several major benchmarks posting modest gains while others stayed closer to the unchanged mark. Market participants generally seemed ready to take a pause in trends over the past several days, as crude oil prices bounced back from their recent drop to climb above $65 per barrel while interest rates eased slightly lower. Yet despite a resilient market that largely avoided most downward pressure, some individual stocks weren't as lucky. Carnival (NYSE: CCL) (NYSE: CUK) , Tarena International (NASDAQ: TEDU) , and Genesco (NYSE: GCO) were among the worst performers on the day. Here's why they did so poorly. Carnival gets some downbeat reviews Carnival's share classes lost 4% to 5.5% after analysts at Morgan Stanley issued a pessimistic analysis about the state of the cruise industry. Morgan Stanley believes that a combination of higher costs for fuel, the impending hurricane season in the Caribbean and Atlantic regions, and the potential for too many ships seeking to transport too few cruise customers all weigh against industry players, and they cut their estimates for earnings from Carnival. A 10% cut in the analyst company's price target for Carnival to $63 per share was actually more benign than how Morgan handled a few of Carnival's peers, but investors seemed equally nervous about the prospects for the industry overall despite favorable predictions from company officials earlier this year. Person ziplining over a forest canopy with cruise ships in the background. Image source: Carnival. Tarena gives investors a learning experience Tarena International stock plunged 22% after the company released its first-quarter financial results. The Chinese provider of professional educational services said that sales were higher by 22% from year-ago levels, but Tarena's losses widened substantially over the same period. Tarena has seen a dramatic uptick in interest in its programs, with total student enrollment up 10% year over year and with enrollment in its kid-oriented programs nearly quadrupling over the past 12 months. Foreign educational stocks have given investors a roller-coaster ride in recent years, and Tarena's decline is just the latest in a series of challenges that the Chinese company has faced. Story continues Genesco makes a misstep Finally, shares of Genesco fell 9% . The footwear retailer reported a 1% decline in comparable sales in its fiscal first-quarter results, as well as a reversal of fortune that sent the company to a loss for the quarter. CEO Robert Dennis remained upbeat about Genesco's prospects, noting that warmer weather in the current quarter has boosted demand for footwear in all of its divisions. Despite nervousness about the prospects for its Schuh and Lids Sports units, recent strength in its Journeys and Johnston & Murphy groups could give Genesco a road map for success for the rest of the year. Also, with direct-to-consumer comps up 10%, Genesco's omnichannel efforts appear to be gaining at least some positive momentum. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Why Carnival, Tarena International, and Genesco Slumped Today: Tuesday was a calm day on Wall Street, with several major benchmarks posting modest gains while others stayed closer to the unchanged mark. Market participants generally seemed ready to take a pause in trends over the past several days, as crude oil prices bounced back from their recent drop to climb above $65 per barrel while interest rates eased slightly lower. Yet despite a resilient market that largely avoided most downward pressure, some individual stocks weren't as lucky. Carnival (NYSE: CCL) (NYSE: CUK) , Tarena International (NASDAQ: TEDU) , and Genesco (NYSE: GCO) were among the worst performers on the day. Here's why they did so poorly. Carnival gets some downbeat reviews Carnival's share classes lost 4% to 5.5% after analysts at Morgan Stanley issued a pessimistic analysis about the state of the cruise industry. Morgan Stanley believes that a combination of higher costs for fuel, the impending hurricane season in the Caribbean and Atlantic regions, and the potential for too many ships seeking to transport too few cruise customers all weigh against industry players, and they cut their estimates for earnings from Carnival. A 10% cut in the analyst company's price target for Carnival to $63 per share was actually more benign than how Morgan handled a few of Carnival's peers, but investors seemed equally nervous about the prospects for the industry overall despite favorable predictions from company officials earlier this year. Person ziplining over a forest canopy with cruise ships in the background. Image source: Carnival. Tarena gives investors a learning experience Tarena International stock plunged 22% after the company released its first-quarter financial results. The Chinese provider of professional educational services said that sales were higher by 22% from year-ago levels, but Tarena's losses widened substantially over the same period. Tarena has seen a dramatic uptick in interest in its programs, with total student enrollment up 10% year over year and with enrollment in its kid-oriented programs nearly quadrupling over the past 12 months. Foreign educational stocks have given investors a roller-coaster ride in recent years, and Tarena's decline is just the latest in a series of challenges that the Chinese company has faced. Story continues Genesco makes a misstep Finally, shares of Genesco fell 9% . The footwear retailer reported a 1% decline in comparable sales in its fiscal first-quarter results, as well as a reversal of fortune that sent the company to a loss for the quarter. CEO Robert Dennis remained upbeat about Genesco's prospects, noting that warmer weather in the current quarter has boosted demand for footwear in all of its divisions. Despite nervousness about the prospects for its Schuh and Lids Sports units, recent strength in its Journeys and Johnston & Murphy groups could give Genesco a road map for success for the rest of the year. Also, with direct-to-consumer comps up 10%, Genesco's omnichannel efforts appear to be gaining at least some positive momentum. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Slovenia Plays Host to the World’s First “Bitcoin City”: One of the smallest countries in the EU may also have some of the biggest ambitions. Slovenia has announced that its largest shopping center — coincidentally known as BTC City — will transform into acomplete bitcoin city, in which every store and venture will accept cryptocurrency and operate via blockchain technology.
The complex, located in the country’s capital of Ljubljana, stretches over 1,558,398 square feet and contains over 500 retail stores. Prime Minister Miro Cerar recently visited the shopping center, where he was treated to a cup of coffee (purchased with cryptocurrency by State Secretary Tadej Slapnik). Details regarding the center’s newfound approach to bitcoin arebeing headed by fintechstartup Eligma.
“The purpose of his visit was to open the Beyond 4.0 international conference, dedicated to digital society and blockchain, and to get acquainted with BTC City’s strategy to become a Bitcoin City,” said BTC City representatives.
BTC Cityinitially began in 1954as a warehouse and logistics center. More warehouses were added to the complex over time, and, by 1990, it had transformed into a commercial shopping arena. BTC City presently plays host to several travel and tourism ventures including a luxury hotel and casino, a multiplex cinema, a waterpark and the Crystal Palace office park — home to Slovenia’s tallest building.
Executives of BTC City say they’re hoping Bitcoin City will give rise to new businesses that push the cryptocurrency space toward mainstream territory and lead to further blockchain developments.
“Bitcoin City will create an open society which will enable users to pursue their missions as well as develop their business environments in line with their wishes, needs and operating policies,” they said.
Eligma’s cryptocurrency transaction system Elipay is being installed in several stores. Situated throughout the premises are also several one-way cryptocurrency ATMs, along with the Blockchain Think Tank and what executives call the biggest crypto mining rig in Slovenia.
Representatives further commented, “The development of BTC City into a bitcoin city is an important step toward the realization of BTC’s openness-oriented strategy, providing its customers and business partners with both freedom and choices regarding their purchases with new forms of payment.”
This article originally appeared onBitcoin Magazine. || Slovenia Plays Host to the World’s First “Bitcoin City”: Slovenia Plays Host to the World’s First “Bitcoin City” One of the smallest countries in the EU may also have some of the biggest ambitions. Slovenia has announced that its largest shopping center — coincidentally known as BTC City — will transform into a complete bitcoin city , in which every store and venture will accept cryptocurrency and operate via blockchain technology. The complex, located in the country’s capital of Ljubljana, stretches over 1,558,398 square feet and contains over 500 retail stores. Prime Minister Miro Cerar recently visited the shopping center, where he was treated to a cup of coffee (purchased with cryptocurrency by State Secretary Tadej Slapnik). Details regarding the center’s newfound approach to bitcoin are being headed by fintech startup Eligma. “The purpose of his visit was to open the Beyond 4.0 international conference, dedicated to digital society and blockchain, and to get acquainted with BTC City’s strategy to become a Bitcoin City,” said BTC City representatives. BTC City initially began in 1954 as a warehouse and logistics center. More warehouses were added to the complex over time, and, by 1990, it had transformed into a commercial shopping arena. BTC City presently plays host to several travel and tourism ventures including a luxury hotel and casino, a multiplex cinema, a waterpark and the Crystal Palace office park — home to Slovenia’s tallest building. Executives of BTC City say they’re hoping Bitcoin City will give rise to new businesses that push the cryptocurrency space toward mainstream territory and lead to further blockchain developments. “Bitcoin City will create an open society which will enable users to pursue their missions as well as develop their business environments in line with their wishes, needs and operating policies,” they said. Eligma’s cryptocurrency transaction system Elipay is being installed in several stores. Situated throughout the premises are also several one-way cryptocurrency ATMs, along with the Blockchain Think Tank and what executives call the biggest crypto mining rig in Slovenia. Story continues Representatives further commented, “The development of BTC City into a bitcoin city is an important step toward the realization of BTC’s openness-oriented strategy, providing its customers and business partners with both freedom and choices regarding their purchases with new forms of payment.” This article originally appeared on Bitcoin Magazine . || Slovenia Plays Host to the World’s First “Bitcoin City”: One of the smallest countries in the EU may also have some of the biggest ambitions. Slovenia has announced that its largest shopping center — coincidentally known as BTC City — will transform into acomplete bitcoin city, in which every store and venture will accept cryptocurrency and operate via blockchain technology.
The complex, located in the country’s capital of Ljubljana, stretches over 1,558,398 square feet and contains over 500 retail stores. Prime Minister Miro Cerar recently visited the shopping center, where he was treated to a cup of coffee (purchased with cryptocurrency by State Secretary Tadej Slapnik). Details regarding the center’s newfound approach to bitcoin arebeing headed by fintechstartup Eligma.
“The purpose of his visit was to open the Beyond 4.0 international conference, dedicated to digital society and blockchain, and to get acquainted with BTC City’s strategy to become a Bitcoin City,” said BTC City representatives.
BTC Cityinitially began in 1954as a warehouse and logistics center. More warehouses were added to the complex over time, and, by 1990, it had transformed into a commercial shopping arena. BTC City presently plays host to several travel and tourism ventures including a luxury hotel and casino, a multiplex cinema, a waterpark and the Crystal Palace office park — home to Slovenia’s tallest building.
Executives of BTC City say they’re hoping Bitcoin City will give rise to new businesses that push the cryptocurrency space toward mainstream territory and lead to further blockchain developments.
“Bitcoin City will create an open society which will enable users to pursue their missions as well as develop their business environments in line with their wishes, needs and operating policies,” they said.
Eligma’s cryptocurrency transaction system Elipay is being installed in several stores. Situated throughout the premises are also several one-way cryptocurrency ATMs, along with the Blockchain Think Tank and what executives call the biggest crypto mining rig in Slovenia.
Representatives further commented, “The development of BTC City into a bitcoin city is an important step toward the realization of BTC’s openness-oriented strategy, providing its customers and business partners with both freedom and choices regarding their purchases with new forms of payment.”
This article originally appeared onBitcoin Magazine. || Ford Stock Looks Appealing After Strong May Sales: Ford Motor Company (NYSE: F) shares haven't gotten much love from investors in recent years. Ford's abroad operations have struggled due to a combination of weak market conditions and strategic missteps. Meanwhile, in the U.S., Ford was slow to update and expand its lineup of crossovers, SUVs, and trucks as the market shifted away from passenger cars. Rising raw material costs have also cut into the company's profit recently. As a result, Ford stock has performed terribly for investors in recent years. Five years ago, Ford shares traded for about $16. Now, they change hands for less than $12. Even with dividends included, Ford stock has declined slightly over the past five years. (For comparison, the S&P 500 has nearly doubled on a total-return basis.) F Chart Ford Stock Performance and Total Return, data by YCharts . However, Ford is quickly addressing some of its biggest weaknesses, including a gutsy decision to drop all traditional sedans from its U.S. lineup. Its strong May sales results indicate that it is already getting back on track. With Ford stock trading for less than eight times earnings, this might be a good time to bet on a comeback for this American icon. Surprisingly strong May sales Through the first four months of 2018, Ford's U.S. deliveries declined 3.3% year over year. This was driven entirely by a double-digit slump in passenger car deliveries. However, Ford was able to grind out a 0.7% increase in its U.S. deliveries last month. This May performance was particularly impressive because fleet sales fell 4.6% due to order timing. Sales to retail customers increased 3.5%, more than offsetting the decline on the fleet side. A second headwind was the supplier fire that forced Ford to halt production of its popular F-150 pickup for several days. Nevertheless, Ford managed to sell 84,639 F-Series trucks last month: up 11.3% year over year. It achieved this strong increase even as it pulled back on incentive spending. On the other hand, it remains to be seen if Ford can maintain this sales momentum in June, given that it ended May with unusually low truck inventory. Story continues A black Ford F-150 truck F-Series sales surged 11.3% in May despite unplanned downtime. Image source: Ford Motor Company. Ford's newest products remain red-hot Another encouraging sign from Ford's May sales report was that its newest products continue to sell very well. First, deliveries of the pricey Lincoln Navigator full-size SUV more than doubled year over year, while average transaction prices (ATPs) surged by more than $25,000, topping $80,000. Second, deliveries of the Ford Expedition -- the Navigator's slightly less-expensive (but faster-selling) sibling -- declined by 9.3% due to lower fleet sales, but surged 41.8% on a retail basis. ATPs also rose significantly for the Expedition, reaching $61,400: up from less than $50,000 a year earlier. Third, sales momentum for the Ford EcoSport subcompact SUV continues to grow. In the first three months of 2018 combined, EcoSport deliveries totaled 6,096. However, deliveries rose to 5,277 in April and 5,481 in May. Retail deliveries actually jumped 65% month over month in May (offset by a timing-related decline in fleet sales). This suggests that there's more upside for the EcoSport as production ramps up and retail inventory reaches normal levels. A good sign for the future Strong demand for the EcoSport is a great sign for Ford because it validates the company's move away from traditional sedans in the domestic market. The EcoSport -- along with the upcoming crossover-like Focus Active -- will be one of the few entry-level models in Ford's new U.S. vehicle lineup. Furthermore, consumers' interest in Ford's freshest models hints at the upside to come as Ford redesigns some of its highest-volume models and launches new SUV and truck offerings . For the past couple of years, the Blue Oval has had to lean heavily on the popular (and lucrative) F-150 to drive sales and earnings in the U.S. With a new product blitz starting this year and accelerating dramatically in 2019, Ford should be able to regain lost market share, particularly in the crossover/SUV piece of the market. Meanwhile, the company hopes to slash costs by a staggering $25.5 billion by 2022. That could power a huge increase in earnings per share, driving Ford stock higher. As a result, Ford stock is now near the top of my watch list, and I expect to purchase shares within the next week or two. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Adam Levine-Weinberg has no position in any of the stocks mentioned. The Motley Fool recommends Ford. The Motley Fool has a disclosure policy . || OPEC Still Holds Lots of Sway in the Oil Market: Less than two years ago, many oil industry watchers thought that OPEC was no longer able to influence the oil market because its members couldn't work together to address the oversupply problems that caused crude prices to crash. However, instead of fading away, the organization has once again become relevant: It not only was able to agree on a deal to curb production, but has achieved historically high levels of compliance with that accord. As a result, oil prices have improved dramatically over the past two years. More recently, the organization has demonstrated that it can move the price of oil by simply talking openly about what it might do next. Those comments have sent the price of crude on a wild ride in recent weeks, battering oil-price sensitive stocks in the process . With OPEC trying to maintain its relevance, investors need to focus on oil stocks that can thrive no matter what the organization says or does next. Flags of the OPEC nations flying with a blue sky behind them. Image source: Getty Images. Talking down the price of crude For the last 18 months, OPEC has been working together with both member nations and nonmembers such as Russia in a coordinated effort to reduce oil supplies by 1.8 million barrels per day (BPD). This strategy has worked better than the industry expected as it has drained the glut of oil that had been languishing in storage tanks around the world. In fact, global oil stockpiles have fallen slightly below the five-year average, according to the latest oil market report by the International Energy Agency (IEA), which lifted the weight that had been holding down the price of crude: Brent Crude Oil Spot Price Chart Brent Crude Oil Spot Price data by YCharts . However, there have been some concerns recently that crude has gone too far, too fast and could start slowing down the global economy. The IEA had already seen some evidence of this as high oil prices have started cooling off demand growth, which it now sees coming in slightly lower than its initial estimate. Тhere have been several reports recently that OPEC is talking about increasing its oil supplies by as much as 1 million BPD so that oil doesn't get out of control and cause even more demand destruction. Those discussions alone have had a notable impact on the price of crude, sending it down more than 7% from the peak last month. Crude could continue sliding if OPEC decides to boost production before its current agreement expires at the end of the year, which would hurt oil producers that are reliant on higher prices to support their operations. Story continues A row of oil pumps reflecting on the water. Image source: Getty Images. Built to ignore OPEC On the other hand, for many large U.S. oil producers, it doesn't matter what OPEC does, because they spent the past few years repositioning their businesses to prosper at lower oil prices. Devon Energy (NYSE: DVN) is one of many producers that has sold assets to help pay down debt and reduce its cost structure. As a result, Devon is on pace to grow its U.S. oil production at a mid-teens compound annual rate through 2020, which would expand cash flow at an even more impressive 25% rate. Furthermore, Devon can achieve that fast-paced growth as long as oil averages $60 a barrel, and it would produce an estimated $2.5 billion in free cash flow over that time frame. That ability to generate a gusher of cash at a lower price point positions Devon for success in the coming years. Marathon Oil (NYSE: MRO) is another oil company built to thrive at lower oil prices. At $50 oil, Marathon can generate enough cash to grow production at a 10% to 14% annual pace for the next several years while living within cash flow. At $60 oil, Marathon's plan would generate about $500 million in free cash flow. With oil above that level even after the recent OPEC chatter, Marathon is on pace to produce a windfall of excess cash this year. Diamondback Energy (NASDAQ: FANG) , meanwhile, can sustain its current production rate and dividend even if oil prices fall back below $40 a barrel. However, with crude in the $60s, Diamondback can grow production by more than 35% per year while living within cash flow, which it could accelerate to more than 45% per year at a sustainably higher oil price. Diamondback's flexibility to adjust as oil prices change is a crucial competitive advantage over weaker rivals in an uncertain oil market. Stick with oil stocks that are immune to OPEC As OPEC regains relevance, it's able to manipulate crude prices, which will have an outsize impact on smaller, financially weaker oil producers that desperately need high prices to sustain their business models. That's why investors should focus their attention on top-tier oil producers like Devon, Marathon, and Diamondback -- they'd be just fine if OPEC causes crude prices to cool off even further by boosting its production. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || OPEC Still Holds Lots of Sway in the Oil Market: Less than two years ago, many oil industry watchersthoughtthat OPEC was no longer able to influence the oil market because its members couldn't work together to address the oversupply problems that caused crude prices to crash. However, instead of fading away, the organization has once again become relevant: It not only was able to agree on a deal to curb production, but has achieved historically high levels of compliance with that accord. As a result, oil prices have improved dramatically over the past two years.
More recently, the organization has demonstrated that it can move the price of oil by simply talking openly about what it might do next. Thosecommentshave sent the price of crude on a wild ride in recent weeks,battering oil-price sensitive stocks in the process. With OPEC trying to maintain its relevance, investors need to focus on oil stocks that can thrive no matter what the organization says or does next.
Image source: Getty Images.
For the last 18 months, OPEC has been working together with both member nations and nonmembers such as Russia in a coordinated effort to reduce oil supplies by 1.8 million barrels per day (BPD). This strategy has worked better than the industry expected as it has drained the glut of oil that had been languishing in storage tanks around the world. In fact, global oil stockpiles have fallen slightly below the five-year average, according to the latest oil market report by the International Energy Agency (IEA), which lifted the weight that had been holding down the price of crude:
Brent Crude Oil Spot Pricedata byYCharts.
However, there have been some concerns recently that crude has gone too far, too fast and could start slowing down the global economy. The IEA had already seen some evidence of this as high oil prices have started cooling off demand growth, which it now sees coming in slightly lower than its initial estimate. Тhere have been several reports recently that OPEC is talking about increasing its oil supplies by as much as 1 million BPD so that oil doesn't get out of control and cause even more demand destruction. Those discussions alone have had a notable impact on the price of crude, sending it down more than 7% from the peak last month. Crude could continue sliding if OPEC decides to boost production before its current agreement expires at the end of the year, which would hurt oil producers that are reliant on higher prices to support their operations.
Image source: Getty Images.
On the other hand, for many large U.S. oil producers, it doesn't matter what OPEC does, because they spent the past few years repositioning their businesses to prosper at lower oil prices.Devon Energy(NYSE: DVN)is one of many producers that has sold assets to help pay down debt and reduce its cost structure. As a result, Devon is on pace to grow its U.S. oil production at a mid-teens compound annual rate through 2020, which would expand cash flow at an even more impressive 25% rate. Furthermore, Devon can achieve that fast-paced growth as long as oil averages $60 a barrel, and it would produce an estimated $2.5 billion in free cash flow over that time frame. That ability to generate a gusher of cash at a lower price point positions Devon for success in the coming years.
Marathon Oil(NYSE: MRO)is another oil company built to thrive at lower oil prices. At $50 oil, Marathon can generate enough cash to grow production at a 10% to 14% annual pace for the next several years while living within cash flow. At $60 oil, Marathon's plan would generate about $500 million in free cash flow. With oil above that level even after the recent OPEC chatter, Marathon is on pace to produce a windfall of excess cash this year.
Diamondback Energy(NASDAQ: FANG), meanwhile, can sustain its current production rate and dividend even if oil prices fall back below $40 a barrel. However, with crude in the $60s, Diamondback can grow production by more than 35% per year while living within cash flow, which it could accelerate to more than 45% per year at a sustainably higher oil price. Diamondback's flexibility to adjust as oil prices change is a crucial competitive advantage over weaker rivals in an uncertain oil market.
As OPEC regains relevance, it's able to manipulate crude prices, which will have an outsize impact on smaller, financially weaker oil producers that desperately need high prices to sustain their business models. That's why investors should focus their attention on top-tier oil producers like Devon, Marathon, and Diamondback -- they'd be just fine if OPEC causes crude prices to cool off even further by boosting its production.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Matthew DiLallohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Ford Stock Looks Appealing After Strong May Sales: Ford Motor Company(NYSE: F)shares haven't gotten much love from investors in recent years. Ford's abroad operations have struggled due to a combination of weak market conditions and strategic missteps. Meanwhile, in the U.S., Ford was slow to update and expand its lineup of crossovers, SUVs, and trucks as the market shifted away from passenger cars. Rising raw material costs have also cut into the company's profit recently.
As a result, Ford stock has performed terribly for investors in recent years. Five years ago, Ford shares traded for about $16. Now, they change hands for less than $12. Even with dividends included, Ford stock has declined slightly over the past five years. (For comparison, the S&P 500 has nearly doubled on a total-return basis.)
Ford Stock Performance and Total Return, data byYCharts.
However, Ford is quickly addressing some of its biggest weaknesses, including a gutsy decision todrop all traditional sedansfrom its U.S. lineup. Its strong May sales results indicate that it is already getting back on track. With Ford stock trading for less than eight times earnings, this might be a good time to bet on a comeback for this American icon.
Through the first four months of 2018, Ford's U.S. deliveries declined 3.3% year over year. This was driven entirely by a double-digit slump in passenger car deliveries.
However, Ford was able to grind out a 0.7% increase in its U.S. deliveries last month. This May performance was particularly impressive because fleet sales fell 4.6% due to order timing. Sales to retail customers increased 3.5%, more than offsetting the decline on the fleet side.
A second headwind was the supplier fire that forced Ford tohalt production of its popular F-150pickup for several days. Nevertheless, Ford managed to sell 84,639 F-Series trucks last month: up 11.3% year over year. It achieved this strong increase even as it pulled back on incentive spending. On the other hand, it remains to be seen if Ford can maintain this sales momentum in June, given that it ended May with unusually low truck inventory.
F-Series sales surged 11.3% in May despite unplanned downtime. Image source: Ford Motor Company.
Another encouraging sign from Ford's May sales report was that its newest products continue to sell very well. First, deliveries of the pricey Lincoln Navigator full-size SUV more than doubled year over year, while average transaction prices (ATPs) surged by more than $25,000, topping $80,000.
Second, deliveries of the Ford Expedition -- the Navigator's slightly less-expensive (but faster-selling) sibling -- declined by 9.3% due to lower fleet sales, but surged 41.8% on a retail basis. ATPs also rose significantly for the Expedition, reaching $61,400: up from less than $50,000 a year earlier.
Third, sales momentum for the Ford EcoSport subcompact SUV continues to grow. In the first three months of 2018 combined, EcoSport deliveries totaled 6,096. However, deliveries rose to 5,277 in April and 5,481 in May. Retail deliveries actually jumped 65% month over month in May (offset by a timing-related decline in fleet sales). This suggests that there's more upside for the EcoSport as production ramps up and retail inventory reaches normal levels.
Strong demand for the EcoSport is a great sign for Ford because it validates the company's move away from traditional sedans in the domestic market. The EcoSport -- along with the upcoming crossover-like Focus Active -- will be one of the few entry-level models in Ford's new U.S. vehicle lineup.
Furthermore, consumers' interest in Ford's freshest models hints at the upside to come as Ford redesigns some of its highest-volume models and launchesnew SUV and truck offerings.
For the past couple of years, the Blue Oval has had to lean heavily on the popular (and lucrative) F-150 to drive sales and earnings in the U.S. With a new product blitz starting this year and accelerating dramatically in 2019, Ford should be able to regain lost market share, particularly in the crossover/SUV piece of the market.
Meanwhile, the company hopes to slash costs by a staggering $25.5 billion by 2022. That could power a huge increase in earnings per share, driving Ford stock higher. As a result, Ford stock is now near the top of my watch list, and I expect to purchase shares within the next week or two.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Adam Levine-Weinberghas no position in any of the stocks mentioned. The Motley Fool recommends Ford. The Motley Fool has adisclosure policy. || South Korean Supreme Court Rules Bitcoin Is an Asset: South Korean Supreme Court Rules Bitcoin Is an Asset South Koreas Supreme Court just ruled that bitcoin is a legally recognizable asset. The landmark ruling occurred on May 30, 2018, and it overturns a decision made by one of the countrys lower courts in a case dating back to last year. In September 2017, the Suwon District Court charged 33-year-old Ahn with the sale and distribution of child pornography. Operating a website since 2013, Ahn was arrested in May of 2017 for disseminating some 235,000 obscene files. Even though the court handed Ahn a guilty verdict and 18 months in prison for his actions, it did not confiscate the 216 bitcoins Ahn accumulated in exchange for the porn. According to the court, the government could not seize Ahns bitcoins because, unlike other assets tied to illicit dealings, they arent tangible. It is not appropriate to confiscate bitcoins because they are in the form of electronic files without physical entities, unlike cash, the court ruled. Virtual currency cannot assume an objective standard value. Now, the countrys Supreme Court thinks otherwise. The Suwon District Courts decision was appealed, and, upon being challenged in South Koreas highest court, it didnt hold up. Seeing as Ahn accrued his digital fortune in exchange for an illegal service, the court reversed the decision and mandated that it is lawful for the government to confiscate it. Korean law stipulates that a seizable hidden asset ranges from cash, deposits, stocks, and other forms of tangible and intangible objects holding standard value, the ruling from this Tuesday reads. Bitcoin is intangible and comes in the form of digitized files, but it is traded on an exchange and can be used to buy goods. Therefore, receiving bitcoins is an act of taking profits. Ahns sentence will remain the same, but hell have to forfeit 191 bitcoins, worth roughly $1.4 million at press time along with some $654,000 in cash. Tracking Ahns transactions on Bitcoins ledger, the court was able to determine how many bitcoins he received as payment. Story continues [Ahn] received bitcoins by giving a certain bitcoin address to pornography watchers online. Records stored on the Bitcoin blockchain proved that bitcoins sent to him should be seen as profits online, the court ruling states. The ruling is a decisive, if roundabout, benchmark for cryptocurrencys legal status in the country. It gives digital assets like bitcoin enhanced legitimacy at a time when South Korea is also in the process of legalizing and regulating Initial Coin Offerings (ICOs). After effecting a domestic ban on ICOs in September of last year, the South Korean government has approached the cryptocurrency industry with ambivalent resolve. Tuesdays ruling and the outlook of a formal framework for token sales, however, seem to be steering official policy in a clearer, more proactive direction. This article originally appeared on Bitcoin Magazine .
[Social Media Buzz]
Korea price
Time: 06/07 00:38:57
BTC: 8,320,166 KRW
ETH: 665,116 KRW
XRP: 734 KRW
#Bitcoin #Ethereum #Ripple || USD: 110.120
EUR: 129.740
GBP: 147.759
AUD: 84.429
NZD: 77.480
CNY: 17.228
CHF: 111.638
BTC: 844,468
ETH: 67,080
Thu Jun 07 09:00 JST || Bitcoin(BTC)-------------Precio BTC/USD: 7,653.74EURO/USD: 1.18 Variación 1H: %-0.06Variación 24H: %0.41Circulante BTC: 17,079,350.00Máximo Circulante BTC: 21,000,000.00Volumen 24 Hrs USD: 4,689,510,000.00Market Cap USD: 130,720,904,269.00 #coinma...
|
7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46.
|
[Bitcoin Technical Analysis for 2019-07-05]
Volume: 23838480210, RSI (14-day): 54.40, 50-day EMA: 9365.76, 200-day EMA: 6762.34
[Wider Market Context]
Gold Price: 1396.70, Gold RSI: 61.47
Oil Price: 57.51, Oil RSI: 52.08
[Recent News (last 7 days)]
Inflation-Plagued Zimbabwe Is So Poor It Can’t Even Issue Passports: Zimbabwe is so poor that it can't even afford to issue its citizens passports, and locals are turning to Bitcoin in the inflation-ridden country. | Source: REUTERS / Philimon Bulawayo Zimbabwe’s woes continue as the cash-strapped southern African nation is now so poor it cannot even issue its own passports. President Emmerson Mnangagwa told reporters that the issuing company is refusing to do any further business with the government until it has settled its debts. According to Reuters, however, the passport office is running short of specialized ink and paper and the necessary foreign currency reserves to purchase it with. Elsewhere, shortages for everyday items like bread and fuel continue to push more Zimbabweans to apply for international travel documents. Inflation Rapidly Approaching 100% in Zimbabwe Higher prices are spiraling out of control in the country, with Zimbabwe easily being the worst performing nation in the African block. zimbabwe inflation Only last week, authorities outlawed the use of other currencies as legal tender. In their place, the government installed a new Zim currency, temporarily referred to as the RTGS dollar. Obvious Lack of Faith in the Local Currency Zimbabwe was once lovingly referred to as the breadbasket of Africa. That label is now long gone thanks to the insane monetary policies of prior dictator Robert Mugabe. In 2008, Zimbabweans hoarded US dollars and South African rands in the aftermath of a local and global financial crisis. Read the full story on CCN.com . || Chinas state-run media agency reports bitcoin is a safe haven in a rocky world: China may be warming to bitcoin . Yesterday, Xinhua News Agency, a Chinese state-run media outfit, published an analysis over Bitcoins latest price surge. The analysis touched on the price of Bitcoin and speculated on the reason for its bullish run, touching on Facebooks Libra as a possible cause. But more tellingly, it said that bitcoin has proven its a safe haven, attracting the attention of many investors. It put this into context, pointing out that global markets have become more volatile as a result of trade disputes and the long-awaited downturn of the global economy. This comes at the same time as the Trump government is gearing up to impose further tariffs on Chinese imports. These are strong words from the Chinese governments media arm, which has previously been very dismissive of bitcoin and cryptocurrencies in general. It has called for greater regulation of cryptocurrencies and has repeatedly reported on various bans of bitcoin-related activity. Chinas relationship with cryptocurrencies has been rocky at best. As of now, Chinese investors can own and hold digital assets, but things such as Bitcoin trading and organizing Initial Coin Offerings (ICOs) are prohibited, thanks to a state-imposed ban . To make things worse, reports surfaced in April that the country was mulling over placing a ban on Bitcoin mining as well. Many commentators said it was the final nail in the coffin of Chinas stuttering crypto market. But perhaps there is a change in the wind. || China’s state-run media agency reports bitcoin is a safe haven in a rocky world: China may be warming tobitcoin.
Yesterday, Xinhua News Agency, a Chinese state-run media outfit, published ananalysisover Bitcoin’s latest price surge. The analysis touched on the price of Bitcoin and speculated on the reason for its bullish run, touching on Facebook’s Libra as a possible cause.
But more tellingly, itsaidthat bitcoin has proven it’s a safe haven, attracting the attention of many investors. It put this into context, pointing out that global markets have become more volatile as a result of trade disputes and the long-awaited downturn of the global economy. This comes at the same time as the Trump government isgearing upto impose further tariffs on Chinese imports.
These are strong words from the Chinese government’s media arm, which has previously been very dismissive of bitcoin and cryptocurrencies in general. It has called for greater regulation of cryptocurrencies and has repeatedly reported on various bans of bitcoin-related activity.
China’s relationship with cryptocurrencies has been rocky at best. As of now, Chinese investors can own and hold digital assets, but things such as Bitcoin trading and organizing Initial Coin Offerings (ICOs) are prohibited, thanks to astate-imposed ban. To make things worse,reportssurfaced in April that the country was mulling over placing a ban on Bitcoin mining as well. Many commentators said it was the final nail in the coffin of China’s stuttering crypto market.
But perhaps there is a change in the wind. || Making this easy to understand isn’t easy: Having recently read an article on the BBC website purporting to try and explain the importance of blockchain to the world’s economy, I was struck by the intellectual muddiness of these waters and how easy it is to confuse blockchain with Bitcoin, and Bitcoin with altcoins. It really is no wonder that the “man on the street” doesn’t understand these things, and consequently these misconceptions have become a real barrier to mainstream adoption. At the heart of blockchain, it really isn’t much more than a ledger or database (dependent on which descriptor you prefer). A blockchain database is unique, however, through its three pillars of being distributed (multiple copies of), being decentralised (no one copy has version control), and immutable (each transaction recorded is unchangeable). Bitcoin was the first blockchain, and as such is frequently referred to when trying to explain or understand blockchain. What the Bitcoin protocol (the underlying rules of the blockchain) solved technically was the double spend problem. This was key to creating a digital cash that was unforgeable. It’s easy to go too far down the rabbit hole on Bitcoin and start looking at the economic programming and proof-of-work (PoW) consensus mechanism that makes Bitcoin so attractive to investors, but this takes us away from understanding blockchain. Killer app In order to offer a simple explanation of the difference between blockchain technology and cryptocurrency, it’s best to use the analogy of the internet and email. Email, it’s widely agreed, was the internet’s first killer app – so email is simply an application built on top of the internet, but the internet offers far more than just email. Similarly, Bitcoin was blockchain’s first killer app, and as such, all cryptocurrency is built on top of a blockchain – but blockchain can do so much more than just cryptocurrency. With blockchain working as a shared ledger and acting as a trusted central source of truth, we can see organisations looking to solve such complex topics as digital identity (Sovrin), supply chain digital transformation (Tradelens), food provenance (IBM Food Trust), and efficiency in the transportation and logistic industry (BITA). Under the cloak of darkness, many companies are aiming to create proof of concepts that can deliver real-world results for their various industries. In time, the cloak will be lifted and we will see which ones have succeeded and, hopefully, which ones have failed and we can learn from. Story continues The Bitcoin protocol is slow, but this is not the protocol that would be used in enterprise environments. The Bitcoin protocol is energy hungry (through PoW), but enterprise blockchains would not use PoW as its consensus mechanism. If you’re looking at having a digital form of money, it makes sense that there should be a cost to creating it in the form of energy consumption. If you’re aiming to clean up the luxury goods markets from fakes and rip-offs, a consortia of luxury goods manufacturers and retailers using proof of authority makes sense – it really is a case of horses for courses. Sovereignty The article also discusses the value that many intermediaries have, and this isn’t wrong. There are plenty of middlemen that actually add value to our every day lives, including the basic function of banking to be the trusted custodian of our money. However, there are also plenty of things that commercial banks do that do not add value, and we should take back sovereignty over – international transfers of money for one. Centralised third-party middlemen are not the problem, the degree to which we can trust them to act on our behalf is. The BBC article misunderstands a basic precept about Bitcoin regarding the speed of transactions by comparing it to Mastercard and Visa. A better comparison for Bitcoin is gold, where transaction in the metal takes a long time and costs a lot of money as it’s generally done as a settlement layer at central bank level. One day in the future, I, and many others believe that Bitcoin will be able to be used as simply as Mastercard or Visa is today, but that requires a layer two solution (such as Lightning), and a much more significant market cap that would be in the trillions of dollars. We may be some way from that being a reality at the present time, but that is just a reason why we should make the effort to understand these issues today. The article jumps to talking about problems with other blockchain based currencies, known as altcoins, but without creating a clear distinction from Bitcoin and creating the clarification that there is no “the blockchain”, but actually many different flavours of the same concept. Many of the altcoins, are based upon a token that drives actions on top of the matching blockchain. Ethereum For example, Ethereum was a new protocol that went live in 2015 and was intended to be a decentralised global computer with the ability to execute smart contracts. Ether was the token created both as a way to raise the initial funds to build the technology and is now the gas that powers it. Ethereum also paved the way for a glut of new tokens created by entrepreneurs (and scammers) on top of the Ethereum protocol, most of which only had a utility within the application built on top of it. Many people have tried to create new cryptocurrencies, some through forks of pre-existing protocols and coins (such as Bitcoin), and some as entirely new protocols. For some of the entrepreneurs that went down this road, it was little more than a way of making themselves rich. However the main problem with the altcoins when trying to be viewed as money, is that they tend to be overly centralised (meaning that the transactions and rules of the currency won’t have as much trust), and look to reduce energy consumption and speed up transaction throughput through different consensus mechanisms such as proof-of-stake (PoS) or delegated PoS, and tend to lack scarcity – if you understand economics, it’s fairly easy to see that without significant cost and scarcity, there can be no significant value created with respect to money. Again, look at the comparison to finding and excavating gold from the earth. The future… My belief is that in ten years’ time, Bitcoin will have either changed the world we live in or will have become virtually valueless. Conversely, I believe that blockchain is here to stay and will change the world but needs to fade into the background. The reality is that blockchain is still mostly hype, as was the internet in 1994. The industry needs time to develop – just because it’s hype today, it doesn’t mean that there isn’t real world-changing tech there. Jon Walsh, Associate Partner Blockchain Rookies @walshjonwalsh The post Making this easy to understand isn’t easy appeared first on Coin Rivet . || Making this easy to understand isn’t easy: Having recently read an article on the BBC website purporting to try and explain the importance of blockchain to the world’s economy, I was struck by the intellectual muddiness of these waters and how easy it is to confuse blockchain with Bitcoin, and Bitcoin with altcoins. It really is no wonder that the “man on the street” doesn’t understand these things, and consequently these misconceptions have become a real barrier to mainstream adoption. At the heart of blockchain, it really isn’t much more than a ledger or database (dependent on which descriptor you prefer). A blockchain database is unique, however, through its three pillars of being distributed (multiple copies of), being decentralised (no one copy has version control), and immutable (each transaction recorded is unchangeable). Bitcoin was the first blockchain, and as such is frequently referred to when trying to explain or understand blockchain. What the Bitcoin protocol (the underlying rules of the blockchain) solved technically was the double spend problem. This was key to creating a digital cash that was unforgeable. It’s easy to go too far down the rabbit hole on Bitcoin and start looking at the economic programming and proof-of-work (PoW) consensus mechanism that makes Bitcoin so attractive to investors, but this takes us away from understanding blockchain. Killer app In order to offer a simple explanation of the difference between blockchain technology and cryptocurrency, it’s best to use the analogy of the internet and email. Email, it’s widely agreed, was the internet’s first killer app – so email is simply an application built on top of the internet, but the internet offers far more than just email. Similarly, Bitcoin was blockchain’s first killer app, and as such, all cryptocurrency is built on top of a blockchain – but blockchain can do so much more than just cryptocurrency. With blockchain working as a shared ledger and acting as a trusted central source of truth, we can see organisations looking to solve such complex topics as digital identity (Sovrin), supply chain digital transformation (Tradelens), food provenance (IBM Food Trust), and efficiency in the transportation and logistic industry (BITA). Under the cloak of darkness, many companies are aiming to create proof of concepts that can deliver real-world results for their various industries. In time, the cloak will be lifted and we will see which ones have succeeded and, hopefully, which ones have failed and we can learn from. Story continues The Bitcoin protocol is slow, but this is not the protocol that would be used in enterprise environments. The Bitcoin protocol is energy hungry (through PoW), but enterprise blockchains would not use PoW as its consensus mechanism. If you’re looking at having a digital form of money, it makes sense that there should be a cost to creating it in the form of energy consumption. If you’re aiming to clean up the luxury goods markets from fakes and rip-offs, a consortia of luxury goods manufacturers and retailers using proof of authority makes sense – it really is a case of horses for courses. Sovereignty The article also discusses the value that many intermediaries have, and this isn’t wrong. There are plenty of middlemen that actually add value to our every day lives, including the basic function of banking to be the trusted custodian of our money. However, there are also plenty of things that commercial banks do that do not add value, and we should take back sovereignty over – international transfers of money for one. Centralised third-party middlemen are not the problem, the degree to which we can trust them to act on our behalf is. The BBC article misunderstands a basic precept about Bitcoin regarding the speed of transactions by comparing it to Mastercard and Visa. A better comparison for Bitcoin is gold, where transaction in the metal takes a long time and costs a lot of money as it’s generally done as a settlement layer at central bank level. One day in the future, I, and many others believe that Bitcoin will be able to be used as simply as Mastercard or Visa is today, but that requires a layer two solution (such as Lightning), and a much more significant market cap that would be in the trillions of dollars. We may be some way from that being a reality at the present time, but that is just a reason why we should make the effort to understand these issues today. The article jumps to talking about problems with other blockchain based currencies, known as altcoins, but without creating a clear distinction from Bitcoin and creating the clarification that there is no “the blockchain”, but actually many different flavours of the same concept. Many of the altcoins, are based upon a token that drives actions on top of the matching blockchain. Ethereum For example, Ethereum was a new protocol that went live in 2015 and was intended to be a decentralised global computer with the ability to execute smart contracts. Ether was the token created both as a way to raise the initial funds to build the technology and is now the gas that powers it. Ethereum also paved the way for a glut of new tokens created by entrepreneurs (and scammers) on top of the Ethereum protocol, most of which only had a utility within the application built on top of it. Many people have tried to create new cryptocurrencies, some through forks of pre-existing protocols and coins (such as Bitcoin), and some as entirely new protocols. For some of the entrepreneurs that went down this road, it was little more than a way of making themselves rich. However the main problem with the altcoins when trying to be viewed as money, is that they tend to be overly centralised (meaning that the transactions and rules of the currency won’t have as much trust), and look to reduce energy consumption and speed up transaction throughput through different consensus mechanisms such as proof-of-stake (PoS) or delegated PoS, and tend to lack scarcity – if you understand economics, it’s fairly easy to see that without significant cost and scarcity, there can be no significant value created with respect to money. Again, look at the comparison to finding and excavating gold from the earth. The future… My belief is that in ten years’ time, Bitcoin will have either changed the world we live in or will have become virtually valueless. Conversely, I believe that blockchain is here to stay and will change the world but needs to fade into the background. The reality is that blockchain is still mostly hype, as was the internet in 1994. The industry needs time to develop – just because it’s hype today, it doesn’t mean that there isn’t real world-changing tech there. Jon Walsh, Associate Partner Blockchain Rookies @walshjonwalsh The post Making this easy to understand isn’t easy appeared first on Coin Rivet . || Bitcoin Price Recovery Banishes Slump as Momentum Tests $12,000: Bitcoin price is testing $12,000 again after its recent dip below $10,000. | Source: Shutterstock On strictly regulated crypto exchanges such as Coinbase, the bitcoin price fell to $9,700 on July 2, recording a 30 percent drop from its yearly peak at $13,868 achieved in late June. The bitcoin price recovers swiftly in the past two days, revitalizing the crypto market In the past two days, within a 48-hour span, the bitcoin price has shown rapid recovery from $9,700 to $11,800, demonstrating a four percent gain on the day against the U.S. dollar. What is fueling the momentum of bitcoin? According to Holger Zschaepitz, a financial analyst at Welt, the bitcoin price has closely resembled the performance of gold since early 2018. Bitcoin gaining traction as store-of-value and digital gold in this crazy politicized Central Bank world w/negative or lower for longer low rates. Digital currency passes digital divide toward Gold. Both assets reached key thresholds in Jun, $10k & $1,400, now trade in tandem, he said. Last year, as the trade dispute between China and the U.S. started to worsen, leading to increased geopolitical risks in the global economy, the value of gold tanked against the U.S. dollar, briefly below the $1,000 mark. Similarly, bitcoin saw most of its gains in the 2017 bull market wiped out in the first half of 2018 in what would turn out to be a 16-month brutal correction. Read the full story on CCN.com . View comments || Bitcoin Price Recovery Banishes Slump as Momentum Tests $12,000: On strictly regulated crypto exchanges such as Coinbase, the bitcoin price fell to $9,700 on July 2, recording a 30 percent drop from its yearly peak at $13,868 achieved in late June.
In the past two days, within a 48-hour span, the bitcoin price has shown rapid recovery from $9,700 to $11,800, demonstrating a four percent gain on the day against the U.S. dollar.
According to Holger Zschaepitz, a financial analyst at Welt, the bitcoin price has closely resembled the performance of gold since early 2018.
“Bitcoin gaining traction as store-of-value and digital gold in this crazy politicized Central Bank world w/negative or lower for longer low rates. Digital currency passes digital divide toward Gold. Both assets reached key thresholds in Jun, $10k & $1,400, now trade in tandem,” he said.
Last year, as the trade dispute between China and the U.S. started to worsen, leading to increased geopolitical risks in the global economy, the value of gold tanked against the U.S. dollar, briefly below the $1,000 mark.
Similarly, bitcoin saw most of its gains in the 2017 bull market wiped out in the first half of 2018 in what would turn out to be a 16-month brutal correction.
Read the full story on CCN.com. || Bitcoin Price Recovery Banishes Slump as Momentum Tests $12,000: On strictly regulated crypto exchanges such as Coinbase, the bitcoin price fell to $9,700 on July 2, recording a 30 percent drop from its yearly peak at $13,868 achieved in late June.
In the past two days, within a 48-hour span, the bitcoin price has shown rapid recovery from $9,700 to $11,800, demonstrating a four percent gain on the day against the U.S. dollar.
According to Holger Zschaepitz, a financial analyst at Welt, the bitcoin price has closely resembled the performance of gold since early 2018.
“Bitcoin gaining traction as store-of-value and digital gold in this crazy politicized Central Bank world w/negative or lower for longer low rates. Digital currency passes digital divide toward Gold. Both assets reached key thresholds in Jun, $10k & $1,400, now trade in tandem,” he said.
Last year, as the trade dispute between China and the U.S. started to worsen, leading to increased geopolitical risks in the global economy, the value of gold tanked against the U.S. dollar, briefly below the $1,000 mark.
Similarly, bitcoin saw most of its gains in the 2017 bull market wiped out in the first half of 2018 in what would turn out to be a 16-month brutal correction.
Read the full story on CCN.com. || Price indicators suggest Bitcoin will hit all-time high after 24% surge: The world’s largest cryptocurrency, Bitcoin, is preparing for a rally through the $12,000 level of resistance having bounced 24% in the past 48 hours. Correction complete Bitcoin grabbed global attention last week as it surged to new yearly highs, peaking at $14,000 before a corrective move to the downside. The correction saw the price of Bitcoin fall by more than 30%, with a drop to the 200 exponential moving average (EMA) on the four-hour chart being used as support at around $9,650. Bitcoin is now 24% up in the past 48 hours following a 30% correction from the local top at $14,000. If it can break $12,000 with conviction I wouldn't be surprised to see a new all-time high in the coming weeks. $BTCUSD $crypto pic.twitter.com/hhvDG8F1zF — Oliver Knight (@KnightCoinRivet) July 4, 2019 That level acted as a pivot for Bitcoin, as a break through that level could have resulted in a move back down toward $8,000. Instead, Bitcoin bounced ferociously, powering through $10,000 and $11,000 with consummate ease. At the time of writing, Bitcoin is attempting a move through the historical resistance level at $11,800. At the beginning of the 2018 bear market, this level acted as resistance on three occasions before price eventually fell all the way down to below $4,000. Indicators point to all-time high However, price indicators are suggesting that this time around it might be more simple. The daily stochastics have now crossed to the upside – the last time this happened was on June 11, when Bitcoin was at $8,000 before a rally to $14,000. The cross before this came on April 30, with Bitcoin rallying all the way from $5,300 to $8,500 in the following two weeks. Both crosses proceeded a 65% and an 80% move to the upside, adding weight to today’s cross. Story continues Stochs It’s worth noting that a 65% move to the upside from here would see a test of Bitcoin’s all-time high of $20,000. It remains to be seen whether Bitcoin can sustain volume and momentum to the upside, especially as shorter time frames suggest a move back to around $11,200 – a break through the current level will be vital. While Bitcoin continues to soar, altcoins continue to suffer against their Bitcoin pair. This draws parallels with the 2017 bull market that saw Bitcoin dominance rise all the way to 85% – still a far cry from the current level at 63%. For more news, guides, and cryptocurrency analysis, click here . The post Price indicators suggest Bitcoin will hit all-time high after 24% surge appeared first on Coin Rivet . || Price indicators suggest Bitcoin will hit all-time high after 24% surge: The world’s largest cryptocurrency, Bitcoin, is preparing for a rally through the $12,000 level of resistance having bounced 24% in the past 48 hours. Correction complete Bitcoin grabbed global attention last week as it surged to new yearly highs, peaking at $14,000 before a corrective move to the downside. The correction saw the price of Bitcoin fall by more than 30%, with a drop to the 200 exponential moving average (EMA) on the four-hour chart being used as support at around $9,650. Bitcoin is now 24% up in the past 48 hours following a 30% correction from the local top at $14,000. If it can break $12,000 with conviction I wouldn't be surprised to see a new all-time high in the coming weeks. $BTCUSD $crypto pic.twitter.com/hhvDG8F1zF — Oliver Knight (@KnightCoinRivet) July 4, 2019 That level acted as a pivot for Bitcoin, as a break through that level could have resulted in a move back down toward $8,000. Instead, Bitcoin bounced ferociously, powering through $10,000 and $11,000 with consummate ease. At the time of writing, Bitcoin is attempting a move through the historical resistance level at $11,800. At the beginning of the 2018 bear market, this level acted as resistance on three occasions before price eventually fell all the way down to below $4,000. Indicators point to all-time high However, price indicators are suggesting that this time around it might be more simple. The daily stochastics have now crossed to the upside – the last time this happened was on June 11, when Bitcoin was at $8,000 before a rally to $14,000. The cross before this came on April 30, with Bitcoin rallying all the way from $5,300 to $8,500 in the following two weeks. Both crosses proceeded a 65% and an 80% move to the upside, adding weight to today’s cross. Story continues Stochs It’s worth noting that a 65% move to the upside from here would see a test of Bitcoin’s all-time high of $20,000. It remains to be seen whether Bitcoin can sustain volume and momentum to the upside, especially as shorter time frames suggest a move back to around $11,200 – a break through the current level will be vital. While Bitcoin continues to soar, altcoins continue to suffer against their Bitcoin pair. This draws parallels with the 2017 bull market that saw Bitcoin dominance rise all the way to 85% – still a far cry from the current level at 63%. For more news, guides, and cryptocurrency analysis, click here . The post Price indicators suggest Bitcoin will hit all-time high after 24% surge appeared first on Coin Rivet . || Price indicators suggest Bitcoin will hit all-time high after 24% surge: The world’s largest cryptocurrency, Bitcoin, is preparing for a rally through the $12,000 level of resistance having bounced 24% in the past 48 hours. Correction complete Bitcoin grabbed global attention last week as it surged to new yearly highs, peaking at $14,000 before a corrective move to the downside. The correction saw the price of Bitcoin fall by more than 30%, with a drop to the 200 exponential moving average (EMA) on the four-hour chart being used as support at around $9,650. Bitcoin is now 24% up in the past 48 hours following a 30% correction from the local top at $14,000. If it can break $12,000 with conviction I wouldn't be surprised to see a new all-time high in the coming weeks. $BTCUSD $crypto pic.twitter.com/hhvDG8F1zF — Oliver Knight (@KnightCoinRivet) July 4, 2019 That level acted as a pivot for Bitcoin, as a break through that level could have resulted in a move back down toward $8,000. Instead, Bitcoin bounced ferociously, powering through $10,000 and $11,000 with consummate ease. At the time of writing, Bitcoin is attempting a move through the historical resistance level at $11,800. At the beginning of the 2018 bear market, this level acted as resistance on three occasions before price eventually fell all the way down to below $4,000. Indicators point to all-time high However, price indicators are suggesting that this time around it might be more simple. The daily stochastics have now crossed to the upside – the last time this happened was on June 11, when Bitcoin was at $8,000 before a rally to $14,000. The cross before this came on April 30, with Bitcoin rallying all the way from $5,300 to $8,500 in the following two weeks. Both crosses proceeded a 65% and an 80% move to the upside, adding weight to today’s cross. Story continues Stochs It’s worth noting that a 65% move to the upside from here would see a test of Bitcoin’s all-time high of $20,000. It remains to be seen whether Bitcoin can sustain volume and momentum to the upside, especially as shorter time frames suggest a move back to around $11,200 – a break through the current level will be vital. While Bitcoin continues to soar, altcoins continue to suffer against their Bitcoin pair. This draws parallels with the 2017 bull market that saw Bitcoin dominance rise all the way to 85% – still a far cry from the current level at 63%. For more news, guides, and cryptocurrency analysis, click here . The post Price indicators suggest Bitcoin will hit all-time high after 24% surge appeared first on Coin Rivet . || Twitter Study Finds US Posts Most on Bitcoin and Facebook’s Libra: New research has found that the U.S. leads the world in the volume of tweets referencing bitcoin and Facebook’s planned Libra cryptocurrency.
Fittingly published as aTwitter threadby crypto trading platform The TIE, the study found that 38.9 percent of posts on Twitter arose in the U.S., while 10.5 percent came from second place U.K.
Canada, Turkey, India and Australia were next most prolific tweeters, in descending order of volume.
Related:Scammer Taunts Couple Who Lost Thousands in Bitcoin Fraud
The TIE research also looked at sentiment – that is, whether tweets were talking positively or negatively about bitcoin. It found that of countries with at least 0.5 percent of the total bitcoin tweets, Peru was most positive, with Malaysia, Indonesia, Vietnam and Italy in second to fifth place, respectively.
Of those nations striking a more negative tone on the cryptocurrency, Venezuela has recently spawned the most negative posts with 62 percent of total tweets looking on the downsides. The finding is perhaps surprising, since the nation has been viewed as increasingly crypto curious amid its severe national currency crisis. After Venezuela, Mexico, Estonia, Brazil, and Ireland were most negative, again in descending order.
The TIE added that U.S. is generally “exceedingly positive,” with 61.5 percent of tweets being favorable toward bitcoin. On average, 59.8 percent of bitcoin tweets are positive globally.
In the thread, the company also posted a global map of sentiment (see below) marking whether each nation is generally more positive or negative.
Related:Bitcoin Eyes Independence Day Price Gains for Fifth Year Running
And with Facebook having recently unveiled its planned Libra cryptocurrency, to a mixed reception, The TIE also took a brief look at sentiment so far on the project.
It found that the U.S. again represents the largest global source of Libra tweets, and that the proportion (43.8 percent) was greater than for bitcoin (39.8 percent). As with bitcoin, the U.K. came in second place regrading Libra posts, with France, Canada and Australia in third to fifth places.
Regarding attitudes toward Libra, the research found there had been a shift since the news broke, with tweets originally tending to be more positive, but more negative (54.8 percent) today.
“Libra tweets were most positive in the United Kingdom, but tended to be much less positive in the US and France – countries experiencing regulatory pushback,” The TIE tweeted.
Twitter image via Shutterstock
• Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case
• ‘Release the Tape!’: Nouriel Roubini Calls for BitMEX CEO Debate Video || Twitter Study Finds US Posts Most on Bitcoin and Facebook’s Libra: New research has found that the U.S. leads the world in the volume of tweets referencing bitcoin and Facebook’s planned Libra cryptocurrency.
Fittingly published as aTwitter threadby crypto trading platform The TIE, the study found that 38.9 percent of posts on Twitter arose in the U.S., while 10.5 percent came from second place U.K.
Canada, Turkey, India and Australia were next most prolific tweeters, in descending order of volume.
Related:Scammer Taunts Couple Who Lost Thousands in Bitcoin Fraud
The TIE research also looked at sentiment – that is, whether tweets were talking positively or negatively about bitcoin. It found that of countries with at least 0.5 percent of the total bitcoin tweets, Peru was most positive, with Malaysia, Indonesia, Vietnam and Italy in second to fifth place, respectively.
Of those nations striking a more negative tone on the cryptocurrency, Venezuela has recently spawned the most negative posts with 62 percent of total tweets looking on the downsides. The finding is perhaps surprising, since the nation has been viewed as increasingly crypto curious amid its severe national currency crisis. After Venezuela, Mexico, Estonia, Brazil, and Ireland were most negative, again in descending order.
The TIE added that U.S. is generally “exceedingly positive,” with 61.5 percent of tweets being favorable toward bitcoin. On average, 59.8 percent of bitcoin tweets are positive globally.
In the thread, the company also posted a global map of sentiment (see below) marking whether each nation is generally more positive or negative.
Related:Bitcoin Eyes Independence Day Price Gains for Fifth Year Running
And with Facebook having recently unveiled its planned Libra cryptocurrency, to a mixed reception, The TIE also took a brief look at sentiment so far on the project.
It found that the U.S. again represents the largest global source of Libra tweets, and that the proportion (43.8 percent) was greater than for bitcoin (39.8 percent). As with bitcoin, the U.K. came in second place regrading Libra posts, with France, Canada and Australia in third to fifth places.
Regarding attitudes toward Libra, the research found there had been a shift since the news broke, with tweets originally tending to be more positive, but more negative (54.8 percent) today.
“Libra tweets were most positive in the United Kingdom, but tended to be much less positive in the US and France – countries experiencing regulatory pushback,” The TIE tweeted.
Twitter image via Shutterstock
• Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case
• ‘Release the Tape!’: Nouriel Roubini Calls for BitMEX CEO Debate Video || Twitter Study Finds US Posts Most on Bitcoin and Facebook’s Libra: New research has found that the U.S. leads the world in the volume of tweets referencing bitcoin and Facebook’s planned Libra cryptocurrency. Fittingly published as a Twitter thread by crypto trading platform The TIE, the study found that 38.9 percent of posts on Twitter arose in the U.S., while 10.5 percent came from second place U.K. Canada, Turkey, India and Australia were next most prolific tweeters, in descending order of volume. Related: Scammer Taunts Couple Who Lost Thousands in Bitcoin Fraud The TIE research also looked at sentiment – that is, whether tweets were talking positively or negatively about bitcoin. It found that of countries with at least 0.5 percent of the total bitcoin tweets, Peru was most positive, with Malaysia, Indonesia, Vietnam and Italy in second to fifth place, respectively. Of those nations striking a more negative tone on the cryptocurrency, Venezuela has recently spawned the most negative posts with 62 percent of total tweets looking on the downsides. The finding is perhaps surprising, since the nation has been viewed as increasingly crypto curious amid its severe national currency crisis. After Venezuela, Mexico, Estonia, Brazil, and Ireland were most negative, again in descending order. The TIE added that U.S. is generally “exceedingly positive,” with 61.5 percent of tweets being favorable toward bitcoin. On average, 59.8 percent of bitcoin tweets are positive globally. In the thread, the company also posted a global map of sentiment (see below) marking whether each nation is generally more positive or negative. Related: Bitcoin Eyes Independence Day Price Gains for Fifth Year Running And with Facebook having recently unveiled its planned Libra cryptocurrency, to a mixed reception, The TIE also took a brief look at sentiment so far on the project. It found that the U.S. again represents the largest global source of Libra tweets, and that the proportion (43.8 percent) was greater than for bitcoin (39.8 percent). As with bitcoin, the U.K. came in second place regrading Libra posts, with France, Canada and Australia in third to fifth places. Story continues Regarding attitudes toward Libra, the research found there had been a shift since the news broke, with tweets originally tending to be more positive, but more negative (54.8 percent) today. “Libra tweets were most positive in the United Kingdom, but tended to be much less positive in the US and France – countries experiencing regulatory pushback,” The TIE tweeted. Twitter image via Shutterstock Related Stories Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case ‘Release the Tape!’: Nouriel Roubini Calls for BitMEX CEO Debate Video || Scammer Taunts Couple Who Lost Thousands in Bitcoin Fraud: An Australian couple lost over AU$20,000 (US$14,000) in a bitcoin scam, and were even taunted by the perpetrator over their losses.
According to areportby the ABC, Nick and Josie Yeomans put money into a trading scheme discovered on Facebook that used the web domain Coinexx.org (not to be confused with Coinexx.com) and initially saw good returns from their small investments.
Despite fears that it could be a scam, the positive early results saw them put more and more of their savings into Coinexx.org until they had over AU$20,000 invested. A family member was also persuaded to match their investment.
Related:Twitter Study Finds US Posts Most on Bitcoin and Facebook’s Libra
Ultimately, Nick gave up his job based on the returns they were initially getting, the report says. However, after they ran out of funds to invest, the payments dried up and the purported firm closed access to their funds.
To rub salt into their wounds, the couple later received a message via a WhatApp account that had been used to communicate with Coinexx.org, saying:
“Let me save you the stress, cus you’ve been through a lot already. Coinexx is a scam. Everything and everyone involved are the same. Don’t bother about trying to get back your money. … Just focus on getting money to take care of your family.”
The Australian Competition and Consumer Commission (ACCC) told the ABC that the details provided by the Yeomans “have the appearance of a Ponzi scheme,” although the spokesperson added that it had received no other complaints about Coinexx.org.
Related:Bitcoin Eyes Independence Day Price Gains for Fifth Year Running
In April, the ACCC and other government agenciespublished a reportindicating that Australia had seen a surge in reports of scams involving cryptocurrencies in 2018.
In 674 cases, victims reported that AU$6.1 million (US$4.3 million) in cryptocurrency had been used lost to scammers over the year. However, total scam losses including through fiat currencies was far higher, at AU$489 million (US$345 million).
Australiaimage via Shutterstock
• IBM, Top Australian Banks to Pilot Blockchain for Retail Lease Bank Guarantees
• Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case || Scammer Taunts Couple Who Lost Thousands in Bitcoin Fraud: An Australian couple lost over AU$20,000 (US$14,000) in a bitcoin scam, and were even taunted by the perpetrator over their losses. According to a report by the ABC, Nick and Josie Yeomans put money into a trading scheme discovered on Facebook that used the web domain Coinexx.org (not to be confused with Coinexx.com) and initially saw good returns from their small investments. Despite fears that it could be a scam, the positive early results saw them put more and more of their savings into Coinexx.org until they had over AU$20,000 invested. A family member was also persuaded to match their investment. Related: Twitter Study Finds US Posts Most on Bitcoin and Facebooks Libra Ultimately, Nick gave up his job based on the returns they were initially getting, the report says. However, after they ran out of funds to invest, the payments dried up and the purported firm closed access to their funds. To rub salt into their wounds, the couple later received a message via a WhatApp account that had been used to communicate with Coinexx.org, saying: Let me save you the stress, cus youve been through a lot already. Coinexx is a scam. Everything and everyone involved are the same. Dont bother about trying to get back your money.
Just focus on getting money to take care of your family. The Australian Competition and Consumer Commission (ACCC) told the ABC that the details provided by the Yeomans have the appearance of a Ponzi scheme, although the spokesperson added that it had received no other complaints about Coinexx.org. Related: Bitcoin Eyes Independence Day Price Gains for Fifth Year Running In April, the ACCC and other government agencies published a report indicating that Australia had seen a surge in reports of scams involving cryptocurrencies in 2018. In 674 cases, victims reported that AU$6.1 million (US$4.3 million) in cryptocurrency had been used lost to scammers over the year. However, total scam losses including through fiat currencies was far higher, at AU$489 million (US$345 million). Story continues Australia image via Shutterstock Related Stories IBM, Top Australian Banks to Pilot Blockchain for Retail Lease Bank Guarantees Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case || Scammer Taunts Couple Who Lost Thousands in Bitcoin Fraud: An Australian couple lost over AU$20,000 (US$14,000) in a bitcoin scam, and were even taunted by the perpetrator over their losses.
According to areportby the ABC, Nick and Josie Yeomans put money into a trading scheme discovered on Facebook that used the web domain Coinexx.org (not to be confused with Coinexx.com) and initially saw good returns from their small investments.
Despite fears that it could be a scam, the positive early results saw them put more and more of their savings into Coinexx.org until they had over AU$20,000 invested. A family member was also persuaded to match their investment.
Related:Twitter Study Finds US Posts Most on Bitcoin and Facebook’s Libra
Ultimately, Nick gave up his job based on the returns they were initially getting, the report says. However, after they ran out of funds to invest, the payments dried up and the purported firm closed access to their funds.
To rub salt into their wounds, the couple later received a message via a WhatApp account that had been used to communicate with Coinexx.org, saying:
“Let me save you the stress, cus you’ve been through a lot already. Coinexx is a scam. Everything and everyone involved are the same. Don’t bother about trying to get back your money. … Just focus on getting money to take care of your family.”
The Australian Competition and Consumer Commission (ACCC) told the ABC that the details provided by the Yeomans “have the appearance of a Ponzi scheme,” although the spokesperson added that it had received no other complaints about Coinexx.org.
Related:Bitcoin Eyes Independence Day Price Gains for Fifth Year Running
In April, the ACCC and other government agenciespublished a reportindicating that Australia had seen a surge in reports of scams involving cryptocurrencies in 2018.
In 674 cases, victims reported that AU$6.1 million (US$4.3 million) in cryptocurrency had been used lost to scammers over the year. However, total scam losses including through fiat currencies was far higher, at AU$489 million (US$345 million).
Australiaimage via Shutterstock
• IBM, Top Australian Banks to Pilot Blockchain for Retail Lease Bank Guarantees
• Third Defendant Pleads Guilty in Fake ID-for-Bitcoin Case || Bitcoin Tech Analysis – Recap and Mid-Day Review – 04/07/19: Bitcoin rallied by 10.09% on Wednesday. Following on from a 2.29% gain on Tuesday, Bitcoin ended the day at $11,983.
A bullish start to the day set the tone, with Bitcoin on the move from the start of the day. Bitcoin rallied from an intraday low $10,876 to a mid-morning high $11,584.
The moves through the early hours saw Bitcoin break through the 23.6% FIB of $11,275 and the first major resistance level at $11,762.87.
A pullback to sub-$11,000 levels by late morning saw Bitcoin steer clear of the first major support level at $10,087.13 before a late rally.
The late rally saw Bitcoin break back through the 23.6% FIB of $11,275, first major resistance level at $11,323.93, and second major resistance level at $11,762.87 to hit an intraday high $12,025.
Resistance at $12,000 limited the upside on the day.
The Bitcoin rally led to Bitcoin’s dominance rising back to 62% levels. Bitcoin’s market cap jumped to a Wednesday high $213.5bn before easing back.
Bitcoin ultimately provided support to the broadercrypto market, leading the majors into positive territory on the day.
For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 23.6% FIB of $11,275.
Wednesday’s rally was another day of correlation with the more mature markets. The rally kicked in well ahead of economic data out of the U.S, however. Weak U.S stats continued to support the FED’s projected rate cut later in the day year.
While the cheaper cost of funds is a boon for riskier assets, the current interest rate environment continues to be supportive.
A negative for Bitcoin and the broader market continues to be the prospect of a material shift in the regulatory landscape. There’s also the pending SEC decisions on the Bitcoin ETFs to consider.
The recent volatility across the broader market has come at the wrong time for those hoping for Bitcoin ETFs to be approved. The good news, however, is the fact that there have been no headline cases of exchanges being hacked…
Another piece of good news is the fact that the planned launch of Facebook’s Libra has done no damage just yet…
At the time of writing, Bitcoin was down by 1.63% to $11,787.
In the early part of the day, Bitcoin rose to a start of a day high $12,065 before hitting reverse.
Falling short of the first major resistance level at $12,379.33, Bitcoin fell back to a late morning low $11,503.
Steering clear of the 23.6% FIB of $11,275 and first major support level at $11,230.33, Bitcoin moved back through to $11,700 levels.
For the Bitcoin bulls, $12,000 looks to be the line in the sand.
A hold onto $11,700 levels through the early afternoon would support a move back through to $11,900 levels.
Bitcoin would need the support of the broader market, however, to break out from this morning’s high $12,065.
In the event of a breakout, the first major resistance level at $12,379.33 would come into play before any pullback.
Failure to hold onto $11,700 levels could see Bitcoin slide back through the 23.6% FIB of $11,275.
Barring an extended sell-off through the afternoon, the first major support level at $11,230.33 should limit the downside.
In the event of a sell-off, expect a return to sub-$11,000 levels before finding support.
The article was written byBharat Gohri, Chief Market Analyst ateasyMarkets
Thisarticlewas originally posted on FX Empire
• Silver Weekly Price Forecast – Silver markets fall for the week
• Natural Gas Price Forecast – Natural gas markets rocket higher
• Forex Daily Recap – Indian Rupee Ascended Slightly amid Modi 2.0 Budget
• Gold Price Forecast – Gold markets fall hard on Friday after the strong jobs number
• NZD/USD Forex Technical Analysis – Main Trend Changes to Down; Successfully Tested 50% at .6607
• Natural Gas Price Prediction – Prices Surge as Managed Money is Caught Offside || Bitcoin Tech Analysis – Recap and Mid-Day Review – 04/07/19: Bitcoin rallied by 10.09% on Wednesday. Following on from a 2.29% gain on Tuesday, Bitcoin ended the day at $11,983.
A bullish start to the day set the tone, with Bitcoin on the move from the start of the day. Bitcoin rallied from an intraday low $10,876 to a mid-morning high $11,584.
The moves through the early hours saw Bitcoin break through the 23.6% FIB of $11,275 and the first major resistance level at $11,762.87.
A pullback to sub-$11,000 levels by late morning saw Bitcoin steer clear of the first major support level at $10,087.13 before a late rally.
The late rally saw Bitcoin break back through the 23.6% FIB of $11,275, first major resistance level at $11,323.93, and second major resistance level at $11,762.87 to hit an intraday high $12,025.
Resistance at $12,000 limited the upside on the day.
The Bitcoin rally led to Bitcoin’s dominance rising back to 62% levels. Bitcoin’s market cap jumped to a Wednesday high $213.5bn before easing back.
Bitcoin ultimately provided support to the broadercrypto market, leading the majors into positive territory on the day.
For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 23.6% FIB of $11,275.
Wednesday’s rally was another day of correlation with the more mature markets. The rally kicked in well ahead of economic data out of the U.S, however. Weak U.S stats continued to support the FED’s projected rate cut later in the day year.
While the cheaper cost of funds is a boon for riskier assets, the current interest rate environment continues to be supportive.
A negative for Bitcoin and the broader market continues to be the prospect of a material shift in the regulatory landscape. There’s also the pending SEC decisions on the Bitcoin ETFs to consider.
The recent volatility across the broader market has come at the wrong time for those hoping for Bitcoin ETFs to be approved. The good news, however, is the fact that there have been no headline cases of exchanges being hacked…
Another piece of good news is the fact that the planned launch of Facebook’s Libra has done no damage just yet…
At the time of writing, Bitcoin was down by 1.63% to $11,787.
In the early part of the day, Bitcoin rose to a start of a day high $12,065 before hitting reverse.
Falling short of the first major resistance level at $12,379.33, Bitcoin fell back to a late morning low $11,503.
Steering clear of the 23.6% FIB of $11,275 and first major support level at $11,230.33, Bitcoin moved back through to $11,700 levels.
For the Bitcoin bulls, $12,000 looks to be the line in the sand.
A hold onto $11,700 levels through the early afternoon would support a move back through to $11,900 levels.
Bitcoin would need the support of the broader market, however, to break out from this morning’s high $12,065.
In the event of a breakout, the first major resistance level at $12,379.33 would come into play before any pullback.
Failure to hold onto $11,700 levels could see Bitcoin slide back through the 23.6% FIB of $11,275.
Barring an extended sell-off through the afternoon, the first major support level at $11,230.33 should limit the downside.
In the event of a sell-off, expect a return to sub-$11,000 levels before finding support.
The article was written byBharat Gohri, Chief Market Analyst ateasyMarkets
Thisarticlewas originally posted on FX Empire
• Silver Weekly Price Forecast – Silver markets fall for the week
• Natural Gas Price Forecast – Natural gas markets rocket higher
• Forex Daily Recap – Indian Rupee Ascended Slightly amid Modi 2.0 Budget
• Gold Price Forecast – Gold markets fall hard on Friday after the strong jobs number
• NZD/USD Forex Technical Analysis – Main Trend Changes to Down; Successfully Tested 50% at .6607
• Natural Gas Price Prediction – Prices Surge as Managed Money is Caught Offside || Bitcoin Tech Analysis Recap and Mid-Day Review 04/07/19: Bitcoin rallied by 10.09% on Wednesday. Following on from a 2.29% gain on Tuesday, Bitcoin ended the day at $11,983. A bullish start to the day set the tone, with Bitcoin on the move from the start of the day. Bitcoin rallied from an intraday low $10,876 to a mid-morning high $11,584. The moves through the early hours saw Bitcoin break through the 23.6% FIB of $11,275 and the first major resistance level at $11,762.87. A pullback to sub-$11,000 levels by late morning saw Bitcoin steer clear of the first major support level at $10,087.13 before a late rally. The late rally saw Bitcoin break back through the 23.6% FIB of $11,275, first major resistance level at $11,323.93, and second major resistance level at $11,762.87 to hit an intraday high $12,025. Resistance at $12,000 limited the upside on the day. The Bitcoin rally led to Bitcoins dominance rising back to 62% levels. Bitcoins market cap jumped to a Wednesday high $213.5bn before easing back. Bitcoin ultimately provided support to the broader crypto market , leading the majors into positive territory on the day. For the Bitcoin bulls, the near-term bullish trend, formed at mid-Decembers swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 23.6% FIB of $11,275. Correlations and Considerations Wednesdays rally was another day of correlation with the more mature markets. The rally kicked in well ahead of economic data out of the U.S, however. Weak U.S stats continued to support the FEDs projected rate cut later in the day year. While the cheaper cost of funds is a boon for riskier assets, the current interest rate environment continues to be supportive. A negative for Bitcoin and the broader market continues to be the prospect of a material shift in the regulatory landscape. Theres also the pending SEC decisions on the Bitcoin ETFs to consider. The recent volatility across the broader market has come at the wrong time for those hoping for Bitcoin ETFs to be approved. The good news, however, is the fact that there have been no headline cases of exchanges being hacked
Story continues Another piece of good news is the fact that the planned launch of Facebooks Libra has done no damage just yet
This Morning At the time of writing, Bitcoin was down by 1.63% to $11,787. In the early part of the day, Bitcoin rose to a start of a day high $12,065 before hitting reverse. Falling short of the first major resistance level at $12,379.33, Bitcoin fell back to a late morning low $11,503. Steering clear of the 23.6% FIB of $11,275 and first major support level at $11,230.33, Bitcoin moved back through to $11,700 levels. For the Bitcoin bulls, $12,000 looks to be the line in the sand. For the Day Ahead A hold onto $11,700 levels through the early afternoon would support a move back through to $11,900 levels. Bitcoin would need the support of the broader market, however, to break out from this mornings high $12,065. In the event of a breakout, the first major resistance level at $12,379.33 would come into play before any pullback. Failure to hold onto $11,700 levels could see Bitcoin slide back through the 23.6% FIB of $11,275. Barring an extended sell-off through the afternoon, the first major support level at $11,230.33 should limit the downside. In the event of a sell-off, expect a return to sub-$11,000 levels before finding support. The article was written by Bharat Gohri , Chief Market Analyst at easyMarkets This article was originally posted on FX Empire More From FXEMPIRE: Silver Weekly Price Forecast Silver markets fall for the week Natural Gas Price Forecast Natural gas markets rocket higher Forex Daily Recap Indian Rupee Ascended Slightly amid Modi 2.0 Budget Gold Price Forecast Gold markets fall hard on Friday after the strong jobs number NZD/USD Forex Technical Analysis Main Trend Changes to Down; Successfully Tested 50% at .6607 Natural Gas Price Prediction Prices Surge as Managed Money is Caught Offside
[Social Media Buzz]
@2357_is_prime Only way you get free $BTC from people is if you’re very rich and popular and say you don’t believe in it. || Three Hot Gaming Stocks Appear Ready to Skyrocket #BTC #BlockchainNews #BitcoinNews #QASH #BCH #CryptoCurrency #CryptoNews #Cryptocurrencynews #ETH #XRP #Ethereum #BLockchain https://t.co/fMNlPscOR3 || @hasufl @zooko How can you lend your Btc ? || @angelmayacrypt @thomasshearer77 @neutronstar22 @thatcryptoguyyy @CryptoScamHub @currentseas @BTCsessions @hodlonaut Crass smea...
|
11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05.
|
[Bitcoin Technical Analysis for 2016-01-07]
Volume: 87562200, RSI (14-day): 63.58, 50-day EMA: 407.88, 200-day EMA: 326.52
[Wider Market Context]
Gold Price: 1107.70, Gold RSI: 61.73
Oil Price: 33.27, Oil RSI: 32.84
[Recent News (last 7 days)]
Cable & Wireless Communications and Huawei Have Successfully Tested the First Trial of the Fastest Copper Based Broadband Service With G.fast Across Latin America: MIAMI, FL--(Marketwired - Jan 6, 2016) - Cable & Wireless Communications Plc's (CWC) business unit in Panama, Cable & Wireless Panama SA (CWP) and Huawei , a leading global information and communications technology (ICT) solutions provider, today announced the first successful trial of the fastest copper based broadband service across Latin America using leading G.fast technology. As a market leader in mobile and broadband services in Panama, CWP is also the largest telecom service provider in the country with a market leading brand, superior network coverage and excellent customer service. CWP partnered with Huawei to deploy CWC's first trial of the G.fast technology on its existing copper infrastructure. "We are excited to be partnering with Cable & Wireless Communications and together pioneering the first trial of the fastest copper fixed line broadband service with G.fast across Latin America," said Mr. Stephen Ma, CEO of Huawei for the Caribbean. "G.fast is the right way to extend the existing fixed line infrastructure to the gigabit access era by accelerating a future oriented ultra-broadband solution with unparalleled user experiences," he added. The G.fast technology trial ran for two months in Panama deploying Huawei's latest multi-service access node equipment. CWP's trial successfully achieved high speeds averaging 500 Mbps to download and 150 Mbps to upload, over its existing copper fixed lines. "We are thrilled to announce that Cable & Wireless Panama was the first market across Latin America to have successfully completed testing of the G.fast technology, which can deliver high speeds, to its customers through the fastest copper based fixed line broadband technology across the region reaching speeds of 500 Mbps," said Carlo Alloni, EVP Technology and Group CTIO, Cable & Wireless Communications. "Our strategic partnership with Huawei has strengthened our commitment to consider solutions that deliver high-speeds," added Alloni. G.fast technology is based on the Time Division Multiplexing (TDM) method with an improved algorithm that cancels the noise in the lines, reducing the effects of crosstalk and allowing transmission of higher rates of bits with a better quality, increasing the speeds of the information transmitted. Huawei's G.fast solution can complement the other technologies selected for its HFC (Hybrid fiber-coaxial) and Fibre delivery platforms. CWP's G.fast technology is providing a fivefold increase in speeds compared to any existing internet copper residential service in Panama and empowering the fastest copper fixed line broadband service across Latin America. Story continues About Huawei Huawei is a leading global information and communications technology (ICT) solutions provider. Driven by customer-centric innovation and open partnerships, Huawei has established an end-to-end ICT solutions portfolio that gives customers competitive advantages in telecom and enterprise networks, devices and cloud computing. Its innovative ICT solutions, products and services are used in more than 170 countries and regions, serving over one-third of the world's population. Founded in 1987, Huawei is a private company fully owned by its employees. About G.fast G.fast is a digital subscriber line (DSL) standard for local loops, with performance targets between 150 Mbps and 1 Gbps, depending on loop length. Since the launch of the world's first G.FAST prototype by Huawei in December 2011, G.FAST technology has become highly anticipated by the ICT industry and has maintained strong development momentum. About C&W Communications Cable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers. Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers. The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity. CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes. Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America. For more information visit: www.cwc.com . About CWP Cable & Wireless Panama (CWP) is the market leader in mobile, broadband and fixed line services in Panama. The Company's mobile business operates under the brand name +Movil and the other businesses under + internet and +TV Digital in Panama. CWP is also a leading regional player in enterprise and managed services as well as being a leader in carrier services in partnership with our Caribbean business. View comments || Cable & Wireless Communications and Huawei Have Successfully Tested the First Trial of the Fastest Copper Based Broadband Service With G.fast Across Latin America: MIAMI, FL--(Marketwired - Jan 6, 2016) -Cable & Wireless CommunicationsPlc's (CWC) business unit in Panama,Cable & Wireless PanamaSA (CWP) andHuawei, a leading global information and communications technology (ICT) solutions provider, today announced the first successful trial of the fastest copper based broadband service across Latin America using leading G.fast technology.
As a market leader in mobile and broadband services in Panama, CWP is also the largest telecom service provider in the country with a market leading brand, superior network coverage and excellent customer service. CWP partnered with Huawei to deploy CWC's first trial of the G.fast technology on its existing copper infrastructure.
"We are excited to be partnering with Cable & Wireless Communications and together pioneering the first trial of the fastest copper fixed line broadband service with G.fast across Latin America," said Mr. Stephen Ma, CEO of Huawei for the Caribbean. "G.fast is the right way to extend the existing fixed line infrastructure to the gigabit access era by accelerating a future oriented ultra-broadband solution with unparalleled user experiences," he added.
The G.fast technology trial ran for two months in Panama deploying Huawei's latest multi-service access node equipment. CWP's trial successfully achieved high speeds averaging 500 Mbps to download and 150 Mbps to upload, over its existing copper fixed lines.
"We are thrilled to announce that Cable & Wireless Panama was the first market across Latin America to have successfully completed testing of the G.fast technology, which can deliver high speeds, to its customers through the fastest copper based fixed line broadband technology across the region reaching speeds of 500 Mbps," said Carlo Alloni, EVP Technology and Group CTIO, Cable & Wireless Communications. "Our strategic partnership with Huawei has strengthened our commitment to consider solutions that deliver high-speeds," added Alloni.
G.fast technology is based on the Time Division Multiplexing (TDM) method with an improved algorithm that cancels the noise in the lines, reducing the effects of crosstalk and allowing transmission of higher rates of bits with a better quality, increasing the speeds of the information transmitted.
Huawei's G.fast solution can complement the other technologies selected for its HFC (Hybrid fiber-coaxial) and Fibre delivery platforms. CWP's G.fast technology is providing a fivefold increase in speeds compared to any existing internet copper residential service in Panama and empowering the fastest copper fixed line broadband service across Latin America.
About HuaweiHuawei is a leading global information and communications technology (ICT) solutions provider. Driven by customer-centric innovation and open partnerships, Huawei has established an end-to-end ICT solutions portfolio that gives customers competitive advantages in telecom and enterprise networks, devices and cloud computing. Its innovative ICT solutions, products and services are used in more than 170 countries and regions, serving over one-third of the world's population. Founded in 1987, Huawei is a private company fully owned by its employees.
About G.fastG.fast is a digital subscriber line (DSL) standard for local loops, with performance targets between 150 Mbps and 1 Gbps, depending on loop length. Since the launch of the world's first G.FAST prototype by Huawei in December 2011, G.FAST technology has become highly anticipated by the ICT industry and has maintained strong development momentum.
About C&W CommunicationsCable & Wireless Communications Plc (CWC) is a full service communications and entertainment provider, operating in the Caribbean and Latin America. With annual sales of over $2.4bn, it operates both mobile and fixed networks, supported by submarine and terrestrial optical fibre backhaul capacity. Through the acquisition of Columbus International Inc. on 31 March 2015, CWC now delivers superior high-speed mobile data, broadband and video services. It has leading market positions in Mobile, Fixed Line, Broadband and Video consumer offers.
Through its business division, CWC provides data centre hosting, domestic and international managed network services, and customised IT service solutions, utilising cloud technology to serve business and government customers.
The company also operates a state-of-the-art subsea fibre optic cable network that spans more than 42,000 km -- the most extensive in the region -- as well as 38,000 km of terrestrial fibre providing wholesale and carrier backhaul capacity.
CWC has more than 7,200 employees serving over 6.3 million customers (Mobile 4.1m; Fixed Line 1.1m; Video 465k and Broadband 680k) as well as over 125k corporate clients across 42 countries. The Company's leading brands include; LIME and Flow in the Caribbean; BTC in The Bahamas; Mas Movil in Panama; C&W Business and C&W Networks. CWC is the market leader in most products offered and territories served. It is a major contributor to local communities through its corporate social responsibility programmes.
Cable & Wireless Communications' shares are quoted on the London Stock Exchange under the ticker CWC. The company is headquartered in London with its operational hub located in Miami, within close proximity to the Caribbean and Latin America.
For more information visit:www.cwc.com.
About CWPCable & Wireless Panama (CWP) is the market leader in mobile, broadband and fixed line services in Panama. The Company's mobile business operates under the brand name +Movil and the other businesses under + internet and +TV Digital in Panama. CWP is also a leading regional player in enterprise and managed services as well as being a leader in carrier services in partnership with our Caribbean business. || Mike Tyson Dives Deeper Into Bitcoin: Former boxing star Mike Tyson is deepening his interest in the bitcoin space by creating a digital bitcoin wallet that will allow users to store, purchase and sell the cryptocurrency. The wallet was developed by Bitcoin Direct in partnership with BitPay and will be one of the first wallets that allows users to buy and sell from inside the app.
Tyson's Bitcoin Projects
This is not Tyson's first foray into the bitcoin space. He partnered with Bitcoin Direct last year to launch a line of bitcoin ATMs that gave people the ability to turn cash into bitcoins at any machine's location. Now, with Tyson endorsing a wallet as well, many are wondering whether or not celebrity attention will drive mainstream usage.
The new wallet will feature Tyson's tribal face tattoo as the background image and is available for download on iOS. An Android version is expected to be released in the coming weeks.
Celebrity Appeal
Bitcoin Direct believes that Tyson's popularity around the world and across several generations makes him a good option to engage the masses,saying that his"potential to expand the Bitcoin market is dramatic." However, it remains unknown whether or not the power of celebrity will be enough to encourage new users.
Safety Still A Concern
Although celebrity endorsements often get products more notoriety, bitcoin itself has struggled with safety and security issues that some believe can't be overcome by a recognizable face. Tyson may bring more attention to the cryptocurrency community, but he may not be able to convince the public that it is trustworthy. Instead, many believe that more regulation is the real key to taking bitcoin mainstream as that would provide users with more protections.
Image credit:Eduardo Merille, Flickr
See more from Benzinga
• Court Case Means Emissions Scandal Isn't Going Away For Volkswagen
• What To Make Of Monday's Market Selloff
• General Motors Kicks Off The Year With A Bang
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Mike Tyson Dives Deeper Into Bitcoin: Former boxing star Mike Tyson is deepening his interest in the bitcoin space by creating a digital bitcoin wallet that will allow users to store, purchase and sell the cryptocurrency. The wallet was developed by Bitcoin Direct in partnership with BitPay and will be one of the first wallets that allows users to buy and sell from inside the app.
Tyson's Bitcoin Projects
This is not Tyson's first foray into the bitcoin space. He partnered with Bitcoin Direct last year to launch a line of bitcoin ATMs that gave people the ability to turn cash into bitcoins at any machine's location. Now, with Tyson endorsing a wallet as well, many are wondering whether or not celebrity attention will drive mainstream usage.
The new wallet will feature Tyson's tribal face tattoo as the background image and is available for download on iOS. An Android version is expected to be released in the coming weeks.
Celebrity Appeal
Bitcoin Direct believes that Tyson's popularity around the world and across several generations makes him a good option to engage the masses,saying that his"potential to expand the Bitcoin market is dramatic." However, it remains unknown whether or not the power of celebrity will be enough to encourage new users.
Safety Still A Concern
Although celebrity endorsements often get products more notoriety, bitcoin itself has struggled with safety and security issues that some believe can't be overcome by a recognizable face. Tyson may bring more attention to the cryptocurrency community, but he may not be able to convince the public that it is trustworthy. Instead, many believe that more regulation is the real key to taking bitcoin mainstream as that would provide users with more protections.
Image credit:Eduardo Merille, Flickr
See more from Benzinga
• Court Case Means Emissions Scandal Isn't Going Away For Volkswagen
• What To Make Of Monday's Market Selloff
• General Motors Kicks Off The Year With A Bang
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Mike Tyson Dives Deeper Into Bitcoin: Former boxing star Mike Tyson is deepening his interest in the bitcoin space by creating a digital bitcoin wallet that will allow users to store, purchase and sell the cryptocurrency. The wallet was developed by Bitcoin Direct in partnership with BitPay and will be one of the first wallets that allows users to buy and sell from inside the app. Tyson's Bitcoin Projects This is not Tyson's first foray into the bitcoin space. He partnered with Bitcoin Direct last year to launch a line of bitcoin ATMs that gave people the ability to turn cash into bitcoins at any machine's location. Now, with Tyson endorsing a wallet as well, many are wondering whether or not celebrity attention will drive mainstream usage. The new wallet will feature Tyson's tribal face tattoo as the background image and is available for download on iOS. An Android version is expected to be released in the coming weeks. Celebrity Appeal Bitcoin Direct believes that Tyson's popularity around the world and across several generations makes him a good option to engage the masses, saying that his "potential to expand the Bitcoin market is dramatic." However, it remains unknown whether or not the power of celebrity will be enough to encourage new users. Safety Still A Concern Although celebrity endorsements often get products more notoriety, bitcoin itself has struggled with safety and security issues that some believe can't be overcome by a recognizable face. Tyson may bring more attention to the cryptocurrency community, but he may not be able to convince the public that it is trustworthy. Instead, many believe that more regulation is the real key to taking bitcoin mainstream as that would provide users with more protections. Image credit: Eduardo Merille , Flickr See more from Benzinga Court Case Means Emissions Scandal Isn't Going Away For Volkswagen What To Make Of Monday's Market Selloff General Motors Kicks Off The Year With A Bang © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investors Set Sail With Cruise-Line Investments In 2016: 2015 proved to be a lucrative year for many cruise liners, as an improving economy and low fuel prices created the perfect conditions for a rebuilding year.
Industry juggernautCarnival Corp(NYSE:CCL) saw its shares rise 19.43 percent over the course of the year, andBarron'ssees the firm climbing another 20 percent this year, a sign that the industry can expect smooth waters ahead.
Safety In The Water
Carnival Corp has been touted as one of the safest plays in the cruise industry, because the company is the largest operator in the world. Carnival has ships in almost every body of water on the planet, operating popular names like Carnival Cruise Lines, Princess Cruises and Costa Cruises. Not only does the company have a massive brand appeal and staying power, but Carnival also pays out the heftiest dividend with a yield of 2.2 percent.
Related Link:Barron's Picks And Pans: Carnival, Pandora, American Capital And More
Expanding Into China
Another reason the cruise industry is set to continue gaining through 2016 is the potential for expansion in China as cruise holidays gain popularity. For investors looking to play this angle,Royal Caribbean Cruises Ltd(NYSE:RCL) orNorwegian Cruise Line Holdings Ltd(NASDAQ:NCLH) could be smart plays.
Royal Caribbean has proven to be popular among the Chinese population and has been pushing upscale ships with luxury rooms that have brought in a great deal of interest. Norwegian is a relatively new entrant into the Chinese market, but the firm has been able to learn from its peers who have already penetrated the market and by offering customers a tailored experience different from what European or North American customers prefer.
Image Credit: Public Domain
See more from Benzinga
• 4 CEOs With A Tough Year Ahead
• Ledger Fights For Bitcoin's Staying Power At CES 2016
• Virtual Reality In 2016
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investors Set Sail With Cruise-Line Investments In 2016: 2015 proved to be a lucrative year for many cruise liners, as an improving economy and low fuel prices created the perfect conditions for a rebuilding year. Industry juggernaut Carnival Corp (NYSE: CCL ) saw its shares rise 19.43 percent over the course of the year, and Barron's sees the firm climbing another 20 percent this year, a sign that the industry can expect smooth waters ahead. Safety In The Water Carnival Corp has been touted as one of the safest plays in the cruise industry, because the company is the largest operator in the world. Carnival has ships in almost every body of water on the planet, operating popular names like Carnival Cruise Lines, Princess Cruises and Costa Cruises. Not only does the company have a massive brand appeal and staying power, but Carnival also pays out the heftiest dividend with a yield of 2.2 percent. Related Link: Barron's Picks And Pans: Carnival, Pandora, American Capital And More Expanding Into China Another reason the cruise industry is set to continue gaining through 2016 is the potential for expansion in China as cruise holidays gain popularity. For investors looking to play this angle, Royal Caribbean Cruises Ltd (NYSE: RCL ) or Norwegian Cruise Line Holdings Ltd (NASDAQ: NCLH ) could be smart plays. Royal Caribbean has proven to be popular among the Chinese population and has been pushing upscale ships with luxury rooms that have brought in a great deal of interest. Norwegian is a relatively new entrant into the Chinese market, but the firm has been able to learn from its peers who have already penetrated the market and by offering customers a tailored experience different from what European or North American customers prefer. Image Credit: Public Domain See more from Benzinga 4 CEOs With A Tough Year Ahead Ledger Fights For Bitcoin's Staying Power At CES 2016 Virtual Reality In 2016 © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ledger Fights For Bitcoin's Staying Power At CES 2016: The Consumer Electronics Show in Las Vegas is a chance for electronics and technology firms to debut their latest offerings and future prospects. Everything from self-driving cars to mind-blowing virtual reality sets have made their debut at CES, and each year the show tends to set the tone for what kind of tech will be big in the coming year. This year, bitcoin startup Ledger is keeping the cryptocurrency in the spotlight by hosting the only bitcoin startup booth at the event. Physical Bitcoin Storage Ledger created a hardware wallet product in 2015 that provides customers with a safe and secure way to store and use their bitcoins. Ledger takes some of the worry out of using bitcoin by giving users a physical way to store bitcoins – a lightweight smart card. They can then use a USB to make secure payments, and the company offers a simple backup system that provides users with a microchip and pin code encrypted system in case they lose their card. Related Link: Can The Bitcoin Foundation Last? This year, Ledger is planning to exhibit new offerings at CES including a new technology that will strengthen the security of online authentication by reducing the reliance on passwords. Bitcoin's Year Ledger's presence at CES suggests that although bitcoin had a rough year in 2015, the cryptocurrency isn't dead yet. Concerns about privacy and security have increased skepticism about cryptocurrencies, making it difficult for bitcoin firms to push mainstream approval. However, many believe that as security improves and more and more vendors open up to the possibility of bitcoin transactions, the public will get on board. Image Credit: Public Domain See more from Benzinga Virtual Reality In 2016 Is Tesla A Good Investment For 2016? 3 CEOs Who Made Headlines In 2015 © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ledger Fights For Bitcoin's Staying Power At CES 2016: The Consumer Electronics Show in Las Vegas is a chance for electronics and technology firms to debut their latest offerings and future prospects. Everything from self-driving cars to mind-blowing virtual reality sets have made their debut at CES, and each year the show tends to set the tone for what kind of tech will be big in the coming year.
This year, bitcoin startupLedgeris keeping the cryptocurrency in the spotlight by hosting the only bitcoin startup booth at the event.
Physical Bitcoin Storage
Ledger created a hardware wallet product in 2015 that provides customers with a safe and secure way to store and use their bitcoins. Ledger takes some of the worry out of using bitcoin by giving users a physical way to store bitcoins – a lightweight smart card. They can then use a USB to make secure payments, and the company offers a simple backup system that provides users with a microchip and pin code encrypted system in case they lose their card.
Related Link:Can The Bitcoin Foundation Last?
This year, Ledger is planning to exhibit new offerings at CES including a new technology that will strengthen the security of online authentication by reducing the reliance on passwords.
Bitcoin's Year
Ledger's presence at CES suggests that although bitcoin had a rough year in 2015, the cryptocurrency isn't dead yet. Concerns about privacy and security have increased skepticism about cryptocurrencies, making it difficult for bitcoin firms to push mainstream approval. However, many believe that as security improves and more and more vendors open up to the possibility of bitcoin transactions, the public will get on board.
Image Credit: Public Domain
See more from Benzinga
• Virtual Reality In 2016
• Is Tesla A Good Investment For 2016?
• 3 CEOs Who Made Headlines In 2015
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ledger Fights For Bitcoin's Staying Power At CES 2016: The Consumer Electronics Show in Las Vegas is a chance for electronics and technology firms to debut their latest offerings and future prospects. Everything from self-driving cars to mind-blowing virtual reality sets have made their debut at CES, and each year the show tends to set the tone for what kind of tech will be big in the coming year.
This year, bitcoin startupLedgeris keeping the cryptocurrency in the spotlight by hosting the only bitcoin startup booth at the event.
Physical Bitcoin Storage
Ledger created a hardware wallet product in 2015 that provides customers with a safe and secure way to store and use their bitcoins. Ledger takes some of the worry out of using bitcoin by giving users a physical way to store bitcoins – a lightweight smart card. They can then use a USB to make secure payments, and the company offers a simple backup system that provides users with a microchip and pin code encrypted system in case they lose their card.
Related Link:Can The Bitcoin Foundation Last?
This year, Ledger is planning to exhibit new offerings at CES including a new technology that will strengthen the security of online authentication by reducing the reliance on passwords.
Bitcoin's Year
Ledger's presence at CES suggests that although bitcoin had a rough year in 2015, the cryptocurrency isn't dead yet. Concerns about privacy and security have increased skepticism about cryptocurrencies, making it difficult for bitcoin firms to push mainstream approval. However, many believe that as security improves and more and more vendors open up to the possibility of bitcoin transactions, the public will get on board.
Image Credit: Public Domain
See more from Benzinga
• Virtual Reality In 2016
• Is Tesla A Good Investment For 2016?
• 3 CEOs Who Made Headlines In 2015
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle.
Money Issues
One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years.
Related Link:What's In Store For Bitcoin In 2016
On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fentonadmittedthat the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg.
A Bad Reputation
However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations.
One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015.
Does Bitcoin Need A Foundation?
While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further.
Hanging On By A Thread
On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials.
Image Credit:Public Domain
See more from Benzinga
• What Does The End Of The Oil Export Ban Mean For Investors?
• Could 2016 Be The Year Of Drone Deliveries?
• Are Bank Stocks The Way Forward In 2016?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle. Money Issues One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years. Related Link: What's In Store For Bitcoin In 2016 On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fenton admitted that the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg. A Bad Reputation However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations. One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015. Does Bitcoin Need A Foundation? While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further. Story continues Hanging On By A Thread On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials. Image Credit: Public Domain See more from Benzinga What Does The End Of The Oil Export Ban Mean For Investors? Could 2016 Be The Year Of Drone Deliveries? Are Bank Stocks The Way Forward In 2016? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle.
Money Issues
One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years.
Related Link:What's In Store For Bitcoin In 2016
On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fentonadmittedthat the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg.
A Bad Reputation
However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations.
One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015.
Does Bitcoin Need A Foundation?
While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further.
Hanging On By A Thread
On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials.
Image Credit:Public Domain
See more from Benzinga
• What Does The End Of The Oil Export Ban Mean For Investors?
• Could 2016 Be The Year Of Drone Deliveries?
• Are Bank Stocks The Way Forward In 2016?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 16 Bold ETF Predictions for 2016: 2015 wasn’t exactly a great year for fund investors. A few choice companies dominated and left their competitors in the dust, making it a pretty poor year to be a sector investor. For example, stocks like Amazon (AMZN) or Netflix (NFLX) more than doubled in 2015 while not a single major SPDR sector looks to finish the year with gains in excess of 11%. However, 2016 looks to be a bit brighter, assuming of course it isn’t going to be a ‘stock picker’s market’ again in the New Year. Beyond that though, it looks to be another exciting and prosperous year for the ETF industry, and one that looks to see plenty of changes, as well as new funds. In terms of what specifically the New Year might hold, I offer up 16 predictions on what I think 2016 will hold for the world of ETFs, and what investors need to watch for in the New Year: What does 2016 hold for the ETF world? Hedged currency trend finally ends One of the most annoying trends in 2015 has been the surge in every type of hedged currency ETF you could think of, be it half hedged, dynamic hedged, or Chinese currency hedged. While I think the dollar will strengthen a bit more, I think the second half of 2016 will see the flow of hedged ETFs slow to a trickle—if not an outright halt—as the dollar levels out and investors look elsewhere for gains in foreign markets (see Flurry of New Currency Hedged ETFs Fuels Price War ). ETMFs Debut, but stumble out of the gate Exchange Traded Mutual Funds are going to be a big buzzword in 2016 as companies like Eaton Vance look to launch this product type which seeks to provide the exchange-traded benefits of ETFs, with the closed-off holdings aspects of mutual funds to prevent front-running. While I think these will one day have a place in the fund world, they will stumble out of the gate as they confuse investors, unless of course big name players jump on this category and can bring their brand name following with them. More specialized sectors funds look to catch fire, but struggle After the insane rise of the cybersecurity ETF (HACK) in the past year, a number of ETF issuers are looking to strike it rich with similar products in the New Year. As of late, I have seen filings for e-commerce funds, 3D Printing ETFs, and an Internet of Things product, with all of them looking to catch fire like HACK did. However, HACK had a massive catalyst, and without that, the new funds will struggle for a bit to gain popularity in 2016 (see Invest in Booming Technologies with These 3 ETFs). Story continues IWM will beat SPY in 2016 Large caps led the way in 2015, mostly thanks to incredible performances from well-known companies. I think this trend reverses in 2016 and we see a return of the small cap ETF (IWM) and its outperformance over its large cap counterparts in the New Year. RSP will beat SPY in 2016 In that same vein, the equal weight S&P 500 fund (RSP) had long beaten its cap-focused counterpart, SPY . However, this trend ended in 2015 thanks to those surging mega cap securities. I am also looking for this trend to reverse in 2016 and to see a resurgence of equal weight product demand in general for the New Year as well. Surge in duration hedged/negative duration ETF interest A few years ago, hedged Japan ETFs (like DXJ ) hit the market and many thought they were too sophisticated for retail investors. However, as this turned out to be the best way to play the Japan story, investors of all stripes flocked to these products, making them ultra-popular choices in the Japan market. The same concerns are present now with hedged/negative duration bond funds and I think as interest rates rise these will have their time in the sun (by being the best bond ETF plays) and surge in popularity in 2016 ( Worried About Higher Interest Rates? Buy These 4 ETFs to Profit ). Ex-sector funds hit $100 million under management If 2016 is anything like 2015, we will see at least one major sector stumble. That is why I think the lineup from ProShares of ex-sector ETFs (ex-energy, ex-financials, ex-health care, and ex-technology) will finally surge in 2016 after languishing in anonymity for much of Q4 in 2015. With a year under their belt, these will finally see some interest from investors and will go from a combined AUM of under $20 million today, to a combined AUM of at least $100 million by year’s end. New SPDR Select Sector ETFs hit $100 million in assets State Street’s SPDR lineup has proven to be very popular, but the company recently launched two new products to round out its financial ETF offering; XLFS (focus on financial services) and XLRE (focus on real estate). Both of these made their debut in Q4 but haven’t really seen a surge in assets. I think this will change in 2016 as the interest rate picture becomes clearer, making at least one of them a $100 million product, up from roughly $16 million total right now. Oil-free in 2016 The trend against oil investing will continue in 2016 and I think we will see at least a few more fossil-free funds hit the market as investors look to avoid this space in their portfolios. I also think we could see an oil-free bond ETF (or fossil free bond ETF) as issuers look to cash in on the trend against oil investments and over the concerns of defaults in the high yield market in this corner of the fixed income world (read Support the Environment and Profit with Fossil Fuel Free ETFs ). ETF Closures Go Over 100 and Hit/Approach a Record There are nearly 20 funds that have less than $1 million in assets under management, while about 300 have less than $5 million under management. There is basically no way these are profitable and I am sure we will see a host of closures in 2016 as the writing on the wall becomes clear for many of these strategies. This will make 2016 another big, if not the biggest, year for ETF closures on record. Someone Will Close Down Too Early The flip side of this is that a fund will close down too early. In 2016, I predict a fund will shut its doors only to see its segment go on to great popularity within the next few months. We saw this with FAA and the airline space (among others) and it is hard to discount the importance of timing in the ETF world right now, so look for this to happen to a country or sector fund in the New Year (see Finally a New Airline ETF Prepares to Take Off). Two similar ETFs will launch within a one month window You know when Hollywood launches two similar movies pretty close together ( White House Down and Olympus Has Fallen or A Bug’s Life and Antz back in the day)? Well, the ETF industry likes to do that too, putting out funds that target pretty much the same area within a few weeks of each other. The idea is to dilute the first-mover advantage (or to race and become the first mover) and I’d look for that trend to continue in 2016 at least once. Wearable ETF hits the market (or at least a filing) Thanks to the ubiquitous nature of Fitbit (FIT) and a boost in interest in all technology connected devices that are ‘wearable’, a number of companies are jumping into this market. As we saw in recent months with cyber security and cloud computing ETFs, I’d expect to see a wearable (ticker WEAR?) before too long, or at least a filing that will get this fund to market eventually. Bitcoin fund finally comes out For quite some time now, there has been a filing in the pipeline for a bitcoin ETF (COIN) from the Winklevoss twins of all people. The first filing was in 2013, an index was launched earlier in 2014, and I think 2016 will finally mark see this idea pass regulatory hurdles as well as the launch of this product which should help to make bitcoins more easily tradable and liquid for the masses, much like what GLD did for gold (read Believe It or Not: Winklevoss Bitcoin ETF on the Horizon ). Price war continues As the ETF space starts to round out, many ETF issuers have launched ‘me-too’ products which target substantially similar segments of the market. The way they differentiate has largely been on the price front and this has forced issuers to slash costs in order to remain competitive. This war has been great for consumers who look to save more money, and I expect to see more fee cuts and price competitive products in 2016 as well. You’ll see more calls of an ETF Bubble… These will be wrong Every couple of months, ETF pundits will write articles or go on TV saying that the end is near for the ETF world and that the category cannot support more products. These predictions have been wrong before and they will be wrong again in 2016. While there are a lot more ETFs than there were a few years ago, there is still plenty of more sector specific and active ETF opportunities out there, meaning that investors shouldn’t be worried about a bubble again in the New Year either (see Best and Worst ETFs of 2015). Happy New Year and best of luck to fund investors in 2016! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FITBIT INC (FIT): Free Stock Analysis Report PURFDS-ISE CYBR (HACK): ETF Research Reports ISHARS-R 2000 (IWM): ETF Research Reports SPDR-FS SELS (XLFS): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports GUGG-SP5 EQ ETF (RSP): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || 16 Bold ETF Predictions for 2016: 2015 wasn’t exactly a great year for fund investors. A few choice companies dominated and left their competitors in the dust, making it a pretty poor year to be a sector investor. For example, stocks likeAmazon (AMZN)orNetflix (NFLX)more than doubled in 2015 while not a single major SPDR sector looks to finish the year with gains in excess of 11%.
However, 2016 looks to be a bit brighter, assuming of course it isn’t going to be a ‘stock picker’s market’ again in the New Year. Beyond that though, it looks to be another exciting and prosperous year for the ETF industry, and one that looks to see plenty of changes, as well as new funds. In terms of what specifically the New Year might hold, I offer up 16 predictions on what I think 2016 will hold for the world of ETFs, and what investors need to watch for in the New Year:
Hedged currency trend finally ends
One of the most annoying trends in 2015 has been the surge in every type of hedged currency ETF you could think of, be it half hedged, dynamic hedged, or Chinese currency hedged. While I think the dollar will strengthen a bit more, I think the second half of 2016 will see the flow of hedged ETFs slow to a trickle—if not an outright halt—as the dollar levels out and investors look elsewhere for gains in foreign markets (see Flurry of New Currency Hedged ETFs Fuels Price War ).
ETMFs Debut, but stumble out of the gate
Exchange Traded Mutual Funds are going to be a big buzzword in 2016 as companies like Eaton Vance look to launch this product type which seeks to provide the exchange-traded benefits of ETFs, with the closed-off holdings aspects of mutual funds to prevent front-running. While I think these will one day have a place in the fund world, they will stumble out of the gate as they confuse investors, unless of course big name players jump on this category and can bring their brand name following with them.
More specialized sectors funds look to catch fire, but struggle
After the insane rise of thecybersecurity ETF (HACK)in the past year, a number of ETF issuers are looking to strike it rich with similar products in the New Year. As of late, I have seen filings for e-commerce funds, 3D Printing ETFs, and an Internet of Things product, with all of them looking to catch fire like HACK did. However, HACK had a massive catalyst, and without that, the new funds will struggle for a bit to gain popularity in 2016 (see Invest in Booming Technologies with These 3 ETFs).
IWM will beat SPY in 2016
Large caps led the way in 2015, mostly thanks to incredible performances from well-known companies. I think this trend reverses in 2016 and we see a return of thesmall cap ETF (IWM)and its outperformance over its large cap counterparts in the New Year.
RSP will beat SPYin 2016
In that same vein, theequal weight S&P 500 fund (RSP)had long beaten its cap-focused counterpart,SPY. However, this trend ended in 2015 thanks to those surging mega cap securities. I am also looking for this trend to reverse in 2016 and to see a resurgence of equal weight product demand in general for the New Year as well.
Surge in duration hedged/negative duration ETF interest
A few years ago, hedged Japan ETFs (likeDXJ) hit the market and many thought they were too sophisticated for retail investors. However, as this turned out to be the best way to play the Japan story, investors of all stripes flocked to these products, making them ultra-popular choices in the Japan market. The same concerns are present now with hedged/negative duration bond funds and I think as interest rates rise these will have their time in the sun (by being the best bond ETF plays) and surge in popularity in 2016 ( Worried About Higher Interest Rates? Buy These 4 ETFs to Profit ).
Ex-sector funds hit $100 million under management
If 2016 is anything like 2015, we will see at least one major sector stumble. That is why I think the lineup from ProShares of ex-sector ETFs (ex-energy, ex-financials, ex-health care, and ex-technology) will finally surge in 2016 after languishing in anonymity for much of Q4 in 2015. With a year under their belt, these will finally see some interest from investors and will go from a combined AUM of under $20 million today, to a combined AUM of at least $100 million by year’s end.
New SPDR Select Sector ETFs hit $100 million in assets
State Street’s SPDR lineup has proven to be very popular, but the company recently launched two new products to round out its financial ETF offering;XLFS(focus on financial services) and XLRE (focus on real estate). Both of these made their debut in Q4 but haven’t really seen a surge in assets. I think this will change in 2016 as the interest rate picture becomes clearer, making at least one of them a $100 million product, up from roughly $16 million total right now.
Oil-free in 2016
The trend against oil investing will continue in 2016 and I think we will see at least a few more fossil-free funds hit the market as investors look to avoid this space in their portfolios. I also think we could see an oil-free bond ETF (or fossil free bond ETF) as issuers look to cash in on the trend against oil investments and over the concerns of defaults in the high yield market in this corner of the fixed income world (read Support the Environment and Profit with Fossil Fuel Free ETFs ).
ETF Closures Go Over 100 and Hit/Approach a Record
There are nearly 20 funds that have less than $1 million in assets under management, while about 300 have less than $5 million under management. There is basically no way these are profitable and I am sure we will see a host of closures in 2016 as the writing on the wall becomes clear for many of these strategies. This will make 2016 another big, if not the biggest, year for ETF closures on record.
Someone Will Close Down Too Early
The flip side of this is that a fund will close down too early. In 2016, I predict a fund will shut its doors only to see its segment go on to great popularity within the next few months. We saw this with FAA and the airline space (among others) and it is hard to discount the importance of timing in the ETF world right now, so look for this to happen to a country or sector fund in the New Year (see Finally a New Airline ETF Prepares to Take Off).
Two similar ETFs will launch within a one month window
You know when Hollywood launches two similar movies pretty close together (White House DownandOlympus Has FallenorA Bug’s LifeandAntzback in the day)? Well, the ETF industry likes to do that too, putting out funds that target pretty much the same area within a few weeks of each other. The idea is to dilute the first-mover advantage (or to race andbecomethe first mover) and I’d look for that trend to continue in 2016 at least once.
Wearable ETF hits the market (or at least a filing)
Thanks to the ubiquitous nature ofFitbit (FIT)and a boost in interest in all technology connected devices that are ‘wearable’, a number of companies are jumping into this market. As we saw in recent months with cyber security and cloud computing ETFs, I’d expect to see a wearable (ticker WEAR?) before too long, or at least a filing that will get this fund to market eventually.
Bitcoin fund finally comes out
For quite some time now, there has been a filing in the pipeline for a bitcoin ETF (COIN) from the Winklevoss twins of all people. The first filing was in 2013, an index was launched earlier in 2014, and I think 2016 will finally mark see this idea pass regulatory hurdles as well as the launch of this product which should help to make bitcoins more easily tradable and liquid for the masses, much like whatGLDdid for gold (read Believe It or Not: Winklevoss Bitcoin ETF on the Horizon ).
Price war continues
As the ETF space starts to round out, many ETF issuers have launched ‘me-too’ products which target substantially similar segments of the market. The way they differentiate has largely been on the price front and this has forced issuers to slash costs in order to remain competitive. This war has been great for consumers who look to save more money, and I expect to see more fee cuts and price competitive products in 2016 as well.
You’ll see more calls of an ETF Bubble… These will be wrong
Every couple of months, ETF pundits will write articles or go on TV saying that the end is near for the ETF world and that the category cannot support more products. These predictions have been wrong before and they will be wrong again in 2016. While there are a lot more ETFs than there were a few years ago, there is still plenty of more sector specific and active ETF opportunities out there, meaning that investors shouldn’t be worried about a bubble again in the New Year either (see Best and Worst ETFs of 2015).
Happy New Year and best of luck to fund investors in 2016!
Want the latest recommendations from Zacks Investment Research? Today, you can download7 Best Stocks for the Next 30 Days.Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportFITBIT INC (FIT): Free Stock Analysis ReportPURFDS-ISE CYBR (HACK): ETF Research ReportsISHARS-R 2000 (IWM): ETF Research ReportsSPDR-FS SELS (XLFS): ETF Research ReportsSPDR-SP 500 TR (SPY): ETF Research ReportsGUGG-SP5 EQ ETF (RSP): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
[Social Media Buzz]
1 #BTC (#Bitcoin) quotes:
$429.65/$430.46 #Bitstamp
$428.90/$429.14 #BTCe
⇢$-1.56/$-0.51
$430.96/$431.00 #Coinbase
⇢$0.50/$1.35 || 1 #BTC (#Bitcoin) quotes:
$453.25/$453.79 #Bitstamp
$448.74/$448.79 #BTCe
⇢$-5.05/$-4.46
$454.99/$455.00 #Coinbase
⇢$1.20/$1.75 || LIVE: Profit = $361.11 (4.29 %). BUY B20.42 @ $420.00 (#VirCurex). SELL @ $430.00 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || 1 #BTC (#Bitcoin) quotes:
$441.44/$441.64 #Bitstamp
$439.62/$440.00 #BTCe
⇢$-2.02/$-1.44
$441.17/...
|
453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54, 1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23, 973.82, 1036.74, 1054.23, 1120.54, 1049.14, 1038.59, 937.52, 972.78, 966.72, 1045.77, 1047.15, 1039.97, 1026.43, 1071.79, 1080.50, 1102.17, 1143.81, 1133.25, 1124.78, 1182.68, 1176.90, 1175.95, 1187.87, 1187.13, 1205.01, 1200.37, 1169.28, 1167.54, 1172.52, 1182.94, 1193.91, 1211.67, 1210.29, 1229.08, 1222.05, 1231.71, 1207.21, 1250.15, 1265.49, 1281.08, 1317.73, 1316.48, 1321.79, 1347.89, 1421.60, 1452.82, 1490.09, 1537.67, 1555.45, 1578.80, 1596.71, 1723.35, 1755.36, 1787.13, 1848.57, 1724.24, 1804.91, 1808.91, 1738.43, 1734.45, 1839.09, 1888.65, 1987.71, 2084.73, 2041.20, 2173.40, 2320.42, 2443.64, 2304.98, 2202.42.
|
[Bitcoin Technical Analysis for 2017-05-26]
Volume: 1763480064, RSI (14-day): 66.94, 50-day EMA: 1657.95, 200-day EMA: 1181.78
[Wider Market Context]
Gold Price: 1267.60, Gold RSI: 60.91
Oil Price: 49.80, Oil RSI: 52.30
[Recent News (last 7 days)]
Fred Wilson throws a little cold water on bitcoin enthusiasts: For all the excitement around digital currency technologyin New York this week, venture capitalist Fred Wilson said it will probably take much longer for bitcoin(Exchange: BTC=)to go mainstream.
"I've been trying to transact with bitcoin and a lot of cryptocurrencies for a long time. It's not that rewarding to do, honestly," Wilson, managing partner at Union Square Ventures, said Thursday at the Token Summit.
"It will probably be a long time before people understand what a blockchain currency is," he said.
Hundreds of developers, start-up founders and digital currency investors packed a New York University lecture hall for the all-day conference, which focused on how bitcoin's underlying blockchain technology and digital currencies, or tokens, could change the way business operates.
"I do think some digital currency will end up being the reserve currency of the world. I see a path where that's going to happen," Brian Armstrong, CEO of the Coinbase exchange for buying and selling digital currencies, said at the conference.
Coinbase said Thursday it suffered outages due to "unprecedented traffic and trading," according to Reuters.
The week was a big one for bitcoin, especially in the financial center of New York. The Token Summit followed a two-and-a-half-day digital currency conference called Consensus, both held in Manhattan.
Bitcoin prices climbed all week and skyrocketed to all-time highs above $2,700 on Thursday, raising some concerns of euphoria, similar to 1999 prior to the dotcom bubble.
Wilson compared the state of blockchain innovation to the early- to mid-1990s, when the internet's infrastructure was just being built. He pointed out that the only major consumer internet businesses at the time were Yahoo(NASDAQ: YHOO), eBay(NASDAQ: EBAY)and Amazon(NASDAQ: AMZN).
Google(NASDAQ: GOOGL)came later, and Facebook(NASDAQ: FB), Uber, Airbnb and SoundCloud only emerged in the last 15 years, after the tech bubble's collapse in 2000, Wilson pointed out.
That doesn't give bitcoin the all clear. Rather, it's more likely that the currency and blockchain are still in an early phase, before overspeculation and before widespread adoption.
"I think there's a ways more we could go before the whole thing could come undone in a massive way," Wilson said, noting investors also need to be wary of scams, fraudulent use and challenges in technological development.
That said, the longer-term view is more positive.
"By the end of this decade," he said, "we should start to see native blockchain applications receiving massive adoption."
Watch: Bit risks to bitcoin rally
More From CNBC
• Markets will be watching economic data and whether Amazon can break $1,000
• Market highs don't feel 'solid,' expect some profit-taking next week: Trader
• Bitcoin 'nerds' give way to Wall Street suits at digital currency conference || Fred Wilson throws a little cold water on bitcoin enthusiasts: For all the excitement around digital currency technology in New York this week, venture capitalist Fred Wilson said it will probably take much longer for bitcoin (Exchange: BTC=) to go mainstream. "I've been trying to transact with bitcoin and a lot of cryptocurrencies for a long time. It's not that rewarding to do, honestly," Wilson, managing partner at Union Square Ventures, said Thursday at the Token Summit. "It will probably be a long time before people understand what a blockchain currency is," he said. Hundreds of developers, start-up founders and digital currency investors packed a New York University lecture hall for the all-day conference, which focused on how bitcoin's underlying blockchain technology and digital currencies, or tokens, could change the way business operates. "I do think some digital currency will end up being the reserve currency of the world. I see a path where that's going to happen," Brian Armstrong, CEO of the Coinbase exchange for buying and selling digital currencies, said at the conference. Coinbase said Thursday it suffered outages due to "unprecedented traffic and trading," according to Reuters. The week was a big one for bitcoin, especially in the financial center of New York. The Token Summit followed a two-and-a-half-day digital currency conference called Consensus, both held in Manhattan. Bitcoin prices climbed all week and skyrocketed to all-time highs above $2,700 on Thursday, raising some concerns of euphoria, similar to 1999 prior to the dotcom bubble. Wilson compared the state of blockchain innovation to the early- to mid-1990s, when the internet's infrastructure was just being built. He pointed out that the only major consumer internet businesses at the time were Yahoo (NASDAQ: YHOO) , eBay (NASDAQ: EBAY) and Amazon (NASDAQ: AMZN) . Google (NASDAQ: GOOGL) came later, and Facebook (NASDAQ: FB) , Uber, Airbnb and SoundCloud only emerged in the last 15 years, after the tech bubble's collapse in 2000, Wilson pointed out. Story continues That doesn't give bitcoin the all clear. Rather, it's more likely that the currency and blockchain are still in an early phase, before overspeculation and before widespread adoption. "I think there's a ways more we could go before the whole thing could come undone in a massive way," Wilson said, noting investors also need to be wary of scams, fraudulent use and challenges in technological development. That said, the longer-term view is more positive. "By the end of this decade," he said, "we should start to see native blockchain applications receiving massive adoption." Watch: Bit risks to bitcoin rally More From CNBC Markets will be watching economic data and whether Amazon can break $1,000 Market highs don't feel 'solid,' expect some profit-taking next week: Trader Bitcoin 'nerds' give way to Wall Street suits at digital currency conference || GDP and consumers — What you need to know in markets on Friday: Stocks are at record highs.
After rising yet again on Thursday, both the S&P 500 and the Nasdaq closed at record highs with most of the market’s focus zeroing in on Amazon (AMZN), which came within a few bucks of hitting $1,000 a share for the first time.
Thursday also saw a reversal of fortune for some names in the retail sector as shares of Sears (SHLD) spiked after earnings and Best Buy (BBY) shares rose over 20%.
On Friday, markets will get a few key pieces of economic data to focus on, with the second estimate of first quarter GDP due for release as well as the final reading on consumer sentiment in May from the University of Michigan.
The earnings calendar will be quiet with no S&P 500 company due to report results ahead of the three-day Memorial Day holiday weekend.
On Thursday morning, Bitcoin traded above $2,700 for the first time.
By the afternoon, Bitcoin prices were back near $2,400.
“This is the perfect asset for a speculative bubble,”said Henry Blodget, CEO of Business Insider on Thursday.
“There is a finite supply and no intrinsic value… If anyone is persuading you it should be related to GDP or gold, put down the Kool-Aid… The logic of folks who are buying [Bitcoin] is, ‘All I can lose is 100%. I could make 10x, 100x, 1000x, it’s all possible.’ … [Bitcoin] could literally go to $1,000,000.”
Blodget added that if you want to look at some way to find the “intrinsic” value of the currency, look at transactions per day, which have been on the rise over the last several years.
Ultimately, however, Bitcoin right now is seeing the second wave of a mania that took hold back in 2013 when the price of the cryptocurrency rose from around $80 to $1,100.
Last week, Yahoo Finance’s Dan Robertsoutlinedwhy Bitcoin prices keep going bonkers.
And while a number of factors including digital currency getting recognition as legal tender from governments, including Japan, aid the positive sentiment towards bitcoin prices, the latest spike is ultimately backed by a simple economic principle: scarcity.
There are a limited numbers of Bitcoins. And while the current owner of Bitcoin or the speculator wondering whethernowis the right or wrong time to take a nibble at owning some, each person who hears about the latest spike becomes a potential marginal buyer.
Even at these prices.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• Money is pouring into tech stocks at the fastest pace in 15 years
• Here’s what the stock market did during Watergate — and why
• How Trump can fix the most persistent problem in the U.S. economy
• This is the moment America met Warren Buffett
• Why you should always be ready for a big, scary stock market sell-off || GDP and consumers — What you need to know in markets on Friday: Stocks are at record highs. After rising yet again on Thursday, both the S&P 500 and the Nasdaq closed at record highs with most of the market’s focus zeroing in on Amazon ( AMZN ), which came within a few bucks of hitting $1,000 a share for the first time. Thursday also saw a reversal of fortune for some names in the retail sector as shares of Sears ( SHLD ) spiked after earnings and Best Buy ( BBY ) shares rose over 20%. On Friday, markets will get a few key pieces of economic data to focus on, with the second estimate of first quarter GDP due for release as well as the final reading on consumer sentiment in May from the University of Michigan. The earnings calendar will be quiet with no S&P 500 company due to report results ahead of the three-day Memorial Day holiday weekend. Bitcoin mania On Thursday morning, Bitcoin traded above $2,700 for the first time. By the afternoon, Bitcoin prices were back near $2,400. “This is the perfect asset for a speculative bubble,” said Henry Blodget , CEO of Business Insider on Thursday. “There is a finite supply and no intrinsic value… If anyone is persuading you it should be related to GDP or gold, put down the Kool-Aid… The logic of folks who are buying [Bitcoin] is, ‘All I can lose is 100%. I could make 10x, 100x, 1000x, it’s all possible.’ … [Bitcoin] could literally go to $1,000,000.” Blodget added that if you want to look at some way to find the “intrinsic” value of the currency, look at transactions per day, which have been on the rise over the last several years. Ultimately, however, Bitcoin right now is seeing the second wave of a mania that took hold back in 2013 when the price of the cryptocurrency rose from around $80 to $1,100. Bitcoin prices have gone bananas recently. (Source: Coindesk) Last week, Yahoo Finance’s Dan Roberts outlined why Bitcoin prices keep going bonkers. And while a number of factors including digital currency getting recognition as legal tender from governments, including Japan, aid the positive sentiment towards bitcoin prices, the latest spike is ultimately backed by a simple economic principle: scarcity. Story continues There are a limited numbers of Bitcoins. And while the current owner of Bitcoin or the speculator wondering whether now is the right or wrong time to take a nibble at owning some, each person who hears about the latest spike becomes a potential marginal buyer. Even at these prices. — Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland Read more from Myles here: Money is pouring into tech stocks at the fastest pace in 15 years Here’s what the stock market did during Watergate — and why How Trump can fix the most persistent problem in the U.S. economy This is the moment America met Warren Buffett Why you should always be ready for a big, scary stock market sell-off || Bitcoin 'nerds' give way to Wall Street suits at digital currency conference: The world of finance is getting so interested in bitcoin that it's no longer just the land of coders.
"At this conference, one thing I immediately noticed, I have a hard time finding the nerd table," said Joseph Poon, founder of theBitcoin Lightning Network, a system for digital payments. He was speaking on the sidelines of the Token Summit in New York, a conference Thursday that looked at the application of bitcoin's blockchain technology to business.
"For the past five years, it's always been easy to find the nerd table because it's everywhere. The conference was the nerd table. Now it seems like it's all ambassadors, and it's basically like I can only find like 10 people I can recognize here," Poon said.
Wall Street is getting more invested in digital currencies and just in time for Bitcoin to hit a record high. That may not be a coincidence.
Bitcoin has more than doubled in price this year and briefly surged to a record of $2,791.70 Thursday, before briefly erasing $400. The gains come with increased interest in digital currencies, or tokens. Bitcoin(Exchange: BTC=-USS)is a kind of token for which transactions are recorded in a secure accounting system called blockchain.
The demand to attend the Token Summit exceeded organizer William Mougayar's own expectation of 300 — there were as many on the waiting list before he closed it, he said.
He began organizing the Token Summit in December, and out of 650 registrants from 44 countries he said about a quarter were involved with the business and financing side. "I was surprised," he said.
Earlier in the week at another New York digital currency conference, Consensus, Fidelity announced it will allow clients tosee bitcoin and other cryptocurrenciesheld on Coinbase on its website, according to a Reuters report.
Fidelity CEO Abigail Johnson said in the report that the asset manager has also allowed employees to use bitcoin to pay in the firm's cafeteria.
"They basically let the world know they are looking at it," Nick Kirk, formerly of IBM Research and an investor in cryptocurrencies, said from the Token Summit. "The smart money is starting to come in now."
Kirk said he recently met with proprietary trading firms from Chicago that are interested in digital currencies.
It's not just Fidelity that's getting more public about their interest in digital currencies and the underlying blockchain technology. One currency in particular, ethereum, has gained more than 2,000 percent this year because investors see its potential in paving the way for a new, decentralized internet.
Last week, the Enterprise Ethereum Alliance announced 86 new members of the standards-setting development group, including financial communications company Broadridge, clearinghouse DTCC and consulting firm Deloitte. JPMorgan(NYSE: JPM), Intel(NASDAQ: INTC)and Microsoft(NASDAQ: MSFT)were among the founding group.
JPMorgan on Monday also announced at the Consensus conference that the bank is working with the makers of a digital currency called zcash to increase privacy forsettlement of transactions on a blockchain, according to CoinDesk, the conference host.
At Consensus "there were a lot of suits," David Vorick, co-founder and CEO of Sia, a cloud computing company based on blockchain, said of his experience at Consensus. "It just felt like everybody was there doing business. Even myself. I was wearing a suit, and that's not my natural state of being."
Watch: O'Leary suggests shorting bitcoin
More From CNBC
• Market highs don't feel 'solid,' expect some profit-taking next week: Trader
• Retailers’ upturn is a false bill of goods
• Calvin Klein owner PVH's international potential is reason to buy the stock, JPMorgan says || Bitcoin 'nerds' give way to Wall Street suits at digital currency conference: The world of finance is getting so interested in bitcoin that it's no longer just the land of coders.
"At this conference, one thing I immediately noticed, I have a hard time finding the nerd table," said Joseph Poon, founder of theBitcoin Lightning Network, a system for digital payments. He was speaking on the sidelines of the Token Summit in New York, a conference Thursday that looked at the application of bitcoin's blockchain technology to business.
"For the past five years, it's always been easy to find the nerd table because it's everywhere. The conference was the nerd table. Now it seems like it's all ambassadors, and it's basically like I can only find like 10 people I can recognize here," Poon said.
Wall Street is getting more invested in digital currencies and just in time for Bitcoin to hit a record high. That may not be a coincidence.
Bitcoin has more than doubled in price this year and briefly surged to a record of $2,791.70 Thursday, before briefly erasing $400. The gains come with increased interest in digital currencies, or tokens. Bitcoin(Exchange: BTC=-USS)is a kind of token for which transactions are recorded in a secure accounting system called blockchain.
The demand to attend the Token Summit exceeded organizer William Mougayar's own expectation of 300 — there were as many on the waiting list before he closed it, he said.
He began organizing the Token Summit in December, and out of 650 registrants from 44 countries he said about a quarter were involved with the business and financing side. "I was surprised," he said.
Earlier in the week at another New York digital currency conference, Consensus, Fidelity announced it will allow clients tosee bitcoin and other cryptocurrenciesheld on Coinbase on its website, according to a Reuters report.
Fidelity CEO Abigail Johnson said in the report that the asset manager has also allowed employees to use bitcoin to pay in the firm's cafeteria.
"They basically let the world know they are looking at it," Nick Kirk, formerly of IBM Research and an investor in cryptocurrencies, said from the Token Summit. "The smart money is starting to come in now."
Kirk said he recently met with proprietary trading firms from Chicago that are interested in digital currencies.
It's not just Fidelity that's getting more public about their interest in digital currencies and the underlying blockchain technology. One currency in particular, ethereum, has gained more than 2,000 percent this year because investors see its potential in paving the way for a new, decentralized internet.
Last week, the Enterprise Ethereum Alliance announced 86 new members of the standards-setting development group, including financial communications company Broadridge, clearinghouse DTCC and consulting firm Deloitte. JPMorgan(NYSE: JPM), Intel(NASDAQ: INTC)and Microsoft(NASDAQ: MSFT)were among the founding group.
JPMorgan on Monday also announced at the Consensus conference that the bank is working with the makers of a digital currency called zcash to increase privacy forsettlement of transactions on a blockchain, according to CoinDesk, the conference host.
At Consensus "there were a lot of suits," David Vorick, co-founder and CEO of Sia, a cloud computing company based on blockchain, said of his experience at Consensus. "It just felt like everybody was there doing business. Even myself. I was wearing a suit, and that's not my natural state of being."
Watch: O'Leary suggests shorting bitcoin
More From CNBC
• Market highs don't feel 'solid,' expect some profit-taking next week: Trader
• Retailers’ upturn is a false bill of goods
• Calvin Klein owner PVH's international potential is reason to buy the stock, JPMorgan says || Bitcoin 'nerds' give way to Wall Street suits at digital currency conference: The world of finance is getting so interested in bitcoin that it's no longer just the land of coders. "At this conference, one thing I immediately noticed, I have a hard time finding the nerd table," said Joseph Poon, founder of the Bitcoin Lightning Network , a system for digital payments. He was speaking on the sidelines of the Token Summit in New York, a conference Thursday that looked at the application of bitcoin's blockchain technology to business. "For the past five years, it's always been easy to find the nerd table because it's everywhere. The conference was the nerd table. Now it seems like it's all ambassadors, and it's basically like I can only find like 10 people I can recognize here," Poon said. Wall Street is getting more invested in digital currencies and just in time for Bitcoin to hit a record high. That may not be a coincidence. Bitcoin has more than doubled in price this year and briefly surged to a record of $2,791.70 Thursday, before briefly erasing $400. The gains come with increased interest in digital currencies, or tokens. Bitcoin (Exchange: BTC=-USS) is a kind of token for which transactions are recorded in a secure accounting system called blockchain. The demand to attend the Token Summit exceeded organizer William Mougayar's own expectation of 300 there were as many on the waiting list before he closed it, he said. He began organizing the Token Summit in December, and out of 650 registrants from 44 countries he said about a quarter were involved with the business and financing side. "I was surprised," he said. Earlier in the week at another New York digital currency conference, Consensus, Fidelity announced it will allow clients to see bitcoin and other cryptocurrencies held on Coinbase on its website, according to a Reuters report. Fidelity CEO Abigail Johnson said in the report that the asset manager has also allowed employees to use bitcoin to pay in the firm's cafeteria. Story continues "They basically let the world know they are looking at it," Nick Kirk, formerly of IBM Research and an investor in cryptocurrencies, said from the Token Summit. "The smart money is starting to come in now." Kirk said he recently met with proprietary trading firms from Chicago that are interested in digital currencies. It's not just Fidelity that's getting more public about their interest in digital currencies and the underlying blockchain technology. One currency in particular, ethereum, has gained more than 2,000 percent this year because investors see its potential in paving the way for a new, decentralized internet. Last week, the Enterprise Ethereum Alliance announced 86 new members of the standards-setting development group, including financial communications company Broadridge, clearinghouse DTCC and consulting firm Deloitte. JPMorgan (NYSE: JPM) , Intel (NASDAQ: INTC) and Microsoft (NASDAQ: MSFT) were among the founding group. JPMorgan on Monday also announced at the Consensus conference that the bank is working with the makers of a digital currency called zcash to increase privacy for settlement of transactions on a blockchain , according to CoinDesk, the conference host. At Consensus "there were a lot of suits," David Vorick, co-founder and CEO of Sia, a cloud computing company based on blockchain, said of his experience at Consensus. "It just felt like everybody was there doing business. Even myself. I was wearing a suit, and that's not my natural state of being." Watch: O'Leary suggests shorting bitcoin More From CNBC Market highs don't feel 'solid,' expect some profit-taking next week: Trader Retailers upturn is a false bill of goods Calvin Klein owner PVH's international potential is reason to buy the stock, JPMorgan says || Mark Zuckerberg joins Silicon Valley bigwigs in calling for government to give everybody free money: Facebook (NASDAQ: FB) CEO Mark Zuckerberg called on the need to consider universal basic income for Americans during his Harvard Commencement Speech. Zuckerberg's comments reflect those of other Silicon Valley bigwigs, including Sam Altman, the president of venture capital firm Y Combinator. "Every generation expands its definition of equality. Now it's time for our generation to define a new social contract," Zuckerberg said during his speech. "We should have a society that measures progress not by economic metrics like GDP but by how many of us have a role we find meaningful. We should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas." Zuckerberg said that, because he knew he had a safety net if projects like Facebook had failed, he was confident enough to continue on without fear of failing. Others, he said, such as children who need to support households instead of poking away on computers learning how to code, don't have the foundation Zuckerberg had. Universal basic income would provide that sort of cushion, Zuckerberg argued. Altman's view is similar. A year ago, Altman said he thinks "everyone should have enough money to meet their basic needs—no matter what, especially if there are enough resources to make it possible. We don't yet know how it should look or how to pay for it, but basic income seems a promising way to do this." Altman believes basic income will be possible as technological advancements "generate an abundance of resources" that help decrease the cost of living. Also see: Mark Zuckerberg: Success comes from 'the freedom to fail,' so billionaires like me should pay you to do that WATCH: Facebook's Mark Zuckerberg delivers Harvard graduation speech More From CNBC Bitcoin rival Ripple is sitting on many billions of dollars worth of currency GameStop shares tank despite earnings beat Bitcoin rival ethereum is headed for a 38% correction, analyst says || Mark Zuckerberg joins Silicon Valley bigwigs in calling for government to give everybody free money: Facebook(NASDAQ: FB)CEO Mark Zuckerberg called on the need to consider universal basic income for Americans during his Harvard Commencement Speech.
Zuckerberg's comments reflect those of other Silicon Valley bigwigs, including Sam Altman, the president of venture capital firm Y Combinator.
"Every generation expands its definition of equality. Now it's time for our generation to define a new social contract," Zuckerberg said during his speech. "We should have a society that measures progress not by economic metrics like GDP but by how many of us have a role we find meaningful. We should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas."
Zuckerberg said that, because he knew he had a safety net if projects like Facebook had failed, he was confident enough to continue on without fear of failing. Others, he said, such as children who need to support households instead of poking away on computers learning how to code, don't have the foundation Zuckerberg had. Universal basic income would provide that sort of cushion, Zuckerberg argued.
Altman's view is similar. A year ago,Altman said he thinks"everyone should have enough money to meet their basic needs—no matter what, especially if there are enough resources to make it possible. We don't yet know how it should look or how to pay for it, but basic income seems a promising way to do this." Altman believes basic income will be possible as technological advancements "generate an abundance of resources" that help decrease the cost of living.
Alsosee:Mark Zuckerberg: Success comes from 'the freedom to fail,' so billionaires like me should pay you to do that
WATCH: Facebook's Mark Zuckerberg delivers Harvard graduation speech
More From CNBC
• Bitcoin rival Ripple is sitting on many billions of dollars worth of currency
• GameStop shares tank despite earnings beat
• Bitcoin rival ethereum is headed for a 38% correction, analyst says || Coinbase suffers outages amid bitcoin surge: (Reuters) - Coinbase said on Thursday it suffered outages this week as the bitcoin exchange saw "unprecedented traffic and trading," with the digital currency hitting record levels. Bitcoin fell as much as 6.5 percent to $2,263.72 at around 1730 GMT on Thursday, but rebounded shortly after to hit a fresh all-time high of $2,760.10. Bitcoin hit a record on the BitStamp platform on Wednesday, driven by an uptick in demand for crypto-assets, with the creation of new tokens to raise funding for start-ups using blockchain, the underlying technology behind bitcoin. So far this year, the price of bitcoin has more than doubled. Coinbase, the world's largest bitcoin company with operations in 32 countries, said the heavy traffic had caused outages at its website as well. The exchange said it was working to resolve the issues. Problems that Coinbase's platform experienced earlier this week, including card verification failures and slow load times, were resolved, its status page showed. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar) || Coinbase suffers outages amid bitcoin surge: (Reuters) - Coinbase said on Thursday it suffered outages this week as the bitcoin exchange saw "unprecedented traffic and trading," with the digital currency hitting record levels.
Bitcoin fell as much as 6.5 percent to $2,263.72 at around 1730 GMT on Thursday, but rebounded shortly after to hit a fresh all-time high of $2,760.10.
Bitcoin hit a record on the BitStamp platform on Wednesday, driven by an uptick in demand for crypto-assets, with the creation of new tokens to raise funding for start-ups using blockchain, the underlying technology behind bitcoin.
So far this year, the price of bitcoin has more than doubled.
Coinbase, the world's largest bitcoin company with operations in 32 countries, said the heavy traffic had caused outages at its website as well. The exchange said it was working to resolve the issues.
Problems that Coinbase's platform experienced earlier this week, including card verification failures and slow load times, were resolved, its status page showed.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar) || As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service: Messaging app Kik announced Thursday it will use cryptocurrency tokens as the primary transaction currency on the platform an unusual effort to compete against its behemoth rival, Facebook Messenger. The announcement comes as bitcoin and other so-called decentralized currencies are riding a fresh wave of interest. Bitcoin prices hit a record level of $2,500 on Wednesday a 150 percent surge this year. The new program means that Kik can now use an internationalized currency for many transactions. Using messaging apps for activities like listening to music, ordering food or making payments is already popular in Asia, where WeChat is a dominant app for sending messages on mobile phones. That's something platforms like Facebook are hungry to replicate. "This is something we've been experimenting with since 2014," Kik's founder and CEO, Ted Livingston, told CNBC's " Power Lunch " on Thursday. "There are a bunch of ways to earn it: You could watch ads, you could host a great group chat, create a great sticker, build a great bot . So there's all these different ways as a consumer you could come in and earn value and then spend value. And how that makes money for Kik is, we create a new cryptocurrency for Kik such that there's only going to be so much of it. And we set some of that aside for us. So that if more and more people transact in this cryptocurrency, the value of it grows." Creating a WeChat-like ecosystem could be a lucrative, even existential, opportunity for other messaging companies like Line and Apple, technology analyst Ben Thompson wrote earlier this month. Many messaging apps, like Facebook Messenger and Snapchat, offer peer-to-peer payments and transactions with businesses. The company behind WeChat, Tencent, invested $50 million in Kik with that goal in mind. Still, Kik's implementation of cryptocurrency is relatively unusual because most apps use local currencies for payments. Despite bitcoin's association with crimes committed on the so-called Silk Road, technology trend watchers like venture capitalist Fred Wilson, who invested in Kik , have high hopes for cryptocurrencies. Story continues Wilson said at a conference this month that consumers would eventually revolt against the data collection from platforms like Facebook and Google, opting to pay small amounts of cryptocurrencies for a more private internet experience. "Historically, you build a community and use it to then sell their attention to advertisers, or use it to sell them stuff, that they either don't want or don't need," Livingston said. "So now with the cryptocurrency it unlocks a fundamentally new way to monetize a community." Canada-based Kik's cryptocurrency, Kin, will be based on a different type of technology, ethereum blockchain. Canada is one of the top 10 areas most interested in ethereum over the past 12 months, Google Trends data show. In its announcement, Kik also called out the omnipresence of giant tech companies. "More and more ... services are controlled by a diminishing number of companies, resulting in a future of less innovation and less choice. Decentralization provides a sustainable way forward," the company said. Only about 5.8 percent of U.S. internet users use Kik, according to a May 2016 usage study by AYTM Market Research, compared with 38.9 percent of respondents who use Facebook Messenger. But Livingston said Kik still has millions of users. He added that the tactic could create new ways for Kik to compete with the massive scale of Facebook's free products. "You live in this world where consumers expect everything for free," Livingston said. "So this is also a new way to build a new ecosystem, where we can use this cryptocurrency and create a rewards engine to pull in other developers to build great services for consumers." More From CNBC Here comes the ICO, a wild new way for cryptocurrency start-ups to raise money How Best Buy escaped the retail apocalypse Disney CEO Bob Iger: We weren't actually hacked || As bitcoin prices soar, messaging app Kik launches cryptocurrency payment service: Messaging app Kik announced Thursday it will use cryptocurrency tokens as the primary transaction currency on the platform — an unusual effort to compete against its behemoth rival, Facebook Messenger.
The announcement comes asbitcoinand other so-called decentralized currencies are riding a fresh wave of interest.Bitcoin priceshit a record level of $2,500 on Wednesday — a 150 percent surge this year.
The new program means that Kik can now use an internationalized currency for many transactions.
Using messaging apps for activities like listening to music, ordering food or making payments is already popular in Asia, where WeChat is a dominant app for sending messages on mobile phones. That's something platforms like Facebook are hungry to replicate.
"This is something we've been experimenting with since 2014," Kik's founder and CEO, Ted Livingston, told CNBC's "Power Lunch" on Thursday."There are a bunch of ways to earn it: You could watch ads, you could host a great group chat, create a great sticker, build a greatbot. Sothere'sall these different ways as a consumer you could come in and earn value and then spend value. And how that makes money for Kik is, we create a new cryptocurrency for Kik such that there's only going to be so much of it. And we set some of that aside for us. So that if more and more people transact in this cryptocurrency, the value of it grows."
Creating a WeChat-like ecosystem could be a lucrative, even existential, opportunity for other messaging companies like Line and Apple,technologyanalyst Ben Thompsonwrote earlier this month.Many messaging apps, like Facebook Messenger and Snapchat, offer peer-to-peer payments and transactions with businesses.
The company behind WeChat,Tencent, invested $50 million in Kikwith that goal in mind.
Still, Kik's implementation of cryptocurrency is relatively unusual because most apps use local currencies for payments.
Despite bitcoin's association with crimes committed on the so-called Silk Road, technology trend watchers like venture capitalist Fred Wilson,who invested in Kik, have high hopes for cryptocurrencies.
Wilson said at a conference this month that consumers would eventually revolt against the data collection from platforms like Facebook and Google, opting topay small amounts of cryptocurrenciesfor a more privateinternetexperience.
"Historically, you build a community and use it to then sell their attention to advertisers, or use it to sell them stuff, that they either don't want or don't need," Livingston said. "So now with thecryptocurrencyit unlocks a fundamentally new way to monetize a community."
Canada-based Kik's cryptocurrency, Kin, will be based on a different type of technology,ethereumblockchain. Canada is one of the top 10 areas most interested inethereumover the past 12 months,Google Trends datashow.
In its announcement, Kik also called out the omnipresence of giant tech companies.
"More and more ... services are controlled by a diminishing number of companies, resulting in a future of less innovation and less choice. Decentralization provides a sustainable way forward," the company said.
Only about 5.8 percent of U.S. internet users use Kik, according to a May 2016 usage study by AYTM Market Research, compared with 38.9 percent of respondents who use Facebook Messenger.
But Livingston said Kik still has millions of users. He added that the tactic could create new ways for Kik to compete with the massive scale of Facebook's free products.
"You live in this world where consumers expect everything for free," Livingston said. "So this is also a new way to build a new ecosystem, where we can use this cryptocurrency and create a rewards engine to pull in other developers to build great services for consumers."
More From CNBC
• Here comes the ICO, a wild new way for cryptocurrency start-ups to raise money
• How Best Buy escaped the retail apocalypse
• Disney CEO Bob Iger: We weren't actually hacked || Bitcoin blew past its record and soared to $2,800 in just a few hours — and now it's plunging: (Investing.com)
Thebitcoinrally looks like it's finally running out of steam.The cryptocurrency blew past $2,500 and nearly touched $2,800 for the first time on Thursday, before giving all the gains back.
It hit a high of $2,799, up $360, before surrendering its gains. The cryptocurrency is now trading down 9.2% at $2,230 a coin. It has gained in 26 of the past 29 sessions, tacking on more than 107% over that time.
Bitcoin had climbed as much as 25% since Tuesday's close, propelled by news that the Digital Currency Group, representing 56 companies in 21 countries, reached ascaling agreementat the Consensus 2017 conference in New York.
The announcement was the latest bit of good news for the cryptocurrency. In early April, Japan announced bitcoin had become alegal payment methodin the country. Additionally, Ulmart, Russia's largest online retailer, said it wouldbegin accepting bitcoineven though Russia had said it wouldn't explore the cryptocurrency until 2018.
But the market is still waiting on a ruling by the US Securities and Exchange Commission on whether it will overturn itsdecision on the Winklevoss twins' bitcoin-exchange-traded fund. The SEC was accepting public comment on that decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.
Bitcoin has gained 141% this year.
WatchTV shows, movies and more onYahoo View, available oniOSandAndroid.
NOW WATCH:Here's how to use one of the many apps to buy and trade bitcoinMore From Business Insider
• Bitcoin plunges and then recovers
• Bitcoin blows past $2,000, $2,100, and $2,200 for the first time
• Bitcoin surges past $1,900 for the first time || Bitcoin blew past its record and soared to $2,800 in just a few hours and now it's plunging: Bitcoin (Investing.com) The bitcoin rally looks like it's finally running out of steam. The cryptocurrency blew past $2,500 and nearly touched $2,800 for the first time on Thursday, before giving all the gains back. It hit a high of $2,799, up $360, before surrendering its gains. The cryptocurrency is now trading down 9.2% at $2,230 a coin. It has gained in 26 of the past 29 sessions, tacking on more than 107% over that time. Bitcoin had climbed as much as 25% since Tuesday's close, propelled by news that the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York. The announcement was the latest bit of good news for the cryptocurrency. In early April, Japan announced bitcoin had become a legal payment method in the country. Additionally, Ulmart, Russia's largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn't explore the cryptocurrency until 2018. But the market is still waiting on a ruling by the US Securities and Exchange Commission on whether it will overturn its decision on the Winklevoss twins' bitcoin-exchange-traded fund . The SEC was accepting public comment on that decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF. Bitcoin has gained 141% this year. Watch TV shows , movies and more on Yahoo View , available on iOS and Android . NOW WATCH: Here's how to use one of the many apps to buy and trade bitcoin More From Business Insider Bitcoin plunges and then recovers Bitcoin blows past $2,000, $2,100, and $2,200 for the first time Bitcoin surges past $1,900 for the first time || Bitcoin blew past its record and soared to $2,800 in just a few hours — and now it's plunging: (Investing.com)
Thebitcoinrally looks like it's finally running out of steam.The cryptocurrency blew past $2,500 and nearly touched $2,800 for the first time on Thursday, before giving all the gains back.
It hit a high of $2,799, up $360, before surrendering its gains. The cryptocurrency is now trading down 9.2% at $2,230 a coin. It has gained in 26 of the past 29 sessions, tacking on more than 107% over that time.
Bitcoin had climbed as much as 25% since Tuesday's close, propelled by news that the Digital Currency Group, representing 56 companies in 21 countries, reached ascaling agreementat the Consensus 2017 conference in New York.
The announcement was the latest bit of good news for the cryptocurrency. In early April, Japan announced bitcoin had become alegal payment methodin the country. Additionally, Ulmart, Russia's largest online retailer, said it wouldbegin accepting bitcoineven though Russia had said it wouldn't explore the cryptocurrency until 2018.
But the market is still waiting on a ruling by the US Securities and Exchange Commission on whether it will overturn itsdecision on the Winklevoss twins' bitcoin-exchange-traded fund. The SEC was accepting public comment on that decision until May 15, but it hasn't announced whether it will overturn its rejection of the ETF.
Bitcoin has gained 141% this year.
WatchTV shows, movies and more onYahoo View, available oniOSandAndroid.
NOW WATCH:Here's how to use one of the many apps to buy and trade bitcoinMore From Business Insider
• Bitcoin plunges and then recovers
• Bitcoin blows past $2,000, $2,100, and $2,200 for the first time
• Bitcoin surges past $1,900 for the first time || What you need to know on Wall Street today: bezos tablets (Amazon CEO Jeff Bezos holds up the new Kindle Fire HD 7" and Kindle Fire HD 8.9" (L) during Amazon's Kindle Fire event in Santa Monica, California September 6, 2012.Gus Ruelas/Reuters) Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. A battle is brewing over the best-performing stock since last year's US election . The company in question is Nvidia , which has enjoyed a particularly charmed existence since November 8. The graphics-chip maker's stock price has exploded 95% higher since then, the biggest gain in the S&P 500 by almost 30 percentage points. On one hand, the company has been targeted by large speculators as a stock likely to decline, as reflected by the roughly $3 billion in short positions held by hedge funds. But it's also one of the favorite stocks for millennial investors . Elsewhere in markets news, global stocks are at record highs . Amazon is on the verge of hitting $1,000 a share for the first time . And c orporate America investing in itself is going to be what powers stocks higher , according to Business Insider's Joe Ciolli. On Wall Street, a nother senior executive is set to leave Deutsche Bank . The biggest players in the foreign exchange markets are losing influence . UBS is going head-to-head with JPMorgan and American Express b y dropping a new luxury travel rewards credit card . And Aviva, the 321-year-old British insurance giant, wants to become a financial technology company . The Fed says it'll be appropriate to raise interest rates again "soon." It also warned the auto glut could get worse . There's one big problem with the Fed's plan to unwind its gigantic balance sheet , according to Business Insider's Pedro da Costa. The bitcoin rally may be running out of steam. Thursday's action saw Bitcoin blow past its record and soar to $2,800 in just a few hours, but now it's plunging . H ere's what the cryptocurrency is all about . Oil is getting whacked even after OPEC agreed to extend production cuts . In deal news, a bunch of cycling enthusiasts just helped Peloton Cycle raise $325 million — betting it could be "the Apple of fitness ." Everyone is missing a critical point about Sears' first quarter profit . Ford's new CEO just named some key execs on his team . Tesla is pushing the insurance industry to prepare for massive disruption . In related news, Morgan Stanley's latest prediction about the future of self-driving cars should terrify automakers . A Swiss watchmaker just created a $26,900 timepiece that looks exactly like an Apple Watch . Lastly, a Montauk estate is on the market for $48 million — 7,600% more than what its owners paid for it . Story continues NOW WATCH: SCOTT GALLOWAY: Stop blaming Amazon for killing retail More From Business Insider What you need to know on Wall Street today What you need to know on Wall Street today What you need to know on Wall Street today View comments || What you need to know on Wall Street today: (Amazon CEO Jeff Bezos holds up the new Kindle Fire HD 7" and Kindle Fire HD 8.9" (L) during Amazon's Kindle Fire event in Santa Monica, California September 6, 2012.Gus Ruelas/Reuters)Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
A battle is brewing over thebest-performing stock since last year's US election.
The company in question isNvidia, which has enjoyed a particularly charmed existence since November 8. The graphics-chip maker's stock price has exploded 95% higher since then, the biggest gain in the S&P 500 by almost 30 percentage points.
On one hand, the company has been targeted by large speculators as a stock likely to decline, as reflected by the roughly $3 billion in short positions held by hedge funds. Butit's also one of the favorite stocks for millennial investors.
Elsewhere in markets news, globalstocks are at record highs. Amazon is on the verge ofhitting $1,000 a share for the first time. And corporate Americainvesting in itself is going to be what powers stocks higher, according to Business Insider's Joe Ciolli.
On Wall Street, anothersenior executive is set to leave Deutsche Bank. The biggest players in theforeign exchange markets are losing influence. UBS is going head-to-head with JPMorgan and American Express by dropping a new luxury travel rewards credit card.
AndAviva, the 321-year-old British insurance giant,wants to become a financial technology company.
The Fed says it'll beappropriate to raise interest rates again "soon."It alsowarned the auto glut could get worse. There'sone big problem with the Fed's plan to unwind its gigantic balance sheet, according to Business Insider's Pedro da Costa.
Thebitcoinrally may be running out of steam. Thursday's action sawBitcoin blow past its record and soar to $2,800 in just a few hours, but now it's plunging. Here'swhat the cryptocurrency is all about.
Oil is getting whacked even afterOPEC agreed to extend production cuts.
In deal news, a bunch ofcycling enthusiasts just helped Peloton Cycle raise $325 million—betting it could be "the Apple of fitness."
Everyone is missing acritical point about Sears' first quarter profit.
Ford's new CEOjust named some key execs on his team. Tesla is pushing theinsurance industry to prepare for massive disruption. In related news, Morgan Stanley's latest predictionabout the future of self-driving cars should terrify automakers.
A Swiss watchmaker just created a$26,900 timepiece that looks exactly like an Apple Watch.
Lastly, a Montauk estate is on the market for $48 million —7,600% more than what its owners paid for it.
NOW WATCH:SCOTT GALLOWAY: Stop blaming Amazon for killing retail
More From Business Insider
• What you need to know on Wall Street today
• What you need to know on Wall Street today
• What you need to know on Wall Street today || The Nasdaq is on pace to do something it hasn’t since 1996: The Nasdaq composite (NASDAQ: .IXIC) is on pace for a record-setting month. The technology-dominated index has closed positive in 15 of the 18 trading days so far this month; if that pace continues, May would mark the Nasdaq's winningest month since September 1996, according to Bespoke Investment Group. The index, which hit a new all-time high in early Thursday trading, has advanced more than 2 percent so far this month and more than 15 percent so far this year. By contrast, in September 1996, the Nasdaq rose by 7.5 percent. More from CNBC: The top is in for stocks, but here's how you can still make money: Wells Fargo strategist Hot Stock that's tripled in the past year has analysts throwing up their hands These signals will tell you that stocks are heading higher The recent collection of positive days is flashing a sort of contrarian signal, said Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management. While he would not bet against the index, he suggested trimming one's holdings at these levels. "Typically, when you have that kind of concentration of positive days, mean reversion is about to kick in. So I think it could be a situation where 'sell in May' could be the best prescription for the Nasdaq," he said Wednesday on CNBC's " Trading Nation ." "Come out at of top and come back in September, November, when things re-rally," Schlosberg said. Of course, 1996 was the year then-Federal Reserve Chairman Alan Greenspan wondered about "irrational exuberance" and whether stocks were reaching unsustainable heights. That was before the tech bubble got blown to a staggering level, which was of course followed by a massive crash. This period looks significantly different, according to the strategist. "There's no doubt that, fundamentally, all the tech companies have certainly come to the forefront. They are now the dominant companies in American industry — but that story has been really well told. I think profit-taking is due here, and I would be very cautious at trying to get long here at these levels," Schlossberg said. Story continues Indeed, the S&P 500 information technology sector is the index's best-performing; tech giants Apple (NASDAQ: AAPL) , Microsoft (NASDAQ: MSFT) , Amazon (NASDAQ: AMZN) and Facebook (NASDAQ: FB) have contributed most of the market's gains this year. On a technical basis, the index appears quite strong, said Craig Johnson, chief market technician at Piper Jaffray. "The trend, by all definition, is our friend at this point in time. And we don't have any indication of a trend change happening here," he said Wednesday on "Trading Nation." "I'm not going to fight the earnings trend of the market. We are finally seeing a lot of these names inside of the tech sector doing well." Some of the tech stocks also remain supported from a fundamental perspective, Johnson added. More From CNBC The next move for stocks is likely lower, according to the options market What is short selling? Bitcoin bonanza, Dollar Tree earnings: Here's what could drive markets Thursday || The Nasdaq is on pace to do something it hasn’t since 1996: The Nasdaq composite(NASDAQ: .IXIC)is on pace for a record-setting month.
The technology-dominated index has closed positive in 15 of the 18 trading days so far this month; if that pace continues, May would mark the Nasdaq's winningest month since September 1996, according to Bespoke Investment Group.
The index, which hit a new all-time high in early Thursday trading, has advanced more than 2 percent so far this month and more than 15 percent so far this year. By contrast, in September 1996, the Nasdaq rose by 7.5 percent.
More from CNBC:
The top is in for stocks, but here's how you can still make money: Wells Fargo strategist
Hot Stock that's tripled in the past year has analysts throwing up their hands
These signals will tell you that stocks are heading higher
The recent collection of positive days is flashing a sort of contrarian signal, said Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management. While he would not bet against the index, he suggested trimming one's holdings at these levels.
"Typically, when you have that kind of concentration of positive days, mean reversion is about to kick in. So I think it could be a situation where 'sell in May' could be the best prescription for the Nasdaq," he said Wednesday on CNBC's "Trading Nation."
"Come out at of top and come back in September, November, when things re-rally," Schlosberg said.
Of course, 1996 was the year then-Federal Reserve ChairmanAlan Greenspanwondered about"irrational exuberance" and whether stocks were reaching unsustainable heights. That was before the tech bubble got blown to a staggering level, which was of course followed by a massive crash.
This period looks significantly different, according to the strategist.
"There's no doubt that, fundamentally, all the tech companies have certainly come to the forefront. They are now the dominant companies in American industry — but that story has been really well told. I think profit-taking is due here, and I would be very cautious at trying to get long here at these levels," Schlossberg said.
Indeed, the S&P 500 information technology sector is the index's best-performing; tech giants Apple(NASDAQ: AAPL), Microsoft(NASDAQ: MSFT), Amazon(NASDAQ: AMZN)and Facebook(NASDAQ: FB)have contributedmost of the market's gainsthis year.
On a technical basis, the index appears quite strong, said Craig Johnson, chief market technician at Piper Jaffray.
"The trend, by all definition, is our friend at this point in time. And we don't have any indication of a trend change happening here," he said Wednesday on "Trading Nation."
"I'm not going to fight the earnings trend of the market. We are finally seeing a lot of these names inside of the tech sector doing well."
Some of the tech stocks also remain supported from a fundamental perspective, Johnson added.
More From CNBC
• The next move for stocks is likely lower, according to the options market
• What is short selling?
• Bitcoin bonanza, Dollar Tree earnings: Here's what could drive markets Thursday
[Social Media Buzz]
Want to turn $49 a month into more than $10,000.00 in #Bitcoin?
This is a good one my friends!
Join the Frenzy... http://fb.me/3rbkQ1snz || BTC Real Time Price: ThePriceOfBTC: $2490.86 #GDAX;
$2350.42 #bitstamp;
$2341.00 #btce;
$2503.98 #gemini;
$2333.04 #kraken;
$2520.00 #itBit… || #Bitcoin #Bitcoinbet $EURUSD USD/JPY recovers over 40-pips from sub-111.00 level post-US data ► via… http://btf.st/Cloudbet || BTC Real Time Price: ThePriceOfBTC: $2589.80 #GDAX;
$2429.02 #bitstamp;
$2399.00 #btce;...
|
2038.87, 2155.80, 2255.61, 2175.47, 2286.41, 2407.88, 2488.55, 2515.35, 2511.81, 2686.81
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99.
|
[Bitcoin Technical Analysis for 2016-07-29]
Volume: 60703500, RSI (14-day): 49.78, 50-day EMA: 640.25, 200-day EMA: 519.04
[Wider Market Context]
Gold Price: 1349.00, Gold RSI: 62.27
Oil Price: 41.60, Oil RSI: 34.72
[Recent News (last 7 days)]
Gold Consolidation Continues Ahead Of Fed Meeting: At 2 p.m. ET, the Federal Reserve is set to release its decision following this month’s meeting, but the market doesn’t seem to be expecting much. “In another era, there would be massive pressure on the FOMC to raise rates but no-one expects anything from today’s meeting,” Societe Generale analyst Kit Juckes explained. “Still, some acknowledgement of the improved economic backdrop is likely in the statement and the market will go on slowly raising the odds of a 2016 rate hike.” Related Link: Oil & Stocks Have Decoupled, But Daily Returns Remain Correlated Since breaking out to new highs in late June, the SPDR Gold Trust (ETF) (NYSE: GLD ) has been drifting downward throughout the month of July. Since July 1, GLD is now down 1.4 percent, while the SPDR S&P 500 ETF Trust (NYSE: SPY ) is up 2.9 percent. GLD’s trading range has been particularly narrow over the last 10 sessions, having not traded higher than $127.50 or lower than $125.11 during that stretch. GLD investors are hoping that the Fed’s policy announcement will be the catalyst that will propel GLD out of its consolidation phase and into the next leg up of its rally. GLD is up more than 25 percent-plus since December when the ETF found support at the $100 level. Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card! Disclosure: The author holds no position in the stocks mentioned. See more from Benzinga What Does The Blowout June Jobs Report Mean For Investors? Citi Research Sees Safety In Small Caps Looking For Safe Havens? Buy Gold! Buy Treasuries! Buy...Bitcoin? © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Gold Consolidation Continues Ahead Of Fed Meeting: At 2 p.m. ET, the Federal Reserve is set to release its decision following this month’s meeting, but the market doesn’t seem to be expecting much.
“In another era, there would be massive pressure on the FOMC to raise rates but no-one expects anything from today’s meeting,” Societe Generale analystKit Juckesexplained. “Still, some acknowledgement of the improved economic backdrop is likely in the statement and the market will go on slowly raising the odds of a 2016 rate hike.”
Related Link:Oil & Stocks Have Decoupled, But Daily Returns Remain Correlated
Since breaking out to new highs in late June, theSPDR Gold Trust (ETF)(NYSE:GLD) has been drifting downward throughout the month of July. Since July 1, GLD is now down 1.4 percent, while theSPDR S&P 500 ETF Trust(NYSE:SPY) is up 2.9 percent.
GLD’s trading range has been particularly narrow over the last 10 sessions, having not traded higher than $127.50 or lower than $125.11 during that stretch.
GLD investors are hoping that the Fed’s policy announcement will be the catalyst that will propel GLD out of its consolidation phase and into the next leg up of its rally. GLD is up more than 25 percent-plus since December when the ETF found support at the $100 level.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email [email protected] with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
Disclosure: The author holds no position in the stocks mentioned.
See more from Benzinga
• What Does The Blowout June Jobs Report Mean For Investors?
• Citi Research Sees Safety In Small Caps
• Looking For Safe Havens? Buy Gold! Buy Treasuries! Buy...Bitcoin?
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Direxion Adds News ETFs, Reverse Splits 4 ETFs, Forward Splits 5 ETFs: Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, announced Wednesday it has added two new ETFs to its existing lineup of leveraged and inverse ETFs. The Direxion Daily European Financials Bull 2X Shares (Ticker: EUFL) seeks to achieve 200% of the daily performance of the MSCI Europe Financials Index. Meanwhile, The Direxion Daily Gold Miners Index Bear 1X Shares (Ticker: MELT) seeks to achieve 100% of the inverse of the daily performance of the NYSE Arca Gold Miners Index. Direxion_Daily Sylvia Jablonski, Managing Director at Direxion, said the company had recently seen instability in European markets, with the post-Brexit effect yet to subside as political and economic uncertainties remain. The launch of the European Financials leveraged ETF is timely, as market reaction to the EU situation presents the chance for bullish traders to magnify their short-term perspective, Jablonski said. Our new Gold Miners bear ETF will complement the existing suite of ETFs tracking that space, to give traders another option for taking advantage of short-term opportunities. Direxion Announces Reverse and Forward Share Splits of Nine Leveraged ETFs Direxion also announced it will execute reverse share splits for four of its leveraged exchange-traded funds, as well as forward share splits for another five leveraged ETFs. The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below. Four Reverse Splits Direxion will execute a 1-for-4 reverse split of the Direxion Daily Natural Gas Related Bear 3X Shares (GASX) . The firm will also execute a 1-for-5 reverse split of the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares (DRIP) , Direxion Daily Gold Miners Index Bear 3X Shares (DUST) and Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST) . The splits are effective at the open of the market on Aug. 25, 2016. Story continues A summary of the four ETFs undergoing reverse splits is as follows (please note the CUSIP changes, effective Aug. 25, 2016): Direxion_Reverse_Splits As a result of this reverse split, every four or five shares of a Fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for the Funds will decrease by the approximate percentage indicated above. In addition, the per share net asset value (NAV) and next days opening market price will be approximately four- or five-times higher for the Funds. Shares of the Funds will begin trading on the NYSE Arca, Inc. (the NYSE Arca) on a split-adjusted basis on Aug. 25, 2016. The next days opening market value of the Funds issued and outstanding shares, and thus a shareholders investment value, will not be affected by the reverse split. Trending on ETF Trends Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches ARK Launches ETF Solely Focused on 3D Printing SolidX Reveals Plan to Launch a Bitcoin ETF A Big Day for ETFs as 5 Sponsors Launch New Products OLearys OShares Seeks Big Additions to its ETF Lineup Five Forward Splits Additionally, Direxion will execute forward splits of the Direxion Daily Brazil Bull 3X Shares (BRZU) , Direxion Daily Real Estate Bull 3X Shares (DRN) , Direxion Daily 20+ Treasury Bull 3X Shares (TMF) , Direxion Daily Gold Miners Index Bull 3X Shares (NUGT) and the Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG) . After the close of the markets on Aug. 24, 2016 (the Payable Date), each Fund will affect a split of its issued and outstanding shares as follows: Direxion_Daily_Markets As a result of these share splits, shareholders of each Fund will receive an additional four, five or 10 shares for each share held of the applicable Fund as indicated in the table above. Accordingly, the number of each Funds issued and outstanding shares will increase by the approximate percentage indicated above. All share splits will apply to shareholders of record as of the close of NYSE Arca, Inc. (the NYSE Arca) on Aug. 23, 2016 (the Record Date), payable after the close of the NYSE Arca on the Payable Date. Shares of the Funds will begin trading on the NYSE Arca on a split-adjusted basis on Aug. 25. 2016 (the Ex-Date). Related: Direxions New Bearish Junk Bond ETF to Hedge Market Risks On the Ex-Date, the opening market value of each Funds issued and outstanding shares, and thus a shareholders investment value, will not be affected by the share split. However, the per share net asset value (NAV) and opening market price on the Ex-Date will be approximately one-fourth, one-fifth or one-tenth for the Funds. The tables below illustrate the effect of a hypothetical 4-for-1, 5-for-1 and 10-for-1 split on a shareholders investment. Click here to read the full story on ETF Trends. The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || Direxion Adds News ETFs, Reverse Splits 4 ETFs, Forward Splits 5 ETFs: Direxion, the second-largest issuer of inverse and leveraged exchange traded funds, announced Wednesday it has added two new ETFs to its existing lineup of leveraged and inverse ETFs.
The Direxion Daily European Financials Bull 2X Shares (Ticker: EUFL) seeks to achieve 200% of the daily performance of the MSCI Europe Financials Index.
Meanwhile, The Direxion Daily Gold Miners Index Bear 1X Shares (Ticker: MELT) seeks to achieve 100% of the inverse of the daily performance of the NYSE Arca Gold Miners Index.
Sylvia Jablonski, Managing Director at Direxion, said the company had recently seen instability in European markets, with the post-Brexit effect yet to subside as political and economic uncertainties remain.
“The launch of the European Financials leveraged ETF is timely, as market reaction to the EU situation presents the chance for bullish traders to magnify their short-term perspective,” Jablonski said. “Our new Gold Miners bear ETF will complement the existing suite of ETFs tracking that space, to give traders another option for taking advantage of short-term opportunities.”
Direxion Announces Reverse and Forward Share Splits of Nine Leveraged ETFs
Direxion also announced it will execute reverse share splits for four of its leveraged exchange-traded funds, as well as forward share splits for another five leveraged ETFs. The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
Four Reverse Splits
Direxion will execute a 1-for-4 reverse split of the Direxion Daily Natural Gas Related Bear 3X Shares (GASX) . The firm will also execute a 1-for-5 reverse split of the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares (DRIP) , Direxion Daily Gold Miners Index Bear 3X Shares (DUST) and Direxion Daily Junior Gold Miners Index Bear 3X Shares (JDST) . The splits are effective at the open of the market on Aug. 25, 2016.
A summary of the four ETFs undergoing reverse splits is as follows (please note the CUSIP changes, effective Aug. 25, 2016):
As a result of this reverse split, every four or five shares of a Fund will be exchanged for one share as indicated in the table above. Accordingly, the total number of the issued and outstanding shares for the Funds will decrease by the approximate percentage indicated above. In addition, the per share net asset value (“NAV”) and next day’s opening market price will be approximately four- or five-times higher for the Funds. Shares of the Funds will begin trading on the NYSE Arca, Inc. (the “NYSE Arca”) on a split-adjusted basis on Aug. 25, 2016.
The next day’s opening market value of the Funds’ issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse split.
Trending on ETF Trends
Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches
ARK Launches ETF Solely Focused on 3D Printing
SolidX Reveals Plan to Launch a Bitcoin ETF
A Big Day for ETFs as 5 Sponsors Launch New Products
O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup
Five Forward Splits
Additionally, Direxion will execute forward splits of the Direxion Daily Brazil Bull 3X Shares (BRZU) , Direxion Daily Real Estate Bull 3X Shares (DRN) , Direxion Daily 20+ Treasury Bull 3X Shares (TMF) , Direxion Daily Gold Miners Index Bull 3X Shares (NUGT) and the Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG) .
After the close of the markets on Aug. 24, 2016 (the “Payable Date”), each Fund will affect a split of its issued and outstanding shares as follows:
As a result of these share splits, shareholders of each Fund will receive an additional four, five or 10 shares for each share held of the applicable Fund as indicated in the table above. Accordingly, the number of each Fund’s issued and outstanding shares will increase by the approximate percentage indicated above.
All share splits will apply to shareholders of record as of the close of NYSE Arca, Inc. (the “NYSE Arca”) on Aug. 23, 2016 (the “Record Date”), payable after the close of the NYSE Arca on the Payable Date. Shares of the Funds will begin trading on the NYSE Arca on a split-adjusted basis on Aug. 25. 2016 (the “Ex-Date”).
Related:Direxion’s New Bearish Junk Bond ETF to Hedge Market Risks
On the Ex-Date, the opening market value of each Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the share split. However, the per share net asset value (“NAV”) and opening market price on the Ex-Date will be approximately one-fourth, one-fifth or one-tenth for the Funds. The tables below illustrate the effect of a hypothetical 4-for-1, 5-for-1 and 10-for-1 split on a shareholder’s investment.
Click hereto read the full story on ETF Trends.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product. || After mass shooting, German police focus on 'dark net' crime: By Frank Siebelt WIESBADEN, Germany (Reuters) - German police will do more to fight crime committed on the "dark net", they said on Wednesday, days after a gunman killed nine people with a weapon bought on that hidden part of the internet. "We see that the dark net is a growing trading place and therefore we need to prioritise our investigations here," Holger Muench, head of Germany's Federal Police (BKA), told journalists as he presented the latest annual report on cyber crime. The dark net, which is only accessible via special web browsers, is increasingly used to procure drugs, weapons and counterfeit money, allowing users to trade anonymously and pay with digital currencies such as Bitcoin, the BKA said. The man who killed nine people at a shopping mall in Munich on Friday was a local 18-year-old obsessed with mass killings who had bought his reactivated 9mm Glock 17 pistol on the dark web, Bavarian officials said. The BKA said it had taken five market places in the dark net out of circulation last year. Muench said the BKA did not just want to take the sites offline but also catch criminals using them. Cyber crime cost Germany 40.5 million euros ($44.5 million) last year, the BKA's report said, a rise of 2.8 percent. Most of the more than 45,000 cases involved computer fraud. Muench said the figures only represented a small part of the true size of cyber crime. "If we look ahead we see little relief," he said. "Cyber crime is still a growing phenomenon - you could say almost a growing business, even a growing industry." Police solved 32.8 percent of cyber crime last year, Muench said, adding that many crimes do not get past the exploratory phase and others go unnoticed or are not reported. ($1 = 0.9098 euros) (Writing and additional reporting by Caroline Copley; Editing by Robin Pomeroy) || After mass shooting, German police focus on 'dark net' crime: By Frank Siebelt WIESBADEN, Germany (Reuters) - German police will do more to fight crime committed on the "dark net", they said on Wednesday, days after a gunman killed nine people with a weapon bought on that hidden part of the internet. "We see that the dark net is a growing trading place and therefore we need to prioritise our investigations here," Holger Muench, head of Germany's Federal Police (BKA), told journalists as he presented the latest annual report on cyber crime. The dark net, which is only accessible via special web browsers, is increasingly used to procure drugs, weapons and counterfeit money, allowing users to trade anonymously and pay with digital currencies such as Bitcoin, the BKA said. The man who killed nine people at a shopping mall in Munich on Friday was a local 18-year-old obsessed with mass killings who had bought his reactivated 9mm Glock 17 pistol on the dark web, Bavarian officials said. The BKA said it had taken five market places in the dark net out of circulation last year. Muench said the BKA did not just want to take the sites offline but also catch criminals using them. Cyber crime cost Germany 40.5 million euros ($44.5 million) last year, the BKA's report said, a rise of 2.8 percent. Most of the more than 45,000 cases involved computer fraud. Muench said the figures only represented a small part of the true size of cyber crime. "If we look ahead we see little relief," he said. "Cyber crime is still a growing phenomenon - you could say almost a growing business, even a growing industry." Police solved 32.8 percent of cyber crime last year, Muench said, adding that many crimes do not get past the exploratory phase and others go unnoticed or are not reported. ($1 = 0.9098 euros) (Writing and additional reporting by Caroline Copley; Editing by Robin Pomeroy) || Your first trade for Wednesday, July 27: The "Fast Money" traders shared their first moves for the market open.
Dan Nathan was a seller of Apple(NASDAQ: AAPL). The iPhone maker had reported an earnings beat after Tuesday's close.
Brian Kelly was a seller of the SPDR S&P Metals & Mining ETF(NYSE Arca: XME).
Karen Finerman was a buyer of Facebook(NASDAQ: FB)which is due to report quarterly numbers after Wednesday's close.
Guy Adami was a buyer of Valero(NYSE: VLO).
Trader disclosure: On July 26, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, US Dollar UUP; he is short CHF=, EUR=, JPY=. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Dan Nathan is Long JD Aug call spread, Long TWTR, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, BAC long Sept put, Long FEZ Nov put spread.Guy Adamiis long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
BGC Financial's Colin Gillis: No disclosures.
SunTrust's Robert Peck:An affiliate of SunTrust Robinson Humphrey, Inc. has received compensation for non-securities servicesfrom Twitter (TWTR) within the last 12 months.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Wednesday, July 27: The " Fast Money " traders shared their first moves for the market open. Dan Nathan was a seller of Apple (NASDAQ: AAPL) . The iPhone maker had reported an earnings beat after Tuesday's close. Brian Kelly was a seller of the SPDR S&P Metals & Mining ETF (NYSE Arca: XME) . Karen Finerman was a buyer of Facebook (NASDAQ: FB) which is due to report quarterly numbers after Wednesday's close. Guy Adami was a buyer of Valero (NYSE: VLO) . Trader disclosure: On July 26, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, US Dollar UUP; he is short CHF=, EUR=, JPY=. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Dan Nathan is Long JD Aug call spread, Long TWTR, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, BAC long Sept put, Long FEZ Nov put spread. Guy Adamiis long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. BGC Financial's Colin Gillis: No disclosures. SunTrust's Robert Peck: An affiliate of SunTrust Robinson Humphrey, Inc. has received compensation for non-securities services from Twitter (TWTR) within the last 12 months. More From CNBC Top News and Analysis Latest News Video Personal Finance || Europe's first regulated asset-backed bitcoin product launches in Gibraltar: (Corrects headline and lead to make clear is Europe's first regulated asset-backed bitcoin product, not first regulated bitcoin product. Adds detail on regulated derivative product in 5th paragraph)
By Jemima Kelly
LONDON, July 25 (Reuters) - Europe's first regulated asset-backed bitcoin product - an exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse.
The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions.
Its value has been highly volatile, peaking at more than$1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 percent this year.
BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain.
One regulated bitcoin exchange-traded product already exists in Europe, though it is a derivative rather than asset-backed: XBT Provider's exchange-traded note tracks the price of bitcoin and is traded on the Nasdaq OMX in Stockholm.
In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyler Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years.
Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin.
Another ETF issued by New York-based ARK Investment Management last year became the first ETF to invest in bitcoin, but it also invests in other fintech companies.
The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by one of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission - Gibraltar's regulator - and the British Overseas Territory's government.
"By listing the ETI on the Gibraltar Stock Exchange, which is an EU-regulated market, we are able to bring a high level of transparency and liquidity to investors," said Revoltura CEO Ransu Salovaara.
(Editing by Hugh Lawson) || Europe's first regulated asset-backed bitcoin product launches in Gibraltar: (Corrects headline and lead to make clear is Europe's first regulated asset-backed bitcoin product, not first regulated bitcoin product. Adds detail on regulated derivative product in 5th paragraph) By Jemima Kelly LONDON, July 25 (Reuters) - Europe's first regulated asset-backed bitcoin product - an exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse. The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions. Its value has been highly volatile, peaking at more than$1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 percent this year. BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain. One regulated bitcoin exchange-traded product already exists in Europe, though it is a derivative rather than asset-backed: XBT Provider's exchange-traded note tracks the price of bitcoin and is traded on the Nasdaq OMX in Stockholm. In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyler Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years. Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin. Another ETF issued by New York-based ARK Investment Management last year became the first ETF to invest in bitcoin, but it also invests in other fintech companies. Story continues The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by one of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission - Gibraltar's regulator - and the British Overseas Territory's government. "By listing the ETI on the Gibraltar Stock Exchange, which is an EU-regulated market, we are able to bring a high level of transparency and liquidity to investors," said Revoltura CEO Ransu Salovaara. (Editing by Hugh Lawson) || Meet the Reddit-like social network that rewards bloggers in bitcoin: In the digital currency world, people love to talk about the “killer app,” a use for the technology that would bring it truly mainstream and compel the people who are dubious about Bitcoin to buy in. Many are still waiting for it, and say bitcoin needs it to succeed in the long run. Ned Scott believes he’s got it. Scott is the cofounder and CEO of Steemit , a social network that runs on a new cryptocurrency called steem. Scott, a former analyst at food-industry private equity firm Gellert Group, and Dan Larimer, founder of BitShares, launched the network and the currency in April. Since that time, its market cap has ballooned from $2,000 to $300 million. The platform is very young, and has its problems, but it shows impressive potential. Steemit works like Reddit, which Scott cites as an overt influence but says he hasn’t used. Steemit users publish a blog post—it could be any length, any topic at all—and other users can “upvote” it. The twist: Every upvote represents a small amount of steem power. Think of steem power as a representation of influence, because the more you have, the more power your upvote has to move someone else’s post up when you upvote it. Steem power can be converted to steem dollars, which at the moment trade for about $3.25 USD each. That’s tiny, sure, but more steem is created from more activity on Steemit, and the $300 million market cap of steem is enough to rank it No. 3 among all cryptocurrencies , according to CoinMarketCap, behind only bitcoin and ether, the currency of the Ethereum network . Steemit’s ‘trending’ forum “It’s internet points, like you have on Reddit, but now those points have real market value,” says Scott. “People are earning money for doing the things they were doing for free before. People spend all this time creating free content for social media companies, and now they can be rewarded.” That sounds pretty good. And indeed, multiple Steemit users say they have cashed out more than $10,000 from posting on Steemit. The site pays you 24 hours after a post; 75% of the steem power goes to the writer, 25% to the curators—that is, those who upvoted the post, in different amounts according to their influence. Steemit made its first cumulative payout on July 4, amounting to $1.3 million USD. Steemit says it has seen more than 700 new signups every day for the past week. Heidi Chakos, a travel blogger, says she paid off her credit card bill this month entirely with money she made on Steemit. The Indiana resident is currently traveling around the world in two-week spurts, and she posts about her adventures; one recent post about Tahiti earned 660 upvotes, or $8,930 in steem power . Chakos previously used a Squarespace blog for her posts, but now posts solely on Steemit. “For others, it all might seem farfetched at first,” she says, “but in my experience, once you explain ceryptocurrency to people, they get exited about it. I think Steemit is going to blow Facebook out of the water.” Story continues At this point, that’s likely a stretch. But as a test, I posted on Steemit. It was nothing special: I wrote that I’m a Yahoo Finance writer and I was exploring Steemit to write a news story about it. My post quickly amassed 61 votes , which translates to $75.04 in steem power. The system cashed that out to me in half steem power, half steem, so I have 37.5 steem dollars in my wallet, which translates to $120. Not bad. If all of that sounds rather complicated, Scott insists that users don’t need to worry about how the system works to use it and make money. It is an argument many have made about the bitcoin blockchain, comparing it to the HTTP technology that powers web pages, or the SMTP protocol that makes e-mail work. “You don’t need a high level of understanding to sign up,” he says. “Digital currency is moving into a stage similar to the automobile: it gets you from point A to point B. People post, they get money, and their lives are better. They don’t need to know the way it works or worry too much about the specifics in order to post, enjoy it, and get rewarded.” The problem is that withdrawing money isn’t such an easy process to learn for a bitcoin layperson: First you must convert your steem dollars to bitcoin, then, if you want fiat currency, convert your bitcoin to US dollars. Chakos says that wasn’t so hard. She used the exchange web site Bittrex to convert steem dollars to bitcoin, then sent that bitcoin from Bittrex to her Coinbase account, then transferred bitcoin from Coinbase to US dollars in her bank account. “It took like 30 minutes,” she says. In addition to the learning curve, Steem suffered a distributed denial-of-service (DDoS) attack earlier this month, resulting in the theft of $85,000 worth of steem. It was, on a much smaller scale, not unlike a hack of the DAO network last month, which runs on the Ethereum blockchain; that theft amounted to $50 million worth of the cryptocurrency ether. Along with security concerns are the usual fears about Ponzi schemes or pump-and-dumps that come with cryptocurrency engines. Steemit has high hopes it will become so ubiquitous it can serve as the de facto content-creation system, even on other platforms as a plug-in, through a steem widget for WordPress (coming soon) and other blogs. “And then bloggers don’t have to change their habits or leave their blog,” he says. The ambition matches what another bitcoin reward company, ChangeTip, wants to do; it calls itself a “love button for the Internet.” The social tool lets you send someone a tip, in bitcoin, for a blog post you enjoyed. But Scott says, “Tipping comes with friction” such as how much to tip, and when it’s appropriate for the writer to accept. Steem, he argues, makes more sense for the internet because, “It’s more like someone’s influence. And the more someone has, the more they can promote their own posts up the blockchain, and the more they can promote other people. It’s something that eventually publishers and brands will want to use to promote their own content.” But is it the “killer app?” — Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @ readDanwrite . Read more: Why Ethereum is the hottest new thing in digital currency The latest Bitcoin price hike is not all about Brexit British bitcoin market sent incredible signals ahead of Brexit Here’s why 21 Inc. is the most exciting bitcoin company right now View comments || Meet the Reddit-like social network that rewards bloggers in bitcoin: In the digital currency world, people love to talk about the “killer app,” a use for the technology that would bring it truly mainstream and compel the people who are dubious about Bitcoin to buy in. Many are still waiting for it, and say bitcoin needs it to succeed in the long run. Ned Scott believes he’s got it.
Scott is the cofounder and CEO ofSteemit, a social network that runs on a new cryptocurrency called steem. Scott, a former analyst at food-industry private equity firm Gellert Group, and Dan Larimer, founder of BitShares, launched the network and the currency in April. Since that time, its market cap has ballooned from $2,000 to $300 million. The platform is very young, and has its problems, but it shows impressive potential.
Steemit works like Reddit, which Scott cites as an overt influence but says he hasn’t used. Steemit users publish a blog post—it could be any length, any topic at all—and other users can “upvote” it. The twist: Every upvote represents a small amount of steem power. Think of steem power as a representation of influence, because the more you have, the more power your upvote has to move someone else’s post up when you upvote it. Steem power can be converted to steem dollars, which at the moment trade for about $3.25 USD each.
That’s tiny, sure, but more steem is created from more activity on Steemit, and the $300 million market cap of steem is enough to rank itNo. 3 among all cryptocurrencies, according to CoinMarketCap, behind only bitcoin andether, the currency of the Ethereum network.
“It’s internet points, like you have on Reddit, but now those points have real market value,” says Scott. “People are earning money for doing the things they were doing for free before. People spend all this time creating free content for social media companies, and now they can be rewarded.”
That sounds pretty good. And indeed, multiple Steemit users say they have cashed out more than $10,000 from posting on Steemit. The site pays you 24 hours after a post; 75% of the steem power goes to the writer, 25% to the curators—that is, those who upvoted the post, in different amounts according to their influence. Steemit made its first cumulative payout on July 4, amounting to $1.3 million USD. Steemit says it has seen more than 700 new signups every day for the past week.
Heidi Chakos, a travel blogger, says she paid off her credit card bill this month entirely with money she made on Steemit. The Indiana resident is currently traveling around the world in two-week spurts, and she posts about her adventures; one recent post about Tahitiearned 660 upvotes, or $8,930 in steem power. Chakos previously used a Squarespace blog for her posts, but now posts solely on Steemit. “For others, it all might seem farfetched at first,” she says, “but in my experience, once you explain ceryptocurrency to people, they get exited about it. I think Steemit is going to blow Facebook out of the water.”
At this point, that’s likely a stretch. But as a test, I posted on Steemit. It was nothing special: I wrote that I’m a Yahoo Finance writer and I was exploring Steemit to write a news story about it.My post quickly amassed 61 votes, which translates to $75.04 in steem power. The system cashed that out to me in half steem power, half steem, so I have 37.5 steem dollars in my wallet, which translates to $120. Not bad.
If all of that sounds rather complicated, Scott insists that users don’t need to worry about how the system works to use it and make money. It is an argument many have made about the bitcoin blockchain, comparing it to the HTTP technology that powers web pages, or the SMTP protocol that makes e-mail work. “You don’t need a high level of understanding to sign up,” he says. “Digital currency is moving into a stage similar to the automobile: it gets you from point A to point B. People post, they get money, and their lives are better. They don’t need to know the way it works or worry too much about the specifics in order to post, enjoy it, and get rewarded.”
The problem is that withdrawing money isn’t such an easy process to learn for a bitcoin layperson: First you must convert your steem dollars to bitcoin, then, if you want fiat currency, convert your bitcoin to US dollars.
Chakos says that wasn’t so hard. She used the exchange web site Bittrex to convert steem dollars to bitcoin, then sent that bitcoin from Bittrex to her Coinbase account, then transferred bitcoin from Coinbase to US dollars in her bank account. “It took like 30 minutes,” she says.
In addition to the learning curve, Steem suffered a distributed denial-of-service (DDoS) attack earlier this month, resulting in the theft of $85,000 worth of steem. It was, on a much smaller scale, not unlike a hack of the DAO network last month, which runs on the Ethereum blockchain; that theft amounted to $50 million worth of the cryptocurrency ether. Along with security concerns arethe usual fears about Ponzi schemesor pump-and-dumps that come with cryptocurrency engines.
Steemit has high hopes it will become so ubiquitous it can serve as the de facto content-creation system, even on other platforms as a plug-in, through a steem widget for WordPress (coming soon) and other blogs. “And then bloggers don’t have to change their habits or leave their blog,” he says.
The ambition matches what another bitcoin reward company, ChangeTip, wants to do; it calls itself a “love button for the Internet.” The social tool lets you send someone a tip, in bitcoin, for a blog post you enjoyed. But Scott says, “Tipping comes with friction” such as how much to tip, and when it’s appropriate for the writer to accept.
Steem, he argues, makes more sense for the internet because, “It’s more like someone’s influence. And the more someone has, the more they can promote their own posts up the blockchain, and the more they can promote other people. It’s something that eventually publishers and brands will want to use to promote their own content.”
But is it the “killer app?”
—
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.
Read more:
Why Ethereum is the hottest new thing in digital currency
The latest Bitcoin price hike is not all about Brexit
British bitcoin market sent incredible signals ahead of Brexit
Here’s why 21 Inc. is the most exciting bitcoin company right now || Europe's first regulated bitcoin product launches in Gibraltar: By Jemima Kelly LONDON (Reuters) - Europe's first regulated bitcoin product - an asset-backed exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse. The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions. Its value has been highly volatile, peaking at more than$1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 percent this year. BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain. In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyles Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years. Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin. Another ETF issued by New York-based ARK Investment Management last year became the first ETF to invest in bitcoin, but it also invests in other fintech companies. The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by one of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission - Gibraltar's regulator - and the British Overseas Territory's government. "By listing the ETI on the Gibraltar Stock Exchange, which is an EU-regulated market, we are able to bring a high level of transparency and liquidity to investors," said Revoltura CEO Ransu Salovaara. (Editing by Hugh Lawson) || Europe's first regulated bitcoin product launches in Gibraltar: By Jemima Kelly LONDON (Reuters) - Europe's first regulated bitcoin product - an asset-backed exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse. The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions. Its value has been highly volatile, peaking at more than$1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 percent this year. BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain. In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyles Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years. Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin. Another ETF issued by New York-based ARK Investment Management last year became the first ETF to invest in bitcoin, but it also invests in other fintech companies. The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by one of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission - Gibraltar's regulator - and the British Overseas Territory's government. "By listing the ETI on the Gibraltar Stock Exchange, which is an EU-regulated market, we are able to bring a high level of transparency and liquidity to investors," said Revoltura CEO Ransu Salovaara. (Editing by Hugh Lawson) || Europe's first regulated bitcoin product launches in Gibraltar: By Jemima Kelly
LONDON, July 25 (Reuters) - Europe's first regulated bitcoin product - an asset-backed exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse.
The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions.
Its value has been highly volatile, peaking at more than$1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 percent this year.
BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain.
In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyles Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years.
Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin.
Another ETF issued by New York-based ARK Investment Management last year became the first ETF to invest in bitcoin, but it also invests in other fintech companies.
The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by one of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission - Gibraltar's regulator - and the British Overseas Territory's government.
"By listing the ETI on the Gibraltar Stock Exchange, which is an EU-regulated market, we are able to bring a high level of transparency and liquidity to investors," said Revoltura CEO Ransu Salovaara.
(Editing by Hugh Lawson) || Europe's first regulated bitcoin product launches in Gibraltar: By Jemima Kelly LONDON, July 25 (Reuters) - Europe's first regulated bitcoin product - an asset-backed exchange-traded instrument that will invest exclusively in the digital currency - begins trading this week on the Gibraltar Stock Exchange and Germany's Deutsche Boerse. The Web-based currency can be used to send money instantly around the world, free of charge and with no need for third-party checks. It is accepted by several major online retailers and is used in more than 200,000 daily transactions. Its value has been highly volatile, peaking at more than$1,200 in late 2013 before crashing after the collapse of the Mt. Gox bitcoin exchange. It has since stabilised somewhat, trading at around $655 on Monday, up more than 50 percent this year. BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain. In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyles Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years. Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin. Another ETF issued by New York-based ARK Investment Management last year became the first ETF to invest in bitcoin, but it also invests in other fintech companies. The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by one of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission - Gibraltar's regulator - and the British Overseas Territory's government. "By listing the ETI on the Gibraltar Stock Exchange, which is an EU-regulated market, we are able to bring a high level of transparency and liquidity to investors," said Revoltura CEO Ransu Salovaara. (Editing by Hugh Lawson) View comments || Your first trade for Friday, July 22: The "Fast Money" traders shared their first moves for the market open.
Tim Seymour stuck with Starbucks(SBUX), which had reported quarterly numbers after Thursday's close.
Karen Finerman was a seller of United Rentals(URI).
Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF(TLT).
Guy Adami was a buyer of Newmont Mining(NEM).
Trader disclosure: On July 21, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short CHF=, EUR=, JPY=. Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Friday, July 22: The " Fast Money " traders shared their first moves for the market open. Tim Seymour stuck with Starbucks ( SBUX ) , which had reported quarterly numbers after Thursday's close. Karen Finerman was a seller of United Rentals ( URI ) . Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF ( TLT ) . Guy Adami was a buyer of Newmont Mining ( NEM ) . Trader disclosure: On July 21, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short CHF=, EUR=, JPY=. Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || How Apple And Facebook Helped Take Down The Largest Torrent-Sharing Site In The World: Thirty-year-old Ukrainian national Artem Vaulin, the alleged owner of the world’s largest torrent-sharing site, Kickass Torrents, was arrested Wednesday in Poland, accused of criminal copyright infringement and money laundering. After years on the run, the man, known over the Internet as "Tirm," was found due to a series of really dumb mistakes — for a complete review of the process that led to this outcome,click here.
The king of online piracy was also operating a Kickass TorrentsFacebook Inc(NASDAQ:FB) fan page — apparently without even using an IP blocker or a disposable email. After the U.S. government presented a warrant requesting the social network to hand over the log data, which they did, they weren't even faced with a difficult task.
Related Link:The Crucial Role Twitter Played In Finding The Center Of Our Galaxy
Supposedly, Vaulin had been using anApple Inc.(NASDAQ:AAPL)-owned @me.com email address to log into the site. Moreover, when U.S. authorities went over his emails, they found several messages related to the administration of the Kickass Torrents site.
To makes things even worse, Tirm decided to use the same email account to make a legal iTunes purchase. Again, he didn't use an IP blocker, so his IP address was registered.
Instead of locating and arresting Vaulin immediately, U.S. officials used the IP addresses to find his online Bitcoin account.
“Vaulin is charged with running today’s most visited illegal file-sharing website, responsible for unlawfully distributing well over $1 billion of copyrighted materials,” Assistant Attorney General Leslie Caldwell voiced in astatement. “In an effort to evade law enforcement, Vaulin allegedly relied on servers located in countries around the world and moved his domains due to repeated seizures and civil lawsuits. His arrest in Poland, however, demonstrates again that cybercriminals can run, but they cannot hide from justice,” she concluded.
Did you like this article? Could it have been improved? Please email [email protected] with the story link to let us know!
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.
See more from Benzinga
• Protecting Journalists: Edward Snowden Designed iPhone Add-On That Could Stop Eavesdroppers
• App Store Data Suggests Healthy Revenue Trends For Apple
• The iPhone Ban In Iran: Officials Confirm The Rhyme's For Real This Time
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How Apple And Facebook Helped Take Down The Largest Torrent-Sharing Site In The World: Thirty-year-old Ukrainian national Artem Vaulin, the alleged owner of the worlds largest torrent-sharing site, Kickass Torrents, was arrested Wednesday in Poland, accused of criminal copyright infringement and money laundering. After years on the run, the man, known over the Internet as "Tirm," was found due to a series of really dumb mistakes for a complete review of the process that led to this outcome, click here . The king of online piracy was also operating a Kickass Torrents Facebook Inc (NASDAQ: FB ) fan page apparently without even using an IP blocker or a disposable email. After the U.S. government presented a warrant requesting the social network to hand over the log data, which they did, they weren't even faced with a difficult task. Related Link: The Crucial Role Twitter Played In Finding The Center Of Our Galaxy Supposedly, Vaulin had been using an Apple Inc. (NASDAQ: AAPL )-owned @me.com email address to log into the site. Moreover, when U.S. authorities went over his emails, they found several messages related to the administration of the Kickass Torrents site. To makes things even worse, Tirm decided to use the same email account to make a legal iTunes purchase. Again, he didn't use an IP blocker, so his IP address was registered. Instead of locating and arresting Vaulin immediately, U.S. officials used the IP addresses to find his online Bitcoin account. Vaulin is charged with running todays most visited illegal file-sharing website, responsible for unlawfully distributing well over $1 billion of copyrighted materials, Assistant Attorney General Leslie Caldwell voiced in a statement . In an effort to evade law enforcement, Vaulin allegedly relied on servers located in countries around the world and moved his domains due to repeated seizures and civil lawsuits. His arrest in Poland, however, demonstrates again that cybercriminals can run, but they cannot hide from justice, she concluded. Did you like this article? Could it have been improved? Please email [email protected] with the story link to let us know! Story continues Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above. See more from Benzinga Protecting Journalists: Edward Snowden Designed iPhone Add-On That Could Stop Eavesdroppers App Store Data Suggests Healthy Revenue Trends For Apple The iPhone Ban In Iran: Officials Confirm The Rhyme's For Real This Time © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
1 KOBO = 0.00001347 BTC
= 0.0088 USD
= 2.8094 NGN
= 0.1220 ZAR
= 0.8913 KES
#Kobocoin 2016-07-29 18:00 pic.twitter.com/0nMSNcIDra || $658.99 #bitfinex;
$648.00 #btce;
$658.20 #OKCoin;
$659.29 #cex;
$657.01 #bitstamp;
$657.83 #itBit;
#bitcoin news: http://bit.ly/1VI6Yse || #Anoncoin/#ANC price now: $ 0.185272, that's 0.76 % change in 1hour. 1.29 % past day, and -6.00 % in the past week! #Bitcoin is $ 655.42 || #TrinityCoin #TTY $ 0.000013 (0.33 %) 0.00000002 BTC (-0.00 %) || #THC 0.00...
|
655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76, 6376.71, 6534.88, 6719.96, 6763.19, 6707.26, 6884.64, 7096.28, 7047.16, 6978.23, 7037.58, 7193.25, 7272.72, 7260.06, 7361.66, 6792.83, 6529.17, 6467.07, 6225.98, 6300.86, 6329.70, 6321.20, 6351.80, 6517.31, 6512.71, 6543.20, 6517.18, 6281.20, 6371.30, 6398.54, 6519.67, 6734.95, 6721.98, 6710.63, 6595.41, 6446.47, 6495.00, 6676.75, 6644.13, 6601.96, 6625.56, 6589.62, 6556.10, 6502.59, 6576.69, 6622.48, 6588.31, 6602.95, 6652.23, 6642.64, 6585.53, 6256.24.
|
[Bitcoin Technical Analysis for 2018-10-11]
Volume: 5181640000, RSI (14-day): 35.51, 50-day EMA: 6630.42, 200-day EMA: 7258.85
[Wider Market Context]
Gold Price: 1223.50, Gold RSI: 62.43
Oil Price: 70.97, Oil RSI: 45.51
[Recent News (last 7 days)]
Emergence of $100M Crypto Funds in Bear Market Shows Investors are Interested: Over the past month, four major $100 million crypto hedge funds have debuted with strong backing from institutional investors, Wall Street, and high profile individual investors.
Reality Shares, former Point72 Asset Management executive Travis Kling, and JCE Capital Management have announced the launch of $100 million hedge funds targeted at the cryptocurrency market.
Most recently, former Bain Capital Ventures partner Alexander Pack and Ceyuan Ventures founder Bo Feng formed a $100 million fund called Dragonfly Capital Partners, to establish a diverse portfolio of crypto-first funds, protocols, and infrastructure-building startups.
Perhaps to compete against existing hedge funds in the cryptocurrency sector, Dragonfly Capital Partners co-founder Alexander Pack said that the firm will invest in startups, protocols, and applications that have a strong vision of transform various industries with the blockchain, outside of finance.
“Crypto is a new asset class, and it made sense to have a new firm to support it. We thought older ones would have a disadvantage,” Pack said, adding, “we try to take a very long-term perspective. Crypto has the power to transform things at a deeper layer. Not just money—transforming what we think of as property.”
Blockchain development is essentially solving unmatched cryptographic problems effectively scale and improve the capacity of a decentralized protocol. Hence, the strategy of Dragonfly to support the long-term vision of ambitious blockchain projects will require years of development and rapid progress.
The $100 million Dragonfly has raised this month to launch its hedge fund demonstrates the intent of investors to place long-term bets on the cryptocurrency sector and blockchain space in a period of uncertainty and doubt.
In July, Digital Currency Group’s Grayscale also raised more than $250 million in the first half of 2018 from investors in the traditional finance market, despite the 80 percent decline in the valuation of the cryptocurrency market.
In its official report, Grayscale said that the demand for the company’s hedge fund and investment vehicles experienced an unprecedented rate of acceleration. The teamwrote:
“As the investment community knows, over the last six months, the digital asset market experienced one of the largest price drawdowns since the inception of Bitcoin in 2009. However, what is more interesting, and somewhat counterintuitive, is that the pace of investment into Grayscale products has accelerated to a level that we have not seen before. In fact, we raised nearly $250 million in new assets in the first half of this year, marking the strongest inflows of any six month period in the history of our business.”
The cryptocurrency market is quite clearly still in a bear market with major cryptocurrencies like Bitcoin, Ethereum, and Ripple unable to demonstrate strong momentum and large upside breakouts.
But, investors are still comfortable in investing large sums of capital to back emerging startups and projects. In a phase like this, it is more risky to invest in emerging startups than in established cryptocurrencies.
The approach of most hedge funds and high profile investors, both retail and institutions, represent confidence of investors in the long-term growth of the cryptocurrency sector.
Featured image from Shutterstock.
The postEmergence of $100M Crypto Funds in Bear Market Shows Investors are Interestedappeared first onCCN. || Emergence of $100M Crypto Funds in Bear Market Shows Investors are Interested: Over the past month, four major $100 million crypto hedge funds have debuted with strong backing from institutional investors, Wall Street, and high profile individual investors. Reality Shares, former Point72 Asset Management executive Travis Kling, and JCE Capital Management have announced the launch of $100 million hedge funds targeted at the cryptocurrency market. Most recently, former Bain Capital Ventures partner Alexander Pack and Ceyuan Ventures founder Bo Feng formed a $100 million fund called Dragonfly Capital Partners, to establish a diverse portfolio of crypto-first funds, protocols, and infrastructure-building startups. Investors are Interested Perhaps to compete against existing hedge funds in the cryptocurrency sector, Dragonfly Capital Partners co-founder Alexander Pack said that the firm will invest in startups, protocols, and applications that have a strong vision of transform various industries with the blockchain, outside of finance. “Crypto is a new asset class, and it made sense to have a new firm to support it. We thought older ones would have a disadvantage,” Pack said, adding, “we try to take a very long-term perspective. Crypto has the power to transform things at a deeper layer. Not just money—transforming what we think of as property.” Blockchain development is essentially solving unmatched cryptographic problems effectively scale and improve the capacity of a decentralized protocol. Hence, the strategy of Dragonfly to support the long-term vision of ambitious blockchain projects will require years of development and rapid progress. The $100 million Dragonfly has raised this month to launch its hedge fund demonstrates the intent of investors to place long-term bets on the cryptocurrency sector and blockchain space in a period of uncertainty and doubt. In July, Digital Currency Group’s Grayscale also raised more than $250 million in the first half of 2018 from investors in the traditional finance market, despite the 80 percent decline in the valuation of the cryptocurrency market. Story continues In its official report, Grayscale said that the demand for the company’s hedge fund and investment vehicles experienced an unprecedented rate of acceleration. The team wrote : “As the investment community knows, over the last six months, the digital asset market experienced one of the largest price drawdowns since the inception of Bitcoin in 2009. However, what is more interesting, and somewhat counterintuitive, is that the pace of investment into Grayscale products has accelerated to a level that we have not seen before. In fact, we raised nearly $250 million in new assets in the first half of this year, marking the strongest inflows of any six month period in the history of our business.” Market Trend The cryptocurrency market is quite clearly still in a bear market with major cryptocurrencies like Bitcoin, Ethereum, and Ripple unable to demonstrate strong momentum and large upside breakouts. But, investors are still comfortable in investing large sums of capital to back emerging startups and projects. In a phase like this, it is more risky to invest in emerging startups than in established cryptocurrencies. The approach of most hedge funds and high profile investors, both retail and institutions, represent confidence of investors in the long-term growth of the cryptocurrency sector. Featured image from Shutterstock. The post Emergence of $100M Crypto Funds in Bear Market Shows Investors are Interested appeared first on CCN . || How Amazon Plans to Upend Retail Yet Again: It's hard to keep up with Amazon 's (NASDAQ: AMZN) never-ending quest to disrupt retail. It bought Whole Foods Market, opened physical bookstores, plans to swamp the country with 3,000 automated convenience stores , and even partnered with Good Housekeeping for a pop-up store with no inventory where you purchase everything online via QR codes. Now Amazon has set its sights on a new retail concept that sells only merchandise rated four stars or better on its online marketplace, with two-tier prices: one for Prime members and another, higher price for non-members. Amazon 4-star storefront Amazon.com's new store sells only products that are highly rated by local residents. Image source: Amazon.com. Only the best Despite the growth of e-commerce, that channel only represents about 10% of all retail sales made in the country. While Amazon and other online-only shops have taken their toll on traditional brick-and-mortar businesses, it's become apparent that a mix of shopping experiences is optimal. And no one might be playing that game harder than Amazon. The company is continuously experimenting with all of the information it has collected on customers' shopping habits over the years. The new store, opening in the SoHo area of New York City, is called Amazon 4-star and will feature only products that are popular and highly rated by fellow New Yorkers. Anyone can shop there, and you can become a Prime member on the spot to get the discounted pricing with a 30-day free trial. By stocking shelves with items that are in demand by customers from the area where the store is located, Amazon can replicate this concept time and again across the country. What's popular in New York might not be in Los Angeles, let alone Des Moines. Finding the right format Since its purchase of Whole Foods, Amazon has increasingly blended the online experience with the supermarket's physical locations. By making the grocer's 365 by Whole Foods merchandise available on Amazon's grocery site, and by extending Prime discounts to customers who shop at Whole Foods stores, Amazon has blurred the lines between brick-and-mortar and online. Story continues It might be the epitome of irony that Amazon would also open a bookstore, since it got its start as an online bookseller. And it just opened an experimental store at the Mall of America in Bloomington, Minnesota, where customers shop Good Housekeeping's selection of merchandise, scan a QR code with the Amazon app, and have their orders shipped to them. A different version of that experience is the Amazon Go store, where you grab the grocery items you want and walk out. Using an array of cameras and sensors that line store shelves, the app will charge your Amazon account for the purchase without you going anywhere near a register. Giving you what you want Amazon 4-star starts with merchandise that customers in SoHo have already purchased and rate highly. It then adds new and trending items to fill out the selection with products from the most popular categories on its site, including its devices, consumer electronics, items for the kitchen and the rest of the home, toys, books, and games. You get to test all of them in the store, and digital price tags dynamically update the online price of a product. This concept is not so much a new direction for retail (plenty of stores curate their merchandise), but it gives Amazon more opportunities to learn about consumer behavior in a physical-store format, data it can use across all of its brick-and-mortar locations. Yet Amazon needs to be careful not to simply have a grab-bag selection of goods, even if they're highly rated, because it's a format that didn't work too well for Sharper Image or Brookstone. And the store doesn't seem especially large, so the product selection will need to be hyper-curated while still offering a broad choice. It's a careful balancing act. Still, this latest foray into brick-and-mortar shows that while Amazon started as an online-only outfit, it fully understands the best way to retail success is through an omnichannel strategy. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has a disclosure policy . || How Amazon Plans to Upend Retail Yet Again: It's hard to keep up with Amazon 's (NASDAQ: AMZN) never-ending quest to disrupt retail. It bought Whole Foods Market, opened physical bookstores, plans to swamp the country with 3,000 automated convenience stores , and even partnered with Good Housekeeping for a pop-up store with no inventory where you purchase everything online via QR codes. Now Amazon has set its sights on a new retail concept that sells only merchandise rated four stars or better on its online marketplace, with two-tier prices: one for Prime members and another, higher price for non-members. Amazon 4-star storefront Amazon.com's new store sells only products that are highly rated by local residents. Image source: Amazon.com. Only the best Despite the growth of e-commerce, that channel only represents about 10% of all retail sales made in the country. While Amazon and other online-only shops have taken their toll on traditional brick-and-mortar businesses, it's become apparent that a mix of shopping experiences is optimal. And no one might be playing that game harder than Amazon. The company is continuously experimenting with all of the information it has collected on customers' shopping habits over the years. The new store, opening in the SoHo area of New York City, is called Amazon 4-star and will feature only products that are popular and highly rated by fellow New Yorkers. Anyone can shop there, and you can become a Prime member on the spot to get the discounted pricing with a 30-day free trial. By stocking shelves with items that are in demand by customers from the area where the store is located, Amazon can replicate this concept time and again across the country. What's popular in New York might not be in Los Angeles, let alone Des Moines. Finding the right format Since its purchase of Whole Foods, Amazon has increasingly blended the online experience with the supermarket's physical locations. By making the grocer's 365 by Whole Foods merchandise available on Amazon's grocery site, and by extending Prime discounts to customers who shop at Whole Foods stores, Amazon has blurred the lines between brick-and-mortar and online. Story continues It might be the epitome of irony that Amazon would also open a bookstore, since it got its start as an online bookseller. And it just opened an experimental store at the Mall of America in Bloomington, Minnesota, where customers shop Good Housekeeping's selection of merchandise, scan a QR code with the Amazon app, and have their orders shipped to them. A different version of that experience is the Amazon Go store, where you grab the grocery items you want and walk out. Using an array of cameras and sensors that line store shelves, the app will charge your Amazon account for the purchase without you going anywhere near a register. Giving you what you want Amazon 4-star starts with merchandise that customers in SoHo have already purchased and rate highly. It then adds new and trending items to fill out the selection with products from the most popular categories on its site, including its devices, consumer electronics, items for the kitchen and the rest of the home, toys, books, and games. You get to test all of them in the store, and digital price tags dynamically update the online price of a product. This concept is not so much a new direction for retail (plenty of stores curate their merchandise), but it gives Amazon more opportunities to learn about consumer behavior in a physical-store format, data it can use across all of its brick-and-mortar locations. Yet Amazon needs to be careful not to simply have a grab-bag selection of goods, even if they're highly rated, because it's a format that didn't work too well for Sharper Image or Brookstone. And the store doesn't seem especially large, so the product selection will need to be hyper-curated while still offering a broad choice. It's a careful balancing act. Still, this latest foray into brick-and-mortar shows that while Amazon started as an online-only outfit, it fully understands the best way to retail success is through an omnichannel strategy. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has a disclosure policy . || General Electric: What Went Wrong and What Larry Culp Must Do Now: Now thatGeneral Electric Company(NYSE: GE)has replaced John Flannery with Larry Culp as chairman and CEO, and announced it will fall short of its previously indicated cash flow and earnings guidance, it's surely time for investors to pause and assess what's going on. The post-announcement surge in the share price is partly due to a sense of optimism now that formerDanaherCEO Culp is in charge; his record at Danaher explains therespect he has earned in industrial circles.
However, I think there's something more to the price move than simply optimism over Culp. Let's take a closer look.
In a nutshell, GE has done a terrible job of turning itself around and managing investor expectations, and the news that there's a clean sweep at the top is hopefully going to lead to a change in how the company manages its affairs. Although it's hard not to feel sympathy for Flannery -- he was dealt a rotten hand -- he was responsible for a large part of the mess.
The skepticism over the commitment to a clean sweep was fueled right at the start of Flannery's tenure. In a move that can only be described as bizarre, the first thing GE did after appointing Flannery was to give then-CFO Jeff Bornstein a promotion to vice chairman. If that weren't strange enough, a few months later it was announced thatBornstein would be leaving.
Flannery then appeared to take charge of events. He decided to ignore thecalls to separate the healthcare business,but yielded to the inevitability ofa dividend cutand reduced GE's dividend by half to $0.48.
GE's turnaround strategywas then set in place in November 2017. Flannery intended to shore up the balance sheet by exiting $20 billion worth of assets, while relying on the earnings and cash flow from the aviation and healthcare segments to tide the company over while restructuring a power segment ailing from weakening end markets. EPS and free cash flow (FCF) guidance for 2018 were set at $1-$1.07, and $6 billion-$7 billion, respectively.
Flannery's plan might have sounded good, but it wasn't decisive enough. Worse, the plan wasbeset with risk from the start. For example, consider the new dividend of $0.48 per share.
Paying the dividend would require roughly $4.2 billion in cash, but management was only forecasting $6 billion-$7 billion in FCF. Meanwhile, GE's substantial pension deficit needed funding, and based on GE's figures, it needed $2 billion in 2018 alone.
In fact, GE borrowed $6 billion in order to pre-fund its pension for three years. And without the extra debt, the dividend would only barely (or possibly not) have been funded from FCF. Not to mention that theunderlying available FCF(free cash flow minus pension funding and dividend) was going to be peanuts compared to what management needed to turn the power business around.
Moreover, in terms of the dividend, the plan had little margin for safety and needed a combination of blemish-free execution and some stabilization in the power segment's end markets.
GE got neither.
Fast-forward from the November 2017 reset, and January started witha $6.2 billion tax charge relating to its insurance portfolio. February saw CFO Jamie Miller lowering 2018 earnings expectations to the lower end of the $1-$1.07 range at an investor conference, due to weakening power markets. GE alsoprogressively lowered expectations for gas turbine salesin 2018.
The first-quarter results in April saw GE's managementlower power-segment earnings guidanceby a whopping $500 million (worth around $0.05 in EPS), but there was still no change to the official EPS and FCF guidance.
The end of June broughtthe conclusion of Flannery's strategic review, and finally, the decision was made to create a stand-alone healthcare company while separating the remaining stake inBaker Hughes, a GE Company.It was a bid to shore up the balance sheet and reduce debt-to-earnings to commonly accepted levels. And still, no cut to the official guidance.
July brought a disappointing set of second-quarter earnings, with Miller lowering 2018 FCF to $6 billion -- a figure at the bottom, but still within, the original guidance range. There was still no change to the EPS guidance, despite the fact that hardly any Wall Street analyst believed GE would hit even the low end of its EPS guidance range.
Moreover, power-segment conditions continued to deteriorate, andGE's earnings guidance looked increasingly untenable, not least because its key rival,Siemens, was busylowering earnings and margin expectations for its own power segment.
Larry Culp is charged with returning GE to former glories. Image source: Getty Images.
The optimism over Culp's executive abilities is well placed. His first act is likely to be restoration of confidence that GE's management has a handle on restructuring the company for the long term. That starts with being realistic with guidance and the sustainability of the dividend.
In the end, Flannery ended his tenure as Jeff Immelt before him did: stubbornly clinging to guidance that was unlikely to be met, at a time when investors needed to be confident in the direction of the company. Culp just might be the man to turn things around on that front.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Lee Samahahas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || General Electric: What Went Wrong and What Larry Culp Must Do Now: Now that General Electric Company (NYSE: GE) has replaced John Flannery with Larry Culp as chairman and CEO, and announced it will fall short of its previously indicated cash flow and earnings guidance, it's surely time for investors to pause and assess what's going on. The post-announcement surge in the share price is partly due to a sense of optimism now that former Danaher CEO Culp is in charge; his record at Danaher explains the respect he has earned in industrial circles . However, I think there's something more to the price move than simply optimism over Culp. Let's take a closer look. An unconvincing start In a nutshell, GE has done a terrible job of turning itself around and managing investor expectations, and the news that there's a clean sweep at the top is hopefully going to lead to a change in how the company manages its affairs. Although it's hard not to feel sympathy for Flannery -- he was dealt a rotten hand -- he was responsible for a large part of the mess. The skepticism over the commitment to a clean sweep was fueled right at the start of Flannery's tenure. In a move that can only be described as bizarre, the first thing GE did after appointing Flannery was to give then-CFO Jeff Bornstein a promotion to vice chairman. If that weren't strange enough, a few months later it was announced that Bornstein would be leaving . Flannery takes charge Flannery then appeared to take charge of events. He decided to ignore the calls to separate the healthcare business, but yielded to the inevitability of a dividend cut and reduced GE's dividend by half to $0.48. GE's turnaround strategy was then set in place in November 2017. Flannery intended to shore up the balance sheet by exiting $20 billion worth of assets, while relying on the earnings and cash flow from the aviation and healthcare segments to tide the company over while restructuring a power segment ailing from weakening end markets. EPS and free cash flow (FCF) guidance for 2018 were set at $1-$1.07, and $6 billion-$7 billion, respectively. Story continues GE's risky plan Flannery's plan might have sounded good, but it wasn't decisive enough. Worse, the plan was beset with risk from the start . For example, consider the new dividend of $0.48 per share. Paying the dividend would require roughly $4.2 billion in cash, but management was only forecasting $6 billion-$7 billion in FCF. Meanwhile, GE's substantial pension deficit needed funding, and based on GE's figures, it needed $2 billion in 2018 alone. In fact, GE borrowed $6 billion in order to pre-fund its pension for three years. And without the extra debt, the dividend would only barely (or possibly not) have been funded from FCF. Not to mention that the underlying available FCF (free cash flow minus pension funding and dividend) was going to be peanuts compared to what management needed to turn the power business around. Moreover, in terms of the dividend, the plan had little margin for safety and needed a combination of blemish-free execution and some stabilization in the power segment's end markets. GE got neither. Where it went wrong: A timeline for 2018 Fast-forward from the November 2017 reset, and January started with a $6.2 billion tax charge relating to its insurance portfolio . February saw CFO Jamie Miller lowering 2018 earnings expectations to the lower end of the $1-$1.07 range at an investor conference, due to weakening power markets. GE also progressively lowered expectations for gas turbine sales in 2018. The first-quarter results in April saw GE's management lower power-segment earnings guidance by a whopping $500 million (worth around $0.05 in EPS), but there was still no change to the official EPS and FCF guidance. The end of June brought the conclusion of Flannery's strategic review , and finally, the decision was made to create a stand-alone healthcare company while separating the remaining stake in Baker Hughes, a GE Company. It was a bid to shore up the balance sheet and reduce debt-to-earnings to commonly accepted levels. And still, no cut to the official guidance. July brought a disappointing set of second-quarter earnings, with Miller lowering 2018 FCF to $6 billion -- a figure at the bottom, but still within, the original guidance range. There was still no change to the EPS guidance, despite the fact that hardly any Wall Street analyst believed GE would hit even the low end of its EPS guidance range. Moreover, power-segment conditions continued to deteriorate, and GE's earnings guidance looked increasingly untenable , not least because its key rival, Siemens , was busy lowering earnings and margin expectations for its own power segment . An arrow made of dollars pointing upwards Larry Culp is charged with returning GE to former glories. Image source: Getty Images. What Culp must do now The optimism over Culp's executive abilities is well placed. His first act is likely to be restoration of confidence that GE's management has a handle on restructuring the company for the long term. That starts with being realistic with guidance and the sustainability of the dividend. In the end, Flannery ended his tenure as Jeff Immelt before him did: stubbornly clinging to guidance that was unlikely to be met, at a time when investors needed to be confident in the direction of the company. Culp just might be the man to turn things around on that front. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || How Intel's Modem Business Could Benefit From the 2019 iPhone Cycle: Chip giantIntel(NASDAQ: INTC)was one of two sources forApple's(NASDAQ: AAPL)cellular modems for the iPhone 7, iPhone 8, and iPhone X products. The company is believed to be the sole modem supplier for the recently launched iPhone XS, iPhone XS Max, and iPhone XR devices -- something that Intel modem rivalQualcomm(NASDAQ: QCOM)indicatedon its July 25 earnings conference call.
Intel's share of Apple's modem needs over the course of the current product cycle is likely to be quite high, but it's not 100% -- Qualcomm CFO George Davis said that the company "will continue to provide modems for Apple legacy devices." (Apple still currently sells the older iPhone 7 series and iPhone 8 series products at discounted prices.)
Image source: Intel.
Here's why Intel could be set to gain further iPhone modem market share in the coming iPhone product cycle.
Apple generally keeps three generations' worth of iPhones available in the market. At the top of its iPhone product stack are its newest models, with last year's models below them and the iPhones from the year before that another notch below. Today this means that the Intel-only iPhone XS, iPhone XS Max, and iPhone XR sit at the top of the stack, the iPhone 8 and iPhone 8 Plus -- which come in either Intel- or Qualcomm-powered versions -- are a step below, and then the iPhone 7 and iPhone 7 Plus (also offered in variants with either Intel or Qualcomm modems) sit at the bottom of the stack.
Next year, I expect today's iPhone XS and iPhone XS Max to bediscontinuedin favor of their replacements. However, I believe the current iPhone XR will live on as the replacement for today's iPhone 8 and iPhone 8 Plus and then the iPhone 8 and iPhone 8 Plus will replace the iPhone 7 and iPhone 7 Plus, respectively, with the latter two being discontinued entirely.
In that case, if Intel were to win all of the modem orders for next year's iPhones, Intel would be the exclusive vendor for both the latest models as well as the discounted previous-generation models. It would only split modem orders with Qualcomm for the iPhone 8 and iPhone 8 Plus, which will presumably be Apple's cheapest offerings in the coming product cycle.
If Intel manages to win the entirety of Apple's modem orders for both the iPhones that launch in 2019 as well as the iPhones that launch in 2020, then assuming that Apple discontinues the iPhone 8 and iPhone 8 Plus at that point (as Apple's history would indicate), Intel should be in every new iPhone that Apple sells -- increasing Intel's share within Apple and, presumably, boosting Intel's Apple-related modem revenue, too.
At that point, Intel wouldn't be able to grow its modem business by grabbing additional share in the iPhone -- it'd have to rely on other factors for growth, such as growth in overall iPhone unit shipments. Additionally, interim CEO and CFO Bob Swan did say during the company's July 26 earnings call that "as we migrate to a5Gworld, we expect margins in the modem business to improve." This could be a clue that the company is counting on dollar content increases in future iPhones as its modems become more complex.
That's not a new strategy. In fact,Broadcom, a fellow Apple supplier, has enjoyed significant per-device dollar content increases for years, which hashelped to fuel the growth of its own wireless chip business(which, like Intel's cellular modem business, depends heavily on sales to Apple).
Intel's modem business is just one part of its overall client computing group (CCG). In 2017, CCG generated about $34 billion in revenue. Of that, about $31.22 billion came from sales of platforms, while the remaining $2.78 billion came from what the company calls "adjacency" products. Cellular modems are a part of the company's CCG adjacency revenue.
Through the first half of 2018, Intel's CCG adjacency revenue was up 9.4% . I'd expect that revenue growth to accelerate in the second half of 2018 as a result of the company's apparent sole-source position in Apple's latest iPhones. However, in the scheme of things, though Intel's modem business has grown quite nicely and there's an opportunity for this segment to keep growing for a while, it's still ultimately nowhere near as important as, say, the company'snotebook and desktop processor businesses.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Ashraf Eassaowns shares of Qualcomm. The Motley Fool owns shares of and recommends Apple. The Motley Fool owns shares of Qualcomm and has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Broadcom Ltd. The Motley Fool has adisclosure policy. || How Intel's Modem Business Could Benefit From the 2019 iPhone Cycle: Chip giant Intel (NASDAQ: INTC) was one of two sources for Apple 's (NASDAQ: AAPL) cellular modems for the iPhone 7, iPhone 8, and iPhone X products. The company is believed to be the sole modem supplier for the recently launched iPhone XS, iPhone XS Max, and iPhone XR devices -- something that Intel modem rival Qualcomm (NASDAQ: QCOM) indicated on its July 25 earnings conference call. Intel's share of Apple's modem needs over the course of the current product cycle is likely to be quite high, but it's not 100% -- Qualcomm CFO George Davis said that the company "will continue to provide modems for Apple legacy devices." (Apple still currently sells the older iPhone 7 series and iPhone 8 series products at discounted prices.) A person holding an Intel 5G modem between their fingers. Image source: Intel. Here's why Intel could be set to gain further iPhone modem market share in the coming iPhone product cycle. If Intel wins it all again... Apple generally keeps three generations' worth of iPhones available in the market. At the top of its iPhone product stack are its newest models, with last year's models below them and the iPhones from the year before that another notch below. Today this means that the Intel-only iPhone XS, iPhone XS Max, and iPhone XR sit at the top of the stack, the iPhone 8 and iPhone 8 Plus -- which come in either Intel- or Qualcomm-powered versions -- are a step below, and then the iPhone 7 and iPhone 7 Plus (also offered in variants with either Intel or Qualcomm modems) sit at the bottom of the stack. Next year, I expect today's iPhone XS and iPhone XS Max to be discontinued in favor of their replacements. However, I believe the current iPhone XR will live on as the replacement for today's iPhone 8 and iPhone 8 Plus and then the iPhone 8 and iPhone 8 Plus will replace the iPhone 7 and iPhone 7 Plus, respectively, with the latter two being discontinued entirely. In that case, if Intel were to win all of the modem orders for next year's iPhones, Intel would be the exclusive vendor for both the latest models as well as the discounted previous-generation models. It would only split modem orders with Qualcomm for the iPhone 8 and iPhone 8 Plus, which will presumably be Apple's cheapest offerings in the coming product cycle. Story continues Could Intel have it all by fall of 2020? If Intel manages to win the entirety of Apple's modem orders for both the iPhones that launch in 2019 as well as the iPhones that launch in 2020, then assuming that Apple discontinues the iPhone 8 and iPhone 8 Plus at that point (as Apple's history would indicate), Intel should be in every new iPhone that Apple sells -- increasing Intel's share within Apple and, presumably, boosting Intel's Apple-related modem revenue, too. At that point, Intel wouldn't be able to grow its modem business by grabbing additional share in the iPhone -- it'd have to rely on other factors for growth, such as growth in overall iPhone unit shipments. Additionally, interim CEO and CFO Bob Swan did say during the company's July 26 earnings call that "as we migrate to a 5G world, we expect margins in the modem business to improve." This could be a clue that the company is counting on dollar content increases in future iPhones as its modems become more complex. That's not a new strategy. In fact, Broadcom , a fellow Apple supplier, has enjoyed significant per-device dollar content increases for years, which has helped to fuel the growth of its own wireless chip business (which, like Intel's cellular modem business, depends heavily on sales to Apple). The bigger picture Intel's modem business is just one part of its overall client computing group (CCG). In 2017, CCG generated about $34 billion in revenue. Of that, about $31.22 billion came from sales of platforms, while the remaining $2.78 billion came from what the company calls "adjacency" products. Cellular modems are a part of the company's CCG adjacency revenue. Through the first half of 2018, Intel's CCG adjacency revenue was up 9.4% . I'd expect that revenue growth to accelerate in the second half of 2018 as a result of the company's apparent sole-source position in Apple's latest iPhones. However, in the scheme of things, though Intel's modem business has grown quite nicely and there's an opportunity for this segment to keep growing for a while, it's still ultimately nowhere near as important as, say, the company's notebook and desktop processor businesses . More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Qualcomm. The Motley Fool owns shares of and recommends Apple. The Motley Fool owns shares of Qualcomm and has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Broadcom Ltd. The Motley Fool has a disclosure policy . || Cryptocurrency theft hits nearly $1 billion in first nine months: report: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year, up nearly 250 percent from the level seen in 2017, according to a report from U.S.-based cyber security firm CipherTrace released on Wednesday. The report, which looks at criminal activity and money laundering in the digital currency market, also showed a steadily growing number of smaller thefts in the $20-60 million range, totaling $173 million in the third quarter. Digital currencies stolen from exchanges in 2017 totaled just $266 million, according to a previous report from CipherTrace. Bitcoin's popularity and the emergence of more than 1,600 other digital coins or tokens have drawn more hackers into the cryptocurrency space, expanding opportunities for crime and fraud. "The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws," Dave Jevans, chief executive officer of CipherTrace, told Reuters in an interview. Related Video: Bitcoin Mining Eats Enough Energy to Power Ireland For more news videos visit Yahoo View . Jevans is also the chairman of the Anti-Phishing Working Group, a global organization that aims to help solve cyber crime. He said there are likely 50 percent more criminal transactions than those that were traced for this report. For instance, CipherTrace is aware of more than $60 million in cryptocurrency that was stolen but not reported. The data also showed that the world's top cryptocurrency exchanges from countries with weak anti-money laundering regulations (AML) have been used to launder $2.5 billion worth of bitcoins since 2009. The top 20 virtual currency exchanges in terms of volume were analyzed for the report. The CipherTrace report declined to name those exchanges. These money-laundered funds represent transactions that CipherTrace was able to directly monitor and designate as criminal or highly suspect. Story continues In estimating the $2.5 billion, CipherTrace looked at about 350 million transactions from the 20 exchanges and found 100 million of those with counterparties. From there, the firm was able to cross-check the 100 million transactions with its own data on criminal activity. At the same time, these exchanges have also been used to purchase 236,979 bitcoins worth of criminal services, equivalent to approximately $1.5 billion at current prices, the report showed. "All exchanges get these money-laundered funds. You really can't stop them," said Jevans. "And here's the reason why. We learn about the criminal stuff often times after it actually happened. So there's no way to know in real time. You can know 80-90 percent of the time, but it's impossible to know 100 percent," he added. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrea Ricci) || Cryptocurrency theft hits nearly $1 billion in first nine months: report: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year, up nearly 250 percent from the level seen in 2017, according to a report from U.S.-based cyber security firm CipherTrace released on Wednesday. The report, which looks at criminal activity and money laundering in the digital currency market, also showed a steadily growing number of smaller thefts in the $20-60 million range, totaling $173 million in the third quarter. Digital currencies stolen from exchanges in 2017 totaled just $266 million, according to a previous report from CipherTrace. Bitcoin's popularity and the emergence of more than 1,600 other digital coins or tokens have drawn more hackers into the cryptocurrency space, expanding opportunities for crime and fraud. "The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws," Dave Jevans, chief executive officer of CipherTrace, told Reuters in an interview. Jevans is also the chairman of the Anti-Phishing Working Group, a global organization that aims to help solve cyber crime. He said there are likely 50 percent more criminal transactions than those that were traced for this report. For instance, CipherTrace is aware of more than $60 million in cryptocurrency that was stolen but not reported. The data also showed that the world's top cryptocurrency exchanges from countries with weak anti-money laundering regulations (AML) have been used to launder $2.5 billion worth of bitcoins since 2009. The top 20 virtual currency exchanges in terms of volume were analyzed for the report. The CipherTrace report declined to name those exchanges. These money-laundered funds represent transactions that CipherTrace was able to directly monitor and designate as criminal or highly suspect. In estimating the $2.5 billion, CipherTrace looked at about 350 million transactions from the 20 exchanges and found 100 million of those with counterparties. From there, the firm was able to cross-check the 100 million transactions with its own data on criminal activity. Story continues At the same time, these exchanges have also been used to purchase 236,979 bitcoins worth of criminal services, equivalent to approximately $1.5 billion at current prices, the report showed. "All exchanges get these money-laundered funds. You really can't stop them," said Jevans. "And here's the reason why. We learn about the criminal stuff often times after it actually happened. So there's no way to know in real time. You can know 80-90 percent of the time, but it's impossible to know 100 percent," he added. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrea Ricci) || Cryptocurrency theft hits nearly $1 billion in first nine months: report: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year, up nearly 250 percent from the level seen in 2017, according to a report from U.S.-based cyber security firm CipherTrace released on Wednesday. The report, which looks at criminal activity and money laundering in the digital currency market, also showed a steadily growing number of smaller thefts in the $20-60 million range, totaling $173 million in the third quarter. Digital currencies stolen from exchanges in 2017 totaled just $266 million, according to a previous report from CipherTrace. Bitcoin's popularity and the emergence of more than 1,600 other digital coins or tokens have drawn more hackers into the cryptocurrency space, expanding opportunities for crime and fraud. "The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws," Dave Jevans, chief executive officer of CipherTrace, told Reuters in an interview. Related Video: Bitcoin Mining Eats Enough Energy to Power Ireland For more news videos visit Yahoo View . Jevans is also the chairman of the Anti-Phishing Working Group, a global organization that aims to help solve cyber crime. He said there are likely 50 percent more criminal transactions than those that were traced for this report. For instance, CipherTrace is aware of more than $60 million in cryptocurrency that was stolen but not reported. The data also showed that the world's top cryptocurrency exchanges from countries with weak anti-money laundering regulations (AML) have been used to launder $2.5 billion worth of bitcoins since 2009. The top 20 virtual currency exchanges in terms of volume were analyzed for the report. The CipherTrace report declined to name those exchanges. These money-laundered funds represent transactions that CipherTrace was able to directly monitor and designate as criminal or highly suspect. Story continues In estimating the $2.5 billion, CipherTrace looked at about 350 million transactions from the 20 exchanges and found 100 million of those with counterparties. From there, the firm was able to cross-check the 100 million transactions with its own data on criminal activity. At the same time, these exchanges have also been used to purchase 236,979 bitcoins worth of criminal services, equivalent to approximately $1.5 billion at current prices, the report showed. "All exchanges get these money-laundered funds. You really can't stop them," said Jevans. "And here's the reason why. We learn about the criminal stuff often times after it actually happened. So there's no way to know in real time. You can know 80-90 percent of the time, but it's impossible to know 100 percent," he added. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrea Ricci) || Cryptocurrency theft hits nearly $1 billion in first nine months: report: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Theft of cryptocurrencies through hacking of exchanges and trading platforms soared to $927 million in the first nine months of the year, up nearly 250 percent from the level seen in 2017, according to a report from U.S.-based cyber security firm CipherTrace released on Wednesday.
The report, which looks at criminal activity and money laundering in the digital currency market, also showed a steadily growing number of smaller thefts in the $20-60 million range, totaling $173 million in the third quarter.
Digital currencies stolen from exchanges in 2017 totaled just $266 million, according to a previous report from CipherTrace.
Bitcoin's popularity and the emergence of more than 1,600 other digital coins or tokens have drawn more hackers into the cryptocurrency space, expanding opportunities for crime and fraud.
"The regulators are still a couple of years behind because there are only a few countries that have really applied strong anti-money laundering laws," Dave Jevans, chief executive officer of CipherTrace, told Reuters in an interview.
Jevans is also the chairman of the Anti-Phishing Working Group, a global organization that aims to help solve cyber crime.
He said there are likely 50 percent more criminal transactions than those that were traced for this report.
For instance, CipherTrace is aware of more than $60 million in cryptocurrency that was stolen but not reported.
The data also showed that the world's top cryptocurrency exchanges from countries with weak anti-money laundering regulations (AML) have been used to launder $2.5 billion worth of bitcoins since 2009. The top 20 virtual currency exchanges in terms of volume were analyzed for the report.
The CipherTrace report declined to name those exchanges.
These money-laundered funds represent transactions that CipherTrace was able to directly monitor and designate as criminal or highly suspect.
In estimating the $2.5 billion, CipherTrace looked at about 350 million transactions from the 20 exchanges and found 100 million of those with counterparties. From there, the firm was able to cross-check the 100 million transactions with its own data on criminal activity.
At the same time, these exchanges have also been used to purchase 236,979 bitcoins worth of criminal services, equivalent to approximately $1.5 billion at current prices, the report showed.
"All exchanges get these money-laundered funds. You really can't stop them," said Jevans.
"And here's the reason why. We learn about the criminal stuff often times after it actually happened. So there's no way to know in real time. You can know 80-90 percent of the time, but it's impossible to know 100 percent," he added.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrea Ricci) || Here’s What You Need to Know About the USMCA Agreement: After a particularly long period of negotiations, the NAFTA agreement between the U.S, Mexico, and Canada morphed into the USMCA, the US Mexico Canada agreement. The renaming of the agreement considered a reflection of the U.S administration’s desire to bring to an end the concept of a North America free trade zone and deliver a Trump vision driven trade agreement between the three countries. There was plenty of political wrangling, with pressure on Canada to find common ground with the U.S or face the prospect of being excluded from what may have become the USMA Agreement. While the USMCA brings to an end the coveted free trade agreement, as details of the USMCA emerge, a number of changes were made, while both Canada and Mexico are expected to continue to face aluminum and steel tariffs. At first sight, sectors of particular focus, where there were some minor adjustments to the original NAFTA terms, included: Auto : As one of Trump’s main areas of focus, negotiations over the auto sector seemed to be extended, whilst the final terms were not too dissimilar to the old agreement, the key terms being: No hard limit on Canadian exports into the U.S was introduced, with both Canada and Mexico becoming exempt from 232 national security tariffs on the proviso that exports to the U.S don’t grow by 40%. The percentage of auto parts manufactured in North America (Rules of Origin) was raised from 62.5% to 75%, with an added condition that up to 45% of manufacturing must be carried by workers with an hourly wage of equal to or above $16 with the next 5-years. Member countries of the USMCA are also now able to sanction other member countries for labor violations in relation to goods produced and traded within the USMC trade zone. When considering the rules of origin, auto manufacturers will work no doubt be doing the math and, if it’s cheaper to manufacture parts outside of North American when factoring in tariffs, this could end up being a flawed condition. Much will depend on what tariffs Trump rolls out to make the condition a win-win. Story continues For Mexico, the $16 per hour wage condition will be an issue that could ultimately lead to manufacturing moving to Canada or the U.S, but again, much will depend on the math, the fall back being to absorb tariffs. It’s great for Mexican workers, but not so great for the American consumer, higher costs likely to be passed on. Dairy : One of the biggest bones of contention, alongside the auto industry, was the dairy industry, where U.S farmers lacked opportunity in the Canadian market due to Canada’s tight controls that include tariffs and quotas on dairy products imported into Canada. Key changes to previous conditions include: Canadian supply management restrictions eased to permit U.S farmers to export an equivalent of approximately 3.5% of Canada’s dairy industry. Canada agreed to remove Class 7 milk, which had made U.S importers of milk less competitive. Class 7 milk is a less expensive class of milk that was introduced in 2017 to address Canada’s rising surplus of non-fat solids that resulted from increased demand for butterfat. The reality is that Class 7 milk was introduced to appease Canadian milk producers who were being driven out of the market by diafiltered milk producers from the U.S. Diafiltered milk was invented after the signing of NAFTA, meaning that U.S diafiltered milk producers were not subject to NFTA’s tariff rate quota. Pharmaceuticals : The period of data protection for biologic drugs was extended to 10-years. Other minor differences in terms from NAFTA include the following: Copyright/Intellectual Property Rights: Terms of copyright raised from 50 years beyond the life of the author to 70 years. Dispute Resolution : Canada managed to retain the Chapter 19 dispute settlement system that was introduced to provide a system to resolve trade disputes and considered a means of protection from protectionism itself. National Security : Steel and aluminum tariffs remain under Section 232 that permits the U.S to ultimately cease the import of materials considered critical for national security to ensure that domestic supplies are sufficient to meet demand in the event of war. Sunset Clause : While NAFTA was a perpetual agreement, the USMCA expires in 2034, with parties to the agreement to convene in 2024 to decide on whether the agreement should be extended beyond 2034. Suggested Articles A Decade After the 2008 Financial Crisis: What has Changed? What has remained the Same? Here’s Why You Should Follow the Italian/German Bond Yield Gap? While the deal is done and was wrapped ahead of the self-imposed 30 th September deadline, the actual signing is not scheduled to take place until a signing ceremony at the end of November or on 1 st December. While the ceremony will be for the cameras, the ratification of the agreement by Congress will be the interesting part, both Canada and Mexico also needing to ratify, though no issues are expected from either side of the U.S borders. November’s mid-term elections could see a shift in the balance of power that could leave the future of USMCA in the hands of the Democrats and few expect the Democrats to ratify one of Trump’s key campaign pledges, to bring an end to what the U.S President had branded the single worst trade deal that the U.S had ever made. One also wonders whether the U.S President will have the full support of the Republicans, Trump’s negotiating tactics having certainly damaged relations with neighbors on either side of its borders and all for some minor adjustments and a name change. Even if the Republicans remain in full control of both houses come 1 st December, some may decide to distance themselves from the Agreement in an attempt to protest against the way both Mexico and Canada were treated, a move that would associate the agreement more with the U.S President than with the Republican Party itself. For those who would like to take advantage of the agreement effects , the Loonie responded to the news positively, moving to C$1.29 levels against the Dollar, with the conclusion to negotiations now supporting the BoC’s hawkish stance on monetary policy, assuming economic indicators continue to be supportive in the coming weeks. A BoC rate hike before the end of the year will likely to drive the Canadian Dollar to C$1.26 levels against the U.S Dollar, assuming crude oil prices don’t fall out of the sky. The Mexican Peso strengthen versus the US dollar, closing the previous week at 18.8313. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Mid-Session Technical Analysis for October 10, 2018 Markets mixed on IMF gloom, Sterling boosted by Brexit noise EURUSD with a bullish reversal? Bitcoin aims the 5900 USD again The Most Important Events to Trade On USD/CAD Daily Price Forecast – Canadian Loonie Gains Upper Hand on Weak USD in Broad Market Technical Outlook For Important NZD Pairs: 10.10.2018 || Here’s What You Need to Know About the USMCA Agreement: After a particularly long period of negotiations, the NAFTA agreement between the U.S, Mexico, and Canada morphed into the USMCA, the US Mexico Canada agreement. The renaming of the agreement considered a reflection of the U.S administration’s desire to bring to an end the concept of a North America free trade zone and deliver a Trump vision driven trade agreement between the three countries.
There was plenty of political wrangling, with pressure on Canada to find common ground with the U.S or face the prospect of being excluded from what may have become the USMA Agreement.
While the USMCA brings to an end the coveted free trade agreement, as details of the USMCA emerge, a number of changes were made, while both Canada and Mexico are expected to continue to face aluminum and steel tariffs.
At first sight, sectors of particular focus, where there were some minor adjustments to the original NAFTA terms, included:
Auto: As one of Trump’s main areas of focus, negotiations over the auto sector seemed to be extended, whilst the final terms were not too dissimilar to the old agreement, the key terms being:
• No hard limit on Canadian exports into the U.S was introduced, with both Canada and Mexico becoming exempt from 232 national security tariffs on the proviso that exports to the U.S don’t grow by 40%.
• The percentage of auto parts manufactured in North America (Rules of Origin) was raised from 62.5% to 75%, with an added condition that up to 45% of manufacturing must be carried by workers with an hourly wage of equal to or above $16 with the next 5-years.
• Member countries of the USMCA are also now able to sanction other member countries for labor violations in relation to goods produced and traded within the USMC trade zone.
When considering the rules of origin, auto manufacturers will work no doubt be doing the math and, if it’s cheaper to manufacture parts outside of North American when factoring in tariffs, this could end up being a flawed condition. Much will depend on what tariffs Trump rolls out to make the condition a win-win.
For Mexico, the $16 per hour wage condition will be an issue that could ultimately lead to manufacturing moving to Canada or the U.S, but again, much will depend on the math, the fall back being to absorb tariffs. It’s great for Mexican workers, but not so great for the American consumer, higher costs likely to be passed on.
Dairy: One of the biggest bones of contention, alongside the auto industry, was the dairy industry, where U.S farmers lacked opportunity in the Canadian market due to Canada’s tight controls that include tariffs and quotas on dairy products imported into Canada.
Key changes to previous conditions include:
• Canadian supply management restrictions eased to permit U.S farmers to export an equivalent of approximately 3.5% of Canada’s dairy industry.
• Canada agreed to remove Class 7 milk, which had made U.S importers of milk less competitive.
Class 7 milk is a less expensive class of milk that was introduced in 2017 to address Canada’s rising surplus of non-fat solids that resulted from increased demand for butterfat. The reality is that Class 7 milk was introduced to appease Canadian milk producers who were being driven out of the market by diafiltered milk producers from the U.S. Diafiltered milk was invented after the signing of NAFTA, meaning that U.S diafiltered milk producers were not subject to NFTA’s tariff rate quota.
Pharmaceuticals: The period of data protection for biologic drugs was extended to 10-years.
Other minor differences in terms from NAFTA include the following:
Copyright/Intellectual Property Rights:Terms of copyright raised from 50 years beyond the life of the author to 70 years.
Dispute Resolution: Canada managed to retain the Chapter 19 dispute settlement system that was introduced to provide a system to resolve trade disputes and considered a means of protection from protectionism itself.
National Security: Steel and aluminum tariffs remain under Section 232 that permits the U.S to ultimately cease the import of materials considered critical for national security to ensure that domestic supplies are sufficient to meet demand in the event of war.
Sunset Clause: While NAFTA was a perpetual agreement, the USMCA expires in 2034, with parties to the agreement to convene in 2024 to decide on whether the agreement should be extended beyond 2034.
Suggested Articles
• A Decade After the 2008 Financial Crisis: What has Changed? What has remained the Same?
• Here’s Why You Should Follow the Italian/German Bond Yield Gap?
While the deal is done and was wrapped ahead of the self-imposed 30thSeptember deadline, the actual signing is not scheduled to take place until a signing ceremony at the end of November or on 1stDecember. While the ceremony will be for the cameras, the ratification of the agreement by Congress will be the interesting part, both Canada and Mexico also needing to ratify, though no issues are expected from either side of the U.S borders.
November’s mid-term elections could see a shift in the balance of powerthat could leave the future of USMCA in the hands of the Democrats and few expect the Democrats to ratify one of Trump’s key campaign pledges, to bring an end to what the U.S President had branded the single worst trade deal that the U.S had ever made.
One also wonders whether the U.S President will have the full support of the Republicans, Trump’s negotiating tactics having certainly damaged relations with neighbors on either side of its borders and all for some minor adjustments and a name change. Even if the Republicans remain in full control of both houses come 1stDecember, some may decide to distance themselves from the Agreement in an attempt to protest against the way both Mexico and Canada were treated, a move that would associate the agreement more with the U.S President than with the Republican Party itself.
For those who would like to take advantage of the agreement effects, the Loonie responded to the news positively, moving to C$1.29 levels against the Dollar, with the conclusion to negotiations now supporting the BoC’s hawkish stance on monetary policy, assuming economic indicators continue to be supportive in the coming weeks. A BoC rate hike before the end of the year will likely to drive the Canadian Dollar to C$1.26 levels against the U.S Dollar, assumingcrude oil pricesdon’t fall out of the sky. The Mexican Peso strengthen versus the US dollar, closing the previous week at 18.8313.
Thisarticlewas originally posted on FX Empire
• EUR/USD Mid-Session Technical Analysis for October 10, 2018
• Markets mixed on IMF gloom, Sterling boosted by Brexit noise
• EURUSD with a bullish reversal? Bitcoin aims the 5900 USD again
• The Most Important Events to Trade On
• USD/CAD Daily Price Forecast – Canadian Loonie Gains Upper Hand on Weak USD in Broad Market
• Technical Outlook For Important NZD Pairs: 10.10.2018 || TrueEx Launching Physically Delivered Bitcoin (BTC) Swaps to Institutional Investors: TrueEx is launching the first-ever margined, physically delivered Bitcoin (BTC-USD) swaps through its subsidiary trueDigital. The physically delivered Bitcoin swaps will target institutional investors looking to manage exposure to Bitcoin.
Self-certification filing
The Bitcoin swaps were developed in collaboration with the Commodity Futures Trading Commission (CFTC). TrueEx being an accredited Designated Contract Market (DSM) will therefore subject the physically delivered Bitcoin swaps to the DSM regulations in what the company describes as a self-certification filing. The product will be listed for trading in trueDigital’s platform after a 10-day self-certification period.
TrueEX is not seeking a new clientele but rather introducing the product to its existing institutional investors currently trading in swaps linked to interest rates.
Solution to manipulation
The way the physically delivered Bitcoin swaps work is that on the day the contract matures, the asset shall be delivered to the investor. This method is in contrast with existing systems where upon maturity derivatives are settled with cash. The delivered product will take the form of instruments the institutional investors are familiar and comfortable with.
trueEx physical delivery offering seeks to address the issue of “market and price manipulation” as Nick Goodrich, the Director of Business development at trueDigital explains, “…institutional investors want a physically-delivered product because it addresses the challenges and issues that arise from the manipulability of cash-settled derivatives.”
Another digital currency exchange platformBakktis also launching its physically delivered Bitcoin swaps. The digital currency exchange operator being supported by Intercontinental Exchange could steal the show from trueEx which is why trueEx strategists are listing its contracts in the next three serial months and quarterly maturity to avoid clashing with Bakkt.
Recently trueEX has been spicing up the trading platform for its affiliate trueDigital with new offerings. Three months ago trueEx listed Bitcoin and Ethereum (ETH-USD) in its offerings.
TrueEX is optimistic that there is still a large market yet to be explored with the existing digital assets offerings. The firm is looking into ways to accommodate among others retail investors, executive brokers, sovereign wealth funds and financial institutions.
The postTrueEx Launching Physically Delivered Bitcoin (BTC) Swaps to Institutional Investorsappeared first onMarket Exclusive. || TrueEx Launching Physically Delivered Bitcoin (BTC) Swaps to Institutional Investors: TrueEx is launching the first-ever margined, physically delivered Bitcoin (BTC-USD) swaps through its subsidiary trueDigital. The physically delivered Bitcoin swaps will target institutional investors looking to manage exposure to Bitcoin.
Self-certification filing
The Bitcoin swaps were developed in collaboration with the Commodity Futures Trading Commission (CFTC). TrueEx being an accredited Designated Contract Market (DSM) will therefore subject the physically delivered Bitcoin swaps to the DSM regulations in what the company describes as a self-certification filing. The product will be listed for trading in trueDigital’s platform after a 10-day self-certification period.
TrueEX is not seeking a new clientele but rather introducing the product to its existing institutional investors currently trading in swaps linked to interest rates.
Solution to manipulation
The way the physically delivered Bitcoin swaps work is that on the day the contract matures, the asset shall be delivered to the investor. This method is in contrast with existing systems where upon maturity derivatives are settled with cash. The delivered product will take the form of instruments the institutional investors are familiar and comfortable with.
trueEx physical delivery offering seeks to address the issue of “market and price manipulation” as Nick Goodrich, the Director of Business development at trueDigital explains, “…institutional investors want a physically-delivered product because it addresses the challenges and issues that arise from the manipulability of cash-settled derivatives.”
Another digital currency exchange platformBakktis also launching its physically delivered Bitcoin swaps. The digital currency exchange operator being supported by Intercontinental Exchange could steal the show from trueEx which is why trueEx strategists are listing its contracts in the next three serial months and quarterly maturity to avoid clashing with Bakkt.
Recently trueEX has been spicing up the trading platform for its affiliate trueDigital with new offerings. Three months ago trueEx listed Bitcoin and Ethereum (ETH-USD) in its offerings.
TrueEX is optimistic that there is still a large market yet to be explored with the existing digital assets offerings. The firm is looking into ways to accommodate among others retail investors, executive brokers, sovereign wealth funds and financial institutions.
The postTrueEx Launching Physically Delivered Bitcoin (BTC) Swaps to Institutional Investorsappeared first onMarket Exclusive. || TrueEx Launching Physically Delivered Bitcoin (BTC) Swaps to Institutional Investors: TrueEx is launching the first-ever margined, physically delivered Bitcoin ( BTC-USD ) swaps through its subsidiary trueDigital. The physically delivered Bitcoin swaps will target institutional investors looking to manage exposure to Bitcoin. Self-certification filing The Bitcoin swaps were developed in collaboration with the Commodity Futures Trading Commission (CFTC). TrueEx being an accredited Designated Contract Market (DSM) will therefore subject the physically delivered Bitcoin swaps to the DSM regulations in what the company describes as a self-certification filing. The product will be listed for trading in trueDigitals platform after a 10-day self-certification period. TrueEX is not seeking a new clientele but rather introducing the product to its existing institutional investors currently trading in swaps linked to interest rates. Solution to manipulation The way the physically delivered Bitcoin swaps work is that on the day the contract matures, the asset shall be delivered to the investor. This method is in contrast with existing systems where upon maturity derivatives are settled with cash. The delivered product will take the form of instruments the institutional investors are familiar and comfortable with. trueEx physical delivery offering seeks to address the issue of market and price manipulation as Nick Goodrich, the Director of Business development at trueDigital explains,
institutional investors want a physically-delivered product because it addresses the challenges and issues that arise from the manipulability of cash-settled derivatives. Another digital currency exchange platform Bakkt is also launching its physically delivered Bitcoin swaps. The digital currency exchange operator being supported by Intercontinental Exchange could steal the show from trueEx which is why trueEx strategists are listing its contracts in the next three serial months and quarterly maturity to avoid clashing with Bakkt. Recently trueEX has been spicing up the trading platform for its affiliate trueDigital with new offerings. Three months ago trueEx listed Bitcoin and Ethereum ( ETH-USD ) in its offerings. TrueEX is optimistic that there is still a large market yet to be explored with the existing digital assets offerings. The firm is looking into ways to accommodate among others retail investors, executive brokers, sovereign wealth funds and financial institutions. The post TrueEx Launching Physically Delivered Bitcoin (BTC) Swaps to Institutional Investors appeared first on Market Exclusive . || The Aussie and Kiwi Dollar Rally as U.S Treasury Yields Ease Back: Earlier in the Day: Economic data released through the Asian session this morning included September electronic card retail sales figures out of New Zealand, October consumer sentiment figures out of Australia and August machinery orders out of Japan. For the Kiwi Dollar , electronic card retail sales rose by 1.1% in September, following an upwardly revised 1.1% rise in August, according to Stats NZ. Spending in the retail industries rose by 1.1%, with spending in the core retail industries also rising by 1.1%. By industry, spending on consumables rose by 1%, on apparel by 0.9%, on durables and vehicles (excl. fuel) both by 0.8%, with 0.4% rises in spending on hospitality and on fuel. Year-on-year, electronic card retail sales rose by 5.7%, easing back from a 6.3% rise in August. For the 3 rd quarter (q/q), spending in the retail industries rose by 2.3% and by 2.1% in the core retail industries. In the 3 rd quarter, the largest contributions to spending came from fuel (+3.4%), consumables (+2.4%), while spending on apparel dragged, with just a 0.1% rise. The Kiwi Dollar moved from $0.64713 to $0.64760 upon release of the figures, before rising to $0.6487 at the time of writing, up 0.20% for the session. For the Aussie Dollar , the Westpac Consumer Sentiment rose by 1% to 101.5 in October, the rise partially reversing Septembers 3% slide to 100.5. Negative sentiment towards falling house prices, rising mortgage rates and rising petrol prices had offset the positive effects of a tax cut earlier in the year, leading to a 5.2% fall in confidence in August through September. Support at the start of the 4 th quarter came from solid economic growth, labour market conditions and a recovery in certain mining states. Looking at the key sub-indexes: Family finances v a year ago rose by 2.6% to 87.4, sitting just shy of a long-run average of 89.5. Family finances next 12-months rose by 0.6% to 102.8, sitting well below a long-run average of 102.8. Economic conditions over next 12-months rose by 2.3% to 102.5, holding well above the long-run average of 90.8. Economic conditions over next 5-year fell by 0.3%, with time to buy a dwelling falling by 0.9% and the house price expectations index down 7.4%, the housing sub-indexes sitting well below their respective long-run averages. The unemployment expectations index rose by 1.7% to 122.8, also sitting below its long run average of 130.1. The Aussie Dollar moved from $0.71091 to $0.71152 upon release of the figures, holding steady at $0.7115 at the time of writing, up 0.17% for the session. Story continues For the Japanese Yen , August machinery orders rose by 6.8% in August, month-on-month, which was better than a forecasted 4% fall, following an 11% surge in July. Year-on-year, machinery orders surged by 12.6%, which was also better than a forecasted 1.6% rise, following the 13.9% jump in July. The Japanese Yen moved from ¥113.018 to ¥112.981 against the Dollar upon release of the figures, before easing to ¥113.02 at the tie of writing, down 0.05% for the session. The Day Ahead: For the EUR , there are no material stats scheduled for release to provide direction for the EUR, the EUR facing rising geo-political risk as the Italian coalition government look to force the EUs hand on its budget proposal that looks set to be rejected, which could lead to similar rhetoric as seen back in 2015, when Greeces Alexis Tsipras led the populist Syriza government into power. At the time of writing, the EUR was up 0.16% to $1.1509, as Treasury yields steady to pin back the Dollar, while geo-political risk remains the key driver through the day. For the Pound , its a busy day ahead on the data front, with key stats scheduled for release including August industrial production and manufacturing figures, August trade data and the NIESRs monthly GDP Estimate. While focus will be on the manufacturing production and GDP figures, we can expect sentiment towards Brexit to continue to overshadow the stats near-term, barring material deviation from forecasts, a no-deal Brexit of far greater significance than any pickup in economic activity mid-way through the 2 nd quarter. On the policy front BoE MPC Member Haldane is scheduled to speak, who could provide some guidance on where the bank sits on policy as Brexit negotiations continue, though the markets would need something unexpected for the Pound to really move. At the time of writing, the Pound was up 0.09% to $1.3155, with todays stats and Brexit chatter to influence through the day. Across the Pond , economic data scheduled for release is limited to September wholesale price inflation figures that will have an impact on both the Dollar and U.S Treasury yields, particularly if the numbers are in line with or better than forecasted, the markets already fretting over a possibly more aggressive rate path as the unemployment rate hits a 49-year low and the economy continues to rocket along in spite of the ongoing trade war with China. Outside of the stats, FOMC members Williams spoke through the Asian session, supporting the FEDs projected gradual rate hikes, while providing few details on timing and number of moves. Later in the day, FOMC member Evans is scheduled to speak, any monetary policy commentary expected to provide some direction, though we would expect the inflation figures to have a greater influence. As always, the Oval Office will also be every present to influence through the day, the Dollar Spot Index down 0.09% to 95.585 at the time of writing, an easing in U.S Treasury yields pinning back the Greenback early on. For the Loonie , economic data scheduled for release out of Canada is limited to August building permits that are unlikely to have a material impact on the Loonie, with market risk sentiment through the day and anticipated demand for crude oil the key drivers, market jitters over the effect of the ongoing trade war on the global economy adding pressure on the Loonie following the closing out of USMCA. The Loonie was up 0.02% at C$1.2943 against the U.S Dollar at the time of writing. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Price Forecast the S&P 500 slams into resistance GBP/USD Daily Price Forecast GBP/USD Moves Up On Brexit Optimism Ahead of UK GDP Update Learn It Live 5 Ways Swing Traders Should Use Multiple Time Frame Analysis EUR/USD Mid-Session Technical Analysis for October 10, 2018 Natural Gas Price Forecast natural gas markets find it exhaust and above Bitcoin Are the Bulls Over Optimistic about the SEC and Bitcoin ETFs? View comments || The Aussie and Kiwi Dollar Rally as U.S Treasury Yields Ease Back: Economic data released through the Asian session this morning included September electronic card retail sales figures out of New Zealand, October consumer sentiment figures out of Australia and August machinery orders out of Japan.
For the Kiwi Dollar, electronic card retail sales rose by 1.1% in September, following an upwardly revised 1.1% rise in August, according to Stats NZ.
• Spending in the retail industries rose by 1.1%, with spending in the core retail industries also rising by 1.1%.
• By industry, spending on consumables rose by 1%, on apparel by 0.9%, on durables and vehicles (excl. fuel) both by 0.8%, with 0.4% rises in spending on hospitality and on fuel.
• Year-on-year, electronic card retail sales rose by 5.7%, easing back from a 6.3% rise in August.
• For the 3rdquarter (q/q), spending in the retail industries rose by 2.3% and by 2.1% in the core retail industries.
• In the 3rdquarter, the largest contributions to spending came from fuel (+3.4%), consumables (+2.4%), while spending on apparel dragged, with just a 0.1% rise.
The Kiwi Dollar moved from $0.64713 to $0.64760 upon release of the figures, before rising to $0.6487 at the time of writing, up 0.20% for the session.
For the Aussie Dollar, the Westpac Consumer Sentiment rose by 1% to 101.5 in October, the rise partially reversing September’s 3% slide to 100.5.
• Negative sentiment towards falling house prices, rising mortgage rates and rising petrol prices had offset the positive effects of a tax cut earlier in the year, leading to a 5.2% fall in confidence in August through September.
• Support at the start of the 4thquarter came from solid economic growth, labour market conditions and a recovery in certain mining states.
Looking at the key sub-indexes:
• Family finances v a year ago rose by 2.6% to 87.4, sitting just shy of a long-run average of 89.5.
• Family finances next 12-months rose by 0.6% to 102.8, sitting well below a long-run average of 102.8.
• Economic conditions over next 12-months rose by 2.3% to 102.5, holding well above the long-run average of 90.8.
• Economic conditions over next 5-year fell by 0.3%, with time to buy a dwelling falling by 0.9% and the house price expectations index down 7.4%, the housing sub-indexes sitting well below their respective long-run averages.
• The unemployment expectations index rose by 1.7% to 122.8, also sitting below its long run average of 130.1.
The Aussie Dollar moved from $0.71091 to $0.71152 upon release of the figures, holding steady at $0.7115 at the time of writing, up 0.17% for the session.
For the Japanese Yen, August machinery orders rose by 6.8% in August, month-on-month, which was better than a forecasted 4% fall, following an 11% surge in July.
• Year-on-year, machinery orders surged by 12.6%, which was also better than a forecasted 1.6% rise, following the 13.9% jump in July.
The Japanese Yen moved from ¥113.018 to ¥112.981 against the Dollar upon release of the figures, before easing to ¥113.02 at the tie of writing, down 0.05% for the session.
For the EUR, there are no material stats scheduled for release to provide direction for the EUR, the EUR facing rising geo-political risk as the Italian coalition government look to force the EU’s hand on its budget proposal that looks set to be rejected, which could lead to similar rhetoric as seen back in 2015, when Greece’s Alexis Tsipras led the populist Syriza government into power.
At the time of writing, the EUR was up 0.16% to $1.1509, as Treasury yields steady to pin back the Dollar, while geo-political risk remains the key driver through the day.
For the Pound, it’s a busy day ahead on the data front, with key stats scheduled for release including August industrial production and manufacturing figures, August trade data and the NIESR’s monthly GDP Estimate.
While focus will be on the manufacturing production and GDP figures, we can expect sentiment towards Brexit to continue to overshadow the stats near-term, barring material deviation from forecasts, a “no-deal” Brexit of far greater significance than any pickup in economic activity mid-way through the 2ndquarter.
On the policy front BoE MPC Member Haldane is scheduled to speak, who could provide some guidance on where the bank sits on policy as Brexit negotiations continue, though the markets would need something unexpected for the Pound to really move.
At the time of writing, the Pound was up 0.09% to $1.3155, with today’s stats and Brexit chatter to influence through the day.
Across the Pond, economic data scheduled for release is limited to September wholesale price inflation figures that will have an impact on both the Dollar and U.S Treasury yields, particularly if the numbers are in line with or better than forecasted, the markets already fretting over a possibly more aggressive rate path as the unemployment rate hits a 49-year low and the economy continues to rocket along in spite of the ongoing trade war with China.
Outside of the stats, FOMC members Williams spoke through the Asian session, supporting the FED’s projected gradual rate hikes, while providing few details on timing and number of moves.
Later in the day, FOMC member Evans is scheduled to speak, any monetary policy commentary expected to provide some direction, though we would expect the inflation figures to have a greater influence.
As always, the Oval Office will also be every present to influence through the day, the Dollar Spot Index down 0.09% to 95.585 at the time of writing, an easing in U.S Treasury yields pinning back the Greenback early on.
For the Loonie, economic data scheduled for release out of Canada is limited to August building permits that are unlikely to have a material impact on the Loonie, with market risk sentiment through the day and anticipated demand for crude oil the key drivers, market jitters over the effect of the ongoing trade war on the global economy adding pressure on the Loonie following the closing out of USMCA.
The Loonie was up 0.02% at C$1.2943 against the U.S Dollar at the time of writing.
Thisarticlewas originally posted on FX Empire
• S&P 500 Price Forecast – the S&P 500 slams into resistance
• GBP/USD Daily Price Forecast – GBP/USD Moves Up On Brexit Optimism Ahead of UK GDP Update
• Learn It Live – 5 Ways Swing Traders Should Use Multiple Time Frame Analysis
• EUR/USD Mid-Session Technical Analysis for October 10, 2018
• Natural Gas Price Forecast – natural gas markets find it exhaust and above
• Bitcoin – Are the Bulls Over Optimistic about the SEC and Bitcoin ETFs? || Unlocking the Full Potential of IoT Farming - [BTC Media Sponsor]: Flux Thumb 2 Good You don’t need to be an agriculture expert to see the writing on the wall. Current farming methods just aren’t working anymore for most farmers of the world. There are 2 billion smallholder farms managing fewer than five acres (PDF) . They are growing most of the world’s food, but if you have ever visited China, India or any African country, you will have seen the challenges of their reality: yields aren’t what they used to be; climate change, drought and pesticides are getting stronger; and kids are moving to the city. For these farmers, the difference between a good and a bad crop can mean the difference between survival and starvation for them and their families. With even a modest improvement in productivity, lives can be dramatically impacted. It’s not just farmers themselves who have a stake in improving the system. Improving agricultural practices has also become a key political issue in many countries, such as India, where Prime Minister Narendra Modi has vowed to double the income of its 200 million farmers by 2022. The government of Vietnam has pledged incentives to help the country’s farmers remain competitive while managing the ever-growing challenge of climate change. Politicians today can make these promises because they know they are on the cusp of a tech revolution. Low-cost sensors coupled with the internet have created an industry called IoT, or the internet of things. It’s where your hardware can go online and interface with the internet. Most people know Alexa as one of the most common home solutions; self-driving cars are soon to be in the same league. So what about self-driving farms? Ones where hundreds of sensors listen to the plants and automate critical parts of the process, helping farmers avoid a locust invasion or tumbling prices at the market. Farming solutions can easily monitor soil temperature, water levels and other critical metrics that can be delivered as simple insights to help farmers understand and respond to environmental conditions with precision never before possible. One step further and farms can eventually plant and manage themselves. It’s not a far-fetched dream. Story continues But, when it comes to putting IoT farming technology into practice, there remains a steep challenge. To date, most of the “smart” farming devices that exist are only accessible to big chemical and food corporations. They are siloed technologies in that the data they collect stays in very specific buckets, not to be shared with humankind, ever. These technologies are prohibitively expensive and complicated to use. There is a reason why analysts label companies like Monsanto, an agriculture behemoth with revenues of $15 billion a year that was acquired by Bayer this year, the “best internet of things” stock investment . Historically, these corporations have held the power of IoT-assisted farming almost solely in their hands, leaving the world’s small-scale farmers to toil away with the same technology they have used for centuries. Megacorps like Monsanto and Syngenta like the deal because this is where so much revenue comes from: the toil and struggles of the small-hold farmer who must use augmented seeds and pesticides to match those seeds. If they don’t “buy in,” there will be no crop. Individual solutions are popping up everywhere, from smart drip irrigation to optimal fertilizer use, yet they are continually being developed in silos instead of taking into account all potential interactions. Ninety-nine percent of these companies are built to be sold to tech giants. The founders of these companies see an opportunity to greenwash “environmental advancements” for lucrative commercial opportunities. They don’t care about, nor do they see, the big picture. At Flux Protocol, a team of passionate dreamers and dedicated doers believe that this state of affairs is finally set to change. By developing MICO, a low-cost, open-hardware platform that connects to any quality analog or digital sensor paired with a data encapsulation standard and an incentivization layer for distributed storage and intelligence, the Flux solution will extend the benefits of smart farming to everyone and unlock a future of abundance for all. The Problem With IoT Farming As far as IoT farming goes, we have the technology. What we don’t have is a good way to place it in the hands of the people who need it most. That’s primarily because the lion’s share of smart device development for the agriculture industry is controlled by large corporations. Their goal — understandably enough to them (not to us) — is to leverage IoT devices to improve yields for their own crops, and those of their partners, including big banks and despots. As a result, smallholder or subsistence farmers are left out of the equation. Small-hold farmers, the very farmers we are rooting for here at Flux, have yet to realize a direct benefit from the IoT revolution as a whole. Existing IoT and blockchain implementations have mostly been centered around supply chain solutions collecting information only after their products have been harvested and left the farm. Small individual farmers have benefited relatively little from these supply chain solutions. It’s fairly intuitive to use technology to monitor the inventory of a harvested bushel of fruit. It’s much harder, and more expensive, to acquire and maintain IoT sensors that will continuously collect data from their natural systems, like soil temperature, humidity, carbon sequestration, water retention, etc. With Flux, however, these marginalized farmers are able to comprehensively track the process from seed to harvest, or from calf to bull. Not only do these insights help increase harvest yields and reduce input expenditures, Flux-enabled sensors also aid in verifying organic or grass-fed status, earning the farmer significantly more revenue. MICO and the Democratization of IoT Farming MICO-based solutions, which are being developed by the Flux team, promise to change this. You can think of MICO as the Raspberry Pi or military-grade Arduinos of IoT farming. They are small, flexible and extensible electronic boards that serve a variety of purposes and use cases. With 16 inputs and outputs (IOs) that connect any off-the-shelf analog or digital sensor combined with mesh networking capabilities, MICO-based solutions provide any grower with an opportunity to collect natural data points regardless of their location or the size of their growing operation. Flux MICO By deploying MICO-based devices, farmers can start collecting the exact data points needed to improve their future harvest(s). This could be rainfall levels for a farmer struggling to keep crops irrigated or air temperature for a home grower concerned with optimizing growing conditions in an artificial environment. It could be water salinity levels for an aquafarming site or benchmarking fields for growers trying to determine which part of their land is suitable for the upcoming season. With a base price of around $25, MICO circuit boards will be affordable for anyone, not just big agricultural companies. As the project evolves, Flux will be creating a number of MICO-based solutions directly aimed at empowering farmers with a variety of different needs. Developer-Friendly IoT Farming The power of MICO-based devices goes further than just providing an affordable way to collect natural data. These solutions are just one component of a larger framework that empowers developers to create custom applications that transform natural data into AI-derived insights and value. Part of that framework is a new data standard that Flux is developing, and which the newly hatched TARA Alliance will be evangelizing to any individual or entity collecting environmental data. By making it easy to share data, the protocol will help farmers build solutions that can help their peers maximize the collective value of the data being captured. On top of its open data standard, the TARA Alliance will promulgate its standard and solutions addressing a wide range of issues that NGOs, governments and academia are seeking to impact. With this in mind, Flux incentivizes farmers to collect data and build new MICO-based solutions via a native token, FLUX. When collected data is used to produce insights on the platform, the creators of that data will be rewarded in FLUX tokens on a pro-rata basis. Additionally, developers are encouraged to build new applications and solutions on the open market, thanks to bounties hosted on the protocol. What about farmers or developers who lack the capital to develop novel IoT-assisted farming solutions? Flux has an answer for these people, too. Flux’s Proof of Impact program provides funding to help them get off the ground and further accelerate ecosystem network effects. In all of these ways, Flux is striving to unlock a future of abundance for everyone. By combining modern IoT farming technology with an incentive to collect data, Flux is positioning our global society to make good on its vision of improving the work of farmers everywhere. This promoted article originally appeared on Bitcoin Magazine .
[Social Media Buzz]
BTC/NGN:
BitSSA - ₦2,311,443.00
Luno - ₦2,281,899.00
LB - ₦2,239,571.15
Average - ₦2,277,637.72 || 1hr Report : 08:00:49 UTC Top 10 Mentions
$BTC, $ETH, $XRP, $LTC, $NEO, $EOS, $XLM, $BCH, $OMG, $ADApic.twitter.com/e7dU91vgVA || Bitcoin: $6,300
-5.05% (-$334.90)
High: $6,653.00
Low: $6,225
Volume: 1425
$BTC #BTC #bitcoin || #Vertcoin - $VTC
Rank: 145
Fiat Price: 0.66 USD | 0.00 EUR | 0.00 GBP
Crypto Price: 0.00010445 BTC | 0.00321230 ETH | 0.01241768 LTC
24h Volume: 1,279,572 USD
...
|
6274.58, 6285.99, 6290.93, 6596.54, 6596.11, 6544.43, 6476.71, 6465.41, 6489.19, 6482.35
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11.
|
[Bitcoin Technical Analysis for 2021-02-09]
Volume: 91809846886, RSI (14-day): 75.43, 50-day EMA: 33258.50, 200-day EMA: 21748.79
[Wider Market Context]
Gold Price: 1835.30, Gold RSI: 47.24
Oil Price: 58.36, Oil RSI: 80.13
[Recent News (last 7 days)]
Nasdaq extends record run; oil prices rise: By Caroline Valetkevitch NEW YORK (Reuters) - MSCI's gauge of global stocks and the Nasdaq extended their runs to fresh highs on Tuesday, and oil prices pushed their rally into a seventh straight session as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors. Bitcoin climbed to another all-time peak, extending gains in the wake of an endorsement from Tesla Inc. On Wall Street, investors awaited further news on the proposed $1.9 trillion U.S. stimulus plan, while Donald Trump's historic impeachment trial on a charge of inciting last month's deadly storming of the U.S. Capitol began, making Trump the first former U.S. president to be tried in the Senate. Optimism over monetary and fiscal support from policymakers, robust corporate earnings and the prospect that coronavirus vaccines could hasten a return to normality in the United States and other countries have bolstered risk sentiment. Investors are hard-pressed to find significant negatives, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "You're not seeing money coming out of the market and going into cash," James said. "You're seeing money coming out of one sector and being rotated into another sector to maintain an overall long bias." Against this backdrop, concerns remain over the pace of vaccination, its efficacy against new variants of the novel coronavirus and the damage being done to economies. The Dow Jones Industrial Average fell 9.93 points, or 0.03%, to 31,375.83, the S&P 500 lost 4.36 points, or 0.11%, to 3,911.23 and the Nasdaq Composite added 20.06 points, or 0.14%, to 14,007.70. The Nasdaq hit an all-time high for the fifth consecutive session, while the small-cap Russell 2000 index also registered a record closing high. Story continues The pan-European STOXX 600 index lost 0.09% and MSCI's gauge of stocks across the globe gained 0.17%. Oil prices rose for their seventh straight session as investors bet fuel demand would rise. Brent settled up 53 cents, or 0.9%, to $61.06 a barrel. U.S. West Texas Intermediate crude (WTI) for March was at $58.36 a barrel, up 39 cents, or 0.7%. The session peaks for both benchmarks were the highest since January 2020. The dollar fell to two-week lows. The dollar index was last down 0.6%, with the euro up 0.59% to $1.2119. Bitcoin soared to a record high, headed toward the $50,000 milestone. It has surged more than 1,000% since March 2020 and analysts said forecasts of bitcoin hitting $100,000 this year no longer seem far-fetched. The gains follow disclosures from Tesla on Monday that it had invested around $1.5 billion in the virtual currency and expects to accept it as payment for its cars in the future. Benchmark U.S. Treasury yields made up earlier declines as investors prepared for the U.S. Treasury Department to sell new long-dated debt, but they held below 11-month highs reached on Monday. Ten-year yields were little changed on the day at 1.164%, holding below the 1.200% level reached on Monday. Spot gold added 0.1% to $1,838.49 an ounce. (Additional reporting by Herb Lash and Laura Sanicola in New York, Simon Jessop in London, Medha Singh and Devik Jain in Bengaluru; Saikat Chatterjee and Sara Rossi; editing by Barbara Lewis, Marguerita Choy and Sam Holmes) || Nasdaq extends record run; oil prices rise: By Caroline Valetkevitch
NEW YORK (Reuters) - MSCI's gauge of global stocks and the Nasdaq extended their runs to fresh highs on Tuesday, and oil prices pushed their rally into a seventh straight session as strong earnings and economic recovery prospects buoyed investor sentiment.
The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.
Bitcoin climbed to another all-time peak, extending gains in the wake of an endorsement from Tesla Inc.
On Wall Street, investors awaited further news on the proposed $1.9 trillion U.S. stimulus plan, while Donald Trump's historic impeachment trial on a charge of inciting last month's deadly storming of the U.S. Capitol began, making Trump the first former U.S. president to be tried in the Senate.
Optimism over monetary and fiscal support from policymakers, robust corporate earnings and the prospect that coronavirus vaccines could hasten a return to normality in the United States and other countries have bolstered risk sentiment.
Investors are hard-pressed to find significant negatives, said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
"You're not seeing money coming out of the market and going into cash," James said. "You're seeing money coming out of one sector and being rotated into another sector to maintain an overall long bias."
Against this backdrop, concerns remain over the pace of vaccination, its efficacy against new variants of the novel coronavirus and the damage being done to economies.
The Dow Jones Industrial Average fell 9.93 points, or 0.03%, to 31,375.83, the S&P 500 lost 4.36 points, or 0.11%, to 3,911.23 and the Nasdaq Composite added 20.06 points, or 0.14%, to 14,007.70.
The Nasdaq hit an all-time high for the fifth consecutive session, while the small-cap Russell 2000 index also registered a record closing high.
The pan-European STOXX 600 index lost 0.09% and MSCI's gauge of stocks across the globe gained 0.17%.
Oil prices rose for their seventh straight session as investors bet fuel demand would rise.
Brent settled up 53 cents, or 0.9%, to $61.06 a barrel. U.S. West Texas Intermediate crude (WTI) for March was at $58.36 a barrel, up 39 cents, or 0.7%. The session peaks for both benchmarks were the highest since January 2020.
The dollar fell to two-week lows. The dollar index was last down 0.6%, with the euro up 0.59% to $1.2119.
Bitcoin soared to a record high, headed toward the $50,000 milestone. It has surged more than 1,000% since March 2020 and analysts said forecasts of bitcoin hitting $100,000 this year no longer seem far-fetched.
The gains follow disclosures from Tesla on Monday that it had invested around $1.5 billion in the virtual currency and expects to accept it as payment for its cars in the future.
Benchmark U.S. Treasury yields made up earlier declines as investors prepared for the U.S. Treasury Department to sell new long-dated debt, but they held below 11-month highs reached on Monday.
Ten-year yields were little changed on the day at 1.164%, holding below the 1.200% level reached on Monday.
Spot gold added 0.1% to $1,838.49 an ounce.
(Additional reporting by Herb Lash and Laura Sanicola in New York, Simon Jessop in London, Medha Singh and Devik Jain in Bengaluru; Saikat Chatterjee and Sara Rossi; editing by Barbara Lewis, Marguerita Choy and Sam Holmes) || Affirm's Stock: Why Morgan Stanley Recommends, Goldman Sachs Is Waiting It Out: Fintech company Affirm Holdings Inc (NASDAQ: AFRM ), which started trading in early January is a top-three player in the buy now, pay later space that offers consumers an alternative method to finance goods. The Affirm Holdings Analysts: Morgan Stanley analyst James Faucette initiated coverage of Affirm's stock with an Overweight rating and a $142 price target. Goldman Sachs analyst Matthew O'Neill initiated coverage of Affirm's stock with a Neutral rating and a $95 price target. Morgan Stanley — Addressing Underserved Market: Affirm hasn't "invented" a new way of shopping online as point of sale financing has existed in some form for thousands of years, Faucette wrote in the note. Instead, the company has seen success in addressing the underserved market of Gen Y and Gen Z that have lower credit card adoption. Meanwhile, Affirm's market share of transaction financing stood at just 1.6% of all U.S. e-commerce sales in 2019. Affirm's ability to attract and retain young consumers today would represent a "substantial" long-term secular growth story. In fact, the company can capture a 12% share of financing all global e-commerce transactions by 2025. Investors are "willing to subsidize" the company's growth profile over the years as it is only modeled to reach breakeven by the fourth quarter of 2023. From there, the company should expand margins to 10% over the next decade and ultimately hit a long-term target of 30%. Related Link: Cramer On Affirm IPO: Investors Are Buying Into Fintech, Period Goldman Sachs Sees "Intense Competition": Affirm's strategy of improving its loss rates is showing signs of success, O'Neill wrote in the note, adding that a partnership with Shopify Inc (NYSE: SHOP ) to act as its exclusive financing provider for merchants will result in more favorable low value and short duration transactions. However, the partnership has yet to formally start while a similar partnership with Peloton Interactive Inc (NASDAQ: PTON ) offers minimal to no exposure to Peloton's subscription revenue and is not available to consumers outside of North America. Story continues While the company should maintain a leadership position in the buy now, pay later financing category, the stock's more than 100% rally since its $49 initial public offering implies investors should stick to the sidelines amid "intense" competition, the analyst wrote. The stock's current price implies a multiple of 66 times revenue fewer transaction expenses and the company can't justify the valuation, especially since the Shopify partnership hasn't started yet. AFRM Price Action: Shares of Affirm Holdings traded higher by 18% Monday at $122.76. (Photo: Affirm Holdings) Latest Ratings for AFRM Feb 2021 Truist Securities Initiates Coverage On Buy Feb 2021 Barclays Initiates Coverage On Overweight Feb 2021 Credit Suisse Initiates Coverage On Neutral View More Analyst Ratings for AFRM View the Latest Analyst Ratings See more from Benzinga Click here for options trades from Benzinga GameStop's Stock Squeeze Had Zero Impact On Foot Traffic Trends What Do The Pros Think About Tesla's Bitcoin Investment? © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Affirm's Stock: Why Morgan Stanley Recommends, Goldman Sachs Is Waiting It Out: Fintech companyAffirm Holdings Inc(NASDAQ:AFRM), which started trading in early January is a top-three player in the buy now, pay later space that offers consumers an alternative method to finance goods.
The Affirm Holdings Analysts:Morgan Stanley analyst James Faucette initiated coverage of Affirm's stock with an Overweight rating and a $142 price target.
Goldman Sachs analyst Matthew O'Neill initiated coverage of Affirm's stock with a Neutral rating and a $95 price target.
Morgan Stanley — Addressing Underserved Market:Affirm hasn't "invented" a new way of shopping online as point of sale financing has existed in some form for thousands of years, Faucette wrote in the note. Instead, the company has seen success in addressing the underserved market of Gen Y and Gen Z that have lower credit card adoption.
Meanwhile, Affirm's market share of transaction financing stood at just 1.6% of all U.S. e-commerce sales in 2019. Affirm's ability to attract and retain young consumers today would represent a "substantial" long-term secular growth story. In fact, the company can capture a 12% share of financing all global e-commerce transactions by 2025.
Investors are "willing to subsidize" the company's growth profile over the years as it is only modeled to reach breakeven by the fourth quarter of 2023. From there, the company should expand margins to 10% over the next decade and ultimately hit a long-term target of 30%.
Related Link:Cramer On Affirm IPO: Investors Are Buying Into Fintech, Period
Goldman Sachs Sees "Intense Competition":Affirm's strategy of improving its loss rates is showing signs of success, O'Neill wrote in the note, adding that a partnership withShopify Inc(NYSE:SHOP) to act as its exclusive financing provider for merchants will result in more favorable low value and short duration transactions.
However, the partnership has yet to formally start while a similar partnership withPeloton Interactive Inc(NASDAQ:PTON) offers minimal to no exposure to Peloton's subscription revenue and is not available to consumers outside of North America.
While the company should maintain a leadership position in the buy now, pay later financing category, the stock's more than 100% rally since its $49initial public offeringimplies investors should stick to the sidelines amid "intense" competition, the analyst wrote.
The stock's current price implies a multiple of 66 times revenue fewer transaction expenses and the company can't justify the valuation, especially since the Shopify partnership hasn't started yet.
AFRM Price Action:Shares of Affirm Holdings traded higher by 18% Monday at $122.76.
(Photo: Affirm Holdings)
Latest Ratings for AFRM
[{"Feb 2021": "Feb 2021", "Truist Securities": "Barclays", "Initiates Coverage On": "Initiates Coverage On", "": "", "Buy": "Overweight"}, {"Feb 2021": "Feb 2021", "Truist Securities": "Credit Suisse", "Initiates Coverage On": "Initiates Coverage On", "": "", "Buy": "Neutral"}]
View More Analyst Ratings for AFRMView the Latest Analyst Ratings
See more from Benzinga
• Click here for options trades from Benzinga
• GameStop's Stock Squeeze Had Zero Impact On Foot Traffic Trends
• What Do The Pros Think About Tesla's Bitcoin Investment?
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || GameStop's Stock Squeeze Had Zero Impact On Foot Traffic Trends: Even during a pandemic, could a stock's 1,500% surge lead to some extra foot traffic? The short-covering fiasco seen in GameStop Corp.'s (NYSE: GME ) stock appears to have little to no impact. Placer.AI On GameStop: Shares of GameStop traded near the $500 per share mark on Jan. 28, but foot traffic trends at GameStop stores nationwide were worsening, according to data provided to Benzinga from foot traffic analytics firm Placer.ai. Weekly visits at GameStop stores for the week of Jan. 4 were down 12.5% year-over-year. Traffic trends deteriorated through the end of the month, as visits were down 16.1% year-over-year the following week and down 19% the week thereafter. Coinciding with the peak of GameStop's stock, traffic was down 20.3% year-over-year for the week of Jan. 25, according to Placer.ai. For the full month of January, monthly visits were down 16.8% year-over-year. Related Link: The Rise And Fall Of Meme Stocks Gravy Analytics On GameStop: Data from Gravy Analytics, a provider of real-world location intelligence data, leads to a similar conclusion: GameStop's soaring stock had no impact on foot traffic trends. GameStop's foot traffic trends briefly trended above zero during the holiday season, but any year-over-year gains were short-lived, according to data provided to Benzinga. GameStop's traffic trends amid the stock's peak were down from the prior week. For the seven-day period starting Jan. 17, weekly visits were down 34% from the prior period. Time will tell if GameStop's same-store sales or e-commerce sales will have seen an impact from the stock surge. GameStop did not respond to requests for comment for this story. Photo by Mike Mozart via Wikimedia . See more from Benzinga Click here for options trades from Benzinga What Do The Pros Think About Tesla's Bitcoin Investment? GameStop Creates CTO Position, Hires Former Amazon, Chewy Execs © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || GameStop's Stock Squeeze Had Zero Impact On Foot Traffic Trends: Even during a pandemic, could a stock's 1,500% surge lead to some extra foot traffic? Theshort-coveringfiasco seen inGameStop Corp.'s(NYSE:GME) stock appears to have little to no impact.
Placer.AI On GameStop:Shares of GameStop traded near the $500 per share mark on Jan. 28, but foot traffic trends at GameStop stores nationwide were worsening, according to data provided to Benzinga from foot traffic analytics firm Placer.ai.
Weekly visits at GameStop stores for the week of Jan. 4 were down 12.5% year-over-year.
Traffic trends deteriorated through the end of the month, as visits were down 16.1% year-over-year the following week and down 19% the week thereafter.
Coinciding with the peak of GameStop's stock, traffic was down 20.3% year-over-year for the week of Jan. 25, according to Placer.ai. For the full month of January, monthly visits were down 16.8% year-over-year.
Related Link:The Rise And Fall Of Meme Stocks
Gravy Analytics On GameStop:Data from Gravy Analytics, a provider of real-world location intelligence data, leads to a similar conclusion: GameStop's soaring stock had no impact on foot traffic trends.
GameStop's foot traffic trends briefly trended above zero during the holiday season, but any year-over-year gains were short-lived, according to data provided to Benzinga.
GameStop's traffic trends amid the stock's peak were down from the prior week.
For the seven-day period starting Jan. 17, weekly visits were down 34% from the prior period.
Time will tell if GameStop's same-store sales or e-commerce sales will have seen an impact from the stock surge.
GameStop did not respond to requests for comment for this story.
Photo byMike Mozart via Wikimedia.
See more from Benzinga
• Click here for options trades from Benzinga
• What Do The Pros Think About Tesla's Bitcoin Investment?
• GameStop Creates CTO Position, Hires Former Amazon, Chewy Execs
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Why Bitcoin fans hope Tesla's $1.5bn bet will unlock a cryptocurrency revolution: It was the moment the cryptocurrency world had been waiting for. Long seen being on the fringes of finance, struggling for legitimacy and too volatile to be considered a sensible investment,Bitcoinhas been viewed with suspicion by regulators and governments.
So Monday’s announcement that Elon Musk’s Tesla, one of the world’s biggest companies,had invested $1.5bn (£1.1bn) in the digital currencyfelt like a stunning validation.
“Buckle up, we're passing the Moon and heading to Mars!” tweeted Tyler Winklevoss, one half of the twin brother pair best known for suing Mark Zuckerberg, who have since restyled themselves as cryptocurrency entrepreneurs.
“The entire world will benefit from this leadership,” said Michael Saylor, the head of MicroStrategy, a US software company that, like Tesla, has put much of its reserves into Bitcoin.
Saylor, whose $1.1bn investment in Bitcoin last October has almost trebled since then, is believed to have been the one to push Musk to convert some of Tesla’s holdings into the cryptocurrency.
After the billionairetweeted an off-colour meme in December, Saylor responded saying converting Tesla’s dollars to Bitcoin would be a “$100bn favour”.
A few weeks later, the company said a subsequent change in its investment policy allowed it to invest in “alternative reserve assets”. On Monday, Tesla also said it expects to receive payments for its cars in Bitcoin in the near future.
Tesla’s bet on Bitcoin came with health warnings. It said that “the prices of digital assets have been in the past and may continue to be highly volatile”, and that “the extent to which securities laws or other regulations apply… is unclear”. It added that owning cryptocurrencies makes the company a target for hackers.
The company’s investment also accounts for less than one tenth of the company’s cash holdings, which total more than $19bn.
But the move still represents a significant stamp of approval from one of the world’s most influential business leaders.Bitcoin’s pricerose around 15pc on Monday according to Coindesk, hitting a new high of $44,801.
It has already been a smart investment for Tesla. Bitcoin traded under $38,000 for much of January, so the company’s paper returns are already expected to sit in the hundreds of millions.
The longer-term question is whether the cryptocurrency, once derided as the tool of online drug dealers and speculators, has emerged as a viable alternative to the cash, bonds and low risk funds where most companies and people keep their savings, and as an alternative payment method.
Critics of Bitcoin have pointed to previous wild swings in its price, itshigh electricity consumption, and the legal uncertainty that has surrounded it. Supporters say it is a more efficient version of gold, inflation proof and not subject to the whims of central banks.
“Ultimately, investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path,” said Daniel Ives of Wedbush Securities.
Tesla’s Bitcoin buy is the biggest dollar investment by a company to date according toBitcoin Treasuries, a website that ranks corporate investments in the asset. But it is not the first. Last October, Jack Dorsey’s fintech company Square said it had bought $50m in Bitcoin, around 1pc of its assets.
Constantin Kogan, managing director of Wave Financial, a crypto asset manager, says Tesla’s move is likely to mean others follow. “What Tesla did is they de-risked the acquisition of Bitcoin by public companies and accelerated the transformation of corporate balance sheets. They are one of the top S&P 500 companies and others will follow,” he said.
Mr Kogan says more companies investing in Bitcoin would make the cryptocurrency more stable, since its biggest investors would not be constantly buying and selling.
Sheel Monhot, a fintech investor, said it would have appeal as a hedge against inflation: one of the supposed appeals of the currency is that the total number in circulation cannot exceed 21 million, meaning in theory its value cannot be eroded by producing more. “I do think a lot of CFOs [chief financial officers] are thinking, ‘Hey maybe we should be putting our money into Bitcoin,’” he said.
Gavin Brown, a financial technology professor at the University of Liverpool, points out there are plenty of other reasons Musk may have wanted to tie Tesla to Bitcoin than pure financial acumen. Becoming involved in cryptocurrency speaks to Tesla’s image as being forward-thinking, as well as winning kudos among online retail investors interested in Bitcoin.
For this reason, Brown is sceptical of seeing Tesla’s move as legitimising Bitcoin. “If it was ExxonMobil, if it was a more traditional firm, it actually would have been a stronger signal,” he says.
Tesla’s commitment to taking payments in cryptocurrency may be less significant. It said accepting Bitcoin will be limited at first and that the company may liquidate any payments into cash upon receipt - suggesting it is only so willing to tie its future to the currency.
With the $36,490 price of an entry-level Model 3 now well below one Bitcoin, a few enthusiasts who have struck it rich may be willing to pay with cryptocurrency, but others are just as likely to hold onto their Bitcoin, hoping it will continue to rise.
And with current fees for a Bitcoin transfer sitting at 0.00026 BTC (£8.30), many purchases smaller than a car will be too costly to be made with the currency.
Tesla’s investment could well clear the way for other companies to back Bitcoin. But institutions have already started to embrace it. PayPal, which Musk co-founded in 1999, recently started to let users buy and sell cryptocurrency and investment giant Fidelity launched its own crypto fund last summer. Musk may simply feel he is getting ahead of the movement, rather than leading it. || Why Bitcoin fans hope Tesla's $1.5bn bet will unlock a cryptocurrency revolution: It was the moment the cryptocurrency world had been waiting for. Long seen being on the fringes of finance, struggling for legitimacy and too volatile to be considered a sensible investment,Bitcoinhas been viewed with suspicion by regulators and governments.
So Monday’s announcement that Elon Musk’s Tesla, one of the world’s biggest companies,had invested $1.5bn (£1.1bn) in the digital currencyfelt like a stunning validation.
“Buckle up, we're passing the Moon and heading to Mars!” tweeted Tyler Winklevoss, one half of the twin brother pair best known for suing Mark Zuckerberg, who have since restyled themselves as cryptocurrency entrepreneurs.
“The entire world will benefit from this leadership,” said Michael Saylor, the head of MicroStrategy, a US software company that, like Tesla, has put much of its reserves into Bitcoin.
Saylor, whose $1.1bn investment in Bitcoin last October has almost trebled since then, is believed to have been the one to push Musk to convert some of Tesla’s holdings into the cryptocurrency.
After the billionairetweeted an off-colour meme in December, Saylor responded saying converting Tesla’s dollars to Bitcoin would be a “$100bn favour”.
A few weeks later, the company said a subsequent change in its investment policy allowed it to invest in “alternative reserve assets”. On Monday, Tesla also said it expects to receive payments for its cars in Bitcoin in the near future.
Tesla’s bet on Bitcoin came with health warnings. It said that “the prices of digital assets have been in the past and may continue to be highly volatile”, and that “the extent to which securities laws or other regulations apply… is unclear”. It added that owning cryptocurrencies makes the company a target for hackers.
The company’s investment also accounts for less than one tenth of the company’s cash holdings, which total more than $19bn.
But the move still represents a significant stamp of approval from one of the world’s most influential business leaders.Bitcoin’s pricerose around 15pc on Monday according to Coindesk, hitting a new high of $44,801.
It has already been a smart investment for Tesla. Bitcoin traded under $38,000 for much of January, so the company’s paper returns are already expected to sit in the hundreds of millions.
The longer-term question is whether the cryptocurrency, once derided as the tool of online drug dealers and speculators, has emerged as a viable alternative to the cash, bonds and low risk funds where most companies and people keep their savings, and as an alternative payment method.
Critics of Bitcoin have pointed to previous wild swings in its price, itshigh electricity consumption, and the legal uncertainty that has surrounded it. Supporters say it is a more efficient version of gold, inflation proof and not subject to the whims of central banks.
“Ultimately, investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path,” said Daniel Ives of Wedbush Securities.
Tesla’s Bitcoin buy is the biggest dollar investment by a company to date according toBitcoin Treasuries, a website that ranks corporate investments in the asset. But it is not the first. Last October, Jack Dorsey’s fintech company Square said it had bought $50m in Bitcoin, around 1pc of its assets.
Constantin Kogan, managing director of Wave Financial, a crypto asset manager, says Tesla’s move is likely to mean others follow. “What Tesla did is they de-risked the acquisition of Bitcoin by public companies and accelerated the transformation of corporate balance sheets. They are one of the top S&P 500 companies and others will follow,” he said.
Mr Kogan says more companies investing in Bitcoin would make the cryptocurrency more stable, since its biggest investors would not be constantly buying and selling.
Sheel Monhot, a fintech investor, said it would have appeal as a hedge against inflation: one of the supposed appeals of the currency is that the total number in circulation cannot exceed 21 million, meaning in theory its value cannot be eroded by producing more. “I do think a lot of CFOs [chief financial officers] are thinking, ‘Hey maybe we should be putting our money into Bitcoin,’” he said.
Gavin Brown, a financial technology professor at the University of Liverpool, points out there are plenty of other reasons Musk may have wanted to tie Tesla to Bitcoin than pure financial acumen. Becoming involved in cryptocurrency speaks to Tesla’s image as being forward-thinking, as well as winning kudos among online retail investors interested in Bitcoin.
For this reason, Brown is sceptical of seeing Tesla’s move as legitimising Bitcoin. “If it was ExxonMobil, if it was a more traditional firm, it actually would have been a stronger signal,” he says.
Tesla’s commitment to taking payments in cryptocurrency may be less significant. It said accepting Bitcoin will be limited at first and that the company may liquidate any payments into cash upon receipt - suggesting it is only so willing to tie its future to the currency.
With the $36,490 price of an entry-level Model 3 now well below one Bitcoin, a few enthusiasts who have struck it rich may be willing to pay with cryptocurrency, but others are just as likely to hold onto their Bitcoin, hoping it will continue to rise.
And with current fees for a Bitcoin transfer sitting at 0.00026 BTC (£8.30), many purchases smaller than a car will be too costly to be made with the currency.
Tesla’s investment could well clear the way for other companies to back Bitcoin. But institutions have already started to embrace it. PayPal, which Musk co-founded in 1999, recently started to let users buy and sell cryptocurrency and investment giant Fidelity launched its own crypto fund last summer. Musk may simply feel he is getting ahead of the movement, rather than leading it. || Why Bitcoin fans hope Tesla's $1.5bn bet will unlock a cryptocurrency revolution: Tesla said on Monday it had put $1.5bn into Bitcoin It was the moment the cryptocurrency world had been waiting for. Long seen being on the fringes of finance, struggling for legitimacy and too volatile to be considered a sensible investment, Bitcoin has been viewed with suspicion by regulators and governments. So Monday’s announcement that Elon Musk’s Tesla, one of the world’s biggest companies, had invested $1.5bn (£1.1bn) in the digital currency felt like a stunning validation. “Buckle up, we're passing the Moon and heading to Mars!” tweeted Tyler Winklevoss, one half of the twin brother pair best known for suing Mark Zuckerberg, who have since restyled themselves as cryptocurrency entrepreneurs. “The entire world will benefit from this leadership,” said Michael Saylor, the head of MicroStrategy, a US software company that, like Tesla, has put much of its reserves into Bitcoin. Saylor, whose $1.1bn investment in Bitcoin last October has almost trebled since then, is believed to have been the one to push Musk to convert some of Tesla’s holdings into the cryptocurrency. After the billionaire tweeted an off-colour meme in December , Saylor responded saying converting Tesla’s dollars to Bitcoin would be a “$100bn favour”. Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline - from one rocket scientist to another. — Michael Saylor (@michael_saylor) December 20, 2020 A few weeks later, the company said a subsequent change in its investment policy allowed it to invest in “alternative reserve assets”. On Monday, Tesla also said it expects to receive payments for its cars in Bitcoin in the near future. Tesla’s bet on Bitcoin came with health warnings. It said that “the prices of digital assets have been in the past and may continue to be highly volatile”, and that “the extent to which securities laws or other regulations apply… is unclear”. It added that owning cryptocurrencies makes the company a target for hackers. Story continues The company’s investment also accounts for less than one tenth of the company’s cash holdings, which total more than $19bn. But the move still represents a significant stamp of approval from one of the world’s most influential business leaders. Bitcoin’s price rose around 15pc on Monday according to Coindesk, hitting a new high of $44,801. It has already been a smart investment for Tesla. Bitcoin traded under $38,000 for much of January, so the company’s paper returns are already expected to sit in the hundreds of millions. The longer-term question is whether the cryptocurrency, once derided as the tool of online drug dealers and speculators, has emerged as a viable alternative to the cash, bonds and low risk funds where most companies and people keep their savings, and as an alternative payment method. Critics of Bitcoin have pointed to previous wild swings in its price, its high electricity consumption , and the legal uncertainty that has surrounded it. Supporters say it is a more efficient version of gold, inflation proof and not subject to the whims of central banks. “Ultimately, investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path,” said Daniel Ives of Wedbush Securities. Tesla’s Bitcoin buy is the biggest dollar investment by a company to date according to Bitcoin Treasuries , a website that ranks corporate investments in the asset. But it is not the first. Last October, Jack Dorsey’s fintech company Square said it had bought $50m in Bitcoin, around 1pc of its assets. Constantin Kogan, managing director of Wave Financial, a crypto asset manager, says Tesla’s move is likely to mean others follow. “What Tesla did is they de-risked the acquisition of Bitcoin by public companies and accelerated the transformation of corporate balance sheets. They are one of the top S&P 500 companies and others will follow,” he said. How to buy Bitcoin Mr Kogan says more companies investing in Bitcoin would make the cryptocurrency more stable, since its biggest investors would not be constantly buying and selling. Sheel Monhot, a fintech investor, said it would have appeal as a hedge against inflation: one of the supposed appeals of the currency is that the total number in circulation cannot exceed 21 million, meaning in theory its value cannot be eroded by producing more. “I do think a lot of CFOs [chief financial officers] are thinking, ‘Hey maybe we should be putting our money into Bitcoin,’” he said. Gavin Brown, a financial technology professor at the University of Liverpool, points out there are plenty of other reasons Musk may have wanted to tie Tesla to Bitcoin than pure financial acumen. Becoming involved in cryptocurrency speaks to Tesla’s image as being forward-thinking, as well as winning kudos among online retail investors interested in Bitcoin. For this reason, Brown is sceptical of seeing Tesla’s move as legitimising Bitcoin. “If it was ExxonMobil, if it was a more traditional firm, it actually would have been a stronger signal,” he says. Tesla’s commitment to taking payments in cryptocurrency may be less significant. It said accepting Bitcoin will be limited at first and that the company may liquidate any payments into cash upon receipt - suggesting it is only so willing to tie its future to the currency. With the $36,490 price of an entry-level Model 3 now well below one Bitcoin, a few enthusiasts who have struck it rich may be willing to pay with cryptocurrency, but others are just as likely to hold onto their Bitcoin, hoping it will continue to rise. And with current fees for a Bitcoin transfer sitting at 0.00026 BTC (£8.30), many purchases smaller than a car will be too costly to be made with the currency. Tesla’s investment could well clear the way for other companies to back Bitcoin. But institutions have already started to embrace it. PayPal, which Musk co-founded in 1999, recently started to let users buy and sell cryptocurrency and investment giant Fidelity launched its own crypto fund last summer. Musk may simply feel he is getting ahead of the movement, rather than leading it. || Bitcoin Breaks $46,000 Minutes After Surpassing $45,000 For The First Time In History: Bitcoin (BTC) has surpassed the $46,000 mark minutes after it broke $45,000.
What Happened:The leading cryptocurrency has had a record-breaking day, surpassing the $44,000 levels earlier today, rising to $45,000 and then to $46,000 in a matter of minutes, according to a data platform CoinMarketCap (CMC).
The current BTC price spike follows thenewsaboutTesla Inc(NASDAQ:TSLA) buying $1.5 billion worth of bitcoin, according to its SECfiling.
What Else:CoinMarketCap has announced today it had “experienced an all-time high in traffic.”
“On CMC, almost all of the top ten ranked cryptocurrencies are up as well (with the exception of XRP), which shows that sometimes, altcoin prices tend to correlate (at least temporarily) with large Bitcoin movements in either direction,” a CMC spokesperson has said to Benzinga.
The surprising part is that the majority of users were not interested in Bitcoin.
“During the Bitcoin price increase today, we actually saw higher traffic on DOGE's coin page than on Bitcoin's.”
See more from Benzinga
• Click here for options trades from Benzinga
• Elon Musk Tweets In Support Of Dogecoin After Price Grows 420% In A Day
• Biggest US Crypto Exchange Coinbase Announces Decision To Become Public
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Breaks $46,000 Minutes After Surpassing $45,000 For The First Time In History: Bitcoin (BTC) has surpassed the $46,000 mark minutes after it broke $45,000. What Happened: The leading cryptocurrency has had a record-breaking day, surpassing the $44,000 levels earlier today, rising to $45,000 and then to $46,000 in a matter of minutes, according to a data platform CoinMarketCap (CMC). The current BTC price spike follows the news about Tesla Inc (NASDAQ: TSLA ) buying $1.5 billion worth of bitcoin, according to its SEC filing . What Else: CoinMarketCap has announced today it had experienced an all-time high in traffic. On CMC, almost all of the top ten ranked cryptocurrencies are up as well (with the exception of XRP), which shows that sometimes, altcoin prices tend to correlate (at least temporarily) with large Bitcoin movements in either direction, a CMC spokesperson has said to Benzinga. The surprising part is that the majority of users were not interested in Bitcoin. During the Bitcoin price increase today, we actually saw higher traffic on DOGE's coin page than on Bitcoin's. See more from Benzinga Click here for options trades from Benzinga Elon Musk Tweets In Support Of Dogecoin After Price Grows 420% In A Day Biggest US Crypto Exchange Coinbase Announces Decision To Become Public © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Breaks $46,000 Minutes After Surpassing $45,000 For The First Time In History: Bitcoin (BTC) has surpassed the $46,000 mark minutes after it broke $45,000.
What Happened:The leading cryptocurrency has had a record-breaking day, surpassing the $44,000 levels earlier today, rising to $45,000 and then to $46,000 in a matter of minutes, according to a data platform CoinMarketCap (CMC).
The current BTC price spike follows thenewsaboutTesla Inc(NASDAQ:TSLA) buying $1.5 billion worth of bitcoin, according to its SECfiling.
What Else:CoinMarketCap has announced today it had “experienced an all-time high in traffic.”
“On CMC, almost all of the top ten ranked cryptocurrencies are up as well (with the exception of XRP), which shows that sometimes, altcoin prices tend to correlate (at least temporarily) with large Bitcoin movements in either direction,” a CMC spokesperson has said to Benzinga.
The surprising part is that the majority of users were not interested in Bitcoin.
“During the Bitcoin price increase today, we actually saw higher traffic on DOGE's coin page than on Bitcoin's.”
See more from Benzinga
• Click here for options trades from Benzinga
• Elon Musk Tweets In Support Of Dogecoin After Price Grows 420% In A Day
• Biggest US Crypto Exchange Coinbase Announces Decision To Become Public
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise: In a run reminiscent of bitcoins stunning ascent in early January, the price of leading cryptocurrency blew past $45,000, $46,000 and $47,000 in less than an hour on Monday evening, driven by Teslas announcement that it had bought $1.5 billion of bitcoin. Bitcoin hit $47,513.57, a new all-time high, before settling back to $47,053.09, up 20.6% in the last 24 hours. $45,000 was supposed to have been a milestone of sorts but the cryptocurrencys race upwards turned it into an afterthought. The cryptocurrency has risen about 67% year-to-date. A combination of traders in Asia just waking up to the Tesla news combined with a lack of resistance levels above $45,000 were possible causes for the sudden gap upwards. While those might be the immediate catalysts for the sudden surge in the cryptocurrency, theyre not the only reasons for bitcoins stunning rise. A growing number of big institutional investors including Paul Tudor Jones II and Bill Miller have pushed into bitcoin as a potential hedge against inflation , as the Federal Reserve and central banks around the world pump trillions of dollars of freshly created money into financial markets to stimulate their coronavirus-racked economies. Tesla joins publicly traded companies including Michael Saylors MicroStrategy that have steered corporate money into bitcoin . And from the price of bitcoin today, its clear some investors think its just getting started. We think this is just the start to a much wider adoption from household institutional names, finally ready to make the crossover into the crypto space, Joel Kruger, strategist at the cryptocurrency exchange LMAX Digital, said in an email. As more institutional investors like Tesla are buying bitcoin and hodl it for the long term, bitcoins liquid supply is continuing to decline, according to blockchain analytics firm Glassnodes newsletter on Monday. Currently, around 78% of issued bitcoin are either lost or being hodled, the newsletter said. This leaves less than 4 million bitcoin to be shared amongst future market entrants including large institutional investors such as PayPal, Square, Bitcoins latest rally also pushed prices for other major cryptocurrencies including ether , algorand , and litecoin , according to CoinDesk 20 . Mainstream adoption [for crypto] is happening right before our eyes, and it is taking place before the entire world, Mati Greenspan, founder and CEO of Quantum Economics, wrote in his newsletter on Monday. With this latest surge, the market value of bitcoin ($860.4 billion) has once again passed that of Tesla ($818.4 billion) after topping it for the first time ever earlier Monday. Story continues UPDATE (Feb. 8, 23:35 UTC): Updates to add bitcoin passed $46k for the first time. Related Stories Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise || Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise: In a runreminiscentof bitcoin’s stunning ascent in early January, the price of leading cryptocurrency blew past $45,000, $46,000 and $47,000 in less than an hour on Monday evening, driven by Tesla’sannouncementthat it had bought $1.5 billion of bitcoin.
• Bitcoin hit $47,513.57, a new all-time high, before settling back to $47,053.09, up 20.6% in the last 24 hours.
• $45,000 was supposed to have been a milestone of sorts but the cryptocurrency’s race upwards turned it into an afterthought. The cryptocurrency has risen about 67% year-to-date.
• A combination of traders in Asia just waking up to the Tesla news combined with a lack of resistance levels above $45,000 were possible causes for the sudden gap upwards.
• While those might be the immediate catalysts for the sudden surge in the cryptocurrency, they’re not the only reasons for bitcoin’s stunning rise.
• A growing number of big institutional investors including Paul Tudor Jones II and Bill Miller havepushed into bitcoin as a potential hedge against inflation, as the Federal Reserve and central banks around the world pump trillions of dollars of freshly created money into financial markets to stimulate their coronavirus-racked economies.
• Tesla joins publicly traded companies including Michael Saylor’s MicroStrategy that have steered corporate money intobitcoin. And from the price of bitcoin today, it’s clear some investors think it’s just getting started.
• “We think this is just the start to a much wider adoption from household institutional names, finally ready to make the crossover into the crypto space,” Joel Kruger, strategist at the cryptocurrency exchange LMAX Digital, said in an email.
• As more institutional investors like Tesla are buying bitcoin and “hodl” it for the long term, bitcoin’s liquid supply is continuing to decline, according to blockchain analytics firm Glassnode’s newsletter on Monday.
• “Currently, around 78% of issued bitcoin are either lost or being hodled,” the newsletter said. “This leaves less than 4 million bitcoin to be shared amongst future market entrants – including large institutional investors such as PayPal, Square,
• Bitcoin’s latest rally also pushed prices for other major cryptocurrencies includingether,algorand, andlitecoin, according toCoinDesk 20.
• “Mainstream adoption [for crypto] is happening right before our eyes, and it is taking place before the entire world,” Mati Greenspan, founder and CEO of Quantum Economics, wrote in his newsletter on Monday.
• With this latest surge, the market value of bitcoin ($860.4 billion) has once again passed that of Tesla ($818.4 billion) after topping it for the first time ever earlier Monday.
UPDATE (Feb. 8, 23:35 UTC): Updates to add bitcoin passed $46k for the first time.
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise || Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise: In a runreminiscentof bitcoin’s stunning ascent in early January, the price of leading cryptocurrency blew past $45,000, $46,000 and $47,000 in less than an hour on Monday evening, driven by Tesla’sannouncementthat it had bought $1.5 billion of bitcoin.
• Bitcoin hit $47,513.57, a new all-time high, before settling back to $47,053.09, up 20.6% in the last 24 hours.
• $45,000 was supposed to have been a milestone of sorts but the cryptocurrency’s race upwards turned it into an afterthought. The cryptocurrency has risen about 67% year-to-date.
• A combination of traders in Asia just waking up to the Tesla news combined with a lack of resistance levels above $45,000 were possible causes for the sudden gap upwards.
• While those might be the immediate catalysts for the sudden surge in the cryptocurrency, they’re not the only reasons for bitcoin’s stunning rise.
• A growing number of big institutional investors including Paul Tudor Jones II and Bill Miller havepushed into bitcoin as a potential hedge against inflation, as the Federal Reserve and central banks around the world pump trillions of dollars of freshly created money into financial markets to stimulate their coronavirus-racked economies.
• Tesla joins publicly traded companies including Michael Saylor’s MicroStrategy that have steered corporate money intobitcoin. And from the price of bitcoin today, it’s clear some investors think it’s just getting started.
• “We think this is just the start to a much wider adoption from household institutional names, finally ready to make the crossover into the crypto space,” Joel Kruger, strategist at the cryptocurrency exchange LMAX Digital, said in an email.
• As more institutional investors like Tesla are buying bitcoin and “hodl” it for the long term, bitcoin’s liquid supply is continuing to decline, according to blockchain analytics firm Glassnode’s newsletter on Monday.
• “Currently, around 78% of issued bitcoin are either lost or being hodled,” the newsletter said. “This leaves less than 4 million bitcoin to be shared amongst future market entrants – including large institutional investors such as PayPal, Square,
• Bitcoin’s latest rally also pushed prices for other major cryptocurrencies includingether,algorand, andlitecoin, according toCoinDesk 20.
• “Mainstream adoption [for crypto] is happening right before our eyes, and it is taking place before the entire world,” Mati Greenspan, founder and CEO of Quantum Economics, wrote in his newsletter on Monday.
• With this latest surge, the market value of bitcoin ($860.4 billion) has once again passed that of Tesla ($818.4 billion) after topping it for the first time ever earlier Monday.
UPDATE (Feb. 8, 23:35 UTC): Updates to add bitcoin passed $46k for the first time.
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise
• Bitcoin Tops $47K After Tearing Through $45K, $46K in Tesla-Fueled Rise || Elon Musk’s Tesla buys £1.1bn of bitcoin - driving price to new high: Elon Musk, Tesla's CEO (file picture)
Elon Musk’s car companyTeslarevealed it bought around $1.5 billion (£1.1bn) ofBitcoinin January.
The news caused the price of thecryptocurrencyto soar by 15 per cent to a record high above $43,000 on Monday.
Tesla said it intends to soon start accepting the digital currency as payment for its vehicles as it shared details of the new strategy in a filing with theUS Securities and Exchange Commission.
In thestock market filing, Tesla said it “updated its investment policy” in January and that it may invest a portion of cash in “alternative reserve assets” such as gold bullion, gold exchange-traded funds and other digital assets.
“Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term,” states the stock market filing.
Eric Turner, vice-president of market intelligence at cryptocurrency research firm Messari, said Tesla’s investment in Bitcoin could see other companies make similar moves.
He toldBBC News: “I think we will see an acceleration of companies looking to allocate to Bitcoin now that Tesla has made the first move.
"One of the largest companies in the world now owns Bitcoin and by extension, every investor that owns Tesla, or even just an S&P 500 fund, has exposure to it as well."
However concerns have also been raised about the volatile nature of cryptocurrency.
Musk has regularly tweeted about being a “supporter” of cryptocurrencies.
He joked that bitcoin is his “safeword” and recently shared a poll inviting his Twitter followers to vote on whether “dogecoin” or all other cryptocurrencies combined were the future currencies of the world.
Dogecoin, a token based on an internet dog meme, started as a joke in 2013.
The prices of Dogecoin also soared to record highs on currency markets on Monday following a wave of tongue-in-cheek endorsements from Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons on social media.
On February 4, it doubled in value after Musk tweeted: “Dogecoin is the people’s crypto”.
Read More
What is Dogecoin: the joke crypto loved by Elon Musk and growing faster than Bitcoin
Top ten shares to buy in a K-shaped recovery for the economy (as well as Bitcoin)
Clampdown on buying Bitcoin comes into force amid warnings it could increase cyber crime || Elon Musks Tesla buys £1.1bn of bitcoin - driving price to new high: Elon Musk, Tesla's CEO (file picture) (PA) Elon Musk s car company Tesla revealed it bought around $1.5 billion (£1.1bn) of Bitcoin in January. The news caused the price of the cryptocurrency to soar by 15 per cent to a record high above $43,000 on Monday. Tesla said it intends to soon start accepting the digital currency as payment for its vehicles as it shared details of the new strategy in a filing with the US Securities and Exchange Commission . In the stock market filing , Tesla said it updated its investment policy in January and that it may invest a portion of cash in alternative reserve assets such as gold bullion, gold exchange-traded funds and other digital assets. Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term, states the stock market filing. Eric Turner, vice-president of market intelligence at cryptocurrency research firm Messari, said Teslas investment in Bitcoin could see other companies make similar moves. He told BBC News : I think we will see an acceleration of companies looking to allocate to Bitcoin now that Tesla has made the first move. The Tesla logo is seen outside of their showroom in Washington, DC (file picture)AFP via Getty Images "One of the largest companies in the world now owns Bitcoin and by extension, every investor that owns Tesla, or even just an S&P 500 fund, has exposure to it as well." However concerns have also been raised about the volatile nature of cryptocurrency. Musk has regularly tweeted about being a supporter of cryptocurrencies. So
its finally come to this
pic.twitter.com/Gf0Rg2QOaF Elon Musk (@elonmusk) February 7, 2021 He joked that bitcoin is his safeword and recently shared a poll inviting his Twitter followers to vote on whether dogecoin or all other cryptocurrencies combined were the future currencies of the world. Dogecoin , a token based on an internet dog meme, started as a joke in 2013. Story continues The prices of Dogecoin also soared to record highs on currency markets on Monday following a wave of tongue-in-cheek endorsements from Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons on social media. On February 4, it doubled in value after Musk tweeted: Dogecoin is the peoples crypto. Read More What is Dogecoin: the joke crypto loved by Elon Musk and growing faster than Bitcoin Top ten shares to buy in a K-shaped recovery for the economy (as well as Bitcoin) Clampdown on buying Bitcoin comes into force amid warnings it could increase cyber crime || Partners HealthCare System, Inc Buys BTC iShares Core S&P 500 ETF, BTC iShares Core U.S. ...: - By insiderInvestment companyPartners HealthCare System, Inc(Current Portfolio) buys BTC iShares Core S&P 500 ETF, BTC iShares Core U.S. Aggregate Bond ETF, sells iShares MSCI ACWI Index Fund during the 3-months ended 2020Q4, according to the most recent filings of the investment company, Partners HealthCare System, Inc. As of 2020Q4, Partners HealthCare System, Inc owns 3 stocks with a total value of $473 million. These are the details of the buys and sells.
• New Purchases:IVV,
• Added Positions:AGG,
• Reduced Positions:ACWI,
• Warning! GuruFocus has detected 11 Warning Signs with WAB. Click here to check it out.
• AGG 15-Year Financial Data
• The intrinsic value of AGG
• Peter Lynch Chart of AGG
For the details of Partners HealthCare System, Inc's stock buys and sells,go tohttps://www.gurufocus.com/guru/partners+healthcare+system%2C+inc/current-portfolio/portfolio
These are the top 5 holdings of Partners HealthCare System, Inc
1. BTC iShares Core S&P 500 ETF (IVV) - 604,838 shares, 48.03% of the total portfolio. New Position
2. BTC iShares Core U.S. Aggregate Bond ETF (AGG) - 1,428,724 shares, 35.72% of the total portfolio. Shares added by 354.49%
3. iShares MSCI ACWI Index Fund (ACWI) - 847,113 shares, 16.26% of the total portfolio. Shares reduced by 23.99%
New Purchase: BTC iShares Core S&P 500 ETF (IVV)
Partners HealthCare System, Inc initiated holding in BTC iShares Core S&P 500 ETF. The purchase prices were between $326.19 and $375.39, with an estimated average price of $355. The stock is now traded at around $392.050000. The impact to a portfolio due to this purchase was 48.03%. The holding were 604,838 shares as of 2020-12-31.
Added: BTC iShares Core U.S. Aggregate Bond ETF (AGG)
Partners HealthCare System, Inc added to a holding in BTC iShares Core U.S. Aggregate Bond ETF by 354.49%. The purchase prices were between $116.49 and $118, with an estimated average price of $117.3. The stock is now traded at around $116.830000. The impact to a portfolio due to this purchase was 27.86%. The holding were 1,428,724 shares as of 2020-12-31.
Here is the complete portfolio of Partners HealthCare System, Inc. Also check out:1. Partners HealthCare System, Inc's Undervalued Stocks2. Partners HealthCare System, Inc's Top Growth Companies, and3. Partners HealthCare System, Inc's High Yield stocks4. Stocks that Partners HealthCare System, Inc keeps buyingThis article first appeared onGuruFocus. || Partners HealthCare System, Inc Buys BTC iShares Core S&P 500 ETF, BTC iShares Core U.S. ...: - By insider Investment company Partners HealthCare System, Inc ( Current Portfolio ) buys BTC iShares Core S&P 500 ETF, BTC iShares Core U.S. Aggregate Bond ETF, sells iShares MSCI ACWI Index Fund during the 3-months ended 2020Q4, according to the most recent filings of the investment company, Partners HealthCare System, Inc. As of 2020Q4, Partners HealthCare System, Inc owns 3 stocks with a total value of $473 million. These are the details of the buys and sells. New Purchases: IVV, Added Positions: AGG, Reduced Positions: ACWI, Warning! GuruFocus has detected 11 Warning Signs with WAB. Click here to check it out. AGG 15-Year Financial Data The intrinsic value of AGG Peter Lynch Chart of AGG For the details of Partners HealthCare System, Inc's stock buys and sells, go to https://www.gurufocus.com/guru/partners+healthcare+system%2C+inc/current-portfolio/portfolio These are the top 5 holdings of Partners HealthCare System, Inc BTC iShares Core S&P 500 ETF ( IVV ) - 604,838 shares, 48.03% of the total portfolio. New Position BTC iShares Core U.S. Aggregate Bond ETF ( AGG ) - 1,428,724 shares, 35.72% of the total portfolio. Shares added by 354.49% iShares MSCI ACWI Index Fund ( ACWI ) - 847,113 shares, 16.26% of the total portfolio. Shares reduced by 23.99% New Purchase: BTC iShares Core S&P 500 ETF (IVV) Partners HealthCare System, Inc initiated holding in BTC iShares Core S&P 500 ETF. The purchase prices were between $326.19 and $375.39, with an estimated average price of $355. The stock is now traded at around $392.050000. The impact to a portfolio due to this purchase was 48.03%. The holding were 604,838 shares as of 2020-12-31. Added: BTC iShares Core U.S. Aggregate Bond ETF (AGG) Partners HealthCare System, Inc added to a holding in BTC iShares Core U.S. Aggregate Bond ETF by 354.49%. The purchase prices were between $116.49 and $118, with an estimated average price of $117.3. The stock is now traded at around $116.830000. The impact to a portfolio due to this purchase was 27.86%. The holding were 1,428,724 shares as of 2020-12-31. Here is the complete portfolio of Partners HealthCare System, Inc. Also check out: 1. Partners HealthCare System, Inc's Undervalued Stocks 2. Partners HealthCare System, Inc's Top Growth Companies, and 3. Partners HealthCare System, Inc's High Yield stocks 4. Stocks that Partners HealthCare System, Inc keeps buyingThis article first appeared on GuruFocus . View comments || Partners HealthCare System, Inc Buys BTC iShares Core S&P 500 ETF, BTC iShares Core U.S. ...: - By insiderInvestment companyPartners HealthCare System, Inc(Current Portfolio) buys BTC iShares Core S&P 500 ETF, BTC iShares Core U.S. Aggregate Bond ETF, sells iShares MSCI ACWI Index Fund during the 3-months ended 2020Q4, according to the most recent filings of the investment company, Partners HealthCare System, Inc. As of 2020Q4, Partners HealthCare System, Inc owns 3 stocks with a total value of $473 million. These are the details of the buys and sells.
• New Purchases:IVV,
• Added Positions:AGG,
• Reduced Positions:ACWI,
• Warning! GuruFocus has detected 11 Warning Signs with WAB. Click here to check it out.
• AGG 15-Year Financial Data
• The intrinsic value of AGG
• Peter Lynch Chart of AGG
For the details of Partners HealthCare System, Inc's stock buys and sells,go tohttps://www.gurufocus.com/guru/partners+healthcare+system%2C+inc/current-portfolio/portfolio
These are the top 5 holdings of Partners HealthCare System, Inc
1. BTC iShares Core S&P 500 ETF (IVV) - 604,838 shares, 48.03% of the total portfolio. New Position
2. BTC iShares Core U.S. Aggregate Bond ETF (AGG) - 1,428,724 shares, 35.72% of the total portfolio. Shares added by 354.49%
3. iShares MSCI ACWI Index Fund (ACWI) - 847,113 shares, 16.26% of the total portfolio. Shares reduced by 23.99%
New Purchase: BTC iShares Core S&P 500 ETF (IVV)
Partners HealthCare System, Inc initiated holding in BTC iShares Core S&P 500 ETF. The purchase prices were between $326.19 and $375.39, with an estimated average price of $355. The stock is now traded at around $392.050000. The impact to a portfolio due to this purchase was 48.03%. The holding were 604,838 shares as of 2020-12-31.
Added: BTC iShares Core U.S. Aggregate Bond ETF (AGG)
Partners HealthCare System, Inc added to a holding in BTC iShares Core U.S. Aggregate Bond ETF by 354.49%. The purchase prices were between $116.49 and $118, with an estimated average price of $117.3. The stock is now traded at around $116.830000. The impact to a portfolio due to this purchase was 27.86%. The holding were 1,428,724 shares as of 2020-12-31.
Here is the complete portfolio of Partners HealthCare System, Inc. Also check out:1. Partners HealthCare System, Inc's Undervalued Stocks2. Partners HealthCare System, Inc's Top Growth Companies, and3. Partners HealthCare System, Inc's High Yield stocks4. Stocks that Partners HealthCare System, Inc keeps buyingThis article first appeared onGuruFocus.
[Social Media Buzz]
None available.
|
44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68.
|
[Bitcoin Technical Analysis for 2017-01-10]
Volume: 115808000, RSI (14-day): 49.16, 50-day EMA: 862.31, 200-day EMA: 703.75
[Wider Market Context]
Gold Price: 1184.20, Gold RSI: 57.77
Oil Price: 50.82, Oil RSI: 45.15
[Recent News (last 7 days)]
Facebook, Amazon, and Google Have Rebounded from Donald Trump Dump: Donald Trump hasn’t declawed the FANG stocks for good, it seems.
Stock market investors have recently been caught up in a rally that has become known as theTrump Bump: Stocks have mostly zoomed forward since Trump won the election, putting the Dow Jones industrial averagewithin striking distance of 20,000 for the first time ever.
But there are some notable companies that experienced more of a Trump Dump. That seems to be changing in the early days of 2017.
The Nasdaq has risen nearly 3% in the first five trading days of this year, outpacing both the Dow, up only about 0.7%, and the S&P 500, up 1.5%. Indeed, the Nasdaq was the only major U.S. stock index to rise Monday, setting a new record high for the third trading day in a row.
The reasons: A number of technology companies that were among some of investors’most hatedstocks in 2016, especially since Trump became president elect, have recently been on a rapid rebound, including Facebook , , , and .
The group of so-called FANG stocks all fell in the wake of Trump’s election late last year (with Facebook stock down more than 7%), leading some high-profile investors such as DoubleLine CEO Jeffrey Gundlach toswear them off entirely.
Now, however, all four companies have more than recovered their post-Trump losses. Facebook stock has already gained nearly 9% in 2017, while shares of Amazon and Netflix are both up more than 6%. Google’s stock is up almost 5% so far this year.
They’re not alone. Nasdaq stocks including Tesla and Yahoo have also kicked off 2017 strong, with Tesla shares returning nearly 8% and Yahoo stock up more than 7%. Chinese tech giant Baidu , also listed on the Nasdaq, has gained more than 8% so far this year.
It’s hard to say exactly why the FANG stocks and other tech companies have bounced back so forcefully in early 2017, or if the trend will continue. After all, January stock performance hasrecently been a poor indicatorof how the market will act for the rest of the year.
For now, investors may simply be hoping that President Trump won’t be asbad for tech companiesas some had expected. Facebook, for one, has already taken steps toaddress concerns over fake newsstories that had hurt the tech stock following Trump’s election.
Still, it isn’t simply a reversal of behavior among stocks that had surged or sank after the November election. stock, which fell after Trump won, has fallen slightly further in 2017. And stock, thebig winner of the Trump rally, is still rising.
But as least for now, investors are biting into technology FANG stocks once again.
See original article on Fortune.com
More from Fortune.com
• President Obama Was Officially Terrible For Hedge Funds
• Microsoft and Qualcomm Are Backing This Israeli Security Startup Studio
• Here's Why Bitcoin's Price Continues to Plunge
• How a China Crackdown Caused Bitcoin's Price to Plunge
• Verizon Is Still on the Fence About the Yahoo Deal || Facebook, Amazon, and Google Have Rebounded from Donald Trump Dump: Donald Trump hasn’t declawed the FANG stocks for good, it seems. Stock market investors have recently been caught up in a rally that has become known as the Trump Bump : Stocks have mostly zoomed forward since Trump won the election, putting the Dow Jones industrial average within striking distance of 20,000 for the first time ever. But there are some notable companies that experienced more of a Trump Dump. That seems to be changing in the early days of 2017. The Nasdaq has risen nearly 3% in the first five trading days of this year, outpacing both the Dow, up only about 0.7%, and the S&P 500, up 1.5%. Indeed, the Nasdaq was the only major U.S. stock index to rise Monday, setting a new record high for the third trading day in a row. The reasons: A number of technology companies that were among some of investors’ most hated stocks in 2016, especially since Trump became president elect, have recently been on a rapid rebound, including Facebook , , , and . The group of so-called FANG stocks all fell in the wake of Trump’s election late last year (with Facebook stock down more than 7%), leading some high-profile investors such as DoubleLine CEO Jeffrey Gundlach to swear them off entirely. Now, however, all four companies have more than recovered their post-Trump losses. Facebook stock has already gained nearly 9% in 2017, while shares of Amazon and Netflix are both up more than 6%. Google’s stock is up almost 5% so far this year. They’re not alone. Nasdaq stocks including Tesla and Yahoo have also kicked off 2017 strong, with Tesla shares returning nearly 8% and Yahoo stock up more than 7%. Chinese tech giant Baidu , also listed on the Nasdaq, has gained more than 8% so far this year. It’s hard to say exactly why the FANG stocks and other tech companies have bounced back so forcefully in early 2017, or if the trend will continue. After all, January stock performance has recently been a poor indicator of how the market will act for the rest of the year. Story continues For now, investors may simply be hoping that President Trump won’t be as bad for tech companies as some had expected. Facebook, for one, has already taken steps to address concerns over fake news stories that had hurt the tech stock following Trump’s election. Still, it isn’t simply a reversal of behavior among stocks that had surged or sank after the November election. stock, which fell after Trump won, has fallen slightly further in 2017. And stock, the big winner of the Trump rally , is still rising. But as least for now, investors are biting into technology FANG stocks once again. See original article on Fortune.com More from Fortune.com President Obama Was Officially Terrible For Hedge Funds Microsoft and Qualcomm Are Backing This Israeli Security Startup Studio Here's Why Bitcoin's Price Continues to Plunge How a China Crackdown Caused Bitcoin's Price to Plunge Verizon Is Still on the Fence About the Yahoo Deal || Bitcoin exchange operator pleads guilty in U.S. case tied to JPMorgan hack: By Nate Raymond NEW YORK (Reuters) - A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange, which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies, including JPMorgan Chase & Co<JPM.N>. Anthony Murgio, 33, entered his plea in federal court in Manhattan to three counts, including conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud, a month before he was to face trial. Under a plea agreement, Murgio agreed not to appeal any prison sentence of about 12-1/2 years in prison or less. U.S. District Judge Alison Nathan scheduled his sentencing for June 16. The Tampa, Florida-resident is one of nine people to face charges following an investigation connected to a data breach that JPMorgan disclosed in 2014 involving records for more than 83 million accounts. Prosecutors said Murgio operated Coin.mx, which without a license exchanged millions of dollars into bitcoin, including for victims of ransomware, a computer virus that seeks payment, often in the virtual currency, to unlock data it restricts. Prosecutors said Coin.mx was operated from 2013 to 2015 through several fronts, including one called "Collectables Club," to trick financial institutions into believing it was a members-only group interested in collectables like stamps. Coin.mx was owned by Israeli citizen Gery Shalon, according to prosecutors, who say he and Maryland-born Joshua Samuel Aaron orchestrated cyber attacks on companies. An attack on JPMorgan resulted in the information of more than 100 million people being stolen. Prosecutors said the men carried out the cybercrimes to further other schemes with another Israeli, Ziv Orenstein, including pumping up stock prices with sham promotional emails. Murgio, who was not accused of engaging in the hacking scheme, was tied not only to Shalon but also to Aaron. Both men attended Florida State University, and in 2008 they formed a business together. On his website, Murgio called Aaron "my friend" and said he "showed me the ropes to online marketing." Story continues Aaron was deported from Russia in December and taken into U.S. custody, while Shalon and Orenstein were extradited from Israel in June. All three have pleaded not guilty. Five other individuals have been charged in connection with Coin.mx, including Murgio's father. Two individuals linked to it are scheduled to face trial on Feb. 6. The case is U.S. v. Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-769. (Reporting by Nate Raymond in New York; Editing by Dan Grebler) || Bitcoin exchange operator pleads guilty in U.S. case tied to JPMorgan hack: By Nate Raymond NEW YORK (Reuters) - A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange, which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies, including JPMorgan Chase & Co(JPM.N). Anthony Murgio, 33, entered his plea in federal court in Manhattan to three counts, including conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud, a month before he was to face trial. Under a plea agreement, Murgio agreed not to appeal any prison sentence of about 12-1/2 years in prison or less. U.S. District Judge Alison Nathan scheduled his sentencing for June 16. The Tampa, Florida-resident is one of nine people to face charges following an investigation connected to a data breach that JPMorgan disclosed in 2014 involving records for more than 83 million accounts. Prosecutors said Murgio operated Coin.mx, which without a license exchanged millions of dollars into bitcoin, including for victims of ransomware, a computer virus that seeks payment, often in the virtual currency, to unlock data it restricts. Prosecutors said Coin.mx was operated from 2013 to 2015 through several fronts, including one called "Collectables Club," to trick financial institutions into believing it was a members-only group interested in collectables like stamps. Coin.mx was owned by Israeli citizen Gery Shalon, according to prosecutors, who say he and Maryland-born Joshua Samuel Aaron orchestrated cyber attacks on companies. An attack on JPMorgan resulted in the information of more than 100 million people being stolen. Prosecutors said the men carried out the cybercrimes to further other schemes with another Israeli, Ziv Orenstein, including pumping up stock prices with sham promotional emails. Murgio, who was not accused of engaging in the hacking scheme, was tied not only to Shalon but also to Aaron. Both men attended Florida State University, and in 2008 they formed a business together. On his website, Murgio called Aaron "my friend" and said he "showed me the ropes to online marketing." Story continues Aaron was deported from Russia in December and taken into U.S. custody, while Shalon and Orenstein were extradited from Israel in June. All three have pleaded not guilty. Five other individuals have been charged in connection with Coin.mx, including Murgio's father. Two individuals linked to it are scheduled to face trial on Feb. 6. The case is U.S. v. Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-769. (Reporting by Nate Raymond in New York; Editing by Dan Grebler) || Bitcoin exchange operator pleads guilty in U.S. case tied to JPMorgan hack: By Nate Raymond
NEW YORK (Reuters) - A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange, which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies, including JPMorgan Chase & Co<JPM.N>.
Anthony Murgio, 33, entered his plea in federal court in Manhattan to three counts, including conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud, a month before he was to face trial.
Under a plea agreement, Murgio agreed not to appeal any prison sentence of about 12-1/2 years in prison or less. U.S. District Judge Alison Nathan scheduled his sentencing for June 16.
The Tampa, Florida-resident is one of nine people to face charges following an investigation connected to a data breach that JPMorgan disclosed in 2014 involving records for more than 83 million accounts.
Prosecutors said Murgio operated Coin.mx, which without a license exchanged millions of dollars into bitcoin, including for victims of ransomware, a computer virus that seeks payment, often in the virtual currency, to unlock data it restricts.
Prosecutors said Coin.mx was operated from 2013 to 2015 through several fronts, including one called "Collectables Club," to trick financial institutions into believing it was a members-only group interested in collectables like stamps.
Coin.mx was owned by Israeli citizen Gery Shalon, according to prosecutors, who say he and Maryland-born Joshua Samuel Aaron orchestrated cyber attacks on companies. An attack on JPMorgan resulted in the information of more than 100 million people being stolen.
Prosecutors said the men carried out the cybercrimes to further other schemes with another Israeli, Ziv Orenstein, including pumping up stock prices with sham promotional emails.
Murgio, who was not accused of engaging in the hacking scheme, was tied not only to Shalon but also to Aaron.
Both men attended Florida State University, and in 2008 they formed a business together. On his website, Murgio called Aaron "my friend" and said he "showed me the ropes to online marketing."
Aaron was deported from Russia in December and taken into U.S. custody, while Shalon and Orenstein were extradited from Israel in June. All three have pleaded not guilty.
Five other individuals have been charged in connection with Coin.mx, including Murgio's father. Two individuals linked to it are scheduled to face trial on Feb. 6.
The case is U.S. v. Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-769.
(Reporting by Nate Raymond in New York; Editing by Dan Grebler) || Bitcoin exchange operator pleads guilty in U.S. case tied to JPMorgan hack: By Nate Raymond
NEW YORK (Reuters) - A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange, which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies, including JPMorgan Chase & Co<JPM.N>.
Anthony Murgio, 33, entered his plea in federal court in Manhattan to three counts, including conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud, a month before he was to face trial.
Under a plea agreement, Murgio agreed not to appeal any prison sentence of about 12-1/2 years in prison or less. U.S. District Judge Alison Nathan scheduled his sentencing for June 16.
The Tampa, Florida-resident is one of nine people to face charges following an investigation connected to a data breach that JPMorgan disclosed in 2014 involving records for more than 83 million accounts.
Prosecutors said Murgio operated Coin.mx, which without a license exchanged millions of dollars into bitcoin, including for victims of ransomware, a computer virus that seeks payment, often in the virtual currency, to unlock data it restricts.
Prosecutors said Coin.mx was operated from 2013 to 2015 through several fronts, including one called "Collectables Club," to trick financial institutions into believing it was a members-only group interested in collectables like stamps.
Coin.mx was owned by Israeli citizen Gery Shalon, according to prosecutors, who say he and Maryland-born Joshua Samuel Aaron orchestrated cyber attacks on companies. An attack on JPMorgan resulted in the information of more than 100 million people being stolen.
Prosecutors said the men carried out the cybercrimes to further other schemes with another Israeli, Ziv Orenstein, including pumping up stock prices with sham promotional emails.
Murgio, who was not accused of engaging in the hacking scheme, was tied not only to Shalon but also to Aaron.
Both men attended Florida State University, and in 2008 they formed a business together. On his website, Murgio called Aaron "my friend" and said he "showed me the ropes to online marketing."
Aaron was deported from Russia in December and taken into U.S. custody, while Shalon and Orenstein were extradited from Israel in June. All three have pleaded not guilty.
Five other individuals have been charged in connection with Coin.mx, including Murgio's father. Two individuals linked to it are scheduled to face trial on Feb. 6.
The case is U.S. v. Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-769.
(Reporting by Nate Raymond in New York; Editing by Dan Grebler) || Bitcoin exchange operator pleads guilty in U.S. case tied to JPMorgan hack: By Nate Raymond
NEW YORK (Reuters) - A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange, which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies, including JPMorgan Chase & Co(JPM.N).
Anthony Murgio, 33, entered his plea in federal court in Manhattan to three counts, including conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud, a month before he was to face trial.
Under a plea agreement, Murgio agreed not to appeal any prison sentence of about 12-1/2 years in prison or less. U.S. District Judge Alison Nathan scheduled his sentencing for June 16.
The Tampa, Florida-resident is one of nine people to face charges following an investigation connected to a data breach that JPMorgan disclosed in 2014 involving records for more than 83 million accounts.
Prosecutors said Murgio operated Coin.mx, which without a license exchanged millions of dollars into bitcoin, including for victims of ransomware, a computer virus that seeks payment, often in the virtual currency, to unlock data it restricts.
Prosecutors said Coin.mx was operated from 2013 to 2015 through several fronts, including one called "Collectables Club," to trick financial institutions into believing it was a members-only group interested in collectables like stamps.
Coin.mx was owned by Israeli citizen Gery Shalon, according to prosecutors, who say he and Maryland-born Joshua Samuel Aaron orchestrated cyber attacks on companies. An attack on JPMorgan resulted in the information of more than 100 million people being stolen.
Prosecutors said the men carried out the cybercrimes to further other schemes with another Israeli, Ziv Orenstein, including pumping up stock prices with sham promotional emails.
Murgio, who was not accused of engaging in the hacking scheme, was tied not only to Shalon but also to Aaron.
Both men attended Florida State University, and in 2008 they formed a business together. On his website, Murgio called Aaron "my friend" and said he "showed me the ropes to online marketing."
Aaron was deported from Russia in December and taken into U.S. custody, while Shalon and Orenstein were extradited from Israel in June. All three have pleaded not guilty.
Five other individuals have been charged in connection with Coin.mx, including Murgio's father. Two individuals linked to it are scheduled to face trial on Feb. 6.
The case is U.S. v. Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-769.
(Reporting by Nate Raymond in New York; Editing by Dan Grebler) || Bitcoin exchange operator pleads guilty in U.S. case tied to JPMorgan hack: By Nate Raymond
NEW YORK (Reuters) - A Florida man pleaded guilty on Monday to charges that he conspired to operate an illegal bitcoin exchange, which prosecutors said was owned by an Israeli who oversaw a massive scheme to hack companies, including JPMorgan Chase & Co(JPM.N).
Anthony Murgio, 33, entered his plea in federal court in Manhattan to three counts, including conspiracy to operate an unlicensed money transmitting business and conspiracy to commit bank fraud, a month before he was to face trial.
Under a plea agreement, Murgio agreed not to appeal any prison sentence of about 12-1/2 years in prison or less. U.S. District Judge Alison Nathan scheduled his sentencing for June 16.
The Tampa, Florida-resident is one of nine people to face charges following an investigation connected to a data breach that JPMorgan disclosed in 2014 involving records for more than 83 million accounts.
Prosecutors said Murgio operated Coin.mx, which without a license exchanged millions of dollars into bitcoin, including for victims of ransomware, a computer virus that seeks payment, often in the virtual currency, to unlock data it restricts.
Prosecutors said Coin.mx was operated from 2013 to 2015 through several fronts, including one called "Collectables Club," to trick financial institutions into believing it was a members-only group interested in collectables like stamps.
Coin.mx was owned by Israeli citizen Gery Shalon, according to prosecutors, who say he and Maryland-born Joshua Samuel Aaron orchestrated cyber attacks on companies. An attack on JPMorgan resulted in the information of more than 100 million people being stolen.
Prosecutors said the men carried out the cybercrimes to further other schemes with another Israeli, Ziv Orenstein, including pumping up stock prices with sham promotional emails.
Murgio, who was not accused of engaging in the hacking scheme, was tied not only to Shalon but also to Aaron.
Both men attended Florida State University, and in 2008 they formed a business together. On his website, Murgio called Aaron "my friend" and said he "showed me the ropes to online marketing."
Aaron was deported from Russia in December and taken into U.S. custody, while Shalon and Orenstein were extradited from Israel in June. All three have pleaded not guilty.
Five other individuals have been charged in connection with Coin.mx, including Murgio's father. Two individuals linked to it are scheduled to face trial on Feb. 6.
The case is U.S. v. Murgio et al, U.S. District Court, Southern District of New York, No. 15-cr-769.
(Reporting by Nate Raymond in New York; Editing by Dan Grebler) || Big China bitcoin exchange says no government pressure on outflows: By John Ruwitch SHANGHAI (Reuters) - The head of a major bitcoin exchange in China says few people there use the cryptocurrency to get around rules on how much money they can take out of the country, and despite a publicized meeting with the central bank last week the exchange, BTCC, hasn't been told explicitly to check capital outflows. Bitcoin's price took a steep dive on Friday after China's central bank cautioned investors to take a rational and careful approach to investing in the digital currency. The price had surged to record highs. The central bank's comments come as Beijing escalates a campaign to check capital outflows and slow the depreciation of the yuan currency <CNY=CFXS>, which lost nearly 7 percent of its value against the U.S. dollar last year. With bitcoin's soaring price and the relative anonymity it affords, some believe the digital currency was becoming an attractive option for tech-savvy Chinese to hedge against the yuan and circumvent rules that limit individuals to $50,000 of foreign exchange each year. The Shanghai office of the People's Bank of China (PBOC) said on Friday it had met with BTCC to understand the platform's operations, highlight the risks, remind the exchange to abide by the law, and "urge the platform to carry out self-examination and corresponding clean-up and rectification" according to law. Asked if BTCC had received direct pressure on outflows, CEO Bobby Lee, who founded BTCC in 2011, said: "No. Not as of yet... Nothing verbal or written to us." In Beijing, the PBOC told two of China's other big bitcoin exchanges, Huobi and OKCoin, not to mention the depreciating yuan when advertising their platforms, the influential news outlet Caixin said, citing people familiar with the meeting. Star Xu, CEO and founder of OKCoin, confirmed there had been a meeting of the PBOC and leading bitcoin exchanges on Friday to discuss the operation of trading platforms. Story continues "The industry can benefit from balanced, risk-based regulation and/or oversight, and we look forward to further constructive discussions with the regulators and industry participants," Xu told Reuters in an emailed comment. Huobi's chief operating officer Zhu Jiawei said in an emailed response to Reuters queries that Huobi plans to work with other bitcoin firms to establish an alliance and rules to self-govern the industry. While it's possible to buy bitcoin with yuan and then sell it abroad for a foreign currency, BTCC's Lee said "to be honest, not many" people were doing it because of the cost. The renminbi price of bitcoin carries a premium to the price in other currencies, he noted. In addition, buy or sell orders in the 100,000 yuan ($14,423) to 1 million yuan ($144,233) range, and up, would influence the bitcoin spot price and affect the transaction. "For that range, you're not going to be able to do it at a good rate. You're going to lose 10 percent of your money," Lee said. "Maybe the individual household might buy 20,000 more dollars worth of bitcoin than their $50,000 (forex) quota, but that's a drop in the bucket." Still, Lee said various indicators, like active trading accounts, new users, actual deposits and withdrawals, were "very active" in China, and some key BTCC metrics were at "all-time highs", though he declined to be more specific. NOT LEGAL TENDER Bitcoin is not regulated in China, but the PBOC has declared it is not legal tender, and is instead a "virtual good", Lee said. That puts it in the same category as other goods. "If I pack a suitcase and take a plane to the United States, do the clothes, does the computer in my suitcase, does the watch I wear count towards capital flight?" he said. "Where do you draw the line?" He said no new or planned rules regarding bitcoin were discussed in the latest meeting with the PBOC, and he estimates it will be two to three years before China regulates bitcoin. In a statement on its website, BTCC, which calls itself the world's longest running bitcoin exchange, said it regularly meets with the PBOC and "work(s) closely with them to ensure that we are operating in accordance with the laws and regulations of China." Exchanges in China say they account for more than 90 percent of global bitcoin trading, which would help explain why a shift in Chinese demand would sharply affect the price. But many bitcoin experts say Chinese exchanges overstate their volumes in the digital currency, and attribute sharp moves to speculation by, for example, U.S.-based hedge funds. (Reporting by John Ruwitch; Editing by Ian Geoghegan) || Big China bitcoin exchange says no government pressure on outflows: By John Ruwitch SHANGHAI (Reuters) - The head of a major bitcoin exchange in China says few people there use the cryptocurrency to get around rules on how much money they can take out of the country, and despite a publicized meeting with the central bank last week the exchange, BTCC, hasn't been told explicitly to check capital outflows. Bitcoin's price took a steep dive on Friday after China's central bank cautioned investors to take a rational and careful approach to investing in the digital currency. The price had surged to record highs. The central bank's comments come as Beijing escalates a campaign to check capital outflows and slow the depreciation of the yuan currency (CNY=CFXS), which lost nearly 7 percent of its value against the U.S. dollar last year. With bitcoin's soaring price and the relative anonymity it affords, some believe the digital currency was becoming an attractive option for tech-savvy Chinese to hedge against the yuan and circumvent rules that limit individuals to $50,000 of foreign exchange each year. The Shanghai office of the People's Bank of China (PBOC) said on Friday it had met with BTCC to understand the platform's operations, highlight the risks, remind the exchange to abide by the law, and "urge the platform to carry out self-examination and corresponding clean-up and rectification" according to law. Asked if BTCC had received direct pressure on outflows, CEO Bobby Lee, who founded BTCC in 2011, said: "No. Not as of yet... Nothing verbal or written to us." In Beijing, the PBOC told two of China's other big bitcoin exchanges, Huobi and OKCoin, not to mention the depreciating yuan when advertising their platforms, the influential news outlet Caixin said, citing people familiar with the meeting. Star Xu, CEO and founder of OKCoin, confirmed there had been a meeting of the PBOC and leading bitcoin exchanges on Friday to discuss the operation of trading platforms. "The industry can benefit from balanced, risk-based regulation and/or oversight, and we look forward to further constructive discussions with the regulators and industry participants," Xu told Reuters in an emailed comment. Huobi's chief operating officer Zhu Jiawei said in an emailed response to Reuters queries that Huobi plans to work with other bitcoin firms to establish an alliance and rules to self-govern the industry. While it's possible to buy bitcoin with yuan and then sell it abroad for a foreign currency, BTCC's Lee said "to be honest, not many" people were doing it because of the cost. The renminbi price of bitcoin carries a premium to the price in other currencies, he noted. In addition, buy or sell orders in the 100,000 yuan ($14,423) to 1 million yuan ($144,233) range, and up, would influence the bitcoin spot price and affect the transaction. Story continues "For that range, you're not going to be able to do it at a good rate. You're going to lose 10 percent of your money," Lee said. "Maybe the individual household might buy 20,000 more dollars worth of bitcoin than their $50,000 (forex) quota, but that's a drop in the bucket." Still, Lee said various indicators, like active trading accounts, new users, actual deposits and withdrawals, were "very active" in China, and some key BTCC metrics were at "all-time highs", though he declined to be more specific. NOT LEGAL TENDER Bitcoin is not regulated in China, but the PBOC has declared it is not legal tender, and is instead a "virtual good", Lee said. That puts it in the same category as other goods. "If I pack a suitcase and take a plane to the United States, do the clothes, does the computer in my suitcase, does the watch I wear count towards capital flight?" he said. "Where do you draw the line?" He said no new or planned rules regarding bitcoin were discussed in the latest meeting with the PBOC, and he estimates it will be two to three years before China regulates bitcoin. In a statement on its website, BTCC, which calls itself the world's longest running bitcoin exchange, said it regularly meets with the PBOC and "work(s) closely with them to ensure that we are operating in accordance with the laws and regulations of China." Exchanges in China say they account for more than 90 percent of global bitcoin trading, which would help explain why a shift in Chinese demand would sharply affect the price. But many bitcoin experts say Chinese exchanges overstate their volumes in the digital currency, and attribute sharp moves to speculation by, for example, U.S.-based hedge funds. (Reporting by John Ruwitch; Editing by Ian Geoghegan) View comments || Big China bitcoin exchange says no government pressure on outflows: By John Ruwitch
SHANGHAI (Reuters) - The head of a major bitcoin exchange in China says few people there use the cryptocurrency to get around rules on how much money they can take out of the country, and despite a publicized meeting with the central bank last week the exchange, BTCC, hasn't been told explicitly to check capital outflows.
Bitcoin's price took a steep dive on Friday after China's central bank cautioned investors to take a rational and careful approach to investing in the digital currency. The price had surged to record highs.
The central bank's comments come as Beijing escalates a campaign to check capital outflows and slow the depreciation of the yuan currency (CNY=CFXS), which lost nearly 7 percent of its value against the U.S. dollar last year.
With bitcoin's soaring price and the relative anonymity it affords, some believe the digital currency was becoming an attractive option for tech-savvy Chinese to hedge against the yuan and circumvent rules that limit individuals to $50,000 of foreign exchange each year.
The Shanghai office of the People's Bank of China (PBOC) said on Friday it had met with BTCC to understand the platform's operations, highlight the risks, remind the exchange to abide by the law, and "urge the platform to carry out self-examination and corresponding clean-up and rectification" according to law.
Asked if BTCC had received direct pressure on outflows, CEO Bobby Lee, who founded BTCC in 2011, said: "No. Not as of yet... Nothing verbal or written to us."
In Beijing, the PBOC told two of China's other big bitcoin exchanges, Huobi and OKCoin, not to mention the depreciating yuan when advertising their platforms, the influential news outlet Caixin said, citing people familiar with the meeting.
Star Xu, CEO and founder of OKCoin, confirmed there had been a meeting of the PBOC and leading bitcoin exchanges on Friday to discuss the operation of trading platforms.
"The industry can benefit from balanced, risk-based regulation and/or oversight, and we look forward to further constructive discussions with the regulators and industry participants," Xu told Reuters in an emailed comment.
Huobi's chief operating officer Zhu Jiawei said in an emailed response to Reuters queries that Huobi plans to work with other bitcoin firms to establish an alliance and rules to self-govern the industry.
While it's possible to buy bitcoin with yuan and then sell it abroad for a foreign currency, BTCC's Lee said "to be honest, not many" people were doing it because of the cost.
The renminbi price of bitcoin carries a premium to the price in other currencies, he noted. In addition, buy or sell orders in the 100,000 yuan ($14,423) to 1 million yuan ($144,233) range, and up, would influence the bitcoin spot price and affect the transaction.
"For that range, you're not going to be able to do it at a good rate. You're going to lose 10 percent of your money," Lee said. "Maybe the individual household might buy 20,000 more dollars worth of bitcoin than their $50,000 (forex) quota, but that's a drop in the bucket."
Still, Lee said various indicators, like active trading accounts, new users, actual deposits and withdrawals, were "very active" in China, and some key BTCC metrics were at "all-time highs", though he declined to be more specific.
NOT LEGAL TENDER
Bitcoin is not regulated in China, but the PBOC has declared it is not legal tender, and is instead a "virtual good", Lee said. That puts it in the same category as other goods.
"If I pack a suitcase and take a plane to the United States, do the clothes, does the computer in my suitcase, does the watch I wear count towards capital flight?" he said. "Where do you draw the line?"
He said no new or planned rules regarding bitcoin were discussed in the latest meeting with the PBOC, and he estimates it will be two to three years before China regulates bitcoin.
In a statement on its website, BTCC, which calls itself the world's longest running bitcoin exchange, said it regularly meets with the PBOC and "work(s) closely with them to ensure that we are operating in accordance with the laws and regulations of China."
Exchanges in China say they account for more than 90 percent of global bitcoin trading, which would help explain why a shift in Chinese demand would sharply affect the price.
But many bitcoin experts say Chinese exchanges overstate their volumes in the digital currency, and attribute sharp moves to speculation by, for example, U.S.-based hedge funds.
(Reporting by John Ruwitch; Editing by Ian Geoghegan) || Big China bitcoin exchange says no government pressure on outflows: By John Ruwitch SHANGHAI (Reuters) - The head of a major bitcoin exchange in China says few people there use the cryptocurrency to get around rules on how much money they can take out of the country, and despite a publicized meeting with the central bank last week the exchange, BTCC, hasn't been told explicitly to check capital outflows. Bitcoin's price took a steep dive on Friday after China's central bank cautioned investors to take a rational and careful approach to investing in the digital currency. The price had surged to record highs. The central bank's comments come as Beijing escalates a campaign to check capital outflows and slow the depreciation of the yuan currency <CNY=CFXS>, which lost nearly 7 percent of its value against the U.S. dollar last year. With bitcoin's soaring price and the relative anonymity it affords, some believe the digital currency was becoming an attractive option for tech-savvy Chinese to hedge against the yuan and circumvent rules that limit individuals to $50,000 of foreign exchange each year. The Shanghai office of the People's Bank of China (PBOC) said on Friday it had met with BTCC to understand the platform's operations, highlight the risks, remind the exchange to abide by the law, and "urge the platform to carry out self-examination and corresponding clean-up and rectification" according to law. Asked if BTCC had received direct pressure on outflows, CEO Bobby Lee, who founded BTCC in 2011, said: "No. Not as of yet... Nothing verbal or written to us." In Beijing, the PBOC told two of China's other big bitcoin exchanges, Huobi and OKCoin, not to mention the depreciating yuan when advertising their platforms, the influential news outlet Caixin said, citing people familiar with the meeting. Star Xu, CEO and founder of OKCoin, confirmed there had been a meeting of the PBOC and leading bitcoin exchanges on Friday to discuss the operation of trading platforms. Story continues "The industry can benefit from balanced, risk-based regulation and/or oversight, and we look forward to further constructive discussions with the regulators and industry participants," Xu told Reuters in an emailed comment. Huobi's chief operating officer Zhu Jiawei said in an emailed response to Reuters queries that Huobi plans to work with other bitcoin firms to establish an alliance and rules to self-govern the industry. While it's possible to buy bitcoin with yuan and then sell it abroad for a foreign currency, BTCC's Lee said "to be honest, not many" people were doing it because of the cost. The renminbi price of bitcoin carries a premium to the price in other currencies, he noted. In addition, buy or sell orders in the 100,000 yuan ($14,423) to 1 million yuan ($144,233) range, and up, would influence the bitcoin spot price and affect the transaction. "For that range, you're not going to be able to do it at a good rate. You're going to lose 10 percent of your money," Lee said. "Maybe the individual household might buy 20,000 more dollars worth of bitcoin than their $50,000 (forex) quota, but that's a drop in the bucket." Still, Lee said various indicators, like active trading accounts, new users, actual deposits and withdrawals, were "very active" in China, and some key BTCC metrics were at "all-time highs", though he declined to be more specific. NOT LEGAL TENDER Bitcoin is not regulated in China, but the PBOC has declared it is not legal tender, and is instead a "virtual good", Lee said. That puts it in the same category as other goods. "If I pack a suitcase and take a plane to the United States, do the clothes, does the computer in my suitcase, does the watch I wear count towards capital flight?" he said. "Where do you draw the line?" He said no new or planned rules regarding bitcoin were discussed in the latest meeting with the PBOC, and he estimates it will be two to three years before China regulates bitcoin. In a statement on its website, BTCC, which calls itself the world's longest running bitcoin exchange, said it regularly meets with the PBOC and "work(s) closely with them to ensure that we are operating in accordance with the laws and regulations of China." Exchanges in China say they account for more than 90 percent of global bitcoin trading, which would help explain why a shift in Chinese demand would sharply affect the price. But many bitcoin experts say Chinese exchanges overstate their volumes in the digital currency, and attribute sharp moves to speculation by, for example, U.S.-based hedge funds. (Reporting by John Ruwitch; Editing by Ian Geoghegan) || Just after Trump won, his son-in-law had a cozy meeting with a Chinese exec who's buying US assets left and right: (Spencer Platt/Getty Images)
Anbang Insurance is a shadowy Chinese financial behemoth that has been buying up assets in the US at breathtaking speed.
In 2014, for example, it acquired the Waldorf Astoria, and last year itattempted to buy Starwood Hotels and Resorts Worldwide.
The chairman of the company, Wu Xiaohui, is married to former Chinese leader Deng Xiaoping's granddaughter.
Jared Kushner is President-elect Donald Trump's son-in-law and a real-estate investor in his own right as chief executive of his multibillion-dollar family firm, Kushner Companies.
According to The New York Times, Kushner and Xiaohui met on November 16, just after Trump clinched the presidency, to toast what that would mean for global business — an interesting toast given Trump's vitriolic rhetoric against China.
From the NYT:
"Mr. Wu and Mr. Kushner — who is married to Mr. Trump's daughter Ivanka and is one of his closest advisers — were nearing agreement on a joint venture in Manhattan: the redevelopment of 666 Fifth Avenue, the fading crown jewel of the Kushner family real-estate empire. Anbang, which has close ties to the Chinese state, has seen its aggressive efforts to buy up hotels in the United States slowed amid concerns raised by Obama administration officials who review foreign investments for national security risk."
In China, the separation between business and politics is almost nonexistent. To be a billionaire executive is to also be part of the party cadre and to have the blessing of those in power.
This report is a bit of a longer read, but it's an important one. It highlights a couple of things we know — that Kushner is trying to find a creative way to adhere to ethics rules to serve in his father-in-law's administration, and that he has business relationships with those connected to the highest levels of the Chinese government.
And it highlights what we don't know, which is how extensive those relationships are.
One Kushner project, a Trump building that opened in New Jersey in November, got as much as $50 million in financing from Chinese investors. The investors were part of a federal program that has come under scrutiny from Congress recently. It grants two-year visas and a path to permanent residency for those who invest $500,000.It's called EB-5.
NOW WATCH:This is the best way to motivate your kids to achieve success according to a behavioral economist
More From Business Insider
• The New York Times officially names the South Bronx a must-visit destination for 2017
• Lincoln is outperforming the luxury auto market
• Bitcoin is still dropping || Just after Trump won, his son-in-law had a cozy meeting with a Chinese exec who's buying US assets left and right: Jared Kushner (Spencer Platt/Getty Images) Anbang Insurance is a shadowy Chinese financial behemoth that has been buying up assets in the US at breathtaking speed. In 2014, for example, it acquired the Waldorf Astoria, and last year it attempted to buy Starwood Hotels and Resorts Worldwide . The chairman of the company, Wu Xiaohui, is married to former Chinese leader Deng Xiaoping's granddaughter. Jared Kushner is President-elect Donald Trump's son-in-law and a real-estate investor in his own right as chief executive of his multibillion-dollar family firm, Kushner Companies. According to The New York Times , Kushner and Xiaohui met on November 16, just after Trump clinched the presidency, to toast what that would mean for global business an interesting toast given Trump's vitriolic rhetoric against China. From the NYT : "Mr. Wu and Mr. Kushner who is married to Mr. Trump's daughter Ivanka and is one of his closest advisers were nearing agreement on a joint venture in Manhattan: the redevelopment of 666 Fifth Avenue, the fading crown jewel of the Kushner family real-estate empire. Anbang, which has close ties to the Chinese state, has seen its aggressive efforts to buy up hotels in the United States slowed amid concerns raised by Obama administration officials who review foreign investments for national security risk." In China, the separation between business and politics is almost nonexistent. To be a billionaire executive is to also be part of the party cadre and to have the blessing of those in power. This report is a bit of a longer read, but it's an important one. It highlights a couple of things we know that Kushner is trying to find a creative way to adhere to ethics rules to serve in his father-in-law's administration, and that he has business relationships with those connected to the highest levels of the Chinese government. And it highlights what we don't know, which is how extensive those relationships are. One Kushner project, a Trump building that opened in New Jersey in November, got as much as $50 million in financing from Chinese investors. The investors were part of a federal program that has come under scrutiny from Congress recently. It grants two-year visas and a path to permanent residency for those who invest $500,000. It's called EB-5 . Story continues For more on this the dinner sounds really scrumptious, actually head to the NYT » NOW WATCH: This is the best way to motivate your kids to achieve success according to a behavioral economist More From Business Insider The New York Times officially names the South Bronx a must-visit destination for 2017 Lincoln is outperforming the luxury auto market Bitcoin is still dropping || What's going on in China right now reminds us of a great Princess Leia quote from Star Wars: (Star Wars, YouTube)In the beginning of "Star Wars: Episode IV — A New Hope," rebel leader Princess Leia (RIP the great Carrie Fisher) was captured by the evil Empire. The rebels had managed to steal the plans for the Empire's secret weapon, the Death Star, and so the Empire's agents were ruthlessly hunting for them all over the galaxy.
Leia told her captors that the planned Imperial crackdown on the rebels, using the Death Star to terrify planets into submission, wouldn't work.
"The more you tighten your grip,"she said,"the more star systems will slip through your fingers."
Replace the words "star systems" with the words "Chinese yuan" and you could use the phrase to talk about what's troubling Beijing right now.
Over the past week, the Chinese government has instituted even stricter capital controls to prevent citizens and corporations from taking money out of the country, according to a note circulated by Wells Fargo's Cameron McKnight and Robert J. Shore on Friday, January 6.
Now regular citizens have to report transfers over $10,000 and banks have had their foreign transaction reporting limits cut by 75%. This is on top of three months of the government tightening its grip on where Chinese people and companies send their yuan.
But it's not working. Money is still leaving the country — $82 billion last month, to be exact — and that is pushing the value of the yuan lower against the dollar. On December 28, China's Central Bank was forced to deny media reports that the yuan fell to 7 yuan to $1. It insisted that yuan traded between its comfortable "band" of 6.9500 and 6.9666 per dollar.
"But some irresponsible media reported that the onshore rate of the yuan broke the psychological threshold of 7.0000," the central bank said,according to Reuters.
The futures market was not satisfied with that response, as indicated in this tweet from Bloomberg Chief Asia Economist Tom Orlik:
This is a deadly loop. The more controls the government puts on, the more desperate it seems. The more desperate it seems, the more people want to take their money out. Bloomberg estimates that China has suffered about$1.7 trillion incapital outflows since 2015.
And the longer this goes on the more investors are starting to think this loop will make a meaningful difference in the value of the yuan.
From Bloomberg:
"By repeatedly tightening capital controls, China risks eroding confidence in its currency, said [Benjamin] Fuchs, chief investment officer at BFAM Partners (Hong Kong). At the same time, the dollar’s advance against the yen and other currencies is increasing competitive pressure on China to let the yuan depreciate, he said in an interview."
Last year, Fuchs correctly predicted that the yuan would not suffer a sudden devaluation, as many hedge fund managers — like Hayman Capital's Kyle Bass — argued through early 2016.
(Societe Generale)
This is not to say that the government doesn't have tools to stabilize the yuan as outflows persist. It just doesn't have many, and they're not that great. China has been using its foreign currency reserves to buy yuan to prop up the currency's value. But it can't do that forever, since it needs that money to pay foreign denominated debt.
Plus, China has already spent a ton of reserves on this. The exact number is fuzzy, but we do know China's Central Bank was holding $4 trillion at its highest point in 2014. Now official data shows that the number is hovering around $3.01 trillion, down from $3.05 trillion in November, according to official numbers released this weekend.
China bears, like hedge fund manager Jim Chanos of Kynikos Associates think it could be lower. Specifically, his firm calculates that net reserves could be around $1.7 trillion.
(Business Insider; Data source: Kynikos Associates)
Another interesting factor is that China has tried really hard to get people to stop looking at the yuan in comparison to the dollar. It announced that it would peg the yuan to a basket of currencies. The problem is that no one cares. It's still a dollar-yuan world, and in that world a yuan slide against the dollar breaking a psychological threshold, like 7 yuan to $1, has consequences.
Peking University Professor Christopher Baldingwrote a great post about this earlier this week:
"Ultimately, of course, the only way to break free of the dollar is to accept a floating currency without capital controls. The government shows no appetite for the volatility this would entail, not least because in the short run, downward pressure on the yuan would prompt even larger outflows. But cosmetic changes to a basket of currencies — most of which don't even trade with the renminbi — are no substitute."
Until this is resolved, currency will continue to slip through the government's fingers, no matter how it tightens its grip.
NOW WATCH:WWE CMO: The most valuable lesson Vince McMahon taught me about business
More From Business Insider
• At least 5 dead, dozens injured after mass shooting at Florida's Fort Lauderdale-Hollywood airport
• Bitcoin is still dropping
• Former CIA director James Woolsey has split with Trump, 'effective immediately' || What's going on in China right now reminds us of a great Princess Leia quote from Star Wars: princess leia (Star Wars, YouTube) In the beginning of "Star Wars: Episode IV — A New Hope," rebel leader Princess Leia (RIP the great Carrie Fisher) was captured by the evil Empire. The rebels had managed to steal the plans for the Empire's secret weapon, the Death Star, and so the Empire's agents were ruthlessly hunting for them all over the galaxy. Leia told her captors that the planned Imperial crackdown on the rebels, using the Death Star to terrify planets into submission, wouldn't work. "The more you tighten your grip," she said, "the more star systems will slip through your fingers." Replace the words "star systems" with the words "Chinese yuan" and you could use the phrase to talk about what's troubling Beijing right now. Over the past week, the Chinese government has instituted even stricter capital controls to prevent citizens and corporations from taking money out of the country, according to a note circulated by Wells Fargo's Cameron McKnight and Robert J. Shore on Friday, January 6. Now regular citizens have to report transfers over $10,000 and banks have had their foreign transaction reporting limits cut by 75%. This is on top of three months of the government tightening its grip on where Chinese people and companies send their yuan. When it slips But it's not working. Money is still leaving the country — $82 billion last month, to be exact — and that is pushing the value of the yuan lower against the dollar. On December 28, China's Central Bank was forced to deny media reports that the yuan fell to 7 yuan to $1. It insisted that yuan traded between its comfortable "band" of 6.9500 and 6.9666 per dollar. "But some irresponsible media reported that the onshore rate of the yuan broke the psychological threshold of 7.0000," the central bank said, according to Reuters. The futures market was not satisfied with that response, as indicated in this tweet from Bloomberg Chief Asia Economist Tom Orlik: Yuan drop fears are back, and almost as severe as they were a year ago pic.twitter.com/t4NoN2vDMc — Tom Orlik (@TomOrlik) December 30, 2016 This is a deadly loop. The more controls the government puts on, the more desperate it seems. The more desperate it seems, the more people want to take their money out. Bloomberg estimates that China has suffered about $1.7 trillion in capital outflows since 2015. Story continues And the longer this goes on the more investors are starting to think this loop will make a meaningful difference in the value of the yuan. From Bloomberg: "By repeatedly tightening capital controls, China risks eroding confidence in its currency, said [Benjamin] Fuchs, chief investment officer at BFAM Partners (Hong Kong). At the same time, the dollar’s advance against the yen and other currencies is increasing competitive pressure on China to let the yuan depreciate, he said in an interview." Last year, Fuchs correctly predicted that the yuan would not suffer a sudden devaluation, as many hedge fund managers — like Hayman Capital's Kyle Bass — argued through early 2016. societe generale china residential capital outflows (Societe Generale) This is not to say that the government doesn't have tools to stabilize the yuan as outflows persist. It just doesn't have many, and they're not that great. China has been using its foreign currency reserves to buy yuan to prop up the currency's value. But it can't do that forever, since it needs that money to pay foreign denominated debt. Plus, China has already spent a ton of reserves on this. The exact number is fuzzy, but we do know China's Central Bank was holding $4 trillion at its highest point in 2014. Now official data shows that the number is hovering around $3.01 trillion, down from $3.05 trillion in November, according to official numbers released this weekend. China bears, like hedge fund manager Jim Chanos of Kynikos Associates think it could be lower. Specifically, his firm calculates that net reserves could be around $1.7 trillion. china foreign reserves chart (Business Insider; Data source: Kynikos Associates) Another interesting factor is that China has tried really hard to get people to stop looking at the yuan in comparison to the dollar. It announced that it would peg the yuan to a basket of currencies. The problem is that no one cares. It's still a dollar-yuan world, and in that world a yuan slide against the dollar breaking a psychological threshold, like 7 yuan to $1, has consequences. Peking University Professor Christopher Balding wrote a great post about this earlier this week: "Ultimately, of course, the only way to break free of the dollar is to accept a floating currency without capital controls. The government shows no appetite for the volatility this would entail, not least because in the short run, downward pressure on the yuan would prompt even larger outflows. But cosmetic changes to a basket of currencies — most of which don't even trade with the renminbi — are no substitute." Until this is resolved, currency will continue to slip through the government's fingers, no matter how it tightens its grip. NOW WATCH: WWE CMO: The most valuable lesson Vince McMahon taught me about business More From Business Insider At least 5 dead, dozens injured after mass shooting at Florida's Fort Lauderdale-Hollywood airport Bitcoin is still dropping Former CIA director James Woolsey has split with Trump, 'effective immediately' || Traders talk what to trade near Dow 20K: The " Fast Money " traders weighed in on which stocks to buy as the Dow Jones industrial average (Dow Jones Global Indexes: .DJI) neared 20,000 on Friday coming within 1 point of the psychologically-significant milestone. Trader Brian Kelly shocked the desk by revealing he bought more Tesla ( TSLA ) shares on Friday. The reasoning behind the trade, he said, is that Tesla isn't a "car company." Kelly explained that Tesla represents a "bigger-picture play" where the stock will benefit from the "decarbonization" of the electric gridor the shifting away from the use of fossil fuels to generate electricity. Trader Guy Adami agreed that Tesla's stock has "a lot of room to the upside." Shareholders from Tesla and SolarCity both approved a merger between the two companies, with Tesla paying $2.6 billion to acquire the struggling solar energy company. At the time, Tesla said it expects SolarCity to add more than half a billion dollars in cash to Tesla's balance sheet over the next three years. Trader David Seaburg said he likes Amgen ( AMGN ) , saying there are a several "near-term triggers that could take the stock a lot higher." He sees shares of the biopharmaceutical company growing at least another 10 percent by the end of January. One major decision to keep an eye on, he said, is the possible expansion of the PCSK9the drug involved in a recent legal battle between Amgen and Sanofi and Regeneron Pharmaceuticals . Sanofi and Regeneron hav e 30 days to appeal the ruling in Amgen's favor. Trader Steve Grasso said he hasn't been picking individual stocks lately, instead deciding to invest in broad ETFs. If pressed to pick an individual stock, he said Amazon ( AMZN ) is an attractive choice because of its upcoming earnings release on Feb. 2. CNBC's Robert Ferris contributed to this report. Disclosures: STEVE GRASSO Steve Grasso's firm is Long: VIRT, WDR, FCX, ICE, KDUS, MJNA, MSFT, NE, RIG, TAXI, TITXF, WDR, ZNGA, COG,CUBA, ICE, MJNA, TITXF, AGN, BIIB, REGN, SPY, GLD. Grasso is Long: CHK, EVGN, KBH, MJNA, MON, MU, OLN, PHM, SPY, SQ, TWTR, EEM, GDX. Grasso's Kids Own: EFA, EFG, EWJ, IJR, SPY. No Shorts. Story continues DAVID SEABURG Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. An employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore BRIAN KELLY Long: FCX, TSLA, TLT, US Dollar, UUP, SLV, 10 Year Bonds, Bitcoin; short: Euro, Aussie Dollar, British Pound GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. || Traders talk what to trade near Dow 20K: The "Fast Money" traders weighed in on which stocks to buy as the Dow Jones industrial average(Dow Jones Global Indexes: .DJI)neared 20,000 on Friday — coming within 1 point of the psychologically-significant milestone.
Trader Brian Kelly shocked the desk by revealing he bought more Tesla(TSLA)shares on Friday. The reasoning behind the trade, he said, is that Tesla isn't a "car company."
Kelly explained that Tesla represents a "bigger-picture play" where the stock will benefit from the "decarbonization" of the electric grid—or the shifting away from the use of fossil fuels to generate electricity. Trader Guy Adami agreed that Tesla's stock has "a lot of room to the upside."
Shareholders from Tesla and SolarCity both approved a merger between the two companies, with Tesla paying $2.6 billion to acquire the struggling solar energy company. At the time, Tesla said it expects SolarCity to add more than half a billion dollars in cash to Tesla's balance sheet over the next three years.
Trader David Seaburg said he likes Amgen(AMGN), saying there are a several "near-term triggers that could take the stock a lot higher." He sees shares of the biopharmaceutical company growing at least another 10 percent by the end of January. One major decision to keep an eye on, he said, is the possible expansion of the PCSK9—the drug involved in a recent legal battle between Amgen andSanofiandRegeneron Pharmaceuticals. Sanofi and Regeneron have 30 days to appeal the ruling in Amgen's favor.
Trader Steve Grasso said he hasn't been picking individual stocks lately, instead deciding to invest in broad ETFs. If pressed to pick an individual stock, he said Amazon(AMZN)is an attractive choice because of its upcoming earnings release on Feb. 2.
—CNBC's Robert Ferris contributed to this report.
Disclosures:
STEVE GRASSO
Steve Grasso's firm is Long: VIRT, WDR, FCX, ICE, KDUS, MJNA, MSFT, NE, RIG, TAXI, TITXF, WDR, ZNGA, COG,CUBA, ICE, MJNA, TITXF, AGN, BIIB, REGN, SPY, GLD. Grasso is Long: CHK, EVGN, KBH, MJNA, MON, MU, OLN, PHM, SPY, SQ, TWTR, EEM, GDX. Grasso's Kids Own: EFA, EFG, EWJ, IJR, SPY. No Shorts.
DAVID SEABURG
Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. An employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore
BRIAN KELLY
Long: FCX, TSLA, TLT, US Dollar, UUP, SLV, 10 Year Bonds, Bitcoin; short: Euro, Aussie Dollar, British Pound
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. || Flow Signs Iconic Caribbean Comedian -- Majah Hype: MIAMI, FL--(Marketwired - Jan 6, 2017) - The Caribbean's iconic comedy star,Majah Hype, is now aFlow Brand Ambassador.
This internationally-recognized comedian is known for his infectious online videos, many of which have become viral sensations depicting hilarious Caribbean characters, including favourites "Di Rass," "Grandpa James" and "Sister Sandrine."
Majah is more than just 'hype.' A Caribbean artist at heart, he identifies with the islands, and has taken on the task of "unifying the people of the region as one" with his own unique brand of comedy. His act, he says, serves as a means of breaking down national barriers and bringing people together with relatable content.
Passionate about connecting Caribbean and diaspora audiences, Majah epitomizes the spirit, energy and dynamism of theFlowbrand and its mission of connecting communities... transforming lives.
Majah Hype joins Flow's impressive cadre of internationally recognized sports, music and entertainment Brand Ambassadors.
Check out Majah Hype onlineand be among the first to like and share his upcoming Flow sketches. You deserve a rip-roaring laugh and he is very much worth the hype!
About C&W Communications
CWC is a full-service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America, and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband, internet, and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3096510Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3096512 || Flow Signs Iconic Caribbean Comedian -- Majah Hype: MIAMI, FL--(Marketwired - Jan 6, 2017) - The Caribbean's iconic comedy star, Majah Hype , is now a Flow Brand Ambassador . This internationally-recognized comedian is known for his infectious online videos, many of which have become viral sensations depicting hilarious Caribbean characters, including favourites "Di Rass," "Grandpa James" and "Sister Sandrine." Majah is more than just 'hype.' A Caribbean artist at heart, he identifies with the islands, and has taken on the task of "unifying the people of the region as one" with his own unique brand of comedy. His act, he says, serves as a means of breaking down national barriers and bringing people together with relatable content. Passionate about connecting Caribbean and diaspora audiences, Majah epitomizes the spirit, energy and dynamism of the Flow brand and its mission of connecting communities... transforming lives. Majah Hype joins Flow's impressive cadre of internationally recognized sports, music and entertainment Brand Ambassadors. Check out Majah Hype online and be among the first to like and share his upcoming Flow sketches. You deserve a rip-roaring laugh and he is very much worth the hype! About C&W Communications CWC is a full-service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America, and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 59 million television, broadband, internet, and telephony services. We also serve 11 million mobile subscribers and offer WiFi service across seven million access points. Story continues Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3096510 Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3096512
[Social Media Buzz]
$900.23 at 12:00 UTC [24h Range: $883.98 - $912.47 Volume: 7736 BTC] || 1 KOBO = 0.00000178 BTC
= 0.0016 USD
= 0.4864 NGN
= 0.0218 ZAR
= 0.1658 KES
#Kobocoin 2017-01-10 02:00 || 1 #BTC (#Bitcoin) quotes:
$907.79/$907.96 #Bitstamp
$874.00/$874.89 #BTCe
⇢$-33.96/$-32.90
$902.36/$912.54 #Coinbase
⇢$-5.60/$4.75 || Como Ganhar 1 Bitcoin ou mais por mês Video Importante ! 00 32 50: http://youtu.be/rAo61sTk-6U?a via @YouTube || #BITCOIN ahora:
$905.48 USD
€856.90 EUR
$19,277.91 MXN
@Bitso $2...
|
777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55.
|
[Bitcoin Technical Analysis for 2019-09-13]
Volume: 14109864675, RSI (14-day): 50.58, 50-day EMA: 10338.63, 200-day EMA: 8653.17
[Wider Market Context]
Gold Price: 1490.90, Gold RSI: 46.98
Oil Price: 54.85, Oil RSI: 46.49
[Recent News (last 7 days)]
CME Files to Double Monthly Bitcoin Futures Open Position Limit to 10K BTC: The Chicago Mercantile Exchange (CME Group) wants to let bitcoin futures traders hold a greater number of open positions at one time.
CMEannounced its intentionto increase in the so-called spot month position limit for itsbitcoin futurescontracts in a letter to the U.S. Commodity Futures Trading Commission (CFTC) Thursday.
The limit would jump from 1,000 contracts per spot month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a trader’s maximum exposure would double from 5,000 bitcoin (worth about $50 million at current prices) to 2,000 contracts (10,000 bitcoin, or $100 million).
Related:Bitcoin.com Looks to List BCH Futures on CFTC-Approved Exchange
To be sure, few traders if any holding that many open positions right now, given that the exchange saw the number of open interest contracts reach an all-time high around 6,100 in July.
But the company sees room for this market to grow, and is seeking to increase these limits “based on the significant growth and acceptance of our financially-settled CME Bitcoin futures markets, as well as our analysis of the underlying bitcoin market,” said the spokesperson.
If the CFTC does not object to the plan, the move will take effect on Sept. 30 for the October 2019 contract, wroteCMEmanaging director and chief regulatory counsel Christopher Bowen in the letter.
According to the CFTC, position limits are designed to prevent “excessive speculation” in any commodities which underpin a futures product.
Related:Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts
The concern is that without these limits, excessive speculation in a particular futures contract might cause the underlying asset’s price to fluctuate suddenly.
“In general, position limits are not needed for markets where the threat of market manipulation is non-existent or very low,” the CFTC website states.
As such, CME’s move on Thursday can be seen as a sign that the bitcoin market is maturing, as well as a sign that bitcoin futures contracts are better understood than they were previously.
Under the plan, the single month accountability level would remain at 5,000 contracts, meaning CME would continue to scrutinize only those traders whose open positions exceed the threshold.
CME launched its cash-settled futures contract at the end of 2017, alongside cross-town rival Cboe. However,Cboe announced in Marchthat it would be shutting down its futures market, leaving CME asthe sole exchangeto offer the product in the U.S.
While CME is currently the only exchange to offer bitcoin futures in the country, the Intercontinental Exchange, through its ICE Futures US wing and Bakkt subsidiary, plans to offer physically-settled futures contracts later this month. A number of other companies are also looking to offer physically settled futures and forwards products.
The exchange has seen “20 successful, uneventful settlements,” the spokesperson said. It currently has a record number of large open interest holders at 56, and now sees an average daily volume of 7,100 contracts overall.
More than 1,200 traders have signed onto the platform since the beginning of 2019.
“This is one more way we’re providing customers, institutional traders and end-users with additional flexibility to trade and hedge bitcoin price risk,” the spokesperson said.
UPDATE (Sept. 13, 2019, 00:55 UTC):This article has been updated for clarity.
Tim McCourt, CME managing director of equity products and bitcoin futures image via CoinDesk archives
• Customers Can Deposit Bitcoin to Bakkt’s Warehouse Starting Next Week
• Senior CFTC Official Who Set Bitcoin Futures Policy Is Leaving: Report || CME Files to Double Monthly Bitcoin Futures Open Position Limit to 10K BTC: The Chicago Mercantile Exchange ( CME Group ) wants to let bitcoin futures traders hold a greater number of open positions at one time. CME announced its intention to increase in the so-called spot month position limit for its bitcoin futures contracts in a letter to the U.S. Commodity Futures Trading Commission (CFTC) Thursday. The limit would jump from 1,000 contracts per spot month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a traders maximum exposure would double from 5,000 bitcoin (worth about $50 million at current prices) to 2,000 contracts (10,000 bitcoin, or $100 million). Related: Bitcoin.com Looks to List BCH Futures on CFTC-Approved Exchange To be sure, few traders if any holding that many open positions right now, given that the exchange saw the number of open interest contracts reach an all-time high around 6,100 in July. But the company sees room for this market to grow, and is seeking to increase these limits based on the significant growth and acceptance of our financially-settled CME Bitcoin futures markets, as well as our analysis of the underlying bitcoin market, said the spokesperson. If the CFTC does not object to the plan, the move will take effect on Sept. 30 for the October 2019 contract, wrote CME managing director and chief regulatory counsel Christopher Bowen in the letter. Guardrails According to the CFTC, position limits are designed to prevent excessive speculation in any commodities which underpin a futures product. Related: Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts The concern is that without these limits, excessive speculation in a particular futures contract might cause the underlying assets price to fluctuate suddenly. In general, position limits are not needed for markets where the threat of market manipulation is non-existent or very low, the CFTC website states. As such, CMEs move on Thursday can be seen as a sign that the bitcoin market is maturing, as well as a sign that bitcoin futures contracts are better understood than they were previously. Story continues Under the plan, the single month accountability level would remain at 5,000 contracts, meaning CME would continue to scrutinize only those traders whose open positions exceed the threshold. A good year CME launched its cash-settled futures contract at the end of 2017, alongside cross-town rival Cboe. However, Cboe announced in March that it would be shutting down its futures market, leaving CME as the sole exchange to offer the product in the U.S. While CME is currently the only exchange to offer bitcoin futures in the country, the Intercontinental Exchange, through its ICE Futures US wing and Bakkt subsidiary, plans to offer physically-settled futures contracts later this month. A number of other companies are also looking to offer physically settled futures and forwards products. The exchange has seen 20 successful, uneventful settlements, the spokesperson said. It currently has a record number of large open interest holders at 56, and now sees an average daily volume of 7,100 contracts overall. More than 1,200 traders have signed onto the platform since the beginning of 2019. This is one more way were providing customers, institutional traders and end-users with additional flexibility to trade and hedge bitcoin price risk, the spokesperson said. UPDATE (Sept. 13, 2019, 00:55 UTC): This article has been updated for clarity. Tim McCourt, CME managing director of equity products and bitcoin futures image via CoinDesk archives Related Stories Customers Can Deposit Bitcoin to Bakkts Warehouse Starting Next Week Senior CFTC Official Who Set Bitcoin Futures Policy Is Leaving: Report || CME Files to Double Monthly Bitcoin Futures Open Position Limit to 10K BTC: The Chicago Mercantile Exchange (CME Group) wants to let bitcoin futures traders hold a greater number of open positions at one time.
CMEannounced its intentionto increase in the so-called spot month position limit for itsbitcoin futurescontracts in a letter to the U.S. Commodity Futures Trading Commission (CFTC) Thursday.
The limit would jump from 1,000 contracts per spot month to 2,000 for any single investor. Since each contract is for five bitcoin, the change means a trader’s maximum exposure would double from 5,000 bitcoin (worth about $50 million at current prices) to 2,000 contracts (10,000 bitcoin, or $100 million).
Related:Bitcoin.com Looks to List BCH Futures on CFTC-Approved Exchange
To be sure, few traders if any holding that many open positions right now, given that the exchange saw the number of open interest contracts reach an all-time high around 6,100 in July.
But the company sees room for this market to grow, and is seeking to increase these limits “based on the significant growth and acceptance of our financially-settled CME Bitcoin futures markets, as well as our analysis of the underlying bitcoin market,” said the spokesperson.
If the CFTC does not object to the plan, the move will take effect on Sept. 30 for the October 2019 contract, wroteCMEmanaging director and chief regulatory counsel Christopher Bowen in the letter.
According to the CFTC, position limits are designed to prevent “excessive speculation” in any commodities which underpin a futures product.
Related:Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts
The concern is that without these limits, excessive speculation in a particular futures contract might cause the underlying asset’s price to fluctuate suddenly.
“In general, position limits are not needed for markets where the threat of market manipulation is non-existent or very low,” the CFTC website states.
As such, CME’s move on Thursday can be seen as a sign that the bitcoin market is maturing, as well as a sign that bitcoin futures contracts are better understood than they were previously.
Under the plan, the single month accountability level would remain at 5,000 contracts, meaning CME would continue to scrutinize only those traders whose open positions exceed the threshold.
CME launched its cash-settled futures contract at the end of 2017, alongside cross-town rival Cboe. However,Cboe announced in Marchthat it would be shutting down its futures market, leaving CME asthe sole exchangeto offer the product in the U.S.
While CME is currently the only exchange to offer bitcoin futures in the country, the Intercontinental Exchange, through its ICE Futures US wing and Bakkt subsidiary, plans to offer physically-settled futures contracts later this month. A number of other companies are also looking to offer physically settled futures and forwards products.
The exchange has seen “20 successful, uneventful settlements,” the spokesperson said. It currently has a record number of large open interest holders at 56, and now sees an average daily volume of 7,100 contracts overall.
More than 1,200 traders have signed onto the platform since the beginning of 2019.
“This is one more way we’re providing customers, institutional traders and end-users with additional flexibility to trade and hedge bitcoin price risk,” the spokesperson said.
UPDATE (Sept. 13, 2019, 00:55 UTC):This article has been updated for clarity.
Tim McCourt, CME managing director of equity products and bitcoin futures image via CoinDesk archives
• Customers Can Deposit Bitcoin to Bakkt’s Warehouse Starting Next Week
• Senior CFTC Official Who Set Bitcoin Futures Policy Is Leaving: Report || Tether releases new stablecoin pegged to Chinese yuan: Tether, the controversial stablecoin issuer behind USDT, today announced the launch of a newstablecointhat will be backed by offshore Chinese yuan (CNH).
The stablecoin, CNHT, will be pegged to the yuan on run on the Ethereum blockchainas an ERC-20 token, according to a statement from the company. Tether can now receive wire transfers of CNH attether.to, which, in theory, increases its ability to facilitate “the digital use of fiat currencies.” The Tether platform also supports the U.S. dollar (USDT) and the euro (EURT).
Launched in 2014, Tether remains the primary stablecoin on the market, but has more recently faced competitors in USD Coin (USDC), Anchor and other similar tokens. As a fiat-pegged stablecoin, Tether is supposedly backed by traditional fiat currency held in reserves, which sets it apart from other forms of digital currency such asBitcoin,Ethereumand Ripple’s XRP.
This claim, however, has been repeatedly challenged, and is central to theongoing legal battlethat Tether’s parent company, iFinex, faces in New York. The New York State Attorney General filed a lawsuit against iFinex in April alleging that the company committed fraud and violated securities laws when its crypto exchange, Bitfinex, raided Tether reserves to cover the loss of $850 million to a shady Panama-based, payment processor calledCrypto Capital.
Even before the lawsuit, however, allegations arose that Tether was being used to manipulate the price of Bitcoin. Areport issuedby University of Texas Finance Professor John Griffin in mid-2018 claimed to demonstrate how the stablecoin was used to do precisely that during Bitcoin’s meteoric rise in December 2017.
But even with the eyes of U.S. regulators firmly on Tether’s business practices, the company evidently has no concern with entering a new market in China. || Tether releases new stablecoin pegged to Chinese yuan: Tether , the controversial stablecoin issuer behind USDT, today announced the launch of a new stablecoin that will be backed by offshore Chinese yuan (CNH). The stablecoin, CNHT, will be pegged to the yuan on run on the Ethereum blockchain as an ERC-20 token , according to a statement from the company. Tether can now receive wire transfers of CNH at tether.to , which, in theory, increases its ability to facilitate the digital use of fiat currencies. The Tether platform also supports the U.S. dollar (USDT) and the euro (EURT). Launched in 2014, Tether remains the primary stablecoin on the market, but has more recently faced competitors in USD Coin (USDC), Anchor and other similar tokens. As a fiat-pegged stablecoin, Tether is supposedly backed by traditional fiat currency held in reserves, which sets it apart from other forms of digital currency such as Bitcoin , Ethereum and Ripples XRP. This claim, however, has been repeatedly challenged, and is central to the ongoing legal battle that Tethers parent company, iFinex, faces in New York. The New York State Attorney General filed a lawsuit against iFinex in April alleging that the company committed fraud and violated securities laws when its crypto exchange, Bitfinex, raided Tether reserves to cover the loss of $850 million to a shady Panama-based, payment processor called Crypto Capital . Even before the lawsuit, however, allegations arose that Tether was being used to manipulate the price of Bitcoin. A report issued by University of Texas Finance Professor John Griffin in mid-2018 claimed to demonstrate how the stablecoin was used to do precisely that during Bitcoins meteoric rise in December 2017. But even with the eyes of U.S. regulators firmly on Tethers business practices, the company evidently has no concern with entering a new market in China. || $2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims: The Takeaway:
• Moscow-based law firm ZP Legal claims to have identified Russian nationals who received bitcoin stolen in the 2014 hack of Mt Gox.
• Local law enforcement is investigating Alexander Vinnik, the alleged operator of the defunct exchange BTC-e.
• ZP Legal says Mt Gox creditors who come forward as potential BTC-e victims may help Russian authorities establish a connection between the exchanges.
• To cut a deal with law enforcement, those who benefited from the Mt Gox hack might offer to return funds to the exchange’s creditors, the law firm reckons.
While creditors of the defunct Mt Gox bitcoin exchange wait for the Japanese courts to resolve the fate of their money, a Moscow-based law firm is proposing a different solution.
According to Mt Gox creditors, ZP Legal contacted them earlier this year, offering an opportunity to recover almost a quarter of the missing 850,000 bitcoins stolen in the 2014 hack of the exchange. (The coins were worth more than $450 million at the time of the theft and $8.5 billion today.)
Related:This Bank Gave Bitcoin to Its Entire Staff. Now It’s Taking Crypto Clients
ZP Legal estimated 170,000 to 200,000 of these coins, currently worth $1.7 billion to $2 billion, can be recovered by taking legal action against Russian nationals who received the stolen money.
In return for its assistance, the law firm will charge creditors 50 to 75 percent of the recovered sum, as well as an hourly rate. However, ZP Legal says it will only accept payment in the event of a successful recovery.
Alexander Zheleznikov, the managing partner of ZP Legal (ZP stands for Zheleznikov and Partners), said he believed that some of the money stolen from Mt Gox might have ended up on another defunct crypto exchange, BTC-e. In fact, this longstanding claim has beeninvestigatedby former Mt Gox user Kim Nilsson and alleged in anorderby the U.S. District Court of the Northern District of California.
Following this order, the alleged operator of BTC-e, Russian national Alexander Vinnik,was arrested in July 2017in Greece and is nowfacing extraditionto the U.S., Russia or France to face trial over money laundering charges.
Related:Former Mt Gox CEO Karpeles Must Face US Class Action, Judge Rules
Zheleznikov believes the criminal case against Vinnik, which Russian authorities are also investigating, can be accelerated if Mt Gox creditors come forward as victims and help law enforcement establish a connection between Mt Gox, BTC-e, and BTC-e’s successor, the also-failed Russian exchange WEX.
“Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case,” Zheleznikov said. He added:
“If our assumptions of those connections are correct, the [thieves] will ultimately come forward and plead guilty, and to reduce the punishment, they will offer to recover a part of the funds. If they don’t, they will be deemed guilty by law enforcement, and then there will be a chance to sue them for damages based on the criminal case.”
Zheleznikov said his firm reached out to lawyers representing the Mt Gox creditors, and later the creditors themselves, with the help of the Russian embassy in Tokyo. (The embassy did not respond to a request for comment.)
Andy Pag, the founder and former coordinator of the largest group of creditors, Mt. Gox Legal (MGL), said he was first contacted by the firm on Feb. 22, soon after ZP engaged with the Japanese lawyers working on the Mt Gox case.
Alexander Zheleznikov, Russian lawyer who offered Mt Gox creditors recovering funds from unnamed Russian nationals — courtesy of Alexander Zheleznikov
“Lawyers for ZP held meetings in Tokyo with the creditors, and separately with the Mt. Gox Legal (MGL) insolvency lawyers, MHM Japan, on Feb. 15, 2019. I was the coordinator of MGL at the time so MHM made the introduction,” said Pag, whostepped downfrom Mt. Gox Legal at the end of March
He went on to add:
“There was a long hiatus after that, but more recently they re-contacted me asking me to help them devise their process for verifying individuals are valid victims of the theft, and a process to reach those individuals.”
According to a creditors’ discussion on a closed forum, ZP Legal claimed to have recovered as much as $1 million of funds on behalf of an unnamed client of the Russian crypto exchange WEX.
Zheleznikov refused to discuss the sum with CoinDesk but confirmed his firm worked with two people whose money was frozen at WEX. ZP Legal started its own investigation and the police started a preliminary investigation, and soon some people reached out to the firm and offered to compensate the WEX users’ losses, he said.
The firm connected the two sides and the next thing Zheleznikov heard was the victims telling him that “the matter was resolved,” he told CoinDesk. He refused to name either of the people involved in that deal.
According to a document shared by Pag, ZP Legal told Mt Gox creditors that through a “close cooperation with law enforcement” it believed it could recover “up to 170,000 – 200,000 BTC.”
At the same time, the firm admitted it doesn’t know the identities of all people involved in the theft — it will be up to law enforcement to find the culprits. Speaking to CoinDesk, Zheleznikov said the amount is an estimate based on the number of creditors ZP hopes to take on as clients.
Zheleznikov stressed that his clients can expect to receive not bitcoins themselves but their fiat value now.
“I don’t promise to recover bitcoins,” Zheleznikov told CoinDesk. “Only those funds will be recovered that a court will be able to forfeit.”
In thedocumentPag shared with the creditors, ZP describes how the loss will be calculated.
“If you held a balance on Mt Gox of say 100 BTC on the day it closed, to calculate your Russian police claim you must convert this to hard currency based on the current rate, for instance $10,000/[BTC] means your claim will be $1,000,000, in Roubles,” the document says.
A potential problem with this approach is that digital assets have no legal status in Russia at the moment, as in many other jurisdictions, and there is no clear methodology for valuing cryptocurrency. Zheleznikov admits that his firm will be acting in the absence of settled practices.
“We’re not sure [we will be able to convince the police to trust our estimates], we’re entering a grey zone where nobody has ever gone before. We’re not promising anything — we assume that we have certain legal skills and there are some existing laws, and we hope to leverage it all,” Zheleznikov said.
He admitted there might be “years of the legal fight, refusals from the police and legal practice formation” ahead.
While not widely known in the Russian crypto space, Zheleznikov has a remarkable track record as an attorney for a number of cases making waves in Russia in recent years.
In particular, since 2014, Zheleznikov has been defending the Russian neo-NaziMaxim Martsinkevich, nicknamed “Tesak” (the Hatchet), who is serving a 10-year term in Russian prison for assaulting people he and his associates believed to be drug pushers.
Zheleznikov has also defended popular Russian journalist Anton Krasovsky and oligarch Konstantin Malofeev who isbelieved to be a sponsor of the separatist forcesthat confronted the Ukrainian army on the South East of Ukraine in 2014.
Mt Gox disclosed the theft of approximately 850,000 bitcoin (worth more than $450 million at the time) in February 2014. The exchange suspended trading, filed for bankruptcy protection and began liquidation proceedings.
According tosecurity firm WizSec, most, if not all, of the missing bitcoin were stolen from the exchange’s online, or hot, wallet between 2011 and 2014.
The exchange transitioned from bankruptcy proceedings to civil rehabilitation, a debtor-friendly form of corporate restructuring, last year, meaning creditors will receive bitcoin instead of a fiat sum.
However, due to a large number of claims and other ongoing legal issues, it is unclear when these funds will be returned. A deadline for filing a civil rehabilitation planwas postponedin April by Mt Gox’s trustee, Nobuaki Kobayashi, and no plan will be filed before the end of October.
Mt Gox image via CoinDesk archives
• Prosecutors File Formal Complaint Against Infamous BTC-e Crypto Exchange
• Ex-CEO of Crypto Exchange WEX Arrested In Italy || $2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims: The Takeaway: Moscow-based law firm ZP Legal claims to have identified Russian nationals who received bitcoin stolen in the 2014 hack of Mt Gox. Local law enforcement is investigating Alexander Vinnik, the alleged operator of the defunct exchange BTC-e. ZP Legal says Mt Gox creditors who come forward as potential BTC-e victims may help Russian authorities establish a connection between the exchanges. To cut a deal with law enforcement, those who benefited from the Mt Gox hack might offer to return funds to the exchange’s creditors, the law firm reckons. While creditors of the defunct Mt Gox bitcoin exchange wait for the Japanese courts to resolve the fate of their money, a Moscow-based law firm is proposing a different solution. According to Mt Gox creditors, ZP Legal contacted them earlier this year, offering an opportunity to recover almost a quarter of the missing 850,000 bitcoins stolen in the 2014 hack of the exchange. (The coins were worth more than $450 million at the time of the theft and $8.5 billion today.) Related: This Bank Gave Bitcoin to Its Entire Staff. Now It’s Taking Crypto Clients ZP Legal estimated 170,000 to 200,000 of these coins, currently worth $1.7 billion to $2 billion, can be recovered by taking legal action against Russian nationals who received the stolen money. In return for its assistance, the law firm will charge creditors 50 to 75 percent of the recovered sum, as well as an hourly rate. However, ZP Legal says it will only accept payment in the event of a successful recovery. Alexander Zheleznikov, the managing partner of ZP Legal (ZP stands for Zheleznikov and Partners), said he believed that some of the money stolen from Mt Gox might have ended up on another defunct crypto exchange, BTC-e. In fact, this longstanding claim has been investigated by former Mt Gox user Kim Nilsson and alleged in an order by the U.S. District Court of the Northern District of California. Following this order, the alleged operator of BTC-e, Russian national Alexander Vinnik, was arrested in July 2017 in Greece and is now facing extradition to the U.S., Russia or France to face trial over money laundering charges. Story continues Related: Former Mt Gox CEO Karpeles Must Face US Class Action, Judge Rules Zheleznikov believes the criminal case against Vinnik, which Russian authorities are also investigating, can be accelerated if Mt Gox creditors come forward as victims and help law enforcement establish a connection between Mt Gox, BTC-e, and BTC-e’s successor, the also-failed Russian exchange WEX. “Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case,” Zheleznikov said. He added: “If our assumptions of those connections are correct, the [thieves] will ultimately come forward and plead guilty, and to reduce the punishment, they will offer to recover a part of the funds. If they don’t, they will be deemed guilty by law enforcement, and then there will be a chance to sue them for damages based on the criminal case.” International overtures Zheleznikov said his firm reached out to lawyers representing the Mt Gox creditors, and later the creditors themselves, with the help of the Russian embassy in Tokyo. (The embassy did not respond to a request for comment.) Andy Pag, the founder and former coordinator of the largest group of creditors, Mt. Gox Legal (MGL), said he was first contacted by the firm on Feb. 22, soon after ZP engaged with the Japanese lawyers working on the Mt Gox case. Alexander Zheleznikov, Russian lawyer who offered Mt Gox creditors recovering funds from unnamed Russian nationals — courtesy of Alexander Zheleznikov “Lawyers for ZP held meetings in Tokyo with the creditors, and separately with the Mt. Gox Legal (MGL) insolvency lawyers, MHM Japan, on Feb. 15, 2019. I was the coordinator of MGL at the time so MHM made the introduction,” said Pag, who stepped down from Mt. Gox Legal at the end of March He went on to add: “There was a long hiatus after that, but more recently they re-contacted me asking me to help them devise their process for verifying individuals are valid victims of the theft, and a process to reach those individuals.” According to a creditors’ discussion on a closed forum, ZP Legal claimed to have recovered as much as $1 million of funds on behalf of an unnamed client of the Russian crypto exchange WEX. Zheleznikov refused to discuss the sum with CoinDesk but confirmed his firm worked with two people whose money was frozen at WEX. ZP Legal started its own investigation and the police started a preliminary investigation, and soon some people reached out to the firm and offered to compensate the WEX users’ losses, he said. The firm connected the two sides and the next thing Zheleznikov heard was the victims telling him that “the matter was resolved,” he told CoinDesk. He refused to name either of the people involved in that deal. Managing expectations According to a document shared by Pag, ZP Legal told Mt Gox creditors that through a “close cooperation with law enforcement” it believed it could recover “up to 170,000 – 200,000 BTC.” At the same time, the firm admitted it doesn’t know the identities of all people involved in the theft — it will be up to law enforcement to find the culprits. Speaking to CoinDesk, Zheleznikov said the amount is an estimate based on the number of creditors ZP hopes to take on as clients. Zheleznikov stressed that his clients can expect to receive not bitcoins themselves but their fiat value now. “I don’t promise to recover bitcoins,” Zheleznikov told CoinDesk. “Only those funds will be recovered that a court will be able to forfeit.” In the document Pag shared with the creditors, ZP describes how the loss will be calculated. “If you held a balance on Mt Gox of say 100 BTC on the day it closed, to calculate your Russian police claim you must convert this to hard currency based on the current rate, for instance $10,000/[BTC] means your claim will be $1,000,000, in Roubles,” the document says. A potential problem with this approach is that digital assets have no legal status in Russia at the moment, as in many other jurisdictions, and there is no clear methodology for valuing cryptocurrency. Zheleznikov admits that his firm will be acting in the absence of settled practices. “We’re not sure [we will be able to convince the police to trust our estimates], we’re entering a grey zone where nobody has ever gone before. We’re not promising anything — we assume that we have certain legal skills and there are some existing laws, and we hope to leverage it all,” Zheleznikov said. He admitted there might be “years of the legal fight, refusals from the police and legal practice formation” ahead. Notorious clientele While not widely known in the Russian crypto space, Zheleznikov has a remarkable track record as an attorney for a number of cases making waves in Russia in recent years. In particular, since 2014, Zheleznikov has been defending the Russian neo-Nazi Maxim Martsinkevich , nicknamed “Tesak” (the Hatchet), who is serving a 10-year term in Russian prison for assaulting people he and his associates believed to be drug pushers. Zheleznikov has also defended popular Russian journalist Anton Krasovsky and oligarch Konstantin Malofeev who is believed to be a sponsor of the separatist forces that confronted the Ukrainian army on the South East of Ukraine in 2014. Mt Gox disclosed the theft of approximately 850,000 bitcoin (worth more than $450 million at the time) in February 2014. The exchange suspended trading, filed for bankruptcy protection and began liquidation proceedings. According to security firm WizSec , most, if not all, of the missing bitcoin were stolen from the exchange’s online, or hot, wallet between 2011 and 2014. The exchange transitioned from bankruptcy proceedings to civil rehabilitation, a debtor-friendly form of corporate restructuring, last year, meaning creditors will receive bitcoin instead of a fiat sum. However, due to a large number of claims and other ongoing legal issues, it is unclear when these funds will be returned. A deadline for filing a civil rehabilitation plan was postponed in April by Mt Gox’s trustee, Nobuaki Kobayashi, and no plan will be filed before the end of October. Mt Gox image via CoinDesk archives Related Stories Prosecutors File Formal Complaint Against Infamous BTC-e Crypto Exchange Ex-CEO of Crypto Exchange WEX Arrested In Italy || $2 Billion Lost in Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims: The Takeaway:
• Moscow-based law firm ZP Legal claims to have identified Russian nationals who received bitcoin stolen in the 2014 hack of Mt Gox.
• Local law enforcement is investigating Alexander Vinnik, the alleged operator of the defunct exchange BTC-e.
• ZP Legal says Mt Gox creditors who come forward as potential BTC-e victims may help Russian authorities establish a connection between the exchanges.
• To cut a deal with law enforcement, those who benefited from the Mt Gox hack might offer to return funds to the exchange’s creditors, the law firm reckons.
While creditors of the defunct Mt Gox bitcoin exchange wait for the Japanese courts to resolve the fate of their money, a Moscow-based law firm is proposing a different solution.
According to Mt Gox creditors, ZP Legal contacted them earlier this year, offering an opportunity to recover almost a quarter of the missing 850,000 bitcoins stolen in the 2014 hack of the exchange. (The coins were worth more than $450 million at the time of the theft and $8.5 billion today.)
Related:This Bank Gave Bitcoin to Its Entire Staff. Now It’s Taking Crypto Clients
ZP Legal estimated 170,000 to 200,000 of these coins, currently worth $1.7 billion to $2 billion, can be recovered by taking legal action against Russian nationals who received the stolen money.
In return for its assistance, the law firm will charge creditors 50 to 75 percent of the recovered sum, as well as an hourly rate. However, ZP Legal says it will only accept payment in the event of a successful recovery.
Alexander Zheleznikov, the managing partner of ZP Legal (ZP stands for Zheleznikov and Partners), said he believed that some of the money stolen from Mt Gox might have ended up on another defunct crypto exchange, BTC-e. In fact, this longstanding claim has beeninvestigatedby former Mt Gox user Kim Nilsson and alleged in anorderby the U.S. District Court of the Northern District of California.
Following this order, the alleged operator of BTC-e, Russian national Alexander Vinnik,was arrested in July 2017in Greece and is nowfacing extraditionto the U.S., Russia or France to face trial over money laundering charges.
Related:Former Mt Gox CEO Karpeles Must Face US Class Action, Judge Rules
Zheleznikov believes the criminal case against Vinnik, which Russian authorities are also investigating, can be accelerated if Mt Gox creditors come forward as victims and help law enforcement establish a connection between Mt Gox, BTC-e, and BTC-e’s successor, the also-failed Russian exchange WEX.
“Our plan is to represent the Mt.Gox creditors and help them report to Russian law enforcement so that the investigators could establish the connection between the stolen funds from Mt Gox, the operations of BTC-e and WEX, using Vinnik’s case,” Zheleznikov said. He added:
“If our assumptions of those connections are correct, the [thieves] will ultimately come forward and plead guilty, and to reduce the punishment, they will offer to recover a part of the funds. If they don’t, they will be deemed guilty by law enforcement, and then there will be a chance to sue them for damages based on the criminal case.”
Zheleznikov said his firm reached out to lawyers representing the Mt Gox creditors, and later the creditors themselves, with the help of the Russian embassy in Tokyo. (The embassy did not respond to a request for comment.)
Andy Pag, the founder and former coordinator of the largest group of creditors, Mt. Gox Legal (MGL), said he was first contacted by the firm on Feb. 22, soon after ZP engaged with the Japanese lawyers working on the Mt Gox case.
Alexander Zheleznikov, Russian lawyer who offered Mt Gox creditors recovering funds from unnamed Russian nationals — courtesy of Alexander Zheleznikov
“Lawyers for ZP held meetings in Tokyo with the creditors, and separately with the Mt. Gox Legal (MGL) insolvency lawyers, MHM Japan, on Feb. 15, 2019. I was the coordinator of MGL at the time so MHM made the introduction,” said Pag, whostepped downfrom Mt. Gox Legal at the end of March
He went on to add:
“There was a long hiatus after that, but more recently they re-contacted me asking me to help them devise their process for verifying individuals are valid victims of the theft, and a process to reach those individuals.”
According to a creditors’ discussion on a closed forum, ZP Legal claimed to have recovered as much as $1 million of funds on behalf of an unnamed client of the Russian crypto exchange WEX.
Zheleznikov refused to discuss the sum with CoinDesk but confirmed his firm worked with two people whose money was frozen at WEX. ZP Legal started its own investigation and the police started a preliminary investigation, and soon some people reached out to the firm and offered to compensate the WEX users’ losses, he said.
The firm connected the two sides and the next thing Zheleznikov heard was the victims telling him that “the matter was resolved,” he told CoinDesk. He refused to name either of the people involved in that deal.
According to a document shared by Pag, ZP Legal told Mt Gox creditors that through a “close cooperation with law enforcement” it believed it could recover “up to 170,000 – 200,000 BTC.”
At the same time, the firm admitted it doesn’t know the identities of all people involved in the theft — it will be up to law enforcement to find the culprits. Speaking to CoinDesk, Zheleznikov said the amount is an estimate based on the number of creditors ZP hopes to take on as clients.
Zheleznikov stressed that his clients can expect to receive not bitcoins themselves but their fiat value now.
“I don’t promise to recover bitcoins,” Zheleznikov told CoinDesk. “Only those funds will be recovered that a court will be able to forfeit.”
In thedocumentPag shared with the creditors, ZP describes how the loss will be calculated.
“If you held a balance on Mt Gox of say 100 BTC on the day it closed, to calculate your Russian police claim you must convert this to hard currency based on the current rate, for instance $10,000/[BTC] means your claim will be $1,000,000, in Roubles,” the document says.
A potential problem with this approach is that digital assets have no legal status in Russia at the moment, as in many other jurisdictions, and there is no clear methodology for valuing cryptocurrency. Zheleznikov admits that his firm will be acting in the absence of settled practices.
“We’re not sure [we will be able to convince the police to trust our estimates], we’re entering a grey zone where nobody has ever gone before. We’re not promising anything — we assume that we have certain legal skills and there are some existing laws, and we hope to leverage it all,” Zheleznikov said.
He admitted there might be “years of the legal fight, refusals from the police and legal practice formation” ahead.
While not widely known in the Russian crypto space, Zheleznikov has a remarkable track record as an attorney for a number of cases making waves in Russia in recent years.
In particular, since 2014, Zheleznikov has been defending the Russian neo-NaziMaxim Martsinkevich, nicknamed “Tesak” (the Hatchet), who is serving a 10-year term in Russian prison for assaulting people he and his associates believed to be drug pushers.
Zheleznikov has also defended popular Russian journalist Anton Krasovsky and oligarch Konstantin Malofeev who isbelieved to be a sponsor of the separatist forcesthat confronted the Ukrainian army on the South East of Ukraine in 2014.
Mt Gox disclosed the theft of approximately 850,000 bitcoin (worth more than $450 million at the time) in February 2014. The exchange suspended trading, filed for bankruptcy protection and began liquidation proceedings.
According tosecurity firm WizSec, most, if not all, of the missing bitcoin were stolen from the exchange’s online, or hot, wallet between 2011 and 2014.
The exchange transitioned from bankruptcy proceedings to civil rehabilitation, a debtor-friendly form of corporate restructuring, last year, meaning creditors will receive bitcoin instead of a fiat sum.
However, due to a large number of claims and other ongoing legal issues, it is unclear when these funds will be returned. A deadline for filing a civil rehabilitation planwas postponedin April by Mt Gox’s trustee, Nobuaki Kobayashi, and no plan will be filed before the end of October.
Mt Gox image via CoinDesk archives
• Prosecutors File Formal Complaint Against Infamous BTC-e Crypto Exchange
• Ex-CEO of Crypto Exchange WEX Arrested In Italy || Equity Trust Partners with International Depository Services for IRA Bullion Storage Solution: DALLAS, TX / ACCESSWIRE / September 12, 2019 / Offering state-of-the-art precious metals solutions across the globe, International Depository Services Group announced today a new bullion storage partnership with Equity Trust Company , a leading custodian of self-directed Individual Retirement Accounts, also known as IRAs. While Equity Trust is expanding its presence in the market, this is only the second time in the past 10 years they have added an additional bullion storage option for their customers. International Depository Services Group was recognized for their experience in the precious metals market and high standard of customer care. Each International Depository Services Group location specializes in fully-segregated storage of physical gold, silver, platinum and other metals. Privately owned by Dallas-based precious metals wholesaler Dillon Gage, International Depository Services Group consists of three depositories that offer an array of custody and logistic services that meet the unique needs of the physical precious metals industry. The depositories are IDS of Delaware , IDS of Texas and IDS of Canada . International Depository Services Group protects, insures and stores physical gold, silver, platinum and palladium products, rare and certified coins, as well as wallets containing cryptocurrency assets such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ripple. Currently, IDS of Delaware and IDS of Texas are the two approved locations for Equity Trust’s IRA clients. The depositories within the International Depository Services Group are custom-built and offer secure, fully-segregated storage. All assets stored at International Depository Services Group locations are insured with Lloyd’s of London - a global leader of specialized asset insurance. Additionally, each location is managed by knowledgeable professionals with decades of bullion storage experience and extensive training in the rigorous inventory and reporting requirements associated with self-directed precious metals IRA accounts. Story continues “As one of the only depository groups in the nation that offers fully-segregated storage, we are honored to serve Equity Trust's IRA investors," said Terry Hanlon, president of Dillon Gage. “Our companies complement one another as we both value technological innovation, customer-centric solutions and outstanding customer service. Working together means that Equity Trust’s IRA investors now have additional choices when it comes to protecting and storing their hard-earned retirement assets.” “We are pleased to add a top precious metals depository to our already leading deposit and storage capabilities - continuing our practice of offering a variety of best-in-class solutions to our customers,” said Equity Trust Chief Executive Officer George Sullivan. Each International Depository Services location features a UL-rated, multi-redundant security system monitored 24/7 in real time by security specialists. Additionally, each site adheres to stringent “dual control” policies, including daily activity and full monthly audits of all precious metals inventory stored at the facilities. An added security measure is each location has the highest UL-rated, Class III precious metals vault. Since 2010, International Depository Services Group has offered IRA trustees a genuinely custom approach for self-directed precious metals IRA storage with personalized custodial services, custom depository reporting solutions and inventory management creating a seamless customer experience. For more information on International Depository Services Group, call 888-322-6150 or visit www.InternationalDepositoryServices.com . For more information on Equity Trust’s self-directed IRAs call 800-955-3434 or visit www.TrustETC.com . About International Depository Services Group International Depository Services Group - the most trusted group of depositories for physical precious metals in the world - is a privately-owned and independently-operated subsidiary of Dillon Gage with locations in Delaware, Texas and Ontario. Each location is a state-of-the-art, custom-built, full-service depository that offers secure, efficient and insured precious metals, certified coin and cryptocurrency storage solutions with Class III vaults. Each focuses on custom business logistics solutions including storage, fulfillment, inventory management and many other value-added services. International Depository Services Group maintains several precious metals accreditations, including the commodity exchanges COMEX/CME and the Intercontinental Exchange Futures U.S./ICE; is an associate in the London Bullion Market Association, Industry Council for Tangible Assets and International Precious Metals Institute and is certified for CryptoCurrency Security Standards. IDS of Delaware , formerly Diamond State Depository, opened in 2010 in New Castle, Delaware. IDS of Canada opened in 2013 in Mississauga, Ontario. IDS of Texas opened in 2017 in Dallas, Texas. For more information, call 888-322-6150 or visit https://www.InternationalDepositoryServices.com . About Equity Trust Company Equity Trust Company is a financial services company that enables individual investors and financial professionals to diversify investment portfolios using alternative asset classes such as real estate, tax liens, private equity and precious metals. The Equity Trust family of companies offers custodial services for alternative investments and back-office solutions for Registered Investment Advisors, brokerage services, directed trustee services and more. Equity Trust Company is a passive custodian and does not provide tax, legal or investment advice. Equity Trust Company is the trusted custodian and administrator of $25 billion in assets on behalf of more than 170,000 clients as of Dec. 31, 2018. For more information, visit https://www.trustetc.com/ . Financial professionals visit https://www.equityinstitutional.com . About Dillon Gage Metals Dillon Gage is the world leader in physical precious metals trading and technology serving dealers, financial institutions, banks and brokerage houses around the globe. Since 1976, Dillon Gage has led the way in innovation, advanced trading tools, technology and intellect. The firm is one of a handful of firms who are authorized purchasers of bullion (including coins, rounds and bars) for all major world mints and maintains inventory in over 20 countries. Dillon Gage’s integrated products and services include numismatics, bullion and electronic trading of precious metals and fulfillment, API integration, physical gold tracked by blockchain technology, refining and storage. The firm operates FizTrade Online Trading , IRAConnect , Dillon Gage Refining and International Depository Services Group , a privately-owned subsidiary of Dillon Gage Metals, with locations in Delaware, Texas and Ontario. Dillon Gage’s philanthropic arm, HELPS International , provides relief, development and educational opportunities to Guatemala. Learn more about Dillon Gage at https://DillonGage.com . Media Contact for International Depository Services Group and Dillon Gage: Jo Trizila, TrizCom Public Relations 972-247-1369 (Office) 214-232-0078 (Cell/Text) [email protected] SOURCE: Depository Services Group View source version on accesswire.com: https://www.accesswire.com/559428/Equity-Trust-Partners-with-International-Depository-Services-for-IRA-Bullion-Storage-Solution || Equity Trust Partners with International Depository Services for IRA Bullion Storage Solution: DALLAS, TX / ACCESSWIRE / September 12, 2019 /Offering state-of-the-art precious metals solutions across the globe,International Depository Services Groupannounced today a new bullion storage partnership withEquity Trust Company, a leading custodian of self-directed Individual Retirement Accounts, also known as IRAs. While Equity Trust is expanding its presence in the market, this is only the second time in the past 10 years they have added an additional bullion storage option for their customers. International Depository Services Group was recognized for their experience in the precious metals market and high standard of customer care. Each International Depository Services Group location specializes in fully-segregated storage of physical gold, silver, platinum and other metals.
Privately owned by Dallas-based precious metals wholesaler Dillon Gage, International Depository Services Group consists of three depositories that offer an array of custody and logistic services that meet the unique needs of the physical precious metals industry. The depositories areIDS of Delaware,IDS of TexasandIDS of Canada. International Depository Services Group protects, insures and stores physical gold, silver, platinum and palladium products, rare and certified coins, as well as wallets containing cryptocurrency assets such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ripple.
Currently, IDS of Delaware and IDS of Texas are the two approved locations for Equity Trust’s IRA clients. The depositories within the International Depository Services Group are custom-built and offer secure, fully-segregated storage. All assets stored atInternational Depository Services Grouplocations are insured with Lloyd’s of London - a global leader of specialized asset insurance. Additionally, each location is managed by knowledgeable professionals with decades of bullion storage experience and extensive training in the rigorous inventory and reporting requirements associated with self-directed precious metals IRA accounts.
“As one of the only depository groups in the nation that offers fully-segregated storage, we are honored to serve Equity Trust's IRA investors," said Terry Hanlon, president of Dillon Gage. “Our companies complement one another as we both value technological innovation, customer-centric solutions and outstanding customer service. Working together means that Equity Trust’s IRA investors now have additional choices when it comes to protecting and storing their hard-earned retirement assets.”
“We are pleased to add a top precious metals depository to our already leading deposit and storage capabilities - continuing our practice of offering a variety of best-in-class solutions to our customers,” said Equity Trust Chief Executive Officer George Sullivan.
Each International Depository Services location features a UL-rated, multi-redundant security system monitored 24/7 in real time by security specialists. Additionally, each site adheres to stringent “dual control” policies, including daily activity and full monthly audits of all precious metals inventory stored at the facilities. An added security measure is each location has the highest UL-rated, Class III precious metals vault.
Since 2010, International Depository Services Group has offered IRA trustees a genuinely custom approach for self-directed precious metals IRA storage with personalized custodial services, custom depository reporting solutions and inventory management creating a seamless customer experience.
For more information on International Depository Services Group, call 888-322-6150 or visitwww.InternationalDepositoryServices.com.
For more information on Equity Trust’s self-directed IRAs call 800-955-3434 or visitwww.TrustETC.com.
About International Depository Services Group
International Depository Services Group - the most trusted group of depositories for physical precious metals in the world - is a privately-owned and independently-operated subsidiary ofDillon Gagewith locations in Delaware, Texas and Ontario. Each location is a state-of-the-art, custom-built, full-service depository that offers secure, efficient and insured precious metals, certified coin and cryptocurrency storage solutions with Class III vaults. Each focuses on custom business logistics solutions including storage, fulfillment, inventory management and many other value-added services. International Depository Services Group maintains several precious metals accreditations, including the commodity exchanges COMEX/CME and the Intercontinental Exchange Futures U.S./ICE; is an associate in the London Bullion Market Association, Industry Council for Tangible Assets and International Precious Metals Institute and is certified for CryptoCurrency Security Standards.IDS of Delaware, formerly Diamond State Depository, opened in 2010 in New Castle, Delaware.IDS of Canadaopened in 2013 in Mississauga, Ontario.IDS of Texasopened in 2017 in Dallas, Texas. For more information, call 888-322-6150 or visithttps://www.InternationalDepositoryServices.com.
About Equity Trust Company
Equity Trust Company is a financial services company that enables individual investors and financial professionals to diversify investment portfolios using alternative asset classes such as real estate, tax liens, private equity and precious metals. The Equity Trust family of companies offers custodial services for alternative investments and back-office solutions for Registered Investment Advisors, brokerage services, directed trustee services and more. Equity Trust Company is a passive custodian and does not provide tax, legal or investment advice. Equity Trust Company is the trusted custodian and administrator of $25 billion in assets on behalf of more than 170,000 clients as of Dec. 31, 2018. For more information, visithttps://www.trustetc.com/. Financial professionals visithttps://www.equityinstitutional.com.
About Dillon Gage Metals
Dillon Gage is the world leader in physical precious metals trading and technology serving dealers, financial institutions, banks and brokerage houses around the globe. Since 1976, Dillon Gage has led the way in innovation, advanced trading tools, technology and intellect. The firm is one of a handful of firms who are authorized purchasers of bullion (including coins, rounds and bars) for all major world mints and maintains inventory in over 20 countries. Dillon Gage’s integrated products and services include numismatics, bullion and electronic trading of precious metals and fulfillment, API integration, physical gold tracked by blockchain technology, refining and storage. The firm operatesFizTrade Online Trading,IRAConnect, Dillon Gage Refining andInternational Depository Services Group, a privately-owned subsidiary of Dillon Gage Metals, with locations in Delaware, Texas and Ontario. Dillon Gage’s philanthropic arm,HELPS International, provides relief, development and educational opportunities to Guatemala. Learn more about Dillon Gage athttps://DillonGage.com.
Media Contact for International Depository Services Group and Dillon Gage:Jo Trizila, TrizCom Public Relations972-247-1369 (Office)214-232-0078 (Cell/Text)[email protected]
SOURCE:Depository Services Group
View source version on accesswire.com:https://www.accesswire.com/559428/Equity-Trust-Partners-with-International-Depository-Services-for-IRA-Bullion-Storage-Solution || Europe ETFs Strengthen as ECB Cuts Rates, Signals More QE: This article was originally published onETFTrends.com.
Europe-related ETF gathered momentum Thursday after the European Central Bank cut key deposit rates and hinted at further supporting the Eurozone economy through accommodative measures.
On Thursday, the broadVanguard FTSE Europe ETF (VGK) rose 0.7% andiShares MSCI EMU ETF (EZU) gained 0.9%. TheInvesco CurrencyShares Euro Currency Trust (FXE) , which tracks the euro currency against the U.S. dollar, jumped 0.5%. Meanwhile,WisdomTree Europe Hedged Equity Fund (HEDJ) , which hedges against a weakening euro currency, was 0.5% higher.
In an attempt to support a faltering Eurozone economy from a global slowdown and trade tensions, the ECB cut its key interest rate by 0.1 percentage point, to minus 0.5%, and it announced it will start buying €20 billion, or $22 billion, per month of Eurozone debt, restarting a quantitative easing program that it previously phased out last December, theWall Street Journalreports.
The ECB said the new QE program will “run for as long as necessary,” and it will only end shortly before the bank starts raising interest rates, opening the door for further aggressive easing in the future. The central bank also promised not to hike interest rates “until it has seen the inflation outlook robustly converge” with its target of just below 2%.
“The final showdown has started with a big bang,” Carsten Brzeski, an economist with ING, told the WSJ.
The ECB's move is the largest monetary stimulus move in three-and-a-half years and will also be part of President Mario Draghi's swan song as he steps down, leaving his successor on a path of negative interest rates and renewed bond purchases for potentially years to come.
“There was no appetite to discuss limits, because we have the headroom to go on for quite some time without raising the discussion about limits,” Draghi said.
Draghi argued that the ECB acted in response to persistently weak inflation, along with a dip in investors’ expectations for future inflation. Recent economic data showed “a more protracted weakness of the euro area economy, the persistence of prominent downside risks and muted inflationary pressures,” he said in a press conference.
Former International Monetary Fund Managing Director Christine Lagarde will take Draghi's place in office on November 1.
For more information on the European markets, visit ourEurope category.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• Heated Tobacco May Replace Vaping Amidst Consumer Issues
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
• Social Media Stock SNAP Gets An Upgrade
• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
READ MORE AT ETFTRENDS.COM > || Europe ETFs Strengthen as ECB Cuts Rates, Signals More QE: This article was originally published on ETFTrends.com. Europe-related ETF gathered momentum Thursday after the European Central Bank cut key deposit rates and hinted at further supporting the Eurozone economy through accommodative measures. On Thursday, the broad Vanguard FTSE Europe ETF ( VGK ) rose 0.7% and iShares MSCI EMU ETF ( EZU ) gained 0.9%. The Invesco C urrencyShares Euro Currency Trust ( FXE ) , which tracks the euro currency against the U.S. dollar, jumped 0.5%. Meanwhile, WisdomTree Europe Hedged Equity Fund ( HEDJ ) , which hedges against a weakening euro currency, was 0.5% higher. In an attempt to support a faltering Eurozone economy from a global slowdown and trade tensions, the ECB cut its key interest rate by 0.1 percentage point, to minus 0.5%, and it announced it will start buying €20 billion, or $22 billion, per month of Eurozone debt, restarting a quantitative easing program that it previously phased out last December, the Wall Street Journal reports. The ECB said the new QE program will “run for as long as necessary,” and it will only end shortly before the bank starts raising interest rates, opening the door for further aggressive easing in the future. The central bank also promised not to hike interest rates “until it has seen the inflation outlook robustly converge” with its target of just below 2%. “The final showdown has started with a big bang,” Carsten Brzeski, an economist with ING, told the WSJ. The ECB's move is the largest monetary stimulus move in three-and-a-half years and will also be part of President Mario Draghi's swan song as he steps down, leaving his successor on a path of negative interest rates and renewed bond purchases for potentially years to come. “There was no appetite to discuss limits, because we have the headroom to go on for quite some time without raising the discussion about limits,” Draghi said. Draghi argued that the ECB acted in response to persistently weak inflation, along with a dip in investors’ expectations for future inflation. Recent economic data showed “a more protracted weakness of the euro area economy, the persistence of prominent downside risks and muted inflationary pressures,” he said in a press conference. Former International Monetary Fund Managing Director Christine Lagarde will take Draghi's place in office on November 1. For more information on the European markets, visit our Europe category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs Story continues Heated Tobacco May Replace Vaping Amidst Consumer Issues VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty READ MORE AT ETFTRENDS.COM > View comments || How Market Data Could Effect A Rate Cut Decision: This article was originally published on ETFTrends.com. With markets once again within less than 1.5% of all time highs, investors are concerned that these lofty levels could be derailed by global and economic events such as a Fed rate cut, or lack of one. One analyst weighs in on CNBC as to how economic data play into the markets and what the upcoming Fed meeting is likely to hold. Producer Pricing Index (PPI) data could weaken some according to Jay Bryson, Wells Fargo acting chief economist, which would reflect an overall decline in industrial production, which the Fed will take into consideration. “In general if you look at the year-over-year rates they’re still down to where they work you know a few months ago and I think that all makes sense. We’ve seen a deceleration in the industrial side of the economy, not only here in the US and globally as well and you would expect to see that producer pricing data softener a little bit,” said Bryson. A healthy inflation rate is another factor the Fed measures, and CPI is one key indication of how inflation is doing. “Well we do think the CPI inflation rate is going to trend up a little bit higher from here. We’ve seen that from the recent momentum. That said I don’t think you’re looking at a CPI inflation rate on a year-over-year basis well north of 2 1/2% anytime soon. I think this is kind of the least of the feds worries right now, is higher inflation and frankly I think if I would actually welcome a little bit higher inflation. They want to have inflation expectations come a little bit higher. And so in general we look at inflation in the economy today and they’re just really isn’t much of it at all,” Bryson added. “We’re thinking of it essentially as a midcycle adjustment to policy,” Powell previously said. Powell added that Fed officials “think it will serve all of those goals” that he mentioned. Bryson believes that the upcoming meeting may give Powell a chance to recant on his prior statement, which put investors on edge, potentially soothing markets. “Well I would think Chairman Powell will talk about a mid-cycle adjustment here. I mean you know the market reacted negatively to that the last time around and I think he’s just gonna say we we remain ready to do whatever we need to do to keep the expansion going, You know stop there, end of sentence; not talk about the mid cycle adjustment,” he added. While there is much debate about interest rates where the markets are headed, if equities are poised for a rocky ride ahead, traders can take advantage of market oscillations with leveraged S&P 500 ETFs, such as the Direxion Daily S&P 500 Bull 2X ETF ( SPUU ) , Direxion Daily S&P500 Bull 3X ETF ( SPXL ) for gains and the Direxion Daily S&P 500 Bear 1X ETF ( SPDN ) for declines. For more market trends, visit ETF Trends . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM Story continues SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs Heated Tobacco May Replace Vaping Amidst Consumer Issues VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty READ MORE AT ETFTRENDS.COM > || How Market Data Could Effect A Rate Cut Decision: This article was originally published onETFTrends.com.
With markets once again within less than 1.5% of all time highs, investors are concerned that these lofty levels could be derailed by global and economic events such as a Fed rate cut, or lack of one. One analyst weighs in onCNBCas to how economic data play into the markets and what the upcoming Fed meeting is likely to hold. Producer Pricing Index (PPI) data could weaken some according to Jay Bryson, Wells Fargo acting chief economist, which would reflect an overall decline in industrial production, which the Fed will take into consideration. “In general if you look at the year-over-year rates they’re still down to where they work you know a few months ago and I think that all makes sense. We’ve seen a deceleration in the industrial side of the economy, not only here in the US and globally as well and you would expect to see that producer pricing data softener a little bit,” said Bryson. A healthy inflation rate is another factor the Fed measures, and CPI is one key indication of how inflation is doing. “Well we do think the CPI inflation rate is going to trend up a little bit higher from here. We’ve seen that from the recent momentum. That said I don’t think you’re looking at a CPI inflation rate on a year-over-year basis well north of 2 1/2% anytime soon. I think this is kind of the least of the feds worries right now, is higher inflation and frankly I think if I would actually welcome a little bit higher inflation. They want to have inflation expectations come a little bit higher. And so in general we look at inflation in the economy today and they’re just really isn’t much of it at all,” Bryson added. “We’re thinking of it essentially as a midcycle adjustment to policy,” Powell previously said. Powell added that Fed officials “think it will serve all of those goals” that he mentioned. Bryson believes that the upcoming meeting may give Powell a chance to recant on his prior statement, which put investors on edge, potentially soothing markets. “Well I would think Chairman Powell will talk about a mid-cycle adjustment here. I mean you know the market reacted negatively to that the last time around and I think he’s just gonna say we we remain ready to do whatever we need to do to keep the expansion going, You know stop there, end of sentence; not talk about the mid cycle adjustment,” he added. While there is much debate about interest rates where the markets are headed, if equities are poised for a rocky ride ahead, traders can take advantage of market oscillations with leveraged S&P 500 ETFs, such as theDirexion Daily S&P 500 Bull 2X ETF (SPUU) ,Direxion Daily S&P500 Bull 3X ETF (SPXL) for gains and theDirexion Daily S&P 500 Bear 1X ETF (SPDN) for declines. For more market trends, visitETF Trends.POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• Heated Tobacco May Replace Vaping Amidst Consumer Issues
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
• Social Media Stock SNAP Gets An Upgrade
• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
READ MORE AT ETFTRENDS.COM > || Altcoins surge while bitcoin treads water: Despite gaining close to 5% in the past week, bitcoin has seen its momentum slow down, hovering around $10,300 for the past three days. Throughout this period, Bitcoin has seen its market dominance slowly eroded, falling from a high of 71.24% on September 6, down to 69.8% as of writing. Although BTC has seen its dominance fall, this can be attributed to the impressive growth in the altcoin markets, rather than BTC losing value. Since September 7, practically all major altcoins have experienced significant growth. Leading the pack among the top 10 largest cryptocurrencies is EOS, which gained 18.4% in the past 7 days to reach its current value of $3.88. This surge appears to be related to news surrounding the scheduled version 1.8 upgrade, with all 30 of the top EOS block producers committed to update on September 23. The new EOS update will give dApps the ability to pay for any CPU costs incurred by its users, significantly reducing the friction users experience when interacting with the EOS network. With that said, EOS isn't the only altcoin experiencing solid gains as of late. Bitcoin Cash , Monero and Ethereum are also among the best performers—each gaining more than 6% over the past week. This sudden growth of major altcoins has prompted some market analysts to announce that the bottom may be over for altcoins, with the market now potentially due for another 2017-esque altcoin boom. || Altcoins surge while bitcoin treads water: Despite gaining close to 5% in the past week,bitcoinhas seen its momentum slow down, hovering around $10,300 for the past three days.
Throughout this period, Bitcoin has seen its market dominance slowly eroded, falling from a high of 71.24% on September 6, down to 69.8% as of writing. Although BTC has seen its dominance fall, this can be attributed to the impressive growth in the altcoin markets, rather than BTC losing value.
Since September 7, practically all major altcoins have experienced significant growth. Leading the pack among the top 10 largest cryptocurrencies is EOS, which gained 18.4% in the past 7 days to reach its current value of $3.88. This surge appears to be related tonewssurrounding the scheduled version 1.8 upgrade, with all 30 of the top EOS block producers committed to update on September 23.
The new EOS update will givedAppsthe ability to pay for any CPU costs incurred by its users, significantly reducing the friction users experience when interacting with the EOS network.
With that said, EOS isn't the only altcoin experiencing solid gains as of late.Bitcoin Cash,MoneroandEthereumare also among the best performers—each gaining more than 6% over the past week.
This sudden growth of major altcoins has prompted some market analysts to announce that the bottom may be over for altcoins, with the market now potentially due for another 2017-esque altcoin boom. || Value Stocks Could Be A Huge Play, Says J.P. Morgan Expert: This article was originally published onETFTrends.com.
Value stocks, which typically have low multiples and stable fundamentals, significantly outperformed their growth counterparts recently, and a J.P. Morgan expert says the trend could continue into October, especially if the planned U.S.-Chinese trade discussions go well.
TheiShares Edge MSCI USA Value Factor ETF (VLUE)climbed 1.8% on Monday while theiShares Edge MSCI USA Momentum Factor ETF (MTUM)slumped 1.7%. Data compiled by Bespoke Investment Group displayed this was momentum’s worst daily performance relative to value since its inception in early 2013.
Marko Kolanovic, global head of the macro quantitative and derivatives strategy team at J.P. Morgan, said his opinion is based on how he observes investor positioning, the current lack of performance of value names, and the loosening of technical flows last month in equities and bonds, which catalyzed a drop in yields, which hit extreme lows.
“Given that the S&P 500 is heavy in bond proxies and secular growth, we would expect higher upside potential in small caps, cyclicals, value, and Emerging Market stocks than the broad S&P 500,” Kolanovic noted.
In July Kolanovic wrote, “We think that the unprecedented divergence between various market segments offers a once in a decade opportunity to position for convergence.”
Kolanovic says there is now another hawkish divergence occurring, beginning last Friday with the record performance gap between large-cap companies and small-cap names. The strategist notes that his small-cap momentum indicator, based on a weighted one-, three-, six- and 12-month price momentum, reached its maximum negative reading, while simultaneously, the momentum signal for the S&P 500 was at its maximum positive reading. The only other time this occurred was in February, 1999, he added.
“Many similar indicators suggest the gap is not sustainable between value, cyclicals, SMid and high beta stocks on one side, and momentum, low volatility, and growth on the other side,” he wrote.
The JP Morgan quant experts believes that there could be a boost in manufacturing levels as long as trade talks go well.
“While manufacturing lags both, we see that in the coming months one could expect manufacturing activity to pick up given the increased monetary stimulus, providing support for the market and value stocks. We think October negotiations will be the key for future performance of equity markets and more broadly the global economy,” the strategist wrote.
For investors looking for pure value plays, well-known value ETFs like theiShares Russell 1000 Value ETF (IWD),iShares MSCI USA Value Factor ETF (CBOE:VLUE),Vanguard Value Index Fund ETF Shares (VTV) and theVanguard Small-Cap Value ETF (VBR)could be good choices to consider.
For investors who feel value is a long-term play, look to theDirexion Russell 1000 Value Over Growth ETF (RWVG) . RWVG seeks investment results that track the Russell 1000® Value/Growth 150/50 Net Spread Index (the “index”). The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the index or shares of exchange-traded funds (“ETFs”) on the Long Component of the index.
RWVG’s index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Value Index (the “Long Component”) and 50% short exposure to the Russell 1000® Growth Index (the “Short Component”).
For more market trends, visitETF Trends.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• Heated Tobacco May Replace Vaping Amidst Consumer Issues
• VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals
• Could Inverse ETFs Thrive In September?
• Social Media Stock SNAP Gets An Upgrade
• Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty
READ MORE AT ETFTRENDS.COM > || Value Stocks Could Be A Huge Play, Says J.P. Morgan Expert: This article was originally published on ETFTrends.com. Value stocks, which typically have low multiples and stable fundamentals, significantly outperformed their growth counterparts recently, and a J.P. Morgan expert says the trend could continue into October, especially if the planned U.S.-Chinese trade discussions go well. The iShares Edge MSCI USA Value Factor ETF (VLUE) climbed 1.8% on Monday while the iShares Edge MSCI USA Momentum Factor ETF (MTUM) slumped 1.7%. Data compiled by Bespoke Investment Group displayed this was momentums worst daily performance relative to value since its inception in early 2013. Marko Kolanovic, global head of the macro quantitative and derivatives strategy team at J.P. Morgan, said his opinion is based on how he observes investor positioning, the current lack of performance of value names, and the loosening of technical flows last month in equities and bonds, which catalyzed a drop in yields, which hit extreme lows. Given that the S&P 500 is heavy in bond proxies and secular growth, we would expect higher upside potential in small caps, cyclicals, value, and Emerging Market stocks than the broad S&P 500, Kolanovic noted. In July Kolanovic wrote, We think that the unprecedented divergence between various market segments offers a once in a decade opportunity to position for convergence. Kolanovic says there is now another hawkish divergence occurring, beginning last Friday with the record performance gap between large-cap companies and small-cap names. The strategist notes that his small-cap momentum indicator, based on a weighted one-, three-, six- and 12-month price momentum, reached its maximum negative reading, while simultaneously, the momentum signal for the S&P 500 was at its maximum positive reading. The only other time this occurred was in February, 1999, he added. Many similar indicators suggest the gap is not sustainable between value, cyclicals, SMid and high beta stocks on one side, and momentum, low volatility, and growth on the other side, he wrote. Story continues The JP Morgan quant experts believes that there could be a boost in manufacturing levels as long as trade talks go well. While manufacturing lags both, we see that in the coming months one could expect manufacturing activity to pick up given the increased monetary stimulus, providing support for the market and value stocks. We think October negotiations will be the key for future performance of equity markets and more broadly the global economy, the strategist wrote. For investors looking for pure value plays, well-known value ETFs like the iShares Russell 1000 Value ETF (IWD) , iShares MSCI USA Value Factor ETF (CBOE:VLUE) , Vanguard Value Index Fund ETF Shares ( VTV ) and the Vanguard Small-Cap Value ETF (VBR) could be good choices to consider. For investors who feel value is a long-term play, look to the Direxion Russell 1000 Value Over Growth ETF ( RWVG ) . RWVG seeks investment results that track the Russell 1000® Value/Growth 150/50 Net Spread Index (the index). The fund, under normal circumstances, invests at least 80% of its net assets (plus borrowing for investment purposes) in securities that comprise the Long Component of the index or shares of exchange-traded funds (ETFs) on the Long Component of the index. RWVGs index measures the performance of a portfolio that has 150% long exposure to the Russell 1000® Value Index (the Long Component) and 50% short exposure to the Russell 1000® Growth Index (the Short Component). For more market trends, visit ETF Trends . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs Heated Tobacco May Replace Vaping Amidst Consumer Issues VanEck And SolidX Take First Steps For Bitcoin-Related ETF Approvals Could Inverse ETFs Thrive In September? Social Media Stock SNAP Gets An Upgrade Gold, Precious Metals ETFs Surge on Geopolitical Uncertainty READ MORE AT ETFTRENDS.COM > || Bitmain launches new bitcoin miners to eager market: Bitmain, a market leader inBitcoinmining computers,launchedtwo new ASIC miners today. Shortly after the announcement,Northern Bitcoin, a Frankfurt-based technology company focused on Bitcoinannouncedit had successfully completed testing for its new air-cooled mobile mining container.
Bitmain’s miners, named S17e and T17e, are faster, more efficient, more durable, and more secure than previous models.
There’s no word on the price, but Bitmain is taking orders from today and eager buyers can expect to get their hands on them in November. Bitmain’s customers have experienceddelays before; so the company has promised to compensate anyone who received their devices later than expected by offering coupons that give them access to a bigger slice of the rewards in its mining pool.
Northern Bitcoin’s offering is slightly different: it’s anentire containerfull of 144 ASIC miners and is aimed at large scale crypto mining. The container, which is 20 feet long, is designed to be kept outdoors and has a special filter that only lets in cold outside air.
Moritz Jäger, CTO of Northern Bitcoin, said “The new air-cooled technology has been optimized for year-round cool locations. With the new container variant, we are thus extending our option to open up new locations in Scandinavia for our Bitcoin mining.”
It’s not ready for market yet–with no date yet on when it would be available for purchase. But its current offering, 21 water-cooled, 40-foot containers that each houses 210 miners, is operational at the Lefdal Mine Datacenter in Norway. In the new, air-cooled 20-foot container, more mining rigs can be crammed in due to a few design tweaks.
The miners are the latest innovations in a booming market that’s desperate for supply. Bitcoin’s hashrate recently surpassed 94 quintillion hashes per second, the highest on record. At this rate, it could hit 100 quintillion hashes per second some time later this week. Because the mining difficulty adjusts according to how many computers are mining for bitcoin at the same time, it shows how intensive competition is on the bitcoin mining network. As a result, revenues for mining have skyrocketed.
Digiconomistpits annualized global mining revenues today at $7.5 billion, according to current energy consumption. At the start of the year, annualized global mining revenueswere just $2.5 billion.
Unfortunately, what’s great for consumers is terrible for the environment.Digiconomist, which tracks the environmental impact of Bitcoin mining, estimates that the global annual bitcoin mining energy consumption is comparable to that of Denmark.The Guardianreports that Chinese mining operations, where most of bitcoin’s miners are based, use a lot of coal to keep their machines humming–and Canadian oil companies are using bitcoin mining as a loophole to avoidenvironmental quotas.
While Northern Bitcoin wants customers to use renewable energy to power its sizeable rig, and Bitmain boasts of its new offering’s efficiency, Bitcoin’s bulging energy bill looks set to keep growing. || Bitmain launches new bitcoin miners to eager market: Bitmain, a market leader in Bitcoin mining computers, launched two new ASIC miners today. Shortly after the announcement, Northern Bitcoin , a Frankfurt-based technology company focused on Bitcoin announced it had successfully completed testing for its new air-cooled mobile mining container. Bitmains miners, named S17e and T17e, are faster, more efficient, more durable, and more secure than previous models. Theres no word on the price, but Bitmain is taking orders from today and eager buyers can expect to get their hands on them in November. Bitmains customers have experienced delays before ; so the company has promised to compensate anyone who received their devices later than expected by offering coupons that give them access to a bigger slice of the rewards in its mining pool. Northern Bitcoins offering is slightly different: its an entire container full of 144 ASIC miners and is aimed at large scale crypto mining. The container, which is 20 feet long, is designed to be kept outdoors and has a special filter that only lets in cold outside air. Moritz Jäger, CTO of Northern Bitcoin, said The new air-cooled technology has been optimized for year-round cool locations. With the new container variant, we are thus extending our option to open up new locations in Scandinavia for our Bitcoin mining. Its not ready for market yetwith no date yet on when it would be available for purchase. But its current offering, 21 water-cooled, 40-foot containers that each houses 210 miners, is operational at the Lefdal Mine Datacenter in Norway. In the new, air-cooled 20-foot container, more mining rigs can be crammed in due to a few design tweaks. The miners are the latest innovations in a booming market thats desperate for supply. Bitcoins hashrate recently surpassed 94 quintillion hashes per second, the highest on record. At this rate, it could hit 100 quintillion hashes per second some time later this week. Because the mining difficulty adjusts according to how many computers are mining for bitcoin at the same time, it shows how intensive competition is on the bitcoin mining network. As a result, revenues for mining have skyrocketed. Story continues Digiconomist pits annualized global mining revenues today at $7.5 billion, according to current energy consumption. At the start of the year, annualized global mining revenues were just $2.5 billion . Unfortunately, whats great for consumers is terrible for the environment. Digiconomist , which tracks the environmental impact of Bitcoin mining, estimates that the global annual bitcoin mining energy consumption is comparable to that of Denmark. The Guardian reports that Chinese mining operations, where most of bitcoins miners are based, use a lot of coal to keep their machines hummingand Canadian oil companies are using bitcoin mining as a loophole to avoid environmental quotas . While Northern Bitcoin wants customers to use renewable energy to power its sizeable rig, and Bitmain boasts of its new offerings efficiency, Bitcoins bulging energy bill looks set to keep growing.
[Social Media Buzz]
@ERcrypto74 @BGIradji @bgarlinghouse Classic ad hominem attack.. You did everything except deny that BTC was centralized.. || Asia No.1 Texas Hold'em Poker
SSS POKER
Bitcoin* and Neteller
Special Rake Back Bonus
https://t.co/PJyif1vkN9
#poker #holdem #apt #texasholdem || @D4rkEnergYYY A lot of Times #btc tries to go up...but it will hit down || Nice || @TrexiaXRP Posted...
https://t.co/Fgq4CQWr4S || @OTC_Bitcoin Never trust @OTC_Bitcoin!!!
https://t.co/hCdpZikPLw || @CryptoGainz1 what you ...
|
10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09.
|
[Bitcoin Technical Analysis for 2016-01-04]
Volume: 38477500, RSI (14-day): 53.75, 50-day EMA: 403.78, 200-day EMA: 323.07
[Wider Market Context]
Gold Price: 1075.10, Gold RSI: 50.15
Oil Price: 36.76, Oil RSI: 44.03
[Recent News (last 7 days)]
Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle.
Money Issues
One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years.
Related Link:What's In Store For Bitcoin In 2016
On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fentonadmittedthat the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg.
A Bad Reputation
However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations.
One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015.
Does Bitcoin Need A Foundation?
While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further.
Hanging On By A Thread
On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials.
Image Credit:Public Domain
See more from Benzinga
• What Does The End Of The Oil Export Ban Mean For Investors?
• Could 2016 Be The Year Of Drone Deliveries?
• Are Bank Stocks The Way Forward In 2016?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle. Money Issues One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years. Related Link: What's In Store For Bitcoin In 2016 On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fenton admitted that the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg. A Bad Reputation However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations. One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015. Does Bitcoin Need A Foundation? While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further. Story continues Hanging On By A Thread On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials. Image Credit: Public Domain See more from Benzinga What Does The End Of The Oil Export Ban Mean For Investors? Could 2016 Be The Year Of Drone Deliveries? Are Bank Stocks The Way Forward In 2016? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Can The Bitcoin Foundation Last?: The Bitcoin Foundation was launched in 2012 as a way to provide legitimacy to bitcoin and cryptocurrencies at a time when they were relatively unknown. For two years, the foundation worked to lobby lawmakers, create public awareness and help bitcoin technology advance with the changing times. However, in 2014 when the price of bitcoin dropped dramatically, the foundation lost a great deal of its funding and now almost two years later, it continues to struggle.
Money Issues
One of the foundation's largest problems lies in its finances. The Bitcoin Foundation's board members have proven inexperienced at raising money and managing finances, an issue that has caused the organization to lose around $7 million over the course of the past two years.
Related Link:What's In Store For Bitcoin In 2016
On December 15 when the Bitcoin Foundation held its board meeting, Executive Director Bruce Fentonadmittedthat the organization was in dire straits and that more funding would be required in order to keep the foundation up and running, according to Bloomberg.
A Bad Reputation
However, while the bitcoin community strongly supports spreading the word about cryptocurrencies, the Bitcoin Foundation has found it increasingly difficult to recruit new members and drum up donations.
One of the reasons for this has been the organization's deteriorating reputation. As bitcoin itself was dragged through the mud due to high profile scams, some Bitcoin Foundation board members were wrapped up in scandals of their own. Former Vice Chairman of the Bitcoin Foundation Charlie Shrem is serving time in prison for his involvement in the illegal Silk Road marketplace, and founding member Mark Karpeles, the brain behind failed exchange Mt. Gox, was arrested on charges of embezzlement in August 2015.
Does Bitcoin Need A Foundation?
While the Bitcoin Foundation has been instrumental in helping the cryptocurrency advance, many believe the currency is likely to survive even without the organization. While the Bitcoin Foundation represents the first major entity to advocate cryptocurrencies, several others have since emerged and will likely take on the organization's role should it deteriorate further.
Hanging On By A Thread
On December 22, the Bitcoin Foundation voted to continue into the New Year and appointed three new board members. In an effort to turn things around, the foundation is working to revamp its mission statement and focus on maintaining healthier financials.
Image Credit:Public Domain
See more from Benzinga
• What Does The End Of The Oil Export Ban Mean For Investors?
• Could 2016 Be The Year Of Drone Deliveries?
• Are Bank Stocks The Way Forward In 2016?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 16 Bold ETF Predictions for 2016: 2015 wasn’t exactly a great year for fund investors. A few choice companies dominated and left their competitors in the dust, making it a pretty poor year to be a sector investor. For example, stocks like Amazon (AMZN) or Netflix (NFLX) more than doubled in 2015 while not a single major SPDR sector looks to finish the year with gains in excess of 11%. However, 2016 looks to be a bit brighter, assuming of course it isn’t going to be a ‘stock picker’s market’ again in the New Year. Beyond that though, it looks to be another exciting and prosperous year for the ETF industry, and one that looks to see plenty of changes, as well as new funds. In terms of what specifically the New Year might hold, I offer up 16 predictions on what I think 2016 will hold for the world of ETFs, and what investors need to watch for in the New Year: What does 2016 hold for the ETF world? Hedged currency trend finally ends One of the most annoying trends in 2015 has been the surge in every type of hedged currency ETF you could think of, be it half hedged, dynamic hedged, or Chinese currency hedged. While I think the dollar will strengthen a bit more, I think the second half of 2016 will see the flow of hedged ETFs slow to a trickle—if not an outright halt—as the dollar levels out and investors look elsewhere for gains in foreign markets (see Flurry of New Currency Hedged ETFs Fuels Price War ). ETMFs Debut, but stumble out of the gate Exchange Traded Mutual Funds are going to be a big buzzword in 2016 as companies like Eaton Vance look to launch this product type which seeks to provide the exchange-traded benefits of ETFs, with the closed-off holdings aspects of mutual funds to prevent front-running. While I think these will one day have a place in the fund world, they will stumble out of the gate as they confuse investors, unless of course big name players jump on this category and can bring their brand name following with them. More specialized sectors funds look to catch fire, but struggle After the insane rise of the cybersecurity ETF (HACK) in the past year, a number of ETF issuers are looking to strike it rich with similar products in the New Year. As of late, I have seen filings for e-commerce funds, 3D Printing ETFs, and an Internet of Things product, with all of them looking to catch fire like HACK did. However, HACK had a massive catalyst, and without that, the new funds will struggle for a bit to gain popularity in 2016 (see Invest in Booming Technologies with These 3 ETFs). Story continues IWM will beat SPY in 2016 Large caps led the way in 2015, mostly thanks to incredible performances from well-known companies. I think this trend reverses in 2016 and we see a return of the small cap ETF (IWM) and its outperformance over its large cap counterparts in the New Year. RSP will beat SPY in 2016 In that same vein, the equal weight S&P 500 fund (RSP) had long beaten its cap-focused counterpart, SPY . However, this trend ended in 2015 thanks to those surging mega cap securities. I am also looking for this trend to reverse in 2016 and to see a resurgence of equal weight product demand in general for the New Year as well. Surge in duration hedged/negative duration ETF interest A few years ago, hedged Japan ETFs (like DXJ ) hit the market and many thought they were too sophisticated for retail investors. However, as this turned out to be the best way to play the Japan story, investors of all stripes flocked to these products, making them ultra-popular choices in the Japan market. The same concerns are present now with hedged/negative duration bond funds and I think as interest rates rise these will have their time in the sun (by being the best bond ETF plays) and surge in popularity in 2016 ( Worried About Higher Interest Rates? Buy These 4 ETFs to Profit ). Ex-sector funds hit $100 million under management If 2016 is anything like 2015, we will see at least one major sector stumble. That is why I think the lineup from ProShares of ex-sector ETFs (ex-energy, ex-financials, ex-health care, and ex-technology) will finally surge in 2016 after languishing in anonymity for much of Q4 in 2015. With a year under their belt, these will finally see some interest from investors and will go from a combined AUM of under $20 million today, to a combined AUM of at least $100 million by year’s end. New SPDR Select Sector ETFs hit $100 million in assets State Street’s SPDR lineup has proven to be very popular, but the company recently launched two new products to round out its financial ETF offering; XLFS (focus on financial services) and XLRE (focus on real estate). Both of these made their debut in Q4 but haven’t really seen a surge in assets. I think this will change in 2016 as the interest rate picture becomes clearer, making at least one of them a $100 million product, up from roughly $16 million total right now. Oil-free in 2016 The trend against oil investing will continue in 2016 and I think we will see at least a few more fossil-free funds hit the market as investors look to avoid this space in their portfolios. I also think we could see an oil-free bond ETF (or fossil free bond ETF) as issuers look to cash in on the trend against oil investments and over the concerns of defaults in the high yield market in this corner of the fixed income world (read Support the Environment and Profit with Fossil Fuel Free ETFs ). ETF Closures Go Over 100 and Hit/Approach a Record There are nearly 20 funds that have less than $1 million in assets under management, while about 300 have less than $5 million under management. There is basically no way these are profitable and I am sure we will see a host of closures in 2016 as the writing on the wall becomes clear for many of these strategies. This will make 2016 another big, if not the biggest, year for ETF closures on record. Someone Will Close Down Too Early The flip side of this is that a fund will close down too early. In 2016, I predict a fund will shut its doors only to see its segment go on to great popularity within the next few months. We saw this with FAA and the airline space (among others) and it is hard to discount the importance of timing in the ETF world right now, so look for this to happen to a country or sector fund in the New Year (see Finally a New Airline ETF Prepares to Take Off). Two similar ETFs will launch within a one month window You know when Hollywood launches two similar movies pretty close together ( White House Down and Olympus Has Fallen or A Bug’s Life and Antz back in the day)? Well, the ETF industry likes to do that too, putting out funds that target pretty much the same area within a few weeks of each other. The idea is to dilute the first-mover advantage (or to race and become the first mover) and I’d look for that trend to continue in 2016 at least once. Wearable ETF hits the market (or at least a filing) Thanks to the ubiquitous nature of Fitbit (FIT) and a boost in interest in all technology connected devices that are ‘wearable’, a number of companies are jumping into this market. As we saw in recent months with cyber security and cloud computing ETFs, I’d expect to see a wearable (ticker WEAR?) before too long, or at least a filing that will get this fund to market eventually. Bitcoin fund finally comes out For quite some time now, there has been a filing in the pipeline for a bitcoin ETF (COIN) from the Winklevoss twins of all people. The first filing was in 2013, an index was launched earlier in 2014, and I think 2016 will finally mark see this idea pass regulatory hurdles as well as the launch of this product which should help to make bitcoins more easily tradable and liquid for the masses, much like what GLD did for gold (read Believe It or Not: Winklevoss Bitcoin ETF on the Horizon ). Price war continues As the ETF space starts to round out, many ETF issuers have launched ‘me-too’ products which target substantially similar segments of the market. The way they differentiate has largely been on the price front and this has forced issuers to slash costs in order to remain competitive. This war has been great for consumers who look to save more money, and I expect to see more fee cuts and price competitive products in 2016 as well. You’ll see more calls of an ETF Bubble… These will be wrong Every couple of months, ETF pundits will write articles or go on TV saying that the end is near for the ETF world and that the category cannot support more products. These predictions have been wrong before and they will be wrong again in 2016. While there are a lot more ETFs than there were a few years ago, there is still plenty of more sector specific and active ETF opportunities out there, meaning that investors shouldn’t be worried about a bubble again in the New Year either (see Best and Worst ETFs of 2015). Happy New Year and best of luck to fund investors in 2016! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FITBIT INC (FIT): Free Stock Analysis Report PURFDS-ISE CYBR (HACK): ETF Research Reports ISHARS-R 2000 (IWM): ETF Research Reports SPDR-FS SELS (XLFS): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports GUGG-SP5 EQ ETF (RSP): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || 16 Bold ETF Predictions for 2016: 2015 wasn’t exactly a great year for fund investors. A few choice companies dominated and left their competitors in the dust, making it a pretty poor year to be a sector investor. For example, stocks likeAmazon (AMZN)orNetflix (NFLX)more than doubled in 2015 while not a single major SPDR sector looks to finish the year with gains in excess of 11%.
However, 2016 looks to be a bit brighter, assuming of course it isn’t going to be a ‘stock picker’s market’ again in the New Year. Beyond that though, it looks to be another exciting and prosperous year for the ETF industry, and one that looks to see plenty of changes, as well as new funds. In terms of what specifically the New Year might hold, I offer up 16 predictions on what I think 2016 will hold for the world of ETFs, and what investors need to watch for in the New Year:
Hedged currency trend finally ends
One of the most annoying trends in 2015 has been the surge in every type of hedged currency ETF you could think of, be it half hedged, dynamic hedged, or Chinese currency hedged. While I think the dollar will strengthen a bit more, I think the second half of 2016 will see the flow of hedged ETFs slow to a trickle—if not an outright halt—as the dollar levels out and investors look elsewhere for gains in foreign markets (see Flurry of New Currency Hedged ETFs Fuels Price War ).
ETMFs Debut, but stumble out of the gate
Exchange Traded Mutual Funds are going to be a big buzzword in 2016 as companies like Eaton Vance look to launch this product type which seeks to provide the exchange-traded benefits of ETFs, with the closed-off holdings aspects of mutual funds to prevent front-running. While I think these will one day have a place in the fund world, they will stumble out of the gate as they confuse investors, unless of course big name players jump on this category and can bring their brand name following with them.
More specialized sectors funds look to catch fire, but struggle
After the insane rise of thecybersecurity ETF (HACK)in the past year, a number of ETF issuers are looking to strike it rich with similar products in the New Year. As of late, I have seen filings for e-commerce funds, 3D Printing ETFs, and an Internet of Things product, with all of them looking to catch fire like HACK did. However, HACK had a massive catalyst, and without that, the new funds will struggle for a bit to gain popularity in 2016 (see Invest in Booming Technologies with These 3 ETFs).
IWM will beat SPY in 2016
Large caps led the way in 2015, mostly thanks to incredible performances from well-known companies. I think this trend reverses in 2016 and we see a return of thesmall cap ETF (IWM)and its outperformance over its large cap counterparts in the New Year.
RSP will beat SPYin 2016
In that same vein, theequal weight S&P 500 fund (RSP)had long beaten its cap-focused counterpart,SPY. However, this trend ended in 2015 thanks to those surging mega cap securities. I am also looking for this trend to reverse in 2016 and to see a resurgence of equal weight product demand in general for the New Year as well.
Surge in duration hedged/negative duration ETF interest
A few years ago, hedged Japan ETFs (likeDXJ) hit the market and many thought they were too sophisticated for retail investors. However, as this turned out to be the best way to play the Japan story, investors of all stripes flocked to these products, making them ultra-popular choices in the Japan market. The same concerns are present now with hedged/negative duration bond funds and I think as interest rates rise these will have their time in the sun (by being the best bond ETF plays) and surge in popularity in 2016 ( Worried About Higher Interest Rates? Buy These 4 ETFs to Profit ).
Ex-sector funds hit $100 million under management
If 2016 is anything like 2015, we will see at least one major sector stumble. That is why I think the lineup from ProShares of ex-sector ETFs (ex-energy, ex-financials, ex-health care, and ex-technology) will finally surge in 2016 after languishing in anonymity for much of Q4 in 2015. With a year under their belt, these will finally see some interest from investors and will go from a combined AUM of under $20 million today, to a combined AUM of at least $100 million by year’s end.
New SPDR Select Sector ETFs hit $100 million in assets
State Street’s SPDR lineup has proven to be very popular, but the company recently launched two new products to round out its financial ETF offering;XLFS(focus on financial services) and XLRE (focus on real estate). Both of these made their debut in Q4 but haven’t really seen a surge in assets. I think this will change in 2016 as the interest rate picture becomes clearer, making at least one of them a $100 million product, up from roughly $16 million total right now.
Oil-free in 2016
The trend against oil investing will continue in 2016 and I think we will see at least a few more fossil-free funds hit the market as investors look to avoid this space in their portfolios. I also think we could see an oil-free bond ETF (or fossil free bond ETF) as issuers look to cash in on the trend against oil investments and over the concerns of defaults in the high yield market in this corner of the fixed income world (read Support the Environment and Profit with Fossil Fuel Free ETFs ).
ETF Closures Go Over 100 and Hit/Approach a Record
There are nearly 20 funds that have less than $1 million in assets under management, while about 300 have less than $5 million under management. There is basically no way these are profitable and I am sure we will see a host of closures in 2016 as the writing on the wall becomes clear for many of these strategies. This will make 2016 another big, if not the biggest, year for ETF closures on record.
Someone Will Close Down Too Early
The flip side of this is that a fund will close down too early. In 2016, I predict a fund will shut its doors only to see its segment go on to great popularity within the next few months. We saw this with FAA and the airline space (among others) and it is hard to discount the importance of timing in the ETF world right now, so look for this to happen to a country or sector fund in the New Year (see Finally a New Airline ETF Prepares to Take Off).
Two similar ETFs will launch within a one month window
You know when Hollywood launches two similar movies pretty close together (White House DownandOlympus Has FallenorA Bug’s LifeandAntzback in the day)? Well, the ETF industry likes to do that too, putting out funds that target pretty much the same area within a few weeks of each other. The idea is to dilute the first-mover advantage (or to race andbecomethe first mover) and I’d look for that trend to continue in 2016 at least once.
Wearable ETF hits the market (or at least a filing)
Thanks to the ubiquitous nature ofFitbit (FIT)and a boost in interest in all technology connected devices that are ‘wearable’, a number of companies are jumping into this market. As we saw in recent months with cyber security and cloud computing ETFs, I’d expect to see a wearable (ticker WEAR?) before too long, or at least a filing that will get this fund to market eventually.
Bitcoin fund finally comes out
For quite some time now, there has been a filing in the pipeline for a bitcoin ETF (COIN) from the Winklevoss twins of all people. The first filing was in 2013, an index was launched earlier in 2014, and I think 2016 will finally mark see this idea pass regulatory hurdles as well as the launch of this product which should help to make bitcoins more easily tradable and liquid for the masses, much like whatGLDdid for gold (read Believe It or Not: Winklevoss Bitcoin ETF on the Horizon ).
Price war continues
As the ETF space starts to round out, many ETF issuers have launched ‘me-too’ products which target substantially similar segments of the market. The way they differentiate has largely been on the price front and this has forced issuers to slash costs in order to remain competitive. This war has been great for consumers who look to save more money, and I expect to see more fee cuts and price competitive products in 2016 as well.
You’ll see more calls of an ETF Bubble… These will be wrong
Every couple of months, ETF pundits will write articles or go on TV saying that the end is near for the ETF world and that the category cannot support more products. These predictions have been wrong before and they will be wrong again in 2016. While there are a lot more ETFs than there were a few years ago, there is still plenty of more sector specific and active ETF opportunities out there, meaning that investors shouldn’t be worried about a bubble again in the New Year either (see Best and Worst ETFs of 2015).
Happy New Year and best of luck to fund investors in 2016!
Want the latest recommendations from Zacks Investment Research? Today, you can download7 Best Stocks for the Next 30 Days.Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportFITBIT INC (FIT): Free Stock Analysis ReportPURFDS-ISE CYBR (HACK): ETF Research ReportsISHARS-R 2000 (IWM): ETF Research ReportsSPDR-FS SELS (XLFS): ETF Research ReportsSPDR-SP 500 TR (SPY): ETF Research ReportsGUGG-SP5 EQ ETF (RSP): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || Your first trade for Wednesday: The "Fast Money" traders delivered their final picks with just two trading days left in the year.
Pete Najarian was a buyer ofWynn Resorts(WYNN).
Brian Kelly was a buyer of Trina Solar(TSL).
Dan Nathan was a seller of McDonald's(MCD).
Guy Adami was a buyer of Thermo Fisher Scientific(TMO).
Trader disclosure: On December 29, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is longLong AAPL, BAC, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls A, ABX, BAC, COP, DAL, DDD, EMR, EXAS, HAIN, HUN, LC, LULU, MOS, MSFT, NRF, NSAM, PNR, SCSS, UAL, VZ, WLL, WYNN, He is long puts FCX, MRO, WFT. Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, Long TWTR March Risk Reversal, Long UUP March call, Long XLU Feb Call spread, Long PYPL Jan Risk Reversal, Long M Jan16 call spread, Long NTAP Jan risk reversal, Long GM Jan Put Butterfly, Long Len Jan Put Fly, Long QCOM feb calls, Short SPY, Long UUP. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yen, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Wednesday: The " Fast Money " traders delivered their final picks with just two trading days left in the year. Pete Najarian was a buyer ofWynn Resorts ( WYNN ) . Brian Kelly was a buyer of Trina Solar ( TSL ) . Dan Nathan was a seller of McDonald's ( MCD ) . Guy Adami was a buyer of Thermo Fisher Scientific ( TMO ) . Trader disclosure: On December 29, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long Long AAPL, BAC, BMY, BP, DIS, DISCA, FOXA, GE, KO, MRK, PEP, PFE, he is long calls A, ABX, BAC, COP, DAL, DDD, EMR, EXAS, HAIN, HUN, LC, LULU, MOS, MSFT, NRF, NSAM, PNR, SCSS, UAL, VZ, WLL, WYNN, He is long puts FCX, MRO, WFT. Dan Nathan is long MCD Feb Put Spread, Long PFE buy-write, Long TWTR March Risk Reversal, Long UUP March call, Long XLU Feb Call spread, Long PYPL Jan Risk Reversal, Long M Jan16 call spread, Long NTAP Jan risk reversal, Long GM Jan Put Butterfly, Long Len Jan Put Fly, Long QCOM feb calls, Short SPY, Long UUP. Brian Kelly is long BBRY, Bitcoin, GDX, GLD, Hong Kong Dollar, TLT, US Dollar; he is short British Pound, Euro, Yen, Yuan, Canadian Dollar, GSG, EEM, EWC, EWH, KRE, SPY. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Anarchists love 2015's best performing asset: Gold is down nearly 10 percent, major U.S. stock indexes are roughly flat and energy commodities have nearly all fallen more than 30 percent: It's been a tough year for investors. And while individual stocks have seen big pops on headlines, perhaps the best performing non-equity asset of the year is a favorite among crypto-anarchists. Bitcoin (: BTC=) , the digital currency heralded as a potential successor to the global monetary system, is up about 37 percent against the U.S. dollar since the beginning of the year. The cryptocurrency went for about $313 at the beginning of the year, according to CoinDesk's composite price index, and is now changing hands at around $430. Those huge gains come after starting the year on rocky footing: Bitcoin dipped to below $175 in mid-January. But after a few false starts, the digital currency has been largely gaining ground since the beginning of October. (One of the few investment options with a comparable 2015 return is Argentina's benchmark Merval — up about 40 percent on the year. Although U.S. investors playing the Global X Argentina ETF would be disappointed by the fund's slight loss in 2015.) It's hard to say what's actually caused Bitcoin's rise during the last three months of 2015. In November, digital ecosystem observers told CNBC that a 70 percent one-month spike may have been caused in part by headlines like the Winklevoss twins launching their exchange and the Digital Currency Group announcing funding from Bain and MasterCard . Others suggested that the relatively lightly traded asset could have been jumping on speculators' fear of missing out (FOMO). For Brendan O'Connor, the CEO of bitcoin trading firm Genesis Global Trading, the year-end run up was the result of a series of positive trends for the asset. On the one hand, O'Connor said, funding announcements from bitcoin-related start-ups helped to establish the legitimacy of the sector — and its underlying technology. This has helped push institutional investors into making investments in both the digital token and the over-the-counter Bitcoin Investment Trust ( more on that ETF-like vehicle can be found here ). Story continues "They're looking for investments in non-correlated asset classes," O'Connor said, explaining that financial firms regularly come to his office to learn how to trade bitcoin. "I still think that by and large they're viewing it as a speculative investment, but I think that their willingness to test the waters has increased dramatically." Another important trend in the space has been the gradually increasing interest the technology — and it's negligible fee structure — for remittance payments and as a daily currency in monetarily challenged parts of the world, O'Connor said. That potential came to the forefront of the tech discussion during the summer's Greek crisis: When the country instituted capital controls in the face of increasingly dire eurozone negotiations, countless articles were written about bitcoin's potential for struggling citizens . It's unclear if those prophecies ever came to any real fruition, but investors in the space say the positive press coverage at least boosted awareness of bitcoin's potential. Finally, bitcoin may have simply benefited from the lack of any disastrous headlines. Many traders say the cryptocurrency has shed the pall of failed exchange Mt. Gox — which quickly shuttered in 2014 after saying it lost 850,000 bitcoins (worth about $365 million today). Bitcoin's fall from more than $1,150 near the end of 2013 to this January's $200 levels represented the asset's "long winter," according to economist Tuur Demeester, editor-in-chief of bitcoin-focused Adamant Research. The story of 2015, therefore, has been a bottoming out for the digital asset, and a climb to revaluation. Bitcoin's fall from its highs, Demeester said, was the result of "bubblicious" investing in 2013 (with some help from Mt. Gox). Pricing levels remained depressed for so long because companies had become over-leveraged, and so had been squeezed into heavy bitcoin selling, he said. As for 2016, Demeester suggested that the cryptocurrency could likely see another leg up as newly confident investors seek the right market valuation. "But," he said, "with bitcoin you have to expect to be surprised." More From CNBC Top News and Analysis Latest News Video Personal Finance || Anarchists love 2015's best performing asset: Gold is down nearly 10 percent, major U.S. stock indexes are roughly flat and energy commodities have nearly all fallen more than 30 percent: It's been a tough year for investors. And while individual stocks have seen big pops on headlines, perhaps the best performing non-equity asset of the year is a favorite among crypto-anarchists.
Bitcoin(: BTC=), the digital currency heralded as a potential successor to the global monetary system, is up about 37 percent against the U.S. dollar since the beginning of the year. The cryptocurrency went for about $313 at the beginning of the year, according to CoinDesk's composite price index, and is now changing hands at around $430.
Those huge gains come after starting the year on rocky footing: Bitcoin dipped to below $175 in mid-January. But after a few false starts, the digital currency has been largely gaining ground since the beginning of October.
(One of the few investment options with a comparable 2015 return is Argentina's benchmark Merval — up about 40 percent on the year. Although U.S. investors playing the Global X Argentina ETF would be disappointed by the fund's slight loss in 2015.)
It's hard to say what's actually caused Bitcoin's rise during the last three months of 2015.
In November,digital ecosystem observers told CNBCthat a 70 percent one-month spike may have been caused in part byheadlines like theWinklevoss twins launching their exchangeand the Digital Currency Groupannouncing fundingfrom Bain andMasterCard.Others suggestedthat the relatively lightly traded asset could have been jumping on speculators' fear of missing out (FOMO).
For Brendan O'Connor, the CEO of bitcoin trading firm Genesis Global Trading, the year-end run up was the result of a series of positive trends for the asset.
On the one hand, O'Connor said, funding announcements from bitcoin-related start-ups helped to establish the legitimacy of the sector — and its underlying technology. This has helped push institutional investors into making investments in both the digital token and the over-the-counter Bitcoin Investment Trust (more on that ETF-like vehicle can be found here).
"They're looking for investments in non-correlated asset classes," O'Connor said, explaining that financial firms regularly come to his office to learn how to trade bitcoin. "I still think that by and large they're viewing it as a speculative investment, but I think that their willingness to test the waters has increased dramatically."
Another important trend in the space has been the gradually increasing interest the technology — and it's negligible fee structure — for remittance payments and as a daily currency in monetarily challenged parts of the world, O'Connor said.
That potential came to the forefront of the tech discussion during the summer's Greek crisis: When the country instituted capital controls in the face of increasingly dire eurozone negotiations,countlessarticleswerewrittenaboutbitcoin'spotentialforstrugglingcitizens.
It's unclear if those prophecies ever came to any real fruition, but investors in the space say the positive press coverage at least boosted awareness of bitcoin's potential.
Finally, bitcoin may have simply benefited from the lack of any disastrous headlines. Many traders say the cryptocurrency has shed the pall offailed exchange Mt. Gox— which quickly shuttered in 2014 after saying it lost 850,000 bitcoins (worth about $365 million today).
Bitcoin's fall from more than $1,150 near the end of 2013 to this January's $200 levels represented the asset's "long winter," according to economist Tuur Demeester, editor-in-chief of bitcoin-focused Adamant Research. The story of 2015, therefore, has been a bottoming out for the digital asset, and a climb to revaluation.
Bitcoin's fall from its highs, Demeester said, was the result of "bubblicious" investing in 2013 (with some help from Mt. Gox). Pricing levels remained depressed for so long because companies had become over-leveraged, and so had been squeezed into heavy bitcoin selling, he said.
As for 2016, Demeester suggested that the cryptocurrency could likely see another leg up as newly confident investors seek the right market valuation.
"But," he said, "with bitcoin you have to expect to be surprised."
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 5 'Bold' Predictions For 2016: In a new report, Cup & Handle Macro analyst Michael Lingenheld revealed five bold market predictions for 2016. Here’s a breakdown of his list.
1. Revolution in a major emerging market
Lingenheld believes that South Africa is the top target, but names Turkey, Indonesia, Malaysia, Saudi Arabia, Ukraine and Russia as other possibilities. All of these countries are currently suffering from large debt burdens, poor leadership and high youth unemployment.
2. Bitcoin outperforms all fiat currencies
Lingenheld made this same prediction prior to 2015, and it came true. Bitcoin gained 35 percent in 2015, and he sees no reason why the cryptocurrency won’t outperform again in 2016.
3. A major currency peg will break
Lingenheld notes that the IMF’s annual review of currency regimes revealed than only 35 percent of member countries let their currencies float as of the beginning of 2015. He adds that Middle Eastern countries suffering from low oil prices are top candidates, including Saudi Arabia, Kuwait and UAE.
“Bringing down any of these pegs would be a major macro story, but a free-floating or devalued Hong Kong Dllar would be a monumental development,” Lingenheld explains.
4. Corn and wheat will each rally at least 20 percent
Global stock-to-use ratios are at 16-year highs, and low gas prices have been a major boost for farmers. However, Lingenheld is not convinced that crop prices are high enough to drive a huge planting season in the spring.
5. A unicorn company will go bankrupt
Lingenheld sees a shift in market enthusiasm for new tech companies, including the disappointingSquare Inc(NYSE:SQ) IPO pricing. He believes that the reality of competing with big tech companies likeAlphabet Inc(NASDAQ:GOOGL), Apple Inc.(NASDAQ:AAPL) andAmazon.com, Inc.(NASDAQ:AMZN) will start weighing heavily on smaller unicorn companies and their investors.
Disclosure: the author holds no position in the stocks mentioned.
Latest Ratings for AAPL
[{"Dec 2015": "Dec 2015", "Cowen & Company": "Barclays", "Maintains": "Maintains", "": "", "Market Perform": "Overweight"}, {"Dec 2015": "Dec 2015", "Cowen & Company": "BMO Capital", "Maintains": "Initiates Coverage on", "": "", "Market Perform": "Outperform"}]
View More Analyst Ratings for AAPLView the Latest Analyst Ratings
See more from Benzinga
• Apple's Chart Indicates A Tough Start To 2016 Ahead
• CES 2016 Expected To Be Huge For Drones, Virtual Reality And Wearables
• Apple Stock For ? How Fractional Investing Changes The Game
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 5 'Bold' Predictions For 2016: In a new report, Cup & Handle Macro analyst Michael Lingenheld revealed five bold market predictions for 2016. Heres a breakdown of his list. 1. Revolution in a major emerging market Lingenheld believes that South Africa is the top target, but names Turkey, Indonesia, Malaysia, Saudi Arabia, Ukraine and Russia as other possibilities. All of these countries are currently suffering from large debt burdens, poor leadership and high youth unemployment. 2. Bitcoin outperforms all fiat currencies Lingenheld made this same prediction prior to 2015, and it came true. Bitcoin gained 35 percent in 2015, and he sees no reason why the cryptocurrency wont outperform again in 2016. 3. A major currency peg will break Lingenheld notes that the IMFs annual review of currency regimes revealed than only 35 percent of member countries let their currencies float as of the beginning of 2015. He adds that Middle Eastern countries suffering from low oil prices are top candidates, including Saudi Arabia, Kuwait and UAE. Bringing down any of these pegs would be a major macro story, but a free-floating or devalued Hong Kong Dllar would be a monumental development, Lingenheld explains. 4. Corn and wheat will each rally at least 20 percent Global stock-to-use ratios are at 16-year highs, and low gas prices have been a major boost for farmers. However, Lingenheld is not convinced that crop prices are high enough to drive a huge planting season in the spring. 5. A unicorn company will go bankrupt Lingenheld sees a shift in market enthusiasm for new tech companies, including the disappointing Square Inc (NYSE: SQ ) IPO pricing. He believes that the reality of competing with big tech companies like Alphabet Inc (NASDAQ: GOOGL ) , Apple Inc. (NASDAQ: AAPL ) and Amazon.com, Inc. (NASDAQ: AMZN ) will start weighing heavily on smaller unicorn companies and their investors. Disclosure: the author holds no position in the stocks mentioned. Latest Ratings for AAPL Dec 2015 Cowen & Company Maintains Market Perform Dec 2015 Barclays Maintains Overweight Dec 2015 BMO Capital Initiates Coverage on Outperform View More Analyst Ratings for AAPL View the Latest Analyst Ratings Story continues See more from Benzinga Apple's Chart Indicates A Tough Start To 2016 Ahead CES 2016 Expected To Be Huge For Drones, Virtual Reality And Wearables Apple Stock For ? How Fractional Investing Changes The Game © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
LIVE: Profit = $443.93 (5.28 %). BUY B20.42 @ $420.00 (#VirCurex). SELL @ $433.86 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || Courtesy of @MoosePicks_ Live #Bitcoin Price is $433.00 @Chain Get Ready To Pick #btc Price at http://tinyurl.com/betmoose || 1 #bitcoin = $7480.00 MXN | $431.07 USD #BitAPeso 1 USD = 17.35MXN http://www.bitapeso.com || LIVE: Profit = $364.77 (4.34 %). BUY B20.42 @ $420.00 (#VirCurex). SELL @ $430.18 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org ...
|
431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19.
|
[Bitcoin Technical Analysis for 2016-06-03]
Volume: 122020000, RSI (14-day): 85.77, 50-day EMA: 467.75, 200-day EMA: 413.65
[Wider Market Context]
Gold Price: 1240.10, Gold RSI: 48.80
Oil Price: 48.62, Oil RSI: 62.76
[Recent News (last 7 days)]
Your first trade for Thursday, June 2: The "Fast Money" traders shared which plays they'd make on Thursday.
Pete Najarian was a buyer of Pandora(NYSE: P).
Karen Finerman was a buyer of Michael Kors(NYSE: KORS).
Brian Kelly was a seller of Freeport-McMoRan(NYSE: FCX).
Guy Adami was a buyer of Lululemon(NASDAQ: LULU).
Trader disclosure: On June 1, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Pete Najarian is long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, C, CSX, EGO, EWZ, GLW, GS, GSAT, HAL, HBAN, KGC, LLY, MDLZ, MSFT, MT, MU, NLNK, P, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, NAV, SCTY, VLO.
Wolfe Research Sr. Oil & Gas Analyst Paul Sankey: No disclosures.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Thursday, June 2: The " Fast Money " traders shared which plays they'd make on Thursday. Pete Najarian was a buyer of Pandora (NYSE: P) . Karen Finerman was a buyer of Michael Kors (NYSE: KORS) . Brian Kelly was a seller of Freeport-McMoRan (NYSE: FCX) . Guy Adami was a buyer of Lululemon (NASDAQ: LULU) . Trader disclosure: On June 1, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Pete Najarian is long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, C, CSX, EGO, EWZ, GLW, GS, GSAT, HAL, HBAN, KGC, LLY, MDLZ, MSFT, MT, MU, NLNK, P, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, NAV, SCTY, VLO. Wolfe Research Sr. Oil & Gas Analyst Paul Sankey: No disclosures. More From CNBC Top News and Analysis Latest News Video Personal Finance || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: moshe hogeg mirage (Mirage) Moshe Hogeg and team. People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of the once high-flying startup Mobli. Mobli raised $86 million in venture funds in six years, including from some big names. But the company made cuts this week in layoffs first reported by the Israeli business newspaper Calcalist and confirmed by Business Insider. Mobli's CEO, Moshe Hogeg, told us that the company had cut 15 employees this week and was closing its Israeli research-and-development center. Sources are telling us that this represents all of Mobli's remaining Israeli employees, though Hogeg insists that the company is not being closed down entirely. He says he is retaining an R&D team in Europe. Mobli employed about 50 people at its height, but sources tell us only a handful remain. In Israel, the shock isn't so much that Mobli is struggling — it's that people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next. How is this company still alive? Mobli sprang to life in 2010 as a photo-sharing social-media site backed by high-profile angel investors including Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised. Lance Armstrong, yellow jerseys (Mobli.com) Lance Armstrong. Perhaps the highest-profile photo shared using Mobli was Armstrong's notorious photo of himself with his Tour de France jerseys after he was barred for life by the International Cycling Union for doping . But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network. The company pivoted to other apps. In 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites. It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos. Story continues "We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless," Hogeg confirmed to us. See ya later, Slant? Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing, and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, as reported by Politico . Mobli Galaxia (www.galaxia.co) Mobli's Galaxia. A former employee told us that much of this traffic was generated through paid-ad campaigns by services like Outbrain . Slant later told Politico that it was not closed for good but would be back once the company figured out a new business model. Gutterman has moved on to a new job at The Dose, however, and the site is not functioning. Mobli now has a new project, a social-network app called Galaxia that launched in March, in which people are encouraged to take on different "personas." Mobli says Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, but Hogeg tells us that the true price was really "just a few million." The people we talked to have marveled that Mobli says it is still in business and can't understand how. Hogeg says Mobli has been clear where its money has come from: venture investors. "We've always been very transparent about our funding," he says. "Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far." Mobli was also known for being one of the first startups to use Nasdaq's private market , allowing early employees to cash out their shares in the company by selling them to other private investors. (Sirin Labs) Sirin Labs' $14,000 phone. A $14,000 phone In the meantime, Moshe Hogeg is focused on a new company, Sirin Labs , where he is president, investor, and cofounder but not CEO. The CEO is Tal Cohen. Right after employees were let go at Mobli, Sirin launched its product on Tuesday in London: a smartphone for about $14,000, or 9,500 pounds. The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data. Sirin says it raised $72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel. NOW WATCH: This smartphone works by bending it More From Business Insider This 24-year old raised $6 million in Bitcoin in a month to build a new kind of app store How a 16-year-old kid built his dream video game company with no money Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: (Mirage)Moshe Hogeg and team.
People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of the once high-flying startup Mobli.
Mobli raised $86 million in venture funds in six years, including from some big names.
But the company made cuts this week in layoffs first reported by theIsraeli business newspaper Calcalistand confirmed by Business Insider.
Mobli's CEO, Moshe Hogeg, told us that the company had cut 15 employees this week and was closing its Israeli research-and-development center.
Sources are telling us that this represents all of Mobli's remaining Israeli employees, though Hogeg insists that the company is not being closed down entirely. He says he is retaining an R&D team in Europe.
Mobli employed about 50 people at its height, but sources tell us only a handful remain.
In Israel, the shock isn't so much that Mobli is struggling — it's that people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next.
Mobli sprang to life in 2010 as a photo-sharing social-media site backed by high-profile angel investors including Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised.
(Mobli.com)Lance Armstrong.
Perhaps the highest-profile photo shared using Mobli was Armstrong's notorious photo of himself with hisTour de France jerseys after he was barred for life by the International Cycling Unionfor doping.
But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network.
The company pivoted to other apps. In 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites.
It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos.
"We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless,"Hogeg confirmed to us.
Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing, and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, asreported by Politico.
(www.galaxia.co)Mobli's Galaxia.
A former employee told us that much of this traffic was generated through paid-ad campaigns by services likeOutbrain.
Slant later told Politico that it was not closed for good but would be back once the company figured out a new business model.Guttermanhas moved on to a new job at The Dose, however, and the site is not functioning.
Mobli now has a new project,a social-network app called Galaxiathat launched in March, in which people are encouraged to take on different "personas."
Mobli says Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, butHogeg tells us that the true price was really "just a few million."
The people we talked to have marveled that Mobli says it is still in business and can't understand how.
Hogeg says Mobli has been clear where its money has come from: venture investors.
"We've always been very transparent about our funding," he says. "Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far."
Mobli was also known for beingone of the first startups to use Nasdaq's private market, allowing early employees to cash out their shares in the company by selling them to other private investors.
In the meantime,Moshe Hogeg is focused on a new company,Sirin Labs, where he is president, investor, and cofounder but not CEO. The CEO is Tal Cohen.
Right after employees were let go at Mobli, Sirin launched its product on Tuesday in London: a smartphone forabout $14,000, or9,500 pounds.
The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data.
Sirin says it raised$72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel.
NOW WATCH:This smartphone works by bending it
More From Business Insider
• This 24-year old raised $6 million in Bitcoin in a month to build a new kind of app store
• How a 16-year-old kid built his dream video game company with no money
• Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || Vietnam Is Ready for the and Wave of Privatization: - By Long Tran Thang
The first thing that comes to people's minds about Vietnam is usually a 20 years' war that divided the country and somehow the world until 1975. Vietnam has more to offer than just a war memory or an emerging travel destination.
So permit me to briefly summarize Vietnam and its economy. Located in the southeast of the continent of Asia, Vietnam covers 310,070 square kilometers of land and 21,140 square kilometers of water, making it the 66th-largest nation in the world with a total area of 331,210 square kilometers. Vietnam shares land borders with China, Laos and Cambodia and sea border with China, Taiwan, The Philippines, Malaysia, Indonesia, Thailand and Cambodia. Vietnam's GDP reached U.S. $204 billion last year with a 10-year growth average of 5.7%.
• Warning! GuruFocus has detected 4 Warning Sign with WMT. Click here to check it out.
• BSI 15-Year Financial Data
• The intrinsic value of BSI
• Peter Lynch Chart of BSI
The dynamic behind one of the fastest-growing economies is the golden structure of a young and large population (94 million people and 60% under 30 years old). After "Doimoi" 1986 (30 years ago), Vietnam transformed from a centralized economy to a market-oriented economy and joined the lower middle income countries group.
Vietnam currency, real GDP growth, stock return, P/B vs.Aemerging countries(2015)
(click to enlarge)
Source: BIDV Securities Company BSC
Enough about the big picture, let's take a look at Vietnam's stock market which is classified as a frontier market by MSCI. The main Index a Vnindex (Hochiminh Stock Exchange) started from 100 points in 2000 and now stays around 600 points after 16 years. Among the youngest stock markets, the "mid-teen" stock market of Vietnam has gone through many ups and downs. On May 23, President Barack Obama visited Vietnam. The last two times an American president visited Vietnam, the Vnindex soared in the two months before and after the event by 31% in 2000 and 49.9% in 2006.
The first wave of privatizationinVietnam's stock market
What I call the first wave of Vietnam's stock market (2002-2006) was the golden time when foreign investors visited and stayed for a few weeks just to open an account to invest in listed stocks and IPOs in Vietnam.
Vnindex at the Hochiminh Stock Exchange increased by 144% in 2006 while HNX-Index in the Hanoi Stock Exchange rose by 152.4%. The total market capitalization was $13.8 billion in late 2006 (22.7% of GDP), in which foreign investors held approximately U.S. $4 billion, accounting for 16.4% of the capitalization of the entire market.
In 2007, the Vietnam market boomed with a new securities law. The Vietnam stock market witnessed strong growth in terms of size and volume. By the end of 2007, total stock market capitalization reached nearly VND500,000 billion, about 43.7% of GDP.
Up to 2007, the stock market helped Vietnam privatize around 3,274 state-owned companies. The first wave of privatization created a number of popular companies for public and great stocks for investors. Some of those companies were considered the gems of the country, and one even gained as much as 2,200%. Vietnam today could be so underdeveloped without the strong privatization wave of 2006.
Standout Vietnam stocks that transformed from SOE
Source: HSX, HNX
Researchers show that after being privatized, most Vietnam SOEs had significant improvement in both business aspects (in terms of growth in sales, profit and ROA, ROE, ROS) and social aspects (job creation, labor welfare).
How SOEs improve after privatization
Source: Dr. Doan Ngoc Phuc's Doctoral Thesis 2012
Vietnam's stock market hasn't recovered from the global financial crisis of 2007. Compared to the peak in 2007 (post-crisis), Vnindex now is about 50% discounted while the size of the economy has been tripled from U.S. $75 billion to $204 billion. The fact that Vnindex still is lagging far behind all Asian markets makes Vietnam such an attractive investment opportunity.
Vnindex and Asia main indices (2007-2016)
(click to enlarge)
Source: Bloomberg
Ready for the second wave of privatization
It seems that all the years ending with a six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. This year 2016, Vietnam will have a new political term cabinet which is expected to make Vietnam more open to the Western world, attracting both direct and indirect foreign investment. For foreign investors, it is about time to catch the second wave of IPO and divestment of Vietnamese SOEs.
I do not mean that Vietnam will have a super bull this year, but investors should keep their eyes on Vietnam's stock market. There are three main investment points:
Obama has "Buncha" for dinner at a traditional shop in Hanoi
(click to enlarge)
Source: Tuoitre online
First, the privatization of the rest of SOEs (the private sector and SOE reforms are the main story of Vietnam).
The real story at present in Vietnam is the rapidly improving performance of the private sector, including FDIs, domestic private firms and especially soon privatized SOEs. The Vietnamese government now realizes that it should reduce the number of SOEs to improve efficiency and promote a market-oriented economy. In the past, the first wave of IPO has created great companies and equities for investors. This time is the last chance to catch the new IPO and divestment in Vietnam. Some popular names that investors have been waiting for:
• Telecommunication: Mobifone (the second biggest telecom company in Vietnam).
• Consumer products: Vinamilk, SJC (the biggest gold bar producer in Vietnam).
• Insurance: BaoMinh, VinaRe (the biggest reinsurance in Vietnam).
• Transportation: VietjetAir, Vinalines, Danang Port, Nhatrang port.
• Oil and gas: Binhson, Pvoil, PV Power.
• Construction and materials: Binh Minh, Tien Phong.
• Real estate: Handico, Udic, Rescovn, Benthanh.
Number of IPOs in Vietnam
Source: HSX, HNX
Vietnam is so ready to push the privatization of the SOEs (which local authorities called "equalization"). The Vietnam government targeted to reduce the number of SOEs by 50% to 200 companies from 2016 to 2020. That is the reason why investors should be in a hurry. Vietnam's government has new policies to push the process that will be in favor of foreign investors' participation:
Lifting the foreign ownership limitation. The government issued Decree 60, which will increase the cap for foreign stake holding in a local company. Previously, foreign ownership ratio in listed companies was the same for all companies (49% for nonbanks and 30% for banks). Decree 60 now provides different foreign ownership ratios for each sector and subsector. For some sectors, foreign investors are allowed to own up to 100% of the stocks.
State-owned enterprises IPO meaning listed stocks. Previously, IPO companies in Vietnam don't need to be listed in the stock market like in other countries. The Ministry of Finance's Circular 01/2015/TT-BTC issued on Jan. 5 has laid down regulations for unlisted securities operating in the local stock market. State-owned enterprises (SOEs) must trade in the unlisted public-company market (UPCoM) within 90 days of an initial public offering before official listing (in Hochiminh Stock exchange or Hanoi Stock Exchange). This policy is expected to raise the market capitalization of Vietnam which is now only U.S. $60 billion, equivalent to 34% of GDP, by 17.3% year over year.
Second, Vietnam completed negotiations for two majorA free trade agreements.
The free trade agreement Vietnam - EU (EVFTA) and the Trans-Pacific Partnership (TPP) are making the year of 2016 somehow look a lot like 2006 when Vietnam was about to join WTO. The only difference is that this time the economy is much more ready for a global integration than it was 10 years ago.
Up to now, Vietnam has signed 17 free trade agreements, which exposes Vietnam to 62% of the world's population and 80% of the world's GDP. In the near future, these 17 FTAs will be promoting Vietnam's exportation. They have made significant impacts on medium and long-term growth in both politics and the economy of Vietnam.
• 62.2% of the world's population is 4.5 billion of 7.3 billion people.
• 79.6% of the world's GDP $61.3 trillion of $77 trillion.
Countries have FTA with Vietnam
(click to enlarge)
Source:BIDV Securities(BSI)
Third, valuation compared with other regional stock markets.
Most Asian stock markets excluding Vietnam have reached the previous high of 2007. That lagging makes Vietnam's stock market worth a superior site for investment in Asia (both listed stock and IPO).
• Compared to Southeast Asia (emerging stock markets), Vietnam's stock market has always been valued at a discount in terms of P/B and P/E. With the EPS annual growth rate around 10%, the low P/E ratio makes Vietnam's market quite attractive.
• The economic growth was strong in the last five years. In 2015, Vietnam has become a bright spot when the gross domestic product (GDP) grew by 6.68% year over year, and it is the only place in Asia where exports grew significantly.
P/E ratio of Vnindex and Asian indices (2007-2016)
(click to enlarge)
Source: Bloomberg
How to invest in Vietnam's stock market
Here is how to get a ticket to catch the opportunities in Vietnam's stock market. I will briefly explain how investors can invest in Vietnam's stock market, including (1) listed stocks and (2) IPOs.
How to invest in listed stocks
There are three ways for foreigners to invest in Vietnam's listed stock market: (1) ETFs, (2) Vietnam focus funds and (3) open a trading account at a local broker.
ETFs:There are only a few ETFs that have exposure to Vietnam. Two of the biggest areMarket Vectors Vietnam ETF(VNM) listed in the U.S. and the FTSE Vietnam listed in EU and Asia.
• Vaneck VNM - NAV: U.S. $338 million invest in 31 stocks.
• FTSE Vietnam (FTSE) - NAV: U.S. $353 million invest in 21 stocks.
Vietnam focus funds:There are few listed and unlisted funds that have large exposure to Vietnam stock markets. The good news is some of the close-end funds are trading with huge discounts. Here are some of the names:
• Vietnam Holdings Ltd.(VNMHF): NAV U.S. $109.5 million.
• Vietnam Enterprise Investment(STC:FID): NAV U.S. $850 million.
• VinaCapital Vietnam Opportunity Fund Ltd.(VOF.L) NAV U.S. $743 million.
• PYN - Elite (Gray market ELITE:FH): NAV U.S. $215 million.
• Vietnam Emerging Equity Fund Limited (Grey market PXP) NAV U.S. $100 million.
Open a trading account:If you want to directly invest by yourself, there are three main steps to open an account for foreigners (to directly invest in listed stock market):
• Register for an indirect investment capital account (IICA) at State Bank of Vietnam (SBV). Your custodian bank can do that for you in one or two weeks.
• Apply for a trading code at Vietnam Securities Depository (VSD). Your custodian bank or a local broker house can do that for you in one or two weeks.
• Open a trading account at a local broker house. When the IICA and TCA are completed, you can instantly open trading account at local broker.
How to bid IPO in Vietnam
It is quite a process to bid in Vietnam's IPO; hence you will need your local broker's assistance. If you already have a trading account to invest in Vietnam, the process will be much simpler than starting a new one. Anyway, as people always say, a hidden gem is worth the digging. A list of the ongoing IPOs and more information can be found on the website of Hochiminh Stock Exchange, Hanoi Stock Exchange or local stock broker's website. There are some steps to take:
Bidding registration requires documents as below (in order):
• Bidding register form (with the confirmation of the bank where investor opened the account).
• Indirect investment account (at the State Bank of Vietnam) : Original copy plus a copy.
• Business license (or equivalent documents): Notarized copy.
• Authorization form for authorized executing individual: Original copy.
• ID or passport of authorized individual: A copy.
• Deposit paper: A copy (investor has to deposit 10% of value of amount registered to buy, calculated at starting price before the deadline).
• Account opening confirmation of the bank in Vietnam where the investor opened indirect investment account and will pay through: Original copy.
Bidding participation form submission:
• After submitting all the required documents, investor will receive the receipt to get bidding participation form. Complete and put the bidding participation form directly to the ballot box in the auction agency.
• Or send the bidding participation form in the envelope that is sealed with the signature on the edge. Time for receiving is the time when the auction agency receives and signs with the post or the investor.
Conclusion
It seems that all the years ending with six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. In 2016 Vietnam will have its new term cabinet which is expected to make Vietnam more open to the Western world, attracting foreign investment both direct and indirect.
On May 23 President Barack Obama visited Vietnam, putting the country under the spotlight of businessmen and investors. In the last two times a USA President visited Vietnam, Vnindex soared during 2 months before and after the event by respectively 31% in 2000 and 49.9% in 2006.
Vietnam stock market has been in a lagging cycle since the 2008 financial crisis which makes it attractive for investors. This year, we expect that it will be the last chance to catch the second wave of IPO, divestment and privatization of big SOE in Vietnam. There will be more and more interesting SOEs going IPO and get listed soon. The stock market and investors will benefit from (1) Privatization (state divestment and IPOs), (2) Lifting up the Foreign ownership limitation and (3) low valuation ratio compared to Asian countries.
Disclosure:I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure:A Long Tran Thang is proud to work for BIDV Securities Company Vietnam (BSC) as head of research and before that as deputy head of investment and analyst since 2007. BIDV Securities is one of the first securities firms in Vietnam. Being a subsidiary of BIDV a the largest commercial Banks in Vietnam A aA BSC inherits both the 55 years of experience in investment, banking and finance and the nationwide network of enterprises. Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Long Tran Thang graduated with a B.A. in economics from the ANU Australian National University (ANU) and a B.A. in finance from The National Economics University (NEU).
Start afree seven-day trialof Premium Membership to GuruFocus.
This article first appeared onGuruFocus.
• Warning! GuruFocus has detected 4 Warning Sign with WMT. Click here to check it out.
• BSI 15-Year Financial Data
• The intrinsic value of BSI
• Peter Lynch Chart of BSI || Vietnam Is Ready for the and Wave of Privatization: - By Long Tran Thang The first thing that comes to people's minds about Vietnam is usually a 20 years' war that divided the country and somehow the world until 1975. Vietnam has more to offer than just a war memory or an emerging travel destination. So permit me to briefly summarize Vietnam and its economy. Located in the southeast of the continent of Asia, Vietnam covers 310,070 square kilometers of land and 21,140 square kilometers of water, making it the 66th-largest nation in the world with a total area of 331,210 square kilometers. Vietnam shares land borders with China, Laos and Cambodia and sea border with China, Taiwan, The Philippines, Malaysia, Indonesia, Thailand and Cambodia. Vietnam's GDP reached U.S. $204 billion last year with a 10-year growth average of 5.7%. Warning! GuruFocus has detected 4 Warning Sign with WMT. Click here to check it out. BSI 15-Year Financial Data The intrinsic value of BSI Peter Lynch Chart of BSI The dynamic behind one of the fastest-growing economies is the golden structure of a young and large population (94 million people and 60% under 30 years old). After "Doimoi" 1986 (30 years ago), Vietnam transformed from a centralized economy to a market-oriented economy and joined the lower middle income countries group. Vietnam currency, real GDP growth, stock return, P/B vs. A emerging countries (2015) (click to enlarge) 13489352-14637287960296042.jpg Source: BIDV Securities Company BSC Enough about the big picture, let's take a look at Vietnam's stock market which is classified as a frontier market by MSCI. The main Index a Vnindex (Hochiminh Stock Exchange) started from 100 points in 2000 and now stays around 600 points after 16 years. Among the youngest stock markets, the "mid-teen" stock market of Vietnam has gone through many ups and downs. On May 23, President Barack Obama visited Vietnam. The last two times an American president visited Vietnam, the Vnindex soared in the two months before and after the event by 31% in 2000 and 49.9% in 2006. Story continues The first wave of privatization in Vietnam's stock market What I call the first wave of Vietnam's stock market (2002-2006) was the golden time when foreign investors visited and stayed for a few weeks just to open an account to invest in listed stocks and IPOs in Vietnam. Vnindex at the Hochiminh Stock Exchange increased by 144% in 2006 while HNX-Index in the Hanoi Stock Exchange rose by 152.4%. The total market capitalization was $13.8 billion in late 2006 (22.7% of GDP), in which foreign investors held approximately U.S. $4 billion, accounting for 16.4% of the capitalization of the entire market. In 2007, the Vietnam market boomed with a new securities law. The Vietnam stock market witnessed strong growth in terms of size and volume. By the end of 2007, total stock market capitalization reached nearly VND500,000 billion, about 43.7% of GDP. Up to 2007, the stock market helped Vietnam privatize around 3,274 state-owned companies. The first wave of privatization created a number of popular companies for public and great stocks for investors. Some of those companies were considered the gems of the country, and one even gained as much as 2,200%. Vietnam today could be so underdeveloped without the strong privatization wave of 2006. Standout Vietnam stocks that transformed from SOE 13489352-14637282332553732.jpg Source: HSX, HNX Researchers show that after being privatized, most Vietnam SOEs had significant improvement in both business aspects (in terms of growth in sales, profit and ROA, ROE, ROS) and social aspects (job creation, labor welfare). How SOEs improve after privatization 13489352-14637283442068582.jpg Source: Dr. Doan Ngoc Phuc's Doctoral Thesis 2012 Vietnam's stock market hasn't recovered from the global financial crisis of 2007. Compared to the peak in 2007 (post-crisis), Vnindex now is about 50% discounted while the size of the economy has been tripled from U.S. $75 billion to $204 billion. The fact that Vnindex still is lagging far behind all Asian markets makes Vietnam such an attractive investment opportunity. Vnindex and Asia main indices (2007-2016) (click to enlarge) 13489352-1463728265122281.jpg Source: Bloomberg Ready for the second wave of privatization It seems that all the years ending with a six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. This year 2016, Vietnam will have a new political term cabinet which is expected to make Vietnam more open to the Western world, attracting both direct and indirect foreign investment. For foreign investors, it is about time to catch the second wave of IPO and divestment of Vietnamese SOEs. I do not mean that Vietnam will have a super bull this year, but investors should keep their eyes on Vietnam's stock market. There are three main investment points: Obama has "Buncha" for dinner at a traditional shop in Hanoi (click to enlarge) 13489352-14644278232013443.jpg Source: Tuoitre online First, the privatization of the rest of SOEs (the private sector and SOE reforms are the main story of Vietnam) . The real story at present in Vietnam is the rapidly improving performance of the private sector, including FDIs, domestic private firms and especially soon privatized SOEs. The Vietnamese government now realizes that it should reduce the number of SOEs to improve efficiency and promote a market-oriented economy. In the past, the first wave of IPO has created great companies and equities for investors. This time is the last chance to catch the new IPO and divestment in Vietnam. Some popular names that investors have been waiting for: Telecommunication: Mobifone (the second biggest telecom company in Vietnam). Consumer products: Vinamilk, SJC (the biggest gold bar producer in Vietnam). Insurance: BaoMinh, VinaRe (the biggest reinsurance in Vietnam). Transportation: VietjetAir, Vinalines, Danang Port, Nhatrang port. Oil and gas: Binhson, Pvoil, PV Power. Construction and materials: Binh Minh, Tien Phong. Real estate: Handico, Udic, Rescovn, Benthanh. Number of IPOs in Vietnam 13489352-1463974310581857.jpg Source: HSX, HNX Vietnam is so ready to push the privatization of the SOEs (which local authorities called "equalization"). The Vietnam government targeted to reduce the number of SOEs by 50% to 200 companies from 2016 to 2020. That is the reason why investors should be in a hurry. Vietnam's government has new policies to push the process that will be in favor of foreign investors' participation: Lifting the foreign ownership limitation. The government issued Decree 60, which will increase the cap for foreign stake holding in a local company. Previously, foreign ownership ratio in listed companies was the same for all companies (49% for nonbanks and 30% for banks). Decree 60 now provides different foreign ownership ratios for each sector and subsector. For some sectors, foreign investors are allowed to own up to 100% of the stocks. State-owned enterprises IPO meaning listed stocks. Previously, IPO companies in Vietnam don't need to be listed in the stock market like in other countries. The Ministry of Finance's Circular 01/2015/TT-BTC issued on Jan. 5 has laid down regulations for unlisted securities operating in the local stock market. State-owned enterprises (SOEs) must trade in the unlisted public-company market (UPCoM) within 90 days of an initial public offering before official listing (in Hochiminh Stock exchange or Hanoi Stock Exchange). This policy is expected to raise the market capitalization of Vietnam which is now only U.S. $60 billion, equivalent to 34% of GDP, by 17.3% year over year. Second, Vietnam completed negotiations for two majorA free trade agreements. The free trade agreement Vietnam - EU (EVFTA) and the Trans-Pacific Partnership (TPP) are making the year of 2016 somehow look a lot like 2006 when Vietnam was about to join WTO. The only difference is that this time the economy is much more ready for a global integration than it was 10 years ago. Up to now, Vietnam has signed 17 free trade agreements, which exposes Vietnam to 62% of the world's population and 80% of the world's GDP. In the near future, these 17 FTAs will be promoting Vietnam's exportation. They have made significant impacts on medium and long-term growth in both politics and the economy of Vietnam. 62.2% of the world's population is 4.5 billion of 7.3 billion people. 79.6% of the world's GDP $61.3 trillion of $77 trillion. Countries have FTA with Vietnam (click to enlarge) 13489352-14637283622804396.jpg Source: BIDV Securities (BSI) Third, valuation compared with other regional stock markets. Most Asian stock markets excluding Vietnam have reached the previous high of 2007. That lagging makes Vietnam's stock market worth a superior site for investment in Asia (both listed stock and IPO). Compared to Southeast Asia (emerging stock markets), Vietnam's stock market has always been valued at a discount in terms of P/B and P/E. With the EPS annual growth rate around 10%, the low P/E ratio makes Vietnam's market quite attractive. The economic growth was strong in the last five years. In 2015, Vietnam has become a bright spot when the gross domestic product (GDP) grew by 6.68% year over year, and it is the only place in Asia where exports grew significantly. P/E ratio of Vnindex and Asian indices (2007-2016) (click to enlarge) 13489352-14637283936777837.jpg Source: Bloomberg How to invest in Vietnam's stock market Here is how to get a ticket to catch the opportunities in Vietnam's stock market. I will briefly explain how investors can invest in Vietnam's stock market, including (1) listed stocks and (2) IPOs. How to invest in listed stocks There are three ways for foreigners to invest in Vietnam's listed stock market: (1) ETFs, (2) Vietnam focus funds and (3) open a trading account at a local broker. ETFs: There are only a few ETFs that have exposure to Vietnam. Two of the biggest are Market Vectors Vietnam ETF (VNM) listed in the U.S. and the FTSE Vietnam listed in EU and Asia. Vaneck VNM - NAV: U.S. $338 million invest in 31 stocks. FTSE Vietnam (FTSE) - NAV: U.S. $353 million invest in 21 stocks. Vietnam focus funds: There are few listed and unlisted funds that have large exposure to Vietnam stock markets. The good news is some of the close-end funds are trading with huge discounts. Here are some of the names: Vietnam Holdings Ltd. ( VNMHF ): NAV U.S. $109.5 million. Vietnam Enterprise Investment (STC:FID): NAV U.S. $850 million. VinaCapital Vietnam Opportunity Fund Ltd. ( VOF.L ) NAV U.S. $743 million. PYN - Elite (Gray market ELITE:FH): NAV U.S. $215 million. Vietnam Emerging Equity Fund Limited (Grey market PXP) NAV U.S. $100 million. Open a trading account: If you want to directly invest by yourself, there are three main steps to open an account for foreigners (to directly invest in listed stock market): Register for an indirect investment capital account (IICA) at State Bank of Vietnam ( SBV ). Your custodian bank can do that for you in one or two weeks. Apply for a trading code at Vietnam Securities Depository (VSD). Your custodian bank or a local broker house can do that for you in one or two weeks. Open a trading account at a local broker house. When the IICA and TCA are completed, you can instantly open trading account at local broker. How to bid IPO in Vietnam It is quite a process to bid in Vietnam's IPO; hence you will need your local broker's assistance. If you already have a trading account to invest in Vietnam, the process will be much simpler than starting a new one. Anyway, as people always say, a hidden gem is worth the digging. A list of the ongoing IPOs and more information can be found on the website of Hochiminh Stock Exchange, Hanoi Stock Exchange or local stock broker's website. There are some steps to take: Bidding registration requires documents as below (in order): Bidding register form (with the confirmation of the bank where investor opened the account). Indirect investment account (at the State Bank of Vietnam) : Original copy plus a copy. Business license (or equivalent documents): Notarized copy. Authorization form for authorized executing individual: Original copy. ID or passport of authorized individual: A copy. Deposit paper: A copy (investor has to deposit 10% of value of amount registered to buy, calculated at starting price before the deadline). Account opening confirmation of the bank in Vietnam where the investor opened indirect investment account and will pay through: Original copy. Bidding participation form submission: After submitting all the required documents, investor will receive the receipt to get bidding participation form. Complete and put the bidding participation form directly to the ballot box in the auction agency. Or send the bidding participation form in the envelope that is sealed with the signature on the edge. Time for receiving is the time when the auction agency receives and signs with the post or the investor. Conclusion It seems that all the years ending with six are "transition years" for Vietnam, such as "Doimoi" in 1986 (decentralized planning economy), ASEAN and AFTA membership in 1996 and WTO membership in 2006. In 2016 Vietnam will have its new term cabinet which is expected to make Vietnam more open to the Western world, attracting foreign investment both direct and indirect. On May 23 President Barack Obama visited Vietnam, putting the country under the spotlight of businessmen and investors. In the last two times a USA President visited Vietnam, Vnindex soared during 2 months before and after the event by respectively 31% in 2000 and 49.9% in 2006. Vietnam stock market has been in a lagging cycle since the 2008 financial crisis which makes it attractive for investors. This year, we expect that it will be the last chance to catch the second wave of IPO, divestment and privatization of big SOE in Vietnam. There will be more and more interesting SOEs going IPO and get listed soon. The stock market and investors will benefit from (1) Privatization (state divestment and IPOs), (2) Lifting up the Foreign ownership limitation and (3) low valuation ratio compared to Asian countries. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Additional disclosure: A Long Tran Thang is proud to work for BIDV Securities Company Vietnam (BSC) as head of research and before that as deputy head of investment and analyst since 2007. BIDV Securities is one of the first securities firms in Vietnam. Being a subsidiary of BIDV a the largest commercial Banks in Vietnam A aA BSC inherits both the 55 years of experience in investment, banking and finance and the nationwide network of enterprises. Long Tran Thang earned an MBA from Solvay Brussels School (ULB) in 2014. Long Tran Thang graduated with a B.A. in economics from the ANU Australian National University (ANU) and a B.A. in finance from The National Economics University (NEU). Start a free seven-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 4 Warning Sign with WMT. Click here to check it out. BSI 15-Year Financial Data The intrinsic value of BSI Peter Lynch Chart of BSI || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: (Mirage)Moshe Hogeg and team.
People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of once high-flying startup Mobli.
Mobli raised $86 million in venture funds in six years, some from some big names.
Mobli's layoffs were first reported byIsraeli business Calcalistand confirmed by Business Insider.
Mobli's CEO, Moshe Hogeg, told us that the company has cut 15 employees this week and is closing its Israeli R&D center.
Sources are telling us that this represents all of Mobli's remaining Israeli employees, although Hogeg insists that the company is not being closed down entirely. He says that he's retaining an R&D team in Europe.
At its height, Mobli employed about 50 people, but now only a handful remain, sources tell us.
In Israel, the shock isn't so much that Mobli is struggling — people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next.
Mobli sprang to life in 2010 as a photo-sharing social-media site backed by star angel investors like Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised.
(Mobli.com)Lance Armstrong.
For instance, Armstrong used Mobli to share that famous photo of himself with hisTour de France jerseys after he was banned for life by the International Cycling Unionfor doping.
But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network.
The company pivoted to other apps. For instance, in 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites.
It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos.
"We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless,"Hogeg confirmed to us.
Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, asreported by Politico.
(www.galaxia.co)Mobli's Galaxia.
A former employee told us that much of this traffic was generated through paid-ad campaigns by services likeOutbrain.
Slant later told Politico that it was not closed for good but will be back once the company figures out a new business model. Meanwhile,Guttermanhas moved on to a new job at The Dose and the site is not functioning.
Mobli now has a new thing,a new social-network app called Galaxiathat launched in March, where people are encouraged to take on different "personas."
Mobli says that Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, butHogeg tells us that the true price was really "just a few million."
The people we talked to have marveled that Mobli says that it is still in business and can't understand how.
Hogeg says that Mobli has been clear where its money has come from: venture investors.
"We've always been very transparent about our funding. Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far," he says.
Mobli was also famous for beingone of the first startups to use NASDAQ's private market, allowing early employees to cash out their shares in the company by selling them to other private investors.
In the meantime,Moshe Hogeg is focused on a new company,Sirin Labs, where he is president, investor, and cofounder, but not CEO. The CEO is Tal Cohen.
Right after letting staff go at Mobli, Sirin launched its product on Tuesday in London: a smartphone forabout $14,000, or9,500 pounds.
The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data.
Sirin says that it raised$72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel.
NOW WATCH:This smartphone works by bending it
More From Business Insider
• This 24-year old raised $6 million in Bitcoin in a month to build a new kind of app store
• How a 16-year-old kid built his dream video game company with no money
• Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || This founder launched a $14,000 smartphone immediately after laying off employees at his other startup: moshe hogeg mirage (Mirage) Moshe Hogeg and team. People in Israel's tight-knit startup community are talking about the reported death, and the odd life, of once high-flying startup Mobli. Mobli raised $86 million in venture funds in six years, some from some big names. Mobli's layoffs were first reported by Israeli business Calcalist and confirmed by Business Insider. Mobli's CEO, Moshe Hogeg, told us that the company has cut 15 employees this week and is closing its Israeli R&D center. Sources are telling us that this represents all of Mobli's remaining Israeli employees, although Hogeg insists that the company is not being closed down entirely. He says that he's retaining an R&D team in Europe. At its height, Mobli employed about 50 people, but now only a handful remain, sources tell us. In Israel, the shock isn't so much that Mobli is struggling — people don't understand how the company has stayed alive as long as it has. It jumped from one failed product to the next. How is this company still alive? Mobli sprang to life in 2010 as a photo-sharing social-media site backed by star angel investors like Lance Armstrong, Serena Williams, and Tobey Maguire. It later landed $60 million from Mexican billionaire Carlos Slim, it said, for a total of $86 million raised. Lance Armstrong, yellow jerseys (Mobli.com) Lance Armstrong. For instance, Armstrong used Mobli to share that famous photo of himself with his Tour de France jerseys after he was banned for life by the International Cycling Union for doping . But then Instagram came along and Facebook bought it, and that pretty much killed Mobli as a photo-sharing social network. The company pivoted to other apps. For instance, in 2015 it launched an app called EyeIn, a photo service for publishers that let them find pictures of events shared on social-media sites. It shut EyeIn down just two months after it was launched when Instagram blocked the app from using Instagram photos. "We had to shut down EyeIn two months after launch because Facebook/Instagram blocked us from their API, rendering our technology useless," Hogeg confirmed to us. Story continues See ya later, Slant? Mobli then moved on to Slant, a news site based in New York for freelance articles. Writers got professional editing and Slant took a 30% cut of any advertising revenue their articles generated. Slant hit 4 million readers in a month and published 9,000 stories from 1,400 writers, but its editor, Amanda Gutterman, announced in her farewell letter in April that Slant was being shut down, as reported by Politico. Mobli Galaxia (www.galaxia.co) Mobli's Galaxia. A former employee told us that much of this traffic was generated through paid-ad campaigns by services like Outbrain . Slant later told Politico that it was not closed for good but will be back once the company figures out a new business model. Meanwhile, Gutterman has moved on to a new job at The Dose and the site is not functioning. Mobli now has a new thing, a new social-network app called Galaxia that launched in March, where people are encouraged to take on different "personas." Mobli says that Galaxia's tech came from a startup it acquired called Pheed. The rumor was that it paid $40 million in cash for Pheed, but Hogeg tells us that the true price was really "just a few million." The people we talked to have marveled that Mobli says that it is still in business and can't understand how. Hogeg says that Mobli has been clear where its money has come from: venture investors. "We've always been very transparent about our funding. Amongst are investors: Carlos Slim, Leo DiCaprio, and Kenges Rakishev and all that info is readily available. We raised sufficient funds to allow us to stay in business thus far," he says. Mobli was also famous for being one of the first startups to use NASDAQ's private market , allowing early employees to cash out their shares in the company by selling them to other private investors. (Sirin Labs) Sirin Labs' $14,000 phone. A $14,000 phone In the meantime, Moshe Hogeg is focused on a new company, Sirin Labs , where he is president, investor, and cofounder, but not CEO. The CEO is Tal Cohen. Right after letting staff go at Mobli, Sirin launched its product on Tuesday in London: a smartphone for about $14,000, or 9,500 pounds. The phone is aimed at wealthy people who want a fast and stylish phone that also encrypts all their data. Sirin says that it raised $72 million in funding and has 85 employees based in Switzerland, Sweden, England, and Israel. NOW WATCH: This smartphone works by bending it More From Business Insider This 24-year old raised $6 million in Bitcoin in a month to build a new kind of app store How a 16-year-old kid built his dream video game company with no money Doubts about Domo? Insiders say the $2 billion startup that came out of nowhere is full of hype || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || Bitcoin hits two-year high as yuan worries drive Chinese demand: By Jemima Kelly LONDON (Reuters) - The price of the web-based digital currency bitcoin soared to its highest in almost two years on Tuesday, rising to more than $500 per unit, as worries about a further weakening of the yuan drove increased demand from China. Trading volumes on the Chinese bitcoin exchange BTCC surged to three to five times their daily average since Friday, according to CEO Bobby Lee, as Chinese savers have moved to protect their money against a further devaluation of the yuan. Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority. That makes it attractive to those wanting to get around capital controls, such as China's. Around 95 percent of all bitcoin trading is done via Chinese exchanges, according to industry website Coindesk, so any increase in demand from the Asian super-power tends to have a particularly significant impact. The yuan weakened to a 4 1/2-month low on Tuesday and recorded its second-biggest monthly fall on record in May. Investors reckon it will weaken further, given growing expectations for an increase in U.S. interest rates and signs that China's credit-fuelled economy is slowing again. "People are worrying about the PBOC (People's Bank of China) devaluing the yuan," BTCC's Bobby Lee said from Hong Kong. "If you're in China and you're holding onto that yuan, that's a huge risk, so they're buying into hard assets ... Bitcoin is something that is very easily traded into, so that's what's happening." Despite being championed by some as the digital money of the future, bitcoin is often dismissed as too volatile to invest in. After rocketing above $1,100 in 2013, it then fell to around $150 in early 2015. But it has since recovered, and was the best-performing currency in 2015. Bitcoin hit $548.50 on the Bitstamp exchange on Tuesday, its strongest since August 2014, leaving it up over 20 percent in the past week. Story continues With around 15.5 million bitcoins now in circulation, that puts the currency's total value, or its "market cap", at around $8.5 billion -- about the same size as Anglo American, a global FTSE 100 mining company. Lee added that on his Chinese exchange, the price of bitcoin had at one point rallied above 4,000 yuan, or over $600. That was a sign investors sensed that the yuan was being artificially supported by the PBOC, he said. NEW SUPPLY HALVING Another reason given by bitcoin experts for the currency's latest surge is that in 40 days' time, the number of new bitcoins that are added to the system every day will be halved. By the principles of supply and demand, that slower growth in supply should raise the value of the currency. Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $13,500. But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", the code was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 10. "Bitcoin is days away from a reduction in its block reward, which will halve the daily supply coming onto the market," said Charles Hayter, CEO of London-based digital currency analysis website CryptoCompare. Hayter added that after months of struggles over how to upgrade the software run by the computers that process bitcoin transactions, dubbed the "bitcoin civil war, developers appeared to be reaching a consensus, which was also helping support the currency. "Bitcoin is emerging battle-hardened after a period of divisive governance issues and politics," he said. "Although not fully laid to rest, calmer waters look to be on the horizon as consensus on how to scale the network is appearing." (Reporting by Jemima Kelly; Additional reporting by Sujata Rao; Editing by Larry King) || 8 Investments Riskier Than Vegas: In the world of a Las Vegas gaming hall, there are no clocks to tell time and no one to tell you when to stop blowing your dough. Gambling is risky business at best -- or maybe reckless is more like it. The bright lights of the strip blind many casino patrons to a simple, irrefutable fact: The decks and dice are always stacked against the player. So it goes with certain investments where playing the market is anything but fun and games. Watching a roulette wheel whirl might offer fleeting excitement, but there's nothing thrilling about seeing your investment dollars spin down the drain. Penny stocks wind up worth less than Monopoly money, and repeated stabs at market timing land somewhere between futile and foolish. [See: 8 Easy Ways to Make Money .] Still, that doesn't stop the adrenaline junkies from stepping up to the table with a fistful of dollars and a head full of fantasies about the Big Score. It almost always ends up badly -- and you can likewise tank if you try the eight investment categories below with anything less than wisdom, patience and experience. Foreign exchange markets. It looks so simple -- then again, so does blackjack. Too many novices see it this way: Buy loads of a slumping currency in dollars, wait for it to go back up, and buy back lots more dollars. But experts say it's like DIY plumbing: Spring a big leak and you could soon flood your financial foundation. "For do-it-yourself investors, forecasting in and attempting to profit from movements in currencies can be difficult and dangerous," says Joe Jennings, senior vice president and investment director at PNC Wealth Management in Baltimore. Bitcoin. Maybe someday, you'll be able to feed Bitcoins into slot machines. That might produce a steadier payoff than Bitcoin itself, the mysterious virtual currency without a central bank. On Dec. 14, 2013, speculators jacked the price up to a dizzying $1,150. Eighteen days later, it fell by more than half. Today Bitcoin goes for $453. Story continues Startups. Silicon Valley daydreams can divert attention from a real-life investor's nightmare. Report after report drives home this fact: 90 percent of startups fail. The May 16 green flag for equity crowdfunding investment promises to drum up new startup excitement, but it's not going to change the batting average anytime soon. In fact, it could attract an even higher percentage of losers. "I don't foresee most top-tier startups adopting Title III equity crowdfunding as a fundraising outlet," says Chance Barnett, CEO of Crowdfunder. [See: 13 Money Hacks to Turbocharge Your Investments .] 'Story' stocks. Some companies have a fantastic story to tell, such as Tesla Motors ( TSLA ), a pioneer in the luxury electric car market. Charismatic CEO Elon Musk predicts Tesla sales will increase tenfold by 2020. Enter the Big Bad Wolf: Tesla hasn't reported a profit in any quarter since going public. The progenitors of story stocks "are companies with big ideas but very few fundamentals to back up investors' hopes," says Jim Hardison, branch manager and managing director in the private client group at Stephen in Little Rock, Arkansas. Market timing. You know how to time a roulette wheel, right? Of course not -- so why try to time a stock? Still that doesn't deter the Smartest Gamblers in the Room. "Market timing is a scam," says Robert Novy-Marx, a professor of finance at the University of Rochester's Simon Business School. "You might get it right -- and someone always does, and they're happy to tell you what a genius they are. But you are just as likely to sell too early, or get back in too late, or too soon." Media stocks. Anxiety over the mass exodus of cable customers -- known anecdotally as "cutting the cord" -- has media companies reeling. A and B classes of Viacom (VIA, VIAB), the home of MTV, Comedy Central, BET and Nickelodeon, are down more than a third since May 2015. On the newspaper side, Chicago-based Tribune Publishing Co. (TPUB) is off 54 percent since splitting from Tribune Co. in 2014. Many investors hope Gannett Co. (GCI) will double down its $15-a-share takeover bid. TPUB currently trades at $11. But so far, no dice. Options. Options can hedge risk when you own its underlying asset, says Yale Bock, a portfolio manager on Covestor and president of YH&C, a registered investment advisor in Las Vegas. "But if you don't, you're essentially betting on the direction of your trade; if wrong, it can force you into coughing up hard-earned dough." And in many cases, "the cash you get from selling the option is minimal relative to what you can potentially make on the asset. Conversely, the cost of protecting the downside is often large." [Read: Decoding Wall Street's Wall of Jargon .] Penny stocks. The name conjures images of breaking open a piggy bank on the way to breaking the bank and walking away with enough coin to fill up an armored car. In reality, penny stocks are very high-risk investments, especially for those who sink a great deal of money into them. For starters, penny stocks get almost no scrutiny because the companies aren't required to file with the Securities and Exchange Commission. Assuming you can find out anything about the stock, it's likely not credible -- though the hype might be incredible. More From US News & World Report 11 Stocks That Donald Trump Loves 10 Out-of-the-Box Ways to Save Money 7 Great Ways to Invest in Cuba || 8 Investments Riskier Than Vegas: In the world of a Las Vegas gaming hall, there are no clocks to tell time and no one to tell you when to stop blowing your dough. Gambling is risky business at best -- or maybe reckless is more like it. The bright lights of the strip blind many casino patrons to a simple, irrefutable fact: The decks and dice are always stacked against the player. So it goes with certain investments where playing the market is anything but fun and games. Watching a roulette wheel whirl might offer fleeting excitement, but there's nothing thrilling about seeing your investment dollars spin down the drain. Penny stocks wind up worth less than Monopoly money, and repeated stabs at market timing land somewhere between futile and foolish. [See: 8 Easy Ways to Make Money .] Still, that doesn't stop the adrenaline junkies from stepping up to the table with a fistful of dollars and a head full of fantasies about the Big Score. It almost always ends up badly -- and you can likewise tank if you try the eight investment categories below with anything less than wisdom, patience and experience. Foreign exchange markets. It looks so simple -- then again, so does blackjack. Too many novices see it this way: Buy loads of a slumping currency in dollars, wait for it to go back up, and buy back lots more dollars. But experts say it's like DIY plumbing: Spring a big leak and you could soon flood your financial foundation. "For do-it-yourself investors, forecasting in and attempting to profit from movements in currencies can be difficult and dangerous," says Joe Jennings, senior vice president and investment director at PNC Wealth Management in Baltimore. Bitcoin. Maybe someday, you'll be able to feed Bitcoins into slot machines. That might produce a steadier payoff than Bitcoin itself, the mysterious virtual currency without a central bank. On Dec. 14, 2013, speculators jacked the price up to a dizzying $1,150. Eighteen days later, it fell by more than half. Today Bitcoin goes for $453. Story continues Startups. Silicon Valley daydreams can divert attention from a real-life investor's nightmare. Report after report drives home this fact: 90 percent of startups fail. The May 16 green flag for equity crowdfunding investment promises to drum up new startup excitement, but it's not going to change the batting average anytime soon. In fact, it could attract an even higher percentage of losers. "I don't foresee most top-tier startups adopting Title III equity crowdfunding as a fundraising outlet," says Chance Barnett, CEO of Crowdfunder. [See: 13 Money Hacks to Turbocharge Your Investments .] 'Story' stocks. Some companies have a fantastic story to tell, such as Tesla Motors ( TSLA ), a pioneer in the luxury electric car market. Charismatic CEO Elon Musk predicts Tesla sales will increase tenfold by 2020. Enter the Big Bad Wolf: Tesla hasn't reported a profit in any quarter since going public. The progenitors of story stocks "are companies with big ideas but very few fundamentals to back up investors' hopes," says Jim Hardison, branch manager and managing director in the private client group at Stephen in Little Rock, Arkansas. Market timing. You know how to time a roulette wheel, right? Of course not -- so why try to time a stock? Still that doesn't deter the Smartest Gamblers in the Room. "Market timing is a scam," says Robert Novy-Marx, a professor of finance at the University of Rochester's Simon Business School. "You might get it right -- and someone always does, and they're happy to tell you what a genius they are. But you are just as likely to sell too early, or get back in too late, or too soon." Media stocks. Anxiety over the mass exodus of cable customers -- known anecdotally as "cutting the cord" -- has media companies reeling. A and B classes of Viacom (VIA, VIAB), the home of MTV, Comedy Central, BET and Nickelodeon, are down more than a third since May 2015. On the newspaper side, Chicago-based Tribune Publishing Co. (TPUB) is off 54 percent since splitting from Tribune Co. in 2014. Many investors hope Gannett Co. (GCI) will double down its $15-a-share takeover bid. TPUB currently trades at $11. But so far, no dice. Options. Options can hedge risk when you own its underlying asset, says Yale Bock, a portfolio manager on Covestor and president of YH&C, a registered investment advisor in Las Vegas. "But if you don't, you're essentially betting on the direction of your trade; if wrong, it can force you into coughing up hard-earned dough." And in many cases, "the cash you get from selling the option is minimal relative to what you can potentially make on the asset. Conversely, the cost of protecting the downside is often large." [Read: Decoding Wall Street's Wall of Jargon .] Penny stocks. The name conjures images of breaking open a piggy bank on the way to breaking the bank and walking away with enough coin to fill up an armored car. In reality, penny stocks are very high-risk investments, especially for those who sink a great deal of money into them. For starters, penny stocks get almost no scrutiny because the companies aren't required to file with the Securities and Exchange Commission. Assuming you can find out anything about the stock, it's likely not credible -- though the hype might be incredible. More From US News & World Report 11 Stocks That Donald Trump Loves 10 Out-of-the-Box Ways to Save Money 7 Great Ways to Invest in Cuba || Three reasons why bitcoins price is surging higher: Bitcoin is trading at its highest price in almost two years, driven by several factors including market conditions in Asia, according to experts in the cryptocurrency. The online currency ended Monday at around $542.77 and hit a high of $548.5 on Tuesday. The price has surged in the last week, climbing 22 percent since last Monday; year-to-date the price for bitcoin has increased by 25 percent. As a result, this is the highest price bitcoin has reached since August 2014. CNBC examines three reasons to explain the rising price. Demand in Asian markets Most experts have pointed towards fears in China and Asia that the yuan could depreciate as reasons for increased investment in bitcoin. "Signs indicate Bitcoin's price has become linked to a number of macroeconomic factors in China," said Vijay Michalik, research analyst for digital transformation at consultancy Frost & Sullivan, to CNBC in an email. "It highlights growing concerns about yuan currency deflation, as bitcoin's appeal has grown as an alternative asset class for a population deprived of many investment choices." James Lynn, U.K. managing director at investment company Billon Group, corroborated this view. "The most likely explanation appears to be linked to market confidence in the Asia region, with low confidence in local currencies providing a major boost to bitcoin demand," he told CNBC in an email. Tightening supply A key feature of bitcoin is that new coins have to be discovered or "mined" in order to be added to circulation, unlike fiat currencies where governments can print fresh bills. When new bitcoins are mined, a record of it is added to the blockchain, which is effectively a giant ledger recording all bitcoin transactions. Bitcoin miners are rewarded with a set of bitcoins for each block they successfully mine. Miners used to receive a bounty of 50 bitcoins, but this was halved in 2012 to prevent bitcoin inflation and it is expected to halve again in the coming months, potentially leading to supply-side currency constraints. Story continues "Speculators have been pointing to impending rises for some months, citing the impending halving of rewards for miners," explained James Lynn. "I think, however, that's been priced into the market on an on-going basis." Bitcoin's becoming more robust Several recent developments have been intended to improve bitcoin's performance and make transactions more reliable. "Bitcoin's seen some of the developer turmoil subside over the past few months," said Vijay Michalik. According to Michalik, new technology shows how much progress has been made in making bitcoin easier to use. For instance, the company Blockchain released an alpha version of the Thunder Network earlier this month, which allows payments to be made using bitcoin more quickly, cheaply and at a larger scale. It is possible that by making bitcoin more robust, these changes will have made the cryptocurrency more attractive to new investors. Follow CNBC International on Twitter and Facebook . More From CNBC Top News and Analysis Latest News Video Personal Finance
[Social Media Buzz]
#Telmi Bitcoin und Euro: 0.0010 BTC = 0.48 EUR 1.00 EUR = 0.0021 BTC Konverter http://dlvr.it/LSx4H2 || Goedkoopste Nederlandse aanbieder op dit moment is Clevercoin (http://www.bitcoinweb.nl/kopen-clevercoin …) - 375.00 Euro/bitcoin - http://www.bitcoinweb.nl/prijzen-bitcoins-vergelijken/ … || 1 #BTC (#Bitcoin) quotes:
$567.46/$568.38 #Bitstamp
$551.00/$552.00 #BTCe
⇢$-17.38/$-15.46
$572.41/$572.70 #Coinbase
⇢$4.03/$5.24 || $537.21 at 04:45 UTC [24h Range: $529.13 - $540.00 Volume: 3857 BTC] |...
|
572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12.
|
[Bitcoin Technical Analysis for 2020-05-29]
Volume: 32896642044, RSI (14-day): 56.87, 50-day EMA: 8657.40, 200-day EMA: 8244.75
[Wider Market Context]
Gold Price: 1736.90, Gold RSI: 55.63
Oil Price: 35.49, Oil RSI: 62.66
[Recent News (last 7 days)]
Twetch Gets Suspended From Twitter in Wake of Trump ‘Fact-Check’ Storm: Twetch is off Twitter.
The Twitter account of social media platform Twetch– run on the Bitcoin SV (BSV) blockchain – was suspended Thursday without warning, according to Twetch co-founder Josh Petty. (As of press time, it was restored but stripped of its follower count.)
Twetch positions itself as an alternative to the platform from which it was de-platformed, actively marketing itself against the San Francisco firm run bybitcoinenthusiast Jack Dorsey. Petty said the application maintains censorship resistance by archiving conversations on the BSV blockchain.
Related:Bitcoin News Roundup for May 29, 2020
In fact, Twetch posted a meme aimed at Dorsey for censoring conversations on the platform mere hours before its account was suspended.
In the meantime, Twetch has launched analternative accountand will appeal the decision. If Twetch wins its appeal, Petty said it could be hours to days before the account is back up and running due to cache issues with Twitter’s infrastructure.
The de-platforming comes after President Donald Trump issued an executive order Thursday regarding the use of federal oversight of social media platforms such as Twitter and Facebook.
Trump’s order was spurred by a “fact-check” performed on his tweet concerning the use of mail-in ballots for elections.
Related:In Trump Versus Twitter, Decentralized Tech May Win
Petty said Twitter may have suspended the firm’s account due to heightened pressure on social media accounts following Trump’s threat of “nationalizing” platforms.
It may have been a case of “getting caught in the algorithms,” Petty said.
• Italy’s Leading Wire Service Is Using Ethereum to Thwart Copycats
• Canadians Get US Jail Time for Stealing 23 Bitcoin in Twitter Scam || Twetch Gets Suspended From Twitter in Wake of Trump ‘Fact-Check’ Storm: Twetch is off Twitter. The Twitter account of social media platform Twetch – run on the Bitcoin SV ( BSV ) blockchain – was suspended Thursday without warning, according to Twetch co-founder Josh Petty. (As of press time, it was restored but stripped of its follower count.) Twetch positions itself as an alternative to the platform from which it was de-platformed, actively marketing itself against the San Francisco firm run by bitcoin enthusiast Jack Dorsey. Petty said the application maintains censorship resistance by archiving conversations on the BSV blockchain. Related: Bitcoin News Roundup for May 29, 2020 In fact, Twetch posted a meme aimed at Dorsey for censoring conversations on the platform mere hours before its account was suspended. In the meantime, Twetch has launched an alternative account and will appeal the decision. If Twetch wins its appeal, Petty said it could be hours to days before the account is back up and running due to cache issues with Twitter’s infrastructure. The de-platforming comes after President Donald Trump issued an executive order Thursday regarding the use of federal oversight of social media platforms such as Twitter and Facebook. Trump’s order was spurred by a “fact-check” performed on his tweet concerning the use of mail-in ballots for elections. Related: In Trump Versus Twitter, Decentralized Tech May Win Petty said Twitter may have suspended the firm’s account due to heightened pressure on social media accounts following Trump’s threat of “nationalizing” platforms. It may have been a case of “getting caught in the algorithms,” Petty said. Related Stories Italy’s Leading Wire Service Is Using Ethereum to Thwart Copycats Canadians Get US Jail Time for Stealing 23 Bitcoin in Twitter Scam || Kingdom Trust acquires company from CoinShares founders, enables hybrid IRA with bitcoin bonus: Kingdom Trust, the $13 billion custodian, has acquired a crypto retirement company created by former CoinShares founders.
The acquisition of Choice Holdings enabled the launch of Kingdom Trust's Choice platform, a unified retirement account where individuals can hold different asset classes, including crypto. The custodian is also offering a bitcoin bonus to the first 1,000 users of the Choice platform. Once opened, they'll receive $62.50 in BTC in their account.
Ryan Radloff, CEO of Kingdom Trust, said the retirement custodian estimated 7.1 million American bitcoiners have a retirement account. However, there are few options to hold BTC with other assets in a retirement account.
Radloff himself was a co-founder of Choice Holdings as well as a co-founder and previous CEO of CoinShares. Now, his current venture has acquired his previous one, marking the first digital asset acquisition for the retirement custodian. However, Kingdom Trust has offered custody for bitcoin and other digital assets since its early days in 2016.
AsCoinDesk reported, a relationship with crypto exchange Kraken enabled access to digital assets and legacy brokers for traditional assets. The retirement accounts enable the buying, selling and holding of digital assets with exchange-traded funds (ETFs) and stocks on the same platform.
The firm already trialed a version of the Choice platform in Q1 of this year. Bitcoin drove the most volume of crypto transactions, and the average crypto trade reached $13,000, according to a release from Kingdom Trust.
Kingdom Trust Chairman Matt Jennings said he expects a unified account with exposure to bitcoin will be standard in five years.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Kingdom Trust acquires company from CoinShares founders, enables hybrid IRA with bitcoin bonus: Kingdom Trust, the $13 billion custodian, has acquired a crypto retirement company created by former CoinShares founders. The acquisition of Choice Holdings enabled the launch of Kingdom Trust's Choice platform, a unified retirement account where individuals can hold different asset classes, including crypto. The custodian is also offering a bitcoin bonus to the first 1,000 users of the Choice platform. Once opened, they'll receive $62.50 in BTC in their account. Ryan Radloff, CEO of Kingdom Trust, said the retirement custodian estimated 7.1 million American bitcoiners have a retirement account. However, there are few options to hold BTC with other assets in a retirement account. Radloff himself was a co-founder of Choice Holdings as well as a co-founder and previous CEO of CoinShares. Now, his current venture has acquired his previous one, marking the first digital asset acquisition for the retirement custodian. However, Kingdom Trust has offered custody for bitcoin and other digital assets since its early days in 2016. As CoinDesk reported , a relationship with crypto exchange Kraken enabled access to digital assets and legacy brokers for traditional assets. The retirement accounts enable the buying, selling and holding of digital assets with exchange-traded funds (ETFs) and stocks on the same platform. The firm already trialed a version of the Choice platform in Q1 of this year. Bitcoin drove the most volume of crypto transactions, and the average crypto trade reached $13,000, according to a release from Kingdom Trust. Kingdom Trust Chairman Matt Jennings said he expects a unified account with exposure to bitcoin will be standard in five years. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || New York Man Charged With Trafficking Credit Card Info, Using Bitcoin to Launder Proceeds: A New York City man has been indicted for allegedly stealing and selling reams of payment card data, the proceeds of which he laundered inbitcoin.
Vitalii Antonenko, 28, waschargedin the U.S District Court for the District of Massachusetts on Tuesday with conspiracy to engage in computer hacking, payment card trafficking and money laundering, according to a federal indictment.
Law enforcement found hundreds of thousands of stolen payment cards on Vitalii Antonenko’s computers after arresting the Ukraine native at Kennedy International Airport in March 2019. They charged Antonenko with money laundering at the time.
Related:BlockFi Hires Credit Suisse, Prudential Execs to Drive Global Expansion
In theTuesday indictment, prosecutors outlined a multi-pronged money-laundering scheme that turned proceeds of stolen and sold credit card data – including data from an unnamed Massachusetts hospitality business – for tens of thousands of dollars.
Working with two conspirators from 2014 to 2016, Antonenko allegedly received at least 114 bitcoin from one, sent about as much bitcoin to the other, and then received nearly $40,000 in cash bank deposits 10% below market rate, the indictment said.
Law enforcement officials say an undercover agent bought a victim’s stolen card data from the first conspirator in November 2016. It further alleged the conspirator sent Antonenko 4.38 bitcoin the same day they discussed hospitality card data Antonenko still had for sale.
Antonenko also hacked a “non-profit scientific research institution” in Massachusetts, according to the indictment. The indictment does not name either victim.
• This Visa Card Gives Bitcoin Rewards on Dollars Spent
• US Says Venezuelan President Maduro Hid Massive Drug Ring Proceeds in Crypto
• Chase Bank Settles Suit Over ‘Sky-High’ Credit Card Charges for Crypto Purchases || New York Man Charged With Trafficking Credit Card Info, Using Bitcoin to Launder Proceeds: A New York City man has been indicted for allegedly stealing and selling reams of payment card data, the proceeds of which he laundered in bitcoin . Vitalii Antonenko, 28, was charged in the U.S District Court for the District of Massachusetts on Tuesday with conspiracy to engage in computer hacking, payment card trafficking and money laundering, according to a federal indictment. Law enforcement found hundreds of thousands of stolen payment cards on Vitalii Antonenkos computers after arresting the Ukraine native at Kennedy International Airport in March 2019. They charged Antonenko with money laundering at the time. Related: BlockFi Hires Credit Suisse, Prudential Execs to Drive Global Expansion In the Tuesday indictment , prosecutors outlined a multi-pronged money-laundering scheme that turned proceeds of stolen and sold credit card data including data from an unnamed Massachusetts hospitality business for tens of thousands of dollars. Working with two conspirators from 2014 to 2016, Antonenko allegedly received at least 114 bitcoin from one, sent about as much bitcoin to the other, and then received nearly $40,000 in cash bank deposits 10% below market rate, the indictment said. Law enforcement officials say an undercover agent bought a victims stolen card data from the first conspirator in November 2016. It further alleged the conspirator sent Antonenko 4.38 bitcoin the same day they discussed hospitality card data Antonenko still had for sale. Antonenko also hacked a non-profit scientific research institution in Massachusetts, according to the indictment. The indictment does not name either victim. Related Stories This Visa Card Gives Bitcoin Rewards on Dollars Spent US Says Venezuelan President Maduro Hid Massive Drug Ring Proceeds in Crypto Chase Bank Settles Suit Over Sky-High Credit Card Charges for Crypto Purchases || New York Man Charged With Trafficking Credit Card Info, Using Bitcoin to Launder Proceeds: A New York City man has been indicted for allegedly stealing and selling reams of payment card data, the proceeds of which he laundered inbitcoin.
Vitalii Antonenko, 28, waschargedin the U.S District Court for the District of Massachusetts on Tuesday with conspiracy to engage in computer hacking, payment card trafficking and money laundering, according to a federal indictment.
Law enforcement found hundreds of thousands of stolen payment cards on Vitalii Antonenko’s computers after arresting the Ukraine native at Kennedy International Airport in March 2019. They charged Antonenko with money laundering at the time.
Related:BlockFi Hires Credit Suisse, Prudential Execs to Drive Global Expansion
In theTuesday indictment, prosecutors outlined a multi-pronged money-laundering scheme that turned proceeds of stolen and sold credit card data – including data from an unnamed Massachusetts hospitality business – for tens of thousands of dollars.
Working with two conspirators from 2014 to 2016, Antonenko allegedly received at least 114 bitcoin from one, sent about as much bitcoin to the other, and then received nearly $40,000 in cash bank deposits 10% below market rate, the indictment said.
Law enforcement officials say an undercover agent bought a victim’s stolen card data from the first conspirator in November 2016. It further alleged the conspirator sent Antonenko 4.38 bitcoin the same day they discussed hospitality card data Antonenko still had for sale.
Antonenko also hacked a “non-profit scientific research institution” in Massachusetts, according to the indictment. The indictment does not name either victim.
• This Visa Card Gives Bitcoin Rewards on Dollars Spent
• US Says Venezuelan President Maduro Hid Massive Drug Ring Proceeds in Crypto
• Chase Bank Settles Suit Over ‘Sky-High’ Credit Card Charges for Crypto Purchases || Coinbase Extends Tezos Staking Rewards to 4 European Countries: Coinbase is expanding its Tezos staking service to select European countries. The San Francisco-based exchange announced Thursday that users in the U.K., Spain, France and the Netherlands would now be able to stake Tezos through its proprietary staking service. “Coinbase is offering an easy, secure way for U.K. and certain [European Union] customers to actively participate in the Tezos network,” the exchange said in a press release. “While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated and even risky with regard to the security of your staked Tezos.” Related: Blockchain Bites: Google Validates Theta, Coinbase and BitGo Eye Crypto Prime Brokerage Coinbase first launched its staking service in the U.S. back in November. It claims customers have earned well over $2 million in crypto since then. In the press release, the exchange said staking offered a new lucrative alternative to more traditional investments, such as equities or bonds. Coinbase – which only listed Tezos last July – estimates the current annual earnings for users staking Tezos comes in at around 5%. See also: Industry Group Led by Polychain, Coinbase Seeks to Get Ahead on Staking Regulations A spokesperson for the exchange told CoinDesk it was working with local regulators, in response to a question about why it’s only offering the service to four European nations. Related: Bitcoin News Roundup for May 27, 2020 “While we are starting with these new markets first, as we expand internationally, we are continuously reviewing and considering additional markets as well,” the spokesperson said. Related Stories Coinbase Buys Tagomi as ‘Foundation’ of Institutional Trading Arm Staking Will Turn Ethereum Into a Functional Store of Value || Coinbase Extends Tezos Staking Rewards to 4 European Countries: Coinbase is expanding its Tezos staking service to select European countries.
The San Francisco-based exchangeannounced Thursdaythat users in the U.K., Spain, France and the Netherlands would now be able to stake Tezos through its proprietary staking service.
“Coinbase is offering an easy, secure way for U.K. and certain [European Union] customers to actively participate in the Tezos network,” the exchange said in a press release. “While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated and even risky with regard to the security of your staked Tezos.”
Related:Blockchain Bites: Google Validates Theta, Coinbase and BitGo Eye Crypto Prime Brokerage
Coinbase firstlaunched its staking servicein the U.S. back in November. It claims customers have earned well over $2 million in crypto since then. In the press release, the exchange said staking offered a new lucrative alternative to more traditional investments, such as equities or bonds.
Coinbase – which onlylisted Tezoslast July – estimates the current annual earnings for users staking Tezos comes in at around 5%.
See also:Industry Group Led by Polychain, Coinbase Seeks to Get Ahead on Staking Regulations
A spokesperson for the exchange told CoinDesk it was working with local regulators, in response to a question about why it’s only offering the service to four European nations.
Related:Bitcoin News Roundup for May 27, 2020
“While we are starting with these new markets first, as we expand internationally, we are continuously reviewing and considering additional markets as well,” the spokesperson said.
• Coinbase Buys Tagomi as ‘Foundation’ of Institutional Trading Arm
• Staking Will Turn Ethereum Into a Functional Store of Value || Bitcoin miner maker Canaan to issue $12.4 million worth of shares in employee benefit plan: Nasdaq-listed bitcoin miner manufacturer Canaan is set to issue $12.4 million worth of shares in an employee benefit plan.The company hasfileda Form S-8 with the U.S. Securities and Exchange Commission (SEC) on Wednesday, saying that it will issue 51,624,000 Class A ordinary shares at a maximum price of $0.24 apiece.The Form S-8 filing is required for public companies who want to issue stock or stock options to its employees. It must be filed before a company issues securities.Canaan is issuing two types of Class A ordinary shares — the bulk ($10.9 million) granted under a 2018 share incentive plan and an additional $1.4 million reserved for future award grants under the same plan.
Source: SECThe news comes just a few days after Canaanposteda total net loss of $5.6 million in the first quarter of 2020.China-based Canaan's stock has been under pressure in recent months and is currently down by over 10% in pre-market hours, according toTradingView. The stock is now trading at around $3; it initially sold for $8.99 apiece in November.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Bitcoin miner maker Canaan to issue $12.4 million worth of shares in employee benefit plan: Nasdaq-listed bitcoin miner manufacturer Canaan is set to issue $12.4 million worth of shares in an employee benefit plan. The company has filed a Form S-8 with the U.S. Securities and Exchange Commission (SEC) on Wednesday, saying that it will issue 51,624,000 Class A ordinary shares at a maximum price of $0.24 apiece. The Form S-8 filing is required for public companies who want to issue stock or stock options to its employees. It must be filed before a company issues securities. Canaan is issuing two types of Class A ordinary shares the bulk ($10.9 million) granted under a 2018 share incentive plan and an additional $1.4 million reserved for future award grants under the same plan. Source: SEC The news comes just a few days after Canaan posted a total net loss of $5.6 million in the first quarter of 2020. China-based Canaan's stock has been under pressure in recent months and is currently down by over 10% in pre-market hours, according to TradingView . The stock is now trading at around $3; it initially sold for $8.99 apiece in November. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Bitcoin miner maker Canaan to issue $12.4 million worth of shares in employee benefit plan: Nasdaq-listed bitcoin miner manufacturer Canaan is set to issue $12.4 million worth of shares in an employee benefit plan.The company hasfileda Form S-8 with the U.S. Securities and Exchange Commission (SEC) on Wednesday, saying that it will issue 51,624,000 Class A ordinary shares at a maximum price of $0.24 apiece.The Form S-8 filing is required for public companies who want to issue stock or stock options to its employees. It must be filed before a company issues securities.Canaan is issuing two types of Class A ordinary shares — the bulk ($10.9 million) granted under a 2018 share incentive plan and an additional $1.4 million reserved for future award grants under the same plan.
Source: SECThe news comes just a few days after Canaanposteda total net loss of $5.6 million in the first quarter of 2020.China-based Canaan's stock has been under pressure in recent months and is currently down by over 10% in pre-market hours, according toTradingView. The stock is now trading at around $3; it initially sold for $8.99 apiece in November.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Torus Goes Blockchain-Agnostic With New DirectAuth Dapp Login Tool: Seamless login for the decentralized apps (dapps) of any blockchain. That’s the vision for Torus Labs’ new identity solution, DirectAuth. The Singapore-based firm released a software development kit (SDK) Thursday for blockchain-agnostic dapp logins. Torus launched its blockchain network and one-click login protocol in February counting eight initial members for its key management system – including Binance, the Ethereum Name Service (ENS) and Skale. The key innovation with DirectAuth compared to the previous Torus offering is blockchain neutrality, Torus Labs CEO and co-founder Zhen Yu Yong said in a phone interview with CoinDesk. Related: Bitcoin in Emerging Markets: The Middle East “We’ve abstracted all of the core security features out of the Torus wallet and put it into an SDK so that any application can plug it into the application and interact with trust whilst maintaining their own permissioned structure,” said Yong. Read more: Torus Launches to Bring One-Click Login to Web 3.0 Torus’ newest product makes dapp logins as easy as accessing your Gmail – a tangible bridge between Web 2.0 and Web 3.0. DirectAuth commits a blockchain transaction on the user’s behalf while maintaining a similar experience to traditional logins, eliminating the need for digging up the private keys or mnemonic passwords common in today’s Web 3.0 products. Yong said DirectAuth has already integrated with multiple networks including digital card game SkyWeaver , universal basic income project GoodDollar and social platform Sapien. Related: Blockstack Pledges to Enforce Patents for ‘Defensive Purposes’ Only Arweave CEO Sam Williams told CoinDesk that “simplifying login and key management” for Web 3.0 products was “critical” for mainstream adoption. His storage protocol was one of the first to integrate DirectAuth before the product launched publicly. Yong also said the product’s user interface (UI) was overhauled to put native developers in the driver’s seat. Kyle Samani, managing partner of Multicoin Capital, which led the project’s 2019 $2 million seed round , said the UI’s flexibility is the “most powerful aspect” of DirectAuth as it gives “developers control over the user experience in ways they’ve never had before.” Related Stories Samsung Adds Tron Dapps to Galaxy Store Binance Unveils Smart Contract Blockchain but Claims It’s No Ethereum Rival || Torus Goes Blockchain-Agnostic With New DirectAuth Dapp Login Tool: Seamless login for the decentralized apps (dapps) of any blockchain. That’s the vision for Torus Labs’ new identity solution, DirectAuth.
The Singapore-based firm released a software development kit (SDK) Thursday for blockchain-agnostic dapp logins. Toruslaunched its blockchain network and one-click login protocolin February counting eight initial members for its key management system – including Binance, the Ethereum Name Service (ENS) and Skale.
The key innovation with DirectAuth compared to the previous Torus offering is blockchain neutrality, Torus Labs CEO and co-founder Zhen Yu Yong said in a phone interview with CoinDesk.
Related:Bitcoin in Emerging Markets: The Middle East
“We’ve abstracted all of the core security features out of the Torus wallet and put it into an SDK so that any application can plug it into the application and interact with trust whilst maintaining their own permissioned structure,” said Yong.
Read more:Torus Launches to Bring One-Click Login to Web 3.0
Torus’ newest product makes dapp logins as easy as accessing your Gmail – a tangible bridge between Web 2.0 and Web 3.0. DirectAuth commits a blockchain transaction on the user’s behalf while maintaining a similar experience to traditional logins, eliminating the need for digging up the private keys or mnemonic passwords common in today’s Web 3.0 products.
Yong said DirectAuth has already integrated with multiple networks including digital card gameSkyWeaver, universal basic income project GoodDollar and social platform Sapien.
Related:Blockstack Pledges to Enforce Patents for ‘Defensive Purposes’ Only
ArweaveCEO Sam Williams told CoinDesk that “simplifying login and key management” for Web 3.0 products was “critical” for mainstream adoption. His storage protocol was one of the first to integrate DirectAuth before the product launched publicly.
Yong also said the product’s user interface (UI) was overhauled to put native developers in the driver’s seat. Kyle Samani, managing partner of Multicoin Capital, which led the project’s 2019$2 million seed round, said the UI’s flexibility is the “most powerful aspect” of DirectAuth as it gives “developers control over the user experience in ways they’ve never had before.”
• Samsung Adds Tron Dapps to Galaxy Store
• Binance Unveils Smart Contract Blockchain but Claims It’s No Ethereum Rival || President rages as Twitter labels White House disinformation: A user looks at President Donald Trump's tweets, and the Twitter-appended notice suggesting users 'get the facts.' AFP via Getty Images In a landmark action, Twitter has for the first time attached independent fact-checking information directly to two tweets from President Donald Trump. The president’s tweets make false claims alleging that wider use of mail in ballots will result in an increase in voter fraud. This is far from the first time Trump has posted falsehoods on Twitter . But it is the first time the social media company has taken action against his account. Twitter has removed tweets from other politicians and world leaders, including Brazilian President Jair Bolsonaro . It frequently removes accounts that are deceptive and spread disinformation. The company has also suspended notable accounts, such as the controversial and hyperpartisan ZeroHedge blog , for posting misinformation. As a scholar who studies social media, it’s clear to me that the reason Twitter acted this time is that public outcry finally reached a level where the company had enough backing to check a president – but it still doesn’t have enough public support to delete a presidential tweet. Setting some rules online Twitter has corporate policies laying out what it will and won’t do about elected officials posting misinformation , including showing warning information before displaying the tweet and posting accompanying notices. Those apply in this case, but it’s important to remember that the rules are written by the company. Twitter was not forced into this situation: The company chose to allow governments and elected officials on its platform where there is inconsistent enforcement of the few rules that exist to prevent government abuse. I see Twitter’s latest action as a signal that the company fears public opinion more than it fears the president and his bully pulpit. In response, Trump has taken aim at Twitter and is threatening to regulate the corporation , but, as is his usual style, he has not offered details of what he would do, or how it would work. Watching carefully Trump has come to depend on his Twitter feed as a way to circumvent the press and directly share his unfiltered thoughts with the public. Twitter’s action signals the company may step into the fray, changing the information he is sending to his followers. The company is buying some time with this move, but the public is likely to keep a close eye on its actions as the presidential election approaches. After the 2016 U.S. presidential election, Americans became much more aware of how loose the rules were for misinformation and propaganda on social media – and are on the lookout for it from all potential sources, including the White House. Story continues [ Insight, in your inbox each day. You can get it with The Conversation’s email newsletter .] This article is republished from The Conversation , a nonprofit news site dedicated to sharing ideas from academic experts. Read more: How disinformation could sway the 2020 election Donald Trump’s tweets are now presidential records Jennifer Grygiel owns a small number of shares in the following social media companies: Facebook, Google, Twitter, Alibaba, LinkedIn, YY and Snap. Grygiel also owns nominal amounts of the following cryptocurrencies: Bitcoin, Litecoin and Ethereum. View comments || President rages as Twitter labels White House disinformation: A user looks at President Donald Trump's tweets, and the Twitter-appended notice suggesting users 'get the facts.' AFP via Getty Images In a landmark action, Twitter has for the first time attached independent fact-checking information directly to two tweets from President Donald Trump. The president’s tweets make false claims alleging that wider use of mail in ballots will result in an increase in voter fraud. This is far from the first time Trump has posted falsehoods on Twitter . But it is the first time the social media company has taken action against his account. Twitter has removed tweets from other politicians and world leaders, including Brazilian President Jair Bolsonaro . It frequently removes accounts that are deceptive and spread disinformation. The company has also suspended notable accounts, such as the controversial and hyperpartisan ZeroHedge blog , for posting misinformation. As a scholar who studies social media, it’s clear to me that the reason Twitter acted this time is that public outcry finally reached a level where the company had enough backing to check a president – but it still doesn’t have enough public support to delete a presidential tweet. Setting some rules online Twitter has corporate policies laying out what it will and won’t do about elected officials posting misinformation , including showing warning information before displaying the tweet and posting accompanying notices. Those apply in this case, but it’s important to remember that the rules are written by the company. Twitter was not forced into this situation: The company chose to allow governments and elected officials on its platform where there is inconsistent enforcement of the few rules that exist to prevent government abuse. I see Twitter’s latest action as a signal that the company fears public opinion more than it fears the president and his bully pulpit. In response, Trump has taken aim at Twitter and is threatening to regulate the corporation , but, as is his usual style, he has not offered details of what he would do, or how it would work. Watching carefully Trump has come to depend on his Twitter feed as a way to circumvent the press and directly share his unfiltered thoughts with the public. Twitter’s action signals the company may step into the fray, changing the information he is sending to his followers. The company is buying some time with this move, but the public is likely to keep a close eye on its actions as the presidential election approaches. After the 2016 U.S. presidential election, Americans became much more aware of how loose the rules were for misinformation and propaganda on social media – and are on the lookout for it from all potential sources, including the White House. Story continues [ Insight, in your inbox each day. You can get it with The Conversation’s email newsletter .] This article is republished from The Conversation , a nonprofit news site dedicated to sharing ideas from academic experts. Read more: How disinformation could sway the 2020 election Donald Trump’s tweets are now presidential records Jennifer Grygiel owns a small number of shares in the following social media companies: Facebook, Google, Twitter, Alibaba, LinkedIn, YY and Snap. Grygiel also owns nominal amounts of the following cryptocurrencies: Bitcoin, Litecoin and Ethereum. View comments || A new actively managed bitcoin hedge fund gets launched in Hong Kong: Hong Kong-based crypto asset manager MaiCapital has launched a new actively managed bitcoin hedge fund for professional investors. The Bitcoin+ Investment Fund is a quant fund, and aims to track and potentially outperform bitcoin's performance in various market conditions by applying quantitative algorithms. The fund would invest in a range of bitcoin-related avenues, including bitcoin, bitcoin derivatives and other structured products. Its custody partner is the Asian digital asset platform OSL. This is MaiCapital's second quant-based crypto hedge fund. The firm, regulated by Hong Kongs Securities and Futures Commission, already offers the "Blockchain Opportunity Fund" since March 2019. Hong Kong is seeing an increasing number of bitcoin funds. Last month, Arrano Capital launched a bitcoin fund with BitGo as the custody partner. Notably, PwC's global crypto leader Henri Arslanian said earlier this month that he expects the crypto hedge fund industry to grow significantly" over the coming years as investing in a crypto fund may be the easiest way for institutional investors to get in the space. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || A new actively managed bitcoin hedge fund gets launched in Hong Kong: Hong Kong-based crypto asset manager MaiCapital has launched a new actively managed bitcoin hedge fund for professional investors.
The “Bitcoin+ Investment Fund” is a quant fund, andaims to trackand potentially outperform bitcoin's performance in various market conditions by applying quantitative algorithms.
The fund would invest in a range of bitcoin-related avenues, including bitcoin, bitcoin derivatives and other structured products. Its custody partner is the Asian digital asset platform OSL.
This is MaiCapital's second quant-based crypto hedge fund. The firm, regulated by Hong Kong’s Securities and Futures Commission, already offers the "Blockchain Opportunity Fund" since March 2019.
Hong Kong is seeing an increasing number of bitcoin funds. Last month, Arrano Capitallauncheda bitcoin fund with BitGo as the custody partner.
Notably, PwC's global crypto leader Henri Arslaniansaidearlier this month that he expects the crypto hedge fund industry to grow “significantly" over the coming years as investing in a crypto fund may be the easiest way for institutional investors to get in the space.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Handshake Exchange Sees $10M in Token Trades as Race for Censorship-Resistant Websites Heats Up: The coronavirus crisis may have given one censorship-resistance project a small boost. There are several startups trying to decentralize the internets domain-name infrastructure, including Ethereum Name Service (ENS) and Unstoppable Domains. So far, ENS director of operations Brantly Millegan said the ENS ecosystem has roughly 30,000 Ethereum accounts that own .eth domains, a total of 350,000 unique web names. Unstoppable Domains co-founder Brad Kam said his project has 220,000 registered domains since January 2019, with 8,000 live websites. Kam said Unstoppable domains generally sold to companies like MyCrypto and the Kyber Network for between $40 and $10,000 each, which even modest estimates indicate as income worth more than $8.8 million. This startups business model bets that crypto exchanges and wallets will need censorship-resistant domain options for regulatory arbitrage. Kam said he is passionate about freedom of speech and businesses being able to resist dictators. Related: Bitcoin News Roundup for May 28, 2020 Meanwhile, the comparable and highly anticipated web domain project Handshake, which airdropped an estimated $100 million worth of HNS tokens to developers with active GitHub pages, has attracted thousands of participants since it launched in February 2020. Read more: Handshake Revealed: VCs Back Plan to Give Away $100 Million in Crypto Tieshun Roquerre, CEO of the Handshake-centric Namebase exchange, said users traded $10 million worth of HNS tokens so far, while claiming web domains through 80,000 auctions in four months. Community members estimate only a few million dollars worth of HNS was spent on domains with most of that activity coming from people trading airdropped HNS for other assets like bitcoin. Roquerre estimated 4,373 people claimed their tokens out of roughly 150,000 eligible recipients , and some of our users have reached out about coronavirus-related names. Related: Enjins New Minecraft Plug-in Lets Players Spawn Blockchain Assets Story continues Although this represents a small portion of the airdropped tokens, the domain name service (DNS) provider NextDNS also offers support for Handshake name resolution. More people are using it than we thought, and from what weve seen a few cool handshake-only mini-sites are starting to pop up, NextDNS CEO Romain Cointepas said. This year the plan is for NextDNS to run its own HNS nodes, Cointepas said, comparable to running a Simplified Payment Verification bitcoin node. This would let customers use Handshake for top-level domains (TLDs) like .com and .net, effectively replacing the root servers completely, Cointepas said. So far, this primarily appeals to developers with hobby projects who like the idea of completely owning their own website without trusting service providers. Beyond hobbyists, some crypto companies like Brave have claimed their corresponding Handshake web domains as well. With Handshake you own it directly with a private key, the way you own bitcoin with a private key, said HNS user Matthew Zipkin, who built the reference site easyhandshake.com . As long as you keep that key secure, no one is taking that name from you.
Theres a lot of money and corruption and centralization. The namespace is dominated by ICANN. Many believe the current system is relatively public and well-managed. The central body that governs domain space, ICANN , recently rejected an attempt to sell .org domains to the private firm Ethos Capital . Yet, Zipkin said ICANNs dominance is still problematic because the organization is based in the United States and other tech organizations, like the Microsoft-owned GitHub , stopped offering full services in 2019 to some jurisdictions for fear of American sanctions. Read more: Planned $1.1B Sale of .Org Angers Many Open Source Crypto Developers Handshake doesnt replace DNS, it extends it, Zipkin said. When Im using a Handshake resolver, that means my internet service provider (ISP) doesnt know where Im browsing because Im not asking them.
Anyone can run a resolver on their computer. They can verify Handshake names trustlessly with minimal data downloads and bandwidth. Zipkin said Handshake can also be used with a privacy-enhancing Tor browser, in addition to regular VPN services. Yet some DNS veterans remain skeptical about the prospect that Handshake could achieve commercial traction, beyond hobbyists and crypto startups. Too fringe Farsight CEO Paul Vixie, who helped scale DNS and build the system we use today, said that no one wants to splinter the namespace because that will fragment the market. He added at least a dozen startups have tried to achieve Handshakes same goal to decentralize DNS infrastructure options but none have achieved both significant and sustainable traction. Plus, the Handshake community is already being faced with its first legal conundrum over whether it can offer .music , another version of which is run by ICANN . Read more: The Domain Startups Building an Uncensorable Internet on Top of Ethereum The commercial community, outside of that [tech bubble]
they are happy with the namespace as is, Vixie said. There is no endgame for multiple namespaces.
You can certainly waste a lot of investor money but in the end theres got to be one that works. Speaking to that point, Namebases Roquerre said he expects it will take a long time for developers to buy or trade TLDs for business, not pleasure.In the long term theres going to be more commercial activity, Roquerre agreed. I think the main theme of censorship resistance is generally why people are interested in Handshake, its been like that for a long time and its continuing. Update (May 28, 20:11 UTC): The headline and body of this article have been edited to clarify there were reportedly $10 million worth of HNS trades on Namebase since the token launched, but only a fraction of those users bought domain names. Related Stories Decentralized ID at All Costs: Adviser Quits ID2020 Over Blockchain Fixation Bitcoin Transaction Fees Decline as Network Congestion Eases || Handshake Exchange Sees $10M in Token Trades as Race for Censorship-Resistant Websites Heats Up: The coronavirus crisis may have given one censorship-resistance project a small boost.
There are severalstartupstrying to decentralize the internet’s domain-name infrastructure, including Ethereum Name Service (ENS) and Unstoppable Domains. So far, ENS director of operations Brantly Millegan said the ENS ecosystem has roughly 30,000 Ethereum accounts that own .eth domains, a total of 350,000 unique web names. Unstoppable Domains co-founder Brad Kam said his project has 220,000 registered domains since January 2019, with 8,000 live websites.
Kam said Unstoppable domains generally sold to companies like MyCrypto and the Kyber Network for between $40 and $10,000 each, which even modest estimates indicate as income worth more than $8.8 million. This startup’s business model bets that crypto exchanges and wallets will need censorship-resistant domain options for regulatory arbitrage. Kam said he is passionate about freedom of speech and businesses being able to resist dictators.
Related:Bitcoin News Roundup for May 28, 2020
Meanwhile, the comparable and highly anticipated web domain project Handshake, whichairdropped an estimated $100 millionworth of HNS tokens to developers with active GitHub pages, has attracted thousands of participants since it launched in February 2020.
Read more:Handshake Revealed: VCs Back Plan to Give Away $100 Million in Crypto
Tieshun Roquerre, CEO of the Handshake-centricNamebaseexchange, said users traded$10 millionworth of HNS tokens so far, while claimingweb domainsthrough 80,000 auctions in four months. Community members estimate only a few million dollars worth of HNS was spent on domains – with most of that activity coming from people trading airdropped HNS for other assets like bitcoin.
Roquerre estimated 4,373 people claimed their tokens out of roughly 150,000eligible recipients, and “some of our users have reached out about coronavirus-related names.”
Related:Enjin’s New Minecraft Plug-in Lets Players Spawn Blockchain Assets
Although this represents a small portion of the airdropped tokens, the domain name service (DNS) provider NextDNS also offers support for Handshake name resolution.
“More people are using it than we thought, and from what we’ve seen a few cool handshake-only mini-sites are starting to pop up,” NextDNS CEO Romain Cointepas said.
This year the plan is for NextDNS to run its own HNS nodes, Cointepas said, comparable to running aSimplified Payment Verificationbitcoin node. This would let customers use Handshake for top-level domains (TLDs) like .com and .net, “effectively replacing the root servers completely,” Cointepas said.
So far, this primarily appeals to developers with hobby projects who like the idea of completely owning their own website without trusting service providers. Beyond hobbyists, some crypto companies like Brave have claimed their corresponding Handshake web domains as well.
“With Handshake you own it directly with a private key, the way you ownbitcoinwith a private key,” said HNS user Matthew Zipkin, who built the reference siteeasyhandshake.com. “As long as you keep that key secure, no one is taking that name from you. … There’s a lot of money and corruption and centralization. The namespace is dominated by ICANN.”
Many believe the current system is relatively public and well-managed. The central body that governs domain space,ICANN, recently rejected an attempt to sell .org domains to the private firmEthos Capital. Yet, Zipkin said ICANN’s dominance is still problematic because the organization is based in the United States and other tech organizations, like the Microsoft-ownedGitHub, stopped offering full services in 2019 to some jurisdictions for fear of American sanctions.
Read more:Planned $1.1B Sale of .Org Angers Many Open Source Crypto Developers
“Handshake doesn’t replace DNS, it extends it,” Zipkin said. “When I’m using a Handshake resolver, that means my internet service provider (ISP) doesn’t know where I’m browsing because I’m not asking them. … Anyone can run a resolver on their computer. They can verify Handshake names trustlessly with minimal data downloads and bandwidth.”
Zipkin said Handshake can also be used with a privacy-enhancing Tor browser, in addition to regular VPN services. Yet someDNS veteransremain skeptical about the prospect that Handshake could achieve commercial traction, beyond hobbyists and crypto startups.
Farsight CEO Paul Vixie, who helpedscale DNSand build the system we use today, said that “no one wants to splinter the namespace because that will fragment the market.”
He added at least a dozen startups have tried to achieve Handshake’s same goal – to decentralize DNS infrastructure options – but none have achieved both significant and sustainable traction. Plus, the Handshake community is already being faced with its first legalconundrumover whether it can offer “.music,” another version of which is run byICANN.
Read more:The Domain Startups Building an Uncensorable Internet on Top of Ethereum
“The commercial community, outside of that [tech bubble] … they are happy with the namespace as is,” Vixie said. “There is no endgame for multiple namespaces. … You can certainly waste a lot of investor money but in the end there’s got to be one that works.”
Speaking to that point, Namebase’s Roquerre said he expects it will take a long time for developers to buy or trade TLDs for business, not pleasure.“In the long term there’s going to be more commercial activity,” Roquerre agreed. “I think the main theme of censorship resistance is generally why people are interested in Handshake, it’s been like that for a long time and it’s continuing.”
Update (May 28, 20:11 UTC):The headline and body of this article have been edited to clarify there were reportedly $10 million worth of HNS trades on Namebase since the token launched, but only a fraction of those users bought domain names.
• ‘Decentralized ID at All Costs’: Adviser Quits ID2020 Over Blockchain Fixation
• Bitcoin Transaction Fees Decline as Network Congestion Eases
[Social Media Buzz]
None available.
|
9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37.
|
[Bitcoin Technical Analysis for 2016-02-18]
Volume: 76752600, RSI (14-day): 63.84, 50-day EMA: 396.28, 200-day EMA: 350.27
[Wider Market Context]
Gold Price: 1226.10, Gold RSI: 70.26
Oil Price: 30.77, Oil RSI: 49.28
[Recent News (last 7 days)]
Your first trade for Thursday: The " Fast Money " traders gave their final trades of the day. Tim Seymour is a seller of iShares MSCI Emerging Markets (EEM) Brian Kelly is a seller of Energy Select Sector SPDR ETF(XLE) Karen Finerman is a seller of Priceline (PCLN) Guy Adami is a buyer of NetApp (NTAP) Trader disclosure: On February 17 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: TIM SEYMOUR: Tim is long AAPL, BAC, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, KO, MCD, PEP, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM. BRIAN KELLY: Brian is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, Euro, EWH, Hong Kong Dollar, UBS, SPY, Yuan. KAREN FINERMAN: Karen is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY calls, URI, she is short SPY. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, FL, GOOG, GOOGL, JPM, KORS, LYV, M, MOH, NRF, PLCE, URI, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International. GUY ADAMI: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Thursday: The "Fast Money" traders gave their final trades of the day.
Tim Seymour is a seller ofiShares MSCI Emerging Markets (EEM)
Brian Kelly is a seller ofEnergy Select Sector SPDR ETF(XLE)
Karen Finerman is a seller of Priceline (PCLN)
Guy Adami is a buyer of NetApp (NTAP)
Trader disclosure: On February 17 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:
TIM SEYMOUR:Tim is long AAPL, BAC, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, KO, MCD, PEP, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM.
BRIAN KELLY:Brian is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, Euro, EWH, Hong Kong Dollar, UBS, SPY, Yuan.
KAREN FINERMAN:Karen is long BAC, C, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY calls, URI, she is short SPY. Her firm is long ANTM, AAPL, BAC, C, C calls, FINL, FL, GOOG, GOOGL, JPM, KORS, LYV, M, MOH, NRF, PLCE, URI, her firm is short IWM, MDY, SPY. Karen Finerman is on the board of GrafTech International.
GUY ADAMI:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || How big banks are paying lip service to the blockchain: IBM has high hopes for blockchain technology. The IT giant announced on Tuesday a laundry list of plans to use blockchain tech and to help developers do the same. IBM ( IBM ) will offer tools through its cloud service for building blockchain apps, and it will open up IBM "Garages" in London, New York, Singapore and Tokyo for experts to collaborate with developers on blockchain tech. Taken in tandem with the recent flurry of banks and financial institutions expressing public interest in blockchain, the technology is having a moment. In September, a slew of banks including BBVA, Citi, Credit Suisse, JPMorgan, Royal Bank of Scotland, and UBS all joined a coalition, led by a firm called R3 , to implement blockchain technology in banking. In December, five more big names hopped on board, including BNP Paribas, ING, and Wells Fargo. But the great irony of the banks' interest in blockchain is that the idea of a blockchain for traditional banking defeats the purpose of the blockchain—at least as it has been used thus far, with the digital currency bitcoin. And top executives from some of the very same institutions that have signed on to R3 have separately disparaged bitcoin. To understand what it is that banks claim to want to do with blockchain, you first need to understand the bitcoin blockchain, which is a public, decentralized ledger that records every single bitcoin transaction. Think of it like a library card in the cloud (not the card you use to take out a book, but the slip inside a book that lists all the borrowers). If you send a friend $5 worth of bitcoin, the transaction goes on the blockchain. If one bitcoin startup acquires another bitcoin startup for $500,000 in bitcoin, that, too, goes on the blockchain. And you can view the blockchain in real time, as transactions are uploaded, at blockchain.info . Transactions are added in bundles, called "blocks," by "miners," who receive a tiny fee in bitcoin as an incentive to mine. Miners use large, expensive computers to find and mine the blocks. The excitement of the bitcoin blockchain, to people in the digital currency world, is the potential for decentralized applications to be built on top of it that cut out the middle man. And the blockchain can be used to store and send anything of value, so there are companies using it to store documents like property deeds and even marriage licenses. And now: Enter the banks. They've long stayed away from bitcoin, which has a toxic public image thanks to headlines about bitcoin being used in embezzlement and Ponzi schemes. (Think of Mt. Gox and Silk Road .) MasterCard CEO Ajay Banga said he believes bitcoin "starts bumping up against societal rules, which I worry about," and that, "it doesn’t give me the safety and security of knowing that I am who I am, and I’m paying who I know, which is what traditional currency does." And yet, MasterCard ( MA ) invested in Digital Currency Group, a venture firm that has itself invested in 65 different bitcoin and blockchain-enabled businesses. JPMorgan CEO Jamie Dimon said bitcoin "is going nowhere... There is nothing behind a bitcoin, and I think if it was big, the governments would stop it." And yet, JPMorgan ( JPM ) has signed on with R3. Story continues Forget bitcoin, embrace blockchain Bitcoin is doomed, if you ask Dimon. But the blockchain—now that's exciting. As Dimon said on CNBC last month, "The blockchain is a technology, which we’ve been studying... and yes, it’s real. If it proves to be cheap and secure it will be adopted for a whole bunch of stuff." Translation: Blockchain is hot, bitcoin is not. We are seeing this sentiment again and again. IBM, in its extensive press release this week about its blockchain efforts, does not use the word "bitcoin" once. Bitreserve, a cloud banking vault launched by CNET founder Halsey Minor and led by former Barclays CIO Anthony Watson , was so eager to shed the stink of bitcoin that it changed its name to Uphold. Blockchain "is so hot right now," writes Erik Voorhees , the CEO of bitcoin startup Shapeshift, while bitcoin "has been left by the wayside, ignored like an embarrassing relative at a family gathering.” (And yet the price of bitcoin is up 24% in the last six months, 85% in the last six.) What will using blockchain tech even look like for banks? R3's web site says its mission is "building and empowering the next generation of global financial services technology." That's pretty vague. David Rutter, CEO of R3 and a former executive at London-based electronic brokerage ICAP, has said R3 will help banks and financial firms use the "fabric" of blockchain technology. You might think that people in the bitcoin world are pleased to see big, incumbent financial institutions embracing the underlying technology behind the leading cryptocurrency. They are not. Most of them see the banks' stated interest as empty lip service so far. What most people believe the banks want to do is employ something like the blockchain in their record-keeping processes: record customer deposits and withdrawals on a blockchain as opposed to whatever (likely outdated) software they currently use. Sounds simple enough. But it would have to be a closed ledger, accessible only to customers of the banks. And therein lies the contradiction: the bitcoin blockchain is public and open-sourced; nothing about it is closed. "I can see why banks are interested in using permissioned ledgers, and maybe it will make their back office more efficient," says Jerry Brito, executive director of digital currency nonprofit Coin Center. "But at the end of the day, it's not a very exciting innovation. The real innovation is a completely open and global ledger that is permission-less. Having a closed, permissioned ledger run by banks, that might allow for better auditing, but there’s no innovation there, you still have to go through a consortium to use the ledger." That is, what banks seem to want to do is incongruous to the purpose of the blockchain. Digital Currency Group's Barry Silbert, who founded SecondMarket, which allowed for the trading of stocks in non-public companies, is similarly dubious of the "blockchain for banking" theme. "I’ve spoken quite publicly about my skepticism around the private blockchain approach," he tells Yahoo Finance. If R3 doesn't yield innovative fruit, then why are banks rushing to join up? For starters, as a PR effort: once a few were involved, the others looked stodgy by delaying. But Brito also believes the interest will subside once banks actually learn more about blockchain technology. " I think right now investors are kind of waiting for Wall Street to get through this blockchain phase," he says. "They have blockchain fever and they need to just get over it. Because if they develop their own closed blockchains, soon they’ll all realize they want to talk to each other, and they’ll be back to square one, doing banking." The bitcoin blockchain is open, global and permissionless. It has potential to serve as the backbone for additional exciting applications. If traditional banks want to employ it in their way, by acting as gatekeepers, it defeats the purpose. But don't expect that to dampen their public expressions of interest just yet. This is the first in a three-part Yahoo Finance series about blockchain technology. The second part is about how you can invest in the blockchain; the third part is about the biggest names in the industry. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Bitcoin advocacy group scores funding from biggest names in industry Bitcoin industry consolidates: Why Kraken bought Coinsetter Bitcoin's biggest investor bought its biggest news site Here's a sign that PayPal is embracing Bitcoin View comments || How big banks are paying lip service to the blockchain: IBM has high hopes for blockchain technology. The IT giantannouncedon Tuesday a laundry list of plans to use blockchain tech and to help developers do the same. IBM (IBM) will offer tools through its cloud service for building blockchain apps, and it will open up IBM "Garages" in London, New York, Singapore and Tokyo for experts to collaborate with developers on blockchain tech.
Taken in tandem with the recent flurry of banks and financial institutions expressing public interest in blockchain, the technology is having a moment. In September, a slew of banks including BBVA, Citi, Credit Suisse, JPMorgan, Royal Bank of Scotland, and UBS all joined a coalition,led by a firm called R3, to implement blockchain technology in banking. In December, five more big names hopped on board, including BNP Paribas, ING, and Wells Fargo.
But the great irony of the banks' interest in blockchain is that the idea of a blockchain for traditional banking defeats the purpose of the blockchain—at least as it has been used thus far, with the digital currency bitcoin. And top executives from some of the very same institutions that have signed on to R3 have separately disparaged bitcoin.
To understand what it is that banks claim to want to do with blockchain, you first need to understand the bitcoin blockchain, which is a public, decentralized ledger that records every single bitcoin transaction. Think of it like a library card in the cloud (not the card you use to take out a book, but the slip inside a book that lists all the borrowers). If you send a friend $5 worth of bitcoin, the transaction goes on the blockchain. If one bitcoin startup acquires another bitcoin startup for $500,000 in bitcoin, that, too, goes on the blockchain. And you can view the blockchain in real time, as transactions are uploaded, atblockchain.info. Transactions are added in bundles, called "blocks," by "miners," who receive a tiny fee in bitcoin as an incentive to mine. Miners use large, expensive computers to find and mine the blocks.
The excitement of the bitcoin blockchain, to people in the digital currency world, is the potential for decentralized applications to be built on top of it that cut out the middle man. And the blockchain can be used to store and send anything of value, so there are companies using it to store documents like property deeds and even marriage licenses.
And now: Enter the banks. They've long stayed away from bitcoin, which has a toxic public image thanks to headlines about bitcoin being used in embezzlement and Ponzi schemes. (Think of Mt. Gox andSilk Road.) MasterCard CEO Ajay Bangasaidhe believes bitcoin "starts bumping up against societal rules, which I worry about," and that, "it doesn’t give me the safety and security of knowing that I am who I am, and I’m paying who I know, which is what traditional currency does." And yet, MasterCard (MA) invested in Digital Currency Group, a venture firm that has itself invested in 65 different bitcoin and blockchain-enabled businesses. JPMorgan CEO Jamie Dimonsaidbitcoin "is going nowhere... There is nothing behind a bitcoin, and I think if it was big, the governments would stop it." And yet, JPMorgan (JPM) has signed on with R3.
Forget bitcoin, embrace blockchainBitcoin is doomed, if you ask Dimon. But the blockchain—nowthat'sexciting. As Dimonsaidon CNBC last month, "The blockchain is a technology, which we’ve been studying... and yes, it’s real. If it proves to be cheap and secure it will be adopted for a whole bunch of stuff."
Translation: Blockchain is hot, bitcoin is not. We are seeing this sentiment again and again. IBM, in its extensive press release this week about its blockchain efforts, does not use the word "bitcoin" once. Bitreserve, a cloud banking vault launched by CNET founder Halsey Minor and led byformer Barclays CIO Anthony Watson, was so eager to shed the stink of bitcoin that it changed its name to Uphold. Blockchain "is so hot right now,"writes Erik Voorhees, the CEO of bitcoin startup Shapeshift, while bitcoin "has been left by the wayside, ignored like an embarrassing relative at a family gathering.” (And yet the price of bitcoin is up 24% in the last six months, 85% in the last six.)
What will using blockchain tech even look like for banks? R3's web site says its mission is "building and empowering the next generation of global financial services technology." That's pretty vague. David Rutter, CEO of R3 and a former executive at London-based electronic brokerage ICAP, has said R3 will help banks and financial firms use the "fabric" of blockchain technology.
You might think that people in the bitcoin world are pleased to see big, incumbent financial institutions embracing the underlying technology behind the leading cryptocurrency. They are not. Most of them see the banks' stated interest as empty lip service so far.
What most people believe the banks want to do is employ somethinglikethe blockchain in their record-keeping processes: record customer deposits and withdrawals on a blockchain as opposed to whatever (likely outdated) software they currently use. Sounds simple enough. But it would have to be a closed ledger, accessible only to customers of the banks. And therein lies the contradiction: the bitcoin blockchain is public and open-sourced; nothing about it is closed.
"Ican see why banks are interested in using permissioned ledgers, and maybe it will make their back office more efficient," says Jerry Brito, executive director of digital currency nonprofit Coin Center. "But at the end of the day, it's not a very exciting innovation. The real innovation is a completely open and global ledger that is permission-less. Having a closed, permissioned ledger run by banks, that might allow for better auditing, but there’s no innovation there, you still have to go through a consortium to use the ledger." That is, what banks seem to want to do is incongruous to the purpose of the blockchain.
Digital Currency Group's Barry Silbert, who founded SecondMarket, which allowed for the trading of stocks in non-public companies, is similarly dubious of the "blockchain for banking" theme. "I’ve spoken quite publicly about my skepticism around the private blockchain approach," he tells Yahoo Finance.
If R3 doesn't yield innovative fruit, then why are banks rushing to join up? For starters, as a PR effort: once a few were involved, the others looked stodgy by delaying. But Brito also believes the interest will subside once banks actually learn more about blockchain technology. "I think right now investors are kind of waiting for Wall Street to get through this blockchain phase," he says. "They have blockchain fever and they need to just get over it. Because if they develop their own closed blockchains,soon they’ll all realize they want to talk to each other, and they’ll be back to square one, doing banking."
The bitcoin blockchain is open, global and permissionless. It has potential to serve as the backbone for additional exciting applications. If traditional banks want to employ it in their way, by acting as gatekeepers, it defeats the purpose. But don't expect that to dampen their public expressions of interest just yet.
This is the first in a three-part Yahoo Finance series about blockchain technology. Thesecond partis about how you can invest in the blockchain; thethird partis about the biggest names in the industry.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin advocacy group scores funding from biggest names in industry
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Bitcoin's biggest investor bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin || Bitcoin group scores funds from biggest names in industry: Bitcoin-related businesses raised more venture capital money in 2015 than in any year before: $485 million, according to industry news siteCoinDesk. And yet, even as they court more VC interest, these companies continue to deal with skepticism from the general public and from top executives of big financial institutions, likeJamie Dimonof JPMorgan (JPM).
So they're turning to a non-profit advocacy group for help.
Coin Center, a 501(c)(4) lobbying group founded in 2014, calls itself the "leading non-profit research and advocacy center" for public policy on "cryptocurrency technologies such as Bitcoin." Its supporters already included well-known venture firm, Andreessen Horowitz (Marc Andreessen is a vocal bitcoin believer), and some of the biggest companies in the industry, including Chain, Coinbase, and Xapo. Now Coin Center is about to get a lot louder: This month it has raised $1 million in new donations, Yahoo Finance has learned.
In an industry where the hottest companies have had recent fundraising rounds of $116 million (21 Inc.), $50 million (Circle) and $30 million (Chain), $1 million may sound like small potatoes—and it is, although Coin Center says it will help fund travel for its five staff members, who spend much of their time meeting with lawmakers to discuss policy.
But as some big banks have joined a consortium to explore the possibilities of the blockchain (the public, open ledger on which all bitcoin transactions are logged), what is significant here is that Coin Center's extensive list of new supporters includes some of the most powerful people in the exploding fintech sector. Among those who donated are 21 Inc. (which last year released a small bitcoin-mining computer aimed at making it easier to develop bitcoin apps), BitStamp, Overstock.com (OSTK), which was one of the first major online retailers to accept bitcoin as payment, and Digital Currency Group.
That last firm is key: Led by SecondMarket founder Barry Silbert, DCG has invested in 65 different bitcoin companies, and the companies in its portfolio have raised 70% of all the venture capital in the space. DCG is to the bitcoin industry what Anheuser-Busch InBev (BUD) is to the beer market, or what IAC (IAC) has been to online-dating companies.
"Our mission is to accelerate the development of a better financial system," Silbert tells Yahoo Finance, "and the way we will do that is investing in great companies, starting companies, buying companies, and helping organizations like Coin Center." In other words: Silbert wants to have his hands in as many digital-currency entities as possible to ensure his influence, and he is quickly carrying out that strategy. It's why DCGbought outrightthe industry's leading news site, CoinDesk."There are many ways lawmakerscould stifle the bitcoin blockchain," Silbert says, "so providing awareness and education is a very important part of what will make this industry sustainable."
In short: Coin Center is getting more influential, and now it has people backing it who have deep pockets and major interest in keeping regulators from interfering too much in what bitcoin companies are doing. Coin Center is not a trade association—none of the companies in the bitcoin industry are members. But it certainly shares their interests.
Jerry Brito, Coin Center's executive director, isa law professor who has testified before Congress about cryptocurrencies. Hesays Coin Center's primary audience is policy-makers—and these people can often be confused about the industry. The fear of bitcoin businesses is that politicians will hastily regulate, or even shut down startups, before they understand the technology. (The tension is not unlike the battle raging in daily fantasy sports right now.) Coin Center can help, Brito says: "Policy makers hear about these negative aspects, whether it’s ransoms, or drug sales, or the like, and they will often contact law enforcement and say, 'What's up with this?' This is a challenge just like all new technologies have been, from email to pagers, butwe think that we can get a handle on this."
To that end,Coin Center teamed with the Chamber of Digital Commerce in October to help create The Blockchain Alliance, a safe-space private forum in which law enforcement groups like the FBI and the U.S. Department of Justice can pose questions to bitcoin startup executives and policy pundits. Think of the alliance like a Justice League for bitcoin. But it is unclear how frequently the forum is being used, since the media isn't allowed in.
Last year, New York became the first state to release its own regulatory framework specifically devoted to digital currency businesses. Called the BitLicense, it was met with so much opposition from the bitcoin community that a slew of companies packed up and left New York, cutting off service to customers in the state. Other companies happily applied for a license, but bemoaned the high cost.
Coin Center makes its stance on legislation clear. "If you look back, [former New York Department of Financial Services superintent]Ben Lawsky said he didn't want to interfere with innovation or hurt business. Ultimately, the BitLicense that we got did not succeed at that. It is not a good model for other states to follow," he says. "I think the only solution is a light touch approach. If you go heavy-handed, as a regulator, you’ll do two things: not meet your goals, typically, becasuse you’ll make it so difficult that people can’t even comply with it, and not get the visibility that you want as a regulator." Those in the bitcoin business, of course, like that argument quite a lot.
Marc Andreessen has been Coin Center's biggest donor since the beginning, giving the lion's share of help. But with Silbert flexing his muscle, Coin Center's role in advocating for digital currency will strengthen. (Brito says donors "can give input," but not dictate what Coin Center does.)
Coin Center has received $2 million in donations to date, and it now plans to seek $1 million every year. It won't have much trouble getting it.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Bitcoin's biggest investor bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer || Bitcoin group scores funds from biggest names in industry: Bitcoin-related businesses raised more venture capital money in 2015 than in any year before: $485 million, according to industry news site CoinDesk . And yet, even as they court more VC interest, these companies continue to deal with skepticism from the general public and from top executives of big financial institutions, like Jamie Dimon of JPMorgan ( JPM ). So they're turning to a non-profit advocacy group for help. Coin Center, a 501(c)(4) lobbying group founded in 2014, calls itself the "leading non-profit research and advocacy center" for public policy on "cryptocurrency technologies such as Bitcoin." Its supporters already included well-known venture firm, Andreessen Horowitz (Marc Andreessen is a vocal bitcoin believer), and some of the biggest companies in the industry, including Chain, Coinbase, and Xapo. Now Coin Center is about to get a lot louder: This month it has raised $1 million in new donations, Yahoo Finance has learned. In an industry where the hottest companies have had recent fundraising rounds of $116 million (21 Inc.), $50 million (Circle) and $30 million (Chain), $1 million may sound like small potatoesand it is, although Coin Center says it will help fund travel for its five staff members, who spend much of their time meeting with lawmakers to discuss policy. But as some big banks have joined a consortium to explore the possibilities of the blockchain (the public, open ledger on which all bitcoin transactions are logged), what is significant here is that Coin Center's extensive list of new supporters includes some of the most powerful people in the exploding fintech sector. Among those who donated are 21 Inc. (which last year released a small bitcoin-mining computer aimed at making it easier to develop bitcoin apps), BitStamp, Overstock.com ( OSTK ), which was one of the first major online retailers to accept bitcoin as payment, and Digital Currency Group. That last firm is key: Led by SecondMarket founder Barry Silbert, DCG has invested in 65 different bitcoin companies, and the companies in its portfolio have raised 70% of all the venture capital in the space. DCG is to the bitcoin industry what Anheuser-Busch InBev ( BUD ) is to the beer market, or what IAC ( IAC ) has been to online-dating companies. Story continues " Our mission is to accelerate the development of a better financial system," Silbert tells Yahoo Finance, "and the way we will do that is investing in great companies, starting companies, buying companies, and helping organizations like Coin Center." In other words: Silbert wants to have his hands in as many digital-currency entities as possible to ensure his influence, and he is quickly carrying out that strategy. It's why DCG bought outright the industry's leading news site, CoinDesk. "There are many ways lawmakers could stifle the bitcoin blockchain," Silbert says, "so providing awareness and education is a very important part of what will make this industry sustainable." In short: Coin Center is getting more influential, and now it has people backing it who have deep pockets and major interest in keeping regulators from interfering too much in what bitcoin companies are doing. Coin Center is not a trade associationnone of the companies in the bitcoin industry are members. But it certainly shares their interests. Jerry Brito, Coin Center's executive director, is a law professor who has testified before Congress about cryptocurrencies. He says Coin Center's primary audience is policy-makersand these people can often be confused about the industry. The fear of bitcoin businesses is that politicians will hastily regulate, or even shut down startups, before they understand the technology. (The tension is not unlike the battle raging in daily fantasy sports right now.) Coin Center can help, Brito says: "P olicy makers hear about these negative aspects, whether its ransoms, or drug sales, or the like, and they will often contact law enforcement and say, 'What's up with this?' This is a challenge just like all new technologies have been, from email to pagers, but we think that we can get a handle on this." To that end, Coin Center teamed with the Chamber of Digital Commerce in October to help create The Blockchain Alliance, a safe-space private forum in which law enforcement groups like the FBI and the U.S. Department of Justice can pose questions to bitcoin startup executives and policy pundits. Think of the alliance like a Justice League for bitcoin. But it is unclear how frequently the forum is being used, since the media isn't allowed in. Last year, New York became the first state to release its own regulatory framework specifically devoted to digital currency businesses. Called the BitLicense, it was met with so much opposition from the bitcoin community that a slew of companies packed up and left New York, cutting off service to customers in the state. Other companies happily applied for a license, but bemoaned the high cost. Coin Center makes its stance on legislation clear. "If you look back, [former New York Department of Financial Services superintent] Ben Lawsky said he didn't want to interfere with innovation or hurt business. Ultimately, the BitLicense that we got did not succeed at that. It is not a good model for other states to follow," he says. " I think the only solution is a light touch approach. If you go heavy-handed, as a regulator, youll do two things: not meet your goals, typically, becasuse youll make it so difficult that people cant even comply with it, and not get the visibility that you want as a regulator." Those in the bitcoin business, of course, like that argument quite a lot. Marc Andreessen has been Coin Center's biggest donor since the beginning, giving the lion's share of help. But with Silbert flexing his muscle, Coin Center's role in advocating for digital currency will strengthen. (Brito says donors "can give input," but not dictate what Coin Center does.) Coin Center has received $2 million in donations to date, and it now plans to seek $1 million every year. It won't have much trouble getting it. -- Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Read more: Bitcoin industry consolidates: Why Kraken bought Coinsetter Bitcoin's biggest investor bought its biggest news site Here's a sign that PayPal is embracing Bitcoin Fantex, the 'athlete stock exchange,' signs first golfer || Bitcoin group scores funds from biggest names in industry: Bitcoin-related businesses raised more venture capital money in 2015 than in any year before: $485 million, according to industry news siteCoinDesk. And yet, even as they court more VC interest, these companies continue to deal with skepticism from the general public and from top executives of big financial institutions, likeJamie Dimonof JPMorgan (JPM).
So they're turning to a non-profit advocacy group for help.
Coin Center, a 501(c)(4) lobbying group founded in 2014, calls itself the "leading non-profit research and advocacy center" for public policy on "cryptocurrency technologies such as Bitcoin." Its supporters already included well-known venture firm, Andreessen Horowitz (Marc Andreessen is a vocal bitcoin believer), and some of the biggest companies in the industry, including Chain, Coinbase, and Xapo. Now Coin Center is about to get a lot louder: This month it has raised $1 million in new donations, Yahoo Finance has learned.
In an industry where the hottest companies have had recent fundraising rounds of $116 million (21 Inc.), $50 million (Circle) and $30 million (Chain), $1 million may sound like small potatoes—and it is, although Coin Center says it will help fund travel for its five staff members, who spend much of their time meeting with lawmakers to discuss policy.
But as some big banks have joined a consortium to explore the possibilities of the blockchain (the public, open ledger on which all bitcoin transactions are logged), what is significant here is that Coin Center's extensive list of new supporters includes some of the most powerful people in the exploding fintech sector. Among those who donated are 21 Inc. (which last year released a small bitcoin-mining computer aimed at making it easier to develop bitcoin apps), BitStamp, Overstock.com (OSTK), which was one of the first major online retailers to accept bitcoin as payment, and Digital Currency Group.
That last firm is key: Led by SecondMarket founder Barry Silbert, DCG has invested in 65 different bitcoin companies, and the companies in its portfolio have raised 70% of all the venture capital in the space. DCG is to the bitcoin industry what Anheuser-Busch InBev (BUD) is to the beer market, or what IAC (IAC) has been to online-dating companies.
"Our mission is to accelerate the development of a better financial system," Silbert tells Yahoo Finance, "and the way we will do that is investing in great companies, starting companies, buying companies, and helping organizations like Coin Center." In other words: Silbert wants to have his hands in as many digital-currency entities as possible to ensure his influence, and he is quickly carrying out that strategy. It's why DCGbought outrightthe industry's leading news site, CoinDesk."There are many ways lawmakerscould stifle the bitcoin blockchain," Silbert says, "so providing awareness and education is a very important part of what will make this industry sustainable."
In short: Coin Center is getting more influential, and now it has people backing it who have deep pockets and major interest in keeping regulators from interfering too much in what bitcoin companies are doing. Coin Center is not a trade association—none of the companies in the bitcoin industry are members. But it certainly shares their interests.
Jerry Brito, Coin Center's executive director, isa law professor who has testified before Congress about cryptocurrencies. Hesays Coin Center's primary audience is policy-makers—and these people can often be confused about the industry. The fear of bitcoin businesses is that politicians will hastily regulate, or even shut down startups, before they understand the technology. (The tension is not unlike the battle raging in daily fantasy sports right now.) Coin Center can help, Brito says: "Policy makers hear about these negative aspects, whether it’s ransoms, or drug sales, or the like, and they will often contact law enforcement and say, 'What's up with this?' This is a challenge just like all new technologies have been, from email to pagers, butwe think that we can get a handle on this."
To that end,Coin Center teamed with the Chamber of Digital Commerce in October to help create The Blockchain Alliance, a safe-space private forum in which law enforcement groups like the FBI and the U.S. Department of Justice can pose questions to bitcoin startup executives and policy pundits. Think of the alliance like a Justice League for bitcoin. But it is unclear how frequently the forum is being used, since the media isn't allowed in.
Last year, New York became the first state to release its own regulatory framework specifically devoted to digital currency businesses. Called the BitLicense, it was met with so much opposition from the bitcoin community that a slew of companies packed up and left New York, cutting off service to customers in the state. Other companies happily applied for a license, but bemoaned the high cost.
Coin Center makes its stance on legislation clear. "If you look back, [former New York Department of Financial Services superintent]Ben Lawsky said he didn't want to interfere with innovation or hurt business. Ultimately, the BitLicense that we got did not succeed at that. It is not a good model for other states to follow," he says. "I think the only solution is a light touch approach. If you go heavy-handed, as a regulator, you’ll do two things: not meet your goals, typically, becasuse you’ll make it so difficult that people can’t even comply with it, and not get the visibility that you want as a regulator." Those in the bitcoin business, of course, like that argument quite a lot.
Marc Andreessen has been Coin Center's biggest donor since the beginning, giving the lion's share of help. But with Silbert flexing his muscle, Coin Center's role in advocating for digital currency will strengthen. (Brito says donors "can give input," but not dictate what Coin Center does.)
Coin Center has received $2 million in donations to date, and it now plans to seek $1 million every year. It won't have much trouble getting it.
--
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology.Read more:
Bitcoin industry consolidates: Why Kraken bought Coinsetter
Bitcoin's biggest investor bought its biggest news site
Here's a sign that PayPal is embracing Bitcoin
Fantex, the 'athlete stock exchange,' signs first golfer || Oil drives Wall St. higher; most & least favorite stocks; Amazon clothing line: Stocks ( ^DJI , ^GSPC , ^IXIC ) are continuing their rally, boosted by higher oil prices ( CLH16.NYM) following comments from Iran about limiting oil production. Keith Bliss of Cuttone & Co. joins us live from the floor of the New York Stock Exchange to discuss the markets. Yahoo Finance's Alexis Christoforous talks about that and some of the other big stories of the day with Yahoo Finance Editor-in-Chief Andy Serwer and Yahoo Finance's Dan Roberts. Stocks you love, stocks you hate Love 'em or hate 'em? The latest filings from the Securities Exchange Commission are showing which stocks are being bought and sold by the largest investors. So far, the 13F filings are showing some of the leaders to be The Blackstone Group ( BX ), Visa ( V ), Amazon ( AMZN ), Google ( GOOGL ) and LinkedIn ( LNKD ). Pulling up the rear, we have Coca-Cola ( KO ), IBM ( IBM ), Apple ( AAPL ), Microsoft ( MSFT ), and ExxonMobil ( XOM ). Who will be the new leaders in 2016? Bitcoin push Virtual currency fans get no respect! Well, apparently that's how they feel, so Bitcoin believers are turning to a non-profit advocacy group to help lift some of the shroud of mystery surrounding cryptocurrency. Will it succeed, disrupt, or fail? Amazon clothes Would you buy your clothes from ... Amazon ( AMZN )? The online retail powerhouse hopes so. Fashion news site WWD reports the company is increasing hiring for Amazon Fashion Private Label, suggesting the line is getting closer to launch. || Oil drives Wall St. higher; most & least favorite stocks; Amazon clothing line: Stocks (^DJI,^GSPC,^IXIC) are continuing their rally, boosted by higher oil prices (CLH16.NYM)following comments from Iran about limiting oil production.Keith Bliss of Cuttone & Co.joins us live from the floor of the New York Stock Exchange to discuss the markets.
Yahoo Finance's Alexis Christoforous talks about that and some of the other big stories of the day with Yahoo Finance Editor-in-Chief Andy Serwer and Yahoo Finance's Dan Roberts.
Stocks you love, stocks you hate
Love 'em or hate 'em? The latest filings from the Securities Exchange Commission are showing which stocks are being bought and sold by the largest investors. So far, the 13F filings are showing some of the leaders to be The Blackstone Group (BX), Visa (V), Amazon (AMZN), Google (GOOGL) and LinkedIn (LNKD). Pulling up the rear, we have Coca-Cola (KO), IBM (IBM), Apple (AAPL), Microsoft (MSFT), and ExxonMobil (XOM). Who will be the new leaders in 2016?
Bitcoin push
Virtual currency fans get no respect! Well, apparently that's how they feel, so Bitcoin believers are turning to a non-profit advocacy group to help lift some of the shroud of mystery surrounding cryptocurrency. Will it succeed, disrupt, or fail?
Amazon clothes
Would you buy your clothes from ... Amazon (AMZN)? The online retail powerhouse hopes so. Fashion news siteWWD reportsthe company is increasing hiring for Amazon Fashion Private Label, suggesting the line is getting closer to launch. || Flux Party seeks to be the bitcoin of Australian politics: By Matt Siegel SYDNEY (Reuters) - A new Australian political party is using the virtual currency bitcoin as a model to replace what they say is an outdated political system - representative democracy - with a streamlined new polity for the information age. The Flux Party says its goal is to elect six senators. They will propose no policies and will not follow their consciences, but will support or block legislation at the direction of their members, who can swap or trade their votes on every bill online. "If they didn't have to be senators, if they could just be software or robots they would be, because their only purpose is to do what the people want them to do," Flux Party co-founder Max Kaye told Reuters in an interview. Australia is set to hold an election in September or October after a period of turmoil that brought five prime ministers in as many years. At the same time the upper house, which thanks to the quirks of its electoral system has a history of returning mavericks and fringe party candidates, has been hopelessly deadlocked by a handful of senators, at least one elected on less than 1 percent of the vote. Prime Minister Malcolm Turnbull last week raised the possibility of calling an early poll to break the gridlock that has held up the government's legislative agenda. That type of policy inertia is what bitcoin enthusiasts Kaye and Flux co-founder Nathan Spataro say inspired them to explore alternative systems that better represent the world of 2016. Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. The technology behind it is called the blockchain - a massive electronic ledger of every transaction that is verified and shared by a global network of computers. To Spataro and Kaye, bitcoin is not just an alternative financial system: it is the missing link between representative democracy and Democracy 2.0. "This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro said. Story continues "We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world." "DELIGHTFULLY NAIVE" Bitcoin's strength comes from its ability to build trust through ease of verification and by removing human frailty from the equation, said Dr. Adrian Lee, an expert on bitcoin at the University of Technology Sydney. That makes what the Flux Party is proposing both unique and also potentially fraught. "I haven't seen a party which would vote via blockchain," Lee said. "If you removed the politician and made it just a bitcoin machine, then maybe it would work but you can't do that," he said, noting the absence of a legally binding mechanism to make Flux senators vote as directed. Although the party's architecture for calculating and distributing voters' wishes to their elected officials uses highly complex computer code, the overall idea is fairly simple. Flux members and single-issue campaigners that agree to support the party at the election are allotted bitcoin-like tokens that they can use themselves, trade or give to experts or interest groups they trust to vote as their proxy. Outcomes are distributed proportionately, so if 80 percent vote in favor of a bill and 20 against, five Flux senators vote yea and one nay. Ministers are not often experts in their portfolio, and yet they are charged with making critical decisions on issues such as environmental or fiscal policy. Under their system, the Flux Party founders say, large blocs of voters could effectively grant their vote on such issues to a scientist or economist. "You get sick, you go to the doctor, right? You don't self-diagnose and you don't go and call your plumber," Kaye said. The Party filed its registration papers with the Australian Election Commission last month after obtaining the requisite support of at least 550 registered voters. Its website currently puts its membership at 1,009 people. Attempting to apply the transformative power of the Internet to democratic systems is not a new one, said Peter Chen, a senior lecturer in politics at the University of Sydney, who called the Flux Party "delightfully naive people". "They're just the modern version of something that's always been around: utopian political system designers," he said. "They're obviously guys who are really focused on the tech thing and that has always been the problem with the e-democracy people. They're often really tech-driven and they need political scientists at the brainstorming floor to say 'well, I don't know if that'd work'." (Reporting by Matt Siegel; Editing by Alex Richardson) || Flux Party seeks to be the bitcoin of Australian politics: By Matt Siegel SYDNEY (Reuters) - A new Australian political party is using the virtual currency bitcoin as a model to replace what they say is an outdated political system - representative democracy - with a streamlined new polity for the information age. The Flux Party says its goal is to elect six senators. They will propose no policies and will not follow their consciences, but will support or block legislation at the direction of their members, who can swap or trade their votes on every bill online. "If they didn't have to be senators, if they could just be software or robots they would be, because their only purpose is to do what the people want them to do," Flux Party co-founder Max Kaye told Reuters in an interview. Australia is set to hold an election in September or October after a period of turmoil that brought five prime ministers in as many years. At the same time the upper house, which thanks to the quirks of its electoral system has a history of returning mavericks and fringe party candidates, has been hopelessly deadlocked by a handful of senators, at least one elected on less than 1 percent of the vote. Prime Minister Malcolm Turnbull last week raised the possibility of calling an early poll to break the gridlock that has held up the government's legislative agenda. That type of policy inertia is what bitcoin enthusiasts Kaye and Flux co-founder Nathan Spataro say inspired them to explore alternative systems that better represent the world of 2016. Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. The technology behind it is called the blockchain - a massive electronic ledger of every transaction that is verified and shared by a global network of computers. To Spataro and Kaye, bitcoin is not just an alternative financial system: it is the missing link between representative democracy and Democracy 2.0. "This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro said. "We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world." "DELIGHTFULLY NAIVE" Bitcoin's strength comes from its ability to build trust through ease of verification and by removing human frailty from the equation, said Dr. Adrian Lee, an expert on bitcoin at the University of Technology Sydney. That makes what the Flux Party is proposing both unique and also potentially fraught. "I haven't seen a party which would vote via blockchain," Lee said. "If you removed the politician and made it just a bitcoin machine, then maybe it would work but you can't do that," he said, noting the absence of a legally binding mechanism to make Flux senators vote as directed. Although the party's architecture for calculating and distributing voters' wishes to their elected officials uses highly complex computer code, the overall idea is fairly simple. Flux members and single-issue campaigners that agree to support the party at the election are allotted bitcoin-like tokens that they can use themselves, trade or give to experts or interest groups they trust to vote as their proxy. Outcomes are distributed proportionately, so if 80 percent vote in favor of a bill and 20 against, five Flux senators vote yea and one nay. Ministers are not often experts in their portfolio, and yet they are charged with making critical decisions on issues such as environmental or fiscal policy. Under their system, the Flux Party founders say, large blocs of voters could effectively grant their vote on such issues to a scientist or economist. "You get sick, you go to the doctor, right? You don't self-diagnose and you don't go and call your plumber," Kaye said. The Party filed its registration papers with the Australian Election Commission last month after obtaining the requisite support of at least 550 registered voters. Its website currently puts its membership at 1,009 people. Attempting to apply the transformative power of the Internet to democratic systems is not a new one, said Peter Chen, a senior lecturer in politics at the University of Sydney, who called the Flux Party "delightfully naive people". "They're just the modern version of something that's always been around: utopian political system designers," he said. "They're obviously guys who are really focused on the tech thing and that has always been the problem with the e-democracy people. They're often really tech-driven and they need political scientists at the brainstorming floor to say 'well, I don't know if that'd work'." (Reporting by Matt Siegel; Editing by Alex Richardson) || Flux Party seeks to be the bitcoin of Australian politics: By Matt Siegel SYDNEY (Reuters) - A new Australian political party is using the virtual currency bitcoin as a model to replace what they say is an outdated political system - representative democracy - with a streamlined new polity for the information age. The Flux Party says its goal is to elect six senators. They will propose no policies and will not follow their consciences, but will support or block legislation at the direction of their members, who can swap or trade their votes on every bill online. "If they didn't have to be senators, if they could just be software or robots they would be, because their only purpose is to do what the people want them to do," Flux Party co-founder Max Kaye told Reuters in an interview. Australia is set to hold an election in September or October after a period of turmoil that brought five prime ministers in as many years. At the same time the upper house, which thanks to the quirks of its electoral system has a history of returning mavericks and fringe party candidates, has been hopelessly deadlocked by a handful of senators, at least one elected on less than 1 percent of the vote. Prime Minister Malcolm Turnbull last week raised the possibility of calling an early poll to break the gridlock that has held up the government's legislative agenda. That type of policy inertia is what bitcoin enthusiasts Kaye and Flux co-founder Nathan Spataro say inspired them to explore alternative systems that better represent the world of 2016. Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. The technology behind it is called the blockchain - a massive electronic ledger of every transaction that is verified and shared by a global network of computers. To Spataro and Kaye, bitcoin is not just an alternative financial system: it is the missing link between representative democracy and Democracy 2.0. "This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro said. Story continues "We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world." "DELIGHTFULLY NAIVE" Bitcoin's strength comes from its ability to build trust through ease of verification and by removing human frailty from the equation, said Dr. Adrian Lee, an expert on bitcoin at the University of Technology Sydney. That makes what the Flux Party is proposing both unique and also potentially fraught. "I haven't seen a party which would vote via blockchain," Lee said. "If you removed the politician and made it just a bitcoin machine, then maybe it would work but you can't do that," he said, noting the absence of a legally binding mechanism to make Flux senators vote as directed. Although the party's architecture for calculating and distributing voters' wishes to their elected officials uses highly complex computer code, the overall idea is fairly simple. Flux members and single-issue campaigners that agree to support the party at the election are allotted bitcoin-like tokens that they can use themselves, trade or give to experts or interest groups they trust to vote as their proxy. Outcomes are distributed proportionately, so if 80 percent vote in favor of a bill and 20 against, five Flux senators vote yea and one nay. Ministers are not often experts in their portfolio, and yet they are charged with making critical decisions on issues such as environmental or fiscal policy. Under their system, the Flux Party founders say, large blocs of voters could effectively grant their vote on such issues to a scientist or economist. "You get sick, you go to the doctor, right? You don't self-diagnose and you don't go and call your plumber," Kaye said. The Party filed its registration papers with the Australian Election Commission last month after obtaining the requisite support of at least 550 registered voters. Its website currently puts its membership at 1,009 people. Attempting to apply the transformative power of the Internet to democratic systems is not a new one, said Peter Chen, a senior lecturer in politics at the University of Sydney, who called the Flux Party "delightfully naive people". "They're just the modern version of something that's always been around: utopian political system designers," he said. "They're obviously guys who are really focused on the tech thing and that has always been the problem with the e-democracy people. They're often really tech-driven and they need political scientists at the brainstorming floor to say 'well, I don't know if that'd work'." (Reporting by Matt Siegel; Editing by Alex Richardson) || Flux Party seeks to be the bitcoin of Australian politics: By Matt Siegel
SYDNEY (Reuters) - A new Australian political party is using the virtual currency bitcoin as a model to replace what they say is an outdated political system - representative democracy - with a streamlined new polity for the information age.
The Flux Party says its goal is to elect six senators. They will propose no policies and will not follow their consciences, but will support or block legislation at the direction of their members, who can swap or trade their votes on every bill online.
"If they didn't have to be senators, if they could just be software or robots they would be, because their only purpose is to do what the people want them to do," Flux Party co-founder Max Kaye told Reuters in an interview.
Australia is set to hold an election in September or October after a period of turmoil that brought five prime ministers in as many years.
At the same time the upper house, which thanks to the quirks of its electoral system has a history of returning mavericks and fringe party candidates, has been hopelessly deadlocked by a handful of senators, at least one elected on less than 1 percent of the vote.
Prime Minister Malcolm Turnbull last week raised the possibility of calling an early poll to break the gridlock that has held up the government's legislative agenda.
That type of policy inertia is what bitcoin enthusiasts Kaye and Flux co-founder Nathan Spataro say inspired them to explore alternative systems that better represent the world of 2016.
Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. The technology behind it is called the blockchain - a massive electronic ledger of every transaction that is verified and shared by a global network of computers.
To Spataro and Kaye, bitcoin is not just an alternative financial system: it is the missing link between representative democracy and Democracy 2.0.
"This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro said.
"We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world."
"DELIGHTFULLY NAIVE"
Bitcoin's strength comes from its ability to build trust through ease of verification and by removing human frailty from the equation, said Dr. Adrian Lee, an expert on bitcoin at the University of Technology Sydney.
That makes what the Flux Party is proposing both unique and also potentially fraught.
"I haven't seen a party which would vote via blockchain," Lee said. "If you removed the politician and made it just a bitcoin machine, then maybe it would work but you can't do that," he said, noting the absence of a legally binding mechanism to make Flux senators vote as directed.
Although the party's architecture for calculating and distributing voters' wishes to their elected officials uses highly complex computer code, the overall idea is fairly simple.
Flux members and single-issue campaigners that agree to support the party at the election are allotted bitcoin-like tokens that they can use themselves, trade or give to experts or interest groups they trust to vote as their proxy.
Outcomes are distributed proportionately, so if 80 percent vote in favor of a bill and 20 against, five Flux senators vote yea and one nay.
Ministers are not often experts in their portfolio, and yet they are charged with making critical decisions on issues such as environmental or fiscal policy. Under their system, the Flux Party founders say, large blocs of voters could effectively grant their vote on such issues to a scientist or economist.
"You get sick, you go to the doctor, right? You don't self-diagnose and you don't go and call your plumber," Kaye said.
The Party filed its registration papers with the Australian Election Commission last month after obtaining the requisite support of at least 550 registered voters. Its website currently puts its membership at 1,009 people.
Attempting to apply the transformative power of the Internet to democratic systems is not a new one, said Peter Chen, a senior lecturer in politics at the University of Sydney, who called the Flux Party "delightfully naive people".
"They're just the modern version of something that's always been around: utopian political system designers," he said.
"They're obviously guys who are really focused on the tech thing and that has always been the problem with the e-democracy people. They're often really tech-driven and they need political scientists at the brainstorming floor to say 'well, I don't know if that'd work'."
(Reporting by Matt Siegel; Editing by Alex Richardson) || Flux Party seeks to be the bitcoin of Australian politics: By Matt Siegel SYDNEY (Reuters) - A new Australian political party is using the virtual currency bitcoin as a model to replace what they say is an outdated political system - representative democracy - with a streamlined new polity for the information age. The Flux Party says its goal is to elect six senators. They will propose no policies and will not follow their consciences, but will support or block legislation at the direction of their members, who can swap or trade their votes on every bill online. "If they didn't have to be senators, if they could just be software or robots they would be, because their only purpose is to do what the people want them to do," Flux Party co-founder Max Kaye told Reuters in an interview. Australia is set to hold an election in September or October after a period of turmoil that brought five prime ministers in as many years. At the same time the upper house, which thanks to the quirks of its electoral system has a history of returning mavericks and fringe party candidates, has been hopelessly deadlocked by a handful of senators, at least one elected on less than 1 percent of the vote. Prime Minister Malcolm Turnbull last week raised the possibility of calling an early poll to break the gridlock that has held up the government's legislative agenda. That type of policy inertia is what bitcoin enthusiasts Kaye and Flux co-founder Nathan Spataro say inspired them to explore alternative systems that better represent the world of 2016. Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. The technology behind it is called the blockchain - a massive electronic ledger of every transaction that is verified and shared by a global network of computers. To Spataro and Kaye, bitcoin is not just an alternative financial system: it is the missing link between representative democracy and Democracy 2.0. "This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro said. "We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world." "DELIGHTFULLY NAIVE" Bitcoin's strength comes from its ability to build trust through ease of verification and by removing human frailty from the equation, said Dr. Adrian Lee, an expert on bitcoin at the University of Technology Sydney. That makes what the Flux Party is proposing both unique and also potentially fraught. "I haven't seen a party which would vote via blockchain," Lee said. "If you removed the politician and made it just a bitcoin machine, then maybe it would work but you can't do that," he said, noting the absence of a legally binding mechanism to make Flux senators vote as directed. Although the party's architecture for calculating and distributing voters' wishes to their elected officials uses highly complex computer code, the overall idea is fairly simple. Flux members and single-issue campaigners that agree to support the party at the election are allotted bitcoin-like tokens that they can use themselves, trade or give to experts or interest groups they trust to vote as their proxy. Outcomes are distributed proportionately, so if 80 percent vote in favor of a bill and 20 against, five Flux senators vote yea and one nay. Ministers are not often experts in their portfolio, and yet they are charged with making critical decisions on issues such as environmental or fiscal policy. Under their system, the Flux Party founders say, large blocs of voters could effectively grant their vote on such issues to a scientist or economist. "You get sick, you go to the doctor, right? You don't self-diagnose and you don't go and call your plumber," Kaye said. The Party filed its registration papers with the Australian Election Commission last month after obtaining the requisite support of at least 550 registered voters. Its website currently puts its membership at 1,009 people. Attempting to apply the transformative power of the Internet to democratic systems is not a new one, said Peter Chen, a senior lecturer in politics at the University of Sydney, who called the Flux Party "delightfully naive people". "They're just the modern version of something that's always been around: utopian political system designers," he said. "They're obviously guys who are really focused on the tech thing and that has always been the problem with the e-democracy people. They're often really tech-driven and they need political scientists at the brainstorming floor to say 'well, I don't know if that'd work'." (Reporting by Matt Siegel; Editing by Alex Richardson) || Flux Party seeks to be the bitcoin of Australian politics: By Matt Siegel SYDNEY (Reuters) - A new Australian political party is using the virtual currency bitcoin as a model to replace what they say is an outdated political system - representative democracy - with a streamlined new polity for the information age. The Flux Party says its goal is to elect six senators. They will propose no policies and will not follow their consciences, but will support or block legislation at the direction of their members, who can swap or trade their votes on every bill online. "If they didn't have to be senators, if they could just be software or robots they would be, because their only purpose is to do what the people want them to do," Flux Party co-founder Max Kaye told Reuters in an interview. Australia is set to hold an election in September or October after a period of turmoil that brought five prime ministers in as many years. At the same time the upper house, which thanks to the quirks of its electoral system has a history of returning mavericks and fringe party candidates, has been hopelessly deadlocked by a handful of senators, at least one elected on less than 1 percent of the vote. Prime Minister Malcolm Turnbull last week raised the possibility of calling an early poll to break the gridlock that has held up the government's legislative agenda. That type of policy inertia is what bitcoin enthusiasts Kaye and Flux co-founder Nathan Spataro say inspired them to explore alternative systems that better represent the world of 2016. Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. The technology behind it is called the blockchain - a massive electronic ledger of every transaction that is verified and shared by a global network of computers. To Spataro and Kaye, bitcoin is not just an alternative financial system: it is the missing link between representative democracy and Democracy 2.0. "This ancient system we've got of representative democracy, which at the time liberated us from monarchies and was awesome, now we're at a point where it's become this monster," Spataro said. Story continues "We're in a society now that's got the Internet and when democracy in its current form was conceived, you had to sail on a ship from England to get here. This model wasn't designed for this world." "DELIGHTFULLY NAIVE" Bitcoin's strength comes from its ability to build trust through ease of verification and by removing human frailty from the equation, said Dr. Adrian Lee, an expert on bitcoin at the University of Technology Sydney. That makes what the Flux Party is proposing both unique and also potentially fraught. "I haven't seen a party which would vote via blockchain," Lee said. "If you removed the politician and made it just a bitcoin machine, then maybe it would work but you can't do that," he said, noting the absence of a legally binding mechanism to make Flux senators vote as directed. Although the party's architecture for calculating and distributing voters' wishes to their elected officials uses highly complex computer code, the overall idea is fairly simple. Flux members and single-issue campaigners that agree to support the party at the election are allotted bitcoin-like tokens that they can use themselves, trade or give to experts or interest groups they trust to vote as their proxy. Outcomes are distributed proportionately, so if 80 percent vote in favor of a bill and 20 against, five Flux senators vote yea and one nay. Ministers are not often experts in their portfolio, and yet they are charged with making critical decisions on issues such as environmental or fiscal policy. Under their system, the Flux Party founders say, large blocs of voters could effectively grant their vote on such issues to a scientist or economist. "You get sick, you go to the doctor, right? You don't self-diagnose and you don't go and call your plumber," Kaye said. The Party filed its registration papers with the Australian Election Commission last month after obtaining the requisite support of at least 550 registered voters. Its website currently puts its membership at 1,009 people. Attempting to apply the transformative power of the Internet to democratic systems is not a new one, said Peter Chen, a senior lecturer in politics at the University of Sydney, who called the Flux Party "delightfully naive people". "They're just the modern version of something that's always been around: utopian political system designers," he said. "They're obviously guys who are really focused on the tech thing and that has always been the problem with the e-democracy people. They're often really tech-driven and they need political scientists at the brainstorming floor to say 'well, I don't know if that'd work'." (Reporting by Matt Siegel; Editing by Alex Richardson)
[Social Media Buzz]
LIVE: Profit = $207.47 (2.54 %). BUY B19.82 @ $420.00 (#VirCurex). SELL @ $423.32 (#Bitfinex) #bitcoin #btc - http://www.projectcoin.org || #TrinityCoin #TTY $ 0.000008 (0.04 %) 0.00000002 BTC (-0.00 %) || $423.00 #bitstamp;
$422.26 #bitfinex;
$422.00 #btce;
$421.44 #coinbase;
#bitcoin #btc || Trade BTCtoUSD: Current price: 420$ $BTCUSD $btc #bitcoin 2016-02-18 02:00:04 EST #bitcoin #trade #tranding || #RDD / #BTC on the exchanges:
Cryptsy: Error
Bittrex: 0.00000005
Average $2.1E-5 per #re...
|
420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58.
|
[Bitcoin Technical Analysis for 2018-04-21]
Volume: 7548550144, RSI (14-day): 63.51, 50-day EMA: 8364.03, 200-day EMA: 8772.53
[Wider Market Context]
None available.
[Recent News (last 7 days)]
What Two Recent Hires Say About Apple's Future: Behind every stock lies a business, and behind every business lies its employees, toiling every day to make sure things run smoothly. In today's world -- with artificial intelligence, the Internet of Things, and a slew of new, exciting technologies -- highly talented executives, especially in tech, have more choices than ever. So when a big company makes a high-profile hire or promotion, it's noteworthy.
Recently,Apple(NASDAQ: AAPL)made two headline-grabbing personnel decisions -- one new hire and a promotion -- that could affect its key services and product offerings.
Apple recently announced the hiring of John Giannandrea, formerlyAlphabet's head of artificial intelligence. According toThe Guardian, Giannandrea was a driving force behind Google's improvement in its core search products and voice-recognition technologies. He'd been with Google since 2010 when his start-up Metaweb was acquired by the search giant.
According to an email shared withThe New York Times, CEO Tim Cook said, "Our technology must be infused with the values we all hold dear ... John shares our commitment to privacy and our thoughtful approach as we make computers even smarter and more personal."
Apple has been investing in artificial intelligence on a number of key fronts, including the recently unveiled HomePod and the company's self-driving car ambitions. However, as capable as Apple is, its current AI offerings lag well behind those of Google.
Apple CEO Tim Cook. Image source: Apple.
It's not known why Giannandrea chose to leave Google for Apple -- whether it was money, the chance to work at the brand newApple Parkcampus, or more of a values-based choice, as suggested by Cook's comment quoted above.
One thing is for sure: Apple is making a bigger and bigger push to improve its AI systems. It was recently reported that its new HomePod smart speakerisn't selling very well, and the company cut its internal forecasts as the HomePod's AI capabilities reportedly lag well behind the leading home speakers from Google andAmazon.
In addition, Tim Cook has called self-driving cars "the mother of all AI projects", and Giannandrea's hire may also help Apple move toward that end. While Alphabet's Waymo unit is thought to be miles ahead (pun intended) of the competition, Apple researcherspublished a paperlast fall outlining a breakthrough in their own lidar efforts. The company's self-driving car project, known as Titan, has seen several leadership changes. However, it's unclear whether Giannandrea will be directly involved in Project Titan.
Apple also made a big promotion, picking Oliver Schusser, the former head of its European content and music operations, to head Apple Music. He'll replace outgoing head Jimmy Iovine, who announced last summer that he would be stepping down, though transitioning into a consulting role.
Iovine, whose many career highlights include producing Bruce Springsteen'sBorn to Runalbum and founding Interscope Records in 1989, joined Apple via Beats Electronics, which Apple acquired in 2013.
Those will be some mighty big shoes to fill, but obviously Schusser has proven himself to CEO Tim Cook, having launched the international App Store, iTunes Movies and TV, Apple News, and Apple podcasts, among other initiatives.
Apple Music has also made significant progress against worldwide streaming leaderSpotify, which began trading publicly earlier this month. For instance, Apple announced last week that it had reached 40 million subscribers. While that's still far behind the 73 million to 76 million estimated for Spotify, Apple Music appears to begrowing faster, especially in the U.S. Therefore, it appears Iovine is handing off an Apple Music service that's in excellent shape and winning over customers, and it may only need continued execution from a seasoned executive like Schusser.
The promotion is important, because Apple Music plays a key role in the company's services division, which it hopes to grow to $40 billion in revenue by 2020. Growing services are a key part of diversifying the company away from slowing iPhone sales. Last quarter, Apple reported $8.47 billion in services revenue, good for 18% year-over-year growth. Apple Music's 40 million subscribers paying $9.99 per month equals about $1.2 billion quarterly, or about 15% of that total.
Apple's cash cow is undoubtedly the iPhone, which makes up 70% of revenue. However, its strength doesn't come from just one device but the way its hardware and software ecosystems all work together. AI-enabled products and services such as Apple Music are two big ways that Apple hopes to lure customers into its ecosystems and retain them in the future. These two personnel changes are important milestones as the company works toward those goals.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors.Billy Dubersteinowns shares of Alphabet (C shares), Amazon, and Apple. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || What Two Recent Hires Say About Apple's Future: Behind every stock lies a business, and behind every business lies its employees, toiling every day to make sure things run smoothly. In today's world -- with artificial intelligence, the Internet of Things, and a slew of new, exciting technologies -- highly talented executives, especially in tech, have more choices than ever. So when a big company makes a high-profile hire or promotion, it's noteworthy. Recently, Apple (NASDAQ: AAPL) made two headline-grabbing personnel decisions -- one new hire and a promotion -- that could affect its key services and product offerings. Poaching from Google Apple recently announced the hiring of John Giannandrea, formerly Alphabet 's head of artificial intelligence. According to The Guardian , Giannandrea was a driving force behind Google's improvement in its core search products and voice-recognition technologies. He'd been with Google since 2010 when his start-up Metaweb was acquired by the search giant. According to an email shared with The New York Times , CEO Tim Cook said, "Our technology must be infused with the values we all hold dear ... John shares our commitment to privacy and our thoughtful approach as we make computers even smarter and more personal." Apple has been investing in artificial intelligence on a number of key fronts, including the recently unveiled HomePod and the company's self-driving car ambitions. However, as capable as Apple is, its current AI offerings lag well behind those of Google. Apple CEO Tim Cook looks at a model cityscape with college-age students. Apple CEO Tim Cook. Image source: Apple. It's not known why Giannandrea chose to leave Google for Apple -- whether it was money, the chance to work at the brand new Apple Park campus, or more of a values-based choice, as suggested by Cook's comment quoted above. One thing is for sure: Apple is making a bigger and bigger push to improve its AI systems. It was recently reported that its new HomePod smart speaker isn't selling very well , and the company cut its internal forecasts as the HomePod's AI capabilities reportedly lag well behind the leading home speakers from Google and Amazon . Story continues In addition, Tim Cook has called self-driving cars " the mother of all AI projects ", and Giannandrea's hire may also help Apple move toward that end. While Alphabet's Waymo unit is thought to be miles ahead (pun intended) of the competition, Apple researchers published a paper last fall outlining a breakthrough in their own lidar efforts. The company's self-driving car project, known as Titan, has seen several leadership changes. However, it's unclear whether Giannandrea will be directly involved in Project Titan. The new face of Apple Music Apple also made a big promotion, picking Oliver Schusser, the former head of its European content and music operations, to head Apple Music. He'll replace outgoing head Jimmy Iovine, who announced last summer that he would be stepping down, though transitioning into a consulting role. Iovine, whose many career highlights include producing Bruce Springsteen's Born to Run album and founding Interscope Records in 1989, joined Apple via Beats Electronics, which Apple acquired in 2013. Those will be some mighty big shoes to fill, but obviously Schusser has proven himself to CEO Tim Cook, having launched the international App Store, iTunes Movies and TV, Apple News, and Apple podcasts, among other initiatives. Apple Music has also made significant progress against worldwide streaming leader Spotify , which began trading publicly earlier this month. For instance, Apple announced last week that it had reached 40 million subscribers. While that's still far behind the 73 million to 76 million estimated for Spotify, Apple Music appears to be growing faster , especially in the U.S. Therefore, it appears Iovine is handing off an Apple Music service that's in excellent shape and winning over customers, and it may only need continued execution from a seasoned executive like Schusser. The promotion is important, because Apple Music plays a key role in the company's services division, which it hopes to grow to $40 billion in revenue by 2020. Growing services are a key part of diversifying the company away from slowing iPhone sales. Last quarter, Apple reported $8.47 billion in services revenue, good for 18% year-over-year growth. Apple Music's 40 million subscribers paying $9.99 per month equals about $1.2 billion quarterly, or about 15% of that total. Growth seeds Apple's cash cow is undoubtedly the iPhone, which makes up 70% of revenue. However, its strength doesn't come from just one device but the way its hardware and software ecosystems all work together. AI-enabled products and services such as Apple Music are two big ways that Apple hopes to lure customers into its ecosystems and retain them in the future. These two personnel changes are important milestones as the company works toward those goals. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Billy Duberstein owns shares of Alphabet (C shares), Amazon, and Apple. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || The Best Value Stocks to Buy Today: Grasping the basic notion of value investing is relatively simple because most of us probably already practice the theory behind it as part of our regular shopping regimen. Imagine the place where you shop the most often, whether at a local grocery or hardware store, and you spot an item that is priced far less than it is actually worth. It doesn't matter if you're picturing organic kale or a lithium-ion battery-powered power drill, if you buy a product because it is priced below what you think it's worth, you get the theory behindvalue investing.
Before we get to the picks for some of the best value stocks on the market today, we're going to discuss all the fancy words and academic concepts behind value investing, but don't forget that, at its core, this is what it is: Investing in stocks that are priced below their real value.
Value investing is like bargain hunting in that it's looking to buy stocks that are on sale. Image source: Getty Images.
Theefficient market hypothesisstates that the prices of publicly traded assets, like stocks, reflect all known information on the assets. While there are different variations on the theory about whether stock prices also reflect insider information, the main thrust is that, because all known information is already taken into account with stock prices, it is impossible for investors to "beat the market" through careful or expert stock selection. The theory essentially implies that when investors beat the market, it is more the result of chance than any inherent skill or careful analysis.
Value investors vehemently reject the idea of efficient markets. For starters, the historic presence of bubbles and crashes suggest that equities are often priced incorrectly. To take one historical example, on October 19, 1987, the Dow Jones Industrial Averagelost 508 pointsin a single trading session -- approximately 23% of its value. Was the market fairly priced at the beginning of that day or the end? Are we expected to believe that information came out during the day that caused the market to lose almost a quarter of its value? That's to say nothing of other crashes like the tech bubble at the turn of the century and the financial crisis of 2008.
The father of value investing,Benjamin Graham, famously stated that the market goes through many moods and swings between overvaluing and undervaluing assets like stocks. In his seminal work,The Intelligent Investor, Graham writes:
Imagine that in some private business you own a small share that cost you $1,000. One of your partners, named Mr. Market, is very obliging indeed. Every day he tells you what he thinks your interest is worth and furthermore offers either to buy you out or to sell you an additional interest on that basis. Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often, on the other hand, Mr. Market lets his enthusiasm or his fears run away with him, and the value he proposes seems to you a little short of silly.
The crux of value investing is that the intrinsic value of an asset exists outside of its market price. Applied to investing in stocks, this means there is a real value to the shares of the business not directly tied to its current price. This value is ascertained through a fundamental analysis of the security. When the market price is below the intrinsic value, this difference is often referred to as themargin of safety. The greater the margin of safety, the less chance there is that an investor will lose money on an investment. Thisillustration, by Motley Fool contributorDaniel Sparks, shows this concept perfectly:
The greater the margin of safety present before buying a stock, the less chance an investor has of losing money on their investment. Chart by Daniel Sparks. Used with permission.
Different value investors look at different metrics when evaluating a stock. One of the most common types of value investing is looking for stocks with a lowprice-to-earnings(P/E) ratio. This formula simply takes the stock's price and divides it by the company's trailing twelve monthsearnings per share(EPS). The lower the P/E ratio, the more earnings investors purchase with each share of a business.
Other value investors prefer to use theprice-to-book ratio, commonly referred to as the P/B ratio. This formula is calculated by dividing the company's stock price by its book value per share. Book value is defined as total assets minus total liabilities. The lower the P/B ratio the more undervalued a stock is. If the ratio is less than one, this means the stock trades for less than its assets.
Still, other investors find value relative to the company's projected growth rate. For these investors, the most valuable metric to use is probably thePEG ratioor price-to-earnings-growth ratio. This metric compare's a company's P/E ratio to its expected earnings growth rate. Using this metric, a company with a low P/E might be more richly valued than another company with a slightly higher P/E ratio if the second company's EPS growth projections were higher.
Some value investors employ different methods for valuing stocks but I believe you will find these are the essential tools in the tool box for value investors.
Value traps are stocks that appear to be cheap based on a traditional metric, such as a P/E ratio but, in reality, are not because of declining business prospects. Even the world's best investors, like Warren Buffett, have been known to fall for value traps. For instance, in 2011, Warren Buffettinitiated a positioninIBM(NYSE: IBM)that would soon grow into one of his largest, a $10 billion stake. At the time Buffett made his investment, IBM was guiding for $20 in EPS by 2015, which would have represented 74% growth from 2010's EPS of $11.52. IBM never came close to hitting this guidance, however, even with all the share repurchases money could buy.
Plagued by declining revenue, IBM's shares actually declined from the time Buffett bought most of his shares at the end of 2011 until the beginning of 2018, when he divested himself of most of the position. To rub salt into the wound, the S&P 500 index more than doubled during this time.
SPYdata byYCharts
Other examples of common value traps include companies in cyclical industries or drug companies with expiring patents. This is why it is important to not only crunch a company's numbers before investing but to evaluate qualitative factors too. Sometimes a company looks cheap for a reason.
Now that we've defined value investing, highlighted a few metrics that value investors look for, and warned investors to watch out for value traps, let's take a closer look at stocks that I believe are trading at prices below their intrinsic value today. While representing very different industries, the one thing thatAFLAC Incorporated(NYSE: AFL),Skechers USA Inc(NYSE: SKX), andVerizon Communications Inc(NYSE: VZ)all have in common is that, based on each company's fundamentals, they appear to be some of the best bargains available in the stock market today.
[{"Company name": "AFLAC Incorporated", "Type of company": "Insurance", "Market cap": "$34.95 billion", "P/E ratio": "13.0"}, {"Company name": "Skechers USA Inc", "Type of company": "Footwear designer/retailer", "Market cap": "$6.82 billion", "P/E ratio": "23.93"}, {"Company name": "Verizon Communications", "Type of company": "Telecommunications", "Market cap": "$196.35 billion", "P/E ratio": "12.84"}]
Data source: Aflac Incorporated, Skechers USA Inc, and Verizon Communications Inc. All P/E ratios calculated using adjusted earnings.
Aflac makes its money selling supplemental insurance policies for things like cancer and job-related injuries in the United States andJapan, where about two-thirds of its revenue is generated. The best insurers make more in premium revenue -- the money customers pay to be covered -- than they pay out in benefits. To determine Aflac's profitability, we must calculate itscombined ratio. This formula is determined by taking the sum of the company's paid claims and general business expenses divided by the premium earnings.
Combined Ratio = (Losses + Expenses)/Earned Premiums
Anything over 1.0 shows a net loss during the time period and anything under 1.0 shows a net profit. To calculate Aflac's combined ratio, add the net of Aflac's "benefit and claims" with "total acquisition and operating expenses" for the numerator. The denominator can be found by adding the full year Aflac Japan and Aflac U.S. earned premiums from the company's 10-K. This gives us this equation:
12,181 + 5,468/18,315 = 0.964
This reveals Aflac makes a profit on its underwriting policies, not just from investing itsfloat. Float is money temporarily available to insurance companies to invest in assets from the time customers pay their premiums to the time claims are paid out. In Aflac's case, the float is invested conservatively into fixed-income assets.
In January, aseries of charges, ranging from fraud to allegations of harassment, were brought against the insurance company giving it a turbulent start to the year. The company vehemently denied the charges though, it might be a while before all concerns are ultimately dispelled. When the company reported its full 2017 fiscal year earnings, it received ahuge windfallfrom the new tax legislation and, as a result, raised itsdividendfor the second consecutive quarter.
Based on the midpoint of its guidance for its operating earnings per share of $3.80 (and adjusted for its recent stock split), Aflac currently trades at a forward P/E ratio of just 11.7. That's less than half of the S&P 500's current average P/E ratio. Given the stock's rising yield and low payout ratio (just over 27%), Aflac is a cheaply traded stock that should interest value and income investors alike.
At first glance, Skechers might not seem like a prototypical value stock. In fact, in some ways, it appears to be a stock that growth investors might be more interested in than value investors. After all, in 2017, Skechers' sales increased 16.9% to $4.16 billion and adjusted EPS rose 13.4% to $1.78. Itsinternational sales, which now account for more than half of the company's total sales, is where growth has exploded over the past year. In the company's fourth quarter, international wholesale increased 40%, global retail 26%, and international comparable-store sales 16.5%.
In the company's fourth-quarter conference call, transcribed byS&P Global Market Intelligence, COO David Weinberg said the company would continue to invest in its global infrastructure as brand recognition increased worldwide:
With international representing over 50% of our total business, we continue to believe that the global market poses our strongest growth potential. We believe our relevant and innovative brand and diverse distribution allow us to grow in multiple product channels and markets. To this end, we are continuing to invest in our design, marketing and worldwide infrastructure for our near- and long-term success.
The strong growth is nice, but is the company a value? At first glance, it might not seem so but, dig a little deeper, and investors might discover shares are more of a value than they first appear. Based on its current price and adjusted earnings per share ($1.78), shares currently trade at a P/E ratio of about 23.6, barely below the S&P 500's average P/E ratio of 24.2. But using the 2018 analyst consensus of $2.30 in EPS, the company's forward P/E ratio drops considerably to 18.3.
Skechers domestic e-commerce sales grew by 22% in Q4. Image source: Skechers USA Inc.
Take Skechers' pristine and cash-rich balance sheet into account, however, and shares begin to look like an even better bargain. In Q4, Skechers had about $736 million in cash and cash equivalents on its balance sheet which comes out to about $4.70 per share, an incredible 12% of its market cap. When this cash is backed out of the company's share price, the forward P/E ratio falls to 16.2. For a company projected to grow sales and earnings by double-digit percentages, that's an incredible value.
Verizon Communications consistently earns recognition as the nation'stop wireless network. While the company struggled for much of 2017 as aggressive marketing from competitors took its toll, the company ended the year on ahigh note, adding 431,000 phone subscribers in the fourth quarter, itslargest increasein two years. Perhaps most exciting for Verizon shareholders, however, is its commitment to building out a 5G network before its rivals. In the company's fourth-quarterconference call, CEO Lowell McAdam said:
Only one carrier has been consistent in its actions and messaging regarding 5G. Verizon has the spectrum bandwidth needed to provide the rich services of true 5G, our intelligent edge network capabilities, and engineering know-how to lead the industry in providing the full suite of 5G gigabit services...The next industrial revolution will be on Verizon's network and will positively impact society like no technology we have seen before. As we say around our offices, we don't wait for the future, we build it, and we're doing it again with 5G.
Most Verizon investors probably prefer the stock for its highdividend yieldover anything else and, based on its quarterly dividend of $0.59, the stock currently sports a yield of just under 5%. Thepayout ratiois 63%, nothing too concerning yet but is something to be watched to ensure it doesn't creep up too much higher.
Based on its adjusted EPS of $3.75, Verizon's shares are currently valued with a P/E of just 12.7, almost half the S&P 500's average. Given the company's steady business, reliable network, and the possibly upcoming 5G catalyst, this seemingly makes Verizon shares a bargain.
By carefully examining stocks' quantitative and qualitative factors and attempting to buy a stock at prices below its intrinsic value, investors greatly increase their chances of beating the market. Some of the greatest investors the world has ever seen, likeWarren Buffett, have used the principles of value investing to absolutely crush the market over long periods of time. I believe that in the cases of Aflac, Skechers, and Verizon, shares are currently priced below their intrinsic value and that, over the long-term, investors in each will be rewarded for their patience with market-beating returns.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Matthew Cochraneowns shares of Skechers and Verizon Communications. The Motley Fool owns shares of and recommends Skechers and Verizon Communications. The Motley Fool is short shares of IBM. The Motley Fool recommends Aflac. The Motley Fool has adisclosure policy. || The Best Value Stocks to Buy Today: Grasping the basic notion of value investing is relatively simple because most of us probably already practice the theory behind it as part of our regular shopping regimen. Imagine the place where you shop the most often, whether at a local grocery or hardware store, and you spot an item that is priced far less than it is actually worth. It doesn't matter if you're picturing organic kale or a lithium-ion battery-powered power drill, if you buy a product because it is priced below what you think it's worth, you get the theory behind value investing . Before we get to the picks for some of the best value stocks on the market today, we're going to discuss all the fancy words and academic concepts behind value investing, but don't forget that, at its core, this is what it is: Investing in stocks that are priced below their real value. Colorful sales tags displaying "Half price" and "50% off" Value investing is like bargain hunting in that it's looking to buy stocks that are on sale. Image source: Getty Images. The efficient market hypothesis The efficient market hypothesis states that the prices of publicly traded assets, like stocks, reflect all known information on the assets. While there are different variations on the theory about whether stock prices also reflect insider information, the main thrust is that, because all known information is already taken into account with stock prices, it is impossible for investors to "beat the market" through careful or expert stock selection. The theory essentially implies that when investors beat the market, it is more the result of chance than any inherent skill or careful analysis. Why value investors reject the efficient market hypothesis Value investors vehemently reject the idea of efficient markets. For starters, the historic presence of bubbles and crashes suggest that equities are often priced incorrectly. To take one historical example, on October 19, 1987, the Dow Jones Industrial Average lost 508 points in a single trading session -- approximately 23% of its value. Was the market fairly priced at the beginning of that day or the end? Are we expected to believe that information came out during the day that caused the market to lose almost a quarter of its value? That's to say nothing of other crashes like the tech bubble at the turn of the century and the financial crisis of 2008. Story continues The father of value investing, Benjamin Graham , famously stated that the market goes through many moods and swings between overvaluing and undervaluing assets like stocks. In his seminal work, The Intelligent Investor , Graham writes: Imagine that in some private business you own a small share that cost you $1,000. One of your partners, named Mr. Market, is very obliging indeed. Every day he tells you what he thinks your interest is worth and furthermore offers either to buy you out or to sell you an additional interest on that basis. Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often, on the other hand, Mr. Market lets his enthusiasm or his fears run away with him, and the value he proposes seems to you a little short of silly. Margin of safety The crux of value investing is that the intrinsic value of an asset exists outside of its market price. Applied to investing in stocks, this means there is a real value to the shares of the business not directly tied to its current price. This value is ascertained through a fundamental analysis of the security. When the market price is below the intrinsic value, this difference is often referred to as the margin of safety . The greater the margin of safety, the less chance there is that an investor will lose money on an investment. This illustration , by Motley Fool contributor Daniel Sparks , shows this concept perfectly: Graph illustrating the margin of safety. The greater the margin of safety present before buying a stock, the less chance an investor has of losing money on their investment. Chart by Daniel Sparks. Used with permission. Different metrics used for value investing Different value investors look at different metrics when evaluating a stock. One of the most common types of value investing is looking for stocks with a low price-to-earnings (P/E) ratio. This formula simply takes the stock's price and divides it by the company's trailing twelve months earnings per share (EPS). The lower the P/E ratio, the more earnings investors purchase with each share of a business. Other value investors prefer to use the price-to-book ratio , commonly referred to as the P/B ratio. This formula is calculated by dividing the company's stock price by its book value per share. Book value is defined as total assets minus total liabilities. The lower the P/B ratio the more undervalued a stock is. If the ratio is less than one, this means the stock trades for less than its assets. Still, other investors find value relative to the company's projected growth rate. For these investors, the most valuable metric to use is probably the PEG ratio or price-to-earnings-growth ratio. This metric compare's a company's P/E ratio to its expected earnings growth rate. Using this metric, a company with a low P/E might be more richly valued than another company with a slightly higher P/E ratio if the second company's EPS growth projections were higher. Some value investors employ different methods for valuing stocks but I believe you will find these are the essential tools in the tool box for value investors. Beware of value traps! Value traps are stocks that appear to be cheap based on a traditional metric, such as a P/E ratio but, in reality, are not because of declining business prospects. Even the world's best investors, like Warren Buffett, have been known to fall for value traps. For instance, in 2011, Warren Buffett initiated a position in IBM (NYSE: IBM) that would soon grow into one of his largest, a $10 billion stake. At the time Buffett made his investment, IBM was guiding for $20 in EPS by 2015, which would have represented 74% growth from 2010's EPS of $11.52. IBM never came close to hitting this guidance, however, even with all the share repurchases money could buy. Plagued by declining revenue, IBM's shares actually declined from the time Buffett bought most of his shares at the end of 2011 until the beginning of 2018, when he divested himself of most of the position. To rub salt into the wound, the S&P 500 index more than doubled during this time. SPY Chart SPY data by YCharts Other examples of common value traps include companies in cyclical industries or drug companies with expiring patents. This is why it is important to not only crunch a company's numbers before investing but to evaluate qualitative factors too. Sometimes a company looks cheap for a reason. Top value stocks to buy today Now that we've defined value investing, highlighted a few metrics that value investors look for, and warned investors to watch out for value traps, let's take a closer look at stocks that I believe are trading at prices below their intrinsic value today. While representing very different industries, the one thing that AFLAC Incorporated (NYSE: AFL) , Skechers USA Inc (NYSE: SKX) , and Verizon Communications Inc (NYSE: VZ) all have in common is that, based on each company's fundamentals, they appear to be some of the best bargains available in the stock market today. Company name Type of company Market cap P/E ratio AFLAC Incorporated Insurance $34.95 billion 13.0 Skechers USA Inc Footwear designer/retailer $6.82 billion 23.93 Verizon Communications Telecommunications $196.35 billion 12.84 Data source: Aflac Incorporated, Skechers USA Inc, and Verizon Communications Inc. All P/E ratios calculated using adjusted earnings. A quackin' good value Aflac makes its money selling supplemental insurance policies for things like cancer and job-related injuries in the United States and Japan , where about two-thirds of its revenue is generated. The best insurers make more in premium revenue -- the money customers pay to be covered -- than they pay out in benefits. To determine Aflac's profitability, we must calculate its combined ratio . This formula is determined by taking the sum of the company's paid claims and general business expenses divided by the premium earnings. Combined Ratio = (Losses + Expenses)/Earned Premiums Anything over 1.0 shows a net loss during the time period and anything under 1.0 shows a net profit. To calculate Aflac's combined ratio, add the net of Aflac's "benefit and claims" with "total acquisition and operating expenses" for the numerator. The denominator can be found by adding the full year Aflac Japan and Aflac U.S. earned premiums from the company's 10-K. This gives us this equation: 12,181 + 5,468/18,315 = 0.964 This reveals Aflac makes a profit on its underwriting policies, not just from investing its float . Float is money temporarily available to insurance companies to invest in assets from the time customers pay their premiums to the time claims are paid out. In Aflac's case, the float is invested conservatively into fixed-income assets. In January, a series of charges , ranging from fraud to allegations of harassment, were brought against the insurance company giving it a turbulent start to the year. The company vehemently denied the charges though, it might be a while before all concerns are ultimately dispelled. When the company reported its full 2017 fiscal year earnings, it received a huge windfall from the new tax legislation and, as a result, raised its dividend for the second consecutive quarter. Based on the midpoint of its guidance for its operating earnings per share of $3.80 (and adjusted for its recent stock split), Aflac currently trades at a forward P/E ratio of just 11.7. That's less than half of the S&P 500's current average P/E ratio. Given the stock's rising yield and low payout ratio (just over 27%), Aflac is a cheaply traded stock that should interest value and income investors alike. A growth stock that's a perfect fit for value investors At first glance, Skechers might not seem like a prototypical value stock. In fact, in some ways, it appears to be a stock that growth investors might be more interested in than value investors. After all, in 2017, Skechers' sales increased 16.9% to $4.16 billion and adjusted EPS rose 13.4% to $1.78. Its international sales , which now account for more than half of the company's total sales, is where growth has exploded over the past year. In the company's fourth quarter, international wholesale increased 40%, global retail 26%, and international comparable-store sales 16.5%. In the company's fourth-quarter conference call, transcribed by S&P Global Market Intelligence , COO David Weinberg said the company would continue to invest in its global infrastructure as brand recognition increased worldwide: With international representing over 50% of our total business, we continue to believe that the global market poses our strongest growth potential. We believe our relevant and innovative brand and diverse distribution allow us to grow in multiple product channels and markets. To this end, we are continuing to invest in our design, marketing and worldwide infrastructure for our near- and long-term success. The strong growth is nice, but is the company a value? At first glance, it might not seem so but, dig a little deeper, and investors might discover shares are more of a value than they first appear. Based on its current price and adjusted earnings per share ($1.78), shares currently trade at a P/E ratio of about 23.6, barely below the S&P 500's average P/E ratio of 24.2. But using the 2018 analyst consensus of $2.30 in EPS, the company's forward P/E ratio drops considerably to 18.3. A shopper browses the Skechers app on her smartphone. Skechers domestic e-commerce sales grew by 22% in Q4. Image source: Skechers USA Inc. Take Skechers' pristine and cash-rich balance sheet into account, however, and shares begin to look like an even better bargain. In Q4, Skechers had about $736 million in cash and cash equivalents on its balance sheet which comes out to about $4.70 per share, an incredible 12% of its market cap. When this cash is backed out of the company's share price, the forward P/E ratio falls to 16.2. For a company projected to grow sales and earnings by double-digit percentages, that's an incredible value. A big network, a big yield, and a BIG value Verizon Communications consistently earns recognition as the nation's top wireless network . While the company struggled for much of 2017 as aggressive marketing from competitors took its toll, the company ended the year on a high note , adding 431,000 phone subscribers in the fourth quarter, its largest increase in two years. Perhaps most exciting for Verizon shareholders, however, is its commitment to building out a 5G network before its rivals. In the company's fourth-quarter conference call , CEO Lowell McAdam said: Only one carrier has been consistent in its actions and messaging regarding 5G. Verizon has the spectrum bandwidth needed to provide the rich services of true 5G, our intelligent edge network capabilities, and engineering know-how to lead the industry in providing the full suite of 5G gigabit services...The next industrial revolution will be on Verizon's network and will positively impact society like no technology we have seen before. As we say around our offices, we don't wait for the future, we build it, and we're doing it again with 5G. Most Verizon investors probably prefer the stock for its high dividend yield over anything else and, based on its quarterly dividend of $0.59, the stock currently sports a yield of just under 5%. The payout ratio is 63%, nothing too concerning yet but is something to be watched to ensure it doesn't creep up too much higher. Based on its adjusted EPS of $3.75, Verizon's shares are currently valued with a P/E of just 12.7, almost half the S&P 500's average. Given the company's steady business, reliable network, and the possibly upcoming 5G catalyst, this seemingly makes Verizon shares a bargain. Why value investing works By carefully examining stocks' quantitative and qualitative factors and attempting to buy a stock at prices below its intrinsic value, investors greatly increase their chances of beating the market. Some of the greatest investors the world has ever seen, like Warren Buffett , have used the principles of value investing to absolutely crush the market over long periods of time. I believe that in the cases of Aflac, Skechers, and Verizon, shares are currently priced below their intrinsic value and that, over the long-term, investors in each will be rewarded for their patience with market-beating returns. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew Cochrane owns shares of Skechers and Verizon Communications. The Motley Fool owns shares of and recommends Skechers and Verizon Communications. The Motley Fool is short shares of IBM. The Motley Fool recommends Aflac. The Motley Fool has a disclosure policy . || Will You Wind Up Returning to Work After Retiring? Chances Are, Yes: Countless people look forward to retirement for one key reason: not having to endure the grind of maintaining a full-time career. But new data from Adecco suggests that some workers may be jumping the gun on retirement. In arecent survey, among the 17% of adults who returned to work over the past three years after being out of the workforce for at least 12 months, 13% were retirees who resumed their careers because they needed the additional income.
This news is hardly surprising. The average household nearing retirement has a median savings of just $17,000, according to data from the Economic Policy Institute, and in a more recent study by GOBankingRates, one-third of adults 55 and over were said to have less than $10,000 in a nest egg. Throw in the fact that loads of workers file for Social Securityas early as possible, thereby reducing their benefits, and it's no wonder income, or lack thereof, is a problem for seniors.
IMAGE SOURCE: GETTY IMAGES.
Of course, returning to work when the money starts running out is a smarter move than resigning oneself to an impoverished lifestyle. But let's face it: There's something demoralizing about the notion of thinking you're done in the workforce only to have to step back into it when times get tough. If you'd rather avoid this fate, you'll need to take an entirely different approach to retirement.
Let's be clear: You don't necessarily need a$1 million nest eggto retire comfortably and avoid a scenario in which you end up having to return to work. But having little to no savings is hardly acceptable. That's because Social Security is in no way sufficient to sustain seniors on its own. Those benefits will replace about 40% of the average worker's pre-retirement income, but most retirees need double that amount to pay the bills. And that money therefore needs to come from somewhere, such as your savings.
So how can you be sure you've really saved enough to retire? One way to tell is to use what's known as the4% rule. The rule states that if you start by withdrawing 4% of your nest egg during your first year of retirement and then adjust subsequent withdrawals for inflation, your savings should, in theory, last for 30 years. It's not a perfect formula by any means, but it's a good way to get a handle on where you stand financially based on your current savings level.
Imagine you estimate your senior living expenses at $3,000 per month, half of which will come from Social Security. This means you'll need to supply $1,500 a month, or $18,000 a year on your own. Multiply $18,000 by 25, and you get a $450,000 savings target. If that's what your nest egg looks like, you're probably in decent shape. But if you're looking at a much-lower balance, you'll need to rethink your plans.
So what happens if you discover you're way behind on retirement savings late in your career? For one thing, you might consider postponing retirement, socking away some extra money during that period, and growing your Social Security benefits simultaneously. Imagine you're looking at afull retirement ageof 66 for Social Security purposes, only instead of leaving your job and filing for benefits at 66, you wait until 68. Doing so will allow you to boost your monthly payments by 16%, so in the example above, a $1,500 monthly benefit would become $1,740 -- for life.
Meanwhile, let's assume that you can work two extra years and max out a 401(k) during that period. Doing so adds $49,000 (including catch-up contributions) to your nest egg. Assuming zero investment growth, that translates into roughly $2,000 of additional income per year when we apply the 4% rule.
But boosting your savings and Social Security benefits aren't the only options to consider if you're lacking in savings. While the idea of retiring and then going back to full-time work may not sit well with you, working part-time in retirement on your own terms is another story. If you find something you're passionate about, it'll not only serve as a means of occupying your time but also generate income. And if you go this route, you'll be in good company -- seniors 65 and older are more likely to be self-employed than any other age group, according to the U.S. Bureau of Labor Statistics.
Though transitioning from a full-time work schedule to retirement can be challenging in its own right, going from being retired to working full-time is unquestionably difficult. Be smart about assessing and building your savings, maximize your Social Security benefits, and plan for a part-time gig -- and with any luck, you'll never have to go through the process of returning to the workforce when you thought you were done with it for good.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || Will You Wind Up Returning to Work After Retiring? Chances Are, Yes: Countless people look forward to retirement for one key reason: not having to endure the grind of maintaining a full-time career. But new data from Adecco suggests that some workers may be jumping the gun on retirement. In a recent survey , among the 17% of adults who returned to work over the past three years after being out of the workforce for at least 12 months, 13% were retirees who resumed their careers because they needed the additional income. This news is hardly surprising. The average household nearing retirement has a median savings of just $17,000, according to data from the Economic Policy Institute, and in a more recent study by GOBankingRates, one-third of adults 55 and over were said to have less than $10,000 in a nest egg. Throw in the fact that loads of workers file for Social Security as early as possible , thereby reducing their benefits, and it's no wonder income, or lack thereof, is a problem for seniors. Older man in business suit working at a laptop IMAGE SOURCE: GETTY IMAGES. Of course, returning to work when the money starts running out is a smarter move than resigning oneself to an impoverished lifestyle. But let's face it: There's something demoralizing about the notion of thinking you're done in the workforce only to have to step back into it when times get tough. If you'd rather avoid this fate, you'll need to take an entirely different approach to retirement. How much money do you need to retire? Let's be clear: You don't necessarily need a $1 million nest egg to retire comfortably and avoid a scenario in which you end up having to return to work. But having little to no savings is hardly acceptable. That's because Social Security is in no way sufficient to sustain seniors on its own. Those benefits will replace about 40% of the average worker's pre-retirement income, but most retirees need double that amount to pay the bills. And that money therefore needs to come from somewhere, such as your savings. Story continues So how can you be sure you've really saved enough to retire? One way to tell is to use what's known as the 4% rule . The rule states that if you start by withdrawing 4% of your nest egg during your first year of retirement and then adjust subsequent withdrawals for inflation, your savings should, in theory, last for 30 years. It's not a perfect formula by any means, but it's a good way to get a handle on where you stand financially based on your current savings level. Imagine you estimate your senior living expenses at $3,000 per month, half of which will come from Social Security. This means you'll need to supply $1,500 a month, or $18,000 a year on your own. Multiply $18,000 by 25, and you get a $450,000 savings target. If that's what your nest egg looks like, you're probably in decent shape. But if you're looking at a much-lower balance, you'll need to rethink your plans. Making up for lost savings So what happens if you discover you're way behind on retirement savings late in your career? For one thing, you might consider postponing retirement, socking away some extra money during that period, and growing your Social Security benefits simultaneously. Imagine you're looking at a full retirement age of 66 for Social Security purposes, only instead of leaving your job and filing for benefits at 66, you wait until 68. Doing so will allow you to boost your monthly payments by 16%, so in the example above, a $1,500 monthly benefit would become $1,740 -- for life. Meanwhile, let's assume that you can work two extra years and max out a 401(k) during that period. Doing so adds $49,000 (including catch-up contributions) to your nest egg. Assuming zero investment growth, that translates into roughly $2,000 of additional income per year when we apply the 4% rule. But boosting your savings and Social Security benefits aren't the only options to consider if you're lacking in savings. While the idea of retiring and then going back to full-time work may not sit well with you, working part-time in retirement on your own terms is another story. If you find something you're passionate about, it'll not only serve as a means of occupying your time but also generate income. And if you go this route, you'll be in good company -- seniors 65 and older are more likely to be self-employed than any other age group, according to the U.S. Bureau of Labor Statistics. Though transitioning from a full-time work schedule to retirement can be challenging in its own right, going from being retired to working full-time is unquestionably difficult. Be smart about assessing and building your savings, maximize your Social Security benefits, and plan for a part-time gig -- and with any luck, you'll never have to go through the process of returning to the workforce when you thought you were done with it for good. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || Cofounder’s FINRA Suspension Could Hold Consequences for Tezos: When Arthur Breitman, cofounder of Tezos, published awhite paperon the cryptocurrency project in September 2014, he listed the author as L.M. Goodman. Later, when Breitman disclosed that he was the real author behind the work, many wondered why he used a pseudonym.
As it turned out, at the same time he began working on Tezos, a project that went on to raise$232 millionin an initial coin offering (ICO) in July 2017, Breitman was working at investment bank Morgan Stanley. He was also registered as a broker-dealer with the Financial Industry Regulatory Authority (FINRA), a self-regulatory body with oversight of dealers and brokers in the U.S.
FINRA requires registered securities professionals to let their employers know about any for-profit business they are conducting on the sidelines. Breitman, who left Morgan Stanley in 2016 and is no longer registered with FINRA, neglected to inform his employer about Tezos, and the fact he used a pseudonym on the white paper indicates he may have been trying to conceal his involvement.
These and other details of the Tezos project were brought to light in October 2017, whenReuterspublished a fullreporton the project, thereby putting Tezos on the radar of regulatory bodies, such as FINRA and the U.S. Securities and Exchange Commission (SEC).
Now, according to an April 19, 2018, report byReuters, as part of an April 18, 2018, settlement, FINRA has fined Breitmen $20,000 and suspended him from associating with broker-dealers for two years over allegations that he made false statements about the Tezos project during his time at Morgan Stanley.
The question is, how big a deal are these punishments, and will they have any impact going forward on the Tezos project, which has yet to launch?
FINRA and SEC fines are not uncommon. Anyone who checks the broker records of institutions like RBC, Vanguard and Bank of America, where people in the U.S. and Canada place their money, will see that these financial firms all have dings against them, and, just as Breitman did, most individuals settle by either not confirming or denying the charges.
A look at FINRA’smonthly rundownof disciplinary actions makes it clear that Breitman’s fine of $20,000 is on the low end. Many more of the fines are in the range of hundreds of thousands, if not millions, of dollars. In comparison, this fine appears to be nothing more than a minor slap on the wrist.
More notable is the fact that Breitman was barred from the securities industry for two years. Few people are barred from the securities industry for any length of time, and two years is an upper limit, according to FINRA’ssanction guidelines, which state that “absent extraordinary circumstances, any misconduct so serious as to merit a suspension of more than two years probably should warrant a bar (of an individual) or expulsion (of a member firm) from the securities industry.”
As spelled out in theSecurities Exchange Act of 1934, a broker-dealer is a person or a company that is in the business of buying and selling securities, for its own account or on behalf of its customers or both. The ban essentially means that for the next two years, Breitman cannot associate with any company that is in the business of buying or selling securities, unless he gets a special waiver. Even with a special waiver, he still would not be able to associate directly with the business aspects (deals, committee meetings, financial activities, etc.) of a securities-related company.
If the Tezos tokens, known as “tezzies,” are deemed securities, this may pose a problem for Tezos down the road. Earlier this year, SEC ChairmanJay Clayton stated that all ICO tokens were securities. If the SEC issues a ruling to that effect, then all ICO projects would have to register with the SEC. (Note that some venture capitalists are currentlylobbying for exemptionsthat would allow some tokens to be categorized as “utility tokens” rather than securities.)
The upshot is, having been suspended by the industry, eventually Breitman may have to distance himself from the Tezos project.Robert Hockett, Edward Cornell Professor of Law at Cornell Law School, toldBitcoin Magazinethat if the SEC deems Tezos a securities business, the project “will not be allowed to be associated with [Breitman] in any way.”
Of note, Tezos actually consists of two entities: Tezos Foundation, a Zug-based nonprofit that oversaw the Tezos ICO; and Dynamic Ledger Solutions (DLS), a Delaware-based company under the control of Breitman and his wife, Kathleen Breitman, that owns and oversees the development of the Tezos software. Although the two entities are separate, they are also connected; for instance, the Breitmans went after the Tezos Foundation last year to getits then-president deposed. DLS was not directly associated with the ICO, but DLS is shown to be profiting off the buying and selling of securities, then Breitman may be restricted from actively participating in any of the business.
“The securities laws and the SEC define ‘affiliation’ broadly for these purposes,” said Hockett.
In a statement toReuters, Sarah Lightdale, an attorney for Breitman, played down the settlement. “The settlement with FINRA is unrelated to and has no impact on the launch of the Tezos network,” she said. Then added, “Arthur cooperated fully with FINRA at all times and Arthur is pleased to put this personal matter behind him.”
Update (April 21, 2018): A previous version of this article stated the FINRA settlement had not been made public. It is availablehere, and was filed under “Arthur Robert Meunier.” Breitman changed his surname from that of his mother to his father’s in 2013.
This article originally appeared onBitcoin Magazine. || Cofounder’s FINRA Suspension Could Hold Consequences for Tezos: Cofounder’s FINRA Suspension Could Hold Consequences for Tezos When Arthur Breitman, cofounder of Tezos, published a white paper on the cryptocurrency project in September 2014, he listed the author as L.M. Goodman. Later, when Breitman disclosed that he was the real author behind the work, many wondered why he used a pseudonym. As it turned out, at the same time he began working on Tezos, a project that went on to raise $232 million in an initial coin offering (ICO) in July 2017, Breitman was working at investment bank Morgan Stanley. He was also registered as a broker-dealer with the Financial Industry Regulatory Authority (FINRA), a self-regulatory body with oversight of dealers and brokers in the U.S. FINRA requires registered securities professionals to let their employers know about any for-profit business they are conducting on the sidelines. Breitman, who left Morgan Stanley in 2016 and is no longer registered with FINRA, neglected to inform his employer about Tezos, and the fact he used a pseudonym on the white paper indicates he may have been trying to conceal his involvement. These and other details of the Tezos project were brought to light in October 2017, when Reuters published a full report on the project, thereby putting Tezos on the radar of regulatory bodies, such as FINRA and the U.S. Securities and Exchange Commission (SEC). Now, according to an April 19, 2018, report by Reuters , as part of an April 18, 2018, settlement, FINRA has fined Breitmen $20,000 and suspended him from associating with broker-dealers for two years over allegations that he made false statements about the Tezos project during his time at Morgan Stanley. The question is, how big a deal are these punishments, and will they have any impact going forward on the Tezos project, which has yet to launch? Relatively Small Fine FINRA and SEC fines are not uncommon. Anyone who checks the broker records of institutions like RBC, Vanguard and Bank of America, where people in the U.S. and Canada place their money, will see that these financial firms all have dings against them, and, just as Breitman did, most individuals settle by either not confirming or denying the charges. Story continues A look at FINRA’s monthly rundown of disciplinary actions makes it clear that Breitman’s fine of $20,000 is on the low end. Many more of the fines are in the range of hundreds of thousands, if not millions, of dollars. In comparison, this fine appears to be nothing more than a minor slap on the wrist. More notable is the fact that Breitman was barred from the securities industry for two years. Few people are barred from the securities industry for any length of time, and two years is an upper limit, according to FINRA’s sanction guidelines , which state that “absent extraordinary circumstances, any misconduct so serious as to merit a suspension of more than two years probably should warrant a bar (of an individual) or expulsion (of a member firm) from the securities industry.” Potential Roadblocks As spelled out in the Securities Exchange Act of 1934 , a broker-dealer is a person or a company that is in the business of buying and selling securities, for its own account or on behalf of its customers or both. The ban essentially means that for the next two years, Breitman cannot associate with any company that is in the business of buying or selling securities, unless he gets a special waiver. Even with a special waiver, he still would not be able to associate directly with the business aspects (deals, committee meetings, financial activities, etc.) of a securities-related company. If the Tezos tokens, known as “tezzies,” are deemed securities, this may pose a problem for Tezos down the road. Earlier this year, SEC Chairman Jay Clayton stated that all ICO tokens were securities . If the SEC issues a ruling to that effect, then all ICO projects would have to register with the SEC. (Note that some venture capitalists are currently lobbying for exemptions that would allow some tokens to be categorized as “utility tokens” rather than securities.) The upshot is, having been suspended by the industry, eventually Breitman may have to distance himself from the Tezos project. Robert Hockett , Edward Cornell Professor of Law at Cornell Law School, told Bitcoin Magazine that if the SEC deems Tezos a securities business, the project “will not be allowed to be associated with [Breitman] in any way.” Of note, Tezos actually consists of two entities: Tezos Foundation, a Zug-based nonprofit that oversaw the Tezos ICO; and Dynamic Ledger Solutions (DLS), a Delaware-based company under the control of Breitman and his wife, Kathleen Breitman, that owns and oversees the development of the Tezos software. Although the two entities are separate, they are also connected; for instance, the Breitmans went after the Tezos Foundation last year to get its then-president deposed . DLS was not directly associated with the ICO, but DLS is shown to be profiting off the buying and selling of securities, then Breitman may be restricted from actively participating in any of the business. “The securities laws and the SEC define ‘affiliation’ broadly for these purposes,” said Hockett. In a statement to Reuters , Sarah Lightdale, an attorney for Breitman, played down the settlement. “The settlement with FINRA is unrelated to and has no impact on the launch of the Tezos network,” she said. Then added, “Arthur cooperated fully with FINRA at all times and Arthur is pleased to put this personal matter behind him.” Update (April 21, 2018): A previous version of this article stated the FINRA settlement had not been made public. It is available here , and was filed under “Arthur Robert Meunier.” Breitman changed his surname from that of his mother to his father’s in 2013. This article originally appeared on Bitcoin Magazine . || Why Cleveland-Cliffs, Limelight Networks, and TransUnion Jumped Today: The stock market finished the week on a down note on Friday, with major benchmarks giving up around 1%. Investors weren't sure how to react to bond yields that continue to rise toward the 3% mark on the 10-year Treasury, and some pointed to the approaching midterm 2018 elections as driving uncertainty on Wall Street. Losses were somewhat larger on theNasdaq, with major tech companies poised to announce their earnings results next week. Yet even amid doubt and gloom, some stocks managed to pick up ground.Cleveland-Cliffs(NYSE: CLF),Limelight Networks(NASDAQ: LLNW), andTransUnion(NYSE: TRU)were among the best performers on the day. Here's why they did so well.
Shares of Cleveland-Cliffs gained 7.5% after the iron-ore producer reported its first-quarter financial results. The company's raw numbers were pretty ugly, with revenue falling by nearly half and net losses roughly tripling from year-ago levels. Yet the contraction is part of the iron ore company's strategy of ceasing mining activity in the Asia-Pacific region, concentrating instead on its core North American market. Surprisingly enough in what has seemed like a tough winter, CEO Lourenco Goncalves pointed to an earlier-than-normal melting of the Great Lakes in helping to accelerate shipments to Cleveland-Cliffs' customers. With tax reform and potential tariffs helping both the company and its steel-industry clients, today's numbers could be just the beginning of abigger turnaround for Cleveland-Cliffs.
Image source: Cleveland-Cliffs.
Limelight Networks stock jumped 21.5%in the wake of the company's financial report for the first quarter. The company reported record levels of revenue, as double-digit sales growth and extremely high gross margin figures helped Limelight produce a net profit after a sizable loss in the year-ago quarter. The settlement of key litigation withAkamai Technologieswas helpful in allowing the networking specialist to put a long dispute behind it, and Limelight now expects better sales and earnings growth for the full 2018 year than it previously did. With new efforts to emphasize quality services, Limelight is putting itself in a good position for future success.
Finally, shares of TransUnion gained 10%. In addition to issuing a solid first-quarter financial report, thecredit reporting bureausaid that it had entered into an agreement to buy U.K. consumer credit bureau Callcredit Information Group in a transaction that values the company at $1.4 billion. The move will help bolster TransUnion's international presence, with CEO Jim Peck characterizing the deal as offering "strong synergies across our business models and solutions." Callcredit is the second-largest credit bureau in the U.K., and so TransUnion's move is a big step toward making the combined company a transatlantic powerhouse in the global credit industry.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Why Cleveland-Cliffs, Limelight Networks, and TransUnion Jumped Today: The stock market finished the week on a down note on Friday, with major benchmarks giving up around 1%. Investors weren't sure how to react to bond yields that continue to rise toward the 3% mark on the 10-year Treasury, and some pointed to the approaching midterm 2018 elections as driving uncertainty on Wall Street. Losses were somewhat larger on the Nasdaq , with major tech companies poised to announce their earnings results next week. Yet even amid doubt and gloom, some stocks managed to pick up ground. Cleveland-Cliffs (NYSE: CLF) , Limelight Networks (NASDAQ: LLNW) , and TransUnion (NYSE: TRU) were among the best performers on the day. Here's why they did so well. Cleveland-Cliffs digs out of its hole Shares of Cleveland-Cliffs gained 7.5% after the iron-ore producer reported its first-quarter financial results. The company's raw numbers were pretty ugly, with revenue falling by nearly half and net losses roughly tripling from year-ago levels. Yet the contraction is part of the iron ore company's strategy of ceasing mining activity in the Asia-Pacific region, concentrating instead on its core North American market. Surprisingly enough in what has seemed like a tough winter, CEO Lourenco Goncalves pointed to an earlier-than-normal melting of the Great Lakes in helping to accelerate shipments to Cleveland-Cliffs' customers. With tax reform and potential tariffs helping both the company and its steel-industry clients, today's numbers could be just the beginning of a bigger turnaround for Cleveland-Cliffs . Open-pit mine with switchbacked road leading down into the active mining area. Image source: Cleveland-Cliffs. Limelight shines Limelight Networks stock jumped 21.5% in the wake of the company's financial report for the first quarter. The company reported record levels of revenue, as double-digit sales growth and extremely high gross margin figures helped Limelight produce a net profit after a sizable loss in the year-ago quarter. The settlement of key litigation with Akamai Technologies was helpful in allowing the networking specialist to put a long dispute behind it, and Limelight now expects better sales and earnings growth for the full 2018 year than it previously did. With new efforts to emphasize quality services, Limelight is putting itself in a good position for future success. Story continues TransUnion makes a deal Finally, shares of TransUnion gained 10%. In addition to issuing a solid first-quarter financial report, the credit reporting bureau said that it had entered into an agreement to buy U.K. consumer credit bureau Callcredit Information Group in a transaction that values the company at $1.4 billion. The move will help bolster TransUnion's international presence, with CEO Jim Peck characterizing the deal as offering "strong synergies across our business models and solutions." Callcredit is the second-largest credit bureau in the U.K., and so TransUnion's move is a big step toward making the combined company a transatlantic powerhouse in the global credit industry. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || The Economics of Intel Corp.'s Rumored 8-Core Chip: In October 2017, chip giantIntel(NASDAQ: INTC)introduced its Coffee Lake family of processors for the desktop personal computer market. The key improvement that these new chips delivered was an increased core count from their predecessors for roughly the same price.
In effect, Intel began selling six-core processors for the same prices that it previously sold four-core processors and it offered four-core processors for the same prices that it sold dual-core chips.
Image source: Intel.
To deliver these additional cores, Intel had to increase the sizes of its chips. Increases in chip sizes, all else being equal, mean that the manufacturing costs of those chipsmove up.
In a few months, Intel is expected to introduce yet another derivative of its Coffee Lake processors, but this timewith eight cores, up from the six found in the current top-end models. This processor is expected to help both spur replacement demand among current customers while also helping to bolster its positioning in an increasingly fierce competitive environment.
Let's go over the potential economics of this upcoming eight-core chip and what they'll mean for Intel's business.
Intel's quad-core Kaby Lake processor is believed to measure in at 123 square millimeters. The hex-core Coffee Lake chip, unsurprisingly, came in at around 149 square millimeters. Coffee Lake and Kaby Lake are nearly identical save for the addition of two cores and cache memory (to keep the amount of cache memory per core constant) on the die.
What this means, then, is that we can estimate the size of the eight-core Coffee Lake chip by adding the chip size difference between Kaby Lake and Coffee Lake to the known Coffee Lake chip size. That number works out to approximately 175 square millimeters -- a 17.4% increase in chip size.
It may be tempting to conclude that the eight-core Coffee Lake chip will cost 17.4% more to manufacture because it'll be around 17.4% larger than its predecessor. Though cost structure is positively correlated to chip size, it's not a linear relation.
This is because of the way that chips are manufactured. Chips are printed on circular silicon wafers. Every wafer produced has a certain average number of defects. Chips that contain defects are either sold as lower-end parts (assuming that the defective region doesn't kill the entire chip) or they're tossed out.
As chip size grows, the percentage of the chips that get hit with these defects goes up since you have a fixed number of defects spread out across fewer chips. This is one reason that chip manufacturing costs can go up by more than chip size increase.
Potentially offsetting this phenomenon, of course, is the fact that the 14-nanometer++ technology continues to mature (meaning that the defect density comes down), so while a six-core Coffee Lake will always be cheaper to build than an eight-core model, an eight-core model launched in June/July of 2018 may be at cost parity to a six-core model at launch in October of 2017.
For some context, Intel claimed that in going from 2016 to 2017, it saw a more-than-$1-billion reduction in 14-nanometer product manufacturing costs, likely reflecting improving yield rates. Intel executives have indicated that the yield rates on its 14-nanometer technology are nearly maxed out (so don't expect as dramatic an improvement in 2018 as what Intel delivered in 2017), but there's probably still room for a material improvement in 14-nanometer manufacturing costs year over year.
Ultimately, the eight-core Coffee Lake chip should be at least 17.4% more expensive to build than its current hex-core counterpart (probably more in the realm of 20-25% taking into account the chip manufacturing issues I outlined above). That's the bad news.
The good news is that Intel should be able to charge more for this eight-core part than it could the six-core part. Additionally, the eight-core part should improve Intel's competitive positioning, particularly as games and other applications increasingly take advantage of additional processor cores, which could lead to market segment share gains (or, at a minimum, a stemming of the loss that it's seen in recent quarters).
The total economic impact from the release of this eight-core part should be good for Intel, even if the chip costs a little more to manufacture than its predecessor did.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Ashraf Eassaowns shares of Intel. The Motley Fool recommends Intel. The Motley Fool has adisclosure policy. || The Economics of Intel Corp.'s Rumored 8-Core Chip: In October 2017, chip giant Intel (NASDAQ: INTC) introduced its Coffee Lake family of processors for the desktop personal computer market. The key improvement that these new chips delivered was an increased core count from their predecessors for roughly the same price. In effect, Intel began selling six-core processors for the same prices that it previously sold four-core processors and it offered four-core processors for the same prices that it sold dual-core chips. A man looking at a notebook computer elevated off a table with a stand, with a piano keyboard, sound mixer, and speaker on the table Image source: Intel. To deliver these additional cores, Intel had to increase the sizes of its chips. Increases in chip sizes, all else being equal, mean that the manufacturing costs of those chips move up . In a few months, Intel is expected to introduce yet another derivative of its Coffee Lake processors, but this time with eight cores , up from the six found in the current top-end models. This processor is expected to help both spur replacement demand among current customers while also helping to bolster its positioning in an increasingly fierce competitive environment. Let's go over the potential economics of this upcoming eight-core chip and what they'll mean for Intel's business. Calculating the chip size Intel's quad-core Kaby Lake processor is believed to measure in at 123 square millimeters. The hex-core Coffee Lake chip, unsurprisingly, came in at around 149 square millimeters. Coffee Lake and Kaby Lake are nearly identical save for the addition of two cores and cache memory (to keep the amount of cache memory per core constant) on the die. What this means, then, is that we can estimate the size of the eight-core Coffee Lake chip by adding the chip size difference between Kaby Lake and Coffee Lake to the known Coffee Lake chip size. That number works out to approximately 175 square millimeters -- a 17.4% increase in chip size. The cost structure increase It may be tempting to conclude that the eight-core Coffee Lake chip will cost 17.4% more to manufacture because it'll be around 17.4% larger than its predecessor. Though cost structure is positively correlated to chip size, it's not a linear relation. Story continues This is because of the way that chips are manufactured. Chips are printed on circular silicon wafers. Every wafer produced has a certain average number of defects. Chips that contain defects are either sold as lower-end parts (assuming that the defective region doesn't kill the entire chip) or they're tossed out. As chip size grows, the percentage of the chips that get hit with these defects goes up since you have a fixed number of defects spread out across fewer chips. This is one reason that chip manufacturing costs can go up by more than chip size increase. Potentially offsetting this phenomenon, of course, is the fact that the 14-nanometer++ technology continues to mature (meaning that the defect density comes down), so while a six-core Coffee Lake will always be cheaper to build than an eight-core model, an eight-core model launched in June/July of 2018 may be at cost parity to a six-core model at launch in October of 2017. For some context, Intel claimed that in going from 2016 to 2017, it saw a more-than-$1-billion reduction in 14-nanometer product manufacturing costs, likely reflecting improving yield rates. Intel executives have indicated that the yield rates on its 14-nanometer technology are nearly maxed out (so don't expect as dramatic an improvement in 2018 as what Intel delivered in 2017), but there's probably still room for a material improvement in 14-nanometer manufacturing costs year over year. Total economic impact Ultimately, the eight-core Coffee Lake chip should be at least 17.4% more expensive to build than its current hex-core counterpart (probably more in the realm of 20-25% taking into account the chip manufacturing issues I outlined above). That's the bad news. The good news is that Intel should be able to charge more for this eight-core part than it could the six-core part. Additionally, the eight-core part should improve Intel's competitive positioning, particularly as games and other applications increasingly take advantage of additional processor cores, which could lead to market segment share gains (or, at a minimum, a stemming of the loss that it's seen in recent quarters). The total economic impact from the release of this eight-core part should be good for Intel, even if the chip costs a little more to manufacture than its predecessor did. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Intel. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy . || Dilbert Lampoons Corporate Blockchain Ignorance in Comic Strip: Dilbert creator Scott Adams is at it again. The comic strip, known for its satirical portrayals of corporate office life, on Friday parodied ignorance about cryptocurrencies and blockchain technology. In this latest strip, Adams jabs at corporate executives who love to talk about blockchain technology, even though it is quite evident that they have no clue what it is or what its use cases are. Im not an engineer, so this might be a dumb question, the boss says. But why cant we 3-D print a blockchain and HMTL it into a Bitcoin? dilbert Adams has made a handful of other blockchain-themed Dilbert strips , with most published during the past two years. In another fan-favorite, one of Dilberts colleagues becomes trapped in a jargon matrix in which he mindlessly shouts out buzzwords including blockchain, cloud, user experience, and sustainability. dilbert But though Dilbert strips referencing blockchain have become most common over the past several years, Adams has been parodying Bitcoin since as far back as July 2013, when the flagship cryptocurrency was trading at just $90 and still months away from reaching a short-lived peak above $1,000. dilbert Adams has also taken aim at initial coin offerings (ICOs), as this strip from October 2017 demonstrates. So
its like a chain made out of coins? the boss asks after Dilbert suggests that the company raise funds through an ICO. dilbert Notably, despite his satirical take on blockchain and ICOs, Adams himself is attached to a project that is currently holding its own token sale. The Dilbert creator is a co-founder and chief strategy officer of WhenHub , a startup that creates time visualization products, including one that facilitates blockchain-enabled video interfacing between subject matter experts and consumers. The companys ICO began in March, and it aims to raise as much as $40 million before its conclusion in September. Featured image from Flickr/ Ol.v!er [H2vPk] . The post Dilbert Lampoons Corporate Blockchain Ignorance in Comic Strip appeared first on CCN . || Dilbert Lampoons Corporate Blockchain Ignorance in Comic Strip: Dilbert creator Scott Adams is at it again.
The comic strip, known for its satirical portrayals of corporate office life, on Friday parodied ignorance about cryptocurrencies and blockchain technology.
In this latest strip, Adams jabs at corporate executives who love to talk about blockchain technology, even though it is quite evident that they have no clue what it is or what its use cases are.
“I’m not an engineer, so this might be a dumb question,” the boss says. “But why can’t we 3-D print a blockchain and HMTL it into a Bitcoin?”
Adams has made a handful of otherblockchain-themed Dilbert strips, with most published during the past two years.
In another fan-favorite, one of Dilbert’s colleagues becomes trapped in a “jargon matrix” in which he mindlessly shouts out buzzwords including blockchain, cloud, user experience, and sustainability.
But though Dilbert strips referencing blockchain have become most common over the past several years, Adams has been parodying Bitcoin since as far back as July 2013, when the flagship cryptocurrency was trading at just $90 and still months away from reaching a short-lived peak above $1,000.
Adams has also taken aim atinitial coin offerings(ICOs), as this strip from October 2017 demonstrates.
“So…it’s like a chain made out of coins?” the boss asks after Dilbert suggests that the company raise funds through an ICO.
Notably, despite his satirical take on blockchain and ICOs, Adams himself is attached to a project that is currently holding its own token sale.
The Dilbert creator is a co-founder and chief strategy officer ofWhenHub, a startup that creates “time visualization” products, including one that facilitates “blockchain-enabled video interfacing” between subject matter experts and consumers.
The company’s ICO began in March, and it aims to raise as much as $40 million before its conclusion in September.
Featured image from Flickr/Ol.v!er [H2vPk].
The postDilbert Lampoons Corporate Blockchain Ignorance in Comic Stripappeared first onCCN. || Forget Bitcoin, Consider Blockchain ETFs: • (0:45) - What Is Blockchain Technology?
• (3:50) - Reality Shares Nasdaq NexGen Economy ETF:BLCN
• (8:30) - Blockchain Hype: Screening Out Fly By Night Stocks
• (11:00) - International and Sector Exposure
• (17:35) - Current Performance ofBLCN
• (20:10) - Takeaways on Blockchain: [email protected]
In this episode of ETF Spotlight, I talked with Eric Ervin, President and CEO at Reality Shares. Earlier this year, Reality Shares launched a blockchain ETF-- the Reality Shares Nasdaq NexGen Economy ETF BLCN.
Blockchain is the technology that underpins bitcoin and other cryptocurrencies. After reaching record highs above $19,000 in December, bitcoin is now trading at around $8,000.
While bitcoin is notorious for its extreme volatility, even bitcoin’s harshest critics recognize the extraordinary potential of the blockchain.
The technology is still very new and its full potential is not yet known but many experts say it could change the global economy.
Not surprisingly, investors are very excited about companies that are poised to benefit from the blockchain revolution.
Eric explained the blockchain technology and its transformative potential. He compared blockchain to the internet in early days and added blockchain is going to do for assets what the internet did for information.
We then discussed the BLCN ETF. The fund has 65 holdings as of now which are weighted using a proprietary “Blockchain Score” designed to identify the companies that may benefit most from blockchain technology.
Additionally, there is a committee of experts that analyzes and includes companies that are genuinely developing and using these technologies and screens out fly-by-night blockchain companies.
Please make sure to listen to the podcast for very useful information about the blockchain technology and if you want to learn more about this ETF, please visit Reality Shares.
And please visit the ETF sectionof Zacks.Com for more information on this ETF and other ETFs.
Please make sure to tune in for our next podcast. If you have any comments or question, please email [email protected]
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportInternational Business Machines Corporation (IBM) : Free Stock Analysis ReportAlibaba Group Holding Limited (BABA) : Free Stock Analysis ReportNVIDIA Corporation (NVDA) : Free Stock Analysis ReportREALT-NDQ NEXGN (BLCN): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research || Forget Bitcoin, Consider Blockchain ETFs: (0:45) - What Is Blockchain Technology? (3:50) - Reality Shares Nasdaq NexGen Economy ETF: BLCN (8:30) - Blockchain Hype: Screening Out Fly By Night Stocks (11:00) - International and Sector Exposure (17:35) - Current Performance of BLCN (20:10) - Takeaways on Blockchain: [email protected] In this episode of ETF Spotlight, I talked with Eric Ervin, President and CEO at Reality Shares. Earlier this year, Reality Shares launched a blockchain ETF-- the Reality Shares Nasdaq NexGen Economy ETF BLCN. Blockchain is the technology that underpins bitcoin and other cryptocurrencies. After reaching record highs above $19,000 in December, bitcoin is now trading at around $8,000. While bitcoin is notorious for its extreme volatility, even bitcoin’s harshest critics recognize the extraordinary potential of the blockchain. The technology is still very new and its full potential is not yet known but many experts say it could change the global economy. Not surprisingly, investors are very excited about companies that are poised to benefit from the blockchain revolution. Eric explained the blockchain technology and its transformative potential. He compared blockchain to the internet in early days and added blockchain is going to do for assets what the internet did for information. We then discussed the BLCN ETF. The fund has 65 holdings as of now which are weighted using a proprietary “Blockchain Score” designed to identify the companies that may benefit most from blockchain technology. Additionally, there is a committee of experts that analyzes and includes companies that are genuinely developing and using these technologies and screens out fly-by-night blockchain companies. Please make sure to listen to the podcast for very useful information about the blockchain technology and if you want to learn more about this ETF, please visit Reality Shares. And please visit the ETF sectionof Zacks.Com for more information on this ETF and other ETFs. Story continues Please make sure to tune in for our next podcast. If you have any comments or question, please email [email protected] Want key ETF info delivered straight to your inbox? Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Business Machines Corporation (IBM) : Free Stock Analysis Report Alibaba Group Holding Limited (BABA) : Free Stock Analysis Report NVIDIA Corporation (NVDA) : Free Stock Analysis Report REALT-NDQ NEXGN (BLCN): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research || Forget Bitcoin, Consider Blockchain ETFs: • (0:45) - What Is Blockchain Technology?
• (3:50) - Reality Shares Nasdaq NexGen Economy ETF:BLCN
• (8:30) - Blockchain Hype: Screening Out Fly By Night Stocks
• (11:00) - International and Sector Exposure
• (17:35) - Current Performance ofBLCN
• (20:10) - Takeaways on Blockchain: [email protected]
In this episode of ETF Spotlight, I talked with Eric Ervin, President and CEO at Reality Shares. Earlier this year, Reality Shares launched a blockchain ETF-- the Reality Shares Nasdaq NexGen Economy ETF BLCN.
Blockchain is the technology that underpins bitcoin and other cryptocurrencies. After reaching record highs above $19,000 in December, bitcoin is now trading at around $8,000.
While bitcoin is notorious for its extreme volatility, even bitcoin’s harshest critics recognize the extraordinary potential of the blockchain.
The technology is still very new and its full potential is not yet known but many experts say it could change the global economy.
Not surprisingly, investors are very excited about companies that are poised to benefit from the blockchain revolution.
Eric explained the blockchain technology and its transformative potential. He compared blockchain to the internet in early days and added blockchain is going to do for assets what the internet did for information.
We then discussed the BLCN ETF. The fund has 65 holdings as of now which are weighted using a proprietary “Blockchain Score” designed to identify the companies that may benefit most from blockchain technology.
Additionally, there is a committee of experts that analyzes and includes companies that are genuinely developing and using these technologies and screens out fly-by-night blockchain companies.
Please make sure to listen to the podcast for very useful information about the blockchain technology and if you want to learn more about this ETF, please visit Reality Shares.
And please visit the ETF sectionof Zacks.Com for more information on this ETF and other ETFs.
Please make sure to tune in for our next podcast. If you have any comments or question, please email [email protected]
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportInternational Business Machines Corporation (IBM) : Free Stock Analysis ReportAlibaba Group Holding Limited (BABA) : Free Stock Analysis ReportNVIDIA Corporation (NVDA) : Free Stock Analysis ReportREALT-NDQ NEXGN (BLCN): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment Research || 8 Long-Term Uptrend Stocks to Buy: In the early stages of an uptrend, it’s hard to tell just how far a stock will rally. Sometimes these trends are short-lived and “only” give us a 10% return. Other times though, these trends are good for several years and return 100% or more.
Telling the difference in the beginning is tough and too many investors take a pass on something because it’s up 10% or 20% in a few months. While there’s no such thing as a risk-free bet, they’re leaving a ton of reward on the table by avoiding the name simply because of its recent rally. It reminded me of a line from a great writer, Richard Saintvilus:
“One lesson, among many others, I’ve learned on Wall Street is that it’s never too late to make the right call. And if ever that proverbial train “leaves the station,” there’s nothing wrong to admit you were wrong and chase that train to get back on board — even if the ticket costs more to ride.”
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
A stock rallying from $105 to $125 in a few months is a lot and may make many feel they’ve missed the train. But what if we ignored a good fundamental situation because “it had rallied too much.” Ultimately nine months later that stock is sitting another $50 per share higher and we ignored it. We sat out a $50 per share gain because of its $20 rally? That doesn’t make any sense.
• 5 TV Stocks That Netflix, Inc. Can’t Beat
With that in mind, let’s take a look at 8 solid stocks that are still in an uptrend and may still have farther to go.
Netflix, Inc.(NASDAQ:NFLX) has been on a mission, both in reality and in the stock market. The company’s goal is to become the leader in global streaming. With 125 million customers, it’s well on its way to fulfilling that leadership goal. Heck, its market cap is just $7 billion short ofWalt Disney Co(NYSE:DIS).
That puts things in perspective a bit.
But NFLX stock has been even more impressive than the company. It’s up 132% over the past 12 months and 73% since the start of 2018. That’s paved a solid — if also explosive — uptrend for investors. Take note of the chart to see what I mean.
As you can see, Netflix stock has been a beast. Notice that when it started 2018, shares weren’t over $200 yet! Now we’re already over $300. The move has been intense, but so long as the trends stay in place it’s hard to bet against NFLX.
Over its previous highs and above $330, Netflix stock is basing nicely. Momentum is strong and the stock is not yet overbought (blue peaks on the chart). Should nearby support fail, investors would be lucky to gobble up the stock near $300. There should be support near this level, along with the 50-day moving average and a rising uptrend line of support.
Given that the company just beat earnings, revenue and subscriber estimates, as well as provided subscriber guidance that topped analyst estimates, I’d rather be abuyer on dips than a seller on rips.
Nvidia Corporation(NASDAQ:NVDA) has been one of the market’s best performers. If you bought this name at the start of 2016 and forgot how to hit the sell button, you’d be sitting on a 600% gain in Nvidia. While the move has been extraordinary, we could be setting up for even more gains.
Looking at the charts, it’s pretty obvious that Nvidia has been struggling to eclipse the $250 mark. On three separate occasions this year, shares have rallied to this point only to fail and stumble lower.
Thursday’s 3% selloff could setup NVDA stock to retest the 100-day moving average and uptrend support that’s been in place for almost a year. As much as investors would hate to see this level fail though, I would love to get a shot at NVDA near $200. At this level, it would have the 200-day moving average and decent support to hold it.
Just like January 2017 through May 2017, it’s good to see Nvidia digest some of its massive move over the past 12 months. If there are worries about waning demand due to cryptocurrency headwinds, then Nvidia stock could see a further decline — perhaps down to that $200 level we’re wishing for.
While this is one of the strongest uptrend stocks we’ve seen, remember it has massive gains over the past few years. Eventually a big pullback wouldn’t be a surprise. If $200 comes, it would be a 20% decline for the highs. I’d love to buy into its secular upside on a short-term selloff.
• 10 Dividend-Payers to Own for Month-to-Month Income
Until then,the $250 breakout is still in play.
Boeing Co(NYSE:BA) went from a frustratingly stubborn stock to one that couldn’t be stopped. Consider that BA stock was flat from January 2014 through October 2016, almost a three-year lull. However, shares then exploded 90% in 2017.
So what now?
It obviously wouldn’t be surprising to see Boeing stock settle down and consolidate a bit. Even bouncing between $300 and $360 for a few quarters would represent a relatively healthy consolidation period.
I like BA for itsintense earnings growth, commitment to capital return and huge free-cash flow. It’s not the cheapest stock in the world anymore, but valuation and consolidation aren’t enough of a reason to sell the stock.
Shares still lookgreatin the short-term, as our chart shows. Poking through resistance with plenty of support nearby, BA stock could retest its old highs if these patterns hold steady. It’s got bullish momentum and isn’t overbought yet either (blue circles on the chart).
salesforce.com, inc.(NASDAQ:CRM) has tripled since mid-2013, but its gains over the past 16 months have been truly impressive. Shares have quietly rallied 81% over that period, forming quite the uptrend in CRM.
This is one of my favorite names, because despite its $90 billion market cap, it still flies under the radar.Alphabet Inc(NASDAQ:GOOGL),Amazon.com, Inc.(NASDAQ:AMZN) andMicrosoft Corporation(NASDAQ:MSFT)get all the credit for their cloud businesses.
Despite CRM still churning out incredible growth, it seems to be much less discussed than it was a few years ago. That’s not stopping the analysts, though. They expect annual revenue of about 20% for the next four years. On the earnings front, estimates call for almost 60% growth this year and another 26% growth next year.
While CRM is pretty expensive on an earnings basis, its sales-based valuation is actually pretty reasonable versus its peers. CRM has better growth than most of its large cap competition and far superior financials and cash flow compared to its smaller competition. It’s in a real sweet spot right now. Lastly, the company has a very long runway for growth — as seen by the long-term revenue predictions — giving investors confidence to buy the stock today.
• Bitcoin Bulls: Four Investors With Bold Predictions About Bitcoin's Future
Investors could easily draw an uptrend line on CRM’s chart to highlight the stock’s robust rally. But just look at the 100-day moving average instead. All three major moving averages are trending higher, but each time Salesforce pulls back to the 100-day, CRM has an intense bounce.
Roper Technologies Inc(NYSE:ROP) has been in a very steady uptrend over the last year and a half.
In fact, Roper was and still is one of my topFuture Blue Chip stocks. Known for robust revenue and earnings growth today, management has demonstrated a tangible commitment to returning capital to shareholders. The goal here is simple: Allow the company’s robust growth to drive shares higher over the long-term and cement its position in our portfolio with a low cost basis, while enjoying management’s continued commitment to raising the dividend once the business is more matured.
Well, ROP sure is delivering on the first part of our strategy: allowing strong growth to drive shares higher. Since the start of 2017, Roper stock is up more than 50% and is up more than 35% over the past year.
I’m definitely not ready to bet against Roper anytime soon. However, some may start to grow concerned over its valuation and growth profile. Analysts expect sales growth of just 6.1% this year and 7% next year. That’s good, but not necessarily great. While 17.5% earnings growth this year is very solid, estimates of just 8.5% next year is sort of lackluster.
It may make some wonder if ROP stock is worth 25 times this year’s earnings and 23 times next year’s estimates. On the chart though, Roper still looks great.
There’s pretty clear resistance between $285 and $290, while uptrend support currently sits around $270. The 100-day is support as well. If these support levels give way though, the 200-day moving average would be my downside target. If ROP stock breaks over resistance, consider buying the breakout.
Let’s do a double for this one:VisaInc(NYSE:V) andMastercard Inc(NYSE:MA). Both companies are huge beneficiaries of the same trend, as global consumers continue moving to credit and debit from cash and check. Further, growing e-commerce sales bode well for V and MA too, for obvious reasons.
The credit card business is attractive for many reasons, as V and MA serve as simple “toll booth” businesses. They don’t lend consumers money and they don’t take on big risks. Instead, when a consumer purchases goods or services from a merchant and pays via credit card, the merchant pays a fee that goes to V and MA.
While the pair of stocks maylook expensive on a sales basis at first glance, the earnings-based valuation isn’t all that bad. Especially considering their double-digit earnings and revenue growth.
Throw in the fact that Visa hasprofitmargins of almost 40% while MA has margins of 32% and we can see that these two are earning money hand over fist.
Both stocks tend to trade with a high correlation. They’ve been in a steady uptrend since early 2017 and I hate that I’ve taken some off the table since I first initiated a position almost six years ago.
• 7 Vanguard ETFs for Buy-and-Hold Investors
As V and MA both bump up against resistance, they look like they’ll soon push through to new highs, short of another market-wide selloff.
Like Roper,Raytheon Company(NYSE:RTN) is another under-the-radar company. However, its stock sure has become something to talk about, with shares up about 50% over the past 12 months.
While the rest of the market has been floundering, RTN stock is already up more than 21%. That’s what happens when a company makes anti-missile defense systems and the U.S. military has an annual budget of roughly $700billion.
While the U.S. government utilizes other anti-missile defense systems —Lockheed Martin Corporation(NYSE:LMT) also makes one — the desire for countries to boost their defensive capabilities continues to increase. That’s no surprise given the tension on the Korean Peninsula and continuing conflicts in the Middle East.
Despite expectations calling for revenue growth of about 5% this year and next year, earnings are set to explode — no pun intended. Analysts are looking for 27% growth this year and more than 15% growth in 2019. With earnings growth outpacing revenue growth, look for margins to expand as well. If the government keeps spending like Trump has so far, expect more lucrative contracts in the future, too.
After flagging the stock as a potential breakout candidate earlier this month, the recent 52-week highs come as little surprise. Going forward, look for RTN to make even more highs so long as its uptrend support holds steady (as shown on the chart). Keep in mind, the average analyst price target sits at $240.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell. As of this writing, Bret Kenwell held a position in DIS, NVDA, CRM, GOOGL and V.
Compare Brokers
The post8 Long-Term Uptrend Stocks to Buyappeared first onInvestorPlace. || 8 Long-Term Uptrend Stocks to Buy: In the early stages of an uptrend, it’s hard to tell just how far a stock will rally. Sometimes these trends are short-lived and “only” give us a 10% return. Other times though, these trends are good for several years and return 100% or more. Telling the difference in the beginning is tough and too many investors take a pass on something because it’s up 10% or 20% in a few months. While there’s no such thing as a risk-free bet, they’re leaving a ton of reward on the table by avoiding the name simply because of its recent rally. It reminded me of a line from a great writer, Richard Saintvilus: “ One lesson , among many others, I’ve learned on Wall Street is that it’s never too late to make the right call. And if ever that proverbial train “leaves the station,” there’s nothing wrong to admit you were wrong and chase that train to get back on board — even if the ticket costs more to ride.” InvestorPlace - Stock Market News, Stock Advice & Trading Tips A stock rallying from $105 to $125 in a few months is a lot and may make many feel they’ve missed the train. But what if we ignored a good fundamental situation because “it had rallied too much.” Ultimately nine months later that stock is sitting another $50 per share higher and we ignored it. We sat out a $50 per share gain because of its $20 rally? That doesn’t make any sense. 5 TV Stocks That Netflix, Inc. Can’t Beat With that in mind, let’s take a look at 8 solid stocks that are still in an uptrend and may still have farther to go. Uptrend Stocks to Buy: Netflix Netflix, Inc. (NASDAQ: NFLX ) has been on a mission, both in reality and in the stock market. The company’s goal is to become the leader in global streaming. With 125 million customers, it’s well on its way to fulfilling that leadership goal. Heck, its market cap is just $7 billion short of Walt Disney Co (NYSE: DIS ). Story continues That puts things in perspective a bit. But NFLX stock has been even more impressive than the company. It’s up 132% over the past 12 months and 73% since the start of 2018. That’s paved a solid — if also explosive — uptrend for investors. Take note of the chart to see what I mean. nflx stock in an uptrend As you can see, Netflix stock has been a beast. Notice that when it started 2018, shares weren’t over $200 yet! Now we’re already over $300. The move has been intense, but so long as the trends stay in place it’s hard to bet against NFLX. Over its previous highs and above $330, Netflix stock is basing nicely. Momentum is strong and the stock is not yet overbought (blue peaks on the chart). Should nearby support fail, investors would be lucky to gobble up the stock near $300. There should be support near this level, along with the 50-day moving average and a rising uptrend line of support. Given that the company just beat earnings, revenue and subscriber estimates, as well as provided subscriber guidance that topped analyst estimates, I’d rather be a buyer on dips than a seller on rips . Uptrend Stocks to Buy: Nvidia Nvidia Corporation (NASDAQ: NVDA ) has been one of the market’s best performers. If you bought this name at the start of 2016 and forgot how to hit the sell button, you’d be sitting on a 600% gain in Nvidia. While the move has been extraordinary, we could be setting up for even more gains. nvda stock in an uptrend Looking at the charts, it’s pretty obvious that Nvidia has been struggling to eclipse the $250 mark. On three separate occasions this year, shares have rallied to this point only to fail and stumble lower. Thursday’s 3% selloff could setup NVDA stock to retest the 100-day moving average and uptrend support that’s been in place for almost a year. As much as investors would hate to see this level fail though, I would love to get a shot at NVDA near $200. At this level, it would have the 200-day moving average and decent support to hold it. Just like January 2017 through May 2017, it’s good to see Nvidia digest some of its massive move over the past 12 months. If there are worries about waning demand due to cryptocurrency headwinds, then Nvidia stock could see a further decline — perhaps down to that $200 level we’re wishing for. While this is one of the strongest uptrend stocks we’ve seen, remember it has massive gains over the past few years. Eventually a big pullback wouldn’t be a surprise. If $200 comes, it would be a 20% decline for the highs. I’d love to buy into its secular upside on a short-term selloff. 10 Dividend-Payers to Own for Month-to-Month Income Until then, the $250 breakout is still in play . Uptrend Stocks to Buy: Boeing Boeing Co (NYSE: BA ) went from a frustratingly stubborn stock to one that couldn’t be stopped. Consider that BA stock was flat from January 2014 through October 2016, almost a three-year lull. However, shares then exploded 90% in 2017. So what now? BA stock in an uptrend It obviously wouldn’t be surprising to see Boeing stock settle down and consolidate a bit. Even bouncing between $300 and $360 for a few quarters would represent a relatively healthy consolidation period. I like BA for its intense earnings growth , commitment to capital return and huge free-cash flow. It’s not the cheapest stock in the world anymore, but valuation and consolidation aren’t enough of a reason to sell the stock. Shares still look great in the short-term, as our chart shows. Poking through resistance with plenty of support nearby, BA stock could retest its old highs if these patterns hold steady. It’s got bullish momentum and isn’t overbought yet either (blue circles on the chart). Uptrend Stocks to Buy: Salesforce salesforce.com, inc. (NASDAQ: CRM ) has tripled since mid-2013, but its gains over the past 16 months have been truly impressive. Shares have quietly rallied 81% over that period, forming quite the uptrend in CRM. crm stock in an uptrend This is one of my favorite names, because despite its $90 billion market cap, it still flies under the radar. Alphabet Inc (NASDAQ: GOOGL ), Amazon.com, Inc. (NASDAQ: AMZN ) and Microsoft Corporation (NASDAQ: MSFT ) get all the credit for their cloud businesses . Despite CRM still churning out incredible growth, it seems to be much less discussed than it was a few years ago. That’s not stopping the analysts, though. They expect annual revenue of about 20% for the next four years. On the earnings front, estimates call for almost 60% growth this year and another 26% growth next year. While CRM is pretty expensive on an earnings basis, its sales-based valuation is actually pretty reasonable versus its peers. CRM has better growth than most of its large cap competition and far superior financials and cash flow compared to its smaller competition. It’s in a real sweet spot right now. Lastly, the company has a very long runway for growth — as seen by the long-term revenue predictions — giving investors confidence to buy the stock today. Bitcoin Bulls: Four Investors With Bold Predictions About Bitcoin's Future Investors could easily draw an uptrend line on CRM’s chart to highlight the stock’s robust rally. But just look at the 100-day moving average instead. All three major moving averages are trending higher, but each time Salesforce pulls back to the 100-day, CRM has an intense bounce. Uptrend Stocks to Buy: Roper Roper Technologies Inc (NYSE: ROP ) has been in a very steady uptrend over the last year and a half. In fact, Roper was and still is one of my top Future Blue Chip stocks . Known for robust revenue and earnings growth today, management has demonstrated a tangible commitment to returning capital to shareholders. The goal here is simple: Allow the company’s robust growth to drive shares higher over the long-term and cement its position in our portfolio with a low cost basis, while enjoying management’s continued commitment to raising the dividend once the business is more matured. Rop stock in an uptrend Well, ROP sure is delivering on the first part of our strategy: allowing strong growth to drive shares higher. Since the start of 2017, Roper stock is up more than 50% and is up more than 35% over the past year. I’m definitely not ready to bet against Roper anytime soon. However, some may start to grow concerned over its valuation and growth profile. Analysts expect sales growth of just 6.1% this year and 7% next year. That’s good, but not necessarily great. While 17.5% earnings growth this year is very solid, estimates of just 8.5% next year is sort of lackluster. It may make some wonder if ROP stock is worth 25 times this year’s earnings and 23 times next year’s estimates. On the chart though, Roper still looks great. There’s pretty clear resistance between $285 and $290, while uptrend support currently sits around $270. The 100-day is support as well. If these support levels give way though, the 200-day moving average would be my downside target. If ROP stock breaks over resistance, consider buying the breakout. Uptrend Stocks to Buy: Visa and MasterCard Let’s do a double for this one: Visa Inc (NYSE: V ) and Mastercard Inc (NYSE: MA ). Both companies are huge beneficiaries of the same trend, as global consumers continue moving to credit and debit from cash and check. Further, growing e-commerce sales bode well for V and MA too, for obvious reasons. V stock in an uptrend The credit card business is attractive for many reasons, as V and MA serve as simple “toll booth” businesses. They don’t lend consumers money and they don’t take on big risks. Instead, when a consumer purchases goods or services from a merchant and pays via credit card, the merchant pays a fee that goes to V and MA. While the pair of stocks may look expensive on a sales basis at first glance , the earnings-based valuation isn’t all that bad. Especially considering their double-digit earnings and revenue growth. Throw in the fact that Visa has profit margins of almost 40% while MA has margins of 32% and we can see that these two are earning money hand over fist. ma stock in an uptrend Both stocks tend to trade with a high correlation. They’ve been in a steady uptrend since early 2017 and I hate that I’ve taken some off the table since I first initiated a position almost six years ago. 7 Vanguard ETFs for Buy-and-Hold Investors As V and MA both bump up against resistance, they look like they’ll soon push through to new highs, short of another market-wide selloff. Uptrend Stocks to Buy: Raytheon Like Roper, Raytheon Company (NYSE: RTN ) is another under-the-radar company. However, its stock sure has become something to talk about, with shares up about 50% over the past 12 months. While the rest of the market has been floundering, RTN stock is already up more than 21%. That’s what happens when a company makes anti-missile defense systems and the U.S. military has an annual budget of roughly $700 billion. rtn stock in an uptrend While the U.S. government utilizes other anti-missile defense systems — Lockheed Martin Corporation (NYSE: LMT ) also makes one — the desire for countries to boost their defensive capabilities continues to increase. That’s no surprise given the tension on the Korean Peninsula and continuing conflicts in the Middle East. Despite expectations calling for revenue growth of about 5% this year and next year, earnings are set to explode — no pun intended. Analysts are looking for 27% growth this year and more than 15% growth in 2019. With earnings growth outpacing revenue growth, look for margins to expand as well. If the government keeps spending like Trump has so far, expect more lucrative contracts in the future, too. After flagging the stock as a potential breakout candidate earlier this month, the recent 52-week highs come as little surprise. Going forward, look for RTN to make even more highs so long as its uptrend support holds steady (as shown on the chart). Keep in mind, the average analyst price target sits at $240. Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell . As of this writing, Bret Kenwell held a position in DIS, NVDA, CRM, GOOGL and V. Compare Brokers The post 8 Long-Term Uptrend Stocks to Buy appeared first on InvestorPlace . || Bitcoin Rises; EU Passes Verification Rules for Crypto Exchanges: Investing.com - Bitcoin and other virtual coins were higher on Friday as the European Union Parliament supported a move to require cryptocurrency exchanges to apply customer verification rules to their platforms.
The move was passed with 574 votes yes and 15 votes no, with 60 abstentions. Under the measure, exchanges, platforms and wallet providers will have to apply due diligence procedures that are designed to combat money laundering. Customer verification is one of those procedures. The rules would also reduce the amount for identifying holders of prepaid cards from €250 to €150.
The measures were introduced in response to the terrorist attacks of 2015 and 2016 in Paris and Brussels, officials said.
“Criminals use anonymity to launder their illicit proceeds or finance terrorism,” said Member of the European Parliament Krisjanis Karins. “This legislation helps address the threats to our citizens and the financial sector by allowing greater access to the information about the people behind firms and by tightening rules regulating virtual currencies and anonymous prepaid cards."
Bitcoin was trading at $8,529.40 rising 3.27% as of 9:10 AM ET (13:10 GMT) on the Bitfinex exchange.
Other virtual currencies were higher, with rival Ethereum, the world’s second largest cryptocurrency by market cap, rising 8.00% to $590.29 on the Bitfinex exchange. Ripple, the third largest virtual currency, increased 16.43% to $0.86387 while Litecoin was at $151.08, an increase of 6.53%.
In other news, JPMorgan (NYSE:JPM) istesting a blockchain platformfor issuing financial instruments with the National Bank of Canada. The platform was built using Quorum, an open-source blockchain developed by JPMorgan. Banks are hoping to use the technology behind cryptocurrencies to streamline banking processes such as cross-border payments and securities settlements.
Related Articles
FINRA Fines Tezos Cofounder $20k For Morgan Stanley Disclosure Failures
Crypto trading tumbles as investment scramble unwinds
Japan's cryptocurrency exchanges need tighter rules: Monex CEO
[Social Media Buzz]
Current price of Bitcoin is $8810.00 via Chain #bitcoin #btc #bitcoinprice || Apr 21, 2018 14:01:00 UTC | 8,762.00$ | 7,119.80€ | 6,256.60£ | #Bitcoin #btc pic.twitter.com/htX5zx91Qj || Apr 21, 2018 10:31:00 UTC | 8,746.40$ | 7,107.10€ | 6,245.40£ | #Bitcoin #btc pic.twitter.com/KluUMZSBfZ || USD: 107.650
EUR: 132.250
GBP: 150.764
AUD: 82.568
NZD: 77.583
CNY: 17.092
CHF: 110.433
BTC: 942,167
ETH: 64,000
Sat Apr 21 20:00 JST || El precio del Bitcoin es de 8810.00$ https://goo.gl/G6xxaQ pic.tw...
|
8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72.
|
[Bitcoin Technical Analysis for 2017-02-23]
Volume: 189454000, RSI (14-day): 77.53, 50-day EMA: 981.23, 200-day EMA: 800.88
[Wider Market Context]
Gold Price: 1250.20, Gold RSI: 67.84
Oil Price: 54.45, Oil RSI: 59.07
[Recent News (last 7 days)]
This bullish signal has never been wrong — and it’s about to flash for 2017: Critical information for the U.S. trading day The Dow has nabbed record closes for eight straight sessions — and what about the S&P 500? The last time that broad index suffered a 1% drop, as detailed in our stat of the day , it was October and the Cubs still were battling to end their storied World Series drought. Enough already? CFRA’s Sam Stovall says he’s looking for a long-overdue “digestion of gains,” though he adds the pause will not likely result in the end of this bull market. The run will continue, the chief investment strategist writes, thanks in part to improving earnings and inflation staying subdued. In support, he notes one indicator that’s close to getting triggered. “If you need additional encouragement that a bear market is not just around the corner, history again may offer some more virtual Valium,” says Stovall, who delivers our call of the day . Since 1945, there have been 27 years when the S&P has achieved gains in January and February. The stock index then finished up for the year (on a total-return basis) in every one those years, according to Stovall. That’s going 27 for 27, or batting a thousand. The average rise in those years was 24%, as shown in his chart below. CFRA So that bodes well for 2017 — though the chart’s footnote features that favorite Wall Street caveat: “Past performance is no guarantee of future results.” Plus, February isn’t over yet, and it’s typically the stock market’s second-worst month of the year. But the S&P is up 3.8% for the month, after rising 1.8% in January. As Stovall puts it, the first two months can “offer a clue that investors believe that good things still lie ahead.” Key market gauges Futures for the Dow YMH7, -0.05% , S&P 500 ESH7, -0.13% and Nasdaq-100 NQH7, -0.01% are trading flat to lower, after the Dow DJIA, +0.58% , S&P SPX, +0.60% and Nasdaq Composite COMP, +0.47% all chalked up all-time closing highs again yesterday . Oil CLJ7, -1.33% is giving back Tuesday’s gain . See the Market Snapshot column for the latest action. Story continues The stat 90 straight trading days — That is how long the S&P has gone without closing lower by 1% or more, notes Charlie Bilello, research director at Pension Partners. The stock gauge ended 1.2% down on Oct. 11 — more than four months ago — and hasn’t clocked out on such a negative note since then. The buzz Bristol-Myers Squibb BMY, +1.13% is gaining premarket following news that billionaire activist investor Carl Icahn has taken a stake in the drug giant. Facebook FB, -0.15% is reportedly in talks to stream Major League Baseball games . First Solar FSLR, -3.30% was among the companies that posted earnings late yesterday. Investors initially took a shine to the stock , but now it’s falling. Names on the earnings docket before the open included off-price retailer TJX TJX, +1.01% , Dish Network DISH, +1.88% , GPS maker Garmin GRMN, +7.83% , cameras company Mobileye MBLY, +3.53% and home builder Toll Brothers TOL, +7.75% . Tesla TSLA, +0.94% is among those reporting after the close, as the electric car maker’s market cap catches up to Ford’s F, -0.24% . See: Tesla earnings — expect Model 3 updates amid record highs In political news, federal officials say the Trump administration’s tighter deportation rules are “ not intended to produce mass roundups .” Today, cabinet members go to Mexico . Some Republican lawmakers are steering clear of town hall events , hoping to avoid anti-Trump protesters. Attendees have held up IDs to prove that they’re real constituents , while the president tweeted late Tuesday that the chaos is “in numerous cases, planned out by liberal activists.” The economy A report on existing-home sales is due after the opening bell, and Fed Gov. Jerome Powell speaks around halftime. Minutes from the Fed’s last meeting (when it stood pat ) are on tap at 2 p.m. Eastern Time. Read March, May, or June? Minutes may hold clues on next hike And see: MarketWatch’s Economic Calendar The quote “We are probably not going to forecast the next financial crisis, or forecast the next recession. Our models are just not that good.” — Bank of England official Gertjan Vlieghe suggests the world’s central bankers have their limits. See: 5 quotes that tell you everything you need to know about forecasting The chart CoinMarketCap Bitcoin US:BTCUSD is advancing again this morning, building on yesterday’s jump to its highest level since December 2013. Call it a Winklerally? Analysts say the cryptocurrency’s gains come from traders attempting to front-run a regulatory decision on the much-anticipated Winklevoss Bitcoin Trust ETF. Read all about it: Bitcoin prices touch fresh 3-year high Random reads Later today, NASA is expected to dish on its big new find of planets . An artist plans to entomb himself in a boulder, then sit on eggs until they hatch. He’s French. Enemies of the people? A newspaper editor gives “ a peek behind enemy lines .” More on that N. Korean assassination: Killers “ used nothing but their bare hands .” A goalie resigned after eating a meat pie during a game and sparking #PieGate . Bavaria plans to ban the full-face veil in schools and other places. Read this article in its original format at MarketWatch.com — MrTopStep Group https://mrtopstep.com Questions: [email protected] Follow Us On Facebook and Twitter For More Intra-Day Market Updates! https://www.facebook.com/mrtopstep https://twitter.com/MrTopStep (@MrTopStep) Dont Forget To Subscribe To Our YouTube Channel! Sign Up Here: http://www.youtube.com/mrtopstepgroup || This bullish signal has never been wrong — and it’s about to flash for 2017: Critical information for the U.S. trading day
The Dow has nabbed record closes for eight straight sessions — and what about the S&P 500?
The last time that broad index suffered a 1% drop, as detailed in ourstat of the day, it was October and the Cubs still were battling to end their storied World Series drought.
Enough already?
CFRA’s Sam Stovall says he’s looking for a long-overdue “digestion of gains,” though he adds the pause will not likely result in the end of this bull market.
The run will continue, the chief investment strategist writes, thanks in part to improving earnings and inflation staying subdued. In support, he notes one indicator that’s close to getting triggered.
“If you need additional encouragement that a bear market is not just around the corner, history again may offer some more virtual Valium,” says Stovall, who delivers ourcall of the day.
Since 1945, there have been 27 years when the S&P has achieved gains in January and February. The stock index then finished up for the year (on a total-return basis) in every one those years, according to Stovall. That’s going 27 for 27, or batting a thousand.
The average rise in those years was 24%, as shown in his chart below.
CFRA
So that bodes well for 2017 — though the chart’s footnote features that favorite Wall Street caveat: “Past performance is no guarantee of future results.”
Plus, February isn’t over yet, and it’s typically the stock market’s second-worst month of the year. But the S&P is up 3.8% for the month, after rising 1.8% in January.
As Stovall puts it, the first two months can “offer a clue that investors believe that good things still lie ahead.”
Futures for the DowYMH7,-0.05%, S&P 500ESH7,-0.13%and Nasdaq-100NQH7,-0.01%are trading flat to lower, after the DowDJIA,+0.58%, S&PSPX,+0.60%and Nasdaq CompositeCOMP,+0.47%all chalked upall-time closing highs again yesterday.
OilCLJ7,-1.33%is giving backTuesday’s gain. Seethe Market Snapshot columnfor the latest action.
90 straight trading days — That is how long the S&P has gone without closing lower by 1% or more, notes Charlie Bilello, research director at Pension Partners.
The stock gauge ended 1.2% down on Oct. 11 — more than four months ago — and hasn’t clocked out on such a negative note since then.
Bristol-Myers SquibbBMY,+1.13%is gaining premarket following news that billionaire activist investorCarl Icahn has taken a stakein the drug giant.
FacebookFB,-0.15%is reportedlyin talks to stream Major League Baseball games.
First SolarFSLR,-3.30%was among the companies that posted earnings late yesterday. Investors initiallytook a shine to the stock, but now it’s falling.
Names on the earnings docket before the open includedoff-price retailer TJXTJX,+1.01%,Dish NetworkDISH,+1.88%,GPS maker GarminGRMN,+7.83%,cameras company MobileyeMBLY,+3.53%andhome builder Toll BrothersTOL,+7.75%.
TeslaTSLA,+0.94%is among those reporting after the close, as the electric car maker’smarket cap catches up to Ford’sF,-0.24%.
See:Tesla earnings — expect Model 3 updates amid record highs
In political news, federal officials say theTrump administration’s tighter deportation rulesare “not intended to produce mass roundups.” Today, cabinet membersgo to Mexico.
Some Republican lawmakers aresteering clear of town hall events, hoping to avoid anti-Trump protesters. Attendees have held up IDs to provethat they’re real constituents, while thepresident tweetedlate Tuesday that the chaos is “in numerous cases, planned out by liberal activists.”
A report on existing-home sales is due after the opening bell, and Fed Gov. Jerome Powell speaks around halftime.
Minutes from the Fed’s last meeting (when itstood pat) are on tap at 2 p.m. Eastern Time.
ReadMarch, May, or June? Minutes may hold clues on next hike
And see:MarketWatch’s Economic Calendar
“We are probably not going to forecast the next financial crisis, or forecast the next recession. Our models are just not that good.” — Bank of England officialGertjan Vlieghe suggeststhe world’s central bankers have their limits.
See:5 quotes that tell you everything you need to know about forecasting
CoinMarketCap
BitcoinUS:BTCUSDis advancing again this morning, building on yesterday’s jump to its highest level since December 2013.
Call it a Winklerally?
Analysts say the cryptocurrency’s gains come from traders attempting to front-run a regulatory decision on the much-anticipated Winklevoss Bitcoin Trust ETF.
Read all about it:Bitcoin prices touch fresh 3-year high
Later today, NASA is expected to dish on itsbig new find of planets.
An artist plansto entomb himself in a boulder, then sit on eggs until they hatch. He’s French.
Enemies of the people? A newspaper editor gives “a peek behind enemy lines.”
More on that N. Korean assassination: Killers “used nothing but their bare hands.”
Agoalie resignedafter eating a meat pie during a game and sparking#PieGate.
Bavariaplans to ban the full-face veilin schools and other places.
—MrTopStep Grouphttps://mrtopstep.com
Questions:[email protected]
Follow Us On Facebook and Twitter For More Intra-Day Market Updates!https://www.facebook.com/mrtopstephttps://twitter.com/MrTopStep(@MrTopStep)
Dont Forget To Subscribe To Our YouTube Channel!Sign Up Here:http://www.youtube.com/mrtopstepgroup || STOCKS HIT NEW ALL-TIME HIGHS: Here's what you need to know: (Neilson Barnard/Getty Images)
All three major indexes hit new all-time highs on Tuesday, jumping on the first trading day back after the Presidents Day holiday.
The positive move also marks the eighth straight day that the Dow Jones industrial average has finished in record territory.
We've got the big headlines of the day, but first, the scoreboard:
• Dow:20,737.51, +113.46, (0.55%)
• S&P 500:2,365.03, +13.91, (0.60%)
• Nasdaq:5,865.58, +26.27, (0.43%)
1. Restaurant Brands, the owner of Burger King and Tim Horton's, is buying Popeyes for $1.8 billion.The deal for the Southern fried chicken fast food chain valued Popeyes at $79 per share. JPMorgan and Wells Fargo will help to finance the deal.
2. Verizon cut its price for Yahoo by $350 million.The companies announced a joint decision to lower the acquisition price for Yahoo following the revelation of two data breaches that hit the tech firm. The revised deal will be for $4.48 billion.
3. Snap's IPO roadshow hit New York City.The meeting with investors in New York was the second such gathering after a stop in London on Monday. Snap executives pitched the company to a group of institutional investors.
4. Fannie and Freddie plunge after court rules hedge funds can't sue the government over collecting their profits.Hedge funds still won't be able to sue the US government over seizing profits made by mortgage loan companies Fannie Mae and Freddie Mac after their post-recession bailout, a federal appeals court ruled on Tuesday.
5. Walmart beat on earnings.The mega-retailer posted fourth-quarter earnings per share of $1.30, more than the $1.29 per share expected by analysts. Comparable store sales growth of 1.8% from the year before also beat expectations of just 1.3% growth.
6. Macy's beat on earnings and unloaded $673 million in real estate.The retailer posted earnings of $2.02 per share and a comparable store sales decline of 2.1%, better than the $1.96 per share and 2.2% decline expected by analysts. The company also said that it had sold off large parts of real estate in 2016.
7. Bitcoin cracked $1,100. The cryptocurrency jumped by over 4% in trading to $1,104 per coin, the first time above that level since early January.
Additionally:
Home Depot beat and said it's not worried about the US housing market yet.
Trump may change some of the major ways we measure the strength of the US economy.
The GOP is struggling to get its act together on the Obamacare repeal.
Here's how global stock markets have changed over the past 117 years.
'We do not see upside': London-based analyst calls 'neutral' after Snap's London IPO road show
NOW WATCH:The US government just sank a giant ship on purpose — and the footage is amazing
More From Business Insider
• These courses can help you master the single most powerful tool in Excel
• I’ve tested over 100 headphones in the past year, and I keep coming back to this $26 pair
• This little-known Amazon service turns stuff you want to get rid of into store credit || STOCKS HIT NEW ALL-TIME HIGHS: Here's what you need to know: confetti celebrate (Neilson Barnard/Getty Images) All three major indexes hit new all-time highs on Tuesday, jumping on the first trading day back after the Presidents Day holiday. The positive move also marks the eighth straight day that the Dow Jones industrial average has finished in record territory. We've got the big headlines of the day, but first, the scoreboard: Dow: 20,737.51, +113.46, (0.55%) S&P 500: 2,365.03, +13.91, (0.60%) Nasdaq: 5,865.58, +26.27, (0.43%) Restaurant Brands, the owner of Burger King and Tim Horton's, is buying Popeyes for $1.8 billion. The deal for the Southern fried chicken fast food chain valued Popeyes at $79 per share. JPMorgan and Wells Fargo will help to finance the deal. Verizon cut its price for Yahoo by $350 million. The companies announced a joint decision to lower the acquisition price for Yahoo following the revelation of two data breaches that hit the tech firm. The revised deal will be for $4.48 billion. Snap's IPO roadshow hit New York City. The meeting with investors in New York was the second such gathering after a stop in London on Monday. Snap executives pitched the company to a group of institutional investors. Fannie and Freddie plunge after court rules hedge funds can't sue the government over collecting their profits. Hedge funds still won't be able to sue the US government over seizing profits made by mortgage loan companies Fannie Mae and Freddie Mac after their post-recession bailout, a federal appeals court ruled on Tuesday. Walmart beat on earnings. The mega-retailer posted fourth-quarter earnings per share of $1.30, more than the $1.29 per share expected by analysts. Comparable store sales growth of 1.8% from the year before also beat expectations of just 1.3% growth. Macy's beat on earnings and unloaded $673 million in real estate. The retailer posted earnings of $2.02 per share and a comparable store sales decline of 2.1%, better than the $1.96 per share and 2.2% decline expected by analysts. The company also said that it had sold off large parts of real estate in 2016. Bitcoin cracked $1,100 . The cryptocurrency jumped by over 4% in trading to $1,104 per coin, the first time above that level since early January. Story continues Additionally: Home Depot beat and said it's not worried about the US housing market yet. Trump may change some of the major ways we measure the strength of the US economy. The GOP is struggling to get its act together on the Obamacare repeal. Here's how global stock markets have changed over the past 117 years. 'We do not see upside': London-based analyst calls 'neutral' after Snap's London IPO road show NOW WATCH: The US government just sank a giant ship on purpose — and the footage is amazing More From Business Insider These courses can help you master the single most powerful tool in Excel I’ve tested over 100 headphones in the past year, and I keep coming back to this $26 pair This little-known Amazon service turns stuff you want to get rid of into store credit || Tuesday Hot Reads: Greek Bonds Rally As Bailout Odds Rise: Compiled by ETF.com staff Greek Bonds Rally On Revived Bailout Hopes (ZeroHedge) The yield on Greece's bonds has tumbled the most since June after creditors agreed on Monday to resume talks in Athens over steps needed to continue a bailout of the nation, driving expectations that Greece will be able to meet its deadline for debt redemption by July. 13F Alert: Hedge Funds’ Top Holdings Vs S&P 500 (Barron’s) Evercore ISI’s Dennis DeBusschere put together a list of hedge funds’ holdings with the largest stock weight discrepancies compared to the S&P 500. Basically these stocks are the ones that hedge funds are most over- and under-weighting relative to the index. Value Remains Cheap (BlackRock Blog) BlackRock's Russ Koesterich argues that value is still cheap relative to growth. Vanguard Dominates, But Faces Growing Pains (A Wealth Of Common Sense) Fund juggernaut Vanguard's growth seems unstoppable, but the firm is dealing with customer-service-related growing pains. Brazil ETFs Are Piping Hot: Time To Buy? (Zacks) EWZ is up 100% in one year, and now hopes of new reforms, commodity strength and easing inflationary pressure are perking up Brazil ETFs. Gold Isn't Acting As It Should (Bloomberg Markets) In theory, the metal should be down after three interest rate increases, but the reality is that it's gone up after each one. Don’t Let Uncertainty Lead Clients Astray (Vanguard) Vanguard Chairman and CEO Bill McNabb discusses ways to help clients understand the importance of focusing on the long-term amid uncertainty. The Bitcoin ETF Will Be Rejected According To Prediction Markets (CryptoCoinsNews) The SEC is expected to rule on the first bitcoin ETF by March 11. Recommended Stories Friday Hot Reads: Snapchat Coming To An ETF Near You How To Build A Balanced Portfolio For Today’s Market Thursday Hot Reads: ETFs Causing Market To Spike At End Of Day Feb. ETF Inflows Push 2017's Record Start To $88B Wednesday Hot Reads: Biblically Responsible ETFs Offer A New Twist Permalink | © Copyright 2017 ETF.com. All rights reserved || Tuesday Hot Reads: Greek Bonds Rally As Bailout Odds Rise: Compiled by ETF.com staff
Greek Bonds Rally On Revived Bailout Hopes(ZeroHedge)The yield on Greece's bonds has tumbled the most since June after creditors agreed on Monday to resume talks in Athens over steps needed to continue a bailout of the nation, driving expectations that Greece will be able to meet its deadline for debt redemption by July.
13F Alert: Hedge Funds’ Top Holdings Vs S&P 500(Barron’s)Evercore ISI’s Dennis DeBusschere put together a list of hedge funds’ holdings with the largest stock weight discrepancies compared to the S&P 500. Basically these stocks are the ones that hedge funds are most over- and under-weighting relative to the index.
Value Remains Cheap(BlackRock Blog)BlackRock's Russ Koesterich argues that value is still cheap relative to growth.
Vanguard Dominates, But Faces Growing Pains(A Wealth Of Common Sense)Fund juggernaut Vanguard's growth seems unstoppable, but the firm is dealing with customer-service-related growing pains.
Brazil ETFs Are Piping Hot: Time To Buy?(Zacks)EWZis up 100% in one year, and now hopes of new reforms, commodity strength and easing inflationary pressure are perking up Brazil ETFs.
Gold Isn't Acting As It Should(Bloomberg Markets)In theory, the metal should be down after three interest rate increases, but the reality is that it's gone up after each one.
Don’t Let Uncertainty Lead Clients Astray(Vanguard)Vanguard Chairman and CEO Bill McNabb discusses ways to help clients understand the importance of focusing on the long-term amid uncertainty.
The Bitcoin ETF Will Be Rejected According To Prediction Markets(CryptoCoinsNews)The SEC is expected to rule on the first bitcoin ETF by March 11.
Recommended Stories
• Friday Hot Reads: Snapchat Coming To An ETF Near You
• How To Build A Balanced Portfolio For Today’s Market
• Thursday Hot Reads: ETFs Causing Market To Spike At End Of Day
• Feb. ETF Inflows Push 2017's Record Start To $88B
• Wednesday Hot Reads: Biblically Responsible ETFs Offer A New Twist
Permalink| © Copyright 2017ETF.com.All rights reserved || Bitcoin soars above $1,100: (A Bitcoin sign is seen in a window in Toronto.Reuters/Mark Blinch)
Bitcoin has broken out to its best levels since the beginning of the year as overnight buying has the cryptocurrency higher by 4% at $1,101.70 per coin.
Tuesday's advance marks bitcoin's eighth straight gain and has run action above the $1,100 mark for the first time since January 5. A move above $1,161.85 will have bitcoin trading at its best level since November 2013.
The eight-day winning streak comes amid investor speculation the Securities and Exchange Commission will approve at least one of thethree proposed bitcoin-focused exchange-traded fundsdespite analyst concerns that none will be approved.
Bitcoin has had a wild start to 2017.
It rallied more than 20% in the opening week of the year, propelled by speculative buying in China. It then proceeded to crash 35%, bottoming out below $800, amid concerns China was going to crackdown on trading.
After shrugging off concerns that Chinese exchanges were going to charge aflat fee of 0.2% per transaction, buyers re-emerged and ran bitcoin above $1,050 before two of China's largest exchanges said they wereblocking withdrawals.
(Markets Insider)
NOW WATCH:People with these personality traits have more and better sex
More From Business Insider
• CIA analyst resigns, calls Trump's actions in office 'disturbing'
• This little-known Amazon service turns stuff you want to get rid of into store credit
• Trump doubles down on baffling Sweden claims || Bitcoin soars above $1,100: (A Bitcoin sign is seen in a window in Toronto.Reuters/Mark Blinch)
Bitcoin has broken out to its best levels since the beginning of the year as overnight buying has the cryptocurrency higher by 4% at $1,101.70 per coin.
Tuesday's advance marks bitcoin's eighth straight gain and has run action above the $1,100 mark for the first time since January 5. A move above $1,161.85 will have bitcoin trading at its best level since November 2013.
The eight-day winning streak comes amid investor speculation the Securities and Exchange Commission will approve at least one of thethree proposed bitcoin-focused exchange-traded fundsdespite analyst concerns that none will be approved.
Bitcoin has had a wild start to 2017.
It rallied more than 20% in the opening week of the year, propelled by speculative buying in China. It then proceeded to crash 35%, bottoming out below $800, amid concerns China was going to crackdown on trading.
After shrugging off concerns that Chinese exchanges were going to charge aflat fee of 0.2% per transaction, buyers re-emerged and ran bitcoin above $1,050 before two of China's largest exchanges said they wereblocking withdrawals.
(Markets Insider)
NOW WATCH:People with these personality traits have more and better sex
More From Business Insider
• CIA analyst resigns, calls Trump's actions in office 'disturbing'
• This little-known Amazon service turns stuff you want to get rid of into store credit
• Trump doubles down on baffling Sweden claims || Bitcoin soars above $1,100: Bitcoin (A Bitcoin sign is seen in a window in Toronto.Reuters/Mark Blinch) Bitcoin has broken out to its best levels since the beginning of the year as overnight buying has the cryptocurrency higher by 4% at $1,101.70 per coin. Tuesday's advance marks bitcoin's eighth straight gain and has run action above the $1,100 mark for the first time since January 5. A move above $1,161.85 will have bitcoin trading at its best level since November 2013. The eight-day winning streak comes amid investor speculation the Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds despite analyst concerns that none will be approved . Bitcoin has had a wild start to 2017. It rallied more than 20% in the opening week of the year, propelled by speculative buying in China. It then proceeded to crash 35%, bottoming out below $800, amid concerns China was going to crackdown on trading. After shrugging off concerns that Chinese exchanges were going to charge a flat fee of 0.2% per transaction , buyers re-emerged and ran bitcoin above $1,050 before two of China's largest exchanges said they were blocking withdrawals . Bitcoin (Markets Insider) NOW WATCH: People with these personality traits have more and better sex More From Business Insider CIA analyst resigns, calls Trump's actions in office 'disturbing' This little-known Amazon service turns stuff you want to get rid of into store credit Trump doubles down on baffling Sweden claims || Bitcoin ETFs For Dummies: Spencer Bogart is vice president of equity research for Needham & Co. He joined the firm in 2014 and currently leads the research efforts on blockchain technology and bitcoin while supporting research on cloud software (SaaS) companies. ETF.com recently sat down with Bogart, a former ETF.com analyst, to get his take on all the important developments in the bitcoin market ahead of the key SEC decision on the Winklevoss ETF, expected within the next month.
ETF.com: Before we jump into more specifics, in a nutshell, how would you describe what bitcoin is to the layperson?
Bogart:Bitcoin is peer-to-peer digital cash that's not issued by any central authority.
ETF.com: Tell us about the highly anticipated decision that's coming from the SEC. What is it ruling on and what are the odds the ruling will be positive?Spencer:There's a number of bitcoin ETFs that are going through the regulatory approval process. The one that's been going through the process the longest is the Winklevoss bitcoin ETF [Winklevoss Bitcoin Trust (COIN)]. That's been going on for about 3 1/2, four years now.
The exchange they would like to list that particular ETF on―which in this case is Bats [owner of ETF.com]―has filed a proposed rule change, which would be necessary to list the ETF. It's that proposal that essentially we've been watching go through the regulatory approval process.
At each point along the way, the SEC has had the option to approve, disapprove the ETF or to extend its time to make a decision. All along the way, it’s chosen the opportunity to extend the time to make a decision, including submitting requests for public comments.
We’ll now see an end to that process before March 11, which is the deadline. Before that, we’ll either get an approval, a disapproval or Bats will withdraw its request for a rule change. Or, if no decision is made by March 11, then the rule change is automatically approved.
ETF.com: What factors are the SEC considering?
Bogart:I don't have any inside information, but my sense is that the majority of the things that the SEC is particularly concerned about revolve around bitcoin itself as opposed to anything specific about the Winklevoss filing.
They're asking if a digital asset such as bitcoin―which, unlike a commodity doesn't have a physical form, and unlike a security or derivative, is not under any kind of regulatory supervision―is a suitable underlying asset for an ETF.
At the highest level, that's the kind of thing they're considering. A little bit more in the weeds they're asking if the specific markets that bitcoin trades on are stable, fair and efficient, and if they facilitate or enable or encourage any kind of market manipulation.
And then of course, there are the factors that are more specific to the ETF itself, which I think, in this case, probably the most important ones are what do you use as a reference price for bitcoin, and how are you going to securely store that bitcoin?
ETF.com: Does the Trump administration have any influence on the process?
Bogart:I’m hearing there are a number of bitcoin-friendly people that have taken up various posts within the administration. I'm hearing that it's, on the margin, at least a little bit positive for bitcoin.
I'm not sure if any of those people are in influential roles at the SEC. They may or may not impact the ETF decision, but overall, the probability of onerous legislation or regulation against bitcoin decreases on the margin with the administration change.
ETF.com: All that said, you say you believe the odds of approval aren't very high. Why is that?
Bogart:We've pegged the odds at less than 25%. That's because the very first thing the SEC lists in its own mission statement is protecting the investing public. When you think about the game theory aspect of this, if I work at the SEC and I approve this ETF and it goes well, nobody is probably going to come around and pat me on the back and give me a promotion. But if I approve it and a lot of money flows into it and something goes wrong, I'm likely to lose my job.
The SEC has gone very deep on this, and it’s really explored it far deeper than I expected it to. It would have been a pretty easy thing for it to just write off three years ago and forget about it. But I just don't know if it can get comfortable with the number of risks related to bitcoin itself.
ETF.com: If you're wrong and the SEC allows the launch, how much money do you see it attracting, and what will be the impact on the bitcoin price?
Bogart:Roughly speaking, we've estimated that at least $300 million would flow into this fund in the first week. An ETF would be the first time that the gates have been opened to bitcoin for institutional capital.
Most institutional money managers have mandates that require they invest in registered securities, and bitcoin itself is not a registered security. So for most institutional money managers, they can't touch bitcoin itself. The ETF would basically be the first time institutional money could really flow into bitcoin in a meaningful way.
The effect on price would be very profound. There's something on the order of $15 million to $60 million worth of bitcoin typically traded against the U.S. dollar on the world's major exchanges. If you're trying to source $300 million worth of bitcoin within a few days, there's really no way to do that—even in a normal market—without significantly disrupting the price.
Then you add into that the market where an ETF has just been approved and price is going to start rallying, liquidity's going to dry up really quickly just because nobody really wants to sell into that market. Everyone's going to want to hold their bitcoins in a time when the SEC has just approved an ETF.
At the same time, you're going to have a favorable shift in public perception away from "Bitcoin is only used for the sale of illegal goods" to "Oh, wow, the SEC has just given it a stamp of approval." And because you’d potentially have a much greater percentage of the population saving bitcoin, the propensity for the regulators to enact onerous regulation on bitcoin would at least decrease on the margin.
If you put all this together―you put this large sum of capital trying to flow into bitcoin at a time when price is already rallying, you add in the fact that there's a favorable shift in public perception, coupled with a marginal decline in regulatory risk―and the effect on price would be very significant.
ETF.com: The bitcoin price is up tremendously in the last year―about 150% in the past 12 months. How much of the run-up has to do with the ETF?
Bogart:I think very little of it has to do with the ETF. It's possible some of the recent price action has been related to the ETF. If at all, it's a small effect on the margin. It's mostly just about general growing adoption and a shifting perception.
ETF.com: If the SEC rejects the ETF, do you expect some kind of crash?
Bogart:I definitely don't expect a crash. There would be some downside to disapproval. We'll see price slump a bit, but I would guess it won't slump more than 10%.
ETF.com: If the SEC rejects the Winklevoss ETF, is there a chance it’ll revisit the issue down the line and another ETF can muster the support to come to fruition?
Spencer:Absolutely. This will be an ongoing process. The particular decision that we have coming up before March 11 is only related to the Winklevoss filing. There are two other major filings out there. Even if the SEC rejects the Winklevoss filing, eventually they will try to address whatever concerns the SEC has, and I wouldn't be surprised to see them go back and try to take another swing at this. But it's anybody's guess how long they would wait to do that.
ETF.com: Let me ask you about the underlying bitcoin fundamentals, aside from the ETF. What's the current market price and market cap of bitcoin? How much higher can it go?
Bogart:We're at about $1,000 today, which translates to a market cap of about $16 billion to $16.5 billion. How much higher can the price go? It's really anybody's guess. There's definitely a heavy percentage of total bitcoin ownership related to speculation.
I divide investors into two camps, and if you draw them on a Venn diagram, the overlap between them is probably extremely high.
For one, there are people who invest in it kind of as a commodity. These people invest in it for the same reasons they might invest in gold. They're assuming that for reasons outside of bitcoin, bitcoin will become more valuable. They believe maybe hyperinflation in a particular currency, a global financial crisis or things like that will drive up the value. Those are factors that are unrelated to bitcoin itself; they're external factors.
On the other side are people who almost look at it like a venture capital investment. They're thinking this is a payments network that is going to have a lot of value in the future, and they want to own a piece of that real estate.
Of course, there's a lot of overlap between both camps. I personally own bitcoin and I own it for both those reasons.
ETF.com: Is bitcoin like gold in the sense that it's difficult to put a price target on it? Can you say it's going to $5,000 or $10,000? Or is that just impossible to do?
Bogart:You can, but you're totally right. To some extent, you're pulling numbers out of the air. The way we look at it is, we ask, "Five years out, what percentage of the gold market might bitcoin be, and what percentage of payments volumes do we think bitcoin might account for?" And then we use a quantity theory of money to come up with what would be a fair price of bitcoin five years from now, and then use a discount rate to get that back to a present value.
We've done some of that work in the past. The last thing we published was a price target for $848. That was back when bitcoin was in the $500-600 range. We have not updated that price target since then.
Contact Sumit Roy [email protected].
Recommended Stories
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
• HACK & ROBO Funds On A Technical Roll
• The Innovative Side Of Dividend ETFs
Permalink| © Copyright 2017ETF.com.All rights reserved || Bitcoin ETFs For Dummies: Spencer Bogart is vice president of equity research for Needham & Co. He joined the firm in 2014 and currently leads the research efforts on blockchain technology and bitcoin while supporting research on cloud software (SaaS) companies. ETF.com recently sat down with Bogart, a former ETF.com analyst, to get his take on all the important developments in the bitcoin market ahead of the key SEC decision on the Winklevoss ETF, expected within the next month.
ETF.com: Before we jump into more specifics, in a nutshell, how would you describe what bitcoin is to the layperson?
Bogart:Bitcoin is peer-to-peer digital cash that's not issued by any central authority.
ETF.com: Tell us about the highly anticipated decision that's coming from the SEC. What is it ruling on and what are the odds the ruling will be positive?Spencer:There's a number of bitcoin ETFs that are going through the regulatory approval process. The one that's been going through the process the longest is the Winklevoss bitcoin ETF [Winklevoss Bitcoin Trust (COIN)]. That's been going on for about 3 1/2, four years now.
The exchange they would like to list that particular ETF on―which in this case is Bats [owner of ETF.com]―has filed a proposed rule change, which would be necessary to list the ETF. It's that proposal that essentially we've been watching go through the regulatory approval process.
At each point along the way, the SEC has had the option to approve, disapprove the ETF or to extend its time to make a decision. All along the way, it’s chosen the opportunity to extend the time to make a decision, including submitting requests for public comments.
We’ll now see an end to that process before March 11, which is the deadline. Before that, we’ll either get an approval, a disapproval or Bats will withdraw its request for a rule change. Or, if no decision is made by March 11, then the rule change is automatically approved.
ETF.com: What factors are the SEC considering?
Bogart:I don't have any inside information, but my sense is that the majority of the things that the SEC is particularly concerned about revolve around bitcoin itself as opposed to anything specific about the Winklevoss filing.
They're asking if a digital asset such as bitcoin―which, unlike a commodity doesn't have a physical form, and unlike a security or derivative, is not under any kind of regulatory supervision―is a suitable underlying asset for an ETF.
At the highest level, that's the kind of thing they're considering. A little bit more in the weeds they're asking if the specific markets that bitcoin trades on are stable, fair and efficient, and if they facilitate or enable or encourage any kind of market manipulation.
And then of course, there are the factors that are more specific to the ETF itself, which I think, in this case, probably the most important ones are what do you use as a reference price for bitcoin, and how are you going to securely store that bitcoin?
ETF.com: Does the Trump administration have any influence on the process?
Bogart:I’m hearing there are a number of bitcoin-friendly people that have taken up various posts within the administration. I'm hearing that it's, on the margin, at least a little bit positive for bitcoin.
I'm not sure if any of those people are in influential roles at the SEC. They may or may not impact the ETF decision, but overall, the probability of onerous legislation or regulation against bitcoin decreases on the margin with the administration change.
ETF.com: All that said, you say you believe the odds of approval aren't very high. Why is that?
Bogart:We've pegged the odds at less than 25%. That's because the very first thing the SEC lists in its own mission statement is protecting the investing public. When you think about the game theory aspect of this, if I work at the SEC and I approve this ETF and it goes well, nobody is probably going to come around and pat me on the back and give me a promotion. But if I approve it and a lot of money flows into it and something goes wrong, I'm likely to lose my job.
The SEC has gone very deep on this, and it’s really explored it far deeper than I expected it to. It would have been a pretty easy thing for it to just write off three years ago and forget about it. But I just don't know if it can get comfortable with the number of risks related to bitcoin itself.
ETF.com: If you're wrong and the SEC allows the launch, how much money do you see it attracting, and what will be the impact on the bitcoin price?
Bogart:Roughly speaking, we've estimated that at least $300 million would flow into this fund in the first week. An ETF would be the first time that the gates have been opened to bitcoin for institutional capital.
Most institutional money managers have mandates that require they invest in registered securities, and bitcoin itself is not a registered security. So for most institutional money managers, they can't touch bitcoin itself. The ETF would basically be the first time institutional money could really flow into bitcoin in a meaningful way.
The effect on price would be very profound. There's something on the order of $15 million to $60 million worth of bitcoin typically traded against the U.S. dollar on the world's major exchanges. If you're trying to source $300 million worth of bitcoin within a few days, there's really no way to do that—even in a normal market—without significantly disrupting the price.
Then you add into that the market where an ETF has just been approved and price is going to start rallying, liquidity's going to dry up really quickly just because nobody really wants to sell into that market. Everyone's going to want to hold their bitcoins in a time when the SEC has just approved an ETF.
At the same time, you're going to have a favorable shift in public perception away from "Bitcoin is only used for the sale of illegal goods" to "Oh, wow, the SEC has just given it a stamp of approval." And because you’d potentially have a much greater percentage of the population saving bitcoin, the propensity for the regulators to enact onerous regulation on bitcoin would at least decrease on the margin.
If you put all this together―you put this large sum of capital trying to flow into bitcoin at a time when price is already rallying, you add in the fact that there's a favorable shift in public perception, coupled with a marginal decline in regulatory risk―and the effect on price would be very significant.
ETF.com: The bitcoin price is up tremendously in the last year―about 150% in the past 12 months. How much of the run-up has to do with the ETF?
Bogart:I think very little of it has to do with the ETF. It's possible some of the recent price action has been related to the ETF. If at all, it's a small effect on the margin. It's mostly just about general growing adoption and a shifting perception.
ETF.com: If the SEC rejects the ETF, do you expect some kind of crash?
Bogart:I definitely don't expect a crash. There would be some downside to disapproval. We'll see price slump a bit, but I would guess it won't slump more than 10%.
ETF.com: If the SEC rejects the Winklevoss ETF, is there a chance it’ll revisit the issue down the line and another ETF can muster the support to come to fruition?
Spencer:Absolutely. This will be an ongoing process. The particular decision that we have coming up before March 11 is only related to the Winklevoss filing. There are two other major filings out there. Even if the SEC rejects the Winklevoss filing, eventually they will try to address whatever concerns the SEC has, and I wouldn't be surprised to see them go back and try to take another swing at this. But it's anybody's guess how long they would wait to do that.
ETF.com: Let me ask you about the underlying bitcoin fundamentals, aside from the ETF. What's the current market price and market cap of bitcoin? How much higher can it go?
Bogart:We're at about $1,000 today, which translates to a market cap of about $16 billion to $16.5 billion. How much higher can the price go? It's really anybody's guess. There's definitely a heavy percentage of total bitcoin ownership related to speculation.
I divide investors into two camps, and if you draw them on a Venn diagram, the overlap between them is probably extremely high.
For one, there are people who invest in it kind of as a commodity. These people invest in it for the same reasons they might invest in gold. They're assuming that for reasons outside of bitcoin, bitcoin will become more valuable. They believe maybe hyperinflation in a particular currency, a global financial crisis or things like that will drive up the value. Those are factors that are unrelated to bitcoin itself; they're external factors.
On the other side are people who almost look at it like a venture capital investment. They're thinking this is a payments network that is going to have a lot of value in the future, and they want to own a piece of that real estate.
Of course, there's a lot of overlap between both camps. I personally own bitcoin and I own it for both those reasons.
ETF.com: Is bitcoin like gold in the sense that it's difficult to put a price target on it? Can you say it's going to $5,000 or $10,000? Or is that just impossible to do?
Bogart:You can, but you're totally right. To some extent, you're pulling numbers out of the air. The way we look at it is, we ask, "Five years out, what percentage of the gold market might bitcoin be, and what percentage of payments volumes do we think bitcoin might account for?" And then we use a quantity theory of money to come up with what would be a fair price of bitcoin five years from now, and then use a discount rate to get that back to a present value.
We've done some of that work in the past. The last thing we published was a price target for $848. That was back when bitcoin was in the $500-600 range. We have not updated that price target since then.
Contact Sumit Roy [email protected].
Recommended Stories
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
• HACK & ROBO Funds On A Technical Roll
• The Innovative Side Of Dividend ETFs
Permalink| © Copyright 2017ETF.com.All rights reserved || PayPal acquires TIO in bill pay push: Paypal Bill Pay (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . PayPal announced late Tuesday that it plans to acquire the Canada-based bill payment firm TIO Networks, which serves as a major player in the North American bill pay market, for $232 million. Following the acquisition, which is expected to close in the second half of this year, TIO will operate as a company within PayPal. The acquisition is likely part of PayPal’s wider strategy to become an omnipresent player in consumers’ full financial lives. TIO’s size and reach could help PayPal push into bill pay, which is likely a valuable play for the company. Bill pay is a valuable space for PayPal right now. US adults paid roughly 14.7 billion bills, worth $3.9 trillion, in 2016, according to data from ACI Worldwide and Aite Group. It’s likely that PayPal, which has been working to become more omnipresent in consumers’ lives, wants to enter that space and grab a share of that market. That’s especially true as bill payment moves online – just under half of one-time bill payments, and 71% of recurring bills, are paid digitally, according to the same study. TIO’s reach could help PayPal scale in the space quickly. The firm offers bill pay kiosks, retail agents, and online and mobile options to its over 14 million clients in North America. It also counts 10,000 biller partners and processed $7 billion in volume in the past year. That’s a small share of the overall market, based on US size, but somewhat significant relative to PayPal’s 197 million customers and $354 billion payment volume in 2016. But the firm’s offerings could also help PayPal attract a new segment of customers. The move likely isn’t a revenue play for PayPal, at least in the short term. Rather, it’s likely part of a bigger push to help PayPal continue to grow as it focuses on playing a role in a wider variety of day-to-day financial processes. TIO can provide convenient bill pay offerings to existing PayPal customers, therefore tying them more tightly to the product, especially as online bill pay becomes more popular. Story continues But more interestingly, many of TIO’s services are likely targeted at un- or underbanked consumers, a massive population that PayPal likely historically struggled to access, since PayPal accounts are often funded by a bank account or card. By targeting this group — 33.5 million US households, and 2 billion people worldwide, for a sense of scale — PayPal could bring a new group of users into its ecosystem and more effectively undercut banks. John Heggestuen, director of research at BI Intelligence , Business Insider’s premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider PayPal adds P2P bot for Slack Fintech could be bigger than ATMs, PayPal, and Bitcoin combined THE RETAILER MOBILE WALLETS REPORT: How stores can benefit from developing their own digital payments apps || PayPal acquires TIO in bill pay push: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
PayPal announced late Tuesday that it plans to acquire the Canada-based bill payment firm TIO Networks, which serves as a major player in the North American bill pay market, for $232 million.
Following the acquisition, which is expected to close in the second half of this year, TIO will operate as a company within PayPal.
The acquisition is likely part of PayPal’s wider strategy to become an omnipresent player in consumers’ full financial lives.
TIO’s size and reach could help PayPal push into bill pay, which is likely a valuable play for the company.
• Bill pay is a valuable space for PayPal right now. US adults paid roughly 14.7 billion bills, worth $3.9 trillion, in 2016, according to data from ACI Worldwide and Aite Group. It’s likely that PayPal, which has been working to become more omnipresent in consumers’ lives, wants to enter that space and grab a share of that market. That’s especially true as bill payment moves online – just under half of one-time bill payments, and 71% of recurring bills, are paid digitally, according to the same study.
• TIO’s reach could help PayPal scale in the space quickly. The firm offers bill pay kiosks, retail agents, and online and mobile options to its over 14 million clients in North America. It also counts 10,000 biller partners and processed $7 billion in volume in the past year. That’s a small share of the overall market, based on US size, but somewhat significant relative to PayPal’s 197 million customers and $354 billion payment volume in 2016.
But the firm’s offerings could also help PayPal attract a new segment of customers. The move likely isn’t a revenue play for PayPal, at least in the short term. Rather, it’s likely part of a bigger push to help PayPal continue to grow as it focuses on playing a role in a wider variety of day-to-day financial processes. TIO can provide convenient bill pay offerings to existing PayPal customers, therefore tying them more tightly to the product, especially as online bill pay becomes more popular.
But more interestingly, many of TIO’s services are likely targeted at un- or underbanked consumers, a massive population that PayPal likely historically struggled to access, since PayPal accounts are often funded by a bank account or card. By targeting this group — 33.5 million US households, and 2 billion people worldwide, for a sense of scale — PayPal could bring a new group of users into its ecosystem and more effectively undercut banks.
John Heggestuen, director of research atBI Intelligence, Business Insider’s premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• PayPal adds P2P bot for Slack
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
• THE RETAILER MOBILE WALLETS REPORT: How stores can benefit from developing their own digital payments apps || Cable & Wireless Reports Preliminary Results for the Period Ended December 31, 2016: MIAMI, FL--(Marketwired - Feb 16, 2017) -Cable & Wireless CommunicationsLimited ("CWC") is the leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.5 million mobile, 0.4 million television, 0.6 million internet and 0.8 million fixed-line telephony subscribers. In addition, CWC delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets across the region.
Liberty Global's Acquisition of CWCOn May 16, 2016, a subsidiary of Liberty Global plc ("Liberty Global") acquired CWC (the "Liberty Global Transaction"). Revenue, Adjusted Segment EBITDA1and subscriber statistics have been presented herein using Liberty Global's definitions for all periods presented unless otherwise noted. Further adjustments to these metrics are possible as the integration process continues. The results for the three and nine months ended December 31, 2016 ("QTD" and "YTD", respectively) have also been aligned to Liberty Global's IASB-IFRS2accounting policies and estimates. Significant policy adjustments have been considered in our calculation of rebased growth rates for revenue and Adjusted Segment EBITDA. For additional information on Liberty Global's definition of Adjusted Segment EBITDA and rebased growth rates, see footnotes 1 and 3, respectively. A reconciliation of net earnings (loss) to Adjusted Segment EBITDA is included in theFinancial Results, Adjusted Segment EBITDA Reconciliation & Property, Equipment and Intangible Asset Additionssection below. In addition, effective for the 2016 fiscal year, CWC has changed its fiscal year end from March 31 to December 31 to conform with Liberty Global.
Operating highlights:
• Organic increase (decrease) in RGUs of 2,000 YTD and (20,000) QTD were impacted by an adjustment that we recorded in Q4 to eliminate 30,000 non-paying subscribers from our subscriber countsInternet and telephony subscribers were up 7,000 and 2,000, respectively, YTD on an organic basis, as we increased penetration across our high speed networks and sold more bundled packages, particularly in Jamaica and Trinidad
• At December 31, 2016, 11% of our customers subscribed to a triple-play product, 33% to a double-play product, and 56% took only one product from us. While continuing to improve, our bundling ratio of 1.54 RGUs per customer remains relatively low, which provides ample runway for continued RGU growth as we seek to sell additional products to our customers
• Mobile subscribers grew by 11,000 on an organic basis YTD, and by 50,000 QTD as promotions drove increased sales during the holiday period, particularly in Jamaica and the Bahamas
• Highlights across our largest markets were as follows:In Panama, enhanced video subscriber growth accelerated QTD following the launch of our new "Mast3r" bundles during September 2016, and we added 14,000 video subscribers on an organic basis YTD. Of the customers taking our Mast3r products in December, 62% and 13% subscribed to a double-play or triple-play bundle, respectively. Telephony and internet subscribers fell due to continued fixed to mobile substitution as well as churn from our copper network. Our postpaid mobile subscriber base continued to grow, driven by the strength of our network and service quality, but was more than offset by prepaid subscriber losses due to the continued competitive intensityJamaica continued its mobile subscriber momentum with particularly strong growth QTD as mobile subscribers rose by 56,000, moving above 900,000 in total for the first time. We posted 21,000 organic RGU additions with growth across our internet and telephony services driven by improved bundling propositionsIn the Bahamas we grew subscribers across mobile, video and internet products YTD. Momentum is steadily building in our video RGU base through penetration of our newly constructed Fiber-to-the-Home (FttH) network. Despite the entrance into the market of our first mobile competitor in November 2016, we were able to grow our subscriber base by 6,000 QTD through increased data-led promotional activityBarbados mobile subscribers were broadly stable YTD with an improving trend QTD whereby our base grew by 3,000 following successful data-led promotions during the holiday period. Fixed-line telephony RGUs fell YTD due to a heightened competitive environment combined with customer experience challenges during our ongoing program to upgrade customers from our legacy copper to nationwide fiber based networkTrinidad RGUs were broadly flat YTD on an organic basis as a video decline of 12,000 resulting from increased competition was largely offset by growth in telephony and broadband
Footnotes
* The financial figures contained in this release are prepared in accordance with IASB-IFRS. CWC's financial condition and results of operations will be included in Liberty Global's consolidated financial statements under U.S. GAAP4. There are significant differences between the U.S. GAAP and IASB-IFRS presentations of our consolidated financial statements.
1 - Adjusted Segment EBITDA is the primary measure used by our management to evaluate the company's performance. Adjusted Segment EBITDA is also a key factor that is used by our internal decision makers to evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. We define EBITDA as earnings before net finance expense, income taxes and depreciation and amortization. As we use the term, Adjusted Segment EBITDA is defined as EBITDA before share-based compensation, provisions and provision releases related to significant litigation, impairment, restructuring and other operating items and related-party fees and allocations. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted Segment EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends and identify strategies to improve operating performance. We believe our Adjusted Segment EBITDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other companies. Adjusted Segment EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for EBIT, net earnings (loss), cash flow from operating activities and other EU-IFRS or IASB-IFRS measures of income or cash flows. A reconciliation of Adjusted Segment EBITDA to net loss is presented in the Unitymedia section of this release.
2 - International Financial Reporting Standards, as promulgated by the International Accounting Standards Board (IASB), are referred to as IASB-IFRS.
3 - For purposes of calculating rebased growth rates on a comparable basis for the CWC borrowing group, we have adjusted the historical revenue and Adjusted Segment EBITDA for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 to reflect the impacts in the three months ended June 30, 2016, September 30, 2016 and December 31, 2016 and the nine months ended December 31, 2016 of the alignment to Liberty Global's accounting policies and to reflect the translation of our rebased amounts for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 at the applicable average foreign currency exchange rates that were used to translate CWC's results for the three and nine months ended December 31, 2016. The most significant adjustments to conform to Liberty Global's policies relate to the capitalization of certain installation activities that previously were expensed, the reflection of certain lease arrangements as capital leases that previously were accounted for as operating leases and the reflection of certain time-based licenses as operating expenses that previously were capitalized. We have not adjusted the three and nine months ended December 31, 2015 to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that have been implemented in the three and nine months ended December 31, 2016. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth rates are not necessarily indicative of the rebased revenue and Adjusted Segment EBITDA that would have occurred if the acquisition of CWC had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted Segment EBITDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance.
4 - Accounting principles generally accepted in the United States are referred to as U.S. GAAP.
About C&W CommunicationsC&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. Liberty Global invests in the infrastructure that empowers its customers to make the most of the digital revolution. Liberty Global's scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect its 29 million customers who subscribe to 60 million television, broadband internet and telephony services. Liberty Global also serves over 10 million mobile subscribers and offers WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for its European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of its operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Cable & Wireless Reports Preliminary Results for the Period Ended December 31, 2016: MIAMI, FL--(Marketwired - Feb 16, 2017) - Cable & Wireless Communications Limited ("CWC") is the leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.5 million mobile, 0.4 million television, 0.6 million internet and 0.8 million fixed-line telephony subscribers. In addition, CWC delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets across the region. Liberty Global's Acquisition of CWC On May 16, 2016, a subsidiary of Liberty Global plc ("Liberty Global") acquired CWC (the "Liberty Global Transaction"). Revenue, Adjusted Segment EBITDA 1 and subscriber statistics have been presented herein using Liberty Global's definitions for all periods presented unless otherwise noted. Further adjustments to these metrics are possible as the integration process continues. The results for the three and nine months ended December 31, 2016 ("QTD" and "YTD", respectively) have also been aligned to Liberty Global's IASB-IFRS 2 accounting policies and estimates. Significant policy adjustments have been considered in our calculation of rebased growth rates for revenue and Adjusted Segment EBITDA. For additional information on Liberty Global's definition of Adjusted Segment EBITDA and rebased growth rates, see footnotes 1 and 3, respectively. A reconciliation of net earnings (loss) to Adjusted Segment EBITDA is included in the Financial Results, Adjusted Segment EBITDA Reconciliation & Property, Equipment and Intangible Asset Additions section below. In addition, effective for the 2016 fiscal year, CWC has changed its fiscal year end from March 31 to December 31 to conform with Liberty Global. Operating highlights: Organic increase (decrease) in RGUs of 2,000 YTD and (20,000) QTD were impacted by an adjustment that we recorded in Q4 to eliminate 30,000 non-paying subscribers from our subscriber counts Internet and telephony subscribers were up 7,000 and 2,000, respectively, YTD on an organic basis, as we increased penetration across our high speed networks and sold more bundled packages, particularly in Jamaica and Trinidad At December 31, 2016, 11% of our customers subscribed to a triple-play product, 33% to a double-play product, and 56% took only one product from us. While continuing to improve, our bundling ratio of 1.54 RGUs per customer remains relatively low, which provides ample runway for continued RGU growth as we seek to sell additional products to our customers Mobile subscribers grew by 11,000 on an organic basis YTD, and by 50,000 QTD as promotions drove increased sales during the holiday period, particularly in Jamaica and the Bahamas Highlights across our largest markets were as follows: In Panama, enhanced video subscriber growth accelerated QTD following the launch of our new "Mast3r" bundles during September 2016, and we added 14,000 video subscribers on an organic basis YTD. Of the customers taking our Mast3r products in December, 62% and 13% subscribed to a double-play or triple-play bundle, respectively. Telephony and internet subscribers fell due to continued fixed to mobile substitution as well as churn from our copper network. Our postpaid mobile subscriber base continued to grow, driven by the strength of our network and service quality, but was more than offset by prepaid subscriber losses due to the continued competitive intensity Jamaica continued its mobile subscriber momentum with particularly strong growth QTD as mobile subscribers rose by 56,000, moving above 900,000 in total for the first time. We posted 21,000 organic RGU additions with growth across our internet and telephony services driven by improved bundling propositions In the Bahamas we grew subscribers across mobile, video and internet products YTD. Momentum is steadily building in our video RGU base through penetration of our newly constructed Fiber-to-the-Home (FttH) network. Despite the entrance into the market of our first mobile competitor in November 2016, we were able to grow our subscriber base by 6,000 QTD through increased data-led promotional activity Barbados mobile subscribers were broadly stable YTD with an improving trend QTD whereby our base grew by 3,000 following successful data-led promotions during the holiday period. Fixed-line telephony RGUs fell YTD due to a heightened competitive environment combined with customer experience challenges during our ongoing program to upgrade customers from our legacy copper to nationwide fiber based network Trinidad RGUs were broadly flat YTD on an organic basis as a video decline of 12,000 resulting from increased competition was largely offset by growth in telephony and broadband Story continues Footnotes * The financial figures contained in this release are prepared in accordance with IASB-IFRS. CWC's financial condition and results of operations will be included in Liberty Global's consolidated financial statements under U.S. GAAP 4 . There are significant differences between the U.S. GAAP and IASB-IFRS presentations of our consolidated financial statements. 1 - Adjusted Segment EBITDA is the primary measure used by our management to evaluate the company's performance. Adjusted Segment EBITDA is also a key factor that is used by our internal decision makers to evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. We define EBITDA as earnings before net finance expense, income taxes and depreciation and amortization. As we use the term, Adjusted Segment EBITDA is defined as EBITDA before share-based compensation, provisions and provision releases related to significant litigation, impairment, restructuring and other operating items and related-party fees and allocations. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted Segment EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends and identify strategies to improve operating performance. We believe our Adjusted Segment EBITDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other companies. Adjusted Segment EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for EBIT, net earnings (loss), cash flow from operating activities and other EU-IFRS or IASB-IFRS measures of income or cash flows. A reconciliation of Adjusted Segment EBITDA to net loss is presented in the Unitymedia section of this release. 2 - International Financial Reporting Standards, as promulgated by the International Accounting Standards Board (IASB), are referred to as IASB-IFRS. 3 - For purposes of calculating rebased growth rates on a comparable basis for the CWC borrowing group, we have adjusted the historical revenue and Adjusted Segment EBITDA for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 to reflect the impacts in the three months ended June 30, 2016, September 30, 2016 and December 31, 2016 and the nine months ended December 31, 2016 of the alignment to Liberty Global's accounting policies and to reflect the translation of our rebased amounts for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 at the applicable average foreign currency exchange rates that were used to translate CWC's results for the three and nine months ended December 31, 2016. The most significant adjustments to conform to Liberty Global's policies relate to the capitalization of certain installation activities that previously were expensed, the reflection of certain lease arrangements as capital leases that previously were accounted for as operating leases and the reflection of certain time-based licenses as operating expenses that previously were capitalized. We have not adjusted the three and nine months ended December 31, 2015 to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that have been implemented in the three and nine months ended December 31, 2016. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth rates are not necessarily indicative of the rebased revenue and Adjusted Segment EBITDA that would have occurred if the acquisition of CWC had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted Segment EBITDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance. 4 - Accounting principles generally accepted in the United States are referred to as U.S. GAAP. About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. Liberty Global invests in the infrastructure that empowers its customers to make the most of the digital revolution. Liberty Global's scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect its 29 million customers who subscribe to 60 million television, broadband internet and telephony services. Liberty Global also serves over 10 million mobile subscribers and offers WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for its European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of its operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com .
[Social Media Buzz]
Send 1.0 - 4.9 BTC today, get 20.00 - 98.00 BTC in 20 hours,emsd trading fund. http://ow.ly/RaJK309h3cd || Price Alert: DigitalNote -10.00% 1h change $XDN - Current Price: 0.00000009 BTC | More #XDN Info http://crypto.press/coins/XDN-DigitalNote … #CryptoPress || One Bitcoin now worth $1161.00@bitstamp. High $1168.00. Low $1120.73. Market Cap $18.783 Billion #bitcoin pic.twitter.com/AGz1Ax8hzY || Update Harga Bitcoin pukul 16.41: http://Bitcoin.co.id (14.649.800); Luno (14.795.000); CoinDesk...
|
1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 379.65, 384.26, 391.86, 407.23, 400.18, 407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54, 432.15, 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89.
|
[Bitcoin Technical Analysis for 2016-05-10]
Volume: 58956100, RSI (14-day): 53.19, 50-day EMA: 438.66, 200-day EMA: 396.01
[Wider Market Context]
Gold Price: 1263.90, Gold RSI: 52.23
Oil Price: 44.66, Oil RSI: 59.61
[Recent News (last 7 days)]
Bitcoin has a governance problem, no matter who created it: (Repeats Friday item)
* Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: (Repeats Friday item) * Bitcoin founder claims provoke fresh bitcoin bickering * System needs to evolve to handle rise in transactions * But lead developers squabble, freeze out one of their peers * System needs "adults" to make decisions - U.S. professor By Jemima Kelly LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. Story continues CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) View comments || Bitcoin has a governance problem, no matter who created it: (Repeats Friday item)
* Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly
LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly
LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. (BTC=BTSP). This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. . This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. . This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologized for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While gray-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralized system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250. . This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, skeptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgment right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralized form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: By Jemima Kelly LONDON (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. Story continues The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: * Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: * Bitcoin founder claims provoke fresh bitcoin bickering
* System needs to evolve to handle rise in transactions
* But lead developers squabble, freeze out one of their peers
* System needs "adults" to make decisions - U.S. professor
By Jemima Kelly
LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this.
The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up.
Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him.
Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter".
"Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator."
While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it.
Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say.
Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes.
The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail.
CIVIL WAR
In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle.
One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact.
Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules.
Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence".
Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter.
The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war".
Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people".
Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it.
"For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem."
BENEVOLENT DICTATORS
But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance.
"Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said.
Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change.
One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power.
"Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade."
Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power.
"(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center.
(Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Bitcoin has a governance problem, no matter who created it: * Bitcoin founder claims provoke fresh bitcoin bickering * System needs to evolve to handle rise in transactions * But lead developers squabble, freeze out one of their peers * System needs "adults" to make decisions - U.S. professor By Jemima Kelly LONDON, May 6 (Reuters) - As one would-be father of bitcoin falls by the wayside, squabbling among the web-based currency's lead developers is exposing a fundamental flaw: it must evolve to meet growing demand, but may lack a governance structure to achieve this. The latest bickering erupted after Australian entrepreneur Craig Wright promised to prove he was the mysterious creator of bitcoin - which allows users to move money across the world quickly and anonymously - but then said on Thursday he could not provide further evidence to back this up. Wright stopped short of reneging on his claim to be Satoshi Nakamoto, assumed to be a pseudonym for the person or people who launched the digital cryptocurrency in 2009. However, he apologised for damaging the reputations of bitcoin experts who had believed him. Many members of the bitcoin community reckon this is all a distraction and agree with Wright when he said that the identity of Nakamoto "doesn't, and shouldn't, matter". "Satoshi's biggest achievement was to create a system that doesn't require his participation to run," said Peter Todd, one of bitcoin's core software developers. "That's what makes all this stuff kind of funny. It's like searching for the creator of a system that's designed not to require a creator." While grey-suited central bankers print conventional currencies and commercial banks control transactions in them, no one person or entity is in charge of bitcoin. Instead it runs on a decentralised system of shared trust without any third-party verification of transactions - one reason why many people are attracted to it. Critics, however, say it needs a "benevolent dictator" or at least some "adults" to manage the expansion that it needs to cope with the increasing number of transactions. Someone, or some group, must decide how to meet users' requirements, they say. Story continues Trades are handled by thousands of "mining" computers around the world which validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first computer to solve the puzzle clears the transaction and is currently rewarded with 25 new bitcoins, now worth around $11,250.. This is how the computers' owners cover their costs - largely power bills - and make a profit. The system also ensures there is no single point in the system that might fail. CIVIL WAR In practice, there do appear to be people who can make decisions, but it is also possible to be excluded from this magic circle. One of the bitcoin experts who initially believed Wright's claim is Gavin Andresen. Nakamoto handed control of bitcoin's software to Andresen when he stepped aside in 2011, a transfer that kept the creator's identity a mystery as it was conducted in cyberspace without human contact. Andresen later shared that control with others. But when he stated publicly he believed Wright, sceptical developers responded by revoking his "commit access" to a shared repository of bitcoin rules. Initially, these developers justified their move on security grounds, saying his computer must have been hacked - something Andresen denied. When Reuters asked Todd whether Andresen's access would be reinstated, he responded: "Heck no", saying a belief in Wright amounted to "inexcusable incompetence". Andresen admitted to bewilderment over whether he still believed Wright's claims. "Ask me in six months; I don't trust my own judgement right now after all the drama," he said on Twitter. The squabbling is not new. One of the lead developers, Mike Hearn, stood down from bitcoin in January because of a power struggle nicknamed the "bitcoin civil war". Hearn and Andresen had proposed increasing the size of the blocks in which transactions are processed but the other developers opposed this. In quitting, Hearn said that "what was meant to be a new, decentralised form of money that lacked systemically important institutions" had now become "a system completely controlled by just a handful of people". Many investors and start-up firms remain optimistic about bitcoin and are making money from it. But Emin Gun Sirer, a computer science professor at Cornell University, said the appearance of internal conflict was undermining it. "For bitcoin to retain its value, it's important to have hope that there's good management in charge, that there are adults in charge," Sirer said. "When we see opportunistic moves, that's a problem." BENEVOLENT DICTATORS But Sirer also said that any open-source project such as bitcoin, which runs using software that anyone can access, change, and distribute, faces the challenge of governance. "Is it a pipe dream to expect to be able to build a currency system that is completely decentralized and free of any control whatsoever? The short answer to that is yes, but that's not what anyone should have expected anyway," he said. Sirer added that he was concerned that his brightest young students at Cornell were being deterred from getting involved with bitcoin because of the in-fighting and the appearance that developers were unable to agree on change. One other digital currency system which is attracting bright young minds is Ethereum, created in 2013 by Russian-Canadian Vitalik Buterin when he was just 19. It works with the "benevolent dictator model", as Sirer calls it, with Buterin holding the decision-making power. "Over the last couple of years it's become apparent that having a static protocol is just not a viable approach," Buterin told the Consensus bitcoin conference in New York earlier in the week. "Software has to evolve ... and there has to be some mechanism for agreeing on how software is going to upgrade." Most, however, reckon that even if Nakamoto were to be found, the other developers - many of whom have written more code than he ever did in the seven years since bitcoin was launched - would not accept his having ultimate power. "(Nakamoto) would be thanked for creating this amazing thing, but if there comes a time when there's a technical debate over whether we should go one way or the other, his opinions would only be persuasive, not controlling," said Jerry Brito, executive director of bitcoin advocacy group Coin Center. (Additional reporting by Toby Sterling in Amsterdam; editing by David Stamp) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn
NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday.
The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources.
An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly.
Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in.
Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense."
Both Coinbase and Ripple are based in San Francisco.
"We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment.
The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions.
Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges.
Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange.
(Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis) || Exclusive: Coinbase, Ripple close to landing New York bitcoin licenses - source: By Suzanne Barlyn NEW YORK (Reuters) - New York state's financial regulator is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc, which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published on the regulator's website. The notices, usually published after virtual currency firms have completed the regulator's paperwork, signal that the licensing process is nearly complete, according to the person familiar with the matter and other sources. An exact time frame for approval of the licenses is not yet clear. The sources requested anonymity because they were not authorized to speak publicly. Bitcoin is a Web-based "cryptocurrency" that enables users to move money across the world quickly and anonymously without the need for third-party verification. Despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in. Last year, New York became the first U.S. state to issue extensive rules for virtual currency companies. The guidelines, aimed at consumer protection and prevention of money laundering, require companies to obtain what is known in the state as a "BitLicense." Both Coinbase and Ripple are based in San Francisco. "We are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so," said a Ripple spokesman, who declined to elaborate. Coinbase declined to comment. The four-year-old Coinbase is one of the world's largest U.S.-based bitcoin companies. Among its backers are USAA and venture capital firms Andreessen Horowitz and Ribbit Capital. Coinbase, which markets its services to consumers and merchants, has also applied for a license that would allow it to facilitate dollar transactions. Backers of Ripple, which filed for the license under the corporate name XRP II LLC, also include Andreessen Horowitz along with Google Ventures and IDG Capital Partners. Ripple's service and currency, known as XRP, is for financial institutions and companies, such as banks, that provide liquidity for foreign exchanges. Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange. (Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Lauren Tara LaCapra and Matthew Lewis)
[Social Media Buzz]
LIVE: Profit = $760.38 (9.50 %). BUY B19.39 @ $420.00 (#VirCurex). SELL @ $453.20 (#Kraken) #bitcoin #btc - http://www.projectcoin.org || 1 BTC
$ 453.24
£ 314.00
€ 398.46
http://btcrate.org || LIVE: Profit = $778.74 (9.72 %). BUY B19.39 @ $420.00 (#VirCurex). SELL @ $454.59 (#Kraken) #bitcoin #btc - http://www.projectcoin.org || #BTA Price: Bittrex 0.00001706 BTC YoBit 0.00001752 BTC Bleutrade 0.00001693 BTC #BTA 2016-05-10 13:00 pic.twitter.com/7V4CnCfYDX || #SativaCoin #STV $ 0.003090 (-...
|
452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99, 7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30.
|
[Bitcoin Technical Analysis for 2018-01-28]
Volume: 8350360064, RSI (14-day): 44.15, 50-day EMA: 12889.66, 200-day EMA: 8896.57
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Cybersecurity Company Symantec Is Set to Give Investors the Latest News: Symantec's(NASDAQ: SYMC)impressive stock market rallyabruptly haltedlast November after a mixed fiscal second-quarter report. The cybersecurity specialist topped analysts' revenue estimate but fell short of Wall Street's earnings expectations, and weaker-than-expected guidance added to its woes.
But there was more to Symantec's resultsthan what met the eye. The company had divested one of its underperforming business units and had stepped up its marketing efforts in a bid to take advantage of a number of high-profile data breaches. Still, the market remains unconvinced about Symantec's ability to get back on track, with the stock about where it was a year ago.
Investment banking firmsJefferiesandCredit Suissehave downgraded the stock recently, stating that the company will be unable to achieve its own guidance in future quarters. But Symantec can prove them wrong when it releases its fiscal third-quarter results on Jan. 31.
Image Source: Getty Images.
In February last year, Symantec paid $2.3 billion to acquire LifeLock, which provides identity theft protection, so it will enjoy a favorable revenue and earnings comparison to the prior-year period just based on that. Wall Street expects Symantec's revenue to increase 16.3% year over year to $1.27 billion, with earnings expected to go up to $0.44 per share from last year's $0.32 a share.
These estimates sit right in line with the company's own expectations, so it shouldn't have much difficulty in meeting them. But all eyes will be on the guidance, and the company needs to deliver on this front if it wants to get back into investors' good graces.
Symantec shares have been under pressure this month after some Wall Street analysts said that the company's guidance for the current year is unachievable. The company has already reduced its guidance once this year, but there were valid reasons for that.
Symantec completed the sale of its website security business for $950 million on Oct. 31, which falls in its third quarter. It had to adjust its quarterly guidance to account for this since this business supplied $203 million in revenue during the first six months of the year. Then again, the LifeLock identity theft protection business got ashot in the armafter theEquifaxdata breach.
Symantec thought it best to capitalize on this opportunity, so it boosted its sales and marketing spend by 28% in the second quarter. This hurt the bottom line in the quarter, but investors need to look beyond these short-term pains as Symantec is setting itself up to take advantage of secular trends in the cybersecurity market.
Symantec estimates that hackers stole an estimated $172 billion from 978 million consumers across 20 countries in 2017. The U.S. alone reportedly saw 143 million people fall prey to cybercrime, resulting in losses of $19.4 billion. By comparison, 15.4 million consumers were identity theft victims in the U.S. in 2016, with losses pegged at $16 billion, according to Javelin Strategy & Research.
Looking ahead, identity theft could keep increasing because of emerging tech trends such as the Internet of Things, which will allow hackers to steal data from new Internet-connected devices. As a result, demand for services such as LifeLock's will be on the rise, boosting Symantec's business and its opportunities to cross-sell more to customers.
For instance, Symantec has launched a campaign to cross-sell its Norton antivirus and spyware removal software to LifeLock customers. The good news is that this initiative has gained "solid early traction," according to CEO Greg Clark.
It makes sense to ignore the short-term noise because Symantec is capable of getting better in the long run and the earnings report will give investors a numbers-based look at how things are going.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Harsh Chauhanhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Cybersecurity Company Symantec Is Set to Give Investors the Latest News: Symantec 's (NASDAQ: SYMC) impressive stock market rally abruptly halted last November after a mixed fiscal second-quarter report. The cybersecurity specialist topped analysts' revenue estimate but fell short of Wall Street's earnings expectations, and weaker-than-expected guidance added to its woes. But there was more to Symantec's results than what met the eye . The company had divested one of its underperforming business units and had stepped up its marketing efforts in a bid to take advantage of a number of high-profile data breaches. Still, the market remains unconvinced about Symantec's ability to get back on track, with the stock about where it was a year ago. Investment banking firms Jefferies and Credit Suisse have downgraded the stock recently, stating that the company will be unable to achieve its own guidance in future quarters. But Symantec can prove them wrong when it releases its fiscal third-quarter results on Jan. 31. A blue shield with numbers in the background. Image Source: Getty Images. The headline numbers In February last year, Symantec paid $2.3 billion to acquire LifeLock, which provides identity theft protection, so it will enjoy a favorable revenue and earnings comparison to the prior-year period just based on that. Wall Street expects Symantec's revenue to increase 16.3% year over year to $1.27 billion, with earnings expected to go up to $0.44 per share from last year's $0.32 a share. These estimates sit right in line with the company's own expectations, so it shouldn't have much difficulty in meeting them. But all eyes will be on the guidance, and the company needs to deliver on this front if it wants to get back into investors' good graces. The guidance will be crucial Symantec shares have been under pressure this month after some Wall Street analysts said that the company's guidance for the current year is unachievable. The company has already reduced its guidance once this year, but there were valid reasons for that. Story continues Symantec completed the sale of its website security business for $950 million on Oct. 31, which falls in its third quarter. It had to adjust its quarterly guidance to account for this since this business supplied $203 million in revenue during the first six months of the year. Then again, the LifeLock identity theft protection business got a shot in the arm after the Equifax data breach. Symantec thought it best to capitalize on this opportunity, so it boosted its sales and marketing spend by 28% in the second quarter. This hurt the bottom line in the quarter, but investors need to look beyond these short-term pains as Symantec is setting itself up to take advantage of secular trends in the cybersecurity market. Symantec estimates that hackers stole an estimated $172 billion from 978 million consumers across 20 countries in 2017. The U.S. alone reportedly saw 143 million people fall prey to cybercrime, resulting in losses of $19.4 billion. By comparison, 15.4 million consumers were identity theft victims in the U.S. in 2016, with losses pegged at $16 billion, according to Javelin Strategy & Research. Looking ahead, identity theft could keep increasing because of emerging tech trends such as the Internet of Things, which will allow hackers to steal data from new Internet-connected devices. As a result, demand for services such as LifeLock's will be on the rise, boosting Symantec's business and its opportunities to cross-sell more to customers. For instance, Symantec has launched a campaign to cross-sell its Norton antivirus and spyware removal software to LifeLock customers. The good news is that this initiative has gained "solid early traction," according to CEO Greg Clark. It makes sense to ignore the short-term noise because Symantec is capable of getting better in the long run and the earnings report will give investors a numbers-based look at how things are going. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || 3 Driverless Car Stocks to Watch in 2018: There have been significant advancements in driverless car technology over the past few years, and those changes are moving us toward an autonomous vehicle market that's expected to be worth $127 billion by 2027. And with even more advanced systems in the works, 2018 could be an important year for investors who are considering the automakers and tech companies most involved.
Among those making big strides in the autonomous vehicle segment right now areAptiv(NYSE: APTV),Alphabet(NASDAQ: GOOG)(NASDAQ: GOOGL), andIntel(NASDAQ: INTC), and investors would be wise to keep a close eye on their R&D. Here's why.
Image source: Waymo.
Aptiv makes hardware and software that automakers can use to add advanced driving technologies into their vehicles. The company wasrecently spun outfromDelphi Automotiveso it could focus on driverless car technologies, while the parent returned its concentration to legacy products for combustion engines.
One of Aptiv's core technologies is its Centralized Sensing Localization Planning (CSLP) platform, which uses artificial intelligence, lidar, cameras, and other tech to give vehicles semi-autonomous capabilities. But Aptiv is expanding its prospects even further by teaming up with Intel and Mobileye to bring a Level 4 autonomous vehicle system to market by next year (more on that later).
Last year, Aptiv also purchased self-driving vehicle start-up nuTonomy, which added some important technology to its already robust line and should help itscale its autonomous vehicle technologyfaster. Expect Aptiv's driverless car footprint to expand in the coming years, as the company's partnerships with Lyft and Intel bring it even more business. All of this makes Aptiv worth a close look from investors right now.
Alphabet has long been a leader in the driverless car space through its former Google Self-Driving Car Project, which was spun off as its own company last year and renamed Waymo. The company made some huge strides last year when it announced that it wouldtake the human backup drivers outof its autonomous vehicles -- one of the first times any company had taken such a bold driverless car move.
That's not the only big thing Waymo's doing right now, though. It has started public tests of its driverless minivans in Phoenix, Arizona, where a group of testers is using them for their daily trips. It's one of the only public tests of its kind, and it shows just how far Waymo is ahead of its competitors.
The company'sdriverless carshave already logged 4 million miles of real-world experience since it began testing them back in 2009, and its systems have run another 2.5 billion simulated miles of tests in the past year alone.
Waymo has set its sights on building a ride-hailing service with its driverless minivans, and we're likely to see more from it this year as its Phoenix project takes off.
Intel, of course, has long been a major player in the PC chip market, and it still dominates the data center space. But it's also looking to develop components for driverless cars as a way to can move into new revenue segments. The company is doing this in two key ways: Through itspurchase of advanced driver assistance systems(ADAS) leader Mobileye, and by selling its chips to driverless car companies like Waymo.
Intel shelled out a hefty $15.7 billion last year to snatch up Mobileye. ADAS includes such technologies as automatic braking and collision-avoidance systems, and Mobileye holds about a 70% share of this market.
Intel, Mobileye, and Aptiv are working together to release an off-the-shelf fully autonomous driving platform by 2019. Automakers will be able to implement it into their existing vehicles to give them what the industry describes asLevel 4 autonomy-- meaning the car really can fully drive itself with no human intervention, but not under all circumstances. The partnership is yet another indication of Intel's commitment to autonomous vehicles; the company has predicted that they could eventually open up a$7 trillion passenger economy.
Intel also announced last year that it chips are powering some of Waymo's autonomous vehicle technology. Specifically, its chips are being used for sensor processing, general computing, and connectivity. This has given Intel's chips more credibility in the driverless car market, though it's still a bit unclear whether Intel is actually powering the artificial intelligence needs of Waymo's driverless cars. In any case, the news should help the chipmaker secure more deals with other automakers and tech companies in the space.
Each of these companies made significant moves in the driverless car space last year that will put them in a great position in 2018. But it's worth pointing that Aptiv has the most to gain from driverless cars at this point. It's the closest thing to a pure play on driverless cars, while Intel and Alphabet don't earn significant revenues from their autonomous vehicle tech at the moment.
But all of these companies are making huge strides in this growing market, and as driverless carsbecome more common,these companies are all well-positioned to benefit.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.Chris Neigerhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool recommends Intel. The Motley Fool has adisclosure policy. || 3 Driverless Car Stocks to Watch in 2018: There have been significant advancements in driverless car technology over the past few years, and those changes are moving us toward an autonomous vehicle market that's expected to be worth $127 billion by 2027. And with even more advanced systems in the works, 2018 could be an important year for investors who are considering the automakers and tech companies most involved. Among those making big strides in the autonomous vehicle segment right now are Aptiv (NYSE: APTV) , Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) , and Intel (NASDAQ: INTC) , and investors would be wise to keep a close eye on their R&D. Here's why. White minivan driving on road. Image source: Waymo. The closest thing to a driverless car pure play Aptiv makes hardware and software that automakers can use to add advanced driving technologies into their vehicles. The company was recently spun out from Delphi Automotive so it could focus on driverless car technologies, while the parent returned its concentration to legacy products for combustion engines. One of Aptiv's core technologies is its Centralized Sensing Localization Planning (CSLP) platform, which uses artificial intelligence, lidar, cameras, and other tech to give vehicles semi-autonomous capabilities. But Aptiv is expanding its prospects even further by teaming up with Intel and Mobileye to bring a Level 4 autonomous vehicle system to market by next year (more on that later). Last year, Aptiv also purchased self-driving vehicle start-up nuTonomy, which added some important technology to its already robust line and should help it scale its autonomous vehicle technology faster. Expect Aptiv's driverless car footprint to expand in the coming years, as the company's partnerships with Lyft and Intel bring it even more business. All of this makes Aptiv worth a close look from investors right now. Alphabet's subsidiary is paving the way Alphabet has long been a leader in the driverless car space through its former Google Self-Driving Car Project, which was spun off as its own company last year and renamed Waymo. The company made some huge strides last year when it announced that it would take the human backup drivers out of its autonomous vehicles -- one of the first times any company had taken such a bold driverless car move. Story continues That's not the only big thing Waymo's doing right now, though. It has started public tests of its driverless minivans in Phoenix, Arizona, where a group of testers is using them for their daily trips. It's one of the only public tests of its kind, and it shows just how far Waymo is ahead of its competitors. The company's driverless cars have already logged 4 million miles of real-world experience since it began testing them back in 2009, and its systems have run another 2.5 billion simulated miles of tests in the past year alone. Waymo has set its sights on building a ride-hailing service with its driverless minivans, and we're likely to see more from it this year as its Phoenix project takes off. A chipmaker betting on new markets Intel, of course, has long been a major player in the PC chip market, and it still dominates the data center space. But it's also looking to develop components for driverless cars as a way to can move into new revenue segments. The company is doing this in two key ways: Through its purchase of advanced driver assistance systems (ADAS) leader Mobileye, and by selling its chips to driverless car companies like Waymo. Intel shelled out a hefty $15.7 billion last year to snatch up Mobileye. ADAS includes such technologies as automatic braking and collision-avoidance systems, and Mobileye holds about a 70% share of this market. Intel, Mobileye, and Aptiv are working together to release an off-the-shelf fully autonomous driving platform by 2019. Automakers will be able to implement it into their existing vehicles to give them what the industry describes as Level 4 autonomy -- meaning the car really can fully drive itself with no human intervention, but not under all circumstances. The partnership is yet another indication of Intel's commitment to autonomous vehicles; the company has predicted that they could eventually open up a $7 trillion passenger economy . Intel also announced last year that it chips are powering some of Waymo's autonomous vehicle technology. Specifically, its chips are being used for sensor processing, general computing, and connectivity. This has given Intel's chips more credibility in the driverless car market, though it's still a bit unclear whether Intel is actually powering the artificial intelligence needs of Waymo's driverless cars. In any case, the news should help the chipmaker secure more deals with other automakers and tech companies in the space. Final thoughts Each of these companies made significant moves in the driverless car space last year that will put them in a great position in 2018. But it's worth pointing that Aptiv has the most to gain from driverless cars at this point. It's the closest thing to a pure play on driverless cars, while Intel and Alphabet don't earn significant revenues from their autonomous vehicle tech at the moment. But all of these companies are making huge strides in this growing market, and as driverless cars become more common, these companies are all well-positioned to benefit. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool recommends Intel. The Motley Fool has a disclosure policy . || General Electric Earnings: Strong Results Where It Matters Most: Shares of industrial behemothGeneral Electric(NYSE: GE)have been in a tailspin ever since the company named John Flannery as its new CEO last June. Flannery hasn't exactly done anything wrong -- rather, he revealed that there had been huge problems brewing under the surface for some time, especially in GE's power business.
The stock slide accelerated last week, after General Electric announced that it wouldtake a big chargerelated to rising claims in an old GE Capital insurance portfolio. GE stock has now lost more than 40% of its value since the company announced Flannery as its new leader.
General Electric stock performance data byYCharts.
General Electric's fourth-quarter earnings report, released on Wednesday morning, didn't reassure investors. However, it showed that the company's two strongest businesses -- GE Aviation and GE Healthcare -- continue to post strong results. That's an extremely good sign for investors.
GE reported a big adjusted loss of $1.23 per share in Q4, because of various charges it incurred last quarter. Excluding these charges, EPS came in at the low end of GE's guidance range, and slightly below the average analyst estimate. The company's quarterly revenue of $31.4 billion was also disappointing, missing analysts' expectations for revenue of about $34 billion.
Partly owned General Electric subsidiaryBaker Hughes, a GE Company(NYSE: BHGE)also reported its fourth quarter results on Wednesday morning. Adjusted EPS reached $0.15, ahead of the average analyst estimate of $0.14. More importantly, Baker Hughes' revenue beat expectations by about 3%, coming in at $5.76 billion, and management said that demand looked strong heading into 2018.
Flannery has expressed an interest in exiting the oil and gas business, because results there are tied too closely to commodity prices. The recent uptick in oil prices should boost Baker Hughes' revenue and earnings growth, making it easier for GE to exit its stake in Baker Hughes, which is currently worth about $24 billion.
In addition to getting out of the oil and gas industry, Flannery wants to sell off various other non-core businesses. This would leave a "new GE" that focuses on power (including renewables), aviation, and healthcare -- along with a GE Capital segment to finance deals in these areas.
The power business remains a basket case. Last quarter, revenue fell 15% year over year, while orders plunged by 25%. This performance caused segment profit to plummet to just $260 million, compared with more than $2 billion a year earlier. Management said several charges negatively affected the segment's fourth-quarter earnings, but even without those charges, its profitability fell short of expectations.
GE's power business stumbled again in the fourth quarter. Image source: General Electric.
By contrast, GE's two other core business units performed extremely well. Healthcare segment profit jumped 13% on a 6% revenue increase. Orders rose 9%. For the full year, segment profit reached $3.4 billion -- up 9% year over year -- and GE forecasts another 4%-6% increase for 2018.
The GE Aviation business --the company's crown jewel-- also continues to excel. Revenue was approximately flat last quarter, while segment profit rose 2% despite a tough year-over-year comparison. For the full year, segment profit reached $6.6 billion. This performance represented a 9% year-over-year increase, far better than the 5%-6% growth predicted by management just two months ago. The aviation business should continue to deliver high-single-digit profit growth in 2018 and beyond.
One final piece of good news was that full-year adjusted industrial cash flow surged past GE's guidance by $2.7 billion. This performance shows that GE's new focus on cash flow is already paying off. The company maintained its guidance for 2018 industrial free cash flow of $6 billion-$7 billion.
During the next two years, General Electric's management has two primary tasks. First, it needs to cut costs at the corporate level and in the power segment specifically, to respond to weaker market conditions. Second, it needs to simplify the company by selling off non-core parts of the business.
There will undoubtedly be ups and downs during this process, so GE stock could remain volatile. However, as long as the aviation and healthcare segments continue delivering steady profit growth, GE shares could have a lot of upside in the long run.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Adam Levine-Weinbergowns shares of General Electric. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || General Electric Earnings: Strong Results Where It Matters Most: Shares of industrial behemoth General Electric (NYSE: GE) have been in a tailspin ever since the company named John Flannery as its new CEO last June. Flannery hasn't exactly done anything wrong -- rather, he revealed that there had been huge problems brewing under the surface for some time, especially in GE's power business. The stock slide accelerated last week, after General Electric announced that it would take a big charge related to rising claims in an old GE Capital insurance portfolio. GE stock has now lost more than 40% of its value since the company announced Flannery as its new leader. GE Chart General Electric stock performance data by YCharts . General Electric's fourth-quarter earnings report, released on Wednesday morning, didn't reassure investors. However, it showed that the company's two strongest businesses -- GE Aviation and GE Healthcare -- continue to post strong results. That's an extremely good sign for investors. The numbers at a glance GE reported a big adjusted loss of $1.23 per share in Q4, because of various charges it incurred last quarter. Excluding these charges, EPS came in at the low end of GE's guidance range, and slightly below the average analyst estimate. The company's quarterly revenue of $31.4 billion was also disappointing, missing analysts' expectations for revenue of about $34 billion. Partly owned General Electric subsidiary Baker Hughes, a GE Company (NYSE: BHGE) also reported its fourth quarter results on Wednesday morning. Adjusted EPS reached $0.15, ahead of the average analyst estimate of $0.14. More importantly, Baker Hughes' revenue beat expectations by about 3%, coming in at $5.76 billion, and management said that demand looked strong heading into 2018. Flannery has expressed an interest in exiting the oil and gas business, because results there are tied too closely to commodity prices. The recent uptick in oil prices should boost Baker Hughes' revenue and earnings growth, making it easier for GE to exit its stake in Baker Hughes, which is currently worth about $24 billion. Story continues Most of the "new General Electric" isn't struggling at all In addition to getting out of the oil and gas industry, Flannery wants to sell off various other non-core businesses. This would leave a "new GE" that focuses on power (including renewables), aviation, and healthcare -- along with a GE Capital segment to finance deals in these areas. The power business remains a basket case. Last quarter, revenue fell 15% year over year, while orders plunged by 25%. This performance caused segment profit to plummet to just $260 million, compared with more than $2 billion a year earlier. Management said several charges negatively affected the segment's fourth-quarter earnings, but even without those charges, its profitability fell short of expectations. A GE gas turbine GE's power business stumbled again in the fourth quarter. Image source: General Electric. By contrast, GE's two other core business units performed extremely well. Healthcare segment profit jumped 13% on a 6% revenue increase. Orders rose 9%. For the full year, segment profit reached $3.4 billion -- up 9% year over year -- and GE forecasts another 4%-6% increase for 2018. The GE Aviation business -- the company's crown jewel -- also continues to excel. Revenue was approximately flat last quarter, while segment profit rose 2% despite a tough year-over-year comparison. For the full year, segment profit reached $6.6 billion. This performance represented a 9% year-over-year increase, far better than the 5%-6% growth predicted by management just two months ago. The aviation business should continue to deliver high-single-digit profit growth in 2018 and beyond. One final piece of good news was that full-year adjusted industrial cash flow surged past GE's guidance by $2.7 billion. This performance shows that GE's new focus on cash flow is already paying off. The company maintained its guidance for 2018 industrial free cash flow of $6 billion-$7 billion. The recovery will take time During the next two years, General Electric's management has two primary tasks. First, it needs to cut costs at the corporate level and in the power segment specifically, to respond to weaker market conditions. Second, it needs to simplify the company by selling off non-core parts of the business. There will undoubtedly be ups and downs during this process, so GE stock could remain volatile. However, as long as the aviation and healthcare segments continue delivering steady profit growth, GE shares could have a lot of upside in the long run. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Adam Levine-Weinberg owns shares of General Electric. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Will This Display Technology Become the New Gold Standard In 2018?: Lots of new TVs and other device displays using OLED technology were exhibited at the 2018 Consumer Electronics Show (CES) in Las Vegas. The technology has been around awhile, but adoption has been slow for a variety of factors. However, manufacturers continue to increase their use of the displays, and the day when OLEDs are the rule rather than the exception may be right around the corner. What is OLED OLED, or Organic Light Emitting Diode, is different from other screen types like LED or LCD. Whereas LED and LCD screens use a crystal display and a backlight shining through them to project an image onto screens, OLED technology requires no such lighting. Instead, the OLED panel emits its own light when an electric current passes through it. So what? Well primarily because the individual pixels in an OLED display are emitting light rather than relying on another lighting source, the final image is much more vibrant and moving images are smoother. Secondly, OLED is typically a thinner, lighter, and more energy-efficient display than its LED and LCD counterparts. What it was doing at CES Because it is newer, OLED has been much more expensive than older display types. That is beginning to change, though, as manufacturers have been dumping research and development dollars into the technology to make it more viable. At CES this year, TVs were a big draw, with the likes of Samsung (NASDAQOTH: SSNLF) and Sony (NYSE: SNE) all demonstrating new models. LG Electronics (NASDAQOTH: LGEAF) stole the show, though, with its new lineup of ultra-high-definition 4K OLED-powered TVs, including a 65-inch display prototype that could roll up into different sizes or completely roll away into a box. The company also featured TVs that could be mounted on the wall like wallpaper. A woman sitting on a bed watching a 77" OLED TV from LG. LG's Signature 77-inch OLED TV. Image source: LG. During the most recent holiday shopping season, OLED TVs still cost in the four figures, although some lower-end models from LG were nearing the $1,000 mark. LEDs, by comparison, are easy to find with a three-digit price tag. Story continues Besides TVs, smartphones are also getting OLED technology. Another notable piece of hardware at CES was a fingerprint reader embedded directly underneath an OLED display from Synaptics (NASDAQ: SYNA) . The company argues that its security feature is superior to 3D facial recognition. That's debatable, but it shows off yet another application of the ultra-thin displays. Perhaps most famous among phones offering an OLED option is Apple 's (NASDAQ: AAPL) iPhone X . It's priced at $1,000 versus $700 for the iPhone 8 to make up for the display hardware upgrade. How to bet on OLED With better picture quality, lower power requirements, versatile application, and falling price, OLED looks like it's on its way to becoming the new gold standard. While it may be tempting to jump on end-user manufacturers' stocks like Samsung, LG, Sony, and even Apple, the best way to bet on the tech could be a relatively unknown company behind the scenes. Universal Display (NASDAQ: OLED) , which holds numerous patents and provides equipment and materials used in the construction of the new displays, has been the biggest benefactor so far. The company's stock had a knockout 2017 , doubling in value twice. OLED Chart Data by YCharts. Besides its use in displays, the company's technology is also a key ingredient in OLED-based lighting, smart-home devices, robotics, and transportation. Its increased adoption in a range of applications helped revenue double during its last reported quarter, and earnings per share swing from a $0.03 loss a year ago to a $0.28 profit. In a vote of confidence on its future, the board of directors initiated a quarterly dividend of $0.03 per share in February 2017. If a myriad of new devices at your local electronics store isn't enough evidence, Universal Display's explosive growth as of late looks like compelling proof that a new era of displays has dawned. Share prices have risen sufficiently to disqualify new investors as early adopters, but there could be plenty of upside left in the years to come. Related Video: More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Nicholas Rossolillo owns shares of Apple. The Motley Fool owns shares of and recommends Apple and Universal Display. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || Will This Display Technology Become the New Gold Standard In 2018?: Lots of new TVs and other device displays using OLED technology were exhibited atthe 2018 Consumer Electronics Show (CES)in Las Vegas. The technology has been around awhile, but adoption has been slow for a variety of factors. However, manufacturers continue to increase their use of the displays, and the day when OLEDs are the rule rather than the exception may be right around the corner.
OLED, or Organic Light Emitting Diode, is different from other screen types like LED or LCD. Whereas LED and LCD screens use a crystal display and a backlight shining through them to project an image onto screens, OLED technology requires no such lighting. Instead, the OLED panel emits its own light when an electric current passes through it.
So what? Well primarily because the individual pixels in an OLED display are emitting light rather than relying on another lighting source, the final image is much more vibrant and moving images are smoother. Secondly, OLED is typically a thinner, lighter, and more energy-efficient display than its LED and LCD counterparts.
Because it is newer, OLED has been much more expensive than older display types. That is beginning to change, though, as manufacturers have been dumping research and development dollars into the technology to make it more viable.
At CES this year, TVs were a big draw, with the likes ofSamsung(NASDAQOTH: SSNLF)andSony(NYSE: SNE)all demonstrating new models.LG Electronics(NASDAQOTH: LGEAF)stole the show, though, with its new lineup of ultra-high-definition 4K OLED-powered TVs, including a 65-inch display prototype that could roll up into different sizes or completely roll away into a box. The company also featured TVs that could be mounted on the wall like wallpaper.
LG's Signature 77-inch OLED TV. Image source: LG.
During the most recent holiday shopping season, OLED TVs still cost in the four figures, although some lower-end models from LG were nearing the $1,000 mark. LEDs, by comparison, are easy to find with a three-digit price tag.
Besides TVs, smartphones are also getting OLED technology. Another notable piece of hardware at CES was a fingerprint reader embedded directly underneath an OLED display fromSynaptics(NASDAQ: SYNA). The company argues that its security feature is superior to 3D facial recognition. That's debatable, but it shows off yet another application of the ultra-thin displays.
Perhaps most famous among phones offering an OLED option isApple's(NASDAQ: AAPL)iPhone X. It's priced at $1,000 versus $700 for the iPhone 8 to make up for the display hardware upgrade.
With better picture quality, lower power requirements, versatile application, and falling price, OLED looks like it's on its way to becoming the new gold standard. While it may be tempting to jump on end-user manufacturers' stocks like Samsung, LG, Sony, and even Apple, the best way to bet on the tech could be a relatively unknown company behind the scenes.
Universal Display(NASDAQ: OLED), which holds numerous patents and provides equipment and materials used in the construction of the new displays, has been the biggest benefactor so far. The company's stock had aknockout 2017, doubling in value twice.
Data byYCharts.
Besides its use in displays, the company's technology is also a key ingredient in OLED-based lighting, smart-home devices, robotics, and transportation. Its increased adoption in a range of applications helped revenue double during its last reported quarter, and earnings per share swing from a $0.03 loss a year ago to a $0.28 profit. In a vote of confidence on its future, the board of directors initiated a quarterly dividend of $0.03 per share in February 2017.
If a myriad of new devices at your local electronics store isn't enough evidence, Universal Display's explosive growth as of late looks like compelling proof that a new era of displays has dawned. Share prices have risen sufficiently to disqualify new investors as early adopters, but there could be plenty of upside left in the years to come.
Related Video:
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Nicholas Rossolilloowns shares of Apple. The Motley Fool owns shares of and recommends Apple and Universal Display. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || 3 Reasons Celgene's Investors Should Applaud the Juno Therapeutics Buyout: In case you missed it, it turns out the rumor was true. Biotech giant Celgene (NASDAQ: CELG) recently announced that it had agreed to acquired Juno Therapeutics (NASDAQ: JUNO) for $9 billion . This represents the company's largest acquisition in its history. Should shareholders cheer this news, or is it possible that management just made an unforced error? Here are three reasons investors should believe in this deal. Businessmen shaking hands and exchanging money Image source: Getty Images. 1. Right products Juno Therapeutics is a clinical-stage biotech that is focused on immunotherapy. Specifically, the company is working on an exciting new type of treatment called chimeric antigen receptor T-cell therapy , or CAR-T. This therapy extracts a patient's T-cells and then reprograms them to be able to identify cancer. Once complete, they are infused back into the patient's body, and they go to work on the patient's disease. While Juno boasts a number of products in its pipeline, its crown jewel is called liso-cel, which is also called JCAR017. This CAR-T therapy holds promise to be a best-in-class treatment. That potential "best-in-class" label is of prime importance here because, if approved, JCAR017 won't be the first CAR-T drug to hit the market. That honor actually belongs to Novartis ' (NYSE: NVS) drug Kymriah. Gilead Sciences ' (NASDAQ: GILD) also successfully crossed the finish line with a CAR-T drug called Yescarta thanks to its recent buyout of Kite Pharmaceuticals. Thus, the competition in this space is expected to be stiff. Why does Celgene believe JCAR017 will be able to stand out? The answer lies in the drug's data when compared to Kymriah and Yescarta: Chart showing that JCAR017 compares favorably to Kymiriah and Yescarta. Image source: Celgene presentation. This chart shows that JCAR017 successfully outperformed both Yescarta and Kymriah in the two metrics that matter most to healthcare providers and patients: efficacy and safety. This suggests that JCAR017 could be the top CAR-T therapy if it wins approval. Adding the rest of Juno's pipeline to the mix is only icing on the cake. Story continues 2. Right price Writing a check for $9 billion is a heck of a gamble, but there's an argument to be made that the company is getting Juno for a decent price. One recent point of comparison here is Gilead's recent buyout of Kite Pharma. Gilead shelled out $11.9 billion to bring Kite into the fold, which is more than Celgene is ponying up for Juno. However, Kite had already filed Yescarta for approval when the acquisition was announced. This makes the $9 billion price tag look reasonable since JCAR017's submission is still about a year away. Another way to think about the buyout price is to look at JCAR017's peak sales potential. Celgene's management believes the drug could eventually pull in approximately $3 billion in annual sales, which means Celgene is paying three times that figure. That's a reasonable multiple based on JCAR017's potential alone, let alone what the rest of Juno's pipeline might eventually be worth. Overall, the evidence suggests that the $9 billion buyout price looks quite reasonable. Colorful drugs on top of hundred dollar bills Image source: Getty Images. 3. Right time Why did Celgene decide to announce this deal in January of 2018? A few reasons come to mind. First, JCAR015 has not yet been submitted to the FDA; that's expected to take place later this year. You could argue that reaching a milestone like that would have pumped the price tag even higher. Given that Yescarta and Kymriah both sailed through the FDA approval process with ease, this looks to be a slam-dunk. Buying the company ahead of that value-creating event makes sense to me. Another factor to consider is the recent changes to the U.S. tax code. The new rules will allow Celgene to fund this deal in part with some of its international cash, which wouldn't have been as attractive of an option under the old rules. When combined, these factors make the timing of this deal look quite smart. Celgene is a buy Overall, while this deal is certainly a gamble, this shareholder thinks there is ample reason to believe this acquisition will work out favorably for investors. With shares currently trading hands at a cheap valuation -- Celgene's stock can be purchased right now for around 12 times 2018 estimated earnings -- this Fool continues to believe Celegene is a rare bargain in today's pricey market. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Brian Feroldi owns shares of Celgene. The Motley Fool owns shares of and recommends Celgene and Gilead Sciences. The Motley Fool recommends Juno Therapeutics. The Motley Fool has a disclosure policy . || 3 Reasons Celgene's Investors Should Applaud the Juno Therapeutics Buyout: In case you missed it, it turns outthe rumorwas true. Biotech giantCelgene(NASDAQ: CELG)recently announced that it had agreed to acquiredJuno Therapeutics(NASDAQ: JUNO)for $9 billion. This represents the company's largest acquisition in its history.
Should shareholders cheer this news, or is it possible that management just made an unforced error? Here are three reasons investors should believe in this deal.
Image source: Getty Images.
Juno Therapeutics is a clinical-stage biotech that is focused on immunotherapy. Specifically, the company is working on an exciting new type of treatment calledchimeric antigen receptor T-cell therapy, or CAR-T. This therapy extracts a patient's T-cells and then reprograms them to be able to identify cancer. Once complete, they are infused back into the patient's body, and they go to work on the patient's disease.
While Juno boasts a number of products in its pipeline, its crown jewel is called liso-cel, which is also called JCAR017. This CAR-T therapy holds promise to be a best-in-class treatment.
That potential "best-in-class" label is of prime importance here because, if approved, JCAR017 won't be the first CAR-T drug to hit the market. That honor actually belongs toNovartis'(NYSE: NVS)drug Kymriah.Gilead Sciences'(NASDAQ: GILD)also successfully crossed the finish line with a CAR-T drug called Yescarta thanks to its recent buyout of Kite Pharmaceuticals.
Thus, the competition in this space is expected to be stiff.
Why does Celgene believe JCAR017 will be able to stand out? The answer lies in the drug's data when compared to Kymriah and Yescarta:
Image source: Celgene presentation.
This chart shows that JCAR017 successfully outperformed both Yescarta and Kymriah in the two metrics that matter most to healthcare providers and patients: efficacy and safety. This suggests that JCAR017 could be the top CAR-T therapy if it wins approval. Addingthe rest of Juno's pipelineto the mix is only icing on the cake.
Writing a check for $9 billion is a heck of a gamble, but there's an argument to be made that the company is getting Juno for a decent price.
One recent point of comparison here is Gilead'srecent buyoutof Kite Pharma. Gilead shelled out $11.9 billion to bring Kite into the fold, which is more than Celgene is ponying up for Juno. However, Kite had already filed Yescarta for approval when the acquisition was announced. This makes the $9 billion price tag look reasonable since JCAR017's submission is still about a year away.
Another way to think about the buyout price is to look at JCAR017's peak sales potential. Celgene's management believes the drug could eventually pull in approximately $3 billion in annual sales, which means Celgene is paying three times that figure. That's a reasonable multiple based on JCAR017's potential alone, let alone what the rest of Juno's pipeline might eventually be worth.
Overall, the evidence suggests that the $9 billion buyout price looks quite reasonable.
Image source: Getty Images.
Why did Celgene decide to announce this deal in January of 2018? A few reasons come to mind.
First, JCAR015 has not yet been submitted to the FDA; that's expected to take place later this year. You could argue that reaching a milestone like that would have pumped the price tag even higher. Given that Yescarta and Kymriah both sailed through the FDA approval process with ease, this looks to be a slam-dunk. Buying the company ahead of that value-creating event makes sense to me.
Another factor to consider is the recent changes to the U.S. tax code. The new rules will allow Celgene to fund this deal in part with some of its international cash, which wouldn't have been as attractive of an option under the old rules.
When combined, these factors make the timing of this deal look quite smart.
Overall, while this deal is certainly a gamble, this shareholder thinks there is ample reason to believe this acquisition will work out favorably for investors. With shares currently trading hands at a cheap valuation -- Celgene's stock can be purchased right now for around 12 times 2018 estimated earnings -- this Fool continues to believe Celegene is a rare bargain in today's pricey market.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Brian Feroldiowns shares of Celgene. The Motley Fool owns shares of and recommends Celgene and Gilead Sciences. The Motley Fool recommends Juno Therapeutics. The Motley Fool has adisclosure policy. || Starbucks Talks China, Digital, and Food: Starbucks (NASDAQ: SBUX) stock finished Friday trading about 4% lower after the company's first-quarter results for fiscal 2018 missed expectations. Bearish sentiment toward the stock was likely due to the company's worse-than-expected revenue and comparable store sales growth. First-quarter revenue was $6.07 billion, up 6% year over year. On average, analysts were expecting revenue of $6.18 billion. Global comp store sales increased 2%, short of expectations for a 3% rise. But there was more to Starbucks' first quarter than its lower-than-expected revenue and comp store growth. During the company's first-quarter earnings call , Starbucks shared some insightful perspective on its important China market, its digital efforts, and food sales. Here are some key quotes from the call. A barista holding Starbucks' 2017 Holiday cup Image source: Starbucks. Strong growth in China Starbucks' comp sales growth of 2% may have been below what analysts were expecting, but this performance shouldn't cause investors to overlook the company's growth engine that remained strong during the quarter: China. Investors have good reason to be keenly interested in Starbucks' performance in China. Not only is it the company's second-largest market after the U.S., but China is consistently the coffee company's fastest-growing market. This rapid growth continued in Q1, with China comp store sales increasing 6%. The boost was "driven entirely by increased transactions and 30% revenue growth," said Starbucks CEO Kevin Johnson. Thanks to expectations for massive GDP growth and ongoing digital efforts to boost sales in the market, Starbucks believes China will become the company's most important segment in the future, Johnson said. The growing relevance and success of our international business and, specifically, our business in China, has emerged as a growth driver that is rapidly moving us beyond our long-standing dependence on our U.S. business for needle-moving growth. Story continues Johnson noted that Starbucks middle class is expected to reach 600 million by 2021 -- twice the size of the U.S. Highlighting the incredible growth in its digital adoption in China, the CEO cited a threefold year-over-year increase in e-commerce and social gifting in the market to $20 million during Q1. Digital Starbucks said "strong digital performance" was one of its highlights during the quarter. Specifically, Johnson said: We added 1.4 million active Starbucks Rewards members in the U.S., up 11% year-over-year and now have 14.2 million active members. Mobile payment in the U.S. has grown to over 30% of total tender. A woman using Starbucks' mobile loyalty program Image source: Starbucks. Looking ahead, Starbucks plans to "materially expand" its digitally connected Starbucks customers beyond its Rewards members. Indeed, by the end of fiscal 2018, Starbucks said it expects to have "millions of incremental digital relationships outside of Starbucks Rewards." So, investors should look for updates on this progress throughout fiscal 2018. Food sales Food has been a key driver for Starbucks business -- not just in the U.S., but also globally. In China, for instance, management said its comp growth in the market was driven by strong performance in both beverages and food. Turkey and stuffing panini Starbucks sandwhich Image source: Starbucks. And management insists there are big incremental opportunities for food on the horizon. For example, Starbucks opened its Princi Bakery and Cafe in its Seattle Roastery in November and saw significant success, Johnson explained: The artistic nature and high quality Princi baked goods are resonating loudly with our customers and we see a major opportunity to increase sales of Princi food beyond Roasteries. We are now venturing into building stand-alone Princi Bakeries, complete with Starbucks Reserve coffee and coffee bars. Of course, Starbucks Roasteries and Princi bakeries are far in between. But this hasn't stopped management from getting excited about the opportunity. Johnson continued: We currently have four Roasteries under construction and the potential opportunity for Princi Bakeries with Reserve coffee over the next decade. The opportunity is significant as we're off to an excellent beginning to what we believe is an emerging food revenue and profit stream over time. Despite strong performance in China and robust opportunity in the digital and food, investors should still take the time to consider the implications of Starbucks' worse-than-expected comp store growth, as it's global comp store growth that ultimately speaks to the health of the company's global business. Still, China, digital, and food could all prove to be meaningful drivers for comp store growth over the long haul, so investors should keep an eye on these factors, too. Related Video: Watch original series, sports, and more on go90. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Starbucks. The Motley Fool has a disclosure policy . || Starbucks Talks China, Digital, and Food: Starbucks(NASDAQ: SBUX)stock finished Friday trading about 4% lower after the company'sfirst-quarter results for fiscal 2018missed expectations. Bearish sentiment toward the stock was likely due to the company's worse-than-expected revenue and comparable store sales growth. First-quarter revenue was $6.07 billion, up 6% year over year. On average, analysts were expecting revenue of $6.18 billion. Global comp store sales increased 2%, short of expectations for a 3% rise.
But there was more to Starbucks' first quarter than its lower-than-expected revenue and comp store growth. During the company'sfirst-quarter earnings call, Starbucks shared some insightful perspective on its important China market, its digital efforts, and food sales. Here are some key quotes from the call.
Image source: Starbucks.
Starbucks' comp sales growth of 2% may have been below what analysts were expecting, but this performance shouldn't cause investors to overlook the company's growth engine that remained strong during the quarter: China.
Investors have good reason to be keenly interested in Starbucks' performance in China. Not only is it the company's second-largest market after the U.S., but China is consistently the coffee company's fastest-growing market. This rapid growth continued in Q1, with China comp store sales increasing 6%. The boost was "driven entirely by increased transactions and 30% revenue growth," said Starbucks CEO Kevin Johnson.
Thanks to expectations for massive GDP growth and ongoing digital efforts to boost sales in the market, Starbucks believes China will become the company's most important segment in the future, Johnson said.
The growing relevance and success of our international business and, specifically, our business in China, has emerged as a growth driver that is rapidly moving us beyond our long-standing dependence on our U.S. business for needle-moving growth.
Johnson noted that Starbucks middle class is expected to reach 600 million by 2021 -- twice the size of the U.S. Highlighting the incredible growth in its digital adoption in China, the CEO cited a threefold year-over-year increase in e-commerce and social gifting in the market to $20 million during Q1.
Starbucks said "strong digital performance" was one of its highlights during the quarter. Specifically, Johnson said:
We added 1.4 million active Starbucks Rewards members in the U.S., up 11% year-over-year and now have 14.2 million active members. Mobile payment in the U.S. has grown to over 30% of total tender.
Image source: Starbucks.
Looking ahead, Starbucks plans to "materially expand" its digitally connected Starbucks customers beyond its Rewards members. Indeed, by the end of fiscal 2018, Starbucks said it expects to have "millions of incremental digital relationships outside of Starbucks Rewards." So, investors should look for updates on this progress throughout fiscal 2018.
Food has been a key driver for Starbucks business -- not just in the U.S., but also globally. In China, for instance, management said its comp growth in the market was driven by strong performance in both beverages and food.
Image source: Starbucks.
And management insists there are big incremental opportunities for food on the horizon. For example, Starbucks opened its Princi Bakery and Cafe in its Seattle Roastery in November and saw significant success, Johnson explained:
The artistic nature and high quality Princi baked goods are resonating loudly with our customers and we see a major opportunity to increase sales of Princi food beyond Roasteries. We are now venturing into building stand-alone Princi Bakeries, complete with Starbucks Reserve coffee and coffee bars.
Of course, Starbucks Roasteries and Princi bakeries are far in between. But this hasn't stopped management from getting excited about the opportunity. Johnson continued:
We currently have four Roasteries under construction and the potential opportunity for Princi Bakeries with Reserve coffee over the next decade. The opportunity is significant as we're off to an excellent beginning to what we believe is an emerging food revenue and profit stream over time.
Despite strong performance in China and robust opportunity in the digital and food, investors should still take the time to consider the implications of Starbucks' worse-than-expected comp store growth, as it's global comp store growth that ultimately speaks to the health of the company's global business. Still, China, digital, and food could all prove to be meaningful drivers for comp store growth over the long haul, so investors should keep an eye on these factors, too.
Related Video:
Watch original series, sports, and more ongo90.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Daniel Sparkshas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Starbucks. The Motley Fool has adisclosure policy. || Japanese crypto exchange set to repay victims of a $400 million hack: A projection of cyber code on a hooded man is pictured in this illustration picture taken on May 13, 2017. Capitalizing on spying tools believed to have been developed by the U.S. National Security Agency, hackers staged a cyber assault with a self-spreading malware that has infected tens of thousands of computers in nearly 100 countries. REUTERS/Kacper Pempel/Illustration TPX IMAGES OF THE DAY Thomson Reuters Japanese crypto exchange Coincheck is set to pay customers following a $400 million heist, according to a Bloomberg News report. It will reimburse the 260,000 customers who saw their NEM holdings vanish. Coincheck, a Japanese cryptocurrency exchange, is set to use its own money to pay back victims of a hack of its exchange. The Tokyo-based exchange said in a statement it would reimburse the 260,000 customers affected by the $400 million heist of digital currency NEM, "at a rate of 88.549 yen (81 US cents) for each coin," Bloomberg News reported . The company said Friday that more than 500 million NEM coins, the seventh largest cryptocurrency, vanished after being "illicitly" transferred off the exchange. Coincheck is still looking into exactly what happened. The heist awakened memories of the notorious hack of Japanese cryptocurrency exchange Mt Gox in 2014, which resulted in more than 850,000 bitcoin being stolen from the now defunct exchange. As such, most major digital currencies were in the red for much of Friday's trading session. It appears investors' worries have since been mollified. Most digital currencies were trading up against the US dollar during Saturday trading, according to CoinMarketCap. "Since there is no FDIC or SIPC insurance for crypto the fact that they are 'trying' to make account holder's whole is a good sign," John Spallanzani of Miller Value Partners told Business Insider. Notably, NEM was a tear. The price of the cryptocurrency was up more than 30% over the last twenty-four hours, trading at $1.11 a coin at last check. Check out the chart : Capture.PNG CoinMarketCap NOW WATCH: Expect Amazon to make a surprising acquisition in 2018, says CFRA See Also: Bitcoin is 'a dinghy in the open ocean' Nordic banking giant Nordea bans employees from trading cryptocurrencies Japan's biggest bitcoin exchange saw $150 billion traded in less than 2 months: 'December was certainly an interesting month' SEE ALSO: Bitcoin is 'a dinghy in the open ocean' || Japanese crypto exchange set to repay victims of a $400 million hack: Thomson Reuters
• Japanese crypto exchange Coincheck is set to pay customers following a $400 million heist, according to a Bloomberg News report.
• It will reimburse the 260,000 customers who saw their NEM holdings vanish.
Coincheck, a Japanese cryptocurrency exchange, is set to use its own money to pay back victims of a hack of its exchange.
The Tokyo-based exchange saidin a statementit would reimburse the 260,000 customers affected by the $400 million heist of digital currency NEM, "at a rate of 88.549 yen (81 US cents) for each coin,"Bloomberg News reported.
The company said Friday that more than 500 million NEM coins, the seventh largest cryptocurrency, vanished after being "illicitly" transferred off the exchange. Coincheck is still looking into exactly what happened.
The heist awakened memories of the notorious hack of Japanese cryptocurrency exchange Mt Gox in 2014, which resulted in more than 850,000 bitcoin being stolen from the now defunct exchange.
As such, most major digital currencies were in the red for much of Friday's trading session. It appears investors' worries have since been mollified. Most digital currencies were trading up against the US dollar during Saturday trading, according to CoinMarketCap.
"Since there is no FDIC or SIPC insurance for crypto the fact that they are 'trying' to make account holder's whole is a good sign," John Spallanzani of Miller Value Partners told Business Insider.
Notably, NEM was a tear. The price of the cryptocurrency was up more than 30% over the last twenty-four hours, trading at $1.11 a coin at last check.Check out the chart:
CoinMarketCap
NOW WATCH:Expect Amazon to make a surprising acquisition in 2018, says CFRA
See Also:
• Bitcoin is 'a dinghy in the open ocean'
• Nordic banking giant Nordea bans employees from trading cryptocurrencies
• Japan's biggest bitcoin exchange saw $150 billion traded in less than 2 months: 'December was certainly an interesting month'
SEE ALSO:Bitcoin is 'a dinghy in the open ocean' || What's the Maximum Social Security at Age 62, 65, or 70?: Did you know that Social Security has a maximum payment? If you didn't, you're not alone. A recent poll conducted by Nationwide shows that Americans commonly think that they'll receive more in Social Security benefits when they retire than they actually will.
The calculation for figuring out your exact Social Security benefit is complex, but you can get a feel for how much you can get in benefits by considering the maximum amount that Social Security is paying to current recipients. Read on to learn the maximum amount that Americans can collect if they retire at age 62, 65, or 70 this year.
Image source: Getty Images.
In 2018, the most you can collect in Social Security benefits is $3,698, regardless of your age. While it's true that Social Security is designed to replace approximately 40% of a retiring worker's pre-retirement income, that 40% figure is based on the average American's income. The more you make, the lower the percentage of income Social Security will replace.
The precise amount that Social Security will pay you in benefits when you retire is determined by your average monthly income over your highest-paid 35 years of work. If you work fewer than 35 years, then Social Security uses zeros in its calculation.
Once Social Security has calculated your average monthly income (don't worry, they adjust it for inflation), then it subjects that monthly figure to something called "bend points." These bend points give you credit for a specific proportion of your monthly income at different thresholds. For instance, if you were born in or after 1954, then you would get credit for 90% of your average monthly income up to $895, 32% of any income between $885 and $5,397, and 15% of income above $5,397.
The results from applying the bend points are added together and rounded down to get your monthly retirement benefit atfull retirement age, which for people born after 1960 is age 67.
If you're at the maximum taxable earnings limit and you retire in 2018, then the most you can receive in monthly benefits at age 62, 65, and 70 is $2,158, $2,589, and $3,698, respectively.
[["Age", "Per month", "Per year"], ["62", "$2,158", "$25,896"], ["65", "$2,589", "$31,068"], ["70", "$3,698", "$44,376"]]
Data source: Social Security. Chart by author.
Clearly, waiting to claim Social Security until you're olderpays off. That's because Social Security will reduce your payment by a fixed percentage for every month you claim prior to reaching your full retirement age, or the age at which you qualify for 100% of your benefit. Full retirement age varies depending on your birthday, but in 2018, it's 66 years and four months.
If you delay claiming Social Security until after your full retirement age, then your benefit is increased by two-thirds of 1% for every month you wait, up to age 70. If you have fewer than 35 years of work history, waiting also benefits you by increasing your monthly full retirement age benefit amount. Since Social Security uses zeros in its calculation when there are fewer than 35 years, any additional years you work will replace those zeros and increase your benefit.
Holding off on retirement to collect a bigger payout is increasingly common, but planning to retire at 65 or later might not be the best strategy if it means contributing less to retirement savings now. Unfortunately, many people retire sooner than they want because of a job loss or declining health. If that happens to you, and you've saved too little because you've based your retirement savings on the maximum Social Security you can collect, you could run the risk of outliving your money. Therefore, calculating how much to save based on theminimumyou can collect in Social Security may be a better approach.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || What's the Maximum Social Security at Age 62, 65, or 70?: Did you know that Social Security has a maximum payment? If you didn't, you're not alone. A recent poll conducted by Nationwide shows that Americans commonly think that they'll receive more in Social Security benefits when they retire than they actually will. The calculation for figuring out your exact Social Security benefit is complex, but you can get a feel for how much you can get in benefits by considering the maximum amount that Social Security is paying to current recipients. Read on to learn the maximum amount that Americans can collect if they retire at age 62, 65, or 70 this year. A happy senior woman listening to headphones and raising her arms as if dancing. Image source: Getty Images. The maximum benefit possible In 2018, the most you can collect in Social Security benefits is $3,698, regardless of your age. While it's true that Social Security is designed to replace approximately 40% of a retiring worker's pre-retirement income, that 40% figure is based on the average American's income. The more you make, the lower the percentage of income Social Security will replace. The precise amount that Social Security will pay you in benefits when you retire is determined by your average monthly income over your highest-paid 35 years of work. If you work fewer than 35 years, then Social Security uses zeros in its calculation. Once Social Security has calculated your average monthly income (don't worry, they adjust it for inflation), then it subjects that monthly figure to something called "bend points." These bend points give you credit for a specific proportion of your monthly income at different thresholds. For instance, if you were born in or after 1954, then you would get credit for 90% of your average monthly income up to $895, 32% of any income between $885 and $5,397, and 15% of income above $5,397. The results from applying the bend points are added together and rounded down to get your monthly retirement benefit at full retirement age , which for people born after 1960 is age 67. Story continues The maximum being paid out at 62, 65, and 70 If you're at the maximum taxable earnings limit and you retire in 2018, then the most you can receive in monthly benefits at age 62, 65, and 70 is $2,158, $2,589, and $3,698, respectively. Maximum Social Security if You Retire in 2018 Age Per month Per year 62 $2,158 $25,896 65 $2,589 $31,068 70 $3,698 $44,376 Data source: Social Security. Chart by author. Clearly, waiting to claim Social Security until you're older pays off . That's because Social Security will reduce your payment by a fixed percentage for every month you claim prior to reaching your full retirement age, or the age at which you qualify for 100% of your benefit. Full retirement age varies depending on your birthday, but in 2018, it's 66 years and four months. If you delay claiming Social Security until after your full retirement age, then your benefit is increased by two-thirds of 1% for every month you wait, up to age 70. If you have fewer than 35 years of work history, waiting also benefits you by increasing your monthly full retirement age benefit amount. Since Social Security uses zeros in its calculation when there are fewer than 35 years, any additional years you work will replace those zeros and increase your benefit. Holding off on retirement to collect a bigger payout is increasingly common, but planning to retire at 65 or later might not be the best strategy if it means contributing less to retirement savings now. Unfortunately, many people retire sooner than they want because of a job loss or declining health. If that happens to you, and you've saved too little because you've based your retirement savings on the maximum Social Security you can collect, you could run the risk of outliving your money. Therefore, calculating how much to save based on the minimum you can collect in Social Security may be a better approach. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || 2 Top Drone Stocks You Shouldn’t Miss: The use of drones is growing, withGartnerestimating that drone shipments in 2017 increased 39% from the previous year to 3 million units, generating $6 billion in revenue. This exciting growth is set to continue with estimates pegging the market's revenue increasing to $11.2 billion by 2020.
The rapid adoption of drones isn't going to slow anytime soon thanks to wide-ranging applications like product deliveries, rescue operations, security, and agriculture, among many others. Research and Markets, for instance, forecasts that commercial drone shipments are set to rise at an annual pace of 55% through 2023.
With such rapid growth at stake, technology giantsIntel(NASDAQ: INTC)andNVIDIA(NASDAQ: NVDA)are stepping up their drone development programs. The chipmakers are using their expertise in computer vision and artificial intelligence (AI) to make a dent in this space, and they could turn out to be two of the best bets to buy into this market. Let's see why.
Intel's Falcon 8+ drone. Image Source: Intel.
NVIDIA is trying to harness the power of its graphics processing units (GPUs) to accelerate drone development. Last year, the graphics specialist announced the Jetson TX2, a chip platform the size of a credit card, which enables AI in a wide range of devices, including drones.
This new platform should help NVIDIA enhance its expertise in drones. Drones embedded with the Jetson TX1 AI supercomputer are able to navigate on their own and avoid objects in areas without global positioning system (GPS) satellites.
With the Jetson TX2, NVIDIA is looking to raise its game as it claims that the new chip platform can deliver twice the computing power of its predecessor while consuming less power. So, a drone with the NVIDIA Jetson TX2 onboard can fly twice as fast as when it had the TX1 inside, and still avoid objects thanks to AI. Moreover, original equipment manufacturers can choose to increase battery life and the flying time because of lower power consumption, though they will have to compromise on speed.
The updated platform is already bearing fruit for NVIDIA. The chipmaker recently announced a couple of wins in the drone space -- one atGeneral Electricsubsidiary Avitas Systems and the other at Chinese e-commerce companyJD.com.
Avitas will tap NVIDIA's AI expertise to train its drones for industrial inspection, while JD.com will use the chipmaker's Jetson platform to make AI-enabled drones for delivering products. Th JD.com partnership could be very fruitful as the Chinese e-commerce specialist plans to launch 1 million drones in the next five years using NVIDIA technology.
JD.com intends to reduce logistics costs by 70% with the help of autonomous drones. It believes that NVIDIA's embedded AI-enabled Jetson platform will allow its drones to deliver packages weighing as much as 30 kilograms (about 66 pounds) at speeds as high as 62 miles per hour.
NVIDIA could win big by becoming a supplier of autonomous navigation technology for drones, provided it can demonstrate the efficiency of its technology in real-world settings.
At the Consumer Electronics Show in Las Vegas this month, Intel sent 250 Shooting Star drones into the sky to put on a light show. These drones are all show and no go for such light shows because they are stripped of essential features like GPS or other sensors. But this doesn't mean that Intel is using drones only for such gimmicks.
Intel is serious about the commercial drone market. It has developed a full suite of products targeting this space, beginning with the Falcon 8+ drone system. The Falcon 8+ is designed for professional applications like industrial inspection and accurate data collection for mapping.
Intel's drones can carry a full-frame photo camera to capture the finest details for mapping purposes. The inspection payload package comes with two cameras, one of which is mounted on a gimbal for capturing thermal images.
So companies looking to deploy drones for industrial inspection can simply buy an Intel Falcon 8+, saving the time and development costs in buying a chipset and making their own system from the scratch.
Intel also provides solutions for analytics and drone control. For instance, Intel RealSense enables features like obstacle avoidance and automated flight, while Intel Mission Control enables flight planning.
The Intel Insight drone data-analytics platform is capable of churning out 2D/3D models that can be useful in industries like oil and gas, mining, construction, and agriculture. Intel seems to be preparing to tap the surface vision and inspection market, which could be worth $16 billion in 2023.
And the digital mapping market represents a sizeable opportunity as it is expected to grow at 11.5% a year through 2025, according to Grand View Research.
Intel and NVIDIA are taking different, but smart, paths to tap the drone market. NVIDIA's approach will appeal to those looking to develop their own solution with the help of the GPU specialist's Jetson platform. Intel, meanwhile, offers a comprehensive suite of solutions that could appeal to those looking to skip the development time and effort. The bottom line is that both these approaches could work and help the two chipmakers prosper.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Harsh Chauhanhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends JD.com and Nvidia. The Motley Fool recommends Intel. The Motley Fool has adisclosure policy. || 2 Top Drone Stocks You Shouldn’t Miss: The use of drones is growing, with Gartner estimating that drone shipments in 2017 increased 39% from the previous year to 3 million units, generating $6 billion in revenue. This exciting growth is set to continue with estimates pegging the market's revenue increasing to $11.2 billion by 2020. The rapid adoption of drones isn't going to slow anytime soon thanks to wide-ranging applications like product deliveries, rescue operations, security, and agriculture, among many others. Research and Markets, for instance, forecasts that commercial drone shipments are set to rise at an annual pace of 55% through 2023. With such rapid growth at stake, technology giants Intel (NASDAQ: INTC) and NVIDIA (NASDAQ: NVDA) are stepping up their drone development programs. The chipmakers are using their expertise in computer vision and artificial intelligence (AI) to make a dent in this space, and they could turn out to be two of the best bets to buy into this market. Let's see why. Intel Falcon 8+ drone. Intel's Falcon 8+ drone. Image Source: Intel. The case for NVIDIA NVIDIA is trying to harness the power of its graphics processing units (GPUs) to accelerate drone development. Last year, the graphics specialist announced the Jetson TX2, a chip platform the size of a credit card, which enables AI in a wide range of devices, including drones. This new platform should help NVIDIA enhance its expertise in drones. Drones embedded with the Jetson TX1 AI supercomputer are able to navigate on their own and avoid objects in areas without global positioning system (GPS) satellites. With the Jetson TX2, NVIDIA is looking to raise its game as it claims that the new chip platform can deliver twice the computing power of its predecessor while consuming less power. So, a drone with the NVIDIA Jetson TX2 onboard can fly twice as fast as when it had the TX1 inside, and still avoid objects thanks to AI. Moreover, original equipment manufacturers can choose to increase battery life and the flying time because of lower power consumption, though they will have to compromise on speed. Story continues The updated platform is already bearing fruit for NVIDIA. The chipmaker recently announced a couple of wins in the drone space -- one at General Electric subsidiary Avitas Systems and the other at Chinese e-commerce company JD.com . Avitas will tap NVIDIA's AI expertise to train its drones for industrial inspection, while JD.com will use the chipmaker's Jetson platform to make AI-enabled drones for delivering products. Th JD.com partnership could be very fruitful as the Chinese e-commerce specialist plans to launch 1 million drones in the next five years using NVIDIA technology. JD.com intends to reduce logistics costs by 70% with the help of autonomous drones. It believes that NVIDIA's embedded AI-enabled Jetson platform will allow its drones to deliver packages weighing as much as 30 kilograms (about 66 pounds) at speeds as high as 62 miles per hour. NVIDIA could win big by becoming a supplier of autonomous navigation technology for drones, provided it can demonstrate the efficiency of its technology in real-world settings. The case for Intel At the Consumer Electronics Show in Las Vegas this month, Intel sent 250 Shooting Star drones into the sky to put on a light show. These drones are all show and no go for such light shows because they are stripped of essential features like GPS or other sensors. But this doesn't mean that Intel is using drones only for such gimmicks. Intel is serious about the commercial drone market. It has developed a full suite of products targeting this space, beginning with the Falcon 8+ drone system. The Falcon 8+ is designed for professional applications like industrial inspection and accurate data collection for mapping. Intel's drones can carry a full-frame photo camera to capture the finest details for mapping purposes. The inspection payload package comes with two cameras, one of which is mounted on a gimbal for capturing thermal images. So companies looking to deploy drones for industrial inspection can simply buy an Intel Falcon 8+, saving the time and development costs in buying a chipset and making their own system from the scratch. Intel also provides solutions for analytics and drone control. For instance, Intel RealSense enables features like obstacle avoidance and automated flight, while Intel Mission Control enables flight planning. The Intel Insight drone data-analytics platform is capable of churning out 2D/3D models that can be useful in industries like oil and gas, mining, construction, and agriculture. Intel seems to be preparing to tap the surface vision and inspection market, which could be worth $16 billion in 2023. And the digital mapping market represents a sizeable opportunity as it is expected to grow at 11.5% a year through 2025, according to Grand View Research. Intel and NVIDIA are taking different, but smart, paths to tap the drone market. NVIDIA's approach will appeal to those looking to develop their own solution with the help of the GPU specialist's Jetson platform. Intel, meanwhile, offers a comprehensive suite of solutions that could appeal to those looking to skip the development time and effort. The bottom line is that both these approaches could work and help the two chipmakers prosper. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends JD.com and Nvidia. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy . || Las Vegas Sands' Earnings Show Recovery in Macau: Las Vegas Sands Corp(NYSE: LVS)has beenlosing market share for the past year toWynn Resorts(NASDAQ: WYNN)andMelco Resorts(NASDAQ: MLCO), who are morefocused on the booming VIP market. But in the fourth quarter, the company took some of that momentum back and grew revenue at an impressive clip in Macau.
There were some ups and downs, as usual, but overall there was some solid progress for Las Vegas Sands in the fourth quarter. Here's a look at the highlights.
Image source: Getty Images.
We know that Macau's gaming revenue jumped 19% in 2017 and 20% in the fourth quarter. That's the bar against which we should judge all casino performance.
Below is a look at the volume of gambling at Las Vegas Sands' main resorts in Macau, which is the best way to judge gaming market share because it takes out the element of luck. Rolling chip volume measures VIP play, and nonrolling chip volume measures mass market play.
[{"Resort": "Venetian Macau", "Rolling Chip Volume/Change YOY": "$8.01 billion16.4%", "Nonrolling Chip Volume/Change YOY": "$2.08 billion21.5%"}, {"Resort": "Sands Cotai Central", "Rolling Chip Volume/Change YOY": "$2.35 billion(16.7%)", "Nonrolling Chip Volume/Change YOY": "$1.72 billion20.9%"}, {"Resort": "Four Seasons Macau", "Rolling Chip Volume/Change YOY": "$2.66 billion6.7%", "Nonrolling Chip Volume/Change YOY": "$389 million24.3%"}, {"Resort": "Sands Macau", "Rolling Chip Volume/Change YOY": "$748 million(46.7%)", "Nonrolling Chip Volume/Change YOY": "$615 million1.2%"}]
Data source: Las Vegas SandsQ4 2017 earnings release.
You can see that nonrolling chip growth was strong and exceeded the 19% growth in mass market play overall in the quarter. That's a good sign for Las Vegas Sands' casinos.
The VIP segment struggled compared to the 27% rise in VIP play in the fourth quarter, but that's to beexpected because Wynn Palaceand Melco's City of Dreams cater more to high-rollers.
Overall, Las Vegas Sands may have lost a little market share in the fourth quarter, but it stopped the bleeding that had taken place the last few quarters.
In Singapore, Marina Bay Sands saw a 4% decline in rolling chip volume to $7.92 billion and nonrolling chip volume fall 2.7% to $925 million. But a lucky streak meant casino revenue actually jumped 16% to $652 million.
In total, Marina Bay Sands generated $825 million in revenue and $456 million in adjustedEBITDA, up 14% and 25%, respectively.
The Venetian and Palazzo Las Vegas haven't been growth properties for years, but they're steady cash generators. In the fourth quarter, revenue was up 2.4% to $422 million on strong food, beverage, and convention growth. Adjusted EBITDA also rose 2.7% to $114 million.
Las Vegas Sands did continue its $0.73 per share dividend payment, which may be the best reason to own the stock. The company doesn't have any major construction projects, so it's using most of its cash flow to buy back stock and pay out dividends to shareholders. That may not be the exciting investment thesis gaming companies have traditionally had, but the 3.9% dividend yield from a cash flow machine is a great reason to own this stock long-term.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Travis Hoiumowns shares of Wynn Resorts. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Las Vegas Sands' Earnings Show Recovery in Macau: Las Vegas Sands Corp (NYSE: LVS) has been losing market share for the past year to Wynn Resorts (NASDAQ: WYNN) and Melco Resorts (NASDAQ: MLCO) , who are more focused on the booming VIP market . But in the fourth quarter, the company took some of that momentum back and grew revenue at an impressive clip in Macau. There were some ups and downs, as usual, but overall there was some solid progress for Las Vegas Sands in the fourth quarter. Here's a look at the highlights. Macau's skyline from the water. Image source: Getty Images. Macau got hot in 2017 We know that Macau's gaming revenue jumped 19% in 2017 and 20% in the fourth quarter. That's the bar against which we should judge all casino performance. Below is a look at the volume of gambling at Las Vegas Sands' main resorts in Macau, which is the best way to judge gaming market share because it takes out the element of luck. Rolling chip volume measures VIP play, and nonrolling chip volume measures mass market play. Resort Rolling Chip Volume/ Change YOY Nonrolling Chip Volume/ Change YOY Venetian Macau $8.01 billion 16.4% $2.08 billion 21.5% Sands Cotai Central $2.35 billion (16.7%) $1.72 billion 20.9% Four Seasons Macau $2.66 billion 6.7% $389 million 24.3% Sands Macau $748 million (46.7%) $615 million 1.2% Data source: Las Vegas Sands Q4 2017 earnings release . You can see that nonrolling chip growth was strong and exceeded the 19% growth in mass market play overall in the quarter. That's a good sign for Las Vegas Sands' casinos. The VIP segment struggled compared to the 27% rise in VIP play in the fourth quarter, but that's to be expected because Wynn Palace and Melco's City of Dreams cater more to high-rollers. Overall, Las Vegas Sands may have lost a little market share in the fourth quarter, but it stopped the bleeding that had taken place the last few quarters. Marina Bay Sands is on a lucky streak In Singapore, Marina Bay Sands saw a 4% decline in rolling chip volume to $7.92 billion and nonrolling chip volume fall 2.7% to $925 million. But a lucky streak meant casino revenue actually jumped 16% to $652 million. Story continues In total, Marina Bay Sands generated $825 million in revenue and $456 million in adjusted EBITDA , up 14% and 25%, respectively. Las Vegas continues its steady ways The Venetian and Palazzo Las Vegas haven't been growth properties for years, but they're steady cash generators. In the fourth quarter, revenue was up 2.4% to $422 million on strong food, beverage, and convention growth. Adjusted EBITDA also rose 2.7% to $114 million. The best reason to own Las Vegas Sands stock Las Vegas Sands did continue its $0.73 per share dividend payment, which may be the best reason to own the stock. The company doesn't have any major construction projects, so it's using most of its cash flow to buy back stock and pay out dividends to shareholders. That may not be the exciting investment thesis gaming companies have traditionally had, but the 3.9% dividend yield from a cash flow machine is a great reason to own this stock long-term. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Travis Hoium owns shares of Wynn Resorts. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
[Social Media Buzz]
The internet enabled the free flow of information, terrifying those who wanted to control communication. #Bitcoin enables the free flow of value, terrifying those who want to control your money.
Generations to come will see it as normal. https://t.co/0w7P5oxoYo || #Bitcoin 0.40%
Ultima: R$ 37300.01 Alta: R$ 37500.00 Baixa: R$ 36651.00
Fonte: Foxbit || 2018/01/29 01:00
#BTC 1262483円
#ETH 130520.2円
#ETC 3563.2円
#BCH 184777.2円
#XRP 135.1円
#XEM 107.6円
#LSK 2528.6円
#MONA 679.9円
#仮想通貨 #ビットコイン #B...
|
11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54, 49716.19, 49880.54, 46760.19, 46456.06, 43537.51, 42909.40, 37002.44, 40782.74, 37304.69, 37536.63, 34770.58, 38705.98, 38402.22, 39294.20, 38436.97, 35697.61, 34616.07, 35678.13, 37332.86, 36684.93, 37575.18, 39208.77, 36894.41, 35551.96, 35862.38, 33560.71, 33472.63, 37345.12, 36702.60, 37334.40, 35552.52, 39097.86, 40218.48, 40406.27, 38347.06, 38053.50, 35787.25, 35615.87, 35698.30, 31676.69, 32505.66, 33723.03, 34662.44, 31637.78, 32186.28, 34649.64, 34434.34, 35867.78, 35040.84, 33572.12, 33897.05, 34668.55.
|
[Bitcoin Technical Analysis for 2021-07-03]
Volume: 24383958643, RSI (14-day): 47.18, 50-day EMA: 38365.10, 200-day EMA: 39914.16
[Wider Market Context]
None available.
[Recent News (last 7 days)]
New Report Places United States at Top of ‘Crypto-Ready’ Countries: The United States is the world’s most “crypto-ready” country, according to new research published by crypto education platform Crypto Head. Crypto Head’s 2021 Crypto Ready Index considered the number of crypto ATMs in each country and their accessibility, the legality of crypto and whether banks can use it, and the number of online searches for crypto-related terms in calculating a “crypto-ready” index for 200 countries and territories. The United States ranked first, with a crypto-ready score of 7.13 out of 10. Cyprus ranked second and Singapore third, both scoring under 6.50. To be sure, the study is limited in scope, failing to touch on a number of factors that could shape a country’s readiness for wider-spread usage of cryptocurrencies, including its tax laws and wider regulatory environment. Related: Bitcoin Holds Support; Faces Resistance at $36K According to data collected by Crypto Head, the U.S. has 17,436 crypto ATMs – nearly 16,000 more than the second-ranked country in this category, Canada. That number is growing rapidly in the U.S. as bitcoin ATM companies like Coin Cloud rapidly expand installations nationwide. The rise underscores bitcoin’s increasing popularity as a means of payment. Alongside the number of ATMs, Crypto Head also looked at the number of people per ATM. The United States placed first here as well, with a crypto ATM for every 19,023 people, compared to Canada’s second-place ratio of one ATM for every 26,265 people. Japan ranked last with a single bitcoin ATM for its 126 million people, although 24 countries did not have a crypto ATM. Crypto Head also awarded the U.S. and 39 other countries with particularly favorable legal environments for crypto a maximum two points – one point if crypto was legal to own and one point if it was allowed to be used in banks. Lastly, Crypto Head also examined the number of cryptocurrency online searches compared to the previous year’s data to indicate rising interest among each country’s population. Story continues Related: Ransomware Group REvil Strikes Again, Demands $70M in Bitcoin From 200 US Firms Cyprus ranked first with nearly 34,000 crypto searches for every 100,000 people – an almost 137% increase from the year before. In many countries, interest in crypto is also growing rapidly. Romania saw the largest year-on-year increase in crypto searches at 331%, with countries like Greece, Canada, the United Kingdom and Saudi Arabia not far behind. Related Stories Bitcoin Supply Held by ‘Whale Entities’ Hits Two-Month High in Bullish Sign Reinvent Money to Reward Virtue || New Report Places United States at Top of ‘Crypto-Ready’ Countries: The United States is the world’s most “crypto-ready” country, according to new research published by crypto education platform Crypto Head.
Crypto Head’s 2021Crypto Ready Indexconsidered the number of crypto ATMs in each country and their accessibility, the legality of crypto and whether banks can use it, and the number of online searches for crypto-related terms in calculating a “crypto-ready” index for 200 countries and territories.
The United States ranked first, with a crypto-ready score of 7.13 out of 10. Cyprus ranked second and Singapore third, both scoring under 6.50. To be sure, the study is limited in scope, failing to touch on a number of factors that could shape a country’s readiness for wider-spread usage of cryptocurrencies, including its tax laws and wider regulatory environment.
Related:Bitcoin Holds Support; Faces Resistance at $36K
According todata collectedby Crypto Head, the U.S. has 17,436 crypto ATMs – nearly 16,000 more than the second-ranked country in this category, Canada. That number is growing rapidly in the U.S. asbitcoinATM companies likeCoin Cloudrapidly expand installations nationwide. The rise underscores bitcoin’s increasing popularity as a means of payment.
Alongside the number of ATMs, Crypto Head also looked at the number of people per ATM. The United States placed first here as well, with a crypto ATM for every 19,023 people, compared to Canada’s second-place ratio of one ATM for every 26,265 people. Japan ranked last with a single bitcoin ATM for its 126 million people, although 24 countries did not have a crypto ATM.
Crypto Head also awarded the U.S. and 39 other countries with particularly favorable legal environments for crypto a maximum two points – one point if crypto was legal to own and one point if it was allowed to be used in banks.
Lastly, Crypto Head also examined the number of cryptocurrency online searches compared to the previous year’s data to indicate rising interest among each country’s population.
Related:Ransomware Group REvil Strikes Again, Demands $70M in Bitcoin From 200 US Firms
Cyprus ranked first with nearly 34,000 crypto searches for every 100,000 people – an almost 137% increase from the year before. In many countries, interest in crypto is also growing rapidly. Romania saw the largest year-on-year increase in crypto searches at 331%, with countries like Greece, Canada, the United Kingdom and Saudi Arabia not far behind.
• Bitcoin Supply Held by ‘Whale Entities’ Hits Two-Month High in Bullish Sign
• Reinvent Money to Reward Virtue || Skip the Check — Send Crypto for Your Grandkid’s Next Birthday: Millennials are leading the cryptocurrency revolution. And grandparents who want to win their hearts may find the way to do it is through their children’s digital wallets.
See:Teens Today Are Aware of Investing Because of Social MediaFind:What Is the Next Big Cryptocurrency To Explode in 2021?
A recent Wells Fargo survey showed that45% of teens think they know more about crypto than their parents do— with 50% of parents agreeing that their teens’ knowledge of Bitcoin, specifically, exceeded their own. Combine crypto-savvy teens with that generation’s migration toward digital banks and the time is ripe for grandparents to shift their gift-giving strategy to promote investing, rather than spending.
In a study from financial services company Step, teens eschewed traditional banks, seeking options that were “built for teens” and “fee-free.” For many, that means digital savings accounts as well as investment apps.
Related:Teen Budgeting App Gets $100 Million Investment from Will Smith, Jared Leto
Here are a few good reasons why you should send crypto for your grandkid’s next birthday — or even an upcoming graduation celebration, back-to-school gift or other occasion that could warrant a check.
Even if you were late to the investment game, you’ll show your grandchild you support their efforts if you give them a gift that could increase in value over time. Whether the recipient already owns stock shares/crypto or is just cryptocurious, your gift can offer a jump-start or leg up.
More:Comparing Investments: Real Estate vs. Crypto vs. Gold
Cash is losing value quickly with inflation rates at a 13-year high. You wouldn’t want your gift to lose value before the recipient even has a chance to cash the check. If your teen is smart and savvy about their investment, they are almost certain to see reputable cryptos such as Ethereum and Bitcoin continue to rise in value.
When you’re tracking investments, it’s important to look at long-term trends instead of peaks and dips based on short-term market conditions. Since October 2013, Bitcoin has increased in value from $196.02 for one coin up to $34,213 per coin today.
Compare:Ethereum vs. Bitcoin: Which Crypto Is Better?
Many teens don’t have bank accounts, which leaves it on their parents to cash the check and give them the funds. Empower teens with the added convenience of crypto delivered directly into their digital wallet.
Today, more companies than you might think accept Bitcoin as payment, including Etsy, Starbucks, and online electronics company Newegg. Many smaller companies and performing artists also accept crypto. You can also deposit Bitcoin into the payment platform PayPal and use it to make purchases that way.
Find Out:10 Major Companies That Accept Bitcoin
Of course, your grandkid can always trade the crypto for cash to make a purchase anywhere — or shift their investment to their favorite stock.
Once you’ve recognized the benefits and incredible convenience of gifting crypto, you may wonder how to do it. Most crypto trading platforms make it easy to give as a gift. You may want to find out what platform the recipient uses if they already trade crypto or have a digital wallet. Coinbase is one of the most popular, but there are several others that are equally reliable and trustworthy.
Once you’ve set up an account, simply transfer the crypto via the app to the gift recipient. You will need their email address or their public Bitcoin address to make the transfer.
See:If You Invested $1,000 in These Cryptocurrencies a Year Ago, Here’s How Much You’d Have NowFind:Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency
If you like the idea of having a paper gift to present, you can obtain a “paper wallet” and print it. That wallet will contain a key or QR code for your grandchild to access their present and transfer it to their own account.
More From GOBankingRates:
• From New York to California: A Spotlight on Beloved Small Businesses Across All 50 States
• Read About the Best Small Businesses in Your State
• Small Businesses That Celebrities Love
• Big Personal Goals That You Should Put Your Money Toward
Last updated: June 29, 2021
This article originally appeared onGOBankingRates.com:Skip the Check — Send Crypto for Your Grandkid’s Next Birthday || Skip the Check Send Crypto for Your Grandkids Next Birthday: Andrii Atanov / iStock.com Millennials are leading the cryptocurrency revolution. And grandparents who want to win their hearts may find the way to do it is through their childrens digital wallets. See: Teens Today Are Aware of Investing Because of Social Media Find: What Is the Next Big Cryptocurrency To Explode in 2021? A recent Wells Fargo survey showed that 45% of teens think they know more about crypto than their parents do with 50% of parents agreeing that their teens knowledge of Bitcoin, specifically, exceeded their own. Combine crypto-savvy teens with that generations migration toward digital banks and the time is ripe for grandparents to shift their gift-giving strategy to promote investing, rather than spending. In a study from financial services company Step, teens eschewed traditional banks, seeking options that were built for teens and fee-free. For many, that means digital savings accounts as well as investment apps. Related: Teen Budgeting App Gets $100 Million Investment from Will Smith, Jared Leto Here are a few good reasons why you should send crypto for your grandkids next birthday or even an upcoming graduation celebration, back-to-school gift or other occasion that could warrant a check. Youll Emphasize the Importance of Investing Even if you were late to the investment game, youll show your grandchild you support their efforts if you give them a gift that could increase in value over time. Whether the recipient already owns stock shares/crypto or is just cryptocurious, your gift can offer a jump-start or leg up. More: Comparing Investments: Real Estate vs. Crypto vs. Gold Your Teen Will Get More Value From Your Money Cash is losing value quickly with inflation rates at a 13-year high. You wouldnt want your gift to lose value before the recipient even has a chance to cash the check. If your teen is smart and savvy about their investment, they are almost certain to see reputable cryptos such as Ethereum and Bitcoin continue to rise in value. Story continues When youre tracking investments, its important to look at long-term trends instead of peaks and dips based on short-term market conditions. Since October 2013, Bitcoin has increased in value from $196.02 for one coin up to $34,213 per coin today. Compare: Ethereum vs. Bitcoin: Which Crypto Is Better? Crypto Is Convenient Many teens dont have bank accounts, which leaves it on their parents to cash the check and give them the funds. Empower teens with the added convenience of crypto delivered directly into their digital wallet. Your Teen Can Convert the Crypto to Cash if Desired or Use It To Make a Purchase Today, more companies than you might think accept Bitcoin as payment, including Etsy, Starbucks, and online electronics company Newegg. Many smaller companies and performing artists also accept crypto. You can also deposit Bitcoin into the payment platform PayPal and use it to make purchases that way. Find Out: 10 Major Companies That Accept Bitcoin Of course, your grandkid can always trade the crypto for cash to make a purchase anywhere or shift their investment to their favorite stock. How To Give Crypto as a Gift Once youve recognized the benefits and incredible convenience of gifting crypto, you may wonder how to do it. Most crypto trading platforms make it easy to give as a gift. You may want to find out what platform the recipient uses if they already trade crypto or have a digital wallet. Coinbase is one of the most popular, but there are several others that are equally reliable and trustworthy. Once youve set up an account, simply transfer the crypto via the app to the gift recipient. You will need their email address or their public Bitcoin address to make the transfer. See: If You Invested $1,000 in These Cryptocurrencies a Year Ago, Heres How Much Youd Have Now Find: Is Crypto Mainstream Now? Over 4/10 Investors Report Putting Money Into Cryptocurrency If you like the idea of having a paper gift to present, you can obtain a paper wallet and print it. That wallet will contain a key or QR code for your grandchild to access their present and transfer it to their own account. More From GOBankingRates: From New York to California: A Spotlight on Beloved Small Businesses Across All 50 States Read About the Best Small Businesses in Your State Small Businesses That Celebrities Love Big Personal Goals That You Should Put Your Money Toward Last updated: June 29, 2021 This article originally appeared on GOBankingRates.com : Skip the Check Send Crypto for Your Grandkids Next Birthday || Even Gold-Obsessed Indians Are Pouring Into Crypto: (Bloomberg) -- The cryptocurrency aficionados’ mantra that Bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the precious metal.
In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $923 million in April 2020 to nearly $6.6 billion in May of this year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban.
Richi Sood, a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she’s put in just over 1 million rupees ($13,400) – some of it borrowed from her father – into Bitcoin, Dogecoin and Ether.
And she’s been fortunate with her timing. She cashed out part of her position when Bitcoin smashed through $50,000 in February and bought back in after the recent tumble, allowing her to fund the overseas expansion of her education startup Study Mate India.
“I’d rather put my money in crypto than gold,” Sood said. “Crypto is more transparent than gold or property and returns are more in a short period of time.”
She’s part of a growing number of Indians -- now totalling more than 15 million -- buying and selling digital coins. That’s catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K.
The growth in India is coming from the 18-35 year old cohort, says the co-founder of India’s first cryptocurrency exchange. Latest World Gold Council data indicated Indian adults under age 34 have less appetite for gold than older consumers.
“They find it far easier to invest in crypto than gold because the process is very simple,” said Sandeep Goenka, who co-founded ZebPay and spent years representing the industry in discussions with the government on regulation. “You go online, you can buy crypto, you don’t have to verify it, unlike gold.”
One of the biggest barriers preventing wider adoption is the regulatory uncertainty. Last year, the Supreme Court quashed a 2018 rule banning crypto trading by banking entities, resulting in a trading surge.
However, authorities show no signs of embracing cryptocurrencies. The nation’s central bank says it has “major concerns” about the asset class and six months ago the Indian government proposed a ban on trading in digital coins – though it has been silent on the topic since.
“I am flying blind,” said Sood. “I have a risk-taking appetite, so I’m willing to take a risk of a ban.”
It’s not the only country where regulators are cracking down. The U.K.’s financial watchdog has just banned Binance Markets Ltd. from doing any regulated business in the country.
The official hostility though means many bigger individual investors are reluctant to speak openly about their holdings. One banker Bloomberg spoke to who invested more than $1 million into crypto assets said with no clear income tax rules at present he was concerned about the possibility of retrospective tax raids if he was publicly known to be a big-ticket crypto investor.
He’s already got contingency plans in place to move his trading to an offshore Singapore bank account if a ban was to be introduced.
To be sure, the value of Indian digital asset holdings remain a sliver of its gold market. Still, the growth is clear, especially in trading -- the four biggest crypto exchanges saw daily trading jump to $102 million from $10.6 million a year ago, according to CoinGecko. The country significantly trails China’s $161 billion market, according to Chainalysis.
For now, the increasing adoption is another sign of Indians’ willingness to take risk within a consumer finance sector that’s plagued with examples of regulatory short falls.
“I think over time everyone is going to adopt it in every country,“ said Keneth Alvares, 22, an independent digital marketer who has invested more than $1,300 in crypto so far. “Right now the whole thing is scary with regulation but it doesn’t worry me because I’m not planning to remove anything for now.”
(Company corrects data on crypto investments in second paragraph)
More stories like this are available onbloomberg.com
Subscribe nowto stay ahead with the most trusted business news source.
©2021 Bloomberg L.P. || Even Gold-Obsessed Indians Are Pouring Into Crypto: (Bloomberg) -- The cryptocurrency aficionados’ mantra that Bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the precious metal. In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $923 million in April 2020 to nearly $6.6 billion in May of this year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban. Richi Sood, a 32-year-old entrepreneur is one of those who swerved from gold to crypto. Since December, she’s put in just over 1 million rupees ($13,400) – some of it borrowed from her father – into Bitcoin, Dogecoin and Ether. And she’s been fortunate with her timing. She cashed out part of her position when Bitcoin smashed through $50,000 in February and bought back in after the recent tumble, allowing her to fund the overseas expansion of her education startup Study Mate India. “I’d rather put my money in crypto than gold,” Sood said. “Crypto is more transparent than gold or property and returns are more in a short period of time.” She’s part of a growing number of Indians -- now totalling more than 15 million -- buying and selling digital coins. That’s catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K. The growth in India is coming from the 18-35 year old cohort, says the co-founder of India’s first cryptocurrency exchange. Latest World Gold Council data indicated Indian adults under age 34 have less appetite for gold than older consumers. “They find it far easier to invest in crypto than gold because the process is very simple,” said Sandeep Goenka, who co-founded ZebPay and spent years representing the industry in discussions with the government on regulation. “You go online, you can buy crypto, you don’t have to verify it, unlike gold.” One of the biggest barriers preventing wider adoption is the regulatory uncertainty. Last year, the Supreme Court quashed a 2018 rule banning crypto trading by banking entities, resulting in a trading surge. Story continues However, authorities show no signs of embracing cryptocurrencies. The nation’s central bank says it has “major concerns” about the asset class and six months ago the Indian government proposed a ban on trading in digital coins – though it has been silent on the topic since. “I am flying blind,” said Sood. “I have a risk-taking appetite, so I’m willing to take a risk of a ban.” It’s not the only country where regulators are cracking down. The U.K.’s financial watchdog has just banned Binance Markets Ltd. from doing any regulated business in the country. The official hostility though means many bigger individual investors are reluctant to speak openly about their holdings. One banker Bloomberg spoke to who invested more than $1 million into crypto assets said with no clear income tax rules at present he was concerned about the possibility of retrospective tax raids if he was publicly known to be a big-ticket crypto investor. He’s already got contingency plans in place to move his trading to an offshore Singapore bank account if a ban was to be introduced. To be sure, the value of Indian digital asset holdings remain a sliver of its gold market. Still, the growth is clear, especially in trading -- the four biggest crypto exchanges saw daily trading jump to $102 million from $10.6 million a year ago, according to CoinGecko. The country significantly trails China’s $161 billion market, according to Chainalysis. For now, the increasing adoption is another sign of Indians’ willingness to take risk within a consumer finance sector that’s plagued with examples of regulatory short falls. “I think over time everyone is going to adopt it in every country,“ said Keneth Alvares, 22, an independent digital marketer who has invested more than $1,300 in crypto so far. “Right now the whole thing is scary with regulation but it doesn’t worry me because I’m not planning to remove anything for now.” (Company corrects data on crypto investments in second paragraph) More stories like this are available on bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2021 Bloomberg L.P. || 4 Top Stock Trades for Tuesday: SPCE, COIN, PYPL, BA: We got a better-than-expected jobs report on Friday morning, which helped fuel another run to new all-time highs in the S&P 500 and Nasdaq. And with a long holiday weekend ahead of us, let’s look at a few top stock trades for Tuesday. Top Stock Trades for Tuesday No. 1: Virgin Galactic (SPCE) Top stock trades for SPCE Click to Enlarge Source: Chart courtesy of TrendSpider Virgin Galactic (NYSE: SPCE ) has had an insane last couple of days. Shares erupted higher last Friday on positive news, but have wobbled since. Shares then put in four-straight down days coming into this Friday, where SPCE stock again took off. However, it’s now fading from the highs, as the 78.6% remains a hotly contested area between bulls and bears. We need clarity around this area. InvestorPlace - Stock Market News, Stock Advice & Trading Tips If it continues as resistance, the $46.43 gap-fill level remains vulnerable. Same can be said of the 10-day moving average. Below both measures as well as this week’s low at $43.08 could put the other gap-fill measure in play at $41.66. That’s along with the 21-day moving average. 7 Internet of Things Stocks to Buy to Profit From the Exploding IoT Trend On the upside, though, I really want to see a close above the 78.6% retracement. That puts the recent high in play near $57.50, followed by the all-time high up at $62.80. Top Stock Trades for Tuesday No. 2: Coinbase (COIN) Top stock trades for COIN Click to Enlarge Source: Chart courtesy of TrendSpider Coinbase (NASDAQ: COIN ) has a pretty interesting setup. It’s interesting because not many people would look at this chart and find the positives. Most would link it to the bear market in Bitcoin (CCC: BTC-USD ) and note the painful decline we’ve seen since Coinbase’s public debut. To be fair, that is true. So is the fact that shares are being rejected by the 10-week and 50-day moving averages. However, that doesn’t make the positive nonexistent. For instance, Coinbase has finally broken out of that nasty downtrend (blue line) it was in. Furthermore, after a nice rally, we’re getting a dip into the short-term moving averages. Story continues From here, it’s important that these moving averages act as support. A break below the 21-day could put the $208 to $210 zone back on the table. On the upside, $261 is the level to watch. A rotation over this mark not only puts Coinbase at new recent highs, but it also puts it over the 10-week and 50-day moving averages. That could open the door for a rally back to $300-plus. Top Stock Trades for Tuesday No. 3: PayPal (PYPL) Top stock trades for PYPL Click to Enlarge Source: Chart courtesy of TrendSpider On Friday morning, PayPal (NASDAQ: PYPL ) gave bulls a daily-up rotation after a nice reset back to its short-term moving averages. So far, though, the stock is having trouble maintaining its opening-drive momentum. That doesn’t mean the setup is dead, but it means short-term bulls need to be aware that this one could fail to bounce. Notice these two things: How PayPal has found the 10-day moving as support and how long it’s gone without a test of this measure. The stock hit it on Thursday and bounced, then momentarily gave bulls the rotation they were looking for on Friday. If it doesn’t bounce from here, look for a break of Thursday’s low near $285. A close below likely puts the 21-day moving average and $277.50 area on the table. 5 Stocks to Buy for Biden’s Big Infrastructure Bill On the upside, a move above Friday’s high puts $295 to $296 in play, followed by $300-plus. Above $300 could put the highs near $306 to $308 on the table. Top Trades for Tuesday No. 4: Boeing (BA) Top stock trades for BA Click to Enlarge Source: Chart courtesy of TrendSpider Boeing (NYSE: BA ) had some negative news on Friday. While that hit the stock, it didn’t destroy it. Instead, shares are trying to bounce. Unfortunately, the charts just look sloppy. Shares have been struggling to hold above the 10-day, 21-day and 50-day moving averages. If the stock can’t hold Friday’s low, we may need to see it test down into the $220 support area, as well as the 10-month moving average. Below that, and the 200-day moving average will be forced into action. On the upside, however, it’s really a battle against the short-term moving averages outlined above. If BA stock can rotate over these measures, it puts the $255 area in play. That’s been stiff resistance for a couple of months now. In other words, look for further weakness down to the $220 to $225 area or a rotation over $245 that could put $255 on the table. On the date of publication, Bret Kenwell held a long position in PYPL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines . Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell . More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner The post 4 Top Stock Trades for Tuesday: SPCE, COIN, PYPL, BA appeared first on InvestorPlace . || 4 Top Stock Trades for Tuesday: SPCE, COIN, PYPL, BA: We got a better-than-expected jobs report on Friday morning, which helped fuel another run to new all-time highs in theS&P 500andNasdaq.And with a long holiday weekend ahead of us, let’s look at a few top stock trades for Tuesday.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Virgin Galactic(NYSE:SPCE) has had an insane last couple of days. Shares erupted higher last Friday on positive news, but have wobbled since. Shares then put in four-straight down days coming into this Friday, where SPCE stock again took off.
However, it’s now fading from the highs, as the 78.6% remains a hotly contested area between bulls and bears. We need clarity around this area.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
If it continues as resistance, the $46.43 gap-fill level remains vulnerable. Same can be said of the 10-day moving average. Below both measures as well as this week’s low at $43.08 could put the other gap-fill measure in play at $41.66. That’s along with the 21-day moving average.
• 7 Internet of Things Stocks to Buy to Profit From the Exploding IoT Trend
On the upside, though, I really want to see a close above the 78.6% retracement. That puts the recent high in play near $57.50, followed by the all-time high up at $62.80.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Coinbase(NASDAQ:COIN) has a pretty interesting setup. It’s interesting because not many people would look at this chart and find the positives. Most would link it to the bear market inBitcoin(CCC:BTC-USD) and note the painful decline we’ve seen since Coinbase’s public debut.
To be fair, thatistrue. So is the fact that shares are being rejected by the 10-week and 50-day moving averages.
However, that doesn’t make the positive nonexistent. For instance, Coinbase has finally broken out of that nasty downtrend (blue line) it was in. Furthermore, after a nice rally, we’re getting a dip into the short-term moving averages.
From here, it’s important that these moving averages act as support. A break below the 21-day could put the $208 to $210 zone back on the table. On the upside, $261 is the level to watch.
A rotation over this mark not only puts Coinbase at new recent highs, but it also puts it over the 10-week and 50-day moving averages. That could open the door for a rally back to $300-plus.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
On Friday morning,PayPal(NASDAQ:PYPL) gave bulls a daily-up rotation after a nice reset back to its short-term moving averages. So far, though, the stock is having trouble maintaining its opening-drive momentum.
That doesn’t mean the setup is dead, but it means short-term bulls need to be aware that this one could fail to bounce.
Notice these two things: How PayPal has found the 10-day moving as support and how long it’s gone without a test of this measure. The stock hit it on Thursday and bounced, then momentarily gave bulls the rotation they were looking for on Friday.
If it doesn’t bounce from here, look for a break of Thursday’s low near $285. A close below likely puts the 21-day moving average and $277.50 area on the table.
• 5 Stocks to Buy for Biden’s Big Infrastructure Bill
On the upside, a move above Friday’s high puts $295 to $296 in play, followed by $300-plus. Above $300 could put the highs near $306 to $308 on the table.
Click to Enlarge
Source: Chart courtesy ofTrendSpider
Boeing(NYSE:BA) had some negative news on Friday. While that hit the stock, it didn’t destroy it. Instead, shares are trying to bounce. Unfortunately, the charts just look sloppy.
Shares have been struggling to hold above the 10-day, 21-day and 50-day moving averages. If the stock can’t hold Friday’s low, we may need to see it test down into the $220 support area, as well as the 10-month moving average.
Below that, and the 200-day moving average will be forced into action.
On the upside, however, it’s really a battle against the short-term moving averages outlined above. If BA stock can rotate over these measures, it puts the $255 area in play. That’s been stiff resistance for a couple of months now.
In other words, look for further weakness down to the $220 to $225 area or a rotation over $245 that could put $255 on the table.
On the date of publication, Bret Kenwell held a long position in PYPL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Bret Kenwell is the manager and author ofFuture Blue Chipsand is on Twitter@BretKenwell.
• Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
• It doesn’t matter if you have $500 in savings or $5 million. Do this now.
• Top Stock Picker Reveals His Next Potential 500% Winner
The post4 Top Stock Trades for Tuesday: SPCE, COIN, PYPL, BAappeared first onInvestorPlace. || Stock Market Today: Records Crumble as Wall Street Cheers Jobs Report: A climber gets to the mountaintop. Getty Images Better-than-expected employment news was Wall Street's central focus Friday, and the driving force behind new record highs in all three of the major stock indexes. The Labor Department reported that the U.S. added 850,000 nonfarm payrolls in June, well above the consensus economist expectation of 720,000. SEE MORE The 21 Best Stocks to Buy for 2021 One unwelcome surprise, however, was the unemployment rate, which ticked higher to 5.9%, from 5.8% in May, and exceeded the 5.6% figure economists were looking for. "Despite the snappy headline print, the June jobs report actually casts a dimmer light on the economic recovery," says Sal Guatieri, senior economist at BMO Capital Markets. "Most of the new jobs now being created are in sectors that were slammed by the pandemic, while companies in other industries are struggling to find available workers … this doesn't bode well for strong organic growth." So, why the clearly positive response in equities? "The payroll report is effectively a goldilocks report for both the economy and markets," says Amit Sinha, head of Multi-Asset Design at Voya Investment Management. "It validates the growth story while reducing fears of the Fed taking away the punch bowl anytime soon." Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. The S&P 500 (+0.8% to 4,352) and Nasdaq Composite (+0.8% to 14,639) both closed at new all-time highs – a routine occurrence of late. The Dow Jones Industrial Average joined the party, finishing up 0.4% to 34,786, surpassing its previous record close of 34,777, set on May 7. LPL Financial Chief Market Strategist Ryan Detrick adds that the June jobs report provided some clues into the near-term future for inflation. “The sustainability of bargaining power for relatively lower wage service sector workers who return to the labor force is going to be an important tell on the inflation debate,” he says. “Wage increases can lead to stickier inflation, and at the moment some employers have no choice but to pay up in order to meet surging demand. Whether this dynamic holds past summer and into the fall, though, remains to be seen.” Story continues SEE MORE 12 Hot Upcoming IPOs to Watch For in 2021 And guess what? We're now rolling into a long weekend, as the markets will close Monday in observance of Independence Day . Other action in the stock market today: The small-cap Russell 2000 didn't participate in the rally, declining a full 1.0% to 2,305. International Business Machines ( IBM ) was the worst Dow stock today, shedding 4.6%. Today's drop came in response to news that the tech company's president, Jim Whitehurst, is stepping down. Whitehurst took the role following IBM's acquisition of Red Hat – where he served as CEO for 12 years – in April 2020. He will stay on in an advisory role. Virgin Galactic Holdings ( SPCE ) was a big mover on news the company's founder, Richard Branson, will be on its July 11 spaceflight test. This gives Branson the upper hand in the "billionaire space race," beating out Amazon.com ( AMZN ) founder Jeff Bezos, who is slated to be a passenger on a July 20 spaceflight from his company Blue Origin. SPCE ended the day up 4.1%. U.S. crude oil futures finished with a marginal loss at $75.16 per barrel. Gold futures settled up 0.4% at $1,783.30 an ounce. The CBOE Volatility Index (VIX) declined 2.1% to 15.15. Bitcoin prices improved a modest 0.5% to $33,267.56. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day. stock chart for 070221 YCharts Tech for the Long Term We've spent much of the past couple weeks looking ahead to the rest of 2021, and most forecasts call for continued strength in value sectors such as energy, industrials and financials. But once you start to look out years rather than months, many of the best growth opportunities are exactly where you'd expect them: technological trends. Take electric vehicles (EVs) , a global market that research firm Million Insights estimates will grow by 41.5% annually to reach $1.2 trillion by 2027. Or artificial intelligence (AI) , which Grand View Research sees expanding by 40.2% annually to nearly $1 trillion by 2028. But these and other tech trends all have one thing in common: They're powered by semiconductors. Chip stocks, then, are almost impossible to ignore. Not only do they make up the foundations of most bleeding-edge technologies you can think of, but they're a necessary component of just about any device we interact with on a daily basis. But which plays stand out? Check out our look at seven of the best semiconductor stocks to buy . Kyle Woodley was long SPCE as of this writing. SEE MORE The 25 Best Low-Fee Mutual Funds You Can Buy You may also like Your Guide to Roth Conversions What Is the Social Security COLA? 13 States That Tax Social Security Benefits || Stock Market Today: Records Crumble as Wall Street Cheers Jobs Report: A climber gets to the mountaintop. Getty Images Better-than-expected employment news was Wall Street's central focus Friday, and the driving force behind new record highs in all three of the major stock indexes. The Labor Department reported that the U.S. added 850,000 nonfarm payrolls in June, well above the consensus economist expectation of 720,000. SEE MORE The 21 Best Stocks to Buy for 2021 One unwelcome surprise, however, was the unemployment rate, which ticked higher to 5.9%, from 5.8% in May, and exceeded the 5.6% figure economists were looking for. "Despite the snappy headline print, the June jobs report actually casts a dimmer light on the economic recovery," says Sal Guatieri, senior economist at BMO Capital Markets. "Most of the new jobs now being created are in sectors that were slammed by the pandemic, while companies in other industries are struggling to find available workers … this doesn't bode well for strong organic growth." So, why the clearly positive response in equities? "The payroll report is effectively a goldilocks report for both the economy and markets," says Amit Sinha, head of Multi-Asset Design at Voya Investment Management. "It validates the growth story while reducing fears of the Fed taking away the punch bowl anytime soon." Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. The S&P 500 (+0.8% to 4,352) and Nasdaq Composite (+0.8% to 14,639) both closed at new all-time highs – a routine occurrence of late. The Dow Jones Industrial Average joined the party, finishing up 0.4% to 34,786, surpassing its previous record close of 34,777, set on May 7. LPL Financial Chief Market Strategist Ryan Detrick adds that the June jobs report provided some clues into the near-term future for inflation. “The sustainability of bargaining power for relatively lower wage service sector workers who return to the labor force is going to be an important tell on the inflation debate,” he says. “Wage increases can lead to stickier inflation, and at the moment some employers have no choice but to pay up in order to meet surging demand. Whether this dynamic holds past summer and into the fall, though, remains to be seen.” Story continues SEE MORE 12 Hot Upcoming IPOs to Watch For in 2021 And guess what? We're now rolling into a long weekend, as the markets will close Monday in observance of Independence Day . Other action in the stock market today: The small-cap Russell 2000 didn't participate in the rally, declining a full 1.0% to 2,305. International Business Machines ( IBM ) was the worst Dow stock today, shedding 4.6%. Today's drop came in response to news that the tech company's president, Jim Whitehurst, is stepping down. Whitehurst took the role following IBM's acquisition of Red Hat – where he served as CEO for 12 years – in April 2020. He will stay on in an advisory role. Virgin Galactic Holdings ( SPCE ) was a big mover on news the company's founder, Richard Branson, will be on its July 11 spaceflight test. This gives Branson the upper hand in the "billionaire space race," beating out Amazon.com ( AMZN ) founder Jeff Bezos, who is slated to be a passenger on a July 20 spaceflight from his company Blue Origin. SPCE ended the day up 4.1%. U.S. crude oil futures finished with a marginal loss at $75.16 per barrel. Gold futures settled up 0.4% at $1,783.30 an ounce. The CBOE Volatility Index (VIX) declined 2.1% to 15.15. Bitcoin prices improved a modest 0.5% to $33,267.56. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day. stock chart for 070221 YCharts Tech for the Long Term We've spent much of the past couple weeks looking ahead to the rest of 2021, and most forecasts call for continued strength in value sectors such as energy, industrials and financials. But once you start to look out years rather than months, many of the best growth opportunities are exactly where you'd expect them: technological trends. Take electric vehicles (EVs) , a global market that research firm Million Insights estimates will grow by 41.5% annually to reach $1.2 trillion by 2027. Or artificial intelligence (AI) , which Grand View Research sees expanding by 40.2% annually to nearly $1 trillion by 2028. But these and other tech trends all have one thing in common: They're powered by semiconductors. Chip stocks, then, are almost impossible to ignore. Not only do they make up the foundations of most bleeding-edge technologies you can think of, but they're a necessary component of just about any device we interact with on a daily basis. But which plays stand out? Check out our look at seven of the best semiconductor stocks to buy . Kyle Woodley was long SPCE as of this writing. SEE MORE The 25 Best Low-Fee Mutual Funds You Can Buy You may also like Your Guide to Roth Conversions What Is the Social Security COLA? 13 States That Tax Social Security Benefits || Market Wrap: Bitcoin Rangebound Into the Weekend, Lags Crypto Stocks: Bitcoin was mostly flat on Friday as buyers and sellers appear to be in a stalemate. The world’s largest cryptocurrency is up about 6% over the past week and is expected to hold support above $30,000 into the weekend.
In traditional markets, the S&P 500 and Nasdaq reachedall-time highsafter a better-than-expected U.S. jobs report on Friday. For now, sentiment for risky assets appears to be alive as well asvolatility declinesin both traditional markets and bitcoin.
Cryptocurrencies:
• Bitcoin(BTC) $33228, -0.1%
• Ether(ETH) $2091, -0.59%
Related:Bitcoin Holds Support; Faces Resistance at $36K
Traditional markets:
• S&P 500: 4352.4 +0.75%
• Gold: $1786.97, 0.58%
• 10-year Treasury yield closed at 1.437%, compared with 1.463% on Thursday
Bitcoin’s implied volatility remains elevated despite rangebound trading since mid-May, according to options data providerSkew. This suggests traders are not complacent given the recent stabilization in price. There is still some uncertainty present in the options market at the beginning of July.
“$34,000 is a key level for accelerated moves to the up or downside with highest gamma exposure for both puts and calls,” Pankaj Balani, CEO ofDelta Exchange, wrote in an email to CoinDesk.
“As spot trades lower, the market has yet to find its footing,” Balani wrote. “As long as players write upside exposure in size, a rangebound play with more downside risk seems likely.”
Related:Bitcoin’s Weekend Price Bounce Fades Even as Exchange Balances Drop
Crypto related stocks such as Coinbase (NASDAQ: COIN) and Riot Blockchain (NASDAQ: RIOT) have outperformed bitcoin over the past few months, albeit within a tight range. Some traders are looking for a breakout or breakdown in stocks as a leading signal for bitcoin in the coming weeks.
COIN registered a downside exhaustion signal in June, confirmed byDeMark indicators. The stock will need to see a break above $260 to shift the downtrend since its April debut.
The bitcoin market couldgeta boost this month from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust (GBTC), the world’s largest cryptocurrency fund. Grayscale is owned by the Digital Currency Group, which is also the parent company of CoinDesk.
Some digital asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin in order to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares.
• USDC on Tron:The circulating supply of USD coin (USDC) on the Tron blockchain hassurpassed108 million in less than a month, according to blockchain data. This could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum.
• Grayscale buys ADA:Grayscale InvestmentsaddedADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund. The digital asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA.
• Fed’s Powell May Have Met With Coinbase CEO in May
• Binance Not Authorized to Operate in the Cayman Islands, Regulator Says
• Thailand SEC Files Criminal Complaint Against Binance
Most digital assets on the CoinDesk 20 ended up lower on Friday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
the graph(GRT) +7.39%
cardano(ADA) +3.61%
nuCypher(NU) +3.35%
Notable losers:
eos(EOS) -1.73%
yearn Finance(YFI) -1.36%
stellar(XLM) -1.32%
• Fed’s Powell May Have Met With Coinbase CEO in May
• USDC on Tron Blockchain Surpasses $100M 2 Days After Public Unveiling || Market Wrap: Bitcoin Rangebound Into the Weekend, Lags Crypto Stocks: Bitcoin was mostly flat on Friday as buyers and sellers appear to be in a stalemate. The world’s largest cryptocurrency is up about 6% over the past week and is expected to hold support above $30,000 into the weekend.
In traditional markets, the S&P 500 and Nasdaq reachedall-time highsafter a better-than-expected U.S. jobs report on Friday. For now, sentiment for risky assets appears to be alive as well asvolatility declinesin both traditional markets and bitcoin.
Cryptocurrencies:
• Bitcoin(BTC) $33228, -0.1%
• Ether(ETH) $2091, -0.59%
Related:Bitcoin Holds Support; Faces Resistance at $36K
Traditional markets:
• S&P 500: 4352.4 +0.75%
• Gold: $1786.97, 0.58%
• 10-year Treasury yield closed at 1.437%, compared with 1.463% on Thursday
Bitcoin’s implied volatility remains elevated despite rangebound trading since mid-May, according to options data providerSkew. This suggests traders are not complacent given the recent stabilization in price. There is still some uncertainty present in the options market at the beginning of July.
“$34,000 is a key level for accelerated moves to the up or downside with highest gamma exposure for both puts and calls,” Pankaj Balani, CEO ofDelta Exchange, wrote in an email to CoinDesk.
“As spot trades lower, the market has yet to find its footing,” Balani wrote. “As long as players write upside exposure in size, a rangebound play with more downside risk seems likely.”
Related:Bitcoin’s Weekend Price Bounce Fades Even as Exchange Balances Drop
Crypto related stocks such as Coinbase (NASDAQ: COIN) and Riot Blockchain (NASDAQ: RIOT) have outperformed bitcoin over the past few months, albeit within a tight range. Some traders are looking for a breakout or breakdown in stocks as a leading signal for bitcoin in the coming weeks.
COIN registered a downside exhaustion signal in June, confirmed byDeMark indicators. The stock will need to see a break above $260 to shift the downtrend since its April debut.
The bitcoin market couldgeta boost this month from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust (GBTC), the world’s largest cryptocurrency fund. Grayscale is owned by the Digital Currency Group, which is also the parent company of CoinDesk.
Some digital asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin in order to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares.
• USDC on Tron:The circulating supply of USD coin (USDC) on the Tron blockchain hassurpassed108 million in less than a month, according to blockchain data. This could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum.
• Grayscale buys ADA:Grayscale InvestmentsaddedADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund. The digital asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA.
• Fed’s Powell May Have Met With Coinbase CEO in May
• Binance Not Authorized to Operate in the Cayman Islands, Regulator Says
• Thailand SEC Files Criminal Complaint Against Binance
Most digital assets on the CoinDesk 20 ended up lower on Friday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
the graph(GRT) +7.39%
cardano(ADA) +3.61%
nuCypher(NU) +3.35%
Notable losers:
eos(EOS) -1.73%
yearn Finance(YFI) -1.36%
stellar(XLM) -1.32%
• Fed’s Powell May Have Met With Coinbase CEO in May
• USDC on Tron Blockchain Surpasses $100M 2 Days After Public Unveiling || Market Wrap: Bitcoin Rangebound Into the Weekend, Lags Crypto Stocks: Bitcoin was mostly flat on Friday as buyers and sellers appear to be in a stalemate. The world’s largest cryptocurrency is up about 6% over the past week and is expected to hold support above $30,000 into the weekend. In traditional markets, the S&P 500 and Nasdaq reached all-time highs after a better-than-expected U.S. jobs report on Friday. For now, sentiment for risky assets appears to be alive as well as volatility declines in both traditional markets and bitcoin. Latest prices Cryptocurrencies: Bitcoin (BTC) $33228, -0.1% Ether (ETH) $2091, -0.59% Related: Bitcoin Holds Support; Faces Resistance at $36K Traditional markets: S&P 500: 4352.4 +0.75% Gold: $1786.97, 0.58% 10-year Treasury yield closed at 1.437%, compared with 1.463% on Thursday Options volatility Bitcoin’s implied volatility remains elevated despite rangebound trading since mid-May, according to options data provider Skew . This suggests traders are not complacent given the recent stabilization in price. There is still some uncertainty present in the options market at the beginning of July. “$34,000 is a key level for accelerated moves to the up or downside with highest gamma exposure for both puts and calls,” Pankaj Balani, CEO of Delta Exchange , wrote in an email to CoinDesk. “As spot trades lower, the market has yet to find its footing,” Balani wrote. “As long as players write upside exposure in size, a rangebound play with more downside risk seems likely.” Bitcoin lags crypto stocks Related: Bitcoin’s Weekend Price Bounce Fades Even as Exchange Balances Drop Crypto related stocks such as Coinbase (NASDAQ: COIN) and Riot Blockchain (NASDAQ: RIOT) have outperformed bitcoin over the past few months, albeit within a tight range. Some traders are looking for a breakout or breakdown in stocks as a leading signal for bitcoin in the coming weeks. COIN registered a downside exhaustion signal in June, confirmed by DeMark indicators . The stock will need to see a break above $260 to shift the downtrend since its April debut. Cashing out of Grayscale Bitcoin Trust The bitcoin market could get a boost this month from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust (GBTC), the world’s largest cryptocurrency fund. Grayscale is owned by the Digital Currency Group, which is also the parent company of CoinDesk. Some digital asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin in order to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares. Story continues Altcoin roundup USDC on Tron: The circulating supply of USD coin (USDC) on the Tron blockchain has surpassed 108 million in less than a month, according to blockchain data. This could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum. Grayscale buys ADA: Grayscale Investments added ADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund. The digital asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA. Relevant news Fed’s Powell May Have Met With Coinbase CEO in May Binance Not Authorized to Operate in the Cayman Islands, Regulator Says Thailand SEC Files Criminal Complaint Against Binance Other markets Most digital assets on the CoinDesk 20 ended up lower on Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET): the graph (GRT) +7.39% cardano (ADA) +3.61% nuCypher (NU) +3.35% Notable losers: eos (EOS) -1.73% yearn Finance (YFI) -1.36% stellar (XLM) -1.32% Related Stories Fed’s Powell May Have Met With Coinbase CEO in May USDC on Tron Blockchain Surpasses $100M 2 Days After Public Unveiling View comments || UPDATE 1-U.S. dollar net shorts fall to lowest in two months -CFTC, Reuters data: (New throughut, adds details, comments, information about bitcoin contracts; adds byline) By Gertrude Chavez-Dreyfuss NEW YORK, July 2 (Reuters) - U.S. dollar net shorts fell to their lowest level since late April, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the net short dollar position dropped to $10.44 billion in the week ended June 29, from net shorts of $12.80 billion the previous week. U.S. dollar net short contracts slid for a second straight week. U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the Japanese yen, euro, British pound and Swiss franc, as well as the Canadian and Australian dollars. In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the greenback posted a net short position of $10.94 billion this week, compared with net shorts of $13.04 billion the week before. The dollar has gained ground ever since the Federal Reserve took a surprising hawkish stance at its monetary policy meeting last month. Fed forecasts have penciled in two U.S. rate increases by the end of 2023. For the month of June, the dollar index posted its best monthly performance since November 2016. The dollar though on Friday gave up its gains after the release of what has been considered a mixed U.S. non-farm payrolls report. "Although our non-consensus view that the U.S. dollar would strengthen this summer has been more than matched by recent market moves, we have not yet seen enough evidence to lower our long held six-month forecast of euro/dollar at $1.17," said Jane Foley, head of FX strategy at Rabobank in London. The euro last traded up 0.1% at $1.1862. In the cryptocurrency market, bitcoin net shorts fell to 1,345 contracts in the week ended June 29, from net shorts of 1,528 the previous week. Bitcoin's rise has stalled this year in the wake of crackdowns on the crypto sector in China, Japan, Britain, and more recently Thailand. Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has fallen about 50%. On Friday, bitcoin was down 0.9% at $33,253. For the month of June, the world's most popular cryptocurrency has fallen 5%. Japanese Yen (Contracts of 12,500,000 yen) $6.085 billion 29 Jun 2021 Prior week week Long 27,380 34,118 Short 97,275 87,980 Net -69,895 -53,862 EURO (Contracts of 125,000 euros) $-13.29 billion 29 Jun 2021 Prior week week Long 209,058 207,863 Short 121,912 118,806 Net 87,146 89,057 POUND STERLING (Contracts of 62,500 pounds sterling) $-1.563 billion 29 Jun 2021 Prior week week Long 51,596 51,445 Short 33,873 33,518 Net 17,723 17,927 SWISS FRANC (Contracts of 125,000 Swiss francs) $-1.846 billion 29 Jun 2021 Prior week week Long 18,941 20,980 Short 7,876 7,428 Net 11,065 13,552 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $-3.513 billion 29 Jun 2021 Prior week week Long 68,301 69,074 Short 22,500 25,849 Net 45,801 43,225 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $1.327 billion 29 Jun 2021 Prior week week Long 48,824 56,133 Short 66,624 73,708 Net -17,800 -17,575 MEXICAN PESO (Contracts of 500,000 pesos) $0.703 billion 29 Jun 2021 Prior week week Long 71,449 61,955 Short 90,903 90,546 Net -19,454 -28,591 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $-0.231 billion 29 Jun 2021 Prior week week Long 19,914 19,171 Short 16,790 15,885 Net 3,124 3,286 (Reporting by Gertrude Chavez-Dreyfuss, Editing by Rosalba O'Brien and David Gregorio) View comments || UPDATE 1-U.S. dollar net shorts fall to lowest in two months -CFTC, Reuters data: (New throughut, adds details, comments, information about bitcoin contracts; adds byline) By Gertrude Chavez-Dreyfuss NEW YORK, July 2 (Reuters) - U.S. dollar net shorts fell to their lowest level since late April, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the net short dollar position dropped to $10.44 billion in the week ended June 29, from net shorts of $12.80 billion the previous week. U.S. dollar net short contracts slid for a second straight week. U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the Japanese yen, euro, British pound and Swiss franc, as well as the Canadian and Australian dollars. In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the greenback posted a net short position of $10.94 billion this week, compared with net shorts of $13.04 billion the week before. The dollar has gained ground ever since the Federal Reserve took a surprising hawkish stance at its monetary policy meeting last month. Fed forecasts have penciled in two U.S. rate increases by the end of 2023. For the month of June, the dollar index posted its best monthly performance since November 2016. The dollar though on Friday gave up its gains after the release of what has been considered a mixed U.S. non-farm payrolls report. "Although our non-consensus view that the U.S. dollar would strengthen this summer has been more than matched by recent market moves, we have not yet seen enough evidence to lower our long held six-month forecast of euro/dollar at $1.17," said Jane Foley, head of FX strategy at Rabobank in London. The euro last traded up 0.1% at $1.1862. In the cryptocurrency market, bitcoin net shorts fell to 1,345 contracts in the week ended June 29, from net shorts of 1,528 the previous week. Bitcoin's rise has stalled this year in the wake of crackdowns on the crypto sector in China, Japan, Britain, and more recently Thailand. Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has fallen about 50%. On Friday, bitcoin was down 0.9% at $33,253. For the month of June, the world's most popular cryptocurrency has fallen 5%. Japanese Yen (Contracts of 12,500,000 yen) $6.085 billion 29 Jun 2021 Prior week week Long 27,380 34,118 Short 97,275 87,980 Net -69,895 -53,862 EURO (Contracts of 125,000 euros) $-13.29 billion 29 Jun 2021 Prior week week Long 209,058 207,863 Short 121,912 118,806 Net 87,146 89,057 POUND STERLING (Contracts of 62,500 pounds sterling) $-1.563 billion 29 Jun 2021 Prior week week Long 51,596 51,445 Short 33,873 33,518 Net 17,723 17,927 SWISS FRANC (Contracts of 125,000 Swiss francs) $-1.846 billion 29 Jun 2021 Prior week week Long 18,941 20,980 Short 7,876 7,428 Net 11,065 13,552 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $-3.513 billion 29 Jun 2021 Prior week week Long 68,301 69,074 Short 22,500 25,849 Net 45,801 43,225 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $1.327 billion 29 Jun 2021 Prior week week Long 48,824 56,133 Short 66,624 73,708 Net -17,800 -17,575 MEXICAN PESO (Contracts of 500,000 pesos) $0.703 billion 29 Jun 2021 Prior week week Long 71,449 61,955 Short 90,903 90,546 Net -19,454 -28,591 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $-0.231 billion 29 Jun 2021 Prior week week Long 19,914 19,171 Short 16,790 15,885 Net 3,124 3,286 (Reporting by Gertrude Chavez-Dreyfuss, Editing by Rosalba O'Brien and David Gregorio) || Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for June 2021: Total Bitcoin Holdings to Increase to Approximately 5,784 BTC as Marathon Produces 265.6 BTC in June 2021 and Completes Buildout of Container Facilities in Hardin, MT Anticipated Delivery of Miners per Month Anticipated Delivery of Miners per Month Anticipated Delivery of Miners per Month LAS VEGAS, July 02, 2021 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ: MARA ) ("Marathon" or "Company") , one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for June 2021. Corporate Highlights as of July 1, 2021 Produced 265.6 new minted bitcoins during June 2021, increasing total bitcoin holdings to approximately 5,784 with a fair market value of approximately $201.6 million Cash on hand was approximately $170.6 million and total liquidity, defined as cash and bitcoin holdings, was approximately $372.2 million Received approximately 18,702 S-19 Pro ASIC miners from Bitmain year to date with an additional 1,056 S-19 Pro ASIC miners currently in transit Increased active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH/s Completed construction of the containers that house mining rigs at the Company’s mining facility in Hardin, MT Bitcoin Production Update As of July 1, 2021, Marathon’s mining fleet has produced approximately 846 newly minted bitcoins during 2021. By month, the Company’s bitcoin production was as follows: January 2021: 50.4 BTC February 2021: 43.4 BTC March 2021: 97.9 BTC April 2021: 162.1 BTC May 2021: 226.6 BTC June 2021: 265.6 BTC As a result, Marathon currently holds approximately 5,784 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On July 1, 2021, the fair market value of one bitcoin was approximately $34,855, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $201.6 million. Miner Installations and Hashrate Growth During June, Marathon completed construction of the remaining containers which will house approximately two-thirds the Company’s mining rigs at its facility at Hardin, MT. The balance of the miners will be housed in a new structure currently under construction. All containers at Hardin have been built out and are ready to receive new miners according to previously released delivery schedules of 1,800 in July, 7,000 in August and the final tranche of approximately 3,200 in September, after which, the Company will commence installing its remaining 73,000 miners at a new 300-megawatt facility in Texas, hosted by Compute North. Story continues As of July 1, 2021, Bitmain has delivered approximately 18,702 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. During the month of June, Marathon installed 1,740 new miners, increasing the Company’s active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH/s. New miners continue to be installed on a daily basis. Based on current delivery and installation schedules, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022, at which point, the Company’s mining fleet will consist of approximately 103,120 miners, generating approximately 10.37 EH/s. As of June 30, 2021, 1,056 miners have been received or are in transit, with the balance expected in July due to global logistics delays. Future deliveries are expected as originally scheduled. Management Commentary “In June, we produced 265.6 bitcoins, which is a 17% increase from the 226.6 bitcoins we produced in May, and we increased our hashrate to 2.09 EH/s after installing another 1,740 miners,” said Fred Thiel, Marathon’s CEO. “We also completed building and preparing the remaining containers which will house our mining rigs in Hardin, MT. As a result, we are well positioned to receive and install the remaining miners at Hardin before turning our attention to the new facility in Texas, which will house the majority of our miners and which will be 100% carbon neutral. “May, June, and July are slower delivery months as the majority of our miners are expected to be delivered this fall. We are therefore taking advantage of this opportunity to proactively perform maintenance and upgrades on a portion of our existing containers and systems before delivery schedules accelerate and to prepare for the expected decrease in global hashrate. These preparatory actions resulted in some of our miners being offline during June, temporarily decreasing our hashrate. However, we still increased our bitcoin production month over month, and we are now better prepared to receive the large upcoming shipments and take advantage of expected favorable mining conditions. “Given our current delivery schedule and the macro events affecting the global network hashrate, Marathon remains particularly well positioned to scale and thrive in the current mining environment.” Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2020. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2021. See "Safe Harbor" below. Forward-Looking Statements Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. About Marathon Digital Holdings Marathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets. Marathon Digital Holdings Company Contact: Jason Assad Telephone: 678-570-6791 Email: [email protected] A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/04d1280f-5f17-48e8-83b7-97d768a91264 || Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for June 2021: Total Bitcoin Holdings to Increase to Approximately 5,784 BTC as Marathon Produces 265.6 BTC in June 2021 and Completes Buildout of Container Facilities in Hardin, MT
LAS VEGAS, July 02, 2021 (GLOBE NEWSWIRE) --Marathon Digital Holdings, Inc.(NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for June 2021.
Corporate Highlights as of July 1, 2021
• Produced 265.6 new minted bitcoins during June 2021, increasing total bitcoin holdings to approximately 5,784 with a fair market value of approximately $201.6 million
• Cash on hand was approximately $170.6 million and total liquidity, defined as cash and bitcoin holdings, was approximately $372.2 million
• Received approximately 18,702 S-19 Pro ASIC miners from Bitmain year to date with an additional 1,056 S-19 Pro ASIC miners currently in transit
• Increased active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH/s
• Completed construction of the containers that house mining rigs at the Company’s mining facility in Hardin, MT
Bitcoin Production UpdateAs of July 1, 2021, Marathon’s mining fleet has produced approximately 846 newly minted bitcoins during 2021. By month, the Company’s bitcoin production was as follows:
• January 2021: 50.4 BTC
• February 2021: 43.4 BTC
• March 2021: 97.9 BTC
• April 2021: 162.1 BTC
• May 2021: 226.6 BTC
• June 2021: 265.6 BTC
As a result, Marathon currently holds approximately 5,784 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On July 1, 2021, the fair market value of one bitcoin was approximately $34,855, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $201.6 million.
Miner Installations and Hashrate GrowthDuring June, Marathon completed construction of the remaining containers which will house approximately two-thirds the Company’s mining rigs at its facility at Hardin, MT. The balance of the miners will be housed in a new structure currently under construction. All containers at Hardin have been built out and are ready to receive new miners according to previously released delivery schedules of 1,800 in July, 7,000 in August and the final tranche of approximately 3,200 in September, after which, the Company will commence installing its remaining 73,000 miners at a new 300-megawatt facility in Texas, hosted by Compute North.
As of July 1, 2021, Bitmain has delivered approximately 18,702 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. During the month of June, Marathon installed 1,740 new miners, increasing the Company’s active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH/s.
New miners continue to be installed on a daily basis. Based on current delivery and installation schedules, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022, at which point, the Company’s mining fleet will consist of approximately 103,120 miners, generating approximately 10.37 EH/s.
As of June 30, 2021, 1,056 miners have been received or are in transit, with the balance expected in July due to global logistics delays. Future deliveries are expected as originally scheduled.
Management Commentary“In June, we produced 265.6 bitcoins, which is a 17% increase from the 226.6 bitcoins we produced in May, and we increased our hashrate to 2.09 EH/s after installing another 1,740 miners,” said Fred Thiel, Marathon’s CEO. “We also completed building and preparing the remaining containers which will house our mining rigs in Hardin, MT. As a result, we are well positioned to receive and install the remaining miners at Hardin before turning our attention to the new facility in Texas, which will house the majority of our miners and which will be 100% carbon neutral.
“May, June, and July are slower delivery months as the majority of our miners are expected to be delivered this fall. We are therefore taking advantage of this opportunity to proactively perform maintenance and upgrades on a portion of our existing containers and systems before delivery schedules accelerate and to prepare for the expected decrease in global hashrate. These preparatory actions resulted in some of our miners being offline during June, temporarily decreasing our hashrate. However, we still increased our bitcoin production month over month, and we are now better prepared to receive the large upcoming shipments and take advantage of expected favorable mining conditions.
“Given our current delivery schedule and the macro events affecting the global network hashrate, Marathon remains particularly well positioned to scale and thrive in the current mining environment.”
Investor NoticeInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2020. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2021. See "Safe Harbor" below.
Forward-Looking StatementsStatements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
About Marathon Digital HoldingsMarathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Marathon Digital Holdings Company Contact:Jason AssadTelephone: 678-570-6791Email:[email protected]
A photo accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/04d1280f-5f17-48e8-83b7-97d768a91264 || Marathon Digital Holdings Announces Bitcoin Production and Mining Operation Updates for June 2021: Total Bitcoin Holdings to Increase to Approximately 5,784 BTC as Marathon Produces 265.6 BTC in June 2021 and Completes Buildout of Container Facilities in Hardin, MT
LAS VEGAS, July 02, 2021 (GLOBE NEWSWIRE) --Marathon Digital Holdings, Inc.(NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, today published unaudited bitcoin (“BTC”) production and miner installation updates for June 2021.
Corporate Highlights as of July 1, 2021
• Produced 265.6 new minted bitcoins during June 2021, increasing total bitcoin holdings to approximately 5,784 with a fair market value of approximately $201.6 million
• Cash on hand was approximately $170.6 million and total liquidity, defined as cash and bitcoin holdings, was approximately $372.2 million
• Received approximately 18,702 S-19 Pro ASIC miners from Bitmain year to date with an additional 1,056 S-19 Pro ASIC miners currently in transit
• Increased active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH/s
• Completed construction of the containers that house mining rigs at the Company’s mining facility in Hardin, MT
Bitcoin Production UpdateAs of July 1, 2021, Marathon’s mining fleet has produced approximately 846 newly minted bitcoins during 2021. By month, the Company’s bitcoin production was as follows:
• January 2021: 50.4 BTC
• February 2021: 43.4 BTC
• March 2021: 97.9 BTC
• April 2021: 162.1 BTC
• May 2021: 226.6 BTC
• June 2021: 265.6 BTC
As a result, Marathon currently holds approximately 5,784 BTC, including the 4,812.66 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On July 1, 2021, the fair market value of one bitcoin was approximately $34,855, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $201.6 million.
Miner Installations and Hashrate GrowthDuring June, Marathon completed construction of the remaining containers which will house approximately two-thirds the Company’s mining rigs at its facility at Hardin, MT. The balance of the miners will be housed in a new structure currently under construction. All containers at Hardin have been built out and are ready to receive new miners according to previously released delivery schedules of 1,800 in July, 7,000 in August and the final tranche of approximately 3,200 in September, after which, the Company will commence installing its remaining 73,000 miners at a new 300-megawatt facility in Texas, hosted by Compute North.
As of July 1, 2021, Bitmain has delivered approximately 18,702 S-19 Pro ASIC miners to the Company’s mining facility in Hardin, MT, all of which were delivered on time and as scheduled. During the month of June, Marathon installed 1,740 new miners, increasing the Company’s active mining fleet to approximately 19,395 miners, generating approximately 2.09 EH/s.
New miners continue to be installed on a daily basis. Based on current delivery and installation schedules, Marathon continues to expect all previously purchased miners to be fully installed by the end of the first quarter of 2022, at which point, the Company’s mining fleet will consist of approximately 103,120 miners, generating approximately 10.37 EH/s.
As of June 30, 2021, 1,056 miners have been received or are in transit, with the balance expected in July due to global logistics delays. Future deliveries are expected as originally scheduled.
Management Commentary“In June, we produced 265.6 bitcoins, which is a 17% increase from the 226.6 bitcoins we produced in May, and we increased our hashrate to 2.09 EH/s after installing another 1,740 miners,” said Fred Thiel, Marathon’s CEO. “We also completed building and preparing the remaining containers which will house our mining rigs in Hardin, MT. As a result, we are well positioned to receive and install the remaining miners at Hardin before turning our attention to the new facility in Texas, which will house the majority of our miners and which will be 100% carbon neutral.
“May, June, and July are slower delivery months as the majority of our miners are expected to be delivered this fall. We are therefore taking advantage of this opportunity to proactively perform maintenance and upgrades on a portion of our existing containers and systems before delivery schedules accelerate and to prepare for the expected decrease in global hashrate. These preparatory actions resulted in some of our miners being offline during June, temporarily decreasing our hashrate. However, we still increased our bitcoin production month over month, and we are now better prepared to receive the large upcoming shipments and take advantage of expected favorable mining conditions.
“Given our current delivery schedule and the macro events affecting the global network hashrate, Marathon remains particularly well positioned to scale and thrive in the current mining environment.”
Investor NoticeInvesting in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2020. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of July 2021. See "Safe Harbor" below.
Forward-Looking StatementsStatements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will,” “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
About Marathon Digital HoldingsMarathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Marathon Digital Holdings Company Contact:Jason AssadTelephone: 678-570-6791Email:[email protected]
A photo accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/04d1280f-5f17-48e8-83b7-97d768a91264 || AMC Entertainment ‘Pump Exceeded Average Life,’ Says Research Firm: Shares of AMC Entertainment have hit a bump in the road on Friday. The stock was down by a double-digit percentage but recovered some of those losses to a 6% decline at last check. The stock has been controversial for its lofty market cap of more than USD 26 billion despite a pile of debt on the balance sheet. Wall Street analysts have been running for the exit signs on meme stocks as they grapple with sky-high valuations and questionable fundamentals. One research firm is now warning that the good times won’t last for AMC. Wild Wall Street Today’s selling could be in response to a negative development from research firm Iceberg Research, which has about 9,500 followers on Twitter. The firm’s mission is “revealing financial manipulation and accounting fraud.” And while it is not accusing AMC of fraud, it is calling out the WallStreetBets crowd, saying , “There is a price for everything and we believe the pump has exceeded its average life.” Iceberg Research revealed that it is “short AMC,” saying that the “fundamentals are obvious.” The firm pointed to sideways trading and “money lost in call options” to conclude that “the pump seems increasingly shaky.” Options are a bullish bet that a stock will rise, and trading volume in these contracts has been robust as retail investors look to squeeze out sophisticated traders. We are short $AMC . Fundamentals are obvious. After one month of trading sideways and lots of money lost in call options, the pump seems increasingly shaky. — Iceberg Research (@IcebergResear) July 2, 2021 Financial analytics firm Ortex says that the short interest in AMC is currently 18.35% of the free float. Retail investors aren’t buying it and believe that the numbers should be higher. Either way, they are digging in their heels and looking to the future. Setting the Record Straight AMC Entertainment CEO Adam Aron is setting the record straight on a regulatory filing. The movie chain recently withdrew an S3 filing involving Silver Lake selling bonds back in January, and apparently, it caused a ruckus. Aron addressed what he called “misinformation” spreading on the withdrawal, clarifying that it was purely an administrative move and was neither good nor bad for AMC. Movie Weekend AMC’s sell-off comes just as the U.S. Independence Day holiday is about to get underway. Last weekend, an impressive turnout at the theatres buoyed the stock higher . If moviegoers return to the theaters once again, AMC Entertainment and retail investors alike could have the last laugh. Story continues This weekend, AMC is hoping ticket sales of “The Boss Baby: Family Business” can keep the winning streak going. The original “Baby Boss” movie generated sales of USD 50 million at the debut. Get your tickets now! #BossBaby : Family Business is now playing at #AMCTheatres : https://t.co/XTc3VSr0Y1 pic.twitter.com/Vc81Md20kg — AMC Theatres (@AMCTheatres) July 2, 2021 AMC is also gearing up for the release of “Chance the Rapper’s Magnificent Coloring World” concert film that will be coming to theatres soon. This article was originally posted on FX Empire More From FXEMPIRE: S&P 500 Weekly Price Forecast – Stock Markets Continue to Move Higher After Jobs Number Has The Rally to $90K+ Started for Bitcoin? Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure Higher Natural Gas Weekly Price Forecast – Natural Gas Markets Continue to Grind Higher Natural Gas Price Forecast – Natural Gas Markets Choppy on Friday Natural Gas Price Fundamental Daily Forecast – Bulls Getting Mixed Messages From 8 to 15 Day Forecasts View comments || AMC Entertainment ‘Pump Exceeded Average Life,’ Says Research Firm: Shares ofAMC Entertainmenthave hit a bump in the road on Friday. The stock was down by a double-digit percentage but recovered some of those losses to a 6% decline at last check. The stock has been controversial for its lofty market cap of more than USD 26 billion despite a pile of debt on the balance sheet.
Wall Street analysts have been running for the exit signs on meme stocks as they grapple with sky-high valuations and questionable fundamentals. One research firm is now warning that the good times won’t last for AMC.
Today’s selling could be in response to a negative development from research firm Iceberg Research, which has about9,500 followerson Twitter. The firm’s mission is “revealing financial manipulation and accounting fraud.” And while it is not accusing AMC of fraud, it is calling out the WallStreetBets crowd,saying,
“There is a price for everything and we believe the pump has exceeded its average life.”
Iceberg Research revealed that it is “short AMC,” saying that the “fundamentals are obvious.” The firm pointed to sideways trading and “money lost in call options” to conclude that “the pump seems increasingly shaky.” Options are a bullish bet that a stock will rise, and trading volume in these contracts has beenrobustas retail investors look to squeeze out sophisticated traders.
Financial analytics firm Ortexsaysthat the short interest in AMC is currently 18.35% of the free float. Retail investors aren’t buying it and believe that the numbers should be higher. Either way, they are digging in their heels and looking to the future.
AMC Entertainment CEO Adam Aron is setting the record straight on a regulatory filing. The movie chain recently withdrew an S3 filing involving Silver Lake selling bonds back in January, and apparently, it caused a ruckus.
Aronaddressedwhat he called “misinformation” spreading on the withdrawal, clarifying that it was purely an administrative move and was neither good nor bad for AMC.
AMC’s sell-off comes just as the U.S. Independence Day holiday is about to get underway. Last weekend, an impressive turnout at the theatres buoyed thestock higher. If moviegoers return to the theaters once again, AMC Entertainment and retail investors alike could have the last laugh.
This weekend, AMC is hoping ticket sales of “The Boss Baby: Family Business” can keep the winning streak going. The original “Baby Boss” movie generated sales ofUSD 50 millionat the debut.
AMC is also gearing up for the release of “Chance the Rapper’s Magnificent Coloring World”concert filmthat will be coming to theatres soon.
Thisarticlewas originally posted on FX Empire
• S&P 500 Weekly Price Forecast – Stock Markets Continue to Move Higher After Jobs Number
• Has The Rally to $90K+ Started for Bitcoin?
• Crude Oil Price Forecast – Crude Oil Markets Continue to Pressure Higher
• Natural Gas Weekly Price Forecast – Natural Gas Markets Continue to Grind Higher
• Natural Gas Price Forecast – Natural Gas Markets Choppy on Friday
• Natural Gas Price Fundamental Daily Forecast – Bulls Getting Mixed Messages From 8 to 15 Day Forecasts
[Social Media Buzz]
None available.
|
35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08.
|
[Bitcoin Technical Analysis for 2021-05-02]
Volume: 38177405335, RSI (14-day): 51.71, 50-day EMA: 55191.60, 200-day EMA: 40460.05
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Munger on Robinhood: 'It's deeply wrong. We don't want to make our money selling things that are bad for people': Berkshire Hathaway's (BRK-B,BRK-A) CEO Warren Buffett says he’s "looking forward" to reading Robinhood’s S-1 as he proceeded to subtly criticize the no-fee brokerage app, while his long-time partner, Charlie Munger, outright lambasted it.
Speaking at the conglomerate's annual shareholder meeting,streamed exclusively on Yahoo Finance, Buffett said Robinhood has "become a very significant part of the casino aspect of the casino group that has joined into the stock market in the last year or year and a half."
A wave of new investors has flooded the stock market, with lockdowns, no-fee trading, and stimulus checks making it easier to open up a brokerage account and start trading.
[Read more:Buffett to new investors: 'It's not as easy as it sounds']
With free trading, Buffett said it "would be interesting to watch" how Robinhood describes its source of income in the S-1. He pointed out that Robinhood's commission-free trading has resulted in a surge in put and call options trading that's "gambling on the price of Apple."
"There's nothing illegal about it. There's nothing immoral, but I don't think you'd build a society around people doing it," Buffett added.
He continued: "If a group of us landed on a desert island knew we would never be rescued and I was one of the group and said, 'I'll set up an exchange over here and I'll trade our corn futures and everything around it,' I think the degree to which a very rich society can reward people who know how to take advantage, essentially, of the gambling instincts of not only the American public, the worldwide public, it's not the most admirable part of the accomplishment."
While reiteratinghis thesis that American corporationsare a "wonderful place for people to put their money and save," he added that "they also make terrific gambling chips."
"And if you cater to those gambling chips when people have money in their pocket for the first time and you tell them make 30 or 40 or 50 trades a day and you're not charging commission but you're selling their order flow or whatever — I hope we don't have more of it. And I will be interested in reading the prospectus."
Meanwhile, Munger, took a much stronger stance against Robinhood, calling it "God awful that something like that would draw investment from civilized men and decent citizens."
"It's deeply wrong. We don't want to make our money selling things that are bad for people," Munger continued.
Buffett chimed in, bringing up the lotteries put on by states.
"I know, but that's bad, too," Munger said. "That's very bad. That's one of the things that's wrong with it — it's getting respectable people to do these things. The states are just as bad as Robinhood."
Buffett added that the states "in a sense are worse" because they're "taxing hope."
Julia La Roche is a correspondent for Yahoo Finance. Follow her onTwitter.
• Buffett to new investors: It's not as easy as it looks
• Munger: Of course I hate the bitcoin success
• Buffett: Bond investors world-wide 'face a bleak future'
• Buffett: 'It's easy to overlook the many miracles occurring in middle America'
• Buffett explains why Berkshire isn't a typical conglomerate
• Berkshire Hathaway's annual meeting will be held in Los Angeles
Read more from the Daily Journal Meeting:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted'
• Munger: 'The world would be better off without' SPACs
• ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister
• Munger compares Bitcoin to what Oscar Wilde said about fox hunting
• Charlie Munger says Costco 'has one thing that Amazon does not'
• Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five
• Munger: A little inequality is good for the economy || Munger on Robinhood: 'It's deeply wrong. We don't want to make our money selling things that are bad for people': Berkshire Hathaway's ( BRK-B , BRK-A ) CEO Warren Buffett says he’s "looking forward" to reading Robinhood’s S-1 as he proceeded to subtly criticize the no-fee brokerage app, while his long-time partner, Charlie Munger, outright lambasted it. Speaking at the conglomerate's annual shareholder meeting, streamed exclusively on Yahoo Finance , Buffett said Robinhood has "become a very significant part of the casino aspect of the casino group that has joined into the stock market in the last year or year and a half." A wave of new investors has flooded the stock market, with lockdowns, no-fee trading, and stimulus checks making it easier to open up a brokerage account and start trading. [Read more: Buffett to new investors: 'It's not as easy as it sounds' ] With free trading, Buffett said it "would be interesting to watch" how Robinhood describes its source of income in the S-1. He pointed out that Robinhood's commission-free trading has resulted in a surge in put and call options trading that's "gambling on the price of Apple." "There's nothing illegal about it. There's nothing immoral, but I don't think you'd build a society around people doing it," Buffett added. He continued: "If a group of us landed on a desert island knew we would never be rescued and I was one of the group and said, 'I'll set up an exchange over here and I'll trade our corn futures and everything around it,' I think the degree to which a very rich society can reward people who know how to take advantage, essentially, of the gambling instincts of not only the American public, the worldwide public, it's not the most admirable part of the accomplishment." Vice Chairman Charlie Munger, right, sits next to Berkshire Hathaway Chairman and CEO Warren Buffett, as they briefly chat with reporters Friday, May 3, 2019, one day before Berkshire Hathaway's annual shareholders meeting. An estimated 40,000 people are expected in town for the event, where Buffett and Munger preside over the meeting and spend hours answering questions. (AP Photo/Nati Harnik) (ASSOCIATED PRESS) While reiterating his thesis that American corporations are a "wonderful place for people to put their money and save," he added that "they also make terrific gambling chips." Story continues "And if you cater to those gambling chips when people have money in their pocket for the first time and you tell them make 30 or 40 or 50 trades a day and you're not charging commission but you're selling their order flow or whatever — I hope we don't have more of it. And I will be interested in reading the prospectus." Meanwhile, Munger, took a much stronger stance against Robinhood, calling it "God awful that something like that would draw investment from civilized men and decent citizens." "It's deeply wrong. We don't want to make our money selling things that are bad for people," Munger continued. Buffett chimed in, bringing up the lotteries put on by states. "I know, but that's bad, too," Munger said. "That's very bad. That's one of the things that's wrong with it — it's getting respectable people to do these things. The states are just as bad as Robinhood." Buffett added that the states "in a sense are worse" because they're "taxing hope." Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter . Buffett to new investors: It's not as easy as it looks Munger: Of course I hate the bitcoin success Buffett: Bond investors world-wide 'face a bleak future' Buffett: 'It's easy to overlook the many miracles occurring in middle America' Buffett explains why Berkshire isn't a typical conglomerate Berkshire Hathaway's annual meeting will be held in Los Angeles Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy Berkshire Hathaway replay || Charlie Munger: 'Of course, I hate the bitcoin success': Legendary investor Warren Buffett, the CEO of Berkshire Hathaway (BRK-B,BRK-A), and his long-time business partner Charlie Munger dissed bitcoin once more at the annual meeting of shareholders on Saturday.
"I knew there’d be a question on bitcoin," Buffett said. "I thought to myself, 'Well, I’ve watched these politicians dodge questions all the time, you know, I find it kind of disgusting, but they do it.' But the truth is I'm gonna dodge that question because we probably got hundreds of thousands of people watching that own bitcoin, and we probably have two people that are short. So we got a choice of making 400,000 people mad at us and unhappy, and, or making two people happy, and that's just a dumb equation."
Buffett's partner, Charlie Munger, said bringing up bitcoin is like "waving the red flag at the bull."
"Of course, I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth," the 97-year-old said. "Nor do I like just shuffling out of extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So, I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization. And I'll leave the criticism to others."
To that, Buffett joked, "I'm alright on that one."
Bitcoin’s (BTC-USD) price was trading north of $57,800 at the time of this publication.
Full Coverage of Berkshire Hathaway's 2021 Annual Shareholders Meeting
It's not the first time the pair of billionaire investors have criticized the cryptocurrency. At the 2018 annual meeting, Buffettcalled bitcoin "probably rat poison-squared," while Munger called it a "turd." At the time, the cryptocurrency was worth around $9,800.
“I think every time you buy a nonproductive asset, you’re counting on somebody else, later on, to buy a nonproductive asset, because they think they can sell to somebody for more money,” Buffett said at the 2018 meeting. “It does come to a bad ending.”
“I think people who are professional traders that are going to trade cryptocurrencies, it’s just disgusting,” Munger added. “It’s like someone else is trading turds and you decide I can’t be left out.”
Julia La Roche is a correspondent for Yahoo Finance. Follow her onTwitter.
• Buffett: Bond investors world-wide 'face a bleak future'
• Buffett: 'It's easy to overlook the many miracles occurring in middle America'
• Buffett explains why Berkshire isn't a typical conglomerate
• Berkshire Hathaway's annual meeting will be held in Los Angeles
Read more from the Daily Journal Meeting:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted'
• Munger: 'The world would be better off without' SPACs
• ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister
• Munger compares Bitcoin to what Oscar Wilde said about fox hunting
• Charlie Munger says Costco 'has one thing that Amazon does not'
• Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five
• Munger: A little inequality is good for the economy || Charlie Munger: 'Of course, I hate the bitcoin success': Legendary investor Warren Buffett, the CEO of Berkshire Hathaway ( BRK-B , BRK-A ), and his long-time business partner Charlie Munger dissed bitcoin once more at the annual meeting of shareholders on Saturday. "I knew there’d be a question on bitcoin," Buffett said. "I thought to myself, 'Well, I’ve watched these politicians dodge questions all the time, you know, I find it kind of disgusting, but they do it.' But the truth is I'm gonna dodge that question because we probably got hundreds of thousands of people watching that own bitcoin, and we probably have two people that are short. So we got a choice of making 400,000 people mad at us and unhappy, and, or making two people happy, and that's just a dumb equation." Buffett's partner, Charlie Munger, said bringing up bitcoin is like "waving the red flag at the bull." "Of course, I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth," the 97-year-old said. "Nor do I like just shuffling out of extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So, I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization. And I'll leave the criticism to others." To that, Buffett joked, "I'm alright on that one." Bitcoin’s ( BTC-USD ) price was trading north of $57,800 at the time of this publication. Full Coverage of Berkshire Hathaway's 2021 Annual Shareholders Meeting It's not the first time the pair of billionaire investors have criticized the cryptocurrency. At the 2018 annual meeting, Buffett called bitcoin "probably rat poison-squared, " while Munger called it a "turd." At the time, the cryptocurrency was worth around $9,800. “I think every time you buy a nonproductive asset, you’re counting on somebody else, later on, to buy a nonproductive asset, because they think they can sell to somebody for more money,” Buffett said at the 2018 meeting. “It does come to a bad ending.” “I think people who are professional traders that are going to trade cryptocurrencies, it’s just disgusting,” Munger added. “It’s like someone else is trading turds and you decide I can’t be left out.” Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter . Buffett: Bond investors world-wide 'face a bleak future' Buffett: 'It's easy to overlook the many miracles occurring in middle America' Buffett explains why Berkshire isn't a typical conglomerate Berkshire Hathaway's annual meeting will be held in Los Angeles Story continues Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy Berkshire Hathaway replay View comments || Berkshire Hathaway Annual Meeting 2021: Highlights and storylines: Warren Buffett addressed investors around the world on Saturday at Berkshire Hathaway's ( BRK-A , BRK-B ) 2021 Annual Shareholder Meeting . In an hours-long event, the investing legend fielded questions on Berkshire's business and investment decisions, offered advice for first-time investors and touted the strength of American corporations in a characteristically optimistic tone. Buffett nodded to the Federal Reserve and Congress for their swift response to the COVID-19 crisis, and underscored the rebound in the U.S. economy. And the Oracle of Omaha also addressed the recent rise in retail trading and online brokerage firms like Robinhood, the rally in bitcoin and the boom in SPAC mergers. In many ways, this year's meeting looked different from those in the past. The annual event took place in a hotel conference room in Los Angeles rather than in an arena in Omaha, Nebraska, due to the ongoing pandemic. Buffett's long-time business partner Charlie Munger also returned onstage this year to co-lead the event, after sitting out last year because of the pandemic. And in a new move, Buffett and Munger were joined by Berkshire's Vice Chairmen Gregory Abel and Ajit Jain, in a signal of potential succession plans at the company. Here were some of the highlights from the event. (screenshot/Yahoo Finance) — 5:03 p.m. ET: 'We're seeing substantial inflation,' Buffett says Buffett said Berkshire Hathaway is seeing signs of rising price pressures during the COVID-19 recovery, corroborating many market participants' concerns about increasing inflationary pressures. "We're seeing substantial inflation. We're raising prices, people are raising prices to us. And it's being accepted," Buffett said. "We really do a lot of housing. The costs are just up, up, up. Steel costs. You know, just every day they're going up." "It's an economy – really, it's red hot. And we weren't expecting it," he added. Story continues — 4:54 p.m. ET: Robinhood has been a driver of the 'casino aspect' that has permeated the stock market in the last year and a half: Buffett Buffett said trading apps like Robinhood have contributed to the "casino aspect" of the stock market as of late, exploiting individuals' inclinations to gamble. “It’s become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year, year and a half," Buffett said of Robinhood. "There’s nothing, you know, there’s nothing illegal about it, there’s nothing immoral. But I don’t think you’d build a society around people doing it." "I think the degree to which a very rich society can reward people who know how to take advantage, essentially, of the gambling instincts of the American public, the worldwide public – it’s not the most admirable part of the accomplishment," Buffett added. "But I think what America has accomplished is pretty admirable overall. And I think actually American corporations have turned out to be a wonderful place for people to put their money and save. But they also make terrific gambling chips, and if you cater to those gambling chips when people have money in their pocket for the first time and you tell them take my 30 or 40 or 50 trades a day and you’re not charging commission ... I hope we don’t have more of it.” — 4:26 p.m. ET: Buffett on paring positions in bank stocks Buffett explained that Berkshire's move to unload many of its bank shares last year was not due to a lack of confidence in the banking industry, but more a decision to re-balance the portfolio and avoid being too heavily tilted toward one area. "I like banks generally, I just didn't like the proportion compared to the possible risk," Buffett said. "We were over 10% of Bank of America. It's a real pain in the neck, more to the banks than us." Berkshire held 1,032,952,006 shares of Bank of America as of the end of 2020, after adding 85.1 million shares in the third quarter alone. This gave Berkshire Hathaway an ownership stake of 11.9%. Berkshire cut its holdings of Wells Fargo from 345.7 million shares at year-end 2019 to 52.4 million by year-end 2020, and completely exited its holdings in JPMorgan Chase ( JPM ) and M&T Bank Corp ( MTB ). "The banking business is way better than it was in the United States 10 or 15 years ago," he added. "The banking business around the world in various places might worry me, but our banks are in far, far better shape than 10 or 15 years ago." — 4:15 p.m. ET: Jain on whether he'd write an insurance policy for a SpaceX flight for Elon Musk's proposed colonization on Mars: 'No thank you, I'll pass' A shareholder asked Jain, who leads Berkshire's insurance business, whether he would be hypothetically willing to write an insurance policy for SpaceX founder Elon Musk for his proposed colonization of Mars. "This is an easy one. No thank you, I’ll pass," Jain said. “Well I would say it would depend on the premium,” Buffett interjected with a laugh. "And I would say that I would probably have a somewhat different rate if Elon was on board or not on board. It makes a difference if someone is asking to insure something.” SpaceX CEO Elon Musk speaks at the International Astronautical Congress on September 29, 2017 in Adelaide, Australia. (Photo by Mark Brake/Getty Images) (Mark Brake via Getty Images) — 4:07 p.m. ET: Bitcoin is 'contrary to the interest of civilization': Munger Warren Buffett declined to directly offer an opinion in response to a question on bitcoin, an asset he previously likened to "rat poison squared." "I knew there’d be a question on bitcoin or crypto and I thought to myself well, I watch these politicians dodge questions all the time … The truth is, I’m going to dodge that question," Buffett said. "Because the truth is, we’ve probably got hundreds of thousands of people that are watching this that own bitcoin. And we’ve probably got two people that are short. So we’ve got a choice of making 400,000 people mad at us and unhappy, and making two people happy. And it’s just a dumb equation." Munger, however, issued a more direct attack. "Those who know me well are just waving the red flag at the bull. Of course I hate the bitcoin success," he said. "And I don’t welcome a currency that’s so useful kidnappers and extortionists and so forth. Nor do I like shoveling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So I think I should say modestly that the whole damn development is disgusting and contrary to the interest of civilization." — 3:35 p.m. ET: 'The people who are criticizing it are bonkers,' Munger says of those condemning stock buybacks Both Buffett and Munger issued strong words of support for share repurchases, especially after Berkshire reported repurchasing an additional $6.6 billion in stock in the first three months of 2021. "They're a way, essentially, of distributing the cash to the people that want the cash when other co-owners mostly want you to reinvest," Buffett said. "It's a savings vehicle." "I find it almost impossible to believe some of the arguments that are made that it's terrible to repurchase shares from a partner if they want to get out of something, and you're able to do it at prices that are advantages to the people that are staying," Buffett said. "And it helps slightly the person that wants out." Munger offered a similar view. "You're repurchasing stock. Just a bullet higher, it's deeply immoral," Munger said. "But if you're repurchasing stock because it's a fair thing to do in the interest of your existing shareholders, it's a highly moral act and the people who are criticizing it are bonkers." — 3:29 p.m. ET: 'Bernie Sanders has basically won': Munger Low interest rates have catalyzed a surge in valuations across equities, giving those who invest in the markets an opportunity to create wealth, Munger said during the Berkshire Hathaway question and answer segment. "I think one consequence of this present situation is, Bernie Sanders has basically won," Munger says. "Because with everything boomed out so high and interest rates so low, what's going to happen is, the millennial generation is going to have a hell of a time getting rich compared to our generation ... He did it by accident, but he won." "And so the difference between the difference between the rich and the poor in the generation that's rising is going to be a lot less," he added. "So Bernie has won." Then-Democratic presidential candidate Sen. Bernie Sanders (I-VT) smiles as he walks on stage to applause at a campaign rally Thursday, March 5, 2020, in Phoenix. (AP Photo/Ross D. Franklin) (ASSOCIATED PRESS) — 3:20 p.m. ET: Buffett says of SPACs are similar to a 'gambling-type market' Buffett received a question around special purpose acquisition companies, or blank-check companies, which have become a hugely popular means for firms to go public over the past year. "The SPACs generally have to spend their money in two years, as I understand it. If you have to buy a business in two years, you put a gun to my head and said you've got to buy a business in two years, I'd buy one but it wouldn't be much of one," Buffett. "If you're running money from somebody else and you get a fee and you get the upside and you don't have the downside, you're going to buy something," he added. "And frankly we're not competitive with that." "It's an exaggerated version of what we've seen in kind of a gambling-type market," he added. — 3:03 p.m. ET: Selling some Apple stock last year was 'probably a mistake' Buffett conceded that selling some of Apple's stock in 2020 was "probably a mistake," with shares rising even further this year following the tech-led 2020 in the markets. "The brand and the product — it's an incredible product," Buffett said of Apple. "It is indispensable to people." "I sold some stock last year, although our shareholders still saw their shares go up because we repurchased shares," he added. "But that was probably a mistake." Berkshire owned 907,559,761 shares of Apple as of the end of December for a total market value of $120.4 billion. By contrast, the firm spent just $31 billion accumulating this stake since late 2016. — 2:51 p.m. ET: 'There's no question the relationship Warren has with Charlie is unique,' Jain says A shareholder directed a question to Ajit Jain and Greg Abel asking about the relationship the two likely next leaders of Berkshire Hathaway have with one another, given how iconic the relationship between Warren Buffett and Charlie Munger has been over the course of the company's history. "There's no question the relationship Warren has with Charlie is unique," Jain said. "It's not going to be duplicated, certainly not by me and Greg. I can't think of anybody that can duplicate it." "I certainly have a lot of respect, both at a professional level and personal level, in terms of what Greg's abilities are," Jain added. "We do not interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective decision." "Even though the interaction may be different than say how Warren and Charlie do it ... we make sure we're always following up with each other but it goes beyond that," Abel said. "Ajit has a great understanding of the Berkshire culture. I strongly believe I do too." (screenshot/Yahoo Finance) — 2:27 p.m. ET: Buffett defends investment in Chevron says he has 'no compunction about owning it in the least' One shareholder asked Buffett about Berkshire's decision to invest in the oil and gas industry, and queried whether we might have "build our own unrealistic consensus on the pace of change" to clean energy solutions. Buffett defended the company's investment in the industry and in Chevron specifically, which was a relatively recent investment for the firm. "I would say that people are on the extremes of both sides are a little nuts. I would hate to have all the hydrocarbons banned in three years," Buffett said. "You wouldn't want a world — it wouldn't work. And on the other hand, what's happening will be adapted to over time just as we've adapted to all kinds of things." "We have no problem owning Costco or Walmart and a substantial number of their stores. And they sell cigarettes, it's a big item," he added as an analogy. "It's a very tough situation ... It's a very tough time to decide what companies benefit societies more than others." "I don't like making the moral judgments on stocks in terms of actually running the businesses, but there's something about every business that you knew that you wouldn't like," he added. "If you expect perfection in your spouse or in your friends or in companies you're not going to find it." "Chevron is not an evil company in the least, and I have no compunction about owning it in the least, about owning Chevron," Buffett concluded. "And if we owned the entire business I would not feel uncomfortable about being in that business." Answering a subsequent question about the Berkshire board of directors' recommendation to vote against reporting climate-related risks , Munger added, "I don't know we know the answer to all these questions about global warming." "The people who ask the questions think they know the answer. We're just more modest." — 2:17 p.m. ET: 'I recommend the S&P 500 index fund ... I've never recommended Berkshire to anybody,' Buffett says Most investors would benefit from simply purchasing an S&P 500 index fund over the long run rather than picking individual stocks, even including Berkshire Hathaway, Buffett said during the question-and-answer session Saturday. "I recommend the S&P 500 index fund … I’ve never recommended Berkshire to anybody because I don’t want people to buy it because they think I’m tipping them into something," he said. "On my death there's a fund for my then-widow and 90% will go into an S&P 500 index fund." "I do not think the average person can pick stocks," he added. "We happen to have a large group of people that didn't pick stocks but they picked Charlie and me to manage money for them 50, 60 years ago. So we have a very unusual group of shareholders I think who look at Berkshire as a lifetime savings vehicle and one that they don’t have to think about and one that they'll, you know, they don't look at it again for 10 to 20 years." Charlie Munger, on the other hand, had a different perspective. "I personally prefer holding Berkshire to holding the market," he said in response to the same question. "I’m quite comfortable holding Berkshire. I think our businesses are better than the average in the market." — 1:59 p.m. ET: In the 18th century the U.S. 'had one-half of 1% of the world’s population' but now has five of the six top companies in the world, Buffett highlights Buffett reiterated a staunchly supportive stance of U.S. corporations and capitalism in his opening remarks, highlighting that five of the six largest companies in the world by market capitalization currently comprise domestic companies. Those five companies are Apple, Microsoft, Amazon, Alphabet and Facebook, with only Saudi Aramco of Saudi Arabia coming in as a non-U.S. mega-cap company in the top six. But only a couple hundred years ago, the U.S. looked like the underdog. "In 1790 we had one-half of 1% of the world's population," Buffett said. "600,000 of them were slaves. Ireland had more people than the United States had. Russia had five times as many people. Ukraine had twice as many people." "But here we were. What did we have? We had a map for the future, an aspirational map that somehow now only 232 years later, leaves us with five of the top six companies in the world," he said. "It's not an accident. And it's not because we were way smarter, way stronger or anything of the sort. We had good soil, decent climate, but so did some of the other countries I named. This system has worked very well." — 1:53 p.m. ET: Economy was 'resurrected in an extraordinarily effective way' by Federal Reserve, congressional actions, Buffett says In opening remarks at the start of Berkshire Hathaway's annual shareholder meeting, Buffett credited the U.S. economic recovery from the COVID-19 crisis to swift action by the Federal Reserve and Congress. "The economy went off a cliff in March. It was resurrected in an extraordinarily effective way by Federal Reserve action and later on the fiscal front by Congress," Buffett said in opening remarks at Berkshire's annual shareholder meeting." He added that Berkshire Hathaway's own business has picked up tremendously alongside the broader economy, and suggested businesses like airlines were still among those most deeply affected by lingering effects from the pandemic. "Our businesses have done really quite well. This has been a very, very, very unusual recession in that it's been localized ... to an extraordinary extent. Right now business is really very good in a great many segments of the economy," he added. "But there's still problems if you're in a few types of businesses that have been decimated such as international air travel or something of the sort." — 1:20 p.m. ET: 'This has been the longest decade of my life': See's Candies CEO on operating during the pandemic The CEO of See's Candies, one of the longstanding companies owned by Berkshire Hathaway, told Yahoo Finance that the company has seen a strong rebound at the start of 2021 . However, last year, business virtually ground to a halt. "This has been the longest decade of my life. We've been through a lot. Last year – it's a tale of a couple of different quarters. The first quarter was tremendous," See's Candies CEO Pat Egan said in an interview with Yahoo Finance's Julia La Roche ahead of the start of Berkshire's annual shareholder meeting. "In the middle of March, when this [pandemic] really hit, we shut down all of our stores in a span of five days. So about 245 stores we closed in a matter of days. And then about a week and a half later, we closed our e-commerce fulfillment center down in Southern California. So for a period of time there, we essentially completely stopped." "We just said, we're not going to reopen stores or reopen plants until we can create a safe operating environment for our employees," he added. "That took a while, and by the time we restored over the summer we saw customers coming back in. But for that period of time, it was pretty rough." See's Candies just completed its "best first quarter ever" at the start of 2021, Egan added. — 8:20 a.m. ET: Berkshire Hathaway reports 20% jump in Q1 operating profit, additional stock buybacks Berkshire Hathaway reported first-quarter results Saturday morning , underscoring a rebound in profits across the firm's businesses amid the COVID-19 recover y. Berkshire also reported that it conducted another $6.6 billion of stock buybacks, extending its ramped-up share repurchase program from 2020. Operating income during the first three months of the year increased to $7.02 billion, rising 19.5% compared to the $5.87 billion posted in the first quarter of 2020. Net earnings attributable to Berkshire shareholders swung back to a profit of $11.71 billion, compared to a loss of $49.75 billion in the same quarter last year. Consolidated shareholders' equity rose by $4.8 billion to $448 billion by the end of March compared to the fourth quarter of 2020. Read more on Warren Buffett and Berkshire Hathaway Here's how Warren Buffett's top investments fared during the pandemic How Warren Buffett's airline stocks have performed since Berkshire Hathaway sold them Warren Buffett will provide a visible clue on his succession strategy at annual meeting Warren Buffett's 2010 advice on cash reserves is more relevant than ever Why Berkshire Hathaway's health care project Haven failed Warren Buffett's investing success depends on these two traits: portfolio manager Why Warren Buffett invested in Coca-Cola and its lesson 21 brilliant quotes from legendary investor and polymath Charlie Munger Warren Buffett's 25 best quotes about business, investing, and life What makes Buffett-led Berkshire Hathaway ‘very distinctive in corporate America’: Management expert — Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck || Berkshire Hathaway's Charlie Munger Says Bitcoin Is 'Disgusting And Contrary To Interests Of Civilization': The inevitable question came up about Bitcoin (CRYPTO: BTC) during today's Berkshire Hathaway Inc (NYSE: BRK-A )(NYSE: BRK-B ) 2021 shareholders meeting with Warren Buffett and Charlie Munger. Buffett Dodges : Buffett, chairman of Berkshire Hathaway, said he hates it when he sees politicians dodge questions, but that he would do so himself on the question of Bitcoin. "We had a governor one time in Nebraska, a long time ago, and he would get a tough question, you know. 'What do you think about property taxes?' or 'What should we do about schools?' and he'd look right at the person, and he'd say, 'I'm all right on that one!' and he'd walk off. Well, I'm all right on that one," Buffett said before turning it over to Vice Chairman Munger. See Also: How To Buy Bitcoin Munger Weighs In : "Those who know me well are just waving the red flag to the bull," Munger said. "Of course, I hate the Bitcoin success. I don't welcome a currency that's so useful to kidnappers and extortionists and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to someone who just invented a new financial product out of thin air. I think I should say modestly that I think the whole damned development is disgusting and contrary to the interests of civilization, and I'll leave the criticism to others." To which Buffett responded, "I'm all right on that one!" Earlier in February, Munger had said that trading cryptocurrencies is "just dementia" and that the price of Bitcoin was far too volatile to be a mainstream medium of exchange. "It's really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. I recommend that other people follow my practice," he said. Bitcoin reached a new record high of over $63,000 on April 13. Price Action: Bitcoin is up 96.62% year-to-date. Bitcoin is up slightly by 1.76% in the last 24 hours at $57,776. Story continues See more from Benzinga Click here for options trades from Benzinga Warren Buffett And Charlie Munger Talk Economy, Markets At Berkshire Hathaway Annual Meeting 2021 Berkshire Hathaway Posts Strong First-Quarter Operating Earnings of Billion © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Berkshire Hathaway's Charlie Munger Says Bitcoin Is 'Disgusting And Contrary To Interests Of Civilization': The inevitable question came up aboutBitcoin(CRYPTO: BTC) during today'sBerkshire Hathaway Inc(NYSE:BRK-A)(NYSE:BRK-B)2021 shareholders meetingwith Warren Buffett and Charlie Munger.
Buffett Dodges: Buffett, chairman of Berkshire Hathaway, said he hates it when he sees politicians dodge questions, but that he would do so himself on the question of Bitcoin.
"We had a governor one time in Nebraska, a long time ago, and he would get a tough question, you know. 'What do you think about property taxes?' or 'What should we do about schools?' and he'd look right at the person, and he'd say, 'I'm all right on that one!' and he'd walk off. Well, I'm all right on that one," Buffett said before turning it over to Vice Chairman Munger.
See Also:How To Buy Bitcoin
Munger Weighs In: "Those who know me well are just waving the red flag to the bull," Munger said. "Of course, I hate the Bitcoin success. I don't welcome a currency that's so useful to kidnappers and extortionists and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to someone who just invented a new financial product out of thin air. I think I should say modestly that I think the whole damned development is disgusting and contrary to the interests of civilization, and I'll leave the criticism to others."
To which Buffett responded, "I'm all right on that one!"
Earlierin February, Munger had said that trading cryptocurrencies is "just dementia" and that the price ofBitcoinwas far too volatile to be a mainstream medium of exchange.
"It's really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. I recommend that other people follow my practice," he said.
Bitcoin reached a new record high of over $63,000 on April 13.
Price Action:Bitcoin is up 96.62% year-to-date. Bitcoin is up slightly by 1.76% in the last 24 hours at $57,776.
See more from Benzinga
• Click here for options trades from Benzinga
• Warren Buffett And Charlie Munger Talk Economy, Markets At Berkshire Hathaway Annual Meeting 2021
• Berkshire Hathaway Posts Strong First-Quarter Operating Earnings of Billion
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Berkshire Hathaway's Charlie Munger Says Bitcoin Is 'Disgusting And Contrary To Interests Of Civilization': The inevitable question came up aboutBitcoin(CRYPTO: BTC) during today'sBerkshire Hathaway Inc(NYSE:BRK-A)(NYSE:BRK-B)2021 shareholders meetingwith Warren Buffett and Charlie Munger.
Buffett Dodges: Buffett, chairman of Berkshire Hathaway, said he hates it when he sees politicians dodge questions, but that he would do so himself on the question of Bitcoin.
"We had a governor one time in Nebraska, a long time ago, and he would get a tough question, you know. 'What do you think about property taxes?' or 'What should we do about schools?' and he'd look right at the person, and he'd say, 'I'm all right on that one!' and he'd walk off. Well, I'm all right on that one," Buffett said before turning it over to Vice Chairman Munger.
See Also:How To Buy Bitcoin
Munger Weighs In: "Those who know me well are just waving the red flag to the bull," Munger said. "Of course, I hate the Bitcoin success. I don't welcome a currency that's so useful to kidnappers and extortionists and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to someone who just invented a new financial product out of thin air. I think I should say modestly that I think the whole damned development is disgusting and contrary to the interests of civilization, and I'll leave the criticism to others."
To which Buffett responded, "I'm all right on that one!"
Earlierin February, Munger had said that trading cryptocurrencies is "just dementia" and that the price ofBitcoinwas far too volatile to be a mainstream medium of exchange.
"It's really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any Bitcoin. I recommend that other people follow my practice," he said.
Bitcoin reached a new record high of over $63,000 on April 13.
Price Action:Bitcoin is up 96.62% year-to-date. Bitcoin is up slightly by 1.76% in the last 24 hours at $57,776.
See more from Benzinga
• Click here for options trades from Benzinga
• Warren Buffett And Charlie Munger Talk Economy, Markets At Berkshire Hathaway Annual Meeting 2021
• Berkshire Hathaway Posts Strong First-Quarter Operating Earnings of Billion
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Buffett: I find it almost impossible to believe some of the arguments that it's terrible to repurchase shares: Billionaire investing icon Warren Buffett, the CEO of Berkshire Hathaway ( BRK-B , BRK-A ), defended the practice of share buybacks at the company's annual meeting on Saturday. In recent years, stock buybacks have come under scrutiny politically, on the view that they enrich shareholders and top executives rather than employees. Buffett, 90, argued that share buybacks are a "way essentially of distributing cash to people that want the cash when other co-owners mostly want you to reinvest." To illustrate his point, he used an example of owning Dairy Queen franchises among the Berkshire Hathaway vice-chairs at the event — Charlie Munger, Ajit Jain, and Greg Abel. "We formed a little company, and we all put in a million dollars or something like that and buy the Dairy Queen franchises, and they're doing well and three of the four of us want to keep buying more Dairy Queen franchises and we're not done building and saving for the future, and we're in the wealth creation business. And the fourth one says, 'Listen, I've gotten rich enough. I'd rather take some money out.' And, well, there's only two ways to do it — we can pay dividends, [it's to] all four of us, three of us who don't want it. And, and we can repurchase the shares at a fair price. If it's just the four of us, we pick out a fair price and the fourth one gets bought out of his interest." In his commentary, Buffett dismissed the arguments that it is immoral to repurchase shares. "I find it almost impossible to believe some of the arguments that are made that it's terrible to repurchase shares from a partner if they want to get something, and you're able to do it at prices advantageous to the people who are staying." Berkshire Hathaway once held a vote among its shareholders for a dividend, which failed. Buffett noted that "a great majority" are "savers." "Now that's partly because we've advertised ourselves as being that sort of a vehicle we've created that something we've stuck with it for 57 years," Buffett said, noting that a "huge number look at Berkshire as something they're going to own till they die." Story continues "And now their circumstances may change, their needs may change, but the savers generally keep saving," he said, adding, "What could more logical than this is a very small minority of your holders want to get out and most of them want to stay in and the person wants to get out wants the money, you don't get the money to everybody? You give it to the one who wants it, and, and you do it at a price that is beneficial to most partners. On a private deal you'd work out the fair value, the market tells you the value in the case of a publicly traded company." Munger, 97, Buffett's long-time business partner, said buybacks are "deeply immoral" if the share repurchase is doing it to push the stock higher. "[But] if you're repurchasing stock because it's a fair thing to do in the interest of your existing shareholders, that's a highly moral act, and the people who are criticizing it are bonkers,” Munger said. Billionaire financier and Berkshire Hathaway CEO Warren Buffett smiles as he plays bridge with shareholders during their annual meeting in Omaha, Nebraska, May 4, 2008. REUTERS/Carlos Barria (UNITED STATES) (Carlos Barria / Reuters) Full Coverage of Berkshire Hathaway's 2021 Annual Shareholders Meeting Earlier, Berkshire Hathaway reported its fiscal first-quarter earnings results. The conglomerate revealed that it repurchased approximately $6.6 billion worth of its class A and class B shares. In 2020, Berkshire repurchased $24.7 billion of its shares. Buffett and Munger have long said they would make those buybacks when they believed it would “both enhance the intrinsic value per share for continuing shareholders and would leave Berkshire with more than ample funds for any opportunities or problems it might encounter,” according to the latest annual shareholder letter . Berkshire has approximately $140 billion in cash and cash equivalents , up $2 billion from the end of 2020. "Repurchasing shares is something that helps them on their way to owning a larger percentage of Berkshire, as they go along. They'd love to see us buy another business, but they don't mind us intensifying their interest in the present business." Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter . Buffett: Bond investors world-wide 'face a bleak future' Buffett: 'It's easy to overlook the many miracles occurring in middle America' Buffett explains why Berkshire isn't a typical conglomerate Berkshire Hathaway's annual meeting will be held in Los Angeles Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy Berkshire Hathaway replay || Buffett: I find it almost impossible to believe that it's terrible to repurchase shares: Billionaire investing icon Warren Buffett, the CEO of Berkshire Hathaway (BRK-B,BRK-A), defended the practice of share buybacks at the company's annual meeting on Saturday.
In recent years, stock buybacks have come under scrutiny politically, on the view that they enrich shareholders and top executives rather than employees.
Buffett, 90, argued that share buybacks are a "way essentially of distributing cash to people that want the cash when other co-owners mostly want you to reinvest."
To illustrate his point, he used an example of owning Dairy Queen franchises among the Berkshire Hathaway vice-chairs at the event — Charlie Munger, Ajit Jain, and Greg Abel.
"We formed a little company, and we all put in a million dollars or something like that and buy the Dairy Queen franchises, and they're doing well and three of the four of us want to keep buying more Dairy Queen franchises and we're not done building and saving for the future, and we're in the wealth creation business. And the fourth one says, 'Listen, I've gotten rich enough. I'd rather take some money out.' And, well, there's only two ways to do it — we can pay dividends, [it's to] all four of us, three of us who don't want it. And, and we can repurchase the shares at a fair price. If it's just the four of us, we pick out a fair price and the fourth one gets bought out of his interest."
In his commentary, Buffett dismissed the arguments that it is immoral to repurchase shares.
"I find it almost impossible to believe some of the arguments that are made that it's terrible to repurchase shares from a partner if they want to get something, and you're able to do it at prices advantageous to the people who are staying."
Berkshire Hathaway once held a vote among its shareholders for a dividend, which failed. Buffett noted that "a great majority" are "savers."
"Now that's partly because we've advertised ourselves as being that sort of a vehicle we've created that something we've stuck with it for 57 years," Buffett said, noting that a "huge number look at Berkshire as something they're going to own till they die."
"And now their circumstances may change, their needs may change, but the savers generally keep saving," he said, adding, "What could more logical than this is a very small minority of your holders want to get out and most of them want to stay in and the person wants to get out wants the money, you don't get the money to everybody? You give it to the one who wants it, and, and you do it at a price that is beneficial to most partners. On a private deal you'd work out the fair value, the market tells you the value in the case of a publicly traded company."
Munger, 97, Buffett's long-time business partner, said buybacks are "deeply immoral" if the share repurchase is doing it to push the stock higher.
"[But] if you're repurchasing stock because it's a fair thing to do in the interest of your existing shareholders, that's a highly moral act, and the people who are criticizing it are bonkers,” Munger said.
Full Coverage of Berkshire Hathaway's 2021 Annual Shareholders Meeting
Earlier, Berkshire Hathaway reported its fiscal first-quarter earnings results. The conglomerate revealed that it repurchased approximately $6.6 billion worth of its class A and class B shares.
In 2020, Berkshire repurchased $24.7 billion of its shares. Buffett and Munger have long said they would make those buybacks when they believed it would “both enhance the intrinsic value per share for continuing shareholders and would leave Berkshire with more than ample funds for any opportunities or problems it might encounter,”according to the latest annual shareholder letter.
Berkshire has approximately$140 billion in cash and cash equivalents, up $2 billion from the end of 2020.
"Repurchasing shares is something that helps them on their way to owning a larger percentage of Berkshire, as they go along. They'd love to see us buy another business, but they don't mind us intensifying their interest in the present business."
Julia La Roche is a correspondent for Yahoo Finance. Follow her onTwitter.
• Buffett: Bond investors world-wide 'face a bleak future'
• Buffett: 'It's easy to overlook the many miracles occurring in middle America'
• Buffett explains why Berkshire isn't a typical conglomerate
• Berkshire Hathaway's annual meeting will be held in Los Angeles
Read more from the Daily Journal Meeting:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted'
• Munger: 'The world would be better off without' SPACs
• ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister
• Munger compares Bitcoin to what Oscar Wilde said about fox hunting
• Charlie Munger says Costco 'has one thing that Amazon does not'
• Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five
• Munger: A little inequality is good for the economy || Buffett to new investors: 'It's not as easy as it sounds': Billionaire investing icon Warren Buffett kicked off Berkshire Hathaway's ( BRK-B , BRK-A ) annual meeting of shareholders by sharing some lessons for new investors. "I'll have one or two very short lessons for perhaps the new investors who are not necessarily in Berkshire Hathaway, but people who have entered the stock market in the last year, and ... I think there has been a record number enter the stock market. I'll have a couple of little examples for them," Buffett said in his opening remarks. A wave of new investors has flooded the stock market, with lockdowns, no-fee trading, and stimulus checks making it easier to open up a brokerage account and start trading. The 90-year-old "Oracle of Omaha" told this generation of first-time investors: "it's not as easy as it sounds." The famed investor shared two items for new entrants to the stock market “to ponder a bit before they try to do 30 or 40 trades a day to profit from what looks like a very easy game.” To illustrate his point, Buffett showed a slide of the 20 largest companies by market capitalization as of March 31, 2021, which includes Apple ( AAPL ), Saudi Aramco, Microsoft ( MSFT ), Amazon ( AMZN ), Alphabet ( GOOG , GOOGL ), Facebook ( FB ), Tencent, Tesla ( TSLA ), Alibaba ( BABA ), and Berkshire Hathaway ( BRK-A , BRK-B ) in the top ten. Warren Buffett slide showing the 30 biggest companies by market cap in 2021. Highlighting that five of the top six companies are American, Buffett reiterated his bullish message on the U.S., noting it's "not an accident" and it's a system that's worked "unbelievably well." Referencing the list, Buffett urged new investors to make their own guess as to "how many of those companies are going to be on the list 30 years from now?" "What would you guess? Think about that yourself...Would you put on five, eight, whatever it might be?" Buffett then juxtaposed a slide of the top 20 companies from 1989 from market cap, which only included six U.S. companies, which are noticeably absent from the 2021 list. Buffett's slide of the 20 biggest companies by market cap in 1989 "It is a reminder of what extraordinary things can happen. Things that seem obvious to you," Buffett said, later adding, "The world can change, and very very dramatic ways." Buffett said this is a "great argument for index funds," to own a diversified group of U.S. equities over a long period. Buffett has long argued that investors — both small and large — would be better off putting money in low-cost index funds, and thereby avoiding fees shelled out to active managers to pick "the place to be," from IPOs to SPACs these days. Story continues "I could tell you their best ideas in 1989 did not necessarily do that well," Buffett said. To further his point, Buffett shared that in 1903, the year his father was born, automobiles were the exciting industry. "Everybody started car companies just like everybody's starting something now that can be where you can get money from people." Buffett shows a list of defunct car makers starting with the letter "M." "But in any event, there were at least 2,000 companies that entered the auto business, because it clearly had this incredible future. And of course, you remember that in 2009, there were three left, two of which went bankrupt. So, there is a lot more to picking stocks than figuring out what's going to be a wonderful industry in the future," Buffett said, adding that "very, very, very few people the picked the winner." Buffett joined his long-time friend and partner Charlie Munger, 97, for a virtual shareholders meeting held in Los Angeles, instead of Omaha, Nebraska. Munger has lived in Southern California for nearly 60 years. "So I just want to tell you," Buffett told new investors, "it's not as easy as it sounds." Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter . Buffett: Bond investors world-wide 'face a bleak future' Buffett: 'It's easy to overlook the many miracles occurring in middle America' Buffett explains why Berkshire isn't a typical conglomerate Berkshire Hathaway's annual meeting will be held in Los Angeles Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy Berkshire Hathaway replay View comments || Buffett to new investors: 'It's not as easy as it sounds': Billionaire investing icon Warren Buffett kicked off Berkshire Hathaway's ( BRK-B , BRK-A ) annual meeting of shareholders by sharing some lessons for new investors. "I'll have one or two very short lessons for perhaps the new investors who are not necessarily in Berkshire Hathaway, but people who have entered the stock market in the last year, and ... I think there has been a record number enter the stock market. I'll have a couple of little examples for them," Buffett said in his opening remarks. A wave of new investors has flooded the stock market, with lockdowns, no-fee trading, and stimulus checks making it easier to open up a brokerage account and start trading. The 90-year-old "Oracle of Omaha" told this generation of first-time investors: "it's not as easy as it sounds." The famed investor shared two items for new entrants to the stock market “to ponder a bit before they try to do 30 or 40 trades a day to profit from what looks like a very easy game.” To illustrate his point, Buffett showed a slide of the 20 largest companies by market capitalization as of March 31, 2021, which includes Apple ( AAPL ), Saudi Aramco, Microsoft ( MSFT ), Amazon ( AMZN ), Alphabet ( GOOG , GOOGL ), Facebook ( FB ), Tencent, Tesla ( TSLA ), Alibaba ( BABA ), and Berkshire Hathaway ( BRK-A , BRK-B ) in the top ten. Warren Buffett slide showing the 30 biggest companies by market cap in 2021. Highlighting that five of the top six companies are American, Buffett reiterated his bullish message on the U.S., noting it's "not an accident" and it's a system that's worked "unbelievably well." Referencing the list, Buffett urged new investors to make their own guess as to "how many of those companies are going to be on the list 30 years from now?" "What would you guess? Think about that yourself...Would you put on five, eight, whatever it might be?" Buffett then juxtaposed a slide of the top 20 companies from 1989 from market cap, which only included six U.S. companies, which are noticeably absent from the 2021 list. Buffett's slide of the 20 biggest companies by market cap in 1989 "It is a reminder of what extraordinary things can happen. Things that seem obvious to you," Buffett said, later adding, "The world can change, and very very dramatic ways." Buffett said this is a "great argument for index funds," to own a diversified group of U.S. equities over a long period. Buffett has long argued that investors — both small and large — would be better off putting money in low-cost index funds, and thereby avoiding fees shelled out to active managers to pick "the place to be," from IPOs to SPACs these days. Story continues "I could tell you their best ideas in 1989 did not necessarily do that well," Buffett said. To further his point, Buffett shared that in 1903, the year his father was born, automobiles were the exciting industry. "Everybody started car companies just like everybody's starting something now that can be where you can get money from people." Buffett shows a list of defunct car makers starting with the letter "M." "But in any event, there were at least 2,000 companies that entered the auto business, because it clearly had this incredible future. And of course, you remember that in 2009, there were three left, two of which went bankrupt. So, there is a lot more to picking stocks than figuring out what's going to be a wonderful industry in the future," Buffett said, adding that "very, very, very few people the picked the winner." Buffett joined his long-time friend and partner Charlie Munger, 97, for a virtual shareholders meeting held in Los Angeles, instead of Omaha, Nebraska. Munger has lived in Southern California for nearly 60 years. "So I just want to tell you," Buffett told new investors, "it's not as easy as it sounds." Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter . Buffett: Bond investors world-wide 'face a bleak future' Buffett: 'It's easy to overlook the many miracles occurring in middle America' Buffett explains why Berkshire isn't a typical conglomerate Berkshire Hathaway's annual meeting will be held in Los Angeles Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy Berkshire Hathaway replay View comments || Penthouse in the Netherlands Set to be Sold for 21 BTC: A penthouse in the Netherlands is set to be purchased entirely with bitcoin totaling one million euros. The sale will become the first ever purchase of a property in the Netherlands, completely paid for using bitcoin. According to Dutch online publication NOS , the buyer of a penthouse in Veghel is set to purchase the property entirely using bitcoin. The property is currently up for sale at a whopping one million euros. First all-BTC property purchase in the Netherlands According to Van de Laar Makelaardij in Sint-Oedenrode, the purchase will be completed “within a few days”. “Yes, in principle we have someone who wants to buy this,” says Bart Greijmans of Van de Laar Makelaardij. “Now we are exactly figuring out how we can arrange all this, but we will succeed” he stated. Greijmans believes the deal will be done. But the sale of property using cryptocurrencies is not a common. He states that there are no examples of how cryptocurrency transactions for property purchases are done. “…we have to work with lawyers to ensure that everything is properly written down, for both the seller and the buyer”. However Greijmans admits that the experience is exciting. As it offers the company the opportunity to see how it can work. Purchasing of property with bitcoin is not a common practice anywhere in the world. With the NVM real estate association stating that no trend has been seen yet. BTC volatility makes sales difficult Marc van der Lee of NVM believes the volatility in price of bitcoin makes it difficult to determine an exact sale amount for property when using bitcoin . He states “This is almost impossible with the current system”. Furthermore, van der Lee believes that if two parties are happy to proceed in a deal for bitcoin, then they are happy to assist. The lack of knowledge surrounding how to access and use bitcoin appears to be a stalling point. Van der Lee admitted that he has no problem assisting with transactions in BTC. However, he does not believe that the use of bitcoin is at a point where it will become common use for purchases yet. Saying “I don’t think the market has reached that point yet. “ || Penthouse in the Netherlands Set to be Sold for 21 BTC: A penthouse in the Netherlands is set to be purchased entirely with bitcoin totaling one million euros.
The sale will become the first ever purchase of a property in the Netherlands, completely paid for using bitcoin.
According to Dutch online publicationNOS, the buyer of a penthouse in Veghel is set to purchase the property entirely using bitcoin. The property is currently up for sale at a whopping one million euros.
Accordingto Van de Laar Makelaardij in Sint-Oedenrode, the purchase will be completed “within a few days”.
“Yes, in principle we have someone who wants to buy this,” says Bart Greijmans of Van de Laar Makelaardij. “Now we are exactly figuring out how we can arrange all this, but we will succeed” he stated.
Greijmans believes the deal will be done. But the sale ofpropertyusing cryptocurrencies is not a common. He states that there are no examples of how cryptocurrency transactions for property purchases are done. “…we have to work with lawyers to ensure that everything is properly written down, for both the seller and the buyer”.
However Greijmans admits that the experience is exciting. As it offers the company the opportunity to see how it can work.
Purchasing of property with bitcoin is not a common practice anywhere in the world. With the NVM real estate association stating that no trend has been seen yet.
Marc van der Lee of NVM believes the volatility in price of bitcoin makes it difficult to determine an exact sale amount for property when usingbitcoin. He states “This is almost impossible with the current system”.
Furthermore, van der Lee believes that if two parties are happy to proceed in a deal for bitcoin, then they are happy to assist. The lack of knowledge surrounding how to access and use bitcoin appears to be a stalling point.
Van der Lee admitted that he has no problem assisting with transactions in BTC. However, he does not believe that the use of bitcoin is at a point where it will become common use for purchases yet. Saying “I don’t think the market has reached that point yet. “ || Penthouse in the Netherlands Set to be Sold for 21 BTC: A penthouse in the Netherlands is set to be purchased entirely with bitcoin totaling one million euros.
The sale will become the first ever purchase of a property in the Netherlands, completely paid for using bitcoin.
According to Dutch online publicationNOS, the buyer of a penthouse in Veghel is set to purchase the property entirely using bitcoin. The property is currently up for sale at a whopping one million euros.
Accordingto Van de Laar Makelaardij in Sint-Oedenrode, the purchase will be completed “within a few days”.
“Yes, in principle we have someone who wants to buy this,” says Bart Greijmans of Van de Laar Makelaardij. “Now we are exactly figuring out how we can arrange all this, but we will succeed” he stated.
Greijmans believes the deal will be done. But the sale ofpropertyusing cryptocurrencies is not a common. He states that there are no examples of how cryptocurrency transactions for property purchases are done. “…we have to work with lawyers to ensure that everything is properly written down, for both the seller and the buyer”.
However Greijmans admits that the experience is exciting. As it offers the company the opportunity to see how it can work.
Purchasing of property with bitcoin is not a common practice anywhere in the world. With the NVM real estate association stating that no trend has been seen yet.
Marc van der Lee of NVM believes the volatility in price of bitcoin makes it difficult to determine an exact sale amount for property when usingbitcoin. He states “This is almost impossible with the current system”.
Furthermore, van der Lee believes that if two parties are happy to proceed in a deal for bitcoin, then they are happy to assist. The lack of knowledge surrounding how to access and use bitcoin appears to be a stalling point.
Van der Lee admitted that he has no problem assisting with transactions in BTC. However, he does not believe that the use of bitcoin is at a point where it will become common use for purchases yet. Saying “I don’t think the market has reached that point yet. “ || Berkshire Hathaway-owned See's Candies delivers record first quarter, e-commerce growth explodes: Berkshire Hathaway-owned ( BRK-B , BRK-A ) See's Candies, the 100-year-old maker and seller of chocolates, lollipops, toffee, and Warren Buffett's favorite treat — peanut brittle — had its best quarter ever at the start of 2021, according to CEO Pat Egan. "We're fully back, I believe. We've had our best January ever, our best February ever, we just completed our best first quarter ever," Egan told Yahoo Finance ahead of the 2021 Berkshire Hathaway Annual Meeting, streaming exclusively on Yahoo Finance . Egan, who took the helm at See's Candies in the spring of 2019 and is the third CEO in the company's history, described the past year as "the longest decade" of his life as the famed candy purveyor navigated the COVID-19 crisis. Full Coverage of Berkshire Hathaway's 2021 Annual Shareholders Meeting As the coronavirus pandemic hit the U.S. last March, See's closed all of its 245 stores in a matter of days and soon after closed its e-commerce fulfillment center in Southern California. "So from that point forward what we did was we just said, 'We're not going to reopen stores or reopen our plants until we can create a safe operating environment for all of our employees.' That took a while, and by the time we restored at the end of the summer, we saw customers coming back in. But for that period of time, it was pretty rough," Egan added. PALM SPRINGS, CALIFORNIA - FEBRUARY 25, 2019: A man pushing a baby carriage pauses in front of a See's Candies shop in Palm Springs, California. Founded in Los Angeles in 1921, the company is now headquartered in San Francisco, California. Since 1972 the company has been owned by Warren Buffett's Berkshire Hathaway Corporation. (Photo by Robert Alexander/Getty Images) (Robert Alexander via Getty Images) Amid pandemic lockdowns and stay-at-home orders, See's Candies' e-commerce business grew about 70% in total packages shipped last year. What's more, even with store reopenings, online sales have remained robust. "[What] you might expect would be that when the stores reopened [e-commerce] would trail off a little bit. It hasn't. Our first quarter, we were up almost 160% over the first quarter of last year." Egan noted that the traffic back in stores had been gradually, but the company is "almost back to 100%." Story continues "But our e-commerce, which has more than doubled, has actually stayed at that level, and we're just fine with it not coming back to Earth. It creates some different operational challenges, but we've definitely expanded our customer base," Egan added. Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter . Buffett: Bond investors world-wide 'face a bleak future' Buffett: 'It's easy to overlook the many miracles occurring in middle America' Buffett explains why Berkshire isn't a typical conglomerate Berkshire Hathaway's annual meeting will be held in Los Angeles Read more from the Daily Journal Meeting: Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money' Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted' Munger: 'The world would be better off without' SPACs ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister Munger compares Bitcoin to what Oscar Wilde said about fox hunting Charlie Munger says Costco 'has one thing that Amazon does not' Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five Munger: A little inequality is good for the economy Berkshire Hathaway replay || Berkshire Hathaway-owned See's Candies delivers record first quarter, e-commerce growth explodes: Berkshire Hathaway-owned (BRK-B,BRK-A) See's Candies, the 100-year-old maker and seller of chocolates, lollipops, toffee, and Warren Buffett's favorite treat — peanut brittle — had its best quarter ever at the start of 2021, according to CEO Pat Egan.
"We're fully back, I believe. We've had our best January ever, our best February ever, we just completed our best first quarter ever," Egan told Yahoo Finance ahead of the 2021Berkshire Hathaway Annual Meeting, streaming exclusively on Yahoo Finance.
Egan, who took the helm at See's Candies in the spring of 2019 and is the third CEO in the company's history, described the past year as "the longest decade" of his life as the famed candy purveyor navigated the COVID-19 crisis.
Full Coverage of Berkshire Hathaway's 2021 Annual Shareholders Meeting
As the coronavirus pandemic hit the U.S. last March, See's closed all of its 245 stores in a matter of days and soon after closed its e-commerce fulfillment center in Southern California.
"So from that point forward what we did was we just said, 'We're not going to reopen stores or reopen our plants until we can create a safe operating environment for all of our employees.' That took a while, and by the time we restored at the end of the summer, we saw customers coming back in. But for that period of time, it was pretty rough," Egan added.
Amid pandemic lockdowns and stay-at-home orders, See's Candies' e-commerce business grew about 70% in total packages shipped last year. What's more, even with store reopenings, online sales have remained robust.
"[What] you might expect would be that when the stores reopened [e-commerce] would trail off a little bit. It hasn't. Our first quarter, we were up almost 160% over the first quarter of last year."
Egan noted that the traffic back in stores had been gradually, but the company is "almost back to 100%."
"But our e-commerce, which has more than doubled, has actually stayed at that level, and we're just fine with it not coming back to Earth. It creates some different operational challenges, but we've definitely expanded our customer base," Egan added.
Julia La Roche is a correspondent for Yahoo Finance. Follow her onTwitter.
• Buffett: Bond investors world-wide 'face a bleak future'
• Buffett: 'It's easy to overlook the many miracles occurring in middle America'
• Buffett explains why Berkshire isn't a typical conglomerate
• Berkshire Hathaway's annual meeting will be held in Los Angeles
Read more from the Daily Journal Meeting:
• Charlie Munger on Robinhood and GameStop frenzy: 'It's a dirty way to make money'
• Munger diverges from Buffett on Wells Fargo: 'Warren got disenchanted'
• Munger: 'The world would be better off without' SPACs
• ‘I have a bust of him’: Charlie Munger on why he admires Singapore's first prime minister
• Munger compares Bitcoin to what Oscar Wilde said about fox hunting
• Charlie Munger says Costco 'has one thing that Amazon does not'
• Munger: It's 'absolute insanity' to think owning 100 stocks makes you a better investor than owning five
• Munger: A little inequality is good for the economy || Alcohol Industry Is Embracing Crypto, From Payments to NFTs: Cryptocurrencies and blockchain technologies are expanding out from the tech sphere into different sectors, including the alcohol industry.
“Fermentation equals civilization,” said American author and poet John Ciardi. Globally, this philosophy has endured with different countries relying on various alcohol producers for significant economic contributions and returns.
Brewers, distillers, and wine-makers increasingly embrace new technologies for both better taste and profit. Some are turning to cryptocurrencies and blockchain technologies.
Last year, French wine distributor, Vin Malin said it would begin accepting cryptocurrency payments.
Jean-Christophe Gallois, the company’s director, said, at first, this would be limited to bitcoin (BTC) and ethereum (ETH). Still, the possibility remains that more cryptocurrencies could be accepted in the future.
This is not the first French wine merchant to get into the crypto game. Another French merchant has also been seeingmajor returns during the latest bitcoin bull run.BTC Wine, an online retailer, run by Lasserre & Papillon, is a Bordeaux-based company that sells wine exclusively in bitcoin.
However, France isn’t the only country where alcohol and crypto have joined forces.
In February, France’s neighbor Switzerland got involved. Sygnum Bank and Fine Wine Capital collaborated to tokenize premium investablewines as digital assets for trading.
“Tokenization of wine assets enables us to expand our private collector investor base to new private and institutional investors interested in fractional ownership in distinctive real assets. This provides them the opportunity to hold, trade or request a physical settlement of this unique asset in an efficient manner,” Alexandre Challand, Fine Wine Capital co-founder, explained.
Another European alcohol brewer also joined in on the NFT craze. Irish whiskey distiller Kinsale Spirits’ is offering arare 20-year old single malt as part of its alcohol NFT auction.By creating legally binding, easily trackable digital assets ownership, the measures may set a precedent for this up and coming space.
The rare cask is one of the few that remain from Cooley’s original distillery in Louth. Described by the sellers as a rare piece of history, the whiskey, “Pallet No. 14730,” is from 2001 and resides in an ex-bourbon barrel. Commenting on the development, a co-founder of Kinsale Spirits, Ernest Cantillon, said:
“I would be hopeful that bidders in Asia, in particular, could be interested in this. It is a rare whiskey which in itself makes it a good investment but then of course if it captures the imagination then hopefully we get many multiples of its face value.”
In the United States,the country’s oldest wine shopannounced it would start accepting cryptocurrencies as payment. Established in 1820, legendary wine shop Acker houses the largest rare and fine wine auction house in North America. Acker seems to be proud to accept this novel form of payment, with Acker chairman, John Kapon, saying:
“Cryptocurrency is here to stay, and we are excited to offer these additional options for payment in this ever-changing and shifting world. We look forward to growing our already robust network of wine lovers and making more exciting announcements in the digital space soon.”
However, alcohol producers and merchants aren’t the only cryptocurrency enthusiasts in European business. There is a growing trend towards cryptocurrencies in both the public and private sectors in Europe as a whole.
Chairman of the European Blockchain Association, Michael Gebert, explains how businesses are turning to blockchain technologies to address problems facing their companies. However, he points out that the region overall is still more conservative than other parts of the world.
He explains:
“While European companies have identified breakthrough ideas on how blockchain could solve some of the most pressing problems in business and society today, according to our observations, there is a huge gap in their progress toward turning those ideas into reality, particularly from a strategic viewpoint.”
Interest by the government is also ramping up. The country’s central bank, Banque de France, startedtrials of its own central bank digital currency (CBDC), the first such trial in Europe.
Gerbert points out that these kinds of trials and interests are important for the growth of cryptocurrencies and decentralized finance in the region.
“Policymakers and regulators need to progress in assessing whether existing policies and laws are fit for purpose or if new frameworks will be required,” he says.
Overall, interest in crypto continues to grow across sectors. The alcohol industry is just one of many proving the benefits of looking to the blockchain for solutions and trends. || Alcohol Industry Is Embracing Crypto, From Payments to NFTs: Cryptocurrencies and blockchain technologies are expanding out from the tech sphere into different sectors, including the alcohol industry. “Fermentation equals civilization,” said American author and poet John Ciardi. Globally, this philosophy has endured with different countries relying on various alcohol producers for significant economic contributions and returns. Brewers, distillers, and wine-makers increasingly embrace new technologies for both better taste and profit. Some are turning to cryptocurrencies and blockchain technologies. Crypto meets the alcohol industry Last year, French wine distributor, Vin Malin said it would begin accepting cryptocurrency payments. Jean-Christophe Gallois, the company’s director, said, at first, this would be limited to bitcoin (BTC) and ethereum (ETH). Still, the possibility remains that more cryptocurrencies could be accepted in the future. This is not the first French wine merchant to get into the crypto game. Another French merchant has also been seeing major returns during the latest bitcoin bull run. BTC Wine, an online retailer, run by Lasserre & Papillon, is a Bordeaux-based company that sells wine exclusively in bitcoin. However, France isn’t the only country where alcohol and crypto have joined forces. In February, France’s neighbor Switzerland got involved. Sygnum Bank and Fine Wine Capital collaborated to tokenize premium investable wines as digital assets for trading. “Tokenization of wine assets enables us to expand our private collector investor base to new private and institutional investors interested in fractional ownership in distinctive real assets. This provides them the opportunity to hold, trade or request a physical settlement of this unique asset in an efficient manner,” Alexandre Challand, Fine Wine Capital co-founder, explained. Another European alcohol brewer also joined in on the NFT craze. Irish whiskey distiller Kinsale Spirits’ is offering a rare 20-year old single malt as part of its alcohol NFT auction. By creating legally binding, easily trackable digital assets ownership, the measures may set a precedent for this up and coming space. The rare cask is one of the few that remain from Cooley’s original distillery in Louth. Described by the sellers as a rare piece of history, the whiskey, “Pallet No. 14730,” is from 2001 and resides in an ex-bourbon barrel. Commenting on the development, a co-founder of Kinsale Spirits, Ernest Cantillon, said: “I would be hopeful that bidders in Asia, in particular, could be interested in this. It is a rare whiskey which in itself makes it a good investment but then of course if it captures the imagination then hopefully we get many multiples of its face value.” Story continues In the United States, the country’s oldest wine shop announced it would start accepting cryptocurrencies as payment. Established in 1820, legendary wine shop Acker houses the largest rare and fine wine auction house in North America. Acker seems to be proud to accept this novel form of payment, with Acker chairman, John Kapon, saying: “Cryptocurrency is here to stay, and we are excited to offer these additional options for payment in this ever-changing and shifting world. We look forward to growing our already robust network of wine lovers and making more exciting announcements in the digital space soon.” Businesses embrace blockchain in Europe However, alcohol producers and merchants aren’t the only cryptocurrency enthusiasts in European business. There is a growing trend towards cryptocurrencies in both the public and private sectors in Europe as a whole. Chairman of the European Blockchain Association, Michael Gebert, explains how businesses are turning to blockchain technologies to address problems facing their companies. However, he points out that the region overall is still more conservative than other parts of the world. He explains: “While European companies have identified breakthrough ideas on how blockchain could solve some of the most pressing problems in business and society today, according to our observations, there is a huge gap in their progress toward turning those ideas into reality, particularly from a strategic viewpoint.” Interest by the government is also ramping up. The country’s central bank, Banque de France, started trials of its own central bank digital currency (CBDC) , the first such trial in Europe. Gerbert points out that these kinds of trials and interests are important for the growth of cryptocurrencies and decentralized finance in the region. “Policymakers and regulators need to progress in assessing whether existing policies and laws are fit for purpose or if new frameworks will be required,” he says. Overall, interest in crypto continues to grow across sectors. The alcohol industry is just one of many proving the benefits of looking to the blockchain for solutions and trends. View comments || ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines: Ethereum and Binance Coin have both seen new all-time highs within the last 24 hours as bitcoin dominance continues to decline
Following a strong week for ethereum, the cryptocurrency has managed to set another all-time high this weekend. Ethereum rallied on Saturday to a new high of $2,880 on Binance. The cryptocurrency has now enjoyed six straight days of bullish buying.
Binance Coin (BNB) also saw a new high for the first time in nearly three weeks. BNB tapped $645 on Saturday morning as the third biggest cryptocurrency also enjoyed its continued weekly strength.
Both projects continue to push new highs as bitcoin dominance declines. Bitcoin has seen its dominance in the market drop for nearly an entire month. Bitcoin dominance currently sits around 49.86%. Down from its 60.61% high of one month ago.
Marketsentimentcurrently expects ethereum to continue rallying as $3,000 becomes the next major hurdle for ethereum. Ethereum recently completed its Berlin fork on the mainnet. With its nextmajor upgradeset to take place in July.
Ethereum has also seen increased interest from investment firms. Most Recently, Rothschild Investments bought a $4.75M initial stake in the Grayscale Ethereum Trust, according tofilings. Rothschild became one of the first name-brand institutional asset managers to expose itself to ethereum through the Grayscale.
Gas fees on the network have seen adramatic decreasein price, allowing for traders to take advantage of bullish market conditions. Ethereum active addresses have also seen a surge to new all-time highsrecently.
Decentralized exchange (DEX)PancakeSwaphas also seen a surge in popularity. The Binance Smart Chain (BSC) exchange has enjoyed growth particularly due to the low gas fees on the network. PancakeSwap which utilizes the BNB token, currently ranks as the third largest DEX behind Uniswap and MDEX.
[Social Media Buzz]
None available.
|
57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57, 49150.54
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39.
|
[Bitcoin Technical Analysis for 2018-08-03]
Volume: 4627150000, RSI (14-day): 49.17, 50-day EMA: 7325.55, 200-day EMA: 7914.91
[Wider Market Context]
Gold Price: 1214.20, Gold RSI: 32.30
Oil Price: 68.49, Oil RSI: 46.64
[Recent News (last 7 days)]
No Coins for You! North Carolina Rejects Bitcoin Campaign Donations: North Carolina hasbarredelectoral candidates in the state from accepting campaign donations made in bitcoin and other cryptocurrencies. This declaration is contained in a response from the North Carolina State Board of Elections Campaign Finance Office to Emmanuel Wilder, a Republican candidate running for a seat in the state’s legislature.
Earlier in the year, Emmanuel Wilder had asked the State Board if he could accept campaign donations in bitcoin and other digital currencies. In his submission, the candidate also suggested a framework for the Board to use in ascribing value to the volatile asset class.
The Board communicated its refusal of his request in a letter from its executive director, Kim Westbrooks Strach. The refusal is hinged on the fact that the state’s campaign finance regulations set monetary limits in U.S. dollars. The Board is also of the opinion that cryptocurrencies cannot be reliably valued.
An excerpt from the letter reads:
“We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency.”
In his reaction, a disappointed but optimistic Wildersaid:
“Blockchain and other technologies hold the ability to improve how business and public institutions operate day to day…Although it might not be today, there will be a day when this technology will have a place in the political process.”
A number of political commentators believe that the perceived anonymity afforded by bitcoin and other cryptocurrencies is a big consideration and an issue that could potentially undermine campaign finance rules. Jen Jones, a spokesperson for Democracy North Carolina, a campaign finance watchdog earlier advised the Board to take this issue into consideration.
She said:
“[The board should consider] whether it’s possible for candidates to receive campaign donations via cryptocurrency while also complying with state disclosure requirements.”
North Carolina is not the only U.S. state to prohibit cryptocurrency campaign donations. In 2017, the Kansas Governmental Ethics Commissionruledthat candidates running in state and local elections are not allowed to accept bitcoin campaign donations.
In June, Austin Petersen, a U.S. candidate from Missouri was forced toreturna $130,000 bitcoin donation because it was over the FEC-mandated individual contribution limit of $5,400.
It will be noted, however, that the Federal Election Commission (FEC)ruled in 2014that federal election candidates are allowed to collect contributions in bitcoin and gave guidelines for such collections.Under American law, though, states are at liberty to set their own rules for state election candidates.
Featured Image from Shutterstock
The postNo Coins for You! North Carolina Rejects Bitcoin Campaign Donationsappeared first onCCN. || No Coins for You! North Carolina Rejects Bitcoin Campaign Donations: North Carolina hasbarredelectoral candidates in the state from accepting campaign donations made in bitcoin and other cryptocurrencies. This declaration is contained in a response from the North Carolina State Board of Elections Campaign Finance Office to Emmanuel Wilder, a Republican candidate running for a seat in the state’s legislature.
Earlier in the year, Emmanuel Wilder had asked the State Board if he could accept campaign donations in bitcoin and other digital currencies. In his submission, the candidate also suggested a framework for the Board to use in ascribing value to the volatile asset class.
The Board communicated its refusal of his request in a letter from its executive director, Kim Westbrooks Strach. The refusal is hinged on the fact that the state’s campaign finance regulations set monetary limits in U.S. dollars. The Board is also of the opinion that cryptocurrencies cannot be reliably valued.
An excerpt from the letter reads:
“We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency.”
In his reaction, a disappointed but optimistic Wildersaid:
“Blockchain and other technologies hold the ability to improve how business and public institutions operate day to day…Although it might not be today, there will be a day when this technology will have a place in the political process.”
A number of political commentators believe that the perceived anonymity afforded by bitcoin and other cryptocurrencies is a big consideration and an issue that could potentially undermine campaign finance rules. Jen Jones, a spokesperson for Democracy North Carolina, a campaign finance watchdog earlier advised the Board to take this issue into consideration.
She said:
“[The board should consider] whether it’s possible for candidates to receive campaign donations via cryptocurrency while also complying with state disclosure requirements.”
North Carolina is not the only U.S. state to prohibit cryptocurrency campaign donations. In 2017, the Kansas Governmental Ethics Commissionruledthat candidates running in state and local elections are not allowed to accept bitcoin campaign donations.
In June, Austin Petersen, a U.S. candidate from Missouri was forced toreturna $130,000 bitcoin donation because it was over the FEC-mandated individual contribution limit of $5,400.
It will be noted, however, that the Federal Election Commission (FEC)ruled in 2014that federal election candidates are allowed to collect contributions in bitcoin and gave guidelines for such collections.Under American law, though, states are at liberty to set their own rules for state election candidates.
Featured Image from Shutterstock
The postNo Coins for You! North Carolina Rejects Bitcoin Campaign Donationsappeared first onCCN. || No Coins for You! North Carolina Rejects Bitcoin Campaign Donations: north carolina bitcoin North Carolina has barred electoral candidates in the state from accepting campaign donations made in bitcoin and other cryptocurrencies. This declaration is contained in a response from the North Carolina State Board of Elections Campaign Finance Office to Emmanuel Wilder, a Republican candidate running for a seat in the state’s legislature. Regulatory Snafu Earlier in the year, Emmanuel Wilder had asked the State Board if he could accept campaign donations in bitcoin and other digital currencies. In his submission, the candidate also suggested a framework for the Board to use in ascribing value to the volatile asset class. The Board communicated its refusal of his request in a letter from its executive director, Kim Westbrooks Strach. The refusal is hinged on the fact that the state’s campaign finance regulations set monetary limits in U.S. dollars. The Board is also of the opinion that cryptocurrencies cannot be reliably valued. An excerpt from the letter reads: “We do not have the confidence that we could adequately regulate contributions to a political campaign in North Carolina in the form of cryptocurrency.” In his reaction, a disappointed but optimistic Wilder said: “Blockchain and other technologies hold the ability to improve how business and public institutions operate day to day…Although it might not be today, there will be a day when this technology will have a place in the political process.” Anonymity Concerns emmanuel wilder bitcoin north carolina A number of political commentators believe that the perceived anonymity afforded by bitcoin and other cryptocurrencies is a big consideration and an issue that could potentially undermine campaign finance rules. Jen Jones, a spokesperson for Democracy North Carolina, a campaign finance watchdog earlier advised the Board to take this issue into consideration. She said: “[The board should consider] whether it’s possible for candidates to receive campaign donations via cryptocurrency while also complying with state disclosure requirements.” Story continues North Carolina is not the only U.S. state to prohibit cryptocurrency campaign donations. In 2017, the Kansas Governmental Ethics Commission ruled that candidates running in state and local elections are not allowed to accept bitcoin campaign donations. In June, Austin Petersen, a U.S. candidate from Missouri was forced to return a $130,000 bitcoin donation because it was over the FEC-mandated individual contribution limit of $5,400. It will be noted, however, that the Federal Election Commission (FEC) ruled in 2014 that federal election candidates are allowed to collect contributions in bitcoin and gave guidelines for such collections. Under American law, though, states are at liberty to set their own rules for state election candidates. Featured Image from Shutterstock The post No Coins for You! North Carolina Rejects Bitcoin Campaign Donations appeared first on CCN . || Freeh talks Tether investigation: Tether, the Hong Kong-based company behind the cryptocurrency of the same name, has been the subject of fierce scrutiny in the crypto world all year. Tether, the digital token, is meant to be a 1-to-1 surrogate for the U.S. dollar, a “stablecoin” that bitcoin holders can trade into as a safer store of value. That’s why the price of tether has basically stayed at $1 for its lifetime, with the exception of a couple swings in 2017 to as low as 80 cents and as high as $1.80. Tether, the company, insists all tether tokens are backed by U.S. dollars that Tether holds in reserve. Regulators have been skeptical of that claim. In December 2017, the CFTC subpoenaed Tether and Bitfinex, a huge bitcoin exchange that began offering tether in 2015. Bitfinex CEO Jan Ludovicus is also CEO of Tether , but has insisted the two companies are completely separate. Major media outlets have pointed to the “ mystery ” of the relationship between Tether and Bitfinex, and questioned whether Tether has the reserves it claims to have. The heat led Tether to hire Freeh, Sporkin & Sullivan (FSS), the Washington, D.C., law firm of former FBI director Louis Freeh, to conduct an investigation of its compliance and transparency, including a check of its bank balances. In June, Tether publicly posted the confidential report from FSS containing its findings. The crux of Freeh’s report: Tether indeed holds the balance it claims to hold. On June 1, without Tether or its two banks knowing the selected date ahead of time, FSS performed an “account snapshot” and found that Tether held a total of $2.545 billion, which indeed covered the 2.538 billion tether coins in circulation at the time, plus a cushion of about $7 million. Louis Freeh at a July 12, 2012 news conference in Philadelphia regarding Penn State University’s handling of Jerry Sandusky. (AP Photo/Matt Rourke) Hiring Louis Freeh to handle a compliance investigation is akin to bringing in the big dogs. He has investigated Penn State University , FIFA, Daimler Chrysler, and others. When a large public company, small private company, government group or educational institution taps Freeh, it is an attempt to say: We are serious about this. The same is true of former FBI director Robert Mueller, currently special counsel for the Russia investigation. As Fortune wrote in 2013 , “There simply aren’t many former FBI directors out there.” Story continues Nonetheless, skeptics have questioned Freeh’s report on Tether. In an exclusive interview with Yahoo Finance, Freeh discussed the Tether investigation, which was his first ever cryptocurrency-related work. He says his firm expects to take on more crypto jobs—and is staffing up to prepare for them. Background: Tether and Bitfinex The controversy over Tether went mainstream on June 13, when an academic paper out of the University of Texas concluded that bitcoin’s big price surge at the end of 2017 was partly due to market manipulation of tether on Bitfinex . The report was widely picked up by business media, and it’s likely what led Tether, on June 20, to announce that it had previously hired Freeh’s firm. (It hired FSS in March.) In a “ transparency update ” on its site, Tether wrote, “Tether and related parties have been the subject of scrutiny over the course of the past several months… It is our belief that much of the speculation and negative reporting has been the result of misunderstandings of how Tether functions. To address allegations head on, we wish to make a few things clear: All Tethers in circulation are fully backed by USD reserves… Earlier this year Tether engaged Freeh, Sporkin & Sullivan LLP (FSS) to review bank account documentation and to perform a randomized inspection of the number of Tethers in circulation and the corresponding currency reserves.” Tether also posted the June 18 FSS report , thereby waiving its attorney-client privilege. Tether price over the past year (Yahoo Finance) FSS cautions that its investigation was not an official “audit” of the type that the “big four” accounting firms (Ernst & Young, Deloitte, KPMG, PWC) would conduct, since FSS is not an accounting firm. In fact, those firms have, for now, declined to take on any cryptocurrency-related work. This is why the Next Web calls it “ yet another phony audit .” In addition, some bitcoin blogs have pointed to the fact that Judge Eugene Sullivan, a partner at FSS, is on the advisory board of one of Tether’s banks, suggesting that relationship compromises the report. In his conversation with Yahoo Finance, Freeh addresses these claims. What follows is a condensed transcript. Freeh’s son Justin Freeh, a lawyer and former Navy SEAL who is now of counsel at FSS and worked on the Tether investigation, also joined the interview. Freeh talks Tether Yahoo Finance: This was your first-ever cryptocurrency work. Did it require an amount of general homework before you could even dive into Tether specifically? Does your firm understand cryptocurrency? Louis Freeh: We do. Luckily we have some in-house resources, people that have quite a bit of experience. One of our partner investigators, Walt Donaldson, has specialized in computer forensics and cryptocurrency examinations and inquiries. He was formerly the director of investigations for Bank of America. And we have another investigative partner, Mike Welch, who came out of the FBI, where he was an assistant director, ran their cyber programs. And Justin [Freeh] has quite a bit of knowledge and expertise in that area. [Justin Freeh spent two years as VP of operations and chief legal counsel to software company SAIFE.] The first challenge was really to size and understand the scope of what we were going to do. And we wanted to make sure the client understood that we were not going to do an audit. As you probably know, the Big Four have shied away from auditing these types of businesses. So it was not an audit, it was an examination and a due diligence. The most essential part was that on a given day of our choosing, unknown to the client, and unknown to the banks with which it is dealing, we would appear at the financial institutions and get a certified, verifiable declaration by the institutions with respect to how much cash and dollars they had on hand. So this was a due diligence structure and scope that we hadn’t done before and we couldn’t find anybody in the industry who had done it. Was that a turnoff for you, the fact that the big firms won’t do it? Did you care? Certainly we care, and we took cognizance of that in terms of deciding whether we could perform a valuable and credible service for this client. We want to make sure we’re providing value, but we were also concerned about our own reputation. And we got comfortable with the idea that we’re not doing an audit, and therefore the fact that the Big Four had declined to enter the space was not a predominant factor for us. Was checking the account balance the main thrust of why Tether wanted this investigation done, as you understood it? Justin Freeh: I would say they were just as concerned with having a robust compliance program in place, and what that does for their credibility. A lot of the headlines focused on the account balance snapshots, but a lot of this was going in and interviewing key personnel and reviewing hundreds of pages of documents—to include Tether’s anti-money-laundering procedures, their Bank Secrecy Act, their OFAC [Office of Foreign Assets Control] policies, all those things we would regularly do in a compliance engagement. The account balance snapshots were very much of public interest, and that’s prominently featured in our report, but a lot of the background is the due diligence we would do on any client throughout the course of a matter. Your report to Tether was confidential, which means they didn’t have to publish it. But they chose to. That’s different from the Penn State investigation, where you publicly released the report. Louis Freeh: Yes. Penn State was very unusual, where upfront I said, ‘We’ve got to agree that this will become public right away, as is.’ That’s generally not the protocol. With Tether, it was the general practice where we gave them the report, and they waive the privilege if they want to make it public. Some are naturally skeptical of your report because the finding is what the company would hope for. That is: they hired you to check them on their claim, and you found that their claim is legitimate. When your work finds in favor of the company that engaged you, do you worry about the optics of that? Louis Freeh: That’s one of the occupational hazards of this type of practice. When I worked as the independent, court-appointed monitor for Daimler, I was paid by Daimler. And the DOJ and SEC of course take that into consideration when they allow a company to pay large amounts of funds to the monitor. We are always asked the question, ‘You’re being paid by the client so how can you be independent?’ And our response to that is, Look, we have a reputation that we’re very proud of and very protective of. And we never want to be put in a position where we’re doing something to promote an image or facilitate a statement by a client that’s not consistent with the facts. So it’s just innate with our work that that’s always an issue for people. Another criticism some are making is the fact that Judge Eugene Sullivan, a partner at your firm, has a relationship with one of Tether’s banks. Is that a conflict of interest? Louis Freeh: The judge was not on site to conduct any of the interviews with the banking partners. He supervised the engagement but did not participate in the drafting of the report. We did everything we could to minimize his engagement in this matter. We’ve done things purposely to make sure this was done as objectively as we can. And the dealings with the bank that he has a relationship with were firewalled. Wells Fargo cut ties with Tether last year. Were you able to discern why, or anything else about the two banks Tether uses? Louis Freeh: We didn’t talk to Wells Fargo. But the two banks, which we haven’t identified publicly, are very significant and, I would say, very, very well known. We spent a lot of time with them, with their internal compliance people, really kicking the tires and getting down into the weeds. Justin Freeh: I can tell you the banking relationships Tether has in place are very strong, and they’re with reputable players. How much time did FSS spend on this? Was it a major engagement for you, or smaller? Louis Freeh: It was a 90-day focus, with two and a half individuals working on it on a full-time basis for 90 days. In terms of our engagements that’s a significant one, not a huge one. We had never done this before. We didn’t have any examples or peer practice that we could look at. And we were really very pleased with the fact that we were able to engineer the process and carry it out ourselves. Do you expect to take on more cryptocurrency investigations as a result of doing Tether? Louis Freeh: Yes. That’s our hope. We’re very comfortable with the procedure, and the scope of what we did, and the people who did it. We have a lot of experience in money-laundering protocols, looking at SEC guidance, FinCEN compliance requirements. So importing that into the crypto space, with maybe a little bit of innovation in terms of what we need to do to answer the essential questions investors have, we’re very excited and hopeful we can find some additional ways to perform a value service. Would you create a specific crypto group within the firm? Louis Freeh: We’ve talked about this at a couple of meetings. We don’t have it formally designated, but we are in the process of actively recruiting a couple of very prominent people in that area. There is one person who is super prominent. If we’re successful in that endeavor, I think we will actually form a sub-group. We are excited about this work, we have some very good expertise in-house, there’s a lot more out there that we’d like to tap into or acquire. And we could very well spin that into a separate group. We’ve opened an office in Rome, we’re in the process of opening one in London, and that will help us market this particular service once we get our sea legs. Where do you see the cryptocurrency space heading? Many regulators as well as big names in finance are extremely dubious. What do you think of it? Louis Freeh: I think it’s exciting. It’s the start of a whole new area of practice on our side. It’s innovative, disruptive. But it’s going to require the basic ingredient of transparency. Whether you’re dealing with gold commodities or cryptocurrencies, investors and government regulators want transparency, predictability, reliance. So I think a lot of regulatory rules and concepts will ultimately be imported here, because investors will be disappointed, some will charge that they were defrauded. The government, I predict, will get much more active here in terms of regulation and rule making. If we can zoom out: Any comment on the ongoing Mueller investigation? He’s a former FBI director, like yourself. Are you watching it closely? Louis Freeh: Bob Mueller is a friend, a colleague. Many years before either of us were FBI directors we worked together in the DOJ. I have a lot of respect for him and his integrity. There are many people who could perform that investigation, as well as the Penn State investigation and many of the things that I’ve done. I was talking yesterday over email with Mary Jo White. [Note: White is now leading one of the two law firms investigating harassment allegations against CBS chairman Les Moonves .] There are many good, honest, reputable, competent people who can do those investigations. Bob is certainly one of them. As a former government person, what I like to see with these types of matters, whether they’re private or government, is that the person tasked with getting the facts is honest, smart, reliable, has the moral courage to see the job through. — Daniel Roberts covers cryptocurrency and blockchain at Yahoo Finance. Follow him on Twitter @ readDanwrite . Read more: Exclusive: Major League Baseball is going crypto Bitcoin VC: ‘People are going to lose a lot of money’ on new coins Beware: An ICO is not like an IPO Coinlist wants to make investing in ICOs less risky OpenBazaar founder: Bitcoin can disrupt marketplaces like eBay and Etsy Coinbase exec: Adding new assets is a very big priority for us’ The 11 biggest names in crypto right now || Exclusive: Former FBI director Louis Freeh is going crypto: Tether, the Hong Kong-based company behind the cryptocurrency of the same name, has beenthe subject of fierce scrutinyin the crypto world all year. Tether, the digital token, is meant to be a 1-to-1 surrogate for the U.S. dollar, a “stablecoin” that bitcoin holders can trade into as a safer store of value. That’s why theprice of tetherhas basically stayed at $1 for its lifetime, with the exception of a couple swings in 2017 to as low as 80 cents and as high as $1.80.
Tether, the company, insists all tether tokens are backed by U.S. dollars that Tether holds in reserve.Regulators have been skeptical of that claim.
In December 2017, the CFTC subpoenaed Tether and Bitfinex, a huge bitcoin exchange that began offering tether in 2015. Bitfinex CEOJan Ludovicus is also CEO of Tether, but has insisted the two companies are completely separate. Major media outlets have pointed to the “mystery” of the relationship between Tether and Bitfinex, and questioned whether Tether has the reserves it claims to have.
The heat led Tether to hire Freeh, Sporkin & Sullivan (FSS), the Washington, D.C., law firm of former FBI director Louis Freeh, to conduct an investigation of its compliance and transparency, including a check of its bank balances. In June, Tether publiclyposted the confidential report from FSScontaining its findings.
The crux of Freeh’s report: Tether indeed holds the balance it claims to hold. On June 1, without Tether or its two banks knowing the selected date ahead of time, FSS performed an “account snapshot” and found that Tether held a total of $2.545 billion, which indeed covered the 2.538 billion tether coins in circulation at the time, plus a cushion of about $7 million.
Hiring Louis Freeh to handle a compliance investigation is akin to bringing in the big dogs. He has investigatedPenn State University, FIFA, Daimler Chrysler, and others. When a large public company, small private company, government group or educational institution taps Freeh, it is an attempt to say: We are serious about this. The same is true of former FBI director Robert Mueller, currently special counsel for the Russia investigation. AsFortune wrote in 2013, “There simply aren’t many former FBI directors out there.”
Nonetheless, skeptics have questioned Freeh’s report on Tether.
In an exclusive interview with Yahoo Finance, Freeh discussed the Tether investigation, which was his first ever cryptocurrency-related work. He says his firm expects to take on more crypto jobs—and is staffing up to prepare for them.
The controversy over Tether went mainstream on June 13, when an academic paper out of the University of Texasconcluded that bitcoin’s big price surge at the end of 2017 was partly due to market manipulation of tether on Bitfinex.
The report was widely picked up by business media, and it’s likely what led Tether, on June 20, toannounce that it had previously hiredFreeh’s firm. (It hired FSS in March.) In a “transparency update” on its site, Tether wrote, “Tether and related parties have been the subject of scrutiny over the course of the past several months… It is our belief that much of the speculation and negative reporting has been the result of misunderstandings of how Tether functions. To address allegations head on, we wish to make a few things clear: All Tethers in circulation are fully backed by USD reserves… Earlier this year Tether engaged Freeh, Sporkin & Sullivan LLP (FSS) to review bank account documentation and to perform a randomized inspection of the number of Tethers in circulation and the corresponding currency reserves.”
Tether alsoposted the June 18 FSS report, thereby waiving its attorney-client privilege.
FSS cautions that its investigation wasnotan official “audit” of the type that the “big four” accounting firms (Ernst & Young, Deloitte, KPMG, PWC) would conduct, since FSS is not an accounting firm. In fact, those firms have, for now, declined to take on any cryptocurrency-related work.
This is why the Next Web calls it “yet another phony audit.” In addition, some bitcoin blogs have pointed to the fact that Judge Eugene Sullivan, a partner at FSS, is on the advisory board of one of Tether’s banks, suggesting that relationship compromises the report.
In his conversation with Yahoo Finance, Freeh addresses these claims. What follows is a condensed transcript. Freeh’s son Justin Freeh, a lawyer and former Navy SEAL who is now of counsel at FSS and worked on the Tether investigation, also joined the interview.
Yahoo Finance: This was your first-ever cryptocurrency work. Did it require an amount of general homework before you could even dive into Tether specifically? Does your firm understand cryptocurrency?
Louis Freeh: We do. Luckily we have some in-house resources, people that have quite a bit of experience. One of our partner investigators, Walt Donaldson, has specialized in computer forensics and cryptocurrency examinations and inquiries. He was formerly the director of investigations for Bank of America. And we have another investigative partner, Mike Welch, who came out of the FBI, where he was an assistant director, ran their cyber programs. And Justin [Freeh] has quite a bit of knowledge and expertise in that area. [Justin Freeh spent two years as VP of operations and chief legal counsel to software company SAIFE.]
The first challenge was really to size and understand the scope of what we were going to do. And we wanted to make sure the client understood that we were not going to do an audit. As you probably know, the Big Four have shied away from auditing these types of businesses.
So it was not an audit, it was an examination and a due diligence. The most essential part was that on a given day of our choosing, unknown to the client, and unknown to the banks with which it is dealing, we would appear at the financial institutions and get a certified, verifiable declaration by the institutions with respect to how much cash and dollars they had on hand.
So this was a due diligence structure and scope that we hadn’t done before and we couldn’t find anybody in the industry who had done it.
Was that a turnoff for you, the fact that the big firms won’t do it? Did you care?
Certainly we care, and we took cognizance of that in terms of deciding whether we could perform a valuable and credible service for this client. We want to make sure we’re providing value, butwe were also concerned about our own reputation.And we got comfortable with the idea that we’re not doing an audit, and therefore the fact that the Big Four had declined to enter the space was not a predominant factor for us.
Was checking the account balance the main thrust of why Tether wanted this investigation done, as you understood it?
Justin Freeh: I would say they were just as concerned with having a robust compliance program in place, and what that does for their credibility.
A lot of the headlines focused on the account balance snapshots, but a lot of this was going in and interviewing key personnel and reviewing hundreds of pages of documents—to include Tether’s anti-money-laundering procedures, their Bank Secrecy Act, their OFAC [Office of Foreign Assets Control] policies, all those things we would regularly do in a compliance engagement.
The account balance snapshots were very much of public interest, and that’s prominently featured in our report, but a lot of the background is the due diligence we would do on any client throughout the course of a matter.
Your report to Tether was confidential, which means they didn’t have to publish it. But they chose to. That’s different from the Penn State investigation, where you publicly released the report.
Louis Freeh: Yes. Penn State was very unusual, where upfront I said, ‘We’ve got to agree that this will become public right away, as is.’ That’s generally not the protocol. With Tether, it was the general practice where we gave them the report, and they waive the privilege if they want to make it public.
Some are naturally skeptical of your report because the finding is what the company would hope for. That is: they hired you to check them on their claim, and you found that their claim is legitimate. When your work finds in favor of the company that engaged you, do you worry about the optics of that?
Louis Freeh: That’s one of the occupational hazards of this type of practice. When I worked as the independent, court-appointed monitor for Daimler, I was paid by Daimler. And the DOJ and SEC of course take that into consideration when they allow a company to pay large amounts of funds to the monitor.
We are always asked the question, ‘You’re being paid by the client so how can you be independent?’ And our response to that is, Look, we have a reputation that we’re very proud of and very protective of.And we never want to be put in a position where we’re doing something to promote an image or facilitate a statement by a client that’s not consistent with the facts. So it’s just innate with our work that that’s always an issue for people.
Another criticism some are making is the fact that Judge Eugene Sullivan, a partner at your firm, has a relationship with one of Tether’s banks. Is that a conflict of interest?
Louis Freeh: The judge was not on site to conduct any of the interviews with the banking partners. He supervised the engagement but did not participate in the drafting of the report. We did everything we could to minimize his engagement in this matter. We’ve done things purposely to make sure this was done as objectively as we can. And the dealings with the bank that he has a relationship with were firewalled.
Wells Fargo cut ties with Tether last year. Were you able to discern why, or anything else about the two banks Tether uses?
Louis Freeh: We didn’t talk to Wells Fargo. But the two banks, which we haven’t identified publicly, are very significant and, I would say, very, very well known. We spent a lot of time with them, with their internal compliance people, really kicking the tires and getting down into the weeds.
Justin Freeh: I can tell you the banking relationships Tether has in place are very strong, and they’re with reputable players.
How much time did FSS spend on this? Was it a major engagement for you, or smaller?
Louis Freeh: It was a 90-day focus, with two and a half individuals working on it on a full-time basis for 90 days. In terms of our engagements that’s a significant one, not a huge one.
We had never done this before. We didn’t have any examples or peer practice that we could look at. And we were really very pleased with the fact that we were able to engineer the process and carry it out ourselves.
Do you expect to take on more cryptocurrency investigations as a result of doing Tether?
Louis Freeh: Yes. That’s our hope. We’re very comfortable with the procedure, and the scope of what we did, and the people who did it.We have a lot of experience in money-laundering protocols, looking at SEC guidance, FinCEN compliance requirements. So importing that into the crypto space, with maybe a little bit of innovation in terms of what we need to do to answer the essential questions investors have, we’re very excited and hopeful we can find some additional ways to perform a value service.
Would you create a specific crypto group within the firm?
Louis Freeh: We’ve talked about this at a couple of meetings. We don’t have it formally designated, butwe are in the process of actively recruiting a couple of very prominent people in that area. There is one person who is super prominent. If we’re successful in that endeavor, I think we will actually form a sub-group.
We are excited about this work, we have some very good expertise in-house, there’s a lot more out there that we’d like to tap into or acquire. And we could very well spin that into a separate group.
We’ve opened an office in Rome, we’re in the process of opening one in London, andthat will help us market this particular service once we get our sea legs.
Where do you see the cryptocurrency space heading? Many regulators as well as big names in finance are extremely dubious. What do you think of it?
Louis Freeh: I think it’s exciting. It’s the start of a whole new area of practice on our side. It’s innovative, disruptive. But it’s going to require the basic ingredient of transparency. Whether you’re dealing with gold commodities or cryptocurrencies, investors and government regulators want transparency, predictability, reliance.
So I think a lot of regulatory rules and concepts will ultimately be imported here, because investors will be disappointed, some will charge that they were defrauded.The government, I predict, will get much more active here in terms of regulation and rule making.
If we can zoom out: Any comment on the ongoing Mueller investigation? He’s a former FBI director, like yourself. Are you watching it closely?
Louis Freeh: Bob Mueller is a friend, a colleague. Many years before either of us were FBI directors we worked together in the DOJ. I have a lot of respect for him and his integrity. There are many people who could perform that investigation, as well as the Penn State investigation and many of the things that I’ve done. I was talking yesterday over email with Mary Jo White.[Note: White is now leading one of the two law firms investigating harassmentallegations against CBS chairman Les Moonves.]
There are many good, honest, reputable, competent people who can do those investigations. Bob is certainly one of them. As a former government person, what I like to see with these types of matters, whether they’re private or government, is that the person tasked with getting the facts is honest, smart, reliable, has the moral courage to see the job through.
—
Daniel Robertscovers cryptocurrency and blockchain at Yahoo Finance. Follow him on Twitter @readDanwrite.
Read more:
Exclusive: Major League Baseball is going crypto
Bitcoin VC: ‘People are going to lose a lot of money’ on new coins
Beware: An ICO is not like an IPO
Coinlist wants to make investing in ICOs less risky
OpenBazaar founder: Bitcoin can disrupt marketplaces like eBay and Etsy
Coinbase exec: Adding new assets is a very big priority for us’
The 11 biggest names in crypto right now || Audits and Quality Assurance: Patching the Holes in Smart Contract Security: Audits and Quality Assurance: Patching the Holes in Smart Contract Security On July 10, 2018, news broke that cryptocurrency wallet and decentralized exchange Bancor was hit with a hack . A wallet the Bancor team used to update the protocols smart contracts was infiltrated, and the $23.5 million vulnerability allowed the hackers to run off with $12.5 million ETH, $1 million NPXS tokens and $10 million of Bancors BNT token. Following the hack, the Bancor team froze the BNT in question in an effort to stanch its losses. The latest of its kind, the attack is an unfortunate reminder that smart contracts are not foolproof. Even built as they are on the blockchains security intensive network, they can feature bugs, backdoors and vulnerabilities that are ripe for exploitation. Before Bancor, we saw the popular Ethereum wallet Parity drained of 150,000 ETH (now worth just over $68 million) in July of 2017. In November of the same year, Parity lost even more than this when a less-experienced coder accidentally froze some $153 million worth of ether and other tokens. In perhaps the most infamous smart contract hack in the industry to date, The DAO, a decentralized venture fund, lost 3.6 million ether in June of 2016. The stolen funds are now worth $1.6 billion, and the fallout of the attack saw Ethereum hard fork to recoup losses. The Why and How: Making the Same Mistake If threes company, then The DAO, Parity and now Bancor have become the poster triplets of smart contract vulnerabilities. But theyre not alone in their weakness, and similar smart contract bugs have been exploited or nearly exploited on other networks . For such a nascent technology, such flaws may be expected, but given the mass sum of funds these contracts are supposed to protect, truly stalwart security measures are not yet routinely employed. To Hartej Sawhney, co-founder of Hosho cybersecurity firm, the sheer amount of funds at stake is enough of an incentive to attract black hats to these smart contracts, especially if theres a central point through which they can probe for access. Story continues Theres money behind every smart contract, so theres an incentive to hack into it. And the scary part of smart contracts like Bancor is that theyve coded their smart contracts in a way that gives centralized power to the founders of the project. Theyve put this backdoor in there, Sawhney told Bitcoin Magazine in an interview. Sawhney is referring to Bancors ability to confiscate and freeze tokens at will, as the smart contracts that govern their wallet and exchange feature central points of control. This degree of control has been widely criticized as centralized to the point that Bancor shouldnt be able to advertise itself as a decentralized exchange. And it may have even provided the hackers with an entry point into the network. While Bancor has not revealed the specifics of the hack and its execution, the team wrote in a blog post that a wallet used to upgrade some smart contracts was compromised. Sawhney indicated in our interview that most smart contracts are coded to be irreversible, while Bancors own are completely mutable. The hackers could have exploited and likely did exploit the same backdoor that the developers put into place to manage their project. Bancor aside, Dmytro Budorin, CEO of cybersecurity community Hacken , echoed Sawhneys belief that the industrys treasure trove of assets is a powerful impetus for hackers to dirty their hands. He also believes that the relative youth of the technology makes it vulnerable to detrimental exploits. Coding on blockchain is something new, Budorin added in an interview with Bitcoin Magazine . We still lack security standards and best practices on how to properly code smart contracts. Also, when coding smart contracts, programmers think more about functionality than about security, since a programmers main task is to simply make the code work, and security is usually an afterthought. Working with new programming languages, security can take a back seat to functionality. More than just the casualty of a steep learning curve, Sawhney believes that security can slip by the eye of software engineers because they dont have a quality assurance (QA) mindset. With millions at stake and potential holes in the code to exploit, hackers are bound to drum up a scheme to breach these contracts, according to Budorin. Even if a team has audited their code for expected or known vulnerabilities, a new type of attack can be developed any time and nothing can protect you from this. All it takes is a spurt of intuitive thinking to probe a smart contracts code for an unexplored opening, Amy Wan, CEO and co-founder of Sagewise , iterated in a separate interview with Bitcoin Magazine . It is not often that developers are able to write perfect code that works the first time around and even when that happens the code cannot be adapted to unforeseen situations. Code is also static, which makes smart contracts very rigid. However, humans are anything but static and very creative when it comes to problem solving. This combination creates something of a perfect storm, making smart contracts ill-suited where there are bugs in coding or loopholes/situation changes. Wan believes that technology isn't about tech itself as much as it is about how humans interact with it, meaning that we are always going to have folks looking for opportunities to test the shortcomings of technology, which may result in hacks. To Wan, smart contracts feature intrinsic vulnerabilities. To make security matters worse, she also holds that they cannot be amended or terminated (or in technologist speak, evolved or upgraded), and their static nature renders them susceptible to the dynamic, adaptive strategies of black hats. Code aside, with every situation, there are an infinite number of things that can go awry. The rigidity of smart contracts presently cannot accommodate the fluidity of the real world, she said. Mending the Achilles Heel If technical flexibility is the crux of smart contract weakness, then the fix is in the inception and carry-through of their development. Developers should put preventative measures in place to ensure that their code can bend without breaking, the CEOs expressed. We need to have a more comprehensive approach in order to solve this problem in the long term, Budorin argued. First of all, even though it is impossible to make all contracts absolutely secure, smart contract risks can be reduced. The best way to secure a smart contract is to have a security engineer on staff, conduct two different independent audits, and launch a bug bounty program for a dedicated period of time before deployment. Hacken itself facilitates such bug bounties, and the platform, called HackenProof, has seen its white hat community audit and test such industry projects as VeChainThor, Neverdie, Legolas Exchange, NapoleonX, Shopin and Enecuum. Budorin and his team find that bug bounties provide a reliable if tertiary buffer for projects before they go public. We believe that the only efficient way to mitigate modern cybersecurity threats is to host bug bounty programs on bug bounty platforms. This is called a crowdsourced security approach, Budorin explained. Bug bounty platforms attract a crowd of third-party cybersecurity experts (dozens if not hundreds at a time) to test the clients software. Testing can be ongoing for months or even years. Sawhney agrees that projects need to house more on-staff security experts to police vulnerabilities, while lamenting the fact that some projects lack a CIO or CTO for this effect. But he also indicated that, in some cases, companies need only to submit themselves to a proper audit to avoid a fate similar to Bancors. Some of these companies believe that they have the worlds best engineers, so they think they dont need an audit. And if they get one, chances are theyve done a third-party audit that was in their favor. Even if theyre getting an audit, some of these audit companies arent doing what we deem to be a professional audit. Theyre taking the code and putting it through automated tooling. Theyre not taking the time to do some of the more manual tasks which includes a dynamic analysis, quality assurance, he explained. The manual tasks that Sawhney lauds are at the heart of Hoshos own auditing processes. They allow Hoshos team to sniff out coding errors that automated tooling might miss, like discrepancies between the smart contracts token algorithms and a white papers business model. So the most manual part of conducting an audit is marrying the code to the words we call it dynamic analysis. Most of the time when we find errors with a smart contract, were finding colossal errors in the business logic. Were finding everything from mathematical errors to errors in token allocation, Sawhney said. He went on to reveal that Hoshos team includes professionals from the infosec, defcon communities that are white hats who have spent years doing QA. QA, shorthand for quality assurance, is a method by which coders test a code for its designed function to check for any malfunctions, defects and other flaws that may render it vulnerable or inoperable. As Sawhney indicated earlier, part of the reason these projects and their auditors dont do QA is simply because they lack the professional experience to do so. Its easier, he claimed, to teach Solidity (a smart contract coding language) to those who know how to conduct sound QA than the other way around. When lack of QA training or a learning curve isnt the issue, however, Sawhney suggested that, at times, projects wont secure a thorough audit because theyre simply cutting corners. Sometimes I think its sheer laziness and being cheap. They see that cost to code a smart contract was only $10k and [an auditor] is charging $30k to review it. They say, Nah, we dont need that. We have the best engineers in the world so were good. To Sawhney, theres no substitute for a thorough audit. He also holds that, once an audit has been completed, the smart contract should come with a seal of approval, one that both attests to the audits quality and reassures users that no code has been altered after the fact. For Hoshos work, this comes in the form of a GPG file, a cryptographic stamp that simultaneously functions like a certificate of authenticity and denotes the final (or at least most recent) version of audited code, acting rather like the seal on a bottle of cough syrup that proves it hasnt been tampered with since it last passed quality control. Having central governments, regulators, lawyers, PR firms, investors, token holders everyone looking for this GPG file, this sign of approval [answers the question]: Has this code been sealed? Because we can monitor this code once weve put this seal on it to prove that no one has touched this code, not one line of this code has been changed since a third party audited it. If code changes youre opening up room for security vulnerabilities. Wans own solution offers a different sort of prescription, in that she adds post-audit safety nets like Sagewises software as a smart contracts third line of defense. Going forward, I believe that blockchain companies will be able to prevent smart contract disasters by using a smart contract developer whose sole focus is developing smart contracts, hiring a reputable security auditing firm, and including a catch-all safety net into smart contracts, such as Sagewise's SDK. The Sagewise SDK integrates with smart contracts to police malicious inputs. It gives developers the chance to freeze the smart contract in question and adjust it accordingly. It starts with a monitoring and notification service so users are aware of what's happening with their smart contract. Paired with our SDK, which basically acts as an arbitration clause in code, users are notified of functions executing on their smart contract and, if such functions are unintended, [they have] the ability to freeze the smart contract. They then can take the time they need to fix whatever needs to be fixed, whether that's merely fixing a coding error to amending the smart contract or resolving a dispute, she said. A Community Problem, a Community Solution In our interview, Wan claimed that [less than] 2 percent of the population is able to read code. Fewer people still are able to read Solidity, let alone at the level needed to insulate it with airtight security features. So even if projects and companies want to take the measures necessary to vet and protect their code properly, they may be wanting for talent and resources. This problem will likely be educated out of existence as more software engineers develop a thorough, more sophisticated understanding of Solidity and other smart contract programming languages. More mature coding languages may present a solution to this ailment, as well. But for the time being, the community can help developers and teams to err on the side of caution. Like an arbiter with skin in the game, people using these services need to step up and demand action and change, Wan believes. Otherwise these types of security breaches will continue to happen. [B]ecause much of the population cannot read code, it is difficult for them to hold developers accountable for when they do things like code an administrative backdoor into their smart contract (which many large projects have done), said Wan. Just in 2017 alone, half a billion dollars in value was lost in smart contracts, but that apparently has not been enough to get developers to consider adding additional safety nets or community members to demand them. Perhaps we will need to lose billions more to get people to realize that this isn't how the system should work. Sawhney also reiterated this point: [More] people need to be outspoken, call people out. I think people are scared because the community is tight-knit and everybody knows everybody. No one wants to shun people. Theres not enough self-governance in this space, and I think thats the biggest step this community needs to take. He added, [not] enough pressure [is] being put on security; theres not enough regulation around security. In an effort to bring self-regulation to the forefront of the industrys to do list, Hosho will partake in a summit for cybersecurity firms in Berlin. Slated for this September, Sawhney hopes that ETHBerlin will spawn a self-regulatory organization (SRO) from its attendence, complete with a certificate for our work, kind of like the Big Four for financial audits. Adding to the conversation on self-regulation, Budorin finds that the community would do well to document exploited vulnerabilities. This would create a library of case studies and situations for developers to study and to create the solutions necessary to avoid the same pitfalls in the future. ...the blockchain community needs to collect, store and analyze all known vulnerabilities that have been found in smart contracts and host regular security conferences that will cover security issues in blockchain and develop security guidelines so that new generation of blockchain programmers is more prepared for these problems, he said. Both Hacken and Hosho are answering Budorin's call for security-centric conferences. Hacken is hosting HackIT from October 8-11, a cybersecurity conference that "is all about bringing hackers and [the] crypto community together." In the same vein and in the same month, Hosho will host HoshoCon , one of the first conferences to focus on blockchain cybersecurity. From October 9-11, 2018, community members will come together in Las Vegas, Nevada to listen to, learn from and discuss with each other what the industry could be doing better to bolster its security. While working toward proper security is a community effort, the onus is not on the community alone, as the lions share of responsibility rests on developers to ensure that their code is as sound as possible before reaching an audience. Together, however, the industrys community and its architects may combine perspectives to make smart contract hazards an issue of yesterdays. Until then, Sawhney, Budorin and Wans perspectives and their respective companies purposes provide a healthy reality check for the industrys pain points. For mainstream adoption and acceptance, these points need be addressed if there is to be any sort of sustained sense of confidence in this new technology. This article originally appeared on Bitcoin Magazine . || Audits and Quality Assurance: Patching the Holes in Smart Contract Security: On July 10, 2018, news broke that cryptocurrency wallet and decentralized exchange Bancor washit with a hack. A wallet the Bancor team used to update the protocol’s smart contracts was infiltrated, and the $23.5 million vulnerability allowed the hackers to run off with $12.5 million ETH, $1 million NPXS tokens and $10 million of Bancor’s BNT token.
Following the hack, the Bancor team froze the BNT in question in an effort to stanch its losses.
The latest of its kind, the attack is an unfortunate reminder that smart contracts are not foolproof. Even built as they are on the blockchain’s security intensive network, they can feature bugs, backdoors and vulnerabilities that are ripe for exploitation.
Before Bancor, we saw the popular Ethereum walletParitydrained of 150,000 ETH (now worth just over $68 million) in July of 2017. In November of the same year, Parity lost even more than this when a less-experienced coder accidentally froze some $153 million worth of ether and other tokens.
In perhaps the most infamous smart contract hack in the industry to date, The DAO, a decentralized venture fund, lost 3.6 million ether in June of 2016. The stolen funds are now worth $1.6 billion, and the fallout of the attack saw Ethereum hard fork to recoup losses.
If three’s company, then The DAO, Parity and now Bancor have become the poster triplets of smart contract vulnerabilities. But they’re not alone in their weakness, and similar smart contract bugs have been exploited or nearly exploitedon other networks.
For such a nascent technology, such flaws may be expected, but given the mass sum of funds these contracts are supposed to protect, truly stalwart security measures are not yet routinely employed.
To Hartej Sawhney, co-founder ofHoshocybersecurity firm, the sheer amount of funds at stake is enough of an incentive to attract black hats to these smart contracts, especially if there’s a central point through which they can probe for access.
“There’s money behind every smart contract, so there’s an incentive to hack into it. And the scary part of smart contracts like Bancor is that they’ve coded their smart contracts in a way that gives centralized power to the founders of the project. They’ve put this backdoor in there,” Sawhney toldBitcoin Magazinein an interview.
Sawhney is referring to Bancor’s ability to confiscate and freeze tokens at will, as the smart contracts that govern their wallet and exchange feature central points of control. This degree of control has been widely criticized as centralized to the point that Bancor shouldn’t be able to advertise itself as a decentralized exchange.
And it may have even provided the hackers with an entry point into the network. While Bancor has not revealed the specifics of the hack and its execution, the team wrote in a blog post that “a wallet used to upgrade some smart contracts was compromised.” Sawhney indicated in our interview that “most smart contracts are coded to be irreversible,” while Bancor’s own are completely mutable. The hackers could have exploited — and likely did exploit — the same backdoor that the developers put into place to manage their project.
Bancor aside, Dmytro Budorin, CEO of cybersecurity communityHacken, echoed Sawhney’s belief that the industry’s treasure trove of assets is a powerful impetus for hackers to dirty their hands. He also believes that the relative youth of the technology makes it vulnerable to detrimental exploits.
“Coding on blockchain is something new,” Budorin added in an interview withBitcoin Magazine. “We still lack security standards and best practices on how to properly code smart contracts. Also, when coding smart contracts, programmers think more about functionality than about security, since a programmer’s main task is to simply make the code work, and security is usually an afterthought.”
Working with new programming languages, security can take a back seat to functionality. More than just the casualty of a steep learning curve, Sawhney believes that security can slip by the eye of software engineers because they “don’t have a quality assurance (QA) mindset.”
With millions at stake and potential holes in the code to exploit, hackers are bound to drum up a scheme to breach these contracts, according to Budorin. Even if a team has audited their code for expected or known vulnerabilities, “a new type of attack can be developed any time and nothing can protect you from this.”
All it takes is a spurt of intuitive thinking to probe a smart contract’s code for an unexplored opening, Amy Wan, CEO and co-founder ofSagewise, iterated in a separate interview withBitcoin Magazine.
“It is not often that developers are able to write perfect code that works the first time around — and even when that happens the code cannot be adapted to unforeseen situations. Code is also static, which makes smart contracts very rigid. However, humans are anything but static and very creative when it comes to problem solving. This combination creates something of a perfect storm, making smart contracts ill-suited where there are bugs in coding or loopholes/situation changes.”
Wan believes that “technology isn't about tech itself as much as it is about how humans interact with it,” meaning that we “are always going to have folks looking for opportunities to test the shortcomings of technology, which may result in hacks.”
To Wan, smart contracts feature intrinsic vulnerabilities. To make security matters worse, she also holds that they “cannot be amended or terminated (or in technologist speak, evolved or upgraded),” and their static nature renders them susceptible to the dynamic, adaptive strategies of black hats.
“Code aside, with every situation, there are an infinite number of things that can go awry. The rigidity of smart contracts presently cannot accommodate the fluidity of the real world,” she said.
If technical flexibility is the crux of smart contract weakness, then the fix is in the inception and carry-through of their development. Developers should put preventative measures in place to ensure that their code can bend without breaking, the CEOs expressed.
“We need to have a more comprehensive approach in order to solve this problem in the long term,” Budorin argued. “First of all, even though it is impossible to make all contracts absolutely secure, smart contract risks can be reduced. The best way to secure a smart contract is to have a security engineer on staff, conduct two different independent audits, and launch a bug bounty program for a dedicated period of time before deployment.”
Hacken itself facilitates such bug bounties, and the platform, called HackenProof, has seen its white hat community audit and test such industry projects as VeChainThor, Neverdie, Legolas Exchange, NapoleonX, Shopin and Enecuum. Budorin and his team find that bug bounties provide a reliable if tertiary buffer for projects before they go public.
“We believe that the only efficient way to mitigate modern cybersecurity threats is to host bug bounty programs on bug bounty platforms. This is called a crowdsourced security approach,” Budorin explained.
“Bug bounty platforms attract a crowd of third-party cybersecurity experts (dozens if not hundreds at a time) to test the client’s software. Testing can be ongoing for months or even years.”
Sawhney agrees that projects need to house more on-staff security experts to police vulnerabilities, while lamenting the fact that some projects lack a CIO or CTO for this effect. But he also indicated that, in some cases, companies need only to submit themselves to a proper audit to avoid a fate similar to Bancor’s.
“Some of these companies believe that they have the world’s best engineers, so they think they don’t need an audit. And if they get one, chances are they’ve done a third-party audit that was in their favor. Even if they’re getting an audit, some of these audit companies aren’t doing what we deem to be a professional audit. They’re taking the code and putting it through automated tooling. They’re not taking the time to do some of the more manual tasks which includes a dynamic analysis, quality assurance,” he explained.
The manual tasks that Sawhney lauds are at the heart of Hosho’s own auditing processes. They allow Hosho’s team to sniff out coding errors that automated tooling might miss, like discrepancies between the smart contract’s token algorithms and a white paper’s business model.
“So the most manual part of conducting an audit is marrying the code to the words — we call it dynamic analysis. Most of the time when we find errors with a smart contract, we’re finding colossal errors in the business logic. We’re finding everything from mathematical errors to errors in token allocation,” Sawhney said.
He went on to reveal that Hosho’s team includes professionals “from the infosec, defcon communities that are white hats who have spent years doing QA.” QA, shorthand for quality assurance, is a method by which coders test a code for its designed function to check for any malfunctions, defects and other flaws that may render it vulnerable or inoperable.
As Sawhney indicated earlier, part of the reason these projects and their auditors don’t do QA is simply because they lack the professional experience to do so. It’s easier, he claimed, to teach Solidity (a smart contract coding language) to those who know how to conduct sound QA than the other way around.
When lack of QA training or a learning curve isn’t the issue, however, Sawhney suggested that, at times, projects won’t secure a thorough audit because they’re simply cutting corners.
“Sometimes I think it’s sheer laziness and being cheap. They see that cost to code a smart contract was only $10k and [an auditor] is charging $30k to review it. They say, ‘Nah, we don’t need that. We have the best engineers in the world so we’re good.’”
To Sawhney, there’s no substitute for a thorough audit. He also holds that, once an audit has been completed, the smart contract should come with a seal of approval, one that both attests to the audit’s quality and reassures users that no code has been altered after the fact. For Hosho’s work, this comes in the form of a GPG file, a cryptographic stamp that simultaneously functions like a certificate of authenticity and denotes the final (or at least most recent) version of audited code, acting rather like the seal on a bottle of cough syrup that proves it hasn’t been tampered with since it last passed quality control.
“Having central governments, regulators, lawyers, PR firms, investors, token holders — everyone — looking for this GPG file, this sign of approval [answers the question]: Has this code been sealed? Because we can monitor this code once we’ve put this seal on it to prove that no one has touched this code, not one line of this code has been changed since a third party audited it. If code changes you’re opening up room for security vulnerabilities.”
Wan’s own solution offers a different sort of prescription, in that she adds post-audit safety nets like Sagewise’s software as a smart contract’s third line of defense.
“Going forward, I believe that blockchain companies will be able to prevent smart contract disasters by using a smart contract developer whose sole focus is developing smart contracts, hiring a reputable security auditing firm, and including a catch-all safety net into smart contracts, such as Sagewise's SDK.”
The Sagewise SDK integrates with smart contracts to police malicious inputs. It gives developers the chance to freeze the smart contract in question and adjust it accordingly.
“It starts with a monitoring and notification service so users are aware of what's happening with their smart contract. Paired with our SDK, which basically acts as an arbitration clause in code, users are notified of functions executing on their smart contract and, if such functions are unintended, [they have] the ability to freeze the smart contract. They then can take the time they need to fix whatever needs to be fixed, whether that's merely fixing a coding error to amending the smart contract or resolving a dispute,” she said.
In our interview, Wan claimed that “[less than] 2 percent of the population is able to read code.” Fewer people still are able to read Solidity, let alone at the level needed to insulate it with airtight security features.
So even if projects and companies want to take the measures necessary to vet and protect their code properly, they may be wanting for talent and resources. This problem will likely be educated out of existence as more software engineers develop a thorough, more sophisticated understanding of Solidity and other smart contract programming languages. More mature coding languages may present a solution to this ailment, as well.
But for the time being, the community can help developers and teams to err on the side of caution. Like an arbiter with skin in the game, people using these services need to step up and demand action and change, Wan believes. Otherwise these types of security breaches will continue to happen.
“[B]ecause much of the population cannot read code, it is difficult for them to hold developers accountable for when they do things like code an administrative backdoor into their smart contract (which many large projects have done),” said Wan.
“Just in 2017 alone, half a billion dollars in value was lost in smart contracts, but that apparently has not been enough to get developers to consider adding additional safety nets or community members to demand them. Perhaps we will need to lose billions more to get people to realize that this isn't how the system should work.”
Sawhney also reiterated this point: “[More] people need to be outspoken, call people out. I think people are scared because the community is tight-knit and everybody knows everybody. No one wants to shun people. There’s not enough self-governance in this space, and I think that’s the biggest step this community needs to take.”
He added, “[not] enough pressure [is] being put on security; there’s not enough regulation around security.”
In an effort to bring self-regulation to the forefront of the industry’s to do list, Hosho will partake in a summit for cybersecurity firms in Berlin. Slated for this September, Sawhney hopes thatETHBerlinwill spawn a self-regulatory organization (SRO) from its attendence, “complete with a certificate for our work, kind of like the Big Four for financial audits.”
Adding to the conversation on self-regulation, Budorin finds that the community would do well to document exploited vulnerabilities. This would create a library of case studies and situations for developers to study and to create the solutions necessary to avoid the same pitfalls in the future.
“...the blockchain community needs to collect, store and analyze all known vulnerabilities that have been found in smart contracts and host regular security conferences that will cover security issues in blockchain and develop security guidelines so that new generation of blockchain programmers is more prepared for these problems,” he said.
Both Hacken and Hosho are answering Budorin's call for security-centric conferences. Hacken is hostingHackITfrom October 8-11, a cybersecurity conference that "is all about bringing hackers and [the] crypto community together." In the same vein and in the same month, Hosho will hostHoshoCon, one of the first conferences to focus on blockchain cybersecurity. From October 9-11, 2018, community members will come together in Las Vegas, Nevada to listen to, learn from and discuss with each other what the industry could be doing better to bolster its security.
While working toward proper security is a community effort, the onus is not on the community alone, as the lion’s share of responsibility rests on developers to ensure that their code is as sound as possible before reaching an audience. Together, however, the industry’s community and its architects may combine perspectives to make smart contract hazards an issue of yesterdays.
Until then, Sawhney, Budorin and Wan’s perspectives — and their respective companies’ purposes — provide a healthy reality check for the industry’s pain points. For mainstream adoption and acceptance, these points need be addressed if there is to be any sort of sustained sense of confidence in this new technology.
This article originally appeared onBitcoin Magazine. || A Chinese media mogul is building out a nearly $300 million crypto hub in an unlikely city, and it could include a college focused completely on fintech: google data center Google A Chinese billionaire named Bruno Wu is building out a nearly $300 million crypto innovation hub in an unlikely place Hartford, Connecticut. Part of the plan includes a fintech college, according to documents reviewed by Business Insider. BrunoWu_360 Seven Stars Cloud A little-known financial technology company is making a big splash in Connecticut's state capital with a plan for a nearly $300 million crypto innovation hub. Seven Stars Cloud, a company led by China-born media-mogul-turned-tech-entrepreneur billionaire Bruno Wu, announced plans in July to build out what is being dubbed Fintech Village, a hub for the firm and others to collaborate on robotics, machine-learning, and crypto-related initiatives, in Hartford, Connecticut. It's also looking to launch a fintech college at the Hartford campus, according to documents obtained by Business Insider. To that end, SSC is looking to seek out partnerships with nearby colleges to create an accredited entity specializing in fintech. It would offer courses in artificial intelligence and blockchain, according to documents. Wu said he selected Hartford as the location for his new venture because of its proximity to top colleges. Yale University is in nearby New Haven, and other local colleges include the University of Connecticut, University of Hartford, and University of New Haven. The move points to a spike in demand for talent with backgrounds in financial technology skills. Elsewhere, Fordham University in New York launched a fintech secondary concentration for its business students . New York University also offers a number of fintech courses, including one in cryptocurrencies and blockchain. The number of blockchain or cryptocurrency job postings on LinkedIn increased at least four-fold in 2017. Still such talent is in short supply, according to Miha Grcar, the head of business development for Bitstamp, a crypto exchange. He said the talent shortage is a bigger headache than bitcoin's volatility. Story continues "Globally, the pool of talent people with experience in blockchain and distributed-ledger technology is somewhat limited," Grcar said. "This is a big challenge." As for SSC, the firm secured $23 million from Changan Investment Group, as well as a $10 million loan from the Connecticut state government. See also: Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup Coinbase has lured a $20 billion hedge fund onto its platform, but experts say the firm could run into trouble down the road NOW WATCH: A Nobel Prize-winning economist says 'non-competes' are keeping wages down for all workers See Also: Morgan Stanley has poached a Credit Suisse crypto banker to head 'digital asset markets' A top Morgan Stanley electronic trading exec is out CoinDesk surveyed 1,200 crypto investors and found their dominant political ideology may not be what you think SEE ALSO: Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup || A Chinese media mogul is building out a nearly $300 million crypto hub in an unlikely city, and it could include a college focused completely on fintech: Google
• A Chinese billionaire named Bruno Wu is building out a nearly $300 million crypto innovation hub in an unlikely place — Hartford, Connecticut.
• Part of the plan includes a fintech college, according to documents reviewed by Business Insider.
Seven Stars Cloud
A little-known financial technology company is making a big splash in Connecticut's state capital with a plan for a nearly $300 million crypto innovation hub.
Seven Stars Cloud, a company led by China-born media-mogul-turned-tech-entrepreneur billionaire Bruno Wu, announced plans in July to build out what is being dubbed Fintech Village, a hub for the firm and others to collaborate on robotics, machine-learning, and crypto-related initiatives, in Hartford, Connecticut.
It's also looking to launch a fintech college at the Hartford campus, according to documents obtained by Business Insider.
To that end, SSC is looking to seek out partnerships with nearby colleges to create an accredited entity specializing in fintech. It would offer courses in artificial intelligence and blockchain, according to documents.
Wu said he selected Hartford as the location for his new venture because of its proximity to top colleges. Yale University is in nearby New Haven, and other local colleges include the University of Connecticut, University of Hartford, and University of New Haven.
The move points to a spike in demand for talent with backgrounds in financial technology skills.
Elsewhere,Fordham University in New York launched a fintech secondary concentration for its business students. New York University also offers a number of fintech courses, including one in cryptocurrencies and blockchain.
The number of blockchain or cryptocurrency job postings on LinkedInincreased at least four-fold in 2017.
Still such talent is in short supply, according to Miha Grcar, the head of business development for Bitstamp, a crypto exchange. He said the talent shortage is a bigger headache than bitcoin's volatility.
"Globally, the pool of talent — people with experience in blockchain and distributed-ledger technology — is somewhat limited," Grcar said. "This is a big challenge."
As for SSC, the firm secured$23 million from Changan Investment Group, as well as a $10 million loan from the Connecticut state government.
See also:
• Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup
• Coinbase has lured a $20 billion hedge fund onto its platform, but experts say the firm could run into trouble down the road
NOW WATCH:A Nobel Prize-winning economist says 'non-competes' are keeping wages down for all workers
See Also:
• Morgan Stanley has poached a Credit Suisse crypto banker to head 'digital asset markets'
• A top Morgan Stanley electronic trading exec is out
• CoinDesk surveyed 1,200 crypto investors and found their dominant political ideology may not be what you think
SEE ALSO:Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup || Arizona Bitcoin Trader Sentenced to 41 Months in Prison for Money Laundering: An Arizona man with a particularly lengthy rap sheet that includes guns, ammo and drugs has been sentenced to prison for laundering drug money with bitcoin.
Announcedon Wednesday by a U.S. Attorney’s Office in Arizona, 54-year-old Thomas Costanzo, aka Morpheous Titania, has seen a sentence of 41 months in prison for charges related to money laundering. The sentence will credit time already served to consider Costanzo’s prison-time since his arrest in April 2017.
Asreportedby CCN at the time, a multi-agency federal task force raided the local bitcoin trader and anarchist blogger and was retained in custody until his trail following a hearing after being classified as a “serious flight risk”. Costanzo has been accused of operating an “unlicensed money transmitting business” as a bitcoin trader. Records from LocalBitcoins revealed Costanzo as a prolific trader in the area with over 100 trades in four years.
Costanzo has since been found guilty of taking nearly $165,000 in cash over a two-year period, including a $107,000 single transaction swapped into bitcoin from undercover law federal agents purporting to be drug dealers. Costanzo allegedly told them the cryptocurrency “was a great way to limit their exposure to law enforcement,” the Justice Department said.
The trial, whichconcludedearlier this year in March, also showed evidence of Costanzo using bitcoin to purchase drugs as well as providing bitcoin to individuals buying drugs via the internet.
During this week’s sentencing, U.S. district judge G. Murray Snow also ruled that Costanzo would not see any interest from his seized bitcoins.
An excerpt from the announcement read:
At the sentencing hearing Judge Snow also ruled on the forfeiture of the 80.94512167 bitcoins provided by Costanzo to the undercover agent as part of the final $107,000 money laundering transaction. The current value of the forfeited bitcoins is more than $600,000.
The sentence comes within a fortnight of another former bitcoin exchange operator and trader on LocalBitcoins, dubbed the “Bitcoin Maven” handed down a 12-month prison sentence and a $20,000 fine for similar money laundering drug-related charges.
Featured image from Shutterstock.
The postArizona Bitcoin Trader Sentenced to 41 Months in Prison for Money Launderingappeared first onCCN. || Arizona Bitcoin Trader Sentenced to 41 Months in Prison for Money Laundering: Bitcoin An Arizona man with a particularly lengthy rap sheet that includes guns, ammo and drugs has been sentenced to prison for laundering drug money with bitcoin. Announced on Wednesday by a U.S. Attorneys Office in Arizona, 54-year-old Thomas Costanzo, aka Morpheous Titania, has seen a sentence of 41 months in prison for charges related to money laundering. The sentence will credit time already served to consider Costanzos prison-time since his arrest in April 2017. As reported by CCN at the time, a multi-agency federal task force raided the local bitcoin trader and anarchist blogger and was retained in custody until his trail following a hearing after being classified as a serious flight risk. Costanzo has been accused of operating an unlicensed money transmitting business as a bitcoin trader. Records from LocalBitcoins revealed Costanzo as a prolific trader in the area with over 100 trades in four years. Costanzo has since been found guilty of taking nearly $165,000 in cash over a two-year period, including a $107,000 single transaction swapped into bitcoin from undercover law federal agents purporting to be drug dealers. Costanzo allegedly told them the cryptocurrency was a great way to limit their exposure to law enforcement, the Justice Department said. The trial, which concluded earlier this year in March, also showed evidence of Costanzo using bitcoin to purchase drugs as well as providing bitcoin to individuals buying drugs via the internet. During this weeks sentencing, U.S. district judge G. Murray Snow also ruled that Costanzo would not see any interest from his seized bitcoins. An excerpt from the announcement read: At the sentencing hearing Judge Snow also ruled on the forfeiture of the 80.94512167 bitcoins provided by Costanzo to the undercover agent as part of the final $107,000 money laundering transaction. The current value of the forfeited bitcoins is more than $600,000. The sentence comes within a fortnight of another former bitcoin exchange operator and trader on LocalBitcoins, dubbed the Bitcoin Maven handed down a 12-month prison sentence and a $20,000 fine for similar money laundering drug-related charges. Featured image from Shutterstock. The post Arizona Bitcoin Trader Sentenced to 41 Months in Prison for Money Laundering appeared first on CCN . || Arizona Bitcoin Trader Sentenced to 41 Months in Prison for Money Laundering: An Arizona man with a particularly lengthy rap sheet that includes guns, ammo and drugs has been sentenced to prison for laundering drug money with bitcoin.
Announcedon Wednesday by a U.S. Attorney’s Office in Arizona, 54-year-old Thomas Costanzo, aka Morpheous Titania, has seen a sentence of 41 months in prison for charges related to money laundering. The sentence will credit time already served to consider Costanzo’s prison-time since his arrest in April 2017.
Asreportedby CCN at the time, a multi-agency federal task force raided the local bitcoin trader and anarchist blogger and was retained in custody until his trail following a hearing after being classified as a “serious flight risk”. Costanzo has been accused of operating an “unlicensed money transmitting business” as a bitcoin trader. Records from LocalBitcoins revealed Costanzo as a prolific trader in the area with over 100 trades in four years.
Costanzo has since been found guilty of taking nearly $165,000 in cash over a two-year period, including a $107,000 single transaction swapped into bitcoin from undercover law federal agents purporting to be drug dealers. Costanzo allegedly told them the cryptocurrency “was a great way to limit their exposure to law enforcement,” the Justice Department said.
The trial, whichconcludedearlier this year in March, also showed evidence of Costanzo using bitcoin to purchase drugs as well as providing bitcoin to individuals buying drugs via the internet.
During this week’s sentencing, U.S. district judge G. Murray Snow also ruled that Costanzo would not see any interest from his seized bitcoins.
An excerpt from the announcement read:
At the sentencing hearing Judge Snow also ruled on the forfeiture of the 80.94512167 bitcoins provided by Costanzo to the undercover agent as part of the final $107,000 money laundering transaction. The current value of the forfeited bitcoins is more than $600,000.
The sentence comes within a fortnight of another former bitcoin exchange operator and trader on LocalBitcoins, dubbed the “Bitcoin Maven” handed down a 12-month prison sentence and a $20,000 fine for similar money laundering drug-related charges.
Featured image from Shutterstock.
The postArizona Bitcoin Trader Sentenced to 41 Months in Prison for Money Launderingappeared first onCCN. || Square makes tiny profit on bitcoin and says it won't be a money 'engine' anytime soon: Bitcoin brought in $37 million for Square in the second quarter, but the company also spent $36.6 million to offer it on the Cash App meaning it made a total $420,000 on the cryptocurrency. "Were not trying to push on the monetization of bitcoin today, says Square Chief Financial Officer Sarah Friar. Square's second-quarter revenue and EPS report beat Wall Street estimates but EBITDA and EPS guidance for the third quarter came up short. Square SQ generated $37 million in revenue on bitcoin in the second quarter, but it spent almost as much to offer free trading of the volatile cryptocurrency on its Square Cash App. For now, the payments start-up says it's not relying on crypto to add to its bottom line. "It's not a major monetization engine," Chief Financial Officer Sarah Friar said on a call with reporters after releasing second-quarter earnings Wednesday. "The goal is to continue to drive utility in the Cash App." The payment company launched bitcoin trading in its Cash App in January. In order for customers to be able to buy and sell bitcoin instantly, Square holds a certain amount of cryptocurrency on the customer's behalf. But in the time between Square buying bitcoin and customers making a trade, the price can change drastically and the company can lose money, Friar explained. "We have some spread in there to allow for the fact that bitcoin is volatile," she said. "We're not trying to push on the monetization of bitcoin today." Bitcoin has lost nearly half its value this year, and the price often rises or falls by hundreds of dollars in a single day. The cryptocurrency gained attention after climbing to almost $20,000 in December. Of Square's total $815 million net revenue, which grew 48 percent year over year, bitcoin brought in $37 million. But the company spent $36.6 million on bitcoin. In total, Square made a total $420,000 on the cryptocurrency. "We only apply a small margin to the market cost of bitcoin when we sell bitcoin to customers, and we have no control over the cost of bitcoin in the market, which tends to be volatile," Square said in the 10-Q . Story continues The fintech company brought in $385 million in adjusted revenue, which factored out transaction-based costs and bitcoin costs. That number was above what Wall Street analysts were expecting . The company also outperformed on EPS but came up short on EBITDA and EPS guidance analysts had expected for the third quarter. The company, run by Twitter CEO Jack Dorsey, is best known as a credit card processor but also offers payment hardware, the peer-to-peer Cash App, and small business lending. Shares of the start-up have surged more than 140 percent in the past year and 88 percent this year alone. More From CNBC Former hedge fund manager Novogratz's crypto bank drops in stock market debut Have a cryptocurrency company? Bermuda, Malta or Gibraltar wants you Crypto start-up Coinbase hires Pershing's head of compliance || Square makes tiny profit on bitcoin and says it won't be a money 'engine' anytime soon: • Bitcoin brought in $37 million for Square in the second quarter, but the company also spent $36.6 million to offer it on the Cash App — meaning it made a total $420,000 on the cryptocurrency.
• "We’re not trying to push on the monetization of bitcoin today,” says Square Chief Financial Officer Sarah Friar.
• Square's second-quarter revenue and EPS report beat Wall Street estimates but EBITDA and EPS guidance for the third quarter came up short.
Square SQ generated $37 million in revenue on bitcoin in the second quarter, but it spent almost as much to offer free trading of the volatile cryptocurrency on its Square Cash App. For now, the payments start-up says it's not relying on crypto to add to its bottom line.
"It's not a major monetization engine," Chief Financial Officer Sarah Friar said on a call with reporters after releasing second-quarter earnings Wednesday. "The goal is to continue to drive utility in the Cash App."
The payment company launched bitcoin trading in its Cash App in January. In order for customers to be able to buy and sell bitcoin instantly, Square holds a certain amount of cryptocurrency on the customer's behalf. But in the time between Square buying bitcoin and customers making a trade, the price can change drastically and the company can lose money, Friar explained.
"We have some spread in there to allow for the fact that bitcoin is volatile," she said. "We're not trying to push on the monetization of bitcoin today."
Bitcoin has lost nearly half its value this year, and the price often rises or falls by hundreds of dollars in a single day. The cryptocurrency gained attention after climbing to almost $20,000 in December.
Of Square's total $815 million net revenue, which grew 48 percent year over year, bitcoin brought in $37 million. But the company spent $36.6 million on bitcoin. In total, Square made a total $420,000 on the cryptocurrency.
"We only apply a small margin to the market cost of bitcoin when we sell bitcoin to customers, and we have no control over the cost of bitcoin in the market, which tends to be volatile," Square said in the 10-Q .
The fintech company brought in $385 million in adjusted revenue, which factored out transaction-based costs and bitcoin costs. That number was above what Wall Street analysts were expecting . The company also outperformed on EPS but came up short on EBITDA and EPS guidance analysts had expected for the third quarter.
The company, run by Twitter CEO Jack Dorsey, is best known as a credit card processor but also offers payment hardware, the peer-to-peer Cash App, and small business lending. Shares of the start-up have surged more than 140 percent in the past year and 88 percent this year alone.
More From CNBC
• Former hedge fund manager Novogratz's crypto bank drops in stock market debut
• Have a cryptocurrency company? Bermuda, Malta or Gibraltar wants you
• Crypto start-up Coinbase hires Pershing's head of compliance || Bitcoin Exchange CoinJar Launches Australias First Cryptocurrency Index Fund: CoinJar Cryptocurrnecy Index Fund Australia Australian bitcoin exchange CoinJar has launched the countrys first cryptocurrency index fund available to wholesale investors. CoinJar Launches Australias First Crypto Fund Announced on Thursday, the CoinJar Digital Currency Fund provides a convenient way for wealthy Australian investors to obtain exposure to cryptocurrencies while offloading the custodial responsibility to another entity. The Digital Currency Fund has two classes. The first, Bitcoin Class, exclusively provides investors with exposure to bitcoin (BTC). The second, Mixed Class, tracks the market cap-weighted price movements of four of the six largest cryptocurrencies: bitcoin, ethereum (ETH), ripple (XRP), and litecoin (LTC). Investing in cryptocurrency carries certain risks and can be an unnecessarily complex process. Traditionally, an individual investor in cryptocurrency has also been exposed to potential loss through cybercrime. We are launching the CoinJar Digital Currency Fund to handle the custody risks, simplify the investment process and provide industry best practice in security for wholesale investors, said Jordan Michaelides, head of institutional at CoinJar. The fund is currently restricted to wholesale investors, that is, high net worth investors who have obtained an accountants certification that they have net assets of at least AUD$2.5 million or a gross income of AUD$250,000 for each of the last two years. This classification is roughly equivalent to the accredited investor certification that U.S. buyers must attain before they can invest in cryptocurrency funds and many initial coin offerings (ICOs). First-time investors must contribute a minimum of $50,000 to the fund, while current investors can make subsequent investments in increments of at least $10,000. The fund carries an annual management fee of 1.3 percent of Bitcoin Class and 1.8 percent for Mixed Class. Bitcoin Matures as a Mainstream Financial Asset cryptocurrency wall street bitcoin etf Though the first cryptocurrency fund available to Australian investors, the CoinJar Digital Currency fund joins a growing list of investment products that present cryptoassets in wrappers familiar and perhaps more palatable to sophisticated investors. The New York-based Grayscale was the leader in this space, launching the Bitcoin Investment Trust (OTC: GBTC) in 2013 and a variety of other investment funds since. Two of these, GBTC and the Ethereum Classic Investment Trust (OTC: ETCG) can now be purchased by retail investors on the secondary market. The industry has also developed a burgeoning cryptocurrency derivatives market , with products such as futures, options, and swaps available on both established stock exchanges (CME and CBOE) and upstart trading platforms (LedgerX, Crypto Facilities, among others). Earlier this month, two institutional investors completed the first exchange for physical (EFP) involving BTC when they swapped a position in a bitcoin futures contract for an equivalent amount of the physical asset itself. Story continues Images from Shutterstock The post Bitcoin Exchange CoinJar Launches Australias First Cryptocurrency Index Fund appeared first on CCN . View comments || Bitcoin Exchange CoinJar Launches Australia’s First Cryptocurrency Index Fund: Australian bitcoin exchange CoinJar has launched the country’s first cryptocurrency index fund available to wholesale investors.
Announced on Thursday, theCoinJar Digital Currency Fundprovides a convenient way for wealthy Australian investors to obtain exposure to cryptocurrencies while offloading the custodial responsibility to another entity.
The Digital Currency Fund has two classes. The first, Bitcoin Class, exclusively provides investors with exposure to bitcoin (BTC). The second, Mixed Class, tracks the market cap-weighted price movements of four of the six largest cryptocurrencies: bitcoin, ethereum (ETH), ripple (XRP), and litecoin (LTC).
“Investing in cryptocurrency carries certain risks and can be an unnecessarily complex process. Traditionally, an individual investor in cryptocurrency has also been exposed to potential loss through cybercrime. We are launching the CoinJar Digital Currency Fund to handle the custody risks, simplify the investment process and provide industry best practice in security for wholesale investors,” said Jordan Michaelides, head of institutional at CoinJar.
The fund is currently restricted to wholesale investors, that is, high net worth investors who have obtained an accountant’s certification that they have net assets of at least AUD$2.5 million or a gross income of AUD$250,000 for each of the last two years. This classification is roughly equivalent to the accredited investor certification that U.S. buyers must attain before they can invest in cryptocurrency funds and many initial coin offerings (ICOs).
First-time investors must contribute a minimum of $50,000 to the fund, while current investors can make subsequent investments in increments of at least $10,000. The fund carries an annual management fee of 1.3 percent of Bitcoin Class and 1.8 percent for Mixed Class.
Though the first cryptocurrency fund available to Australian investors, the CoinJar Digital Currency fund joins a growing list of investment products that present cryptoassets in wrappers familiar — and perhaps more palatable — to sophisticated investors.
The New York-based Grayscale was the leader in this space, launching theBitcoin Investment Trust(OTC: GBTC) in 2013 and a variety of other investment funds since. Two of these, GBTC and the Ethereum Classic Investment Trust (OTC: ETCG) can now bepurchased by retail investorson the secondary market.
The industry has also developed aburgeoning cryptocurrency derivatives market, with products such as futures, options, and swaps available on both established stock exchanges (CME and CBOE) and upstart trading platforms (LedgerX, Crypto Facilities, among others). Earlier this month, two institutional investors completed thefirst exchange for physical(EFP) involving BTC when they swapped a position in a bitcoin futures contract for an equivalent amount of the physical asset itself.
Images from Shutterstock
The postBitcoin Exchange CoinJar Launches Australia’s First Cryptocurrency Index Fundappeared first onCCN. || Bitcoin Exchange CoinJar Launches Australia’s First Cryptocurrency Index Fund: Australian bitcoin exchange CoinJar has launched the country’s first cryptocurrency index fund available to wholesale investors.
Announced on Thursday, theCoinJar Digital Currency Fundprovides a convenient way for wealthy Australian investors to obtain exposure to cryptocurrencies while offloading the custodial responsibility to another entity.
The Digital Currency Fund has two classes. The first, Bitcoin Class, exclusively provides investors with exposure to bitcoin (BTC). The second, Mixed Class, tracks the market cap-weighted price movements of four of the six largest cryptocurrencies: bitcoin, ethereum (ETH), ripple (XRP), and litecoin (LTC).
“Investing in cryptocurrency carries certain risks and can be an unnecessarily complex process. Traditionally, an individual investor in cryptocurrency has also been exposed to potential loss through cybercrime. We are launching the CoinJar Digital Currency Fund to handle the custody risks, simplify the investment process and provide industry best practice in security for wholesale investors,” said Jordan Michaelides, head of institutional at CoinJar.
The fund is currently restricted to wholesale investors, that is, high net worth investors who have obtained an accountant’s certification that they have net assets of at least AUD$2.5 million or a gross income of AUD$250,000 for each of the last two years. This classification is roughly equivalent to the accredited investor certification that U.S. buyers must attain before they can invest in cryptocurrency funds and many initial coin offerings (ICOs).
First-time investors must contribute a minimum of $50,000 to the fund, while current investors can make subsequent investments in increments of at least $10,000. The fund carries an annual management fee of 1.3 percent of Bitcoin Class and 1.8 percent for Mixed Class.
Though the first cryptocurrency fund available to Australian investors, the CoinJar Digital Currency fund joins a growing list of investment products that present cryptoassets in wrappers familiar — and perhaps more palatable — to sophisticated investors.
The New York-based Grayscale was the leader in this space, launching theBitcoin Investment Trust(OTC: GBTC) in 2013 and a variety of other investment funds since. Two of these, GBTC and the Ethereum Classic Investment Trust (OTC: ETCG) can now bepurchased by retail investorson the secondary market.
The industry has also developed aburgeoning cryptocurrency derivatives market, with products such as futures, options, and swaps available on both established stock exchanges (CME and CBOE) and upstart trading platforms (LedgerX, Crypto Facilities, among others). Earlier this month, two institutional investors completed thefirst exchange for physical(EFP) involving BTC when they swapped a position in a bitcoin futures contract for an equivalent amount of the physical asset itself.
Images from Shutterstock
The postBitcoin Exchange CoinJar Launches Australia’s First Cryptocurrency Index Fundappeared first onCCN. || Californian Police Arrest College Student For Stealing $5 Million in Bitcoin Via ‘SIM Jacking’: Joel Ortiz, a Boston student was arrested by California police for allegedly stealing $5 million in Bitcoin ( BTC-USD ) and other cryptocurrencies. The 20-year-old stole crypto assets from around 40 victims using SIM jacking, a type of hacking technique. The report was recently revealed by Motherboard, a tech news website after it obtained the related court documents. Oritz faces 28 charges Ortiz along with his associates specifically targeted the people involved in blockchain and cryptocurrency field and hacked the crypto investors. Many of these victims attended the Consensus, a blockchain conference held in New York in May this year. The California police arrested the accused at the Los Angeles International Airport while he was traveling to Europe. As per the report, the accused is facing 28 charges including the hacking of 13 accounts, theft of 13 accounts and two grand thefts. According to sources, it is the first time that someone has used the SIM jacking technique for stealing virtual currency. In this attack, the thief tricks the security system of the phone carrier and swaps the target number of a cell to a SIM Card. This card is controlled by the thief or his associates. After swapping the target phone number, the fraudster then resets the password of the victim and gets an entry into the online cryptocurrency accounts of the victims. These fraudsters sometimes also break through the system of two-factor authentication of the target account. Consensus Conference Attendee loses $1.5 million in SIM hijacking The report says that one of the victims who attended the New York’s Consensus conference had to bear a loss of more than $1.5 million in this SIM hijacking. The court document says , “Ortiz took control of the entrepreneur’s cell phone number, reset his Gmail password and then gained access to his cryptocurrency account.” The entrepreneur said that when he looked at his cell phone it was dead. At present, Ortiz is in jail and his plea hearing is scheduled for August 9 with the bail amount set for $1 million. Ortiz has also been found guilty of stealing passwords of social media accounts. Once hijacked, he would then sell valuable Twitter and Instagram accounts through the website OGUsers which is a marketplace on the internet for virtual goods. The post Californian Police Arrest College Student For Stealing $5 Million in Bitcoin Via ‘SIM Jacking’ appeared first on Market Exclusive . || Californian Police Arrest College Student For Stealing $5 Million in Bitcoin Via ‘SIM Jacking’: Joel Ortiz, a Boston student was arrested by California police for allegedly stealing $5 million in Bitcoin (BTC-USD) and other cryptocurrencies. The 20-year-old stole crypto assets from around 40 victims using SIM jacking, a type of hacking technique. The report was recently revealed by Motherboard, a tech news website after it obtained the related court documents.
Oritz faces 28 charges
Ortiz along with his associates specifically targeted the people involved in blockchain and cryptocurrency field and hacked the crypto investors. Many of these victims attended the Consensus, a blockchain conference held in New York in May this year. The California police arrested the accused at the Los Angeles International Airport while he was traveling to Europe.
As per the report, the accused is facing 28 charges including the hacking of 13 accounts, theft of 13 accounts and two grand thefts. According to sources, it is the first time that someone has used the SIM jacking technique for stealing virtual currency. In this attack, the thief tricks the security system of the phone carrier and swaps the target number of a cell to a SIM Card. This card is controlled by the thief or his associates.
After swapping the target phone number, the fraudster then resets the password of the victim and gets an entry into the online cryptocurrency accounts of the victims. These fraudsters sometimes also break through the system of two-factor authentication of the target account.
Consensus Conference Attendee loses $1.5 million in SIM hijacking
The report says that one of the victims who attended the New York’s Consensus conference had to bear a loss of more than $1.5 million in this SIM hijacking. The court documentsays, “Ortiz took control of the entrepreneur’s cell phone number, reset his Gmail password and then gained access to his cryptocurrency account.” The entrepreneur said that when he looked at his cell phone it was dead. At present, Ortiz is in jail and his plea hearing is scheduled for August 9 with the bail amount set for $1 million.
Ortiz has also been found guilty of stealing passwords of social media accounts. Once hijacked, he would then sell valuable Twitter and Instagram accounts through the website OGUsers which is a marketplace on the internet for virtual goods.
The postCalifornian Police Arrest College Student For Stealing $5 Million in Bitcoin Via ‘SIM Jacking’appeared first onMarket Exclusive. || Californian Police Arrest College Student For Stealing $5 Million in Bitcoin Via ‘SIM Jacking’: Joel Ortiz, a Boston student was arrested by California police for allegedly stealing $5 million in Bitcoin (BTC-USD) and other cryptocurrencies. The 20-year-old stole crypto assets from around 40 victims using SIM jacking, a type of hacking technique. The report was recently revealed by Motherboard, a tech news website after it obtained the related court documents.
Oritz faces 28 charges
Ortiz along with his associates specifically targeted the people involved in blockchain and cryptocurrency field and hacked the crypto investors. Many of these victims attended the Consensus, a blockchain conference held in New York in May this year. The California police arrested the accused at the Los Angeles International Airport while he was traveling to Europe.
As per the report, the accused is facing 28 charges including the hacking of 13 accounts, theft of 13 accounts and two grand thefts. According to sources, it is the first time that someone has used the SIM jacking technique for stealing virtual currency. In this attack, the thief tricks the security system of the phone carrier and swaps the target number of a cell to a SIM Card. This card is controlled by the thief or his associates.
After swapping the target phone number, the fraudster then resets the password of the victim and gets an entry into the online cryptocurrency accounts of the victims. These fraudsters sometimes also break through the system of two-factor authentication of the target account.
Consensus Conference Attendee loses $1.5 million in SIM hijacking
The report says that one of the victims who attended the New York’s Consensus conference had to bear a loss of more than $1.5 million in this SIM hijacking. The court documentsays, “Ortiz took control of the entrepreneur’s cell phone number, reset his Gmail password and then gained access to his cryptocurrency account.” The entrepreneur said that when he looked at his cell phone it was dead. At present, Ortiz is in jail and his plea hearing is scheduled for August 9 with the bail amount set for $1 million.
Ortiz has also been found guilty of stealing passwords of social media accounts. Once hijacked, he would then sell valuable Twitter and Instagram accounts through the website OGUsers which is a marketplace on the internet for virtual goods.
The postCalifornian Police Arrest College Student For Stealing $5 Million in Bitcoin Via ‘SIM Jacking’appeared first onMarket Exclusive.
[Social Media Buzz]
#ADA Price is 0.00001730 (+0.00000021) #BTC / 0.127097895 (+0.00200) #USD. Market rank is 8. #cardano #bitcoin #blockchain || @lifeoncoin || @btc_reddit || @btc_current || @BTC_INFOCHAIN || @India_Bitcoin || @whats_a_bitcoin || @BTC_INFOCHAIN || @btc_0 || START BITCOIN MINING http://bowwellebay.blog.fc2.com ...
|
7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14.
|
[Bitcoin Technical Analysis for 2020-11-14]
Volume: 27481710135, RSI (14-day): 72.71, 50-day EMA: 13301.07, 200-day EMA: 11057.23
[Wider Market Context]
None available.
[Recent News (last 7 days)]
ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / November 13, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH Market Summary Friday, November 13 2020 at 4:01:35 PM Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $16,182.33 $0.01 $0.05 $32,130 M $299,994 M Ethereum ETH/USD $468.30 $0.03 $0.06 $12,856 M $53,111 M XRP XRP/USD $0.26 $0.04 $0.02 $2,964 M $11,940 M Bitcoin Cash BCH/USD $257.97 -$0.01 $0.01 $1,917 M $4,791 M Litecoin LTC/USD $64.97 $0.10 $0.07 $4,261 M $4,280 M Bitcoin SV BSV/USD $160.58 $0.03 -$0.03 $733 M $2,982 M EOS EOS/USD $2.59 $0.06 $0.03 $2,153 M $2,427 M Monero XMR/USD $113.24 $0.02 -$0.05 $855 M $2,011 M Stellar XLM/USD $0.08 $0.03 -$0.01 $139 M $1,715 M Dash DASH/USD $76.76 -$0.03 $0.11 $375 M $753 M About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Story continues Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/616649/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / November 13, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$16,182.33", "$0.01", "$0.05", "$32,130 M", "$299,994 M"], ["Ethereum", "ETH/USD", "$468.30", "$0.03", "$0.06", "$12,856 M", "$53,111 M"], ["XRP", "XRP/USD", "$0.26", "$0.04", "$0.02", "$2,964 M", "$11,940 M"], ["Bitcoin Cash", "BCH/USD", "$257.97", "-$0.01", "$0.01", "$1,917 M", "$4,791 M"], ["Litecoin", "LTC/USD", "$64.97", "$0.10", "$0.07", "$4,261 M", "$4,280 M"], ["Bitcoin SV", "BSV/USD", "$160.58", "$0.03", "-$0.03", "$733 M", "$2,982 M"], ["EOS", "EOS/USD", "$2.59", "$0.06", "$0.03", "$2,153 M", "$2,427 M"], ["Monero", "XMR/USD", "$113.24", "$0.02", "-$0.05", "$855 M", "$2,011 M"], ["Stellar", "XLM/USD", "$0.08", "$0.03", "-$0.01", "$139 M", "$1,715 M"], ["Dash", "DASH/USD", "$76.76", "-$0.03", "$0.11", "$375 M", "$753 M"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/616649/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / November 13, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$16,182.33", "$0.01", "$0.05", "$32,130 M", "$299,994 M"], ["Ethereum", "ETH/USD", "$468.30", "$0.03", "$0.06", "$12,856 M", "$53,111 M"], ["XRP", "XRP/USD", "$0.26", "$0.04", "$0.02", "$2,964 M", "$11,940 M"], ["Bitcoin Cash", "BCH/USD", "$257.97", "-$0.01", "$0.01", "$1,917 M", "$4,791 M"], ["Litecoin", "LTC/USD", "$64.97", "$0.10", "$0.07", "$4,261 M", "$4,280 M"], ["Bitcoin SV", "BSV/USD", "$160.58", "$0.03", "-$0.03", "$733 M", "$2,982 M"], ["EOS", "EOS/USD", "$2.59", "$0.06", "$0.03", "$2,153 M", "$2,427 M"], ["Monero", "XMR/USD", "$113.24", "$0.02", "-$0.05", "$855 M", "$2,011 M"], ["Stellar", "XLM/USD", "$0.08", "$0.03", "-$0.01", "$139 M", "$1,715 M"], ["Dash", "DASH/USD", "$76.76", "-$0.03", "$0.11", "$375 M", "$753 M"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/616649/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion: Analysts are bullish on bitcoin’s price but the options market is decidedly bearish on the remaining weeks of 2020. Ethereum’s wrapped bitcoin token crosses $2 billion locked. Bitcoin (BTC) trading around $16,240 as of 21:00 UTC (4 p.m. ET). Gaining 0.30% over the previous 24 hours. Bitcoin’s 24-hour range: $15,971-$16,487 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin’s price trended up for the third straight day, hitting as high as $16,487, according to data from CoinDesk 20. It dipped somewhat since hitting that level and traded at $16,240 as of press time. “Bitcoin rose significantly above the $16,100 mark. Buyers pushed the price due to the large volume,” noted Constantin Kogan, managing partner at investment firm Wave Financial. Related: Record Levels of Negative-Yielding Debt Strengthen Case for Bitcoin: Analysts Major exchange daily spot volumes on Friday were at $668 million as of press time, but not close to Thursday’s $1.1 billion in volume. George McDonaugh, managing director at investment firm KR1, highlighted a key difference between the price run-up in 2020 versus the mooning that occurred back in 2017. “Bitcoin has spent 0.32% of its life at $16,000 and above, which means there were relatively very few buyers at that level back in 2017,” he told CoinDesk. “This correlates to there being very few sellers at this level now, meaning there isn’t a strong resistance band for the bulls to push the price higher.” “I’m seeing an increasing demand from more traditional family offices making their first investments into bitcoin as a long-term hedge or as insurance for their existing portfolio of investments,” Michael Gord, chief executive officer of Global Digital Assets, told CoinDesk. “I expect this trend to continue as bitcoin keeps maintaining its value and being uncorrelated to most other asset classes.” Story continues Read More: $300M BTC Flow to Binance From Huobi as China Toughens on Exchanges Related: Fidelity's Crypto Arm Responds to 6 Common Bitcoin Criticisms Bitcoin isn’t entirely uncorrelated from other asset classes like equities, but lately the correlation between the world’s oldest cryptocurrency and the S&P 500 has dropped a little bit. KR1’s McDonaugh is expecting bitcoin’s price to reach $20,000, but it might take some time to get there as some profit-taking is likely to ensue. “ $20,000 is a far more psychological barrier, so it is likely to be ‘HODLers’ – people holding bitcoin forever – that may de-risk at that level and produce some selling pressure,” he said. Bitcoin options traders aren’t fully convinced that it will trade at $20,000 in 2020. The probabilities calculated using December expiration have pegged only a 16% chance of $20,000 bitcoin, a 29% for $18,000 and a 39% of $17,000 according to data aggregator Skew. Nevertheless, analysts project that bitcoin can soon surpass at least $16,500 consistently. “Given market sentiment and current trends, I am still bullish on BTC,” said Andrew Tu, an executive at trading firm Efficient Frontier. “Though we may range between $16,000 and $16,500 for a bit before breaking resistance.” Wrapped bitcoin hits $2 billion locked Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Friday, trading around $470 and climbing 2.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET). Read More: Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service The amount of bitcoin “locked” in the Ethereum-based wrapped bitcoin contract passed $2 billion Thursday, and is staying at that level Friday. In order to use bitcoin on Ethereum, it must be “wrapped” and used as a token on the network using a standard called ERC-20. Brian Mosoff, chief executive officer of investment firm Ether Capital, says the parking of bitcoin on Ethereum is giving the network a huge leg up over its up-and-coming smart contract competitors, including Polkadot, Cardano and Cosmos, among others. “It’s proving that Ethereum is the thing everyone is plugging into and (networks like) Polkadot may not have its day in the sun,” Mosoff told CoinDesk. Other markets Digital assets on the CoinDesk 20 are mostly green Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET): litecoin (LTC) + 10.4% kyber network (KNC) + 7.3% eos (EOS) + 5.6% Notable loser: bitcoin cash (BCH) – 0.27% Read More: Mike Novogratz’s Galaxy Digital Nets $44.3M in Q3 Equities: The Nikkei 225 ended the day in the red 0.53%, led lower by investor concern about rising coronavirus cases and a sell-off in Trend Micro, which fell 7% . Europe’s FTSE 100 slipped 0.36% as a stronger British pound, which negatively affects multinational corporations’ overseas revenue, dragged the index lower . In the United States the S&P climbed 1.5% as traders placed strategic bets on the possibility a coronavirus vaccine will eventually lift the economy . Commodities: Oil was down 1.7%. Price per barrel of West Texas Intermediate crude: $40.21. Gold was in the green 0.60% and at $1,888 as of press time. Treasurys: The 10-year U.S. Treasury bond yield climbed Friday jumping to 0.896 and in the green 2%. Related Stories Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion || Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion: Analysts are bullish on bitcoin’s price but the options market is decidedly bearish on the remaining weeks of 2020. Ethereum’s wrapped bitcoin token crosses $2 billion locked.
• Bitcoin(BTC) trading around $16,240 as of 21:00 UTC (4 p.m. ET). Gaining 0.30% over the previous 24 hours.
• Bitcoin’s 24-hour range: $15,971-$16,487
• BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price trended up for the third straight day, hitting as high as $16,487, according to data from CoinDesk 20. It dipped somewhat since hitting that level and traded at $16,240 as of press time.
“Bitcoin rose significantly above the $16,100 mark. Buyers pushed the price due to the large volume,” noted Constantin Kogan, managing partner at investment firm Wave Financial.
Related:Record Levels of Negative-Yielding Debt Strengthen Case for Bitcoin: Analysts
Major exchange daily spot volumes on Friday were at $668 million as of press time, but not close to Thursday’s $1.1 billion in volume.
George McDonaugh, managing director at investment firm KR1, highlighted a key difference between the price run-up in 2020 versus the mooning that occurred back in 2017. “Bitcoin has spent 0.32% of its life at $16,000 and above, which means there were relatively very few buyers at that level back in 2017,” he told CoinDesk. “This correlates to there being very few sellers at this level now, meaning there isn’t a strong resistance band for the bulls to push the price higher.”
“I’m seeing an increasing demand from more traditional family offices making their first investments into bitcoin as a long-term hedge or as insurance for their existing portfolio of investments,” Michael Gord, chief executive officer of Global Digital Assets, told CoinDesk. “I expect this trend to continue as bitcoin keeps maintaining its value and being uncorrelated to most other asset classes.”
Read More:$300M BTC Flow to Binance From Huobi as China Toughens on Exchanges
Related:Fidelity's Crypto Arm Responds to 6 Common Bitcoin Criticisms
Bitcoin isn’t entirely uncorrelated from other asset classes like equities, but lately the correlation between the world’s oldest cryptocurrency and the S&P 500 has dropped a little bit.
KR1’s McDonaugh is expecting bitcoin’s price to reach $20,000, but it might take some time to get there as some profit-taking is likely to ensue.“$20,000 is a far more psychological barrier, so it is likely to be ‘HODLers’ – people holding bitcoin forever – that may de-risk at that level and produce some selling pressure,” he said.
Bitcoin options traders aren’t fully convinced that it will trade at $20,000 in 2020. The probabilities calculated using December expiration have pegged only a 16% chance of $20,000 bitcoin, a 29% for $18,000 and a 39% of $17,000 according to data aggregator Skew.
Nevertheless, analysts project that bitcoin can soon surpass at least $16,500 consistently. “Given market sentiment and current trends, I am still bullish on BTC,” said Andrew Tu, an executive at trading firm Efficient Frontier. “Though we may range between $16,000 and $16,500 for a bit before breaking resistance.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was up Friday, trading around $470 and climbing 2.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Read More:Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service
The amount of bitcoin “locked” in the Ethereum-based wrapped bitcoin contract passed $2 billion Thursday, and is staying at that level Friday. In order to use bitcoin on Ethereum, it must be “wrapped” and used as a token on the network using a standard called ERC-20.
Brian Mosoff, chief executive officer of investment firm Ether Capital, says the parking of bitcoin on Ethereum is giving the network a huge leg up over its up-and-coming smart contract competitors, including Polkadot, Cardano and Cosmos, among others.
“It’s proving that Ethereum is the thing everyone is plugging into and (networks like) Polkadot may not have its day in the sun,” Mosoff told CoinDesk.
Digital assets on theCoinDesk 20are mostly green Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• litecoin(LTC) + 10.4%
• kyber network(KNC) + 7.3%
• eos(EOS) + 5.6%
Notable loser:
• bitcoin cash(BCH) – 0.27%
Read More:Mike Novogratz’s Galaxy Digital Nets $44.3M in Q3
Equities:
• The Nikkei 225 ended the day in the red 0.53%,led lower by investor concern about rising coronavirus cases and a sell-off in Trend Micro, which fell 7%.
• Europe’s FTSE 100 slipped 0.36% asa stronger British pound, which negatively affects multinational corporations’ overseas revenue, dragged the index lower.
• In the United States the S&P climbed 1.5% astraders placed strategic bets on the possibility a coronavirus vaccine will eventually lift the economy.
Commodities:
• Oil was down 1.7%. Price per barrel of West Texas Intermediate crude: $40.21.
• Gold was in the green 0.60% and at $1,888 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield climbed Friday jumping to 0.896 and in the green 2%.
• Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion
• Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion || Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion: Analysts are bullish on bitcoin’s price but the options market is decidedly bearish on the remaining weeks of 2020. Ethereum’s wrapped bitcoin token crosses $2 billion locked.
• Bitcoin(BTC) trading around $16,240 as of 21:00 UTC (4 p.m. ET). Gaining 0.30% over the previous 24 hours.
• Bitcoin’s 24-hour range: $15,971-$16,487
• BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price trended up for the third straight day, hitting as high as $16,487, according to data from CoinDesk 20. It dipped somewhat since hitting that level and traded at $16,240 as of press time.
“Bitcoin rose significantly above the $16,100 mark. Buyers pushed the price due to the large volume,” noted Constantin Kogan, managing partner at investment firm Wave Financial.
Related:Record Levels of Negative-Yielding Debt Strengthen Case for Bitcoin: Analysts
Major exchange daily spot volumes on Friday were at $668 million as of press time, but not close to Thursday’s $1.1 billion in volume.
George McDonaugh, managing director at investment firm KR1, highlighted a key difference between the price run-up in 2020 versus the mooning that occurred back in 2017. “Bitcoin has spent 0.32% of its life at $16,000 and above, which means there were relatively very few buyers at that level back in 2017,” he told CoinDesk. “This correlates to there being very few sellers at this level now, meaning there isn’t a strong resistance band for the bulls to push the price higher.”
“I’m seeing an increasing demand from more traditional family offices making their first investments into bitcoin as a long-term hedge or as insurance for their existing portfolio of investments,” Michael Gord, chief executive officer of Global Digital Assets, told CoinDesk. “I expect this trend to continue as bitcoin keeps maintaining its value and being uncorrelated to most other asset classes.”
Read More:$300M BTC Flow to Binance From Huobi as China Toughens on Exchanges
Related:Fidelity's Crypto Arm Responds to 6 Common Bitcoin Criticisms
Bitcoin isn’t entirely uncorrelated from other asset classes like equities, but lately the correlation between the world’s oldest cryptocurrency and the S&P 500 has dropped a little bit.
KR1’s McDonaugh is expecting bitcoin’s price to reach $20,000, but it might take some time to get there as some profit-taking is likely to ensue.“$20,000 is a far more psychological barrier, so it is likely to be ‘HODLers’ – people holding bitcoin forever – that may de-risk at that level and produce some selling pressure,” he said.
Bitcoin options traders aren’t fully convinced that it will trade at $20,000 in 2020. The probabilities calculated using December expiration have pegged only a 16% chance of $20,000 bitcoin, a 29% for $18,000 and a 39% of $17,000 according to data aggregator Skew.
Nevertheless, analysts project that bitcoin can soon surpass at least $16,500 consistently. “Given market sentiment and current trends, I am still bullish on BTC,” said Andrew Tu, an executive at trading firm Efficient Frontier. “Though we may range between $16,000 and $16,500 for a bit before breaking resistance.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was up Friday, trading around $470 and climbing 2.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET).
Read More:Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service
The amount of bitcoin “locked” in the Ethereum-based wrapped bitcoin contract passed $2 billion Thursday, and is staying at that level Friday. In order to use bitcoin on Ethereum, it must be “wrapped” and used as a token on the network using a standard called ERC-20.
Brian Mosoff, chief executive officer of investment firm Ether Capital, says the parking of bitcoin on Ethereum is giving the network a huge leg up over its up-and-coming smart contract competitors, including Polkadot, Cardano and Cosmos, among others.
“It’s proving that Ethereum is the thing everyone is plugging into and (networks like) Polkadot may not have its day in the sun,” Mosoff told CoinDesk.
Digital assets on theCoinDesk 20are mostly green Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):
• litecoin(LTC) + 10.4%
• kyber network(KNC) + 7.3%
• eos(EOS) + 5.6%
Notable loser:
• bitcoin cash(BCH) – 0.27%
Read More:Mike Novogratz’s Galaxy Digital Nets $44.3M in Q3
Equities:
• The Nikkei 225 ended the day in the red 0.53%,led lower by investor concern about rising coronavirus cases and a sell-off in Trend Micro, which fell 7%.
• Europe’s FTSE 100 slipped 0.36% asa stronger British pound, which negatively affects multinational corporations’ overseas revenue, dragged the index lower.
• In the United States the S&P climbed 1.5% astraders placed strategic bets on the possibility a coronavirus vaccine will eventually lift the economy.
Commodities:
• Oil was down 1.7%. Price per barrel of West Texas Intermediate crude: $40.21.
• Gold was in the green 0.60% and at $1,888 as of press time.
Treasurys:
• The 10-year U.S. Treasury bond yield climbed Friday jumping to 0.896 and in the green 2%.
• Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion
• Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion || Top Analyst Reports for AbbVie, Square & Honda Motor: Friday, November 13, 2020 The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including AbbVie Inc. (ABBV), Square, Inc. (SQ) and Honda Motor Co., Ltd. (HMC). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today’s research reports here >>> AbbVie shares have outperformed the Zacks Large Cap Pharmaceuticals industry in the year to date period (+10.2% vs. -0.1%). The Zacks analyst believes that AbbVie’s key drug, Humira is seeing strong demand trends in the United States. AbbVie has been successful in expanding labels of its cancer drugs, Imbruvica and Venclexta. It gained approvals for two new drugs with significant potential, Skyrizi and Rinvoq, in 2019. Both are off to a strong start. Allergan’s acquisition has diversified AbbVie’s revenue base into new therapeutic areas, enhancing its long-term growth potential. However, sales erosion due to direct biosimilar competition to Humira in international markets is a big headwind. Also, the decline in hepatitis C virus (HCV) drug Mavyret’s sales is a concern. (You can read the full research report on AbbVie here >>> ) Shares of Square have gained +183.4% over the past one-year period against the Zacks Internet - Software industry’s rise of +85.7%. The Zacks analyst believes that Square’s comprehensive commerce ecosystem, accelerated business growth and entry into bitcoin space remain major positives. Notably, strong momentum in online channels and growing card-not-present GPV are expected to be tailwinds. Moreover, robust online products, such as Square Online Store, Invoices, Virtual Terminal and eCommerce API are expected to accelerate the GPV growth in the near term. However, uncertainties related to the COVID-19 pandemic remain concerns. Higher investments and increasing product development expenses might hurt margins. Intensifying competition and foreign exchange fluctuations remain headwinds. Story continues (You can read the full research report on Square here >>> ) Honda Motor shares have underperformed the Zacks Automotive - Foreign industry in the year to date period (-1.6% vs. +12.8%). The Zacks analyst believes that in anticipation of a slowdown in India and North America, the company expects sales to decline year over year in fiscal 2021. With the coronavirus pandemic wreaking havoc on the auto industry, sales and earnings of Honda is likely to suffer a major blow, going forward. Further, high capex to develop advanced technologies may also limit its cash flows. However, the firm’s frequent collaborations with companies like General Motors and Hitachi, among others, are expected to expand business and bolster prospects. Its healthy balance sheet, improving cash flows and investor-friendly moves are other positives. (You can read the full research report on Honda Motor here >>> ) Other noteworthy reports we are featuring today include Canadian Pacific Railway Limited (CP), Roper Technologies, Inc. (ROP) and Wayfair Inc. (W). Looking for Stocks with Skyrocketing Upside? Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot stocks we're targeting >> Mark Vickery Senior Editor Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>> Today's Must Read AbbVie (ABBV) U.S. Humira Demand Solid, Skyrizi, Rinvoq Shine Square (SQ) Banks on Solid Cash App Adoption, Bitcoin Growth Honda (HMC) to Bank on Strategic Alliances Amid High Capex Featured Reports Steady Investment Aids Ameren Corp. (AEE), Regulations Hurts Per the Zacks Analyst, it plans to invest $16 billion over 2020-2024 period in regulated operations to boost earnings. Cheniere Energy's (LNG) Gas Export Dominance Bodes Well The Zacks analyst likes Cheniere's competitive advantage of being the first and dominant natural gas exporter in the U.S. market but is concerned over the huge debt load of $31 billion. Automotive revenue aid Canadian Pacific (CP), Debts ail The Zacks analyst is optimistic about strong grain movement and rising automotive revenue. However, high debt is a concern. Loan Growth Supports M&T Bank (MTB), Rising Costs a Woe Per the Zacks analyst, M&T Bank's top line gets support from increasing loans and deposits balances. Robust Adoption of Fox News & FBN Aids Fox (FOXA) Prospects Per the Zacks analyst, Fox is benefiting from robust adoption of Fox News and Fox Business Network (FBN). Higher pricing and stronger ratings at FOX News Media drove Cable advertising revenues. International Strength Drives Wayfair (W); Expense A Concern The Zacks analyst believes that Wayfair's strong retail business along with its efforts to expand in international markets are positives. Network Software Unit to Aid Roper (ROP), Demand Stays Weak Per the Zacks analyst, robust network software & systems unit on the back of business resiliency will drive Roper's near-term results. New Upgrades Sturdy Comps Run to Fuel Grocery Outlet's (GO) Top Line Per the Zacks analyst, rise in average transaction size has been supporting Grocery Outlet's comparable-store sales growth. In third-quarter 2020, comps increased 9.1% year over year. Brand Reputation & Rising Parts Revenue to Aid PACCAR (PCAR) PACCAR's leading brands and consistent product quality along with its persistent growth in the less-cyclical aftermarket parts are likely to aid the firm's top line in future, per the Zacks analyst. Rebound in Procedure Volumes Aids STERIS (STE) Amid Pandemic The Zacks analyst is upbeat about higher demand for STERIS' medical device offerings following a rebound in procedure volumes. Robust sales of COVID-19-related products and services also buoy optimism New Downgrades Lower Enrollment at Strayer Hurts Strategic Education (STRA) Per the Zacks analyst, Strategic Education's Strayer segment is facing lower demand due to higher unemployment levels caused by COVID-19-led restrictions. Escalating Costs, Higher Cat Losses Hurt RLI Corp. (RLI) Per the Zacks Analyst, the company's exposure to catastrophe losses induce volatility in its underwriting results. High costs can put margins under pressure. Juniper (JNPR) Plagued by COVID-19 Induced Supply-Chain Woes Per the Zacks analyst, supply-chain headwinds, triggered by uncertain macro environment & weak investment patterns among carriers due to virus outbreak, are likely to affect Juniper's growth momentum. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wayfair Inc. (W) : Free Stock Analysis Report Square, Inc. (SQ) : Free Stock Analysis Report Roper Technologies, Inc. (ROP) : Free Stock Analysis Report Honda Motor Co., Ltd. (HMC) : Free Stock Analysis Report Canadian Pacific Railway Limited (CP) : Free Stock Analysis Report AbbVie Inc. (ABBV) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || Top Analyst Reports for AbbVie, Square & Honda Motor: Friday, November 13, 2020
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including AbbVie Inc. (ABBV), Square, Inc. (SQ) and Honda Motor Co., Ltd. (HMC). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can seeall of today’s research reports here >>>
AbbVieshares have outperformed the Zacks Large Cap Pharmaceuticals industry in the year to date period (+10.2% vs. -0.1%). The Zacks analyst believes that AbbVie’s key drug, Humira is seeing strong demand trends in the United States.
AbbVie has been successful in expanding labels of its cancer drugs, Imbruvica and Venclexta. It gained approvals for two new drugs with significant potential, Skyrizi and Rinvoq, in 2019. Both are off to a strong start. Allergan’s acquisition has diversified AbbVie’s revenue base into new therapeutic areas, enhancing its long-term growth potential.
However, sales erosion due to direct biosimilar competition to Humira in international markets is a big headwind. Also, the decline in hepatitis C virus (HCV) drug Mavyret’s sales is a concern.
(You canread the full research report on AbbVie here >>>)
Shares ofSquarehave gained +183.4% over the past one-year period against the Zacks Internet - Software industry’s rise of +85.7%. The Zacks analyst believes that Square’s comprehensive commerce ecosystem, accelerated business growth and entry into bitcoin space remain major positives.
Notably, strong momentum in online channels and growing card-not-present GPV are expected to be tailwinds. Moreover, robust online products, such as Square Online Store, Invoices, Virtual Terminal and eCommerce API are expected to accelerate the GPV growth in the near term.
However, uncertainties related to the COVID-19 pandemic remain concerns. Higher investments and increasing product development expenses might hurt margins. Intensifying competition and foreign exchange fluctuations remain headwinds.
(You canread the full research report on Square here >>>)
Honda Motorshares have underperformed the Zacks Automotive - Foreign industry in the year to date period (-1.6% vs. +12.8%). The Zacks analyst believes that in anticipation of a slowdown in India and North America, the company expects sales to decline year over year in fiscal 2021.
With the coronavirus pandemic wreaking havoc on the auto industry, sales and earnings of Honda is likely to suffer a major blow, going forward. Further, high capex to develop advanced technologies may also limit its cash flows.
However, the firm’s frequent collaborations with companies like General Motors and Hitachi, among others, are expected to expand business and bolster prospects. Its healthy balance sheet, improving cash flows and investor-friendly moves are other positives.
(You canread the full research report on Honda Motor here >>>)
Other noteworthy reports we are featuring today include Canadian Pacific Railway Limited (CP), Roper Technologies, Inc. (ROP) and Wayfair Inc. (W).
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Mark VickerySenior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weeklyEarnings TrendsandEarnings Previewreports. If you want an email notification each time Sheraz publishes a new article, pleaseclick here>>>
AbbVie (ABBV) U.S. Humira Demand Solid, Skyrizi, Rinvoq Shine
Square (SQ) Banks on Solid Cash App Adoption, Bitcoin Growth
Honda (HMC) to Bank on Strategic Alliances Amid High Capex
Steady Investment Aids Ameren Corp. (AEE), Regulations Hurts
Per the Zacks Analyst, it plans to invest $16 billion over 2020-2024 period in regulated operations to boost earnings.
Cheniere Energy's (LNG) Gas Export Dominance Bodes Well
The Zacks analyst likes Cheniere's competitive advantage of being the first and dominant natural gas exporter in the U.S. market but is concerned over the huge debt load of $31 billion.
Automotive revenue aid Canadian Pacific (CP), Debts ail
The Zacks analyst is optimistic about strong grain movement and rising automotive revenue. However, high debt is a concern.
Loan Growth Supports M&T Bank (MTB), Rising Costs a Woe
Per the Zacks analyst, M&T Bank's top line gets support from increasing loans and deposits balances.
Robust Adoption of Fox News & FBN Aids Fox (FOXA) Prospects
Per the Zacks analyst, Fox is benefiting from robust adoption of Fox News and Fox Business Network (FBN). Higher pricing and stronger ratings at FOX News Media drove Cable advertising revenues.
International Strength Drives Wayfair (W); Expense A Concern
The Zacks analyst believes that Wayfair's strong retail business along with its efforts to expand in international markets are positives.
Network Software Unit to Aid Roper (ROP), Demand Stays Weak
Per the Zacks analyst, robust network software & systems unit on the back of business resiliency will drive Roper's near-term results.
Sturdy Comps Run to Fuel Grocery Outlet's (GO) Top Line
Per the Zacks analyst, rise in average transaction size has been supporting Grocery Outlet's comparable-store sales growth. In third-quarter 2020, comps increased 9.1% year over year.
Brand Reputation & Rising Parts Revenue to Aid PACCAR (PCAR)
PACCAR's leading brands and consistent product quality along with its persistent growth in the less-cyclical aftermarket parts are likely to aid the firm's top line in future, per the Zacks analyst.
Rebound in Procedure Volumes Aids STERIS (STE) Amid Pandemic
The Zacks analyst is upbeat about higher demand for STERIS' medical device offerings following a rebound in procedure volumes. Robust sales of COVID-19-related products and services also buoy optimism
Lower Enrollment at Strayer Hurts Strategic Education (STRA)
Per the Zacks analyst, Strategic Education's Strayer segment is facing lower demand due to higher unemployment levels caused by COVID-19-led restrictions.
Escalating Costs, Higher Cat Losses Hurt RLI Corp. (RLI)
Per the Zacks Analyst, the company's exposure to catastrophe losses induce volatility in its underwriting results. High costs can put margins under pressure.
Juniper (JNPR) Plagued by COVID-19 Induced Supply-Chain Woes
Per the Zacks analyst, supply-chain headwinds, triggered by uncertain macro environment & weak investment patterns among carriers due to virus outbreak, are likely to affect Juniper's growth momentum.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportWayfair Inc. (W) : Free Stock Analysis ReportSquare, Inc. (SQ) : Free Stock Analysis ReportRoper Technologies, Inc. (ROP) : Free Stock Analysis ReportHonda Motor Co., Ltd. (HMC) : Free Stock Analysis ReportCanadian Pacific Railway Limited (CP) : Free Stock Analysis ReportAbbVie Inc. (ABBV) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || DoorDash IPO: 5 Key Takeaways Investors Need To Know: DoorDash filed its IPO prospectus Friday morning. Here is an early look at the figures and information from the company, which is expected to IPO before the end of the year with the symbol DASH. DoorDash was valued at $16 billion in an early funding round in 2020. The company raised $400 million in June. Friday’s prospectus says the company will raise $100 million, which is likely a placeholder. Largest Player in Market: DoorDash has the no. 1 market share position in the food delivery market, with over 18 million customers and partners with more than 390,000 merchants. DoorDash competes with Uber Eats, owned by Uber Technologies (NYSE: UBER ), Grubhub Inc (NYSE: GRUB ) and Postmates. Grubhub is merging with Just Eat, a European company and Postmates is merging with Uber Eats. In January 2018 DoorDash had 17% market share versus 27% from Uber Eats and 39% for Grubhub. In October 2020, DoorDash had 50% market share versus 26% for Uber, 16% for Grubhub and 7% for Postmates. Going forward, it looks like DoorDash and Uber Eats will be the two large players with 50% and 33% market share, respectively. Lyft Inc (NASDAQ: LYFT ) recently announced its intentions to enter the retail delivery market. Related Link: Should Investors Get Ready For DoorDash, Instacart IPOs? Huge Addressable Market: The restaurant delivery business is a growing market. In 2019, $1.5 trillion was spent on food and beverages in the United States. Of that total $600.5 billion was spent at restaurants. DoorDash is targeting the off-premise market of restaurants which was worth $302.6 billion in 2019. In 2019, DoorDash had total transaction volume of $8 billion, which represented less than 3% of the market. Order Volume Growth: In fiscal 2019, DoorDash had 263 million orders placed, which was year-over-year growth of 217%. In fiscal 2020, the company has had 543 million orders placed in the first nine months. The company saw 103 million, 204 million and 236 million orders placed for the first three months, respectively. The increase was primarily driven by a 217% increase in Total Orders to 263 million, which led to a 186% increase in Marketplace GOV to $8.0 billion Story continues Financials: In fiscal 2019, DoorDash had revenue of $885 million, which grew from $291 million in fiscal 2018. In the first nine months of 2020, DoorDash revenue was $1.9 billion, which was up from $587 million in the prior year’s comparable period. DoorDash reported a net loss of $149 million for the first nine months of 2020. The company reported a net loss of $667 million in fiscal 2019. Growth Plans: One of the ways DoorDash could grow is with its subscription program. The company offers Dash Pass at $9.99 a month offers unlimited deliveries for users. The company counts 5 million Dash Pass members now, which it expects to grow from the value it offers to consumers. DoorDash said growth will come by adding more merchants, more consumers and having more consumer engagement. See more from Benzinga Click here for options trades from Benzinga Enbridge Stock Could See Pressure As Whitmer Orders Shutdown Of Michigan Pipeline Get Paid Bitcoin To Shop At Kroger © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || DoorDash IPO: 5 Key Takeaways Investors Need To Know: DoorDashfiledits IPO prospectus Friday morning. Here is an early look at the figures and information from the company, which is expected to IPO before the end of the year with the symbol DASH.
DoorDash wasvaluedat $16 billion in an early funding round in 2020. The company raised $400 million in June. Friday’s prospectus says the company will raise $100 million, which is likely a placeholder.
Largest Player in Market:DoorDash has the no. 1 market share position in the food delivery market, with over 18 million customers and partners with more than 390,000 merchants.
DoorDash competes with Uber Eats, owned byUber Technologies(NYSE:UBER),Grubhub Inc(NYSE:GRUB) and Postmates.
Grubhub is merging with Just Eat, a European company and Postmates is merging with Uber Eats.
In January 2018 DoorDash had 17% market share versus 27% from Uber Eats and 39% for Grubhub. In October 2020, DoorDash had 50% market share versus 26% for Uber, 16% for Grubhub and 7% for Postmates.
Going forward, it looks like DoorDash and Uber Eats will be the two large players with 50% and 33% market share, respectively.
Lyft Inc(NASDAQ:LYFT) recentlyannouncedits intentions to enter the retail delivery market.
Related Link:Should Investors Get Ready For DoorDash, Instacart IPOs?Huge Addressable Market:The restaurant delivery business is a growing market. In 2019, $1.5 trillion was spent on food and beverages in the United States. Of that total $600.5 billion was spent at restaurants.DoorDash is targeting the off-premise market of restaurants which was worth $302.6 billion in 2019.In 2019, DoorDash had total transaction volume of $8 billion, which represented less than 3% of the market.
Order Volume Growth:In fiscal 2019, DoorDash had 263 million orders placed, which was year-over-year growth of 217%.
In fiscal 2020, the company has had 543 million orders placed in the first nine months. The company saw 103 million, 204 million and 236 million orders placed for the first three months, respectively. The increase was primarily driven by a 217% increase in Total Orders to 263 million, which led to a 186% increase in Marketplace GOV to $8.0 billion
Financials:In fiscal 2019, DoorDash had revenue of $885 million, which grew from $291 million in fiscal 2018.
In the first nine months of 2020, DoorDash revenue was $1.9 billion, which was up from $587 million in the prior year’s comparable period.
DoorDash reported a net loss of $149 million for the first nine months of 2020. The company reported a net loss of $667 million in fiscal 2019.
Growth Plans:One of the ways DoorDash could grow is with its subscription program. The company offers Dash Pass at $9.99 a month offers unlimited deliveries for users. The company counts 5 million Dash Pass members now, which it expects to grow from the value it offers to consumers.
DoorDash said growth will come by adding more merchants, more consumers and having more consumer engagement.
See more from Benzinga
• Click here for options trades from Benzinga
• Enbridge Stock Could See Pressure As Whitmer Orders Shutdown Of Michigan Pipeline
• Get Paid Bitcoin To Shop At Kroger
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 5 Ways to Play the Blockchain Boom: The winds of change have grown to gale force. Bitcoin mania set in towards the end of 2017, culminating with the trading of bitcoin futures contracts. Prices for bitcoin came close to $20,000. The hysteria settled down a bit and the buzzwords of blockchain, cryptocurrency and bitcoin slowly eased out of the headlines as bitcoin prices came back down to Earth. Until now... The hype has returned. In a world where Central Banks have opened the spigots and quantitative easing has become the norm, crypto is taking on a new role. The next phase in bitcoin is the legitimization of the asset class and the spread of blockchain technology. Behind the markets recent headlines about COVID-related shutdowns and fallout from elections, the land grab in the blockchain world has begun. It started as a gimmick, with companies changing their names to attract new investors. Now, it has evolved to well-established industries using the blockchain technology to cut costs, improve margins and boost their bottom lines. Huge corporations like Walmart, UnitedHealth, and BMW have been adapting blockchain technology to suit their needs. And its more than just concepts and budding partnerships. Real-world applications for blockchain are already making huge changes in industries across the world. The revolution is just beginning. Publicly traded companies here in the U.S. are beginning to load up bitcoin reserves on their balance sheets. Yes, you read that correctly. Companies and shareholders alike are making the conscious decision to diversify their cash holdings by adding cryptocurrency. We are not talking about a hundred bucks here or there, we are talking billions of dollars. In total, publicly traded companies are holding nearly $7 billion in bitcoin. What happens if this becomes standard practice across all publicly traded companies? In this article, Im going to make sure youre not going to get hurt chasing fake blockchain companies and instead, steer you towards investment ideas which are still fundamentally sound and built around real, sustainable businesses. Legitimization is the new buzzword surrounding bitcoin nowadays. Its got the power to take everyday companies and turn them into the next big thing. When looking at the cryptocurrency ecosystem, you find that there are plenty of ways to invest in the blockchain. We can break down these stocks into five main categories. 1) The Picks and Axes and Miners During the gold rush, the ones who really got rich were the ones selling the picks and axes. That is, the companies which provided the tools for the speculators to go out and try to find their fortunes. In the cryptocurrency world, this refers to the companies which make the chips and hardware used for mining operations. Examples would include a host of semiconductor companies. Then there are the miners themselves. Miners confirm transactions from node to node by solving the cryptographic problem and are then rewarded in units of the cryptocurrency. Already we are seeing publicly traded companies which mine cryptocurrency. These companies mine the currency then immediately sell them on the open market and pass through the gains to shareholders. Think of them as you would a pipeline company in the energy sector. These companies are small now, but could become much larger in time. Keep reading... ------------------------------------------------------------------------------------------------------ Will You Profit from the Blockchain Boom? According to experts, it's 10 times more valuable than the internet. This "Internet of Money" is already changing the way the world does business. It's projected to skyrocket +1,300% from $3 billion to $40 billion by 2023. Now Zacks is targeting blockchain technology that drives cryptocurrencies like Bitcoin and others. The goal is to ride the growing boom without whiplash volatility from investing in the cryptos themselves. Special opportunity ends midnight Sunday, November 15. See our blockchain stocks now >> ------------------------------------------------------------------------------------------------------ 2) Cloud Infrastructure No other industry has been as dependent on the cloud for its development as blockchain has. The need to distribute a ledger across the world, with no centralized ownership or authority overseeing transactions plays into the strengths of the cloud. However, the cloud is still at risk here, as blockchain technology can distribute storage across the globe, fighting the centralized nature of traditional cloud services. Still, this industry can adapt the technology to benefit. 3) Payment Processing and Lending Among the most disruptive industries for blockchain is payment processing. Rather than your traditional financial intermediary, blockchain technology allows for a distributed, open, public ledger where transactions are confirmed by other nodes in the chain for a fee thats much smaller than your typical fees coming from more traditional processors. Blockchain tech is also perfect for lending, allowing a lender to spread their risk across thousands of loans in an instant, no matter the size of the lender. We are just at the tip of the iceberg in this arena. 4) Investors, Business Development Companies and Consulting There will be a wave of companies looking for ways to incorporate blockchain technology into their existing businesses. Already, large consulting companies are beginning to offer services helping companies to integrate the new tech. Gartner has even developed a site dedicated to this purpose. Some publicly traded companies are acting as incubators for other budding cryptocurrencies. There are currently over 6,000 cryptocurrencies in the world with a total market cap in excess of $461 billion. The total worldwide crypto market volume exceeds $110 billion daily. These investors and business development companies invest in promising crypto companies before they hit the mainstream. 5) Futures and ETFs The legitimization of Bitcoin continues as futures contracts and options on these contracts have started trading on a large exchange in the U.S. Officially, the SEC has yet to approve a bitcoin ETF, though several applications have been processed. In the meantime, investors have been using Grayscale Investments GBTC as proxy as it is the only publicly traded entity on a major U.S. exchange which owns bitcoin alone explicitly. As cryptocurrency continues to become larger, it matures even more as an asset class. Bottom Line There's no doubt that blockchain will have a tremendous impact on almost every industry you can think of. In fact, experts predict that the space could soar +1,300% to $40 billion by 2023. Just like the early days of the internet, some companies stand to deliver monster gains for investors. Others will be a flash in the pan. That's why I invite you to look into our portfolio service Blockchain Innovators . We cut through the gimmicks and hype to uncover little-known but fundamentally strong companies driving the blockchain revolution. We're aiming for explosive profit potential and long-term sustained growth. Right now, six of our positions have already generated triple-digit returns, including gains of +214%, +395%, +410%.¹ I believe these stocks still have plenty of upside left. Plus, I'm preparing to add another exciting stocks with similar profit potential on Monday. Now is an ideal time to capitalize on this surging industry. When you look into Blockchain Innovators , youre also invited to download our just-updated 7 Best Stocks for the Next 30 Days Special Report. Selected from the list of 220 Zacks Rank #1 Strong Buys, our experts forecast these 7 stocks as most likely to soar in the coming month. Please note: This opportunity is only available until midnight Sunday, November 15 , so I suggest that you take advantage right away. See our Blockchain Innovators stocks now >> Good Investing, Dave Dave Bartosiak is Zacks' resident technical and momentum expert. A successful early crypto investor, he selects stocks and delivers exclusive commentary for our newest portfolio, Blockchain Innovators . ¹ As of 11/09/2020. The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report To read this article on Zacks.com click here. Zacks Investment Research || 5 Ways to Play the Blockchain Boom: The winds of change have grown to gale force. Bitcoin mania set in towards the end of 2017, culminating with the trading of bitcoin futures contracts. Prices for bitcoin came close to $20,000. The hysteria settled down a bit and the buzzwords of blockchain, cryptocurrency and bitcoin slowly eased out of the headlines as bitcoin prices came back down to Earth. Until now...The hype has returned. In a world where Central Banks have opened the spigots and quantitative easing has become the norm, crypto is taking on a new role. The next phase in bitcoin is the legitimization of the asset class and the spread of blockchain technology.Behind the market’s recent headlines about COVID-related shutdowns and fallout from elections, the land grab in the blockchain world has begun. It started as a gimmick, with companies changing their names to attract new investors. Now, it has evolved to well-established industries using the blockchain technology to cut costs, improve margins and boost their bottom lines. Huge corporations like Walmart, UnitedHealth, and BMW have been adapting blockchain technology to suit their needs. And it’s more than just concepts and budding partnerships. Real-world applications for blockchain are already making huge changes in industries across the world. The revolution is just beginning.Publicly traded companies here in the U.S. are beginning to load up bitcoin reserves on their balance sheets. Yes, you read that correctly. Companies and shareholders alike are making the conscious decision to diversify their cash holdings by adding cryptocurrency. We are not talking about a hundred bucks here or there, we are talking billions of dollars. In total, publicly traded companies are holding nearly $7 billion in bitcoin. What happens if this becomes standard practice across all publicly traded companies?In this article, I’m going to make sure you’re not going to get hurt chasing fake blockchain companies and instead, steer you towards investment ideas which are still fundamentally sound and built around real, sustainable businesses. Legitimization is the new buzzword surrounding bitcoin nowadays. It’s got the power to take everyday companies and turn them into the next big thing.When looking at the cryptocurrency ecosystem, you find that there are plenty of ways to invest in the blockchain. We can break down these stocks into five main categories.1) The “Picks and Axes” and MinersDuring the gold rush, the ones who really got rich were the ones selling the picks and axes. That is, the companies which provided the tools for the speculators to go out and try to find their fortunes. In the cryptocurrency world, this refers to the companies which make the chips and hardware used for mining operations. Examples would include a host of semiconductor companies.Then there are the miners themselves. Miners confirm transactions from node to node by solving the cryptographic problem and are then rewarded in units of the cryptocurrency. Already we are seeing publicly traded companies which “mine” cryptocurrency. These companies mine the currency then immediately sell them on the open market and pass through the gains to shareholders. Think of them as you would a pipeline company in the energy sector. These companies are small now, but could become much larger in time.Keep reading...------------------------------------------------------------------------------------------------------Will You Profit from the Blockchain Boom?According to experts, it's 10 times more valuable than the internet. This "Internet of Money" is already changing the way the world does business. It's projected to skyrocket +1,300% from $3 billion to $40 billion by 2023.Now Zacks is targeting blockchain technology that drives cryptocurrencies like Bitcoin and others. The goal is to ride the growing boom without whiplash volatility from investing in the cryptos themselves.Special opportunity endsmidnight Sunday, November 15.See our blockchain stocks now >>------------------------------------------------------------------------------------------------------2) Cloud InfrastructureNo other industry has been as dependent on the cloud for its development as blockchain has. The need to distribute a ledger across the world, with no centralized ownership or authority overseeing transactions plays into the strengths of the cloud. However, the cloud is still at risk here, as blockchain technology can distribute storage across the globe, fighting the centralized nature of traditional cloud services. Still, this industry can adapt the technology to benefit.3) Payment Processing and LendingAmong the most disruptive industries for blockchain is payment processing. Rather than your traditional financial intermediary, blockchain technology allows for a distributed, open, public ledger where transactions are confirmed by other nodes in the chain for a fee that’s much smaller than your typical fees coming from more traditional processors.Blockchain tech is also perfect for lending, allowing a lender to spread their risk across thousands of loans in an instant, no matter the size of the lender. We are just at the tip of the iceberg in this arena.4) Investors, Business Development Companies and ConsultingThere will be a wave of companies looking for ways to incorporate blockchain technology into their existing businesses. Already, large consulting companies are beginning to offer services helping companies to integrate the new tech. Gartner has even developed a site dedicated to this purpose.Some publicly traded companies are acting as incubators for other budding cryptocurrencies. There are currently over 6,000 cryptocurrencies in the world with a total market cap in excess of $461 billion. The total worldwide crypto market volume exceeds $110 billion daily. These investors and business development companies invest in promising crypto companies before they hit the mainstream.5) Futures and ETFsThe legitimization of Bitcoin continues as futures contracts and options on these contracts have started trading on a large exchange in the U.S. Officially, the SEC has yet to approve a bitcoin ETF, though several applications have been processed. In the meantime, investors have been using Grayscale Investments GBTC as proxy as it is the only publicly traded entity on a major U.S. exchange which owns bitcoin alone explicitly. As cryptocurrency continues to become larger, it matures even more as an asset class.Bottom LineThere's no doubt that blockchain will have a tremendous impact on almost every industry you can think of. In fact, experts predict that the space could soar +1,300% to $40 billion by 2023.Just like the early days of the internet, some companies stand to deliver monster gains for investors. Others will be a flash in the pan.That's why I invite you to look into our portfolio serviceBlockchain Innovators. We cut through the gimmicks and hype to uncover little-known but fundamentally strong companies driving the blockchain revolution.We're aiming for explosive profit potential and long-term sustained growth. Right now, six of our positions have already generated triple-digit returns, including gains of +214%, +395%, +410%.¹ I believe these stocks still have plenty of upside left. Plus, I'm preparing to add another exciting stocks with similar profit potential on Monday.Now is an ideal time to capitalize on this surging industry.When you look intoBlockchain Innovators, you’re also invited to download our just-updated7 Best Stocks for the Next 30 DaysSpecial Report. Selected from the list of 220 Zacks Rank #1 Strong Buys, our experts forecast these 7 stocks as most likely to soar in the coming month.Please note: This opportunity is only available until midnightSunday, November 15, so I suggest that you take advantage right away.See ourBlockchain Innovatorsstocks now >>Good Investing,DaveDave Bartosiak is Zacks' resident technical and momentum expert. A successful early crypto investor, he selects stocks and delivers exclusive commentary for our newest portfolio,Blockchain Innovators.¹ As of 11/09/2020. The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportTo read this article on Zacks.com click here.Zacks Investment Research || PayPal Rolls Out Crypto for All US Customers: Crypto Twitter reacts to the announcement and answers the question: Just how big a deal is PayPal? For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com and Nexo.io . Today on the Brief: Christine Lagarde’s digital euro hunch Deutsche Bank CBDC note COVID-19 resurgent Our main discussion on PayPal: Related: Dollar Decline and the Paralysis of Conventional Monetary Policy PayPal is rolling out crypto to all its users and increasing transaction limits from $10,000 to $20,000. In this episode, NLW breaks down the community response to the news, including an interesting discussion of whether the company’s BitLicense requires PayPal to hold 1:1 all the BTC its customers pay for. See also: PayPal Adds Bitcoin: Most Bullish News of the Year? For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories PayPal Rolls Out Crypto for All US Customers PayPal Rolls Out Crypto for All US Customers PayPal Rolls Out Crypto for All US Customers || PayPal Rolls Out Crypto for All US Customers: Crypto Twitter reacts to the announcement and answers the question: Just how big a deal is PayPal?
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.comandNexo.io.
• Christine Lagarde’s digital euro hunch
• Deutsche Bank CBDC note
• COVID-19 resurgent
Related:Dollar Decline and the Paralysis of Conventional Monetary Policy
PayPal is rolling out crypto to all its users and increasing transaction limits from $10,000 to $20,000. In this episode, NLW breaks down the community response to the news, including an interesting discussion of whether the company’s BitLicense requires PayPal to hold 1:1 all theBTCits customers pay for.
See also:PayPal Adds Bitcoin: Most Bullish News of the Year?
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• PayPal Rolls Out Crypto for All US Customers
• PayPal Rolls Out Crypto for All US Customers
• PayPal Rolls Out Crypto for All US Customers || Enbridge Stock Could See Pressure As Whitmer Orders Shutdown Of Michigan Pipeline: On Friday, Michigan Gov. Gretchen Whitmer filed legal action to shut down the Line 5 pipeline that transports oil under the Straits of Mackinac.
What Happened:Whitmer’s office notified the company it has 180 days and then the flow must stop, according toWOOD-TV.
Michigan Attorney General Dana Nessel filed a lawsuit to carry out Whitmer’s decision.
Why It’s Important:The Line 5 pipeline owned byEnbridge Inc(NYSE:ENB) carries 23 million gallons of oil and natural gas daily between Superior, Wisconsin and Sarnia, Ontario.
Enbridge spokesman Ryan Duffy said the company was “looking it over,” referring to the lawsuit, reportsThe Detroit News.
In 2018, Enbridge built a $500-million utility tunnel to protect the pipeline, which could end up being not enough to save the pipeline’s flow going forward.
Experts told The Detroit News that Michigan consumers could see an increase in the price of fuel, natural gas and propane.
Related Link:10 US Oil Stocks To Buy At Cyclical Lows
What’s Next:The news from Michigan comes shortly afterThe Star Tribunereported Minnesota regulators approved permits for Enbridge’s Line 3 replacement, which could begin construction in December.
The election of Joe Biden as president is expected to shut down several pipeline projects.
Axiosreportedthat Biden wants to shut down the Dakota Pipeline, owned byEnergy Transfer(NYSE:ET) and Keystone Pipeline, owned byTC Energy(NYSE:TRP).
ENB Price Action:Shares of Enbridge were down 0.8% at $28.70 at last check Friday. Shares have fallen 28% year-to-date.
See more from Benzinga
• Click here for options trades from Benzinga
• Get Paid Bitcoin To Shop At Kroger
• Exclusive: Nautilus CEO On Fitness During COVID-19, The Company's Answer To Peloton
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Enbridge Stock Could See Pressure As Whitmer Orders Shutdown Of Michigan Pipeline: On Friday, Michigan Gov. Gretchen Whitmer filed legal action to shut down the Line 5 pipeline that transports oil under the Straits of Mackinac. What Happened: Whitmers office notified the company it has 180 days and then the flow must stop, according to WOOD-TV . Michigan Attorney General Dana Nessel filed a lawsuit to carry out Whitmers decision. Why Its Important: The Line 5 pipeline owned by Enbridge Inc (NYSE: ENB ) carries 23 million gallons of oil and natural gas daily between Superior, Wisconsin and Sarnia, Ontario. Enbridge spokesman Ryan Duffy said the company was looking it over, referring to the lawsuit, reports The Detroit News . In 2018, Enbridge built a $500-million utility tunnel to protect the pipeline, which could end up being not enough to save the pipelines flow going forward. Experts told The Detroit News that Michigan consumers could see an increase in the price of fuel, natural gas and propane. Related Link: 10 US Oil Stocks To Buy At Cyclical Lows Whats Next: The news from Michigan comes shortly after The Star Tribune reported Minnesota regulators approved permits for Enbridges Line 3 replacement, which could begin construction in December. The election of Joe Biden as president is expected to shut down several pipeline projects. Axios reported that Biden wants to shut down the Dakota Pipeline, owned by Energy Transfer (NYSE: ET ) and Keystone Pipeline, owned by TC Energy (NYSE: TRP ). ENB Price Action: Shares of Enbridge were down 0.8% at $28.70 at last check Friday. Shares have fallen 28% year-to-date. See more from Benzinga Click here for options trades from Benzinga Get Paid Bitcoin To Shop At Kroger Exclusive: Nautilus CEO On Fitness During COVID-19, The Company's Answer To Peloton © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack: The latestface-saving communiquefrom Seychelles-domiciled crypto exchange KuCoin – hacked almost two months ago for over$280 million– is that 84% of the affected assets have been recovered. Some victims will be glad the situation seems to be moving towards resolution. Others, not so much.
Leaving aside the conspiracy theories, death threats and alleged lack of communication on the part of the exchange, the KuCoin debacle raises troubling issues around blockchain decentralization and how token projects often rely on fallible intermediaries.
Following the hack, many projects whose tokens were stolen from the exchange were urged to react quickly and change their smart contracts – effectively replacing stolen tokens with new versions, known as a token swap. (A list of projects that speedily updated their tokens following the Sept. 26 hack can be foundhere.)
Related:Hackers, Scammers Have Stolen $7.6B in Crypto Since 2011
The majority of ERC-20 projects affected by the KuCoin hack (around 60%) have bowed to pressure and upgraded their tokens. While it goes against the principles of those projects to essentially cover KuCoin’s back by updating their smart contracts or replacing their tokens, they chose the easiest solution available to them. But in some cases, it’s not a straightforward process and would lead to a very messy fix.
Read more:KuCoin CEO Says Suspects in $281M Hack Identified; Authorities on the Case
“We consciously built our smart contract in a way that’s truly decentralized and we, as a team, can’t just halt transactions, blacklist, whitelist people and so on,” said Paul Claudius, co-founder of DIA, a crowd-driven Wikipedia for financial data and information. “As a team, we obviously trust ourselves, but we don’t think the world should have to trust us. And that’s the reason we build our smart contracts that way.”
KuCoin calls all remediating efforts “token swaps,” said Claudius, but the exchange is confusing two different things.
Related:Audius Has Big Numbers by Crypto Standards but Can It Take On SoundCloud?
In some cases, it’s possible to upgrade the contract, reissue the token and create a blockchain state similar to that prior to the hack. That’s very different from a situation where reissuing the token would create two tokens.
“Then it’s like a fork,” said Claudius. “Which is the real token at the end? People would be trading the old token, not knowing this. It’s just not an option.”
In the case of DIA, some 3 million tokens were taken by the hacker, at a value of around $4 million; while this amount was not “life-threatening,” the team members had to watch powerless as the hacker sold their tokens.
“I can see why projects who had, say, 50% of their tokens affected by the hack, would choose the option to basically just pull the plug,” Claudius said. “Their backs were against the wall.”
Read more:Decentralized Governance in the Wild – Lessons From the KuCoin Hack
The DMM Foundation, the organization behind Decentralized Money Market, said KuCoin’s strategy has been to switch the onus onto the decentralized governance communities behind these projects, pressuring them to swap tokens, effectively crediting KuCoin’s balance.
“This leaves the community in an uproar, asking why we are not upgrading our token, when in fact it shouldn’t be our responsibility; it’s actually KuCoin’s problem,” a member of DMM, who wanted to remain nameless, told CoinDesk, adding:
“We are a DeFi protocol. We can’t do that so easily without completely disrupting our user base and potentially exposing areas of weakness for our community.”
It’s one of the paradoxes at the heart of crypto, that decentralized projects list on centralized exchanges and must rely on centralized custody as a potential point of failure.
Of course, that’s why decentralized exchanges (DEXs) are becomingincreasingly popularas technological advances bring speed (and, in turn, attract liquidity for prominent tokens). For some smaller projects, though, listing on KuCoin is a big deal. Perhaps it is their only trading venue with significant liquidity. So what are they going to do?
Read more:Ocean Protocol Forks to Retrieve Tokens Stolen From KuCoin Exchange
There are a number of projects that are holding out from doing a token swap, and KuCoin’s strategy seems to be to wait until they all eventually fold. During thiswaiting game, the exchange has employed someegregious tactics, said Jag Singh, CEO of Vid, a project that delisted from KuCoin before the hack took place.
“We delisted from KuCoin because we noticed a lot of suspicious stuff going on with our token price – pumps and dumps – that we concluded could only be [caused by] the exchange itself,” said Singh. “This [delisting] meant they had less leverage over us.”
Like many others affected by the hack, Singh claims KuCoin is selling phantom tokens. If the entire balance of a token was stolen by the hacker and that project has not done a token swap, KuCoin is “trading on thin air,” Singh said. He claims this is a deliberate tactic to induce token swaps and reduce the amount the exchange has to reimburse.
CoinDesk asked KuCoin for comment, to which the exchange asked for questions to be emailed. There has been no response to the questions but a KuCoin representative did share some comments from KuCoin CEO Johnny Lyu comparing the hack to events like the Ethereum DAO compromise of 2016.
“Actually, in the history of crypto, token swap or hard fork situations emerged several times among Bitcoin and Ethereum communities at critical timings,” Lyu said in alive-streamed updateon Sept. 30. “With that, communities survived from serious crises, and everyone felt thankful to those teams that made contributions.”
The irony and hypocrisy of such comparisons is stunning, said Richard Sanders, founder of blockchain analytics company CipherBlade.
“The important thing is that we’re dealing with decentralized tech,” said Sanders. “So setting a precedent every single time an exchange is hacked or somebody is negligent for some centralized action goes against the very foundation of what this technology is supposed to be about. Everything KuCoin is doing really boils down to them trying to save face.”
• Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack
• Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack || Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack: The latest face-saving communique from Seychelles-domiciled crypto exchange KuCoin – hacked almost two months ago for over $280 million – is that 84% of the affected assets have been recovered. Some victims will be glad the situation seems to be moving towards resolution. Others, not so much. Leaving aside the conspiracy theories, death threats and alleged lack of communication on the part of the exchange, the KuCoin debacle raises troubling issues around blockchain decentralization and how token projects often rely on fallible intermediaries. Following the hack, many projects whose tokens were stolen from the exchange were urged to react quickly and change their smart contracts – effectively replacing stolen tokens with new versions, known as a token swap. (A list of projects that speedily updated their tokens following the Sept. 26 hack can be found here .) Related: Hackers, Scammers Have Stolen $7.6B in Crypto Since 2011 The majority of ERC-20 projects affected by the KuCoin hack (around 60%) have bowed to pressure and upgraded their tokens. While it goes against the principles of those projects to essentially cover KuCoin’s back by updating their smart contracts or replacing their tokens, they chose the easiest solution available to them. But in some cases, it’s not a straightforward process and would lead to a very messy fix. Read more: KuCoin CEO Says Suspects in $281M Hack Identified; Authorities on the Case “We consciously built our smart contract in a way that’s truly decentralized and we, as a team, can’t just halt transactions, blacklist, whitelist people and so on,” said Paul Claudius, co-founder of DIA, a crowd-driven Wikipedia for financial data and information. “As a team, we obviously trust ourselves, but we don’t think the world should have to trust us. And that’s the reason we build our smart contracts that way.” KuCoin calls all remediating efforts “token swaps,” said Claudius, but the exchange is confusing two different things. Story continues Related: Audius Has Big Numbers by Crypto Standards but Can It Take On SoundCloud? In some cases, it’s possible to upgrade the contract, reissue the token and create a blockchain state similar to that prior to the hack. That’s very different from a situation where reissuing the token would create two tokens. “Then it’s like a fork,” said Claudius. “Which is the real token at the end? People would be trading the old token, not knowing this. It’s just not an option.” In the case of DIA, some 3 million tokens were taken by the hacker, at a value of around $4 million; while this amount was not “life-threatening,” the team members had to watch powerless as the hacker sold their tokens. “I can see why projects who had, say, 50% of their tokens affected by the hack, would choose the option to basically just pull the plug,” Claudius said. “Their backs were against the wall.” Read more: Decentralized Governance in the Wild – Lessons From the KuCoin Hack The DMM Foundation, the organization behind Decentralized Money Market, said KuCoin’s strategy has been to switch the onus onto the decentralized governance communities behind these projects, pressuring them to swap tokens, effectively crediting KuCoin’s balance. “This leaves the community in an uproar, asking why we are not upgrading our token, when in fact it shouldn’t be our responsibility; it’s actually KuCoin’s problem,” a member of DMM, who wanted to remain nameless, told CoinDesk, adding: “We are a DeFi protocol. We can’t do that so easily without completely disrupting our user base and potentially exposing areas of weakness for our community.” Token quandary It’s one of the paradoxes at the heart of crypto, that decentralized projects list on centralized exchanges and must rely on centralized custody as a potential point of failure. Of course, that’s why decentralized exchanges (DEXs) are becoming increasingly popular as technological advances bring speed (and, in turn, attract liquidity for prominent tokens). For some smaller projects, though, listing on KuCoin is a big deal. Perhaps it is their only trading venue with significant liquidity. So what are they going to do? Read more: Ocean Protocol Forks to Retrieve Tokens Stolen From KuCoin Exchange There are a number of projects that are holding out from doing a token swap, and KuCoin’s strategy seems to be to wait until they all eventually fold. During this waiting game , the exchange has employed some egregious tactics , said Jag Singh, CEO of Vid, a project that delisted from KuCoin before the hack took place. “We delisted from KuCoin because we noticed a lot of suspicious stuff going on with our token price – pumps and dumps – that we concluded could only be [caused by] the exchange itself,” said Singh. “This [delisting] meant they had less leverage over us.” Like many others affected by the hack, Singh claims KuCoin is selling phantom tokens. If the entire balance of a token was stolen by the hacker and that project has not done a token swap, KuCoin is “trading on thin air,” Singh said. He claims this is a deliberate tactic to induce token swaps and reduce the amount the exchange has to reimburse. CoinDesk asked KuCoin for comment, to which the exchange asked for questions to be emailed. There has been no response to the questions but a KuCoin representative did share some comments from KuCoin CEO Johnny Lyu comparing the hack to events like the Ethereum DAO compromise of 2016. “Actually, in the history of crypto, token swap or hard fork situations emerged several times among Bitcoin and Ethereum communities at critical timings,” Lyu said in a live-streamed update on Sept. 30. “With that, communities survived from serious crises, and everyone felt thankful to those teams that made contributions.” The irony and hypocrisy of such comparisons is stunning, said Richard Sanders, founder of blockchain analytics company CipherBlade. “The important thing is that we’re dealing with decentralized tech,” said Sanders. “So setting a precedent every single time an exchange is hacked or somebody is negligent for some centralized action goes against the very foundation of what this technology is supposed to be about. Everything KuCoin is doing really boils down to them trying to save face.” Related Stories Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack Token Projects Are Not Happy With KuCoin’s Handling of $280M Hack || Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More: Crypto lender Cred’s bankruptcy is more than it appears. Two publicly traded bitcoin mining firms reported this week: Neither are profitable. ECB President Christine Lagarde has a “hunch” about the digital euro.
Chapter…12?Cred’s Chapter 11 bankruptcy filingdoesn’t tell the whole story. With $67.8 million in assets and $136 million in liabilities, the crypto lender called it quits last weekend, leaving hundreds of depositors worrying about their collected $100 million loaned to the company. Cred has officially blamed malfeasance on the part of an outside investor entrusted with 800BTC, although corporate insiders also say a $39 million line of credit to a Chinese lender went south. “There’s a lot else going on,” Daniyal Inamullah, former head of capital markets at Cred, said. CoinDesk’s Nathan DiCamillo investigates.
Bleeding BTC?Two publicly traded bitcoin mining companies are nearing profitability. Marathon and Hut 8, prominent within the sector, both narrowed quarterly losses, according to quarterly financial statements. Marathon bumped revenues to $835,184 in Q3, a160% increasefrom the same period last year, while also recording a net loss of nearly $2 million. The company’s loss per share, however, dropped from 12 cents to 6 cents a share year over year. Meanwhile, Hut 8 saw C$5.3 million (about US$4 million) in Q3 mining revenue,down 43%from the previous quarter, but also managed to trim its losses of C$0.07 a share in Q3 2019 to C$0.01 this quarter.
Related:Crypto Long & Short: What We’re Getting Wrong About Druckenmiller and Bitcoin
CBDC ‘hunch’European Central Bank PresidentChristine Lagarde has a “hunch”there will be a digital euro in two to four years. At a virtual panel yesterday, Lagarde said an European Union-wide central bank digital currency should be explored, “If it is going to facilitate cross-border payments.” The ECB previously said it is researching a CBDC. The latest statements are another indicator of what to expect and when: “A digital euro will not be a substitute for cash,” Lagarde said. “It will be a complement.” Separately, Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), said any potential CBDC for the supranational bank could involve blockchain. “Everything is possible,” he said.
Audited and attackedDecentralized finance (DeFi) platform Akropolis suffered a$2 million lossfollowing a sophisticated “flash loan” attack. According to the platform’s founder Ana Andrianova, the attacker pulled out tranches of $50,000 inDAIfrom the project’s yCurve and sUSD pools, leveraging derivatives platform dYdX. While much is said about the audit trails of novel DeFi protocols, especially after hacks, Akropolis’ code was in fact audited twice: once by CertiK and also by firms SmartDec and Pessimistic.
Exchange flowsBitcoin flows to Binance from Huobi have reached anall-time high. According to data provided by CryptoQuant, some 18,652 bitcoins, worth nearly $300 million, were transferred from Huobi to Binance from Nov. 2 to Nov. 11. The bustling trade spiked ever since the Huobi chief operating officer, Robin Zhu, went missing at the beginning of the month. For months, Chinese regulators have been clamping down on crypto trading platforms, as part of a broader sweep of the fintech industry.
• Ant Group’s suspended IPO was the work of slighted CCP officials – but it also links back to China’s digital yuan experiments. (CoinDesk)
• Uniswap farming ends in four days, potentially freeing up $1.1 billion inETH(Cointelegraph)
• Sythentix now has a Brent Crude oil future trading pool. (CoinDesk)
• “Severe” bug found in core library for Ethereum and Ethereum Classic has been fixed. (Decrypt)
Dignity and bitcoin“The systems don’t always work,” Robby Gutmann, co-founder of Stone Ridge Holdings Group, told NLW in hisfirst podcastinterviewsince the company made waves by investing heavily in bitcoin. That’s why the $10 billion alternative asset manager has placed its “primary treasury reserve” in bitcoin.
Related:Money Reimagined: The US' Kodak Moment
In short, bitcoin is an exit from an inflating monetary base that has failed to serve the public. Last month, Stone announced it would stash more than10,000 BTCwith its crypto subsidiary NYDIG. This follows other corporate firms like MicroStrategy and Square moving some of their cash treasuries into bitcoin, also citing monetary debasement.
“The expansion of the money supply in the U.S. hasn’t shown up in growth of CPI in a measurable way, but in other measurements of inflation,” Gutmann said. Notably, Gutmann considers the prospect of living a “dignified” retirement as an ideal marker for inflation.
“The idea of financial security is much broader in bitcoin,” he said, when claiming that only a “single-digit number” of fiat monetary systems are functional or scale. “Can I save my day’s labor in something I can spend tomorrow next week,” isn’t a question most U.S. workers are confronted with, but it may be a legitimate concern elsewhere.
That’s why a bitcoin-based world economy could better serve nations that weren’t part of the industrializing processes of the 19th and 20th centuries.
Gutmann further explained NYDIG’s thesis is in fostering the “long-term development of an open source monetary system.” This includes opening some of its in-house bitcoin infrastructure up to other companies – “we won’t be the last people that have this challenge” – and applying for New York State’s “BitLicense ” and a limited trust charter.
“To the extent we can move the bitcoin project forward, it feels like we can do something measurable in society today around this idea of financial security for people outside the first world,” he said.
The full, hour-long interview can befound here.
• Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More
• Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More || Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More: Crypto lender Cred’s bankruptcy is more than it appears. Two publicly traded bitcoin mining firms reported this week: Neither are profitable. ECB President Christine Lagarde has a “hunch” about the digital euro.
Chapter…12?Cred’s Chapter 11 bankruptcy filingdoesn’t tell the whole story. With $67.8 million in assets and $136 million in liabilities, the crypto lender called it quits last weekend, leaving hundreds of depositors worrying about their collected $100 million loaned to the company. Cred has officially blamed malfeasance on the part of an outside investor entrusted with 800BTC, although corporate insiders also say a $39 million line of credit to a Chinese lender went south. “There’s a lot else going on,” Daniyal Inamullah, former head of capital markets at Cred, said. CoinDesk’s Nathan DiCamillo investigates.
Bleeding BTC?Two publicly traded bitcoin mining companies are nearing profitability. Marathon and Hut 8, prominent within the sector, both narrowed quarterly losses, according to quarterly financial statements. Marathon bumped revenues to $835,184 in Q3, a160% increasefrom the same period last year, while also recording a net loss of nearly $2 million. The company’s loss per share, however, dropped from 12 cents to 6 cents a share year over year. Meanwhile, Hut 8 saw C$5.3 million (about US$4 million) in Q3 mining revenue,down 43%from the previous quarter, but also managed to trim its losses of C$0.07 a share in Q3 2019 to C$0.01 this quarter.
Related:Crypto Long & Short: What We’re Getting Wrong About Druckenmiller and Bitcoin
CBDC ‘hunch’European Central Bank PresidentChristine Lagarde has a “hunch”there will be a digital euro in two to four years. At a virtual panel yesterday, Lagarde said an European Union-wide central bank digital currency should be explored, “If it is going to facilitate cross-border payments.” The ECB previously said it is researching a CBDC. The latest statements are another indicator of what to expect and when: “A digital euro will not be a substitute for cash,” Lagarde said. “It will be a complement.” Separately, Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), said any potential CBDC for the supranational bank could involve blockchain. “Everything is possible,” he said.
Audited and attackedDecentralized finance (DeFi) platform Akropolis suffered a$2 million lossfollowing a sophisticated “flash loan” attack. According to the platform’s founder Ana Andrianova, the attacker pulled out tranches of $50,000 inDAIfrom the project’s yCurve and sUSD pools, leveraging derivatives platform dYdX. While much is said about the audit trails of novel DeFi protocols, especially after hacks, Akropolis’ code was in fact audited twice: once by CertiK and also by firms SmartDec and Pessimistic.
Exchange flowsBitcoin flows to Binance from Huobi have reached anall-time high. According to data provided by CryptoQuant, some 18,652 bitcoins, worth nearly $300 million, were transferred from Huobi to Binance from Nov. 2 to Nov. 11. The bustling trade spiked ever since the Huobi chief operating officer, Robin Zhu, went missing at the beginning of the month. For months, Chinese regulators have been clamping down on crypto trading platforms, as part of a broader sweep of the fintech industry.
• Ant Group’s suspended IPO was the work of slighted CCP officials – but it also links back to China’s digital yuan experiments. (CoinDesk)
• Uniswap farming ends in four days, potentially freeing up $1.1 billion inETH(Cointelegraph)
• Sythentix now has a Brent Crude oil future trading pool. (CoinDesk)
• “Severe” bug found in core library for Ethereum and Ethereum Classic has been fixed. (Decrypt)
Dignity and bitcoin“The systems don’t always work,” Robby Gutmann, co-founder of Stone Ridge Holdings Group, told NLW in hisfirst podcastinterviewsince the company made waves by investing heavily in bitcoin. That’s why the $10 billion alternative asset manager has placed its “primary treasury reserve” in bitcoin.
Related:Money Reimagined: The US' Kodak Moment
In short, bitcoin is an exit from an inflating monetary base that has failed to serve the public. Last month, Stone announced it would stash more than10,000 BTCwith its crypto subsidiary NYDIG. This follows other corporate firms like MicroStrategy and Square moving some of their cash treasuries into bitcoin, also citing monetary debasement.
“The expansion of the money supply in the U.S. hasn’t shown up in growth of CPI in a measurable way, but in other measurements of inflation,” Gutmann said. Notably, Gutmann considers the prospect of living a “dignified” retirement as an ideal marker for inflation.
“The idea of financial security is much broader in bitcoin,” he said, when claiming that only a “single-digit number” of fiat monetary systems are functional or scale. “Can I save my day’s labor in something I can spend tomorrow next week,” isn’t a question most U.S. workers are confronted with, but it may be a legitimate concern elsewhere.
That’s why a bitcoin-based world economy could better serve nations that weren’t part of the industrializing processes of the 19th and 20th centuries.
Gutmann further explained NYDIG’s thesis is in fostering the “long-term development of an open source monetary system.” This includes opening some of its in-house bitcoin infrastructure up to other companies – “we won’t be the last people that have this challenge” – and applying for New York State’s “BitLicense ” and a limited trust charter.
“To the extent we can move the bitcoin project forward, it feels like we can do something measurable in society today around this idea of financial security for people outside the first world,” he said.
The full, hour-long interview can befound here.
• Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More
• Blockchain Bites: Bankrupted Cred’s Missing Millions, Bitcoin Miners’ Quarterly Losses and More
[Social Media Buzz]
None available.
|
15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74, 10345.81, 10916.05, 10763.23, 10138.05, 10131.06, 10407.96, 10159.96, 10138.52, 10370.82, 10185.50, 9754.42, 9510.20, 9598.17, 9630.66, 9757.97, 10346.76, 10623.54, 10594.49, 10575.53, 10353.30, 10517.25, 10441.28, 10334.97, 10115.98, 10178.37, 10410.13, 10360.55, 10358.05, 10347.71, 10276.79, 10241.27, 10198.25, 10266.42, 10181.64, 10019.72, 10070.39, 9729.32, 8620.57, 8486.99, 8118.97, 8251.85, 8245.92, 8104.19, 8293.87, 8343.28, 8393.04, 8259.99, 8205.94, 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69.
|
[Bitcoin Technical Analysis for 2019-10-29]
Volume: 28426779937, RSI (14-day): 62.66, 50-day EMA: 8852.98, 200-day EMA: 8664.88
[Wider Market Context]
Gold Price: 1487.00, Gold RSI: 46.86
Oil Price: 55.54, Oil RSI: 53.35
[Recent News (last 7 days)]
Chinese Bitcoin Mining Machine Maker Canaan Files for U.S. IPO: (Bloomberg) -- Canaan Inc., the world’s second-largest maker of Bitcoin mining machines, filed for a U.S. initial public offering.
The Hangzhou, China-based company listed its offering size as $400 million in its filing Monday with the U.S. Securities and Exchange Commission. The amount is typically a placeholder that is likely to change.
Canaan attempted a Hong Kong listing last year before letting its application lapse in November. The South China Morning Post has reported that the city’s exchange and regulators consider IPOs by cryptocurrency companies to be “premature.” Canaan had planned to seek as much as $1 billion in the share sale, people with knowledge of the matter said at the time.
The company reported a net loss of $48.2 million in the six months ended June 30, compared with a profit of 216.8 million yuan ($30.6 million) during the same period last year.
The price of Bitcoin has halved since its 2017 peak to slightly more than $9,400 Monday. Bitmain Technologies Ltd., leading crypto mining firm and Canaan’s biggest rival, is also considering a U.S. IPO, Bloomberg reported in June.
The offering is being led by Credit Suisse Group AG, Citigroup Inc., China Renaissance Holdings Ltd. and CMB International Capital Ltd. Canaan is planning to list its shares on the Nasdaq Global Market under the symbol CAN.
To contact the reporter on this story: Crystal Tse in New York at [email protected]
To contact the editors responsible for this story: Liana Baker at [email protected], Michael Hytha, Matthew Monks
For more articles like this, please visit us atbloomberg.com
©2019 Bloomberg L.P. || Chinese Bitcoin Mining Machine Maker Canaan Files for U.S. IPO: (Bloomberg) -- Canaan Inc., the worlds second-largest maker of Bitcoin mining machines, filed for a U.S. initial public offering. The Hangzhou, China-based company listed its offering size as $400 million in its filing Monday with the U.S. Securities and Exchange Commission. The amount is typically a placeholder that is likely to change. Canaan attempted a Hong Kong listing last year before letting its application lapse in November. The South China Morning Post has reported that the citys exchange and regulators consider IPOs by cryptocurrency companies to be premature. Canaan had planned to seek as much as $1 billion in the share sale, people with knowledge of the matter said at the time. The company reported a net loss of $48.2 million in the six months ended June 30, compared with a profit of 216.8 million yuan ($30.6 million) during the same period last year. The price of Bitcoin has halved since its 2017 peak to slightly more than $9,400 Monday. Bitmain Technologies Ltd., leading crypto mining firm and Canaans biggest rival, is also considering a U.S. IPO, Bloomberg reported in June. The offering is being led by Credit Suisse Group AG, Citigroup Inc., China Renaissance Holdings Ltd. and CMB International Capital Ltd. Canaan is planning to list its shares on the Nasdaq Global Market under the symbol CAN. To contact the reporter on this story: Crystal Tse in New York at [email protected] To contact the editors responsible for this story: Liana Baker at [email protected], Michael Hytha, Matthew Monks For more articles like this, please visit us at bloomberg.com ©2019 Bloomberg L.P. || Chinese Bitcoin Mining Machine Maker Canaan Files for U.S. IPO: (Bloomberg) -- Canaan Inc., the world’s second-largest maker of Bitcoin mining machines, filed for a U.S. initial public offering.
The Hangzhou, China-based company listed its offering size as $400 million in its filing Monday with the U.S. Securities and Exchange Commission. The amount is typically a placeholder that is likely to change.
Canaan attempted a Hong Kong listing last year before letting its application lapse in November. The South China Morning Post has reported that the city’s exchange and regulators consider IPOs by cryptocurrency companies to be “premature.” Canaan had planned to seek as much as $1 billion in the share sale, people with knowledge of the matter said at the time.
The company reported a net loss of $48.2 million in the six months ended June 30, compared with a profit of 216.8 million yuan ($30.6 million) during the same period last year.
The price of Bitcoin has halved since its 2017 peak to slightly more than $9,400 Monday. Bitmain Technologies Ltd., leading crypto mining firm and Canaan’s biggest rival, is also considering a U.S. IPO, Bloomberg reported in June.
The offering is being led by Credit Suisse Group AG, Citigroup Inc., China Renaissance Holdings Ltd. and CMB International Capital Ltd. Canaan is planning to list its shares on the Nasdaq Global Market under the symbol CAN.
To contact the reporter on this story: Crystal Tse in New York at [email protected]
To contact the editors responsible for this story: Liana Baker at [email protected], Michael Hytha, Matthew Monks
For more articles like this, please visit us atbloomberg.com
©2019 Bloomberg L.P. || Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO: Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S. Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation and price per share offering have not been decided at this stage. The filing shows the Hangzhou, China-based bitcoin miner maker lost $45.8 million for the six months ending June 30, 2019, on net revenue of $42.1 million, compared to $25 million profit on net revenue of $275 million for the first half of 2018. Related: Sichuan Should Work to Remain Attractive to Crypto Mining: Policy Advisor Canaan said net income in full year 2018 was $8.3 million on net revenue of $394 million, as the bitcoin price plunged in the second half of 2018 from above $6,000 to around $3,000, causing many bitcoin miners to be unprofitable to operate. Notably, it had a net loss of $16.7 million in the second half of last year. The filing marks the third attempt of Canaan in its efforts to go public, after its first and second trial in mainland China and Hong Kong , respectively, both fell through due to market uncertainties. Chinese media this month pegged Canaan’s valuation at between $2 billion and $3 billion, with 126 million shares to be issued. Related: Final Russian Nuclear Scientist Sentenced Over Illicit Crypto Mining The company started considering giving it another go in either mainland China or the U.S. earlier this year and has reportedly filed a draft prospectus confidentially with the SEC in July. But a formal F-1 form was not made public until today. Bitcoin’s price jump this year has caused the demand for bitcoin mining equipment to outstrip the supply available from several major miner makers, which subsequently led to surging sales for leading manufacturers such as Bitmain, Canaan, and MicroBT. For instance, MicroBT, the maker of WhatsMiner, expects $400 million in revenue just for the third quarter of 2019. Bitmain, on the other hand, is also reportedly seeking to go public in the U.S. after its long-anticipated IPO failed in Hong Kong as the local exchange and regulators remained uncertain on its sustainability. Canaan co-chairman Kong Jianping image courtesy to Poolin event Canaan earnings results via Edgar Related Stories With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? Peter Thiel Backs $200 Million Valuation for Renewable Bitcoin Mining in the US View comments || Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO: Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S. Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation and price per share offering have not been decided at this stage. The filing shows the Hangzhou, China-based bitcoin miner maker lost $45.8 million for the six months ending June 30, 2019, on net revenue of $42.1 million, compared to $25 million profit on net revenue of $275 million for the first half of 2018. Related: Sichuan Should Work to Remain Attractive to Crypto Mining: Policy Advisor Canaan said net income in full year 2018 was $8.3 million on net revenue of $394 million, as the bitcoin price plunged in the second half of 2018 from above $6,000 to around $3,000, causing many bitcoin miners to be unprofitable to operate. Notably, it had a net loss of $16.7 million in the second half of last year. The filing marks the third attempt of Canaan in its efforts to go public, after its first and second trial in mainland China and Hong Kong , respectively, both fell through due to market uncertainties. Chinese media this month pegged Canaan’s valuation at between $2 billion and $3 billion, with 126 million shares to be issued. Related: Final Russian Nuclear Scientist Sentenced Over Illicit Crypto Mining The company started considering giving it another go in either mainland China or the U.S. earlier this year and has reportedly filed a draft prospectus confidentially with the SEC in July. But a formal F-1 form was not made public until today. Bitcoin’s price jump this year has caused the demand for bitcoin mining equipment to outstrip the supply available from several major miner makers, which subsequently led to surging sales for leading manufacturers such as Bitmain, Canaan, and MicroBT. For instance, MicroBT, the maker of WhatsMiner, expects $400 million in revenue just for the third quarter of 2019. Bitmain, on the other hand, is also reportedly seeking to go public in the U.S. after its long-anticipated IPO failed in Hong Kong as the local exchange and regulators remained uncertain on its sustainability. Canaan co-chairman Kong Jianping image courtesy to Poolin event Canaan earnings results via Edgar Related Stories With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? Peter Thiel Backs $200 Million Valuation for Renewable Bitcoin Mining in the US View comments || Avalon Bitcoin Miner Maker Canaan Officially Files for $400 Million US IPO: Canaan Creative, the Avalon bitcoin miner maker and one of the world’s largest mining equipment manufacturers, has just formally filed another attempt to go public – this time in the U.S. Canaan’s initial public offering prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 28 indicates it intends to list on NASDAQ under the ticker name CAN and sets a placeholder amount of $400 million for the raise. The final amount of intended raise, valuation and price per share offering have not been decided at this stage. The filing shows the Hangzhou, China-based bitcoin miner maker lost $45.8 million for the six months ending June 30, 2019, on net revenue of $42.1 million, compared to $25 million profit on net revenue of $275 million for the first half of 2018. Related: Sichuan Should Work to Remain Attractive to Crypto Mining: Policy Advisor Canaan said net income in full year 2018 was $8.3 million on net revenue of $394 million, as the bitcoin price plunged in the second half of 2018 from above $6,000 to around $3,000, causing many bitcoin miners to be unprofitable to operate. Notably, it had a net loss of $16.7 million in the second half of last year. The filing marks the third attempt of Canaan in its efforts to go public, after its first and second trial in mainland China and Hong Kong , respectively, both fell through due to market uncertainties. Chinese media this month pegged Canaan’s valuation at between $2 billion and $3 billion, with 126 million shares to be issued. Related: Final Russian Nuclear Scientist Sentenced Over Illicit Crypto Mining The company started considering giving it another go in either mainland China or the U.S. earlier this year and has reportedly filed a draft prospectus confidentially with the SEC in July. But a formal F-1 form was not made public until today. Bitcoin’s price jump this year has caused the demand for bitcoin mining equipment to outstrip the supply available from several major miner makers, which subsequently led to surging sales for leading manufacturers such as Bitmain, Canaan, and MicroBT. For instance, MicroBT, the maker of WhatsMiner, expects $400 million in revenue just for the third quarter of 2019. Bitmain, on the other hand, is also reportedly seeking to go public in the U.S. after its long-anticipated IPO failed in Hong Kong as the local exchange and regulators remained uncertain on its sustainability. Canaan co-chairman Kong Jianping image courtesy to Poolin event Canaan earnings results via Edgar Related Stories With 18 Million Bitcoins Mined, How Hard Is That 21 Million Limit? Peter Thiel Backs $200 Million Valuation for Renewable Bitcoin Mining in the US View comments || Paxos Wins SEC ‘No-Action’ Letter to Settle Equities on a Blockchain: Paxos is seeking to modernize the equities settlement process using a regulator-approved blockchain process.
The U.S. Securities and Exchange Commission (SEC) granted Paxos Trust Companyno-action reliefMonday to settle equity securities trades on a blockchain platform for broker-dealers. Paxos announced that Credit Suisse and Société Générale would be the first two companies to utilize the new Paxos Settlement Service, which would operate on a private and permissioned network.
As envisioned, the service will let two parties bilaterally settle securities trades directly with each other. Monday’s announcement marks the first regulated platform for such trades, and should be more efficient than the existing legacy system.
Related:US Financial Regulators Join UK FCA’s ‘Global Sandbox’
Paxos has been working on the service for more than two years, said Melayna Ingram, Paxos’ head of securities products and the product director for the service.
While Paxos has similarly been working with the SEC for some 18 months, the company only began working to secure the no-action letter itself about six months ago, she told CoinDesk. The no-action relief will allow Paxos to operate its service within strict limitations so as to protect other market participants.
Ingram said:
“Paxos is using this no-action relief [as an] opportunity to launch this product [and] as a chance to both validate our understanding of the way that the product works and what the participants will need from us as well as the market appetite.”
Related:Former World Gold Council Exec Develops New Bitcoin ETF
The new service provides companies a method for settling equities “in a space where there’s been nothing new for close to 50 years,” Ingram said. The long-term vision for the company is to modernize the settlement process, she explained, adding:
“The front office and trading has had a ton of improvements in speed and the level of sophistication and the back office has largely gotten left by the wayside and so this is really this is I think a very meaningful step for the industry in … making the back office aligned with the front office and then ultimately driving a path for firms to perform digital transformation of their back office and operations.”
The company will begin by settling U.S.-listed equities, said Paxos CEO and co-founder Charles Cascarilla. He added in a statement that the equities space is facing “unprecedented consolidation and economic pressures,” forcing the overall market infrastructure to modernize.
Ingram told CoinDesk that the company had been working with Credit Suisse and Société Générale through most of the past two years to design the product and determine how best to bring it live.
“They had given us lots of meaningful feedback, and they were able to step forward and work with us to become the first [few] early adopters,” she said.
Paxos has also reached out to a number of other companies, Ingram said. Now that Paxos has secured its no-action relief, she said other firms may also decide to sign on.
Credit Suisse head of digital asset markets Emmanuel Aidoo said in a statement that his company was “committed” to looking into new applications for blockchain technology to improve both Credit Suisse’s business as well as the customer experience.
SocGen COO Jeffrey Rosen added that by acting as an early adopter, “we will be able to tailor the system to our needs and introduce a technology that can positively impact our cost structure in both the immediate and long-term.”
Aidoo added:
“We believe the process of securities settlement can be greatly optimized using blockchain, and with Paxos Settlement Service we will benefit from these efficiencies first hand. We see this as a significant and important milestone in our Digital Asset Markets strategy and foresee opportunities to leverage this product across numerous asset classes in the future.”
Launching the Paxos Settlement Service allows the company to demonstrate how the company can combine digital assets with the securities space.
What’s more, “we’re doing so in a regulated way,” Paxos’ Ingram said. “It was very important to us and it obviously took a lot of time and energy but it’s very meaningful for us.”
Monday’s letter is the third granted by the SEC this year to a crypto company, and the first approving equities settlement. The regulator has previously grantedTurnKey JetandPocketful of Quartersno-action relief to initiate token sales, provided those companies abided by stringent restrictions.
Paxos CEO Charles Cascarilla image via CoinDesk archives
• US Lawmaker Introduces Bill Classifying Stablecoins as Securities
• Telegram Backer Sought Circle Listing Before SEC Halted Token Launch || Paxos Wins SEC ‘No-Action’ Letter to Settle Equities on a Blockchain: Paxos is seeking to modernize the equities settlement process using a regulator-approved blockchain process. The U.S. Securities and Exchange Commission (SEC) granted Paxos Trust Company no-action relief Monday to settle equity securities trades on a blockchain platform for broker-dealers. Paxos announced that Credit Suisse and Société Générale would be the first two companies to utilize the new Paxos Settlement Service, which would operate on a private and permissioned network. As envisioned, the service will let two parties bilaterally settle securities trades directly with each other. Monday’s announcement marks the first regulated platform for such trades, and should be more efficient than the existing legacy system. Related: US Financial Regulators Join UK FCA’s ‘Global Sandbox’ Paxos has been working on the service for more than two years, said Melayna Ingram, Paxos’ head of securities products and the product director for the service. While Paxos has similarly been working with the SEC for some 18 months, the company only began working to secure the no-action letter itself about six months ago, she told CoinDesk. The no-action relief will allow Paxos to operate its service within strict limitations so as to protect other market participants. Ingram said: “Paxos is using this no-action relief [as an] opportunity to launch this product [and] as a chance to both validate our understanding of the way that the product works and what the participants will need from us as well as the market appetite.” Related: Former World Gold Council Exec Develops New Bitcoin ETF The new service provides companies a method for settling equities “in a space where there’s been nothing new for close to 50 years,” Ingram said. The long-term vision for the company is to modernize the settlement process, she explained, adding: “The front office and trading has had a ton of improvements in speed and the level of sophistication and the back office has largely gotten left by the wayside and so this is really this is I think a very meaningful step for the industry in … making the back office aligned with the front office and then ultimately driving a path for firms to perform digital transformation of their back office and operations.” Story continues The company will begin by settling U.S.-listed equities, said Paxos CEO and co-founder Charles Cascarilla. He added in a statement that the equities space is facing “unprecedented consolidation and economic pressures,” forcing the overall market infrastructure to modernize. Building on Ingram told CoinDesk that the company had been working with Credit Suisse and Société Générale through most of the past two years to design the product and determine how best to bring it live. “They had given us lots of meaningful feedback, and they were able to step forward and work with us to become the first [few] early adopters,” she said. Paxos has also reached out to a number of other companies, Ingram said. Now that Paxos has secured its no-action relief, she said other firms may also decide to sign on. Credit Suisse head of digital asset markets Emmanuel Aidoo said in a statement that his company was “committed” to looking into new applications for blockchain technology to improve both Credit Suisse’s business as well as the customer experience. SocGen COO Jeffrey Rosen added that by acting as an early adopter, “we will be able to tailor the system to our needs and introduce a technology that can positively impact our cost structure in both the immediate and long-term.” Aidoo added: “We believe the process of securities settlement can be greatly optimized using blockchain, and with Paxos Settlement Service we will benefit from these efficiencies first hand. We see this as a significant and important milestone in our Digital Asset Markets strategy and foresee opportunities to leverage this product across numerous asset classes in the future.” Launching the Paxos Settlement Service allows the company to demonstrate how the company can combine digital assets with the securities space. What’s more, “we’re doing so in a regulated way,” Paxos’ Ingram said. “It was very important to us and it obviously took a lot of time and energy but it’s very meaningful for us.” Monday’s letter is the third granted by the SEC this year to a crypto company, and the first approving equities settlement. The regulator has previously granted TurnKey Jet and Pocketful of Quarters no-action relief to initiate token sales, provided those companies abided by stringent restrictions. Paxos CEO Charles Cascarilla image via CoinDesk archives Related Stories US Lawmaker Introduces Bill Classifying Stablecoins as Securities Telegram Backer Sought Circle Listing Before SEC Halted Token Launch || Bitcoin flirts with $10,000 per coin price, retreats to $9,400: Bitcoin (BTC) is currently trading for just above $9,400 per coin after hitting a serious roll over the past 48 hours.
During the early morning hours of Saturday, October 26, Bitcoinbriefly hitthe $10,000 per coin mark. From there, however, theprice has since correctedto the mid-$9,000 range.
Most analysts point to China’s newfound interest in all things blockchain as the reason behindBitcoin’s big boost. Last Friday, the price of Bitcoin pumped following news of Chinese president Xi Jinping’s interest in blockchain as a way to improve the country’s infrastructure. Xi said he planned to push blockchain innovation in China over the coming months.
Meanwhile, Friday also marked arecord-setting day for Bakkt, the institutional crypto trading platform backed by the Intercontinental Exchange (ICE)—the owners of the New York Stock Exchange. More than 1,100 bitcoin futures contracts were traded on Bakkt last Friday, setting a new all time high.
All in all, Bakkt’s volumes have seen a massive jump as of late, withnearly $20 millionin Bitcoin futures contracts traded just last week.
Bitcoin’s bullish behavior is also being emulated by several of its altcoin cousins. Ethereum (ETH), for example, is currently trading at $183—ajump of nearly $30 sincelast week—while Litecoin (LTC) has shot up to $58, a spike of nearly $10. Bitcoin Cash (BCH) has also seen big gains, rising to about $267 and adding roughly $50 to its price since October 24,according to data fromMessari. || Bitcoin flirts with $10,000 per coin price, retreats to $9,400: Bitcoin (BTC) is currently trading for just above $9,400 per coin after hitting a serious roll over the past 48 hours. During the early morning hours of Saturday, October 26, Bitcoin briefly hit the $10,000 per coin mark. From there, however, the price has since corrected to the mid-$9,000 range. Most analysts point to Chinas newfound interest in all things blockchain as the reason behind Bitcoins big boost . Last Friday, the price of Bitcoin pumped following news of Chinese president Xi Jinpings interest in blockchain as a way to improve the countrys infrastructure. Xi said he planned to push blockchain innovation in China over the coming months. Meanwhile, Friday also marked a record-setting day for Bakkt , the institutional crypto trading platform backed by the Intercontinental Exchange (ICE)the owners of the New York Stock Exchange. More than 1,100 bitcoin futures contracts were traded on Bakkt last Friday, setting a new all time high. All in all, Bakkts volumes have seen a massive jump as of late, with nearly $20 million in Bitcoin futures contracts traded just last week. Bitcoins bullish behavior is also being emulated by several of its altcoin cousins. Ethereum (ETH), for example, is currently trading at $183a jump of nearly $30 since last weekwhile Litecoin (LTC) has shot up to $58, a spike of nearly $10. Bitcoin Cash (BCH) has also seen big gains, rising to about $267 and adding roughly $50 to its price since October 24, according to data from Messari . || Bitcoin flirts with $10,000 per coin price, retreats to $9,400: Bitcoin (BTC) is currently trading for just above $9,400 per coin after hitting a serious roll over the past 48 hours.
During the early morning hours of Saturday, October 26, Bitcoinbriefly hitthe $10,000 per coin mark. From there, however, theprice has since correctedto the mid-$9,000 range.
Most analysts point to China’s newfound interest in all things blockchain as the reason behindBitcoin’s big boost. Last Friday, the price of Bitcoin pumped following news of Chinese president Xi Jinping’s interest in blockchain as a way to improve the country’s infrastructure. Xi said he planned to push blockchain innovation in China over the coming months.
Meanwhile, Friday also marked arecord-setting day for Bakkt, the institutional crypto trading platform backed by the Intercontinental Exchange (ICE)—the owners of the New York Stock Exchange. More than 1,100 bitcoin futures contracts were traded on Bakkt last Friday, setting a new all time high.
All in all, Bakkt’s volumes have seen a massive jump as of late, withnearly $20 millionin Bitcoin futures contracts traded just last week.
Bitcoin’s bullish behavior is also being emulated by several of its altcoin cousins. Ethereum (ETH), for example, is currently trading at $183—ajump of nearly $30 sincelast week—while Litecoin (LTC) has shot up to $58, a spike of nearly $10. Bitcoin Cash (BCH) has also seen big gains, rising to about $267 and adding roughly $50 to its price since October 24,according to data fromMessari. || State Street clients aren’t heavily investing in crypto, but it’s prepared for that to change: Custody bank State Street is looking at bitcoin as the first iteration of the global digital asset, according to managing director of digital product and development Jay Biancamano. From Biancamano's vantage point, all assets will eventually trade on blockchain. He discussed the future of custodying digital assets at State Street on this week's episode of The Scoop. Listen on Spotify , iTunes , Google Play , or Stitcher . "For us it's more of a future play to look at how this market is going to evolve, and if we went back two years ago obviously the conversation was all Bitcoin," he said. Global custodians like State Street or large exchanges like NASDAQ or the New York Stock Exchange set the standard for how the global economy trades, according to Biancamano. For now, State Street is looking into certain cryptocurrencies, digital assets and securitized assets. Some tokens, such as utility tokens are still out of scope, according to Biancamano. "You know we're intensely led by our clients, and our clients right now, the ones we deal with, are not investing in cryptocurrencies for a number of reasons. Obviously regulation has to do with it and custody is one piece of it," he said. The aim is to enable clients to seamlessly invest in any asset, traditional or digital. Biancamano said State Street is currently able to provide those services and preparing for a shift towards the digital, since Biancamano said it's a matter of time, already seeing some clients move towards digital offerings. || State Street clients aren’t heavily investing in crypto, but it’s prepared for that to change: Custody bank State Street is looking at bitcoin as the first iteration of the global digital asset, according to managing director of digital product and development Jay Biancamano. From Biancamano's vantage point, all assets will eventually trade on blockchain. He discussed the future of custodying digital assets at State Street on this week's episode of The Scoop. Listen on Spotify , iTunes , Google Play , or Stitcher . "For us it's more of a future play to look at how this market is going to evolve, and if we went back two years ago obviously the conversation was all Bitcoin," he said. Global custodians like State Street or large exchanges like NASDAQ or the New York Stock Exchange set the standard for how the global economy trades, according to Biancamano. For now, State Street is looking into certain cryptocurrencies, digital assets and securitized assets. Some tokens, such as utility tokens are still out of scope, according to Biancamano. "You know we're intensely led by our clients, and our clients right now, the ones we deal with, are not investing in cryptocurrencies for a number of reasons. Obviously regulation has to do with it and custody is one piece of it," he said. The aim is to enable clients to seamlessly invest in any asset, traditional or digital. Biancamano said State Street is currently able to provide those services and preparing for a shift towards the digital, since Biancamano said it's a matter of time, already seeing some clients move towards digital offerings. || How Lebanon’s Economic Crisis Highlights Bitcoin’s Limitations: Lebanon is far from a poster child for cryptocurrency adoption. News of Lebanese banks shuttering to prevent a bank run was met with predictable enthusiasm from the global bitcoin commentariat. People in Lebanon can no longer send foreign currencies, mainly dollars and euros, abroad. Further, due to heavily restricted banking access and limited liquidity provided by established grassroots networks, most Lebanese civilians also struggle to acquire bitcoin. Long-time bitcoiner Ali Askar, currently on the ground in Lebanon, told CoinDesk a few Telegram and WhatsApp groups for local traders have nearly doubled in size over the past year, with one such private group reaching roughly 300 members this past weekend. Following news of the banking limitations, the Beirut-based car dealership Rkein Motors promptly started accepting bitcoin payments this week. Clearly, awareness is spreading. Related: Bitcoin’s Four-Month Bear Trend Intact Even After 16% Price Rise However, a stark disconnect between daily bitcoin users and the rest of the populace continues in a region plagued by economic and political conflict. “Bitcoin will not help the people. It will help the politicians because they are the filthy rich ones who have access to money,” one anonymous bitcoin trader with family in Lebanon told CoinDesk. He uses a European bank account to buy bitcoin, then sends it to people on the ground in Lebanon. “It [bitcoin] could help them, perhaps, if they were sitting at home with 24 hours worth of electricity and internet, and they could work online to get paid for their online work. That’s a utopian scenario,” he added. “In Lebanon, the internet is very expensive. Electricity doesn’t come often. We sometimes have electricity for just six hours a day.” Another problem is access. Most bitcoin exchanges don’t serve Lebanese users. Plus, sources with knowledge of the situation say sanctions recently imposed against a Lebanese bank allegedly connected to the paramilitary group Hezbollah have made crypto companies wary about accepting transfers from any Lebanese banks. Story continues Related: Chinese Central Bank Official Calls for Commercial Bank Blockchain Adoption As such, sources say bitcoin buyers are mindful to only list “digital goods,” not cryptocurrency, in any paperwork or digital messages related to buying bitcoin from Lebanon. “It’s similar to Iran,” the anonymous trader said, adding: “People and communities suffer [from sanctions] while the elite find alternatives and business continues as usual.” Growing presence To make matters worse for prospective bitcoiners, the rare exchanges serving Lebanese bank accounts price bitcoin purchases in dollars. Due to rampant inflation of the Lebanese currency , buyers are offered a pittance in bitcoin for their fiat, sources on the ground tell CoinDesk. The same exorbitant fees for local on-ramps apply to grassroots trades as well, manifesting in the latter as premiums rather than currency conversion rates. Four local traders listed on LocalBitcoins are working with bitcoin amounts worth more than $1,000 each. Because there are so few people on the ground willing to sell bitcoin for cash, such traders can generally charge a 10 percent premium compared to the broader market, one anonymous trader said. Back in August, a Beirut-based bitcoiner told CoinDesk “there is demand, and supply, for over-the-counter [bitcoin] transactions” in Lebanon, although the local scene was unable to support the needs of less tech-savvy users. For example, Lebanese expat Eli Kopay in Finland told CoinDesk his family was trying to buy real estate when the banks shuttered international access. Now he’s trying to help his family, remotely, learn how to use crypto exchanges. “All of a sudden you just can’t send you own money abroad,” Kopay said. “They don’t have bitcoin and my dad is so old-school that he doesn’t believe in bitcoin. … If it’s even possible [to buy bitcoin] now it would be too much [money].” Despite all these hurdles, the anonymous trader is still advising Lebanese friends to find a way to buy bitcoin as they warily eye the threat of stricter capital controls on the horizon. Askar is even more optimistic about bitcoin’s prospects in Lebanon. He told CoinDesk: “The amount being bought is increasing daily…We had many political round table discussions every night at the protest areas. In all discussions, bitcoin is present in one way or another,” he said. Lebanon protest image via Shutterstock Related Stories Bitcoin Leads Momentum as Top Cryptos Trade Below Key Price Average Bitcoin Price Hits Five-Week High Above $10,000 || How Lebanon’s Economic Crisis Highlights Bitcoin’s Limitations: Lebanon is far from a poster child for cryptocurrency adoption.
News ofLebanese banks shutteringto prevent a bank run was met with predictable enthusiasm from the global bitcoin commentariat. People in Lebanon can no longer send foreign currencies, mainly dollars and euros, abroad. Further, due to heavily restricted banking access and limited liquidity provided by established grassroots networks, most Lebanese civilians also struggle to acquire bitcoin.
Long-time bitcoiner Ali Askar, currently on the ground in Lebanon, told CoinDesk a few Telegram and WhatsApp groups for local traders have nearly doubled in size over the past year, with one such private group reaching roughly 300 members this past weekend. Following news of the banking limitations, the Beirut-based car dealershipRkein Motorspromptly started accepting bitcoin payments this week. Clearly, awareness is spreading.
Related:Bitcoin’s Four-Month Bear Trend Intact Even After 16% Price Rise
However, a stark disconnect between daily bitcoin users and the rest of the populace continues in a region plagued by economic and political conflict.
“Bitcoin will not help the people. It will help the politicians because they are the filthy rich ones who have access to money,” one anonymous bitcoin trader with family in Lebanon told CoinDesk. He uses a European bank account to buy bitcoin, then sends it to people on the ground in Lebanon.
“It [bitcoin] could help them, perhaps, if they were sitting at home with 24 hours worth of electricity and internet, and they could work online to get paid for their online work. That’s a utopian scenario,” he added. “In Lebanon, the internet is very expensive. Electricity doesn’t come often. We sometimes have electricity for just six hours a day.”
Another problem is access. Most bitcoin exchanges don’t serve Lebanese users. Plus, sources with knowledge of the situation say sanctions recently imposed against aLebanese bankallegedly connected to the paramilitary group Hezbollah have made crypto companies wary about accepting transfers from any Lebanese banks.
Related:Chinese Central Bank Official Calls for Commercial Bank Blockchain Adoption
As such, sources say bitcoin buyers are mindful to only list “digital goods,” not cryptocurrency, in any paperwork or digital messages related to buying bitcoin from Lebanon.
“It’s similar to Iran,” the anonymous trader said, adding:
“People and communities suffer [from sanctions] while the elite find alternatives and business continues as usual.”
To make matters worse for prospective bitcoiners, the rare exchanges serving Lebanese bank accounts price bitcoin purchases in dollars.
Due to rampantinflation of the Lebanese currency, buyers are offered a pittance in bitcoin for their fiat, sources on the ground tell CoinDesk. The same exorbitant fees for local on-ramps apply to grassroots trades as well, manifesting in the latter as premiums rather than currency conversion rates.
Four local traders listed onLocalBitcoinsare working with bitcoin amounts worth more than $1,000 each. Because there are so few people on the ground willing to sell bitcoin for cash, such traders can generally charge a 10 percent premium compared to the broader market, one anonymous trader said.
Back in August, a Beirut-based bitcoiner told CoinDesk “there is demand, and supply, for over-the-counter [bitcoin] transactions” in Lebanon, although the local scene was unable to support the needs of less tech-savvy users. For example, Lebanese expat Eli Kopay in Finland told CoinDesk his family was trying to buy real estate when the banks shuttered international access. Now he’s trying to help his family, remotely, learn how to use crypto exchanges.
“All of a sudden you just can’t send you own money abroad,” Kopay said. “They don’t have bitcoin and my dad is so old-school that he doesn’t believe in bitcoin. … If it’s even possible [to buy bitcoin] now it would be too much [money].”
Despite all these hurdles, the anonymous trader is still advising Lebanese friends to find a way to buy bitcoin as they warily eye the threat of stricter capital controls on the horizon. Askar is even more optimistic about bitcoin’s prospects in Lebanon. He told CoinDesk:
“The amount being bought is increasing daily…We had many political round table discussions every night at the protest areas. In all discussions, bitcoin is present in one way or another,” he said.
Lebanon protestimage via Shutterstock
• Bitcoin Leads Momentum as Top Cryptos Trade Below Key Price Average
• Bitcoin Price Hits Five-Week High Above $10,000 || How Lebanon’s Economic Crisis Highlights Bitcoin’s Limitations: Lebanon is far from a poster child for cryptocurrency adoption.
News ofLebanese banks shutteringto prevent a bank run was met with predictable enthusiasm from the global bitcoin commentariat. People in Lebanon can no longer send foreign currencies, mainly dollars and euros, abroad. Further, due to heavily restricted banking access and limited liquidity provided by established grassroots networks, most Lebanese civilians also struggle to acquire bitcoin.
Long-time bitcoiner Ali Askar, currently on the ground in Lebanon, told CoinDesk a few Telegram and WhatsApp groups for local traders have nearly doubled in size over the past year, with one such private group reaching roughly 300 members this past weekend. Following news of the banking limitations, the Beirut-based car dealershipRkein Motorspromptly started accepting bitcoin payments this week. Clearly, awareness is spreading.
Related:Bitcoin’s Four-Month Bear Trend Intact Even After 16% Price Rise
However, a stark disconnect between daily bitcoin users and the rest of the populace continues in a region plagued by economic and political conflict.
“Bitcoin will not help the people. It will help the politicians because they are the filthy rich ones who have access to money,” one anonymous bitcoin trader with family in Lebanon told CoinDesk. He uses a European bank account to buy bitcoin, then sends it to people on the ground in Lebanon.
“It [bitcoin] could help them, perhaps, if they were sitting at home with 24 hours worth of electricity and internet, and they could work online to get paid for their online work. That’s a utopian scenario,” he added. “In Lebanon, the internet is very expensive. Electricity doesn’t come often. We sometimes have electricity for just six hours a day.”
Another problem is access. Most bitcoin exchanges don’t serve Lebanese users. Plus, sources with knowledge of the situation say sanctions recently imposed against aLebanese bankallegedly connected to the paramilitary group Hezbollah have made crypto companies wary about accepting transfers from any Lebanese banks.
Related:Chinese Central Bank Official Calls for Commercial Bank Blockchain Adoption
As such, sources say bitcoin buyers are mindful to only list “digital goods,” not cryptocurrency, in any paperwork or digital messages related to buying bitcoin from Lebanon.
“It’s similar to Iran,” the anonymous trader said, adding:
“People and communities suffer [from sanctions] while the elite find alternatives and business continues as usual.”
To make matters worse for prospective bitcoiners, the rare exchanges serving Lebanese bank accounts price bitcoin purchases in dollars.
Due to rampantinflation of the Lebanese currency, buyers are offered a pittance in bitcoin for their fiat, sources on the ground tell CoinDesk. The same exorbitant fees for local on-ramps apply to grassroots trades as well, manifesting in the latter as premiums rather than currency conversion rates.
Four local traders listed onLocalBitcoinsare working with bitcoin amounts worth more than $1,000 each. Because there are so few people on the ground willing to sell bitcoin for cash, such traders can generally charge a 10 percent premium compared to the broader market, one anonymous trader said.
Back in August, a Beirut-based bitcoiner told CoinDesk “there is demand, and supply, for over-the-counter [bitcoin] transactions” in Lebanon, although the local scene was unable to support the needs of less tech-savvy users. For example, Lebanese expat Eli Kopay in Finland told CoinDesk his family was trying to buy real estate when the banks shuttered international access. Now he’s trying to help his family, remotely, learn how to use crypto exchanges.
“All of a sudden you just can’t send you own money abroad,” Kopay said. “They don’t have bitcoin and my dad is so old-school that he doesn’t believe in bitcoin. … If it’s even possible [to buy bitcoin] now it would be too much [money].”
Despite all these hurdles, the anonymous trader is still advising Lebanese friends to find a way to buy bitcoin as they warily eye the threat of stricter capital controls on the horizon. Askar is even more optimistic about bitcoin’s prospects in Lebanon. He told CoinDesk:
“The amount being bought is increasing daily…We had many political round table discussions every night at the protest areas. In all discussions, bitcoin is present in one way or another,” he said.
Lebanon protestimage via Shutterstock
• Bitcoin Leads Momentum as Top Cryptos Trade Below Key Price Average
• Bitcoin Price Hits Five-Week High Above $10,000 || 5 Top Financial Tips for Entrepreneurs: It can be hard to navigate the world of finance, much less the highly competitive startup ecosystem. No matter what age you are, everyone should think about retirement planning, mutual funds, life insurance, savings and tax planning, all of which can be even more difficult if youre already working to grow a new business (or keep an older one alive) at the same time. Whats most important is that you plan to make your money work for you and establish financial goals, even if youre running a company. Here are five of the best tips financial advisors offer that entrepreneurs can apply to their journey. 1. Develop financial goals. How much do you want to have in savings? Do you want your money to grow, save for a vacation or buy a home one day? It may not be possible all at while you lead your company, but it is all possible over the long term if you work with your best interests in mind. If youre not sure what youre looking for with your finances or how to ensure a strong financial future, you may want to speak with a certified financial planner. They can help you develop goals and work towards achieving them systematically over the course of several months or years. It may simply be a matter of putting money away each month. A financial advisor can help you build the strategy to make that happen. Related: Here's Why Financial Planning Is Key to Success 2. Set a budget. A budget is the core of any financial plan, and for good reason. Without it, you're like a ship without a rudder. First, take stock of your expenses, including housing costs, weekly food spending, utilities and entertainment, among others. This will be your starting point. From there, look for opportunities to make cuts. This will likely come in the form of extraneous spending on entertainment, but dont fear -- you can still see friends and family, go out to dinner and see movies if you want. You may just have to curb spending overall. Look into a budgeting system that works for you, whether thats working in a spreadsheet or a financial planning app like Mint, PocketGuard, You Need a Budget or Wally. Story continues One example is to follow the 50/30/20 approach, which allocates 50 percent of your funds to needs, 30 percent to wants and 20 percent to savings. Your financial decisions are up to you, and setting a budget will help you define those goals and stick to them. 3. Explore investment opportunities. Consider when youd like to buy a home or when youd like to have paid off your mortgage. Maybe youve been thinking about taking more risks with investment, or perhaps its the time in your life when you need to be more conservative with investments. No matter where you are on that spectrum, dont shy away from exploring investment opportunities. Look into vehicles like CDs, bonds, stocks and IRAs. Each has its own benefits and drawbacks depending on where you are in life and the state of your finances. In general, if youre younger, its a good time to take risks. If a stock drops off or that investment in Bitcoin (or some other crypto) goes south, youll have time to recover. When youre approaching retirement , on the other hand, its better to play it safe and make sure you dont take a huge hit right before you move to living on a fixed income. 4. Plan for retirement. Speaking of retirement, its never too early or too late to look forward to a time when you wont be working. Your early stage venture may be an all-consuming passion right now, but that doesnt mean you cant lay the groundwork for a more quiet future. In fact, I've met many young entrepreneurs working hard to save enough money so they can retire in the 20s, 30s or 40s. Develop a savings plan specifically for retirement in an account where your money will grow without you touching it. Decide that money is off limits and stick to that rule. Start a 401(k) match plan at your company and take advantage of that perk yourself. This can be a huge boost to your retirement-savings account. It also acts as a way for you to stay motivated as you see your money grow. Related: Financial Planning for First-Time Entrepreneurs 5. Keep learning. Financial planning can be daunting, especially if youre already managing a business. There are so many terms, acronyms, legal implications and steps to take. From life-insurance policies to money-market accounts, IRAs, stocks and bonds, theres a lot to learn about. Check out different apps that can make investing and budgeting more enjoyable. Surround yourself with the right people, like an accountant or financial advisor, who can help you make sense of your current and future finances. Stay abreast of ongoing economic developments, not just in the space your company operates, but in the economy as a whole. You can do this through audio books , reading online or taking classes. Try not to get overwhelmed, and take it one step at a time. Rather than looking at financial planning as a challenge, see it as an opportunity to keep learning. The state of your personal finances may not be your highest priority, but dont underestimate the importance of your individual financial future and the potential to keep learning and growing. || 5 Top Financial Tips for Entrepreneurs: It can be hard to navigate the world of finance, much less the highly competitive startup ecosystem. No matter what age you are, everyone should think about retirement planning, mutual funds, life insurance, savings and tax planning, all of which can be even more difficult if you’re already working togrow a new business(or keep an older one alive) at the same time.
What’s most important is that you plan to make your money work for you and establish financial goals, even if you’re running a company. Here are five of the best tips financial advisors offer that entrepreneurs can apply to their journey.
How much do you want to have in savings? Do you want your money to grow, save for a vacation or buy a home one day? It may not be possible all at while you lead your company, but it is all possible over the long term if you work with your best interests in mind.
If you’re not sure what you’re looking for with your finances or how to ensure a strong financial future, you may want to speak with a certified financial planner. They can help you develop goals and work towards achieving them systematically over the course of several months or years. It may simply be a matter of putting money away each month. A financial advisor can help youbuild the strategyto make that happen.
Related:Here's Why Financial Planning Is Key to Success
A budget is the core of any financial plan, and for good reason. Without it, you're like a ship without a rudder. First, take stock of your expenses, including housing costs, weekly food spending, utilities and entertainment, among others. This will be your starting point. From there, look for opportunities to make cuts. This will likely come in the form of extraneous spending on entertainment, but don’t fear -- you can still see friends and family, go out to dinner and see movies if you want. You may just have to curb spending overall. Look into a budgeting system that works for you, whether that’s working in a spreadsheet or a financial planning app like Mint, PocketGuard, You Need a Budget or Wally.
One example is to follow the 50/30/20 approach, which allocates 50 percent of your funds to needs, 30 percent to wants and 20 percent to savings. Your financial decisions are up to you, and setting a budget will help you define those goals and stick to them.
Consider when you’d like to buy a home or when you’d like to have paid off your mortgage. Maybe you’ve been thinking about taking more risks with investment, or perhaps it’s the time in your life when you need to be more conservative with investments. No matter where you are on that spectrum, don’t shy away from exploring investment opportunities.
Look into vehicles like CDs, bonds, stocks and IRAs. Each has its own benefits and drawbacks depending on where you are in life and the state of your finances. In general, if you’re younger, it’s a good time to take risks. If a stock drops off or that investment in Bitcoin (or some other crypto) goes south, you’ll have time to recover. When you’re approachingretirement, on the other hand, it’s better to play it safe and make sure you don’t take a huge hit right before you move to living on a fixed income.
Speaking of retirement, it’s never too early or too late to look forward to a time when you won’t be working. Your early stage venture may be an all-consuming passion right now, but that doesn’t mean you can’t lay the groundwork for a more quiet future. In fact, I've met many young entrepreneurs working hard to save enough money so they can retire in the 20s, 30s or 40s. Develop a savings plan specifically for retirement in an account where your money will grow without you touching it. Decide that money is off limits and stick to that rule.
Start a 401(k) match plan at your company and take advantage of that perk yourself. This can be a huge boost to your retirement-savings account. It also acts as a way for you to stay motivated as you see your money grow.
Related:Financial Planning for First-Time Entrepreneurs
Financial planning can be daunting, especially if you’re already managing a business. There are so many terms, acronyms, legal implications and steps to take. From life-insurance policies to money-market accounts, IRAs, stocks and bonds, there’s a lot to learn about. Check out different apps that can make investing and budgeting more enjoyable. Surround yourself with the right people, like an accountant or financial advisor, who can help you make sense of your current and future finances. Stay abreast of ongoing economic developments, not just in the space your company operates, but in the economy as a whole. You can do this throughaudio books, reading online or taking classes.
Try not to get overwhelmed, and take it one step at a time. Rather than looking at financial planning as a challenge, see it as an opportunity to keep learning. The state of your personal finances may not be your highest priority, but don’t underestimate the importance of your individual financial future and the potential to keep learning and growing. || AT&T Responds to Crypto Exec’s SIM Swap Suit: See You in Court: AT&T said it would fight allegations that it was negligent in a customer’s loss of $1.7 million in a SIM swap.
The allegations come from Seth Shapiro, VideoCoin’s head of strategy, who blames the phone giant for failing to secure his phone during a May 2018 hack.
Speaking exclusively to CoinDesk, AT&T spokesman Jim Greer said:
Related:Another AT&T SIM Swapping Hack Targets Trio of Crypto Execs
After a series ofbrazen SIM swaps, Shapiro said he lost $1.7 million in cryptocurrency. Hackers allegedly seized control of his cellphone, reset his email and breached his exchange accounts to steal $1 million from him, with the balance belonging to other people for upcoming investments.
Greer said AT&T was cautioning all its customers to bolster their security measures, and that mobile phone authentication is not enough:
“Recent high profile cases reinforce the importance of businesses and consumers taking steps to protect against SIM swap fraud, such as not using mobile phone numbers as the single source of security and authentication.”
Related:Michael Terpin Urges FCC to Curb Crypto Fraud That Cost Him $24 Million
To access Shapiro’s SIM card, the hackers allegedly paid off AT&T employees – now since fired and being prosecuted in criminal court – to gain control.
According to Shapiro, the initial phone hack occurred during the May 2018 Consensus conference. On the same date, Shapiro’s VideoCoinannounced the close of a $50 million private coin offering, for which his related Alphabit Fund subscribed. Twocolleagues of his in several ventures– entrepreneurs Chris Kitze and Enzo Villani – were also SIM hacked at the same time, but they did not lose any funds.
In April 2019, Joel Ortiz, the alleged 21-year-old mastermind of the Shapiro hack, wassentenced to 10 yearsin federal prison, after pleading no contest to charges that he orchestrated 13 SIM swaps. An accomplice, a 19-year-old minor, was charged in seven cases. Ortiz was alleged to have made off with $5.2 million, but only $400,000 was recovered.
Another high-profile SIM hack case was brought against AT&T last year,when Michael Terpin, a crypto exec with a public relations firm, investment company and conference series, and a partner of Shapiro’s in several of those ventures, said he lost $23.8 million when his phone was hacked.
Terpin sued the telephone company to reclaim his losses, in addition to $200 million in punitive damages and that the breach wasa violation of the Federal Communication Act. The perpetrators were alleged to be a New York City-based, 21-year-old thief named Nicholas Truglia, along with his 16-year-old computer hacking accomplice.
According to an affidavitfiled by a Truglia friend caught up peripherally in his bust, the thief’s M.O. was to have himself fraudulently added as an admin to a target’s phone account, then proceed to a local AT&T store where he used his own ID to verify his identity and instruct an AT&T employee to make the changes to provide him access to the SIM.
The loss highlights an obvious question for security experts, who wondered why an experienced crypto executive would keep such high sums in an online exchange rather than “cold storage” – i.e. offline storage, where it would be completely shielded from remote hacks.
Relying on a cellphone to secure any part of one’s online security apparatus is a huge potential vulnerability, Haseeb Awan, CEO of the California-based SIM card security provider DontPort, told CoinDesk.
“People should avoid SMS [verification] whenever possible,” Awan said. “Two-factor authentication is probably the worst form of authentication,” because of the ease with which hackers compromise it.
Even without the AT&T moles alleged by Shapiro, Awan, himself the target of multiple SIM swaps, said hackers social engineer, trick and buy their way into victims’ mobile accounts every day, making the value of cellphone verification almost negligible.
Many people think they will never get hacked simply because they have never been before, Awan said:
“It’s kind of like saying you will never die because you haven’t yet.”
That hubris makes them even more vulnerable.
SIM swapping is a relatively well-known threat among high-profile crypto holders, who areoften targetedbecause of their publicity and the heightened likelihood that they may hold valuable assets.
Shapiro, the current head of strategy for VideoCoin and founder of various crypto media projects, even told investigators that he immediately suspected SIM-swapping when his phone suddenly stopped working.
Awan said he was surprised Shapiro could have lost so much money so easily:
“He’s not some newbie. He’s been in crypto for a while.”
AT&T’s Greer said that offline storage is the only real solution:
“For cryptocurrency, security experts recommend further safeguards, such as keeping cryptocurrency in ‘cold storage,’ an offline environment that can’t be accessed via the internet, and following instructions regarding storage of wallet and exchange access credentials.”
CoinDesk contacted Shapiro, his legal counsel, Kitze, Villani and Terpin, none of whom responded to requests for comment.
It was unknown from the legal filings, which, if any, security products the executives had on their hacked phones.
SIM cardimage via Shutterstock
• Fake Tor Browser Has Been Spying, Stealing Bitcoin ‘For Years’
• Former NiceHash CTO Arrested in Germany Over US Hacking Charges || AT&T Responds to Crypto Execs SIM Swap Suit: See You in Court: AT&T said it would fight allegations that it was negligent in a customers loss of $1.7 million in a SIM swap. The allegations come from Seth Shapiro , VideoCoins head of strategy, who blames the phone giant for failing to secure his phone during a May 2018 hack. Speaking exclusively to CoinDesk, AT&T spokesman Jim Greer said: Related: Another AT&T SIM Swapping Hack Targets Trio of Crypto Execs It is unfortunate that Mr. Shapiro experienced this, but we dispute his allegations. We look forward to presenting our case in court. After a series of brazen SIM swaps , Shapiro said he lost $1.7 million in cryptocurrency. Hackers allegedly seized control of his cellphone, reset his email and breached his exchange accounts to steal $1 million from him, with the balance belonging to other people for upcoming investments. Greer said AT&T was cautioning all its customers to bolster their security measures, and that mobile phone authentication is not enough: Recent high profile cases reinforce the importance of businesses and consumers taking steps to protect against SIM swap fraud, such as not using mobile phone numbers as the single source of security and authentication. Related: Michael Terpin Urges FCC to Curb Crypto Fraud That Cost Him $24 Million To access Shapiros SIM card, the hackers allegedly paid off AT&T employees now since fired and being prosecuted in criminal court to gain control. According to Shapiro, the initial phone hack occurred during the May 2018 Consensus conference. On the same date, Shapiros VideoCoin announced the close of a $50 million private coin offering , for which his related Alphabit Fund subscribed. Two colleagues of his in several ventures entrepreneurs Chris Kitze and Enzo Villani were also SIM hacked at the same time, but they did not lose any funds. In April 2019, Joel Ortiz, the alleged 21-year-old mastermind of the Shapiro hack, was sentenced to 10 years in federal prison, after pleading no contest to charges that he orchestrated 13 SIM swaps. An accomplice, a 19-year-old minor, was charged in seven cases. Ortiz was alleged to have made off with $5.2 million, but only $400,000 was recovered. Story continues Another high-profile SIM hack case was brought against AT&T last year, when Michael Terpin, a crypto exec with a public relations firm, investment company and conference series, and a partner of Shapiros in several of those ventures, said he lost $23.8 million when his phone was hacked. Terpin sued the telephone company to reclaim his losses, in addition to $200 million in punitive damages and that the breach was a violation of the Federal Communication Act . The perpetrators were alleged to be a New York City-based, 21-year-old thief named Nicholas Truglia, along with his 16-year-old computer hacking accomplice. According to an affidavit filed by a Truglia friend caught up peripherally in his bust, the thiefs M.O. was to have himself fraudulently added as an admin to a targets phone account, then proceed to a local AT&T store where he used his own ID to verify his identity and instruct an AT&T employee to make the changes to provide him access to the SIM. The least secure security measure The loss highlights an obvious question for security experts, who wondered why an experienced crypto executive would keep such high sums in an online exchange rather than cold storage i.e. offline storage, where it would be completely shielded from remote hacks. Relying on a cellphone to secure any part of ones online security apparatus is a huge potential vulnerability, Haseeb Awan, CEO of the California-based SIM card security provider DontPort, told CoinDesk. People should avoid SMS [verification] whenever possible, Awan said. Two-factor authentication is probably the worst form of authentication, because of the ease with which hackers compromise it. Even without the AT&T moles alleged by Shapiro, Awan, himself the target of multiple SIM swaps, said hackers social engineer, trick and buy their way into victims mobile accounts every day, making the value of cellphone verification almost negligible. Many people think they will never get hacked simply because they have never been before, Awan said: Its kind of like saying you will never die because you havent yet. That hubris makes them even more vulnerable. SIM swapping is a relatively well-known threat among high-profile crypto holders, who are often targeted because of their publicity and the heightened likelihood that they may hold valuable assets. Shapiro, the current head of strategy for VideoCoin and founder of various crypto media projects, even told investigators that he immediately suspected SIM-swapping when his phone suddenly stopped working. Awan said he was surprised Shapiro could have lost so much money so easily: Hes not some newbie. Hes been in crypto for a while. AT&Ts Greer said that offline storage is the only real solution: For cryptocurrency, security experts recommend further safeguards, such as keeping cryptocurrency in cold storage, an offline environment that cant be accessed via the internet, and following instructions regarding storage of wallet and exchange access credentials. CoinDesk contacted Shapiro, his legal counsel, Kitze, Villani and Terpin, none of whom responded to requests for comment. It was unknown from the legal filings, which, if any, security products the executives had on their hacked phones. SIM card image via Shutterstock Related Stories Fake Tor Browser Has Been Spying, Stealing Bitcoin For Years Former NiceHash CTO Arrested in Germany Over US Hacking Charges
[Social Media Buzz]
I invested a few bucks on BTC last Thursday .. It was under $8K ..
Now check it .. https://t.co/SnjCGFNpqb || At least I read the market right.. Like I said, they dömped w/o me 9hr lataahh 😒😒 || Chinese Bitcoin Miner Canaan Files For $400 Mln U.S. IPO https://t.co/EwRZVuOaaV #news #breaking #rttnews https://t.co/PGNCCTJ6QQ || @DiverterB @Rhythmtrader @RosesOnThaMoon I’m even wearing my btc tshirt ;) But I see Ripple in EVERYTHING. I know Ripple isn’t always XRP...but...and WHY doesn’t anyone ta...
|
9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30, 1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99, 1255.15, 1267.12, 1272.83, 1223.54.
|
[Bitcoin Technical Analysis for 2017-03-07]
Volume: 291256000, RSI (14-day): 64.42, 50-day EMA: 1073.23, 200-day EMA: 848.14
[Wider Market Context]
Gold Price: 1215.10, Gold RSI: 42.80
Oil Price: 53.14, Oil RSI: 48.98
[Recent News (last 7 days)]
U.S. investment firm plans launch of first ever ethereum classic private fund: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - U.S. investment firm Grayscale Investments plans to launch the first-ever private fund focused on ethereum classic, a blockchain platform, according to Barry Silbert, founder of the company's parent Digital Currency Group. Ethereum classic's token is the seventh largest digital currency in terms of market capitalization, totaling $126.6 million. The coin powers a decentralized blockchain hub in which developers can create different applications that can dramatically enhance the transfer and sharing of information and value. Ethereum classic was built on the same fundamental principles as bitcoin: decentralization and immutability. On Monday, ethereum classic traded at $1.42 on digital asset exchanges. "As investors have grown more interested in digital currency as an asset class, we've also seen growing frustration with the difficulty in purchasing non-bitcoin digital currencies," Silbert told Reuters. "We're excited to launch a fund for ethereum classic to satisfy the growing interest we are seeing in ETC from more mainstream investors." The ethereum classic fund will be an open-ended trust that can raise an unlimited amount of capital, Silbert said. Digital Currency Group will be seeding it with its own capital and it will be offered initially to accredited investors, he added. This will be the second digital currency fund for Grayscale, which launched the Bitcoin Investment Trust in 2013, the only publicly-traded U.S. security in the over-the-counter market invested in bitcoin. Ethereum classic has had a rocky history. It came out of a split from the original ethereum blockchain platform created by Russian programmer Vitalik Buterin and launched in 2015. In April 2016, a blockchain solutions company called Slock.it announced the launch of The DAO on Ethereum. The DAO was designed as a decentralized crowdfunding model, in which anyone could contribute ethereum tokens to become a voting member and equity stakeholder in the organization. Story continues The DAO eventually raised $150 million as of late May last year. But on June 17,2016, an anonymous hacker funneled approximately $60 million in tokens into a separate account. The ethereum network decided to undertake a "hard fork", in which the community would create an entirely new version of the ethereum blockchain, erasing any record of the theft, and restoring the stolen funds to their owners. A new blockhain platform was then formed, keeping its ethereum name, and the original version was branded as ethereum classic. Both ethereum and ethereum classic trade on digital asset exchanges. The new ethereum has a larger market cap of $1.8 billion, with the token trading at $19.97 on Monday (This version of the story corrects the headline and first paragraph to show Grayscale plans to launch ethereum classic private fund, not that it has already launched the fund) (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || U.S. investment firm plans launch of first ever ethereum classic private fund: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - U.S. investment firm Grayscale Investments plans to launch the first-ever private fund focused on ethereum classic, a blockchain platform, according to Barry Silbert, founder of the company's parent Digital Currency Group. Ethereum classic's token is the seventh largest digital currency in terms of market capitalization, totaling $126.6 million. The coin powers a decentralized blockchain hub in which developers can create different applications that can dramatically enhance the transfer and sharing of information and value. Ethereum classic was built on the same fundamental principles as bitcoin: decentralization and immutability. On Monday, ethereum classic traded at $1.42 on digital asset exchanges. "As investors have grown more interested in digital currency as an asset class, we've also seen growing frustration with the difficulty in purchasing non-bitcoin digital currencies," Silbert told Reuters. "We're excited to launch a fund for ethereum classic to satisfy the growing interest we are seeing in ETC from more mainstream investors." The ethereum classic fund will be an open-ended trust that can raise an unlimited amount of capital, Silbert said. Digital Currency Group will be seeding it with its own capital and it will be offered initially to accredited investors, he added. This will be the second digital currency fund for Grayscale, which launched the Bitcoin Investment Trust in 2013, the only publicly-traded U.S. security in the over-the-counter market invested in bitcoin. Ethereum classic has had a rocky history. It came out of a split from the original ethereum blockchain platform created by Russian programmer Vitalik Buterin and launched in 2015. In April 2016, a blockchain solutions company called Slock.it announced the launch of The DAO on Ethereum. The DAO was designed as a decentralized crowdfunding model, in which anyone could contribute ethereum tokens to become a voting member and equity stakeholder in the organization. Story continues The DAO eventually raised $150 million as of late May last year. But on June 17,2016, an anonymous hacker funneled approximately $60 million in tokens into a separate account. The ethereum network decided to undertake a "hard fork", in which the community would create an entirely new version of the ethereum blockchain, erasing any record of the theft, and restoring the stolen funds to their owners. A new blockhain platform was then formed, keeping its ethereum name, and the original version was branded as ethereum classic. Both ethereum and ethereum classic trade on digital asset exchanges. The new ethereum has a larger market cap of $1.8 billion, with the token trading at $19.97 on Monday (This version of the story corrects the headline and first paragraph to show Grayscale plans to launch ethereum classic private fund, not that it has already launched the fund) (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || U.S. investment firm plans launch of first ever ethereum classic private fund: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - U.S. investment firm Grayscale Investments plans to launch the first-ever private fund focused on ethereum classic, a blockchain platform, according to Barry Silbert, founder of the company's parent Digital Currency Group.
Ethereum classic's token is the seventh largest digital currency in terms of market capitalization, totaling $126.6 million. The coin powers a decentralized blockchain hub in which developers can create different applications that can dramatically enhance the transfer and sharing of information and value.
Ethereum classic was built on the same fundamental principles as bitcoin: decentralization and immutability.
On Monday, ethereum classic traded at $1.42 on digital asset exchanges.
"As investors have grown more interested in digital currency as an asset class, we've also seen growing frustration with the difficulty in purchasing non-bitcoin digital currencies," Silbert told Reuters.
"We're excited to launch a fund for ethereum classic to satisfy the growing interest we are seeing in ETC from more mainstream investors."
The ethereum classic fund will be an open-ended trust that can raise an unlimited amount of capital, Silbert said. Digital Currency Group will be seeding it with its own capital and it will be offered initially to accredited investors, he added.
This will be the second digital currency fund for Grayscale, which launched the Bitcoin Investment Trust in 2013, the only publicly-traded U.S. security in the over-the-counter market invested in bitcoin.
Ethereum classic has had a rocky history. It came out of a split from the original ethereum blockchain platform created by Russian programmer Vitalik Buterin and launched in 2015.
In April 2016, a blockchain solutions company called Slock.it announced the launch of The DAO on Ethereum. The DAO was designed as a decentralized crowdfunding model, in which anyone could contribute ethereum tokens to become a voting member and equity stakeholder in the organization.
The DAO eventually raised $150 million as of late May last year. But on June 17,2016, an anonymous hacker funneled approximately $60 million in tokens into a separate account.
The ethereum network decided to undertake a "hard fork", in which the community would create an entirely new version of the ethereum blockchain, erasing any record of the theft, and restoring the stolen funds to their owners.
A new blockhain platform was then formed, keeping its ethereum name, and the original version was branded as ethereum classic. Both ethereum and ethereum classic trade on digital asset exchanges.
The new ethereum has a larger market cap of $1.8 billion, with the token trading at $19.97 on Monday
(This version of the story corrects the headline and first paragraph to show Grayscale plans to launch ethereum classic private fund, not that it has already launched the fund)
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || U.S. investment firm plans launch of first ever ethereum classic private fund: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - U.S. investment firm Grayscale Investments plans to launch the first-ever private fund focused on ethereum classic, a blockchain platform, according to Barry Silbert, founder of the company's parent Digital Currency Group. Ethereum classic's token is the seventh largest digital currency in terms of market capitalization, totaling $126.6 million. The coin powers a decentralized blockchain hub in which developers can create different applications that can dramatically enhance the transfer and sharing of information and value. Ethereum classic was built on the same fundamental principles as bitcoin: decentralization and immutability. On Monday, ethereum classic traded at $1.42 on digital asset exchanges. "As investors have grown more interested in digital currency as an asset class, we've also seen growing frustration with the difficulty in purchasing non-bitcoin digital currencies," Silbert told Reuters. "We're excited to launch a fund for ethereum classic to satisfy the growing interest we are seeing in ETC from more mainstream investors." The ethereum classic fund will be an open-ended trust that can raise an unlimited amount of capital, Silbert said. Digital Currency Group will be seeding it with its own capital and it will be offered initially to accredited investors, he added. This will be the second digital currency fund for Grayscale, which launched the Bitcoin Investment Trust in 2013, the only publicly-traded U.S. security in the over-the-counter market invested in bitcoin. Ethereum classic has had a rocky history. It came out of a split from the original ethereum blockchain platform created by Russian programmer Vitalik Buterin and launched in 2015. In April 2016, a blockchain solutions company called Slock.it announced the launch of The DAO on Ethereum. The DAO was designed as a decentralized crowdfunding model, in which anyone could contribute ethereum tokens to become a voting member and equity stakeholder in the organization. Story continues The DAO eventually raised $150 million as of late May last year. But on June 17,2016, an anonymous hacker funneled approximately $60 million in tokens into a separate account. The ethereum network decided to undertake a "hard fork", in which the community would create an entirely new version of the ethereum blockchain, erasing any record of the theft, and restoring the stolen funds to their owners. A new blockhain platform was then formed, keeping its ethereum name, and the original version was branded as ethereum classic. Both ethereum and ethereum classic trade on digital asset exchanges. The new ethereum has a larger market cap of $1.8 billion, with the token trading at $19.97 on Monday (This version of the story corrects the headline and first paragraph to show Grayscale plans to launch ethereum classic private fund, not that it has already launched the fund) (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Logitech Is Ready To Show It Is Bigger Than Just Computer Mouses: Logitech International SA (USA)(NASDAQ:LOGI) is ready to prove to the world it is more than just a maker of computer mouses.
Moving Beyond The Mouse
According to aBloomberg report, Logitech's stock has quadrupled over the past four years as the company maintained its reputation of providing quality products and accessories for PC and other technologies. But now under the direction of its CEO Bracken Darrell, the company is ready to take itself to thenext level.
Darrell took overLogitechfour years ago, and his goal is to establish the company as a technology company that can tie together TVs, appliances and voice controlled devices.
The executive believes his company is better positioned to win in the growing market over the dominant names in tech likeApple Inc.(NASDAQ:AAPL) andAmazon.com, Inc.(NASDAQ:AMZN). He told Bloomberg that these tech giants don't want to be "in every little puddle around their operating systems," which leaves a void in the market for a company Logitech.
See Also:Logitech Breaks Company Record With Nine iF DESIGN AWARDS in 2017
Logitech's Uphill Battle
Logitech does face an uphill battle, as it devotes less than $150 million annually to fund its research and development. By comparison, Amazon's R&D spend totals $16 billion.
Nevertheless, Darrell wants to leverage the profits Logitech earns from the PC mouse and keyboard business to finance an entry into areas such as voice-controlled devices, video collaboration and augmented-reality games.
Investors may get a sneak peak at the company's plans in April when management hosts a meeting with investors on Tuesday.
Image Credit: By Coolcaesar at the English language Wikipedia, CC BY-SA 3.0, via Wikimedia Commons
See more from Benzinga
• One Of The Top Ranked Financial Advisers Thinks Stocks Can Rise 50% - But Don't Call It A 'Trump Rally'
• For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold
• Snap's Unproven Monetization Potential Doesn't Deserve To Trade At A Premium To Facebook
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Logitech Is Ready To Show It Is Bigger Than Just Computer Mouses: Logitech International SA (USA) (NASDAQ: LOGI ) is ready to prove to the world it is more than just a maker of computer mouses. Moving Beyond The Mouse According to a Bloomberg report , Logitech's stock has quadrupled over the past four years as the company maintained its reputation of providing quality products and accessories for PC and other technologies. But now under the direction of its CEO Bracken Darrell, the company is ready to take itself to the next level. Darrell took over Logitech four years ago, and his goal is to establish the company as a technology company that can tie together TVs, appliances and voice controlled devices. The executive believes his company is better positioned to win in the growing market over the dominant names in tech like Apple Inc. (NASDAQ: AAPL ) and Amazon.com, Inc. (NASDAQ: AMZN ). He told Bloomberg that these tech giants don't want to be "in every little puddle around their operating systems," which leaves a void in the market for a company Logitech. See Also: Logitech Breaks Company Record With Nine iF DESIGN AWARDS in 2017 Logitech's Uphill Battle Logitech does face an uphill battle, as it devotes less than $150 million annually to fund its research and development. By comparison, Amazon's R&D spend totals $16 billion. Nevertheless, Darrell wants to leverage the profits Logitech earns from the PC mouse and keyboard business to finance an entry into areas such as voice-controlled devices, video collaboration and augmented-reality games. Investors may get a sneak peak at the company's plans in April when management hosts a meeting with investors on Tuesday. Image Credit: By Coolcaesar at the English language Wikipedia, CC BY-SA 3.0, via Wikimedia Commons See more from Benzinga One Of The Top Ranked Financial Advisers Thinks Stocks Can Rise 50% - But Don't Call It A 'Trump Rally' For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold Snap's Unproven Monetization Potential Doesn't Deserve To Trade At A Premium To Facebook © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission.
"There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program.
Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF.
If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity.
On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent.
Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority.
Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added.
To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year.
SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year.
Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency.
Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply.
He sees the bitcoin price possibly rising to $2,288 by the end of the year.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission.
"There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program.
Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF.
If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity.
On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent.
Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority.
Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added.
To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year.
SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year.
Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins.
Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency.
Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply.
He sees the bitcoin price possibly rising to $2,288 by the end of the year.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) View comments || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) View comments || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Story continues Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) || Bitcoin hits all-time high as talk of U.S. ETF approval intensifies: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Digital currency bitcoin hit a record high on Friday on optimism about the approval of the first U.S. bitcoin exchange-traded fund by the Securities and Exchange Commission. "There's one catalyst at the moment and that is the expectation that the Winklevoss Trust will be approved on the 11th of March. That's the only game in town," said Daniel Masters, portfolio manager of Jersey-based Global Advisors Bitcoin Investment Program. Investors Cameron and Tyler Winklevoss have a pending application with the SEC for a bitcoin ETF, which was filed nearly four years ago. On March 11, the twins are expected to receive a final decision from the U.S. Securities and Exchange Commission on whether they can list their ETF. If approved by the SEC, this would be the first bitcoin ETF issued by a U.S. entity. On Friday, bitcoin climbed to a record $1,298 on the BitStamp platform. Bitcoin last traded at $1,263.01, up nearly 5 percent on the day. So far this year, bitcoin has surged more than 30 percent. Bitcoin is a virtual currency that can be used to move money around the world quickly and anonymously without the need for a central authority. Darin Stanchfield, founder and chief executive officer of bitcoin wallet KeepKey, said the approval of the Winklevoss ETF would be a big boost to the market. "It should add a fair amount of liquidity to the bitcoin market," added. To date, there are two other bitcoin ETF applications with the SEC. Grayscale's Bitcoin Investment Trust, backed by early bitcoin advocate Barry Silbert and his Digital Currency Group, filed its application with the SEC in March last year. SolidX Partners Inc, a U.S. technology company that provides blockchain services, also filed its ETF application in July of last year. Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and clear the transaction is rewarded with new bitcoins. Analysts said the groundwork for bitcoin gains was laid in July last year in a process called "halving," where rewards offered to bitcoin miners shrink. That has constrained the supply of the digital currency. Dan Morehead, chief executive officer at hedge fund Pantera Capital, said in his recent letter to investors that the bitcoin price moves in line with the currency's use in transactions and both have risen sharply. He sees the bitcoin price possibly rising to $2,288 by the end of the year. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Sandra Maler) View comments || For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold: For the first time ever, one bitcoin is worth more than an ounce of gold. According to a CNNMoney report, the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228. There are a few factors at play here. First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback. The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges. People in countries like China are major supporters of bitcoin as it is perceived to be a safe haven, especially in times of turmoil when anonymity is also a factor. But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin. At the end of the day, bitcoin is its own class "in its own right." Hayter also said that the issue in China that plagued bitcoin earlier this year has now been "brushed under the carpet," and any short-term woes will be erased over the longer term. Image Credit: By Davidstankiewicz - Own work, CC BY-SA 4.0, via Wikimedia Commons See more from Benzinga Gold Is The New Equity In The Trump Rally There's A New Gold ETF: Here's What You Need To Know Donald Trump: U.S. Dollar Is 'Too Strong' © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold: For the first time ever, onebitcoinis worth more than an ounce of gold. According to aCNNMoney report,the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228.
There are a few factors at play here. First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback. The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges.
People in countries like China are major supporters of bitcoin as it is perceived to be a safe haven, especially in times of turmoil when anonymity is also a factor.
But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s
Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point
Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin. At the end of the day, bitcoin is its own class "in its own right."
Hayter also said that the issue in China that plagued bitcoin earlier this year has now been "brushed under the carpet," and any short-term woes will be erased over the longer term.
Image Credit: By Davidstankiewicz - Own work, CC BY-SA 4.0, via Wikimedia Commons
See more from Benzinga
• Gold Is The New Equity In The Trump Rally
• There's A New Gold ETF: Here's What You Need To Know
• Donald Trump: U.S. Dollar Is 'Too Strong'
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold: For the first time ever, onebitcoinis worth more than an ounce of gold. According to aCNNMoney report,the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228.
There are a few factors at play here. First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback. The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges.
People in countries like China are major supporters of bitcoin as it is perceived to be a safe haven, especially in times of turmoil when anonymity is also a factor.
But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s
Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point
Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin. At the end of the day, bitcoin is its own class "in its own right."
Hayter also said that the issue in China that plagued bitcoin earlier this year has now been "brushed under the carpet," and any short-term woes will be erased over the longer term.
Image Credit: By Davidstankiewicz - Own work, CC BY-SA 4.0, via Wikimedia Commons
See more from Benzinga
• Gold Is The New Equity In The Trump Rally
• There's A New Gold ETF: Here's What You Need To Know
• Donald Trump: U.S. Dollar Is 'Too Strong'
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How Hedge Funds Use ETFs: Eric Balchunas is a senior ETF analyst at Bloomberg, where he has more than a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs. ETF.com recently caught up with him to discuss how hedge funds are using ETFs. ETF.com: You've recently talked a lot about how hedge funds use ETFs, so I wanted to pick your brain about that. I found it interesting that you said hedge funds have more short positions than long positions in ETFs. Why is that? Eric Balchunas: Correct; they have $104 billion in short positions compared to $30 billion in long positions. A lot of people think hedge funds are out there trying to swing for the fences and return 100% every year. But most of them are looking to isolate certain things in the market, whether they're using merger arbitrage, event-driven or long/short strategies. To do the short side of those trades, they’ll use ETFs so they can cancel out the beta of the market and isolate their positions. Yes, some of the shorting is just straight-up betting against the market. But most of it is this use of the ETFs as a hedging vehicle. It's interesting that the $104 billion worth of short positions is over half of the total short interest in ETFs, so it’s significant. ETF.com: Which ETFs are they shorting? Balchunas: Goldman Sachs lists the short positions, and it's exactly what you would think. It's the old-school products like the Sector SPDRs, the PowerShares QQQ Trust (QQQ) and the SPDR S&P 500 ETF (SPY) ―all the most liquid ones. They've also started to use the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) now that it's gotten more liquid. None of the names on the most-shorted list are surprising, but I was surprised a little by the funds that they are long. Story continues ETF.com: Which ones were those? Balchunas: VWO is a good example. That's the ETF with the most net long among hedge funds. ETF.com: You noted Vanguard is the only issuer where hedge funds are net long. That's an interesting pairing, because Vanguard ETFs have a reputation for being buy-and-hold types of investments, while hedge funds have a reputation for being relatively active. Balchunas: That number is really fascinating to me and it speaks to, in my opinion, Vanguard's wide appeal. Who doesn't like cheap? That's just so universal. Also, Vanguard may be the only one net-long, because iShares and SPDR have so many really liquid products that hedge funds love to short. On the other hand, Vanguard's products are usually the second- or third-most-liquid in a category, but rarely are they the first. It says a little bit about the cost-consciousness of hedge funds, but it also says a little bit about how Vanguard still has yet to really break through that liquidity barrier where they become the most liquid of a category. They're getting there. Vanguard ETFs have tripled in daily volume over the last five years. This is a big development, because if Vanguard starts to get that mass liquidity, it gets bigger fish attracted to it, and that just beefs up the liquidity exponentially. ETF.com: What ETF is owned by the largest number of hedge funds? Balchunas: SPY; it's owned by 154 hedge funds. The SPDR Gold Trust (GLD) is No. 2, at 112. GLD is punching above its weight, because it's not the second-biggest in assets or volume. It speaks to the convenience factor of ETFs. You can go get physical gold, but you have to store it and insure it. It's kind of a pain. The ETF comes along, and even a hedge fund would say that it's just easier and cheaper to own GLD. ETF.com: We talk about hedge funds as a monolith, but they each have very different investment philosophies. Some have claimed that ETFs are dangerous and they wouldn't touch them. Can you tell us about that? Balchunas: They usually have two complaints. One is on the high-yield debt stuff. They ask, "How can something be liquid when the holdings aren't as liquid?" The other complaint is on the general rise of passive investing creating inefficiencies. But on the flip side, as we discussed, hundreds of hedge funds use the products, including HYG. Carl Icahn, who's the king of the hedge funds, says, and I'll quote him here, "There is no liquidity"—this is about HYG—"That's what's going to blow this up." Now, you have 50 hedge funds that hold HYG. So either they don't listen to him, or he has another motivation. Bill Ackman, another big hedge fund manager, also expressed some complaints about ETFs, but that was after a rough year for his hedge fund. You might want to factor that in. Either way, the hedge fund relationship with ETFs is a layered one. They use them in certain cases; they complain about them in other cases. The term I use is "frenemies." ETF.com: Do some of them feel threatened by ETFs, with all the alternative ETFs and smart-beta ETFs coming out? Balchunas: I don't think they feel threatened. Liquid alts—which are hedge fund strategies in passive structures like ETFs—just haven't done much. There are two reasons for this. One is that when you're doing sophisticated strategies that involve shorting―especially since shorting can be costly, and you have to time it―putting that into a rules-based index might not be the most efficient way to exercise that. And No. 2 is, when you buy a hedge fund, you're kind of buying the brain of the manager. Where smart beta has really made a threat to active is in the factors. CalPERS is a high-profile example: They fired their hedge funds and employed a factor strategy in-house. That didn't involve ETFs, but it tells you it's possible you could swap out some hedge fund strategies and use factor ETFs in their place. Smart beta assets are $500 billion. That's real money. So if anything was a threat to hedge funds, it would probably be in the factor area―not the liquid alts. I just don't see the merger arb ETF taking any assets from a real merger arb hedge fund. Contact Sumit Roy at [email protected] . Recommended Stories How Hedge Funds Use ETFs Bitcoin ETFs For Dummies The Most Interesting New Gold ETF Since GLD HACK & ROBO Funds On A Technical Roll The Innovative Side Of Dividend ETFs Permalink | © Copyright 2017 ETF.com. All rights reserved || How Hedge Funds Use ETFs: Eric Balchunas is a senior ETF analyst at Bloomberg, where he has more than a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs. ETF.com recently caught up with him to discuss how hedge funds are using ETFs.
ETF.com: You've recently talked a lot about how hedge funds use ETFs, so I wanted to pick your brain about that. I found it interesting that you said hedge funds have more short positions than long positions in ETFs. Why is that?
Eric Balchunas:Correct; they have $104 billion in short positions compared to $30 billion in long positions.A lot of people think hedge funds are out there trying to swing for the fences and return 100% every year. But most of them are looking to isolate certain things in the market, whether they're using merger arbitrage, event-driven or long/short strategies. To do the short side of those trades, they’ll use ETFs so they can cancel out the beta of the market and isolate their positions.
Yes, some of the shorting is just straight-up betting against the market. But most of it is this use of the ETFs as a hedging vehicle. It's interesting that the $104 billion worth of short positions is over half of the total short interest in ETFs, so it’s significant.
ETF.com: Which ETFs are they shorting?
Balchunas:Goldman Sachs lists the short positions, and it's exactly what you would think. It's the old-school products like the Sector SPDRs, thePowerShares QQQ Trust (QQQ)and theSPDR S&P 500 ETF (SPY)―all the most liquid ones. They've also started to use theiShares iBoxx $ High Yield Corporate Bond ETF (HYG)now that it's gotten more liquid.
None of the names on the most-shorted list are surprising, but I was surprised a little by the funds that they are long.
ETF.com: Which ones were those?
Balchunas:VWO is a good example. That's the ETF with the most net long among hedge funds.
ETF.com: You noted Vanguard is the only issuer where hedge funds are net long. That's an interesting pairing, because Vanguard ETFs have a reputation for being buy-and-hold types of investments, while hedge funds have a reputation for being relatively active.
Balchunas:That number is really fascinating to me and it speaks to, in my opinion, Vanguard's wide appeal. Who doesn't like cheap? That's just so universal.
Also, Vanguard may be the only one net-long, because iShares and SPDR have so many really liquid products that hedge funds love to short. On the other hand, Vanguard's products are usually the second- or third-most-liquid in a category, but rarely are they the first.
It says a little bit about the cost-consciousness of hedge funds, but it also says a little bit about how Vanguard still has yet to really break through that liquidity barrier where they become the most liquid of a category.They're getting there. Vanguard ETFs have tripled in daily volume over the last five years. This is a big development, because if Vanguard starts to get that mass liquidity, it gets bigger fish attracted to it, and that just beefs up the liquidity exponentially.
ETF.com: What ETF is owned by the largest number of hedge funds?
Balchunas:SPY; it's owned by 154 hedge funds. TheSPDR Gold Trust (GLD)is No. 2, at 112. GLD is punching above its weight, because it's not the second-biggest in assets or volume. It speaks to the convenience factor of ETFs. You can go get physical gold, but you have to store it and insure it. It's kind of a pain. The ETF comes along, and even a hedge fund would say that it's just easier and cheaper to own GLD.
ETF.com: We talk about hedge funds as a monolith, but they each have very different investment philosophies. Some have claimed that ETFs are dangerous and they wouldn't touch them. Can you tell us about that?
Balchunas:They usually have two complaints. One is on the high-yield debt stuff. They ask, "How can something be liquid when the holdings aren't as liquid?" The other complaint is on the general rise of passive investing creating inefficiencies.
But on the flip side, as we discussed, hundreds of hedge funds use the products, including HYG. Carl Icahn, who's the king of the hedge funds, says, and I'll quote him here, "There is no liquidity"—this is about HYG—"That's what's going to blow this up."
Now, you have 50 hedge funds that hold HYG. So either they don't listen to him, or he has another motivation. Bill Ackman, another big hedge fund manager, also expressed some complaints about ETFs, but that was after a rough year for his hedge fund. You might want to factor that in.
Either way, the hedge fund relationship with ETFs is a layered one. They use them in certain cases; they complain about them in other cases. The term I use is "frenemies."
ETF.com: Do some of them feel threatened by ETFs, with all the alternative ETFs and smart-beta ETFs coming out?Balchunas:I don't think they feel threatened. Liquid alts—which are hedge fund strategies in passive structures like ETFs—just haven't done much. There are two reasons for this.
One is that when you're doing sophisticated strategies that involve shorting―especially since shorting can be costly, and you have to time it―putting that into a rules-based index might not be the most efficient way to exercise that.
And No. 2 is, when you buy a hedge fund, you're kind of buying the brain of the manager. Where smart beta has really made a threat to active is in the factors. CalPERS is a high-profile example: They fired their hedge funds and employed a factor strategy in-house. That didn't involve ETFs, but it tells you it's possible you could swap out some hedge fund strategies and use factor ETFs in their place.
Smart beta assets are $500 billion. That's real money. So if anything was a threat to hedge funds, it would probably be in the factor area―not the liquid alts. I just don't see the merger arb ETF taking any assets from a real merger arb hedge fund.
Contact Sumit Roy [email protected].
Recommended Stories
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
• HACK & ROBO Funds On A Technical Roll
• The Innovative Side Of Dividend ETFs
Permalink| © Copyright 2017ETF.com.All rights reserved || AT&Ts Union Deal Reverses Outsourcing 3,000 Jobs: Amid several more contentious labor negotiations, and its biggest union announced they had settled terms early for a unit that covers 20,000 workers in the south. The Communications Workers of America and AT&T said they had struck a tentative four-year contract deal for workers in the companys wired telephone, cable, and Internet business in Arkansas, Kansas, Missouri, Oklahoma and Texas a month before the old contract expired. A key piece of the deal, which still must be approved by the workers, is a promise by AT&T to hire 3,000 people locally for jobs that have been previously outsourced, mostly overseas. The agreement comes as AT&T is facing tougher talks with the CWA over contracts that have already expired for 21,000 workers in the companys wireless business and 17,000 workers in the phone, Internet, and cable units in Nevada and California. While negotiations continue in those cases, the workers have been protesting around the country and authorized a strike , if necessary. But AT&T has had mostly good relations with its workers in recent years-unlike Communications , which suffered a bitter, seven-week strike last year. Fridays announcement marks another in a long line of successful deals. Since the start of 2015, AT&T has completed 28 straight deals with its unions, covering 123,000 workers. The last strike at the company was in 2012, and just for two days. Get Data Sheet , Fortunes technology newsletter. Under the deal announced on Friday, workers will get wage increases totaling over 11% over the four years and two weeks of paid parental leave for mothers or fathers, AT&T said. The CWA highlighted that the deal included affordable healthcare plans, one of the sticking points in the two more contentious negotiations. But the commitment by AT&T to hire locally for jobs previously outsourced may have been just as important. Like the Verizon workers who went out on strike, AT&Ts workers have also lately been focused on their employers outsourcing of call center jobs outside of the country. The union charges that the carrier has moved 8,000 call center jobs since 2011 to countries including the Dominican Republic, Mexico, and the Philippines. Story continues Halting the offshoring of call center jobs has also been the focus of a growing number of Democratic lawmakers in Congress. They introduced legislation this week, with the backing of the CWA, to discourage call center offshoring , after a plea to President Donald Trump to take such action by executive order was ignored. AT&T said it committed to hire 3,000 people in the local areas to fill work that is currently mostly performed offshore. W e worked with the union to bring work opportunities to the region, a spokesman for the company tells Fortune . Regarding the type of jobs, we will make those decisions as we work through and evaluate the needs of our business-we will consider all areas of our operations in the Southwest and place them where it makes the most sense. See original article on Fortune.com More from Fortune.com This Scam Surpassed Identity Theft for the First Time Ever Last Year Why NBC's Snap IPO Investment Is One of Its Biggest Bets Ever Bitcoin Just Became More Valuable Than Gold Here's How Snap's IPO Just Proved We're In a Tech Bubble This Amazing Stat Suggests the Trump Bump Will Continue || AT&T’s Union Deal Reverses Outsourcing 3,000 Jobs: Amid several more contentious labor negotiations, and its biggest union announced they had settled terms early for a unit that covers 20,000 workers in the south.
The Communications Workers of America and AT&T said they had struck a tentative four-year contract deal for workers in the company’s wired telephone, cable, and Internet business in Arkansas, Kansas, Missouri, Oklahoma and Texas a month before the old contract expired. A key piece of the deal, which still must be approved by the workers, is a promise by AT&T to hire 3,000 people locally for jobs that have been previously outsourced, mostly overseas.
The agreement comes as AT&T is facing tougher talks with the CWA over contracts that have already expired for 21,000 workers in the company’s wireless business and 17,000 workers in the phone, Internet, and cable units in Nevada and California. While negotiations continue in those cases, the workers have been protesting around the country andauthorized a strike, if necessary.
But AT&T has had mostly good relations with its workers in recent years-unlike Communications , which suffereda bitter, seven-week strikelast year.
Friday’s announcement marks another in a long line of successful deals. Since the start of 2015, AT&T has completed 28 straight deals with its unions, covering 123,000 workers. The last strike at the company was in 2012, and just for two days.
Get Data Sheet, Fortune’s technology newsletter.
Under the deal announced on Friday, workers will get wage increases totaling over 11% over the four years and two weeks of paid parental leave for mothers or fathers, AT&T said.
The CWA highlighted that the deal included “affordable” healthcare plans, one of the sticking points in the two more contentious negotiations. But the commitment by AT&T to hire locally for jobs previously outsourced may have been just as important.
Like the Verizon workers who went out on strike, AT&T’s workers have also lately been focused on their employer’s outsourcing of call center jobs outside of the country. The union charges that the carrier has moved 8,000 call center jobs since 2011 to countries including the Dominican Republic, Mexico, and the Philippines.
Halting the offshoring of call center jobs has also been the focus of a growing number of Democratic lawmakers in Congress. They introduced legislation this week, with the backing of the CWA,to discourage call center offshoring, after a plea to President Donald Trump to take such action by executive order was ignored.
AT&T said it committed to hire 3,000 people in the local areas to fill work that is currently mostly performed offshore.
“We worked with the union to bring work opportunities to the region,” a spokesman for the company tellsFortune. “Regarding the type of jobs, we will make those decisions as we work through and evaluate the needs of our business-we will consider all areas of our operations in the Southwest and place them where it makes the most sense.”
See original article on Fortune.com
More from Fortune.com
• This Scam Surpassed Identity Theft for the First Time Ever Last Year
• Why NBC's Snap IPO Investment Is One of Its Biggest Bets Ever
• Bitcoin Just Became More Valuable Than Gold
• Here's How Snap's IPO Just Proved We're In a Tech Bubble
• This Amazing Stat Suggests the Trump Bump Will Continue || 10 things you need to know today: EU Parliament vote on Le Pen (Members of the European Parliament voting to decide whether to lift the EU parliamentary immunity of French far-right presidential candidate Marine Le Pen after she came under investigation for tweeting pictures of Islamic State violence.Reuters/Yves Herman) Here is what you need to know. Janet Yellen speaks. Federal Reserve Chair Janet Yellen is set to give her economic outlook at the Executives Club of Chicago at 1 p.m. ET. Traders will be listening for clues as to whether the Fed will hike interest rates at the conclusion of its March 14-15 meeting. World Interest Rate Probability data provided by Bloomberg says there's an 88% chance the Fed hikes by 25 basis points at the meeting. Europe is growing at its fastest pace since 2011 . Markit's final February composite reading for the eurozone came in at 56, well ahead of the 54.4 print from January. "Growth of eurozone economic output accelerated to a near six-year record in February," IHS Markit said in a release. Global manufacturing is making a comeback . Global manufacturers posted their best month in almost six years in February as the JPMorgan-IHS Markit Global Manufacturing Purchasing Managers Index rose by 0.2 points to 52.9, making for the best reading in 69 months. The dominant part of the UK economy is slowing down . UK services PMI slowed to 53.3 in February, missing the 54.2 that economists were expecting. "The slowdown mainly reflected a softer pace of new business growth, which some respondents linked to more cautious spending among consumers," a release from Markit that accompanied the report said. Bitcoin is extending its lead over gold . On Thursday, bitcoin climbed above gold for the first time. On Friday, the cryptocurrency trades up 2% at $1,281 a coin while the precious metal is down 0.5% at $1,228 an ounce. Snap Inc. had a monster debut . Shares of the social-media company shot up 44% in their market debut to close at $24.48 a share, giving Snapchat's parent company a market cap of more than $33 billion. Snap is now bigger than Macy's ($10 billion), Twitter ($11.3 billion), American Airlines ($23.6 billion), and Target ($32.9 billion). Story continues Costco same-store sales miss . The warehouse club retailer reported that same-store sales rose by 3% in its second quarter, missing the 3.2% gain that analysts were forecasting. The company also announced that it planned to raise membership fees as of June 1. Stock markets around the world are mostly lower. Hong Kong's Hang Seng (-0.7%) trailed in Asia, and Germany's DAX (-0.2%) lags in Europe. The S&P 500 is set to open down 0.1% near 2,380. Earnings reporting slows. Big Lots and Revlon will release their quarterly results ahead of the opening bell. US economic data is light. Markit services PMI and ISM Non-Manufacturing will be released at 9:45 a.m. and 10 a.m. ET. The US 10-year yield is higher by 2 basis points at 2.50%. More From Business Insider US military test shows the A-10 'Warthog' can obliterate the small boat swarms that Iran uses Snap surges 44% in its stock market debut — after an IPO that made its 20-something founders multibillionaires 10 things you need to know today
[Social Media Buzz]
07Mar2017 06:00 UTC #Bitcoin #Blockchain status - Last 24h: 140 blocks mined - 1,903,414 BTC output - 293,070 transactions || Current price of Bitcoin is $1233.00. || Buy Bitcoin With PayPal! Also with CC, paysafecard, Skrill, OKPAY https://www.virwox.com?r=4db29virwox.com/?r=4db29 #btc #bitcoin 00 pic.twitter.com/xvIOwK9ECJ || Current price of Bitcoin is $1230.00 via Chain || 2017/03/08-00:10
ZaifExchange
BTC:144705JPY(-190)
XEM:1.339JPY(±0)
MONA:5.5JPY(-0.1) || #Bitcoin 0.00%
Ultima: R$ 386...
|
1150.00, 1188.49, 1116.72, 1175.83, 1221.38, 1231.92, 1240.00, 1249.61, 1187.81, 1100.23
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3381.28, 3650.62, 3884.71, 4073.26, 4325.13, 4181.93, 4376.63, 4331.69, 4160.62, 4193.70, 4087.66, 4001.74, 4100.52, 4151.52, 4334.68, 4371.60, 4352.40, 4382.88, 4382.66, 4579.02, 4565.30, 4703.39, 4892.01, 4578.77, 4582.96, 4236.31, 4376.53, 4597.12, 4599.88, 4228.75, 4226.06, 4122.94, 4161.27, 4130.81, 3882.59, 3154.95, 3637.52, 3625.04, 3582.88, 4065.20, 3924.97, 3905.95, 3631.04, 3630.70, 3792.40, 3682.84, 3926.07, 3892.35, 4200.67, 4174.73, 4163.07, 4338.71, 4403.74, 4409.32, 4317.48, 4229.36, 4328.41, 4370.81, 4426.89, 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38.
|
[Bitcoin Technical Analysis for 2017-11-07]
Volume: 2326340096, RSI (14-day): 70.49, 50-day EMA: 5587.77, 200-day EMA: 3761.91
[Wider Market Context]
Gold Price: 1273.70, Gold RSI: 46.34
Oil Price: 57.20, Oil RSI: 78.17
[Recent News (last 7 days)]
JOLTS, Marriott, and Election Day — What you need to know on Tuesday: In aquiet week for economic news, Tuesday will bring investors one of the week’s two highlights with the latest JOLTS — or job openings and labor turnover survey — report set for release in the morning while the earnings calendar picks up.
Notable results expected on Tuesday include Royal Caribbean (RCL), Tapestry (TPR), formerly known as Coach, and Marriott (MAR).
On the political side, Tuesday is also election day in America, with gubernatorial races in Virginia and New Jersey getting most of the attention, while a more local concern will be the mayoral race in New York City.
Democrat Ralph Northamis a slight favorite to winin Virginia, while Democrat Phil Murphyis expected to win handilyin New Jersey. Bill De Blasiois also expected to rollto a second term as mayor of New York City.
And with this week marking the one-year anniversary of President Donald Trump’s surprising election win,analysts at Goldman Sachs notedthat the one-year stock market performance since his win is the fourth-best since 1936.
Markets will also be focused on the “Merger Monday” news that hit the tape to start the week, with the biggest headlines coming from aCNBC report that said21st Century Fox (FOXA) and Disney (DIS) had discussed a deal that would see Disney acquire most all of Fox’s assets outside of its sports and news divisions.
The talks, which had taken place over the last few weeks, are not currently taking place, according to CNBC’s David Faber, but could be revisited.
Additionally, Broadcom (AVGO)said Mondaythat it proposed to acquire rival chipmaker Qualcomm (QCOM) in a $130 billion deal, which isreportedly set to reject the deal. This sets the table for a long battle between the companies.
Mega mergers can re-shape industries, lead to massive synergies (read: layoffs), and also signal to many investors that sign of something else — a market top.
On Monday, the dueling merger announcements of Broadcom’s massive proposed tie-up with Qualcomm and reports that Fox and Disney had discussed a deal was certainly more than enough evidence for someone looking to see these deals as signs of the “irrational exuberance” that defines the end of a market cycle.
Recall that back in January 2000,the $165 billion mega mergerbetween AOL and Time Warner came just a few months before the tech bubble began bursting.
And then in 2007, News Corp., owned by media scion Rupert Murdoch who also owns 21st Century Fox,acquired Dow Jonesfor $5.6 billion. Texas power giant TXUwas taken overin a $31 billion leveraged buyout in February 2007. And Thomson and Reutersmergedin a $17 billion deal in May of that year.
We all know what happened next.
In recent years there have been many chances to see mega mergers as the sign that the end may be near.
Back in 2014, Murdoch’s21st Century Fox wantedto buy Time Warner (TWX) in a deal that many saw as another sign of the end of something or other. Now, AT&T (T) is trying to buy Time Warner.
Amazon (AMZN)bought Whole Foodsfor $14 billion. Microsoft (MSFT) bought LinkedIn for $26 billion. And Charter (CHTR)bought Time Warner Cablefor $57 billion.
And yet here we are.
On Monday,LPL Research notedthat the Nasdaq has made 63 record high closes this year, the most on record. Meanwhile, through Monday’s close the benchmark S&P 500 hadn’t lost more than 0.5% in a single session in 43 trading days, the longest streak since the ’90s.
As Ryan Detrick of LPL said, “2017 will likely be remembered for two things: a persistent bullish trend and historically low volatility.”
The year may yet be also remembered for bringing investors — and consumers — some mega-mergers to define our times. Whether these deals are signs of any excess in the economic cycle remains to be seen.
—
Myles Udland is a writer at Yahoo Finance. Follow him on Twitter@MylesUdland
Read more from Myles here:
• It’s been 17 years since U.S. consumers felt this good about the economy
• TOM LEE: Bitcoin is an important asset for investors to own
• Wall Street can’t stop talking about Bitcoin
• Why a new Federal Reserve chair won’t rattle markets
• Warren Buffett likes the stock market because of the bond market
• America’s shortage of workers is about to get ‘much worse’ || Treasury Yields Fall after Speech by New York Fed President William Dudley: It was a quiet day in the financial markets with no major reports to digest following Fridays release of the U.S. Non-Farm Payrolls report. There didnt even seem to be a hangover reaction to the jobs report. The lack of fresh economic news shifted the focus to a speech by New York Federal Reserve President William Dudley. His speech did have some impact on the markets because he talked about a potentially hot topic for the new Fed Chair Jerome Powell. U.S. Treasury Markets U.S. Treasury yields fell Monday after a speech by New York Federal Reserve President William Dudley. The yield on the benchmark 10-year Treasury Note fell to around 2.318 near the close, while the yield on the 30-year Treasury Bond fell to 2.797 percent. Dudley drove yields lower when he urged Congress on Monday to do no harm in its deliberations on whether to roll back regulations implemented during the financial crisis, reported Reuters. These regulations, implemented during the financial crisis, introduced sweeping mandates including capital and liquidity requirements on banks. As we reflect on potential changes to the U.S. regulatory regime, we should not lose sight of the horrific damage caused by the financial crisis, including the worst recession of our lifetimes and millions of people losing their jobs and homes, said Dudley. Political news was also at the forefront on Monday with President Trump visiting Asia this week. On Monday, Trump visited Japan, saying he stood by the country when it comes to dealing with the menace from North Korea, Reuters reported; with Trump adding that both the U.S. and Japan should work together to fix issues with trade. U.S. Equity Markets The major U.S. equity indexes hit record highs on Monday as sentiment on Wall Street shifted away from earnings to merger and takeover talk. Qualcomm rose percent and Broadcom jumped 1.4 percent after Broadcom offered to buy fellow chip maker Qualcomm for $103 billion. If completed, the deal would be the biggest in the history of the tech sector. In other related news, shares of Advanced Micro Devices also surged on merger talk, while shares of Disney and 21 st Century Fox also rose. 21 st Century Fox is apparently up for sale. Story continues Forex The U.S. Dollar rose on Monday, but much of that move was attributed to the weaker Euro. The USD/JPY lost ground after Dudleys comments drove Treasury yields lower. The AUD/USD and NZD/USD also moved higher as investors prepared for central bank monetary policy statements and interest rate decisions later in the week. Gold Gold recovered from a sharp sell-off on Friday in reaction to the U.S. jobs report and a number of negative events last week. Gold was primarily underpinned by a drop in global interest rates. Germanys benchmark bond yield hit a near two-month low as investors awaited clues on the European Central Banks asset purchase plans. U.S. Treasury yields also fell. Crude Oil U.S. West Texas Intermediate and international Brent crude oil futures soared to their highest levels since mid-2015 on Monday as a major political crisis in Saudi Arabia triggered an acceleration to the upside due to concerns over geopolitical risk. According to Reuters, crude oil futures spiked higher early in the session in reaction to the Saudi Crown Prince Mohammed bin Salmans coordinated arrests of several princes and ministers, as part of a crackdown on corruption. The firing of a rocket from Yemen toward the Saudi capital of Riyadh this weekend also contributed to the geopolitical tensions in the market. Saudi Arabia is waging a war against Iran-supported rebels in Yemen. This article was originally posted on FX Empire More From FXEMPIRE: The Complete Guide: Exchanges that Support Bitcoin Gold Daily Economic Calendar, November 7, 2017 Donald Trump Called for Unfair Trade with Japan, Gold Edges Higher but Remains Vulnerable U.S. Crude Oil Test of Major Resistance Coming GBP/USD Daily Fundamental Forecast November 7, 2017 AUD/USD and NZD/USD Fundamental Daily Forecast RBA Rate Statement on Tap; Expect No Change || Treasury Yields Fall after Speech by New York Fed President William Dudley: It was a quiet day in the financial markets with no major reports to digest following Friday’s release of the U.S. Non-Farm Payrolls report. There didn’t even seem to be a hangover reaction to the jobs report. The lack of fresh economic news shifted the focus to a speech by New York Federal Reserve President William Dudley. His speech did have some impact on the markets because he talked about a potentially hot topic for the new Fed Chair Jerome Powell.
U.S. Treasury yields fell Monday after a speech by New York Federal Reserve President William Dudley.
The yield on the benchmark 10-year Treasury Note fell to around 2.318 near the close, while the yield on the 30-year Treasury Bond fell to 2.797 percent.
Dudley drove yields lower when he urged Congress on Monday to “do no harm” in its deliberations on whether to roll back regulations implemented during the financial crisis, reported Reuters. These regulations, implemented during the financial crisis, introduced sweeping mandates including capital and liquidity requirements on banks.
“As we reflect on potential changes to the U.S. regulatory regime, we should not lose sight of the horrific damage caused by the financial crisis, including the worst recession of our lifetimes and millions of people losing their jobs and homes,” said Dudley.
Political news was also at the forefront on Monday with President Trump visiting Asia this week. On Monday, Trump visited Japan, saying he stood by the country when it comes to dealing with the “menace” from North Korea, Reuters reported; with Trump adding that both the U.S. and Japan should work together to fix issues with trade.
The major U.S. equity indexes hit record highs on Monday as sentiment on Wall Street shifted away from earnings to merger and takeover talk.
Qualcomm rose percent and Broadcom jumped 1.4 percent after Broadcom offered to buy fellow chip maker Qualcomm for $103 billion. If completed, the deal would be the biggest in the history of the tech sector. In other related news, shares of Advanced Micro Devices also surged on merger talk, while shares of Disney and 21stCentury Fox also rose. 21stCentury Fox is apparently up for sale.
The U.S. Dollar rose on Monday, but much of that move was attributed to the weaker Euro. The USD/JPY lost ground after Dudley’s comments drove Treasury yields lower. The AUD/USD and NZD/USD also moved higher as investors prepared for central bank monetary policy statements and interest rate decisions later in the week.
Gold recovered from a sharp sell-off on Friday in reaction to the U.S. jobs report and a number of negative events last week. Gold was primarily underpinned by a drop in global interest rates. Germany’s benchmark bond yield hit a near two-month low as investors awaited clues on the European Central Bank’s asset purchase plans. U.S. Treasury yields also fell.
U.S. West Texas Intermediate and international Brent crude oil futures soared to their highest levels since mid-2015 on Monday as a major political crisis in Saudi Arabia triggered an acceleration to the upside due to concerns over geopolitical risk.
According to Reuters, crude oil futures spiked higher early in the session in reaction to the Saudi Crown Prince Mohammed bin Salman’s coordinated arrests of several princes and ministers, as part of a crackdown on corruption.
The firing of a rocket from Yemen toward the Saudi capital of Riyadh this weekend also contributed to the geopolitical tensions in the market. Saudi Arabia is waging a war against Iran-supported rebels in Yemen.
Thisarticlewas originally posted on FX Empire
• The Complete Guide: Exchanges that Support Bitcoin Gold
• Daily Economic Calendar, November 7, 2017
• Donald Trump Called for Unfair Trade with Japan, Gold Edges Higher but Remains Vulnerable
• U.S. Crude Oil Test of Major Resistance Coming
• GBP/USD Daily Fundamental Forecast – November 7, 2017
• AUD/USD and NZD/USD Fundamental Daily Forecast – RBA Rate Statement on Tap; Expect No Change || Crude Oil Price Analysis for November 7, 2017: Crude has ramped up to fresh 2.5 year highs of 57.31. Reports that Nigeria is willing to extend the production caps currently in place, and that conflict in Libya may see 250k barrels per day of production shut in have been the latest catalysts. In addition, uncertainty over Saudi Arabia’s apparent power struggle has supported. There has been talk that the Kingdom will not let oil prices slip back ahead of the key sale of part of Saudi Aramco next year.
Crude oil prices surged higher on Monday, zipping up to fresh 2.5 years highs and poised to test target resistance near the May 2015 highs at 62.38. Support is now seen near the 10-day moving average at 54.16. Momentum is positive as the MACD (moving average convergence divergence) index recently generated a crossover buy signal. This occurs as the MACD index (the 12-day exponential moving average minus the 26-day exponential moving average) crosses above the MACD signal line (the 9-day exponential moving average of the MACD line). The RSI (relative strength index) which is a momentum oscillator that measures overbought and oversold levels, moved higher with price action, reflecting accelerating positive momentum. The current reading of the RSI is 80, well above the overbought trigger level of 70, which could foreshadow a correction.
Prince Mohammed bin Salman’s Saturday night roundup of dozens of prominent royals and officials all under the auspices of the king he may succeed within months is actually a natural, if jarring, progression. This could continue to buoy crude oil prices if it continues. The prince’s consolidation of power has been evident since June at least, when former Crown Prince Mohammed bin Nayef was taken out of the line of succession and replaced as interior minister. While the arrest of Prince Alwaleed bin Talal generated many headlines, chiefly because he is so well known in the West, his detention wasn’t the most momentous.
That dubious honor belongs to Prince Miteb bin Abdullah, a son of the last king and, until this weekend, head of the country’s National Guard. In Prince Mohammed’s push to consolidate power and deter opponents, taking control of the ruling family’s praetorian guard is a no-brainer.
German manufacturing orders unexpectedly jumped 1.0% month over month in September. Expectations had been for a correction from the strong August number, which was revised up to 4.1% month over month from 3.6% year over year reported initially. The annual rate jumped to 9.5% year over year. The extremely strong data points to a good backlog of orders going into the last quarter of the year and ties in with reports from PMI surveys suggesting capacity constraints, which are adding to a fast pace of job creation and rising price pressures. Against that background the ECB’s very cautious reduction of stimulus and the ongoing reluctance to commit to a firm end date for QE is looking questionable, but with political risks and Brexit still hanging over Europe, central banks clearly are taking a very careful stance.
SF Fed’s Williams argued for price-level targeting and wants a serious debate over a new framework for Fed rate setting. He said it would be optimal to have a decision on the best rate-setting framework before the next recession. Sounds like he’s agitating for some big changes with the upcoming leadership shift. Adopting such a rule today would likely leave rates lower for longer, according to reports.
Thisarticlewas originally posted on FX Empire
• Treasury Yields Fall after Speech by New York Fed President William Dudley
• Donald Trump Called for Unfair Trade with Japan, Gold Edges Higher but Remains Vulnerable
• The Complete Guide: Exchanges that Support Bitcoin Gold
• EUR/USD Daily Technical Analysis for November 7, 2017
• Daily Economic Calendar, November 7, 2017
• Price of Gold Fundamental Daily Forecast – Firming Despite Weaker U.S. Dollar || Crude Oil Price Analysis for November 7, 2017: Crude has ramped up to fresh 2.5 year highs of 57.31. Reports that Nigeria is willing to extend the production caps currently in place, and that conflict in Libya may see 250k barrels per day of production shut in have been the latest catalysts. In addition, uncertainty over Saudi Arabia’s apparent power struggle has supported. There has been talk that the Kingdom will not let oil prices slip back ahead of the key sale of part of Saudi Aramco next year. Technicals Crude oil prices surged higher on Monday, zipping up to fresh 2.5 years highs and poised to test target resistance near the May 2015 highs at 62.38. Support is now seen near the 10-day moving average at 54.16. Momentum is positive as the MACD (moving average convergence divergence) index recently generated a crossover buy signal. This occurs as the MACD index (the 12-day exponential moving average minus the 26-day exponential moving average) crosses above the MACD signal line (the 9-day exponential moving average of the MACD line). The RSI (relative strength index) which is a momentum oscillator that measures overbought and oversold levels, moved higher with price action, reflecting accelerating positive momentum. The current reading of the RSI is 80, well above the overbought trigger level of 70, which could foreshadow a correction. Crack Down in Saudi Arabia Prince Mohammed bin Salman’s Saturday night roundup of dozens of prominent royals and officials all under the auspices of the king he may succeed within months is actually a natural, if jarring, progression. This could continue to buoy crude oil prices if it continues. The prince’s consolidation of power has been evident since June at least, when former Crown Prince Mohammed bin Nayef was taken out of the line of succession and replaced as interior minister. While the arrest of Prince Alwaleed bin Talal generated many headlines, chiefly because he is so well known in the West, his detention wasn’t the most momentous. Story continues That dubious honor belongs to Prince Miteb bin Abdullah, a son of the last king and, until this weekend, head of the country’s National Guard. In Prince Mohammed’s push to consolidate power and deter opponents, taking control of the ruling family’s praetorian guard is a no-brainer. Manufacturing is Buoying Crude German manufacturing orders unexpectedly jumped 1.0% month over month in September. Expectations had been for a correction from the strong August number, which was revised up to 4.1% month over month from 3.6% year over year reported initially. The annual rate jumped to 9.5% year over year. The extremely strong data points to a good backlog of orders going into the last quarter of the year and ties in with reports from PMI surveys suggesting capacity constraints, which are adding to a fast pace of job creation and rising price pressures. Against that background the ECB’s very cautious reduction of stimulus and the ongoing reluctance to commit to a firm end date for QE is looking questionable, but with political risks and Brexit still hanging over Europe, central banks clearly are taking a very careful stance. A Strong Dollar Could Weigh on Crude SF Fed’s Williams argued for price-level targeting and wants a serious debate over a new framework for Fed rate setting. He said it would be optimal to have a decision on the best rate-setting framework before the next recession. Sounds like he’s agitating for some big changes with the upcoming leadership shift. Adopting such a rule today would likely leave rates lower for longer, according to reports. This article was originally posted on FX Empire More From FXEMPIRE: Treasury Yields Fall after Speech by New York Fed President William Dudley Donald Trump Called for Unfair Trade with Japan, Gold Edges Higher but Remains Vulnerable The Complete Guide: Exchanges that Support Bitcoin Gold EUR/USD Daily Technical Analysis for November 7, 2017 Daily Economic Calendar, November 7, 2017 Price of Gold Fundamental Daily Forecast – Firming Despite Weaker U.S. Dollar || $8,000? Goldman Sachs Analysts See Possible Bitcoin Price Jump: Goldman Sachs analysts predicted that the price of bitcoin could surge as high as $8,000 in a note distributed to clients earlier this week. According to Business Insider and Bloomberg , the note came as the cryptocurrency's price cleared a new all-time high above $7,600. Technical analysts Sheba Jafari and Jack Abramowitz cautioned that the signs are pointing to a new run up – albeit one that may take time to develop. "This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation," they wrote, according to Bloomberg. At press time, the price of bitcoin is trading at around $7,092, according to CoinDesk's Bitcoin Price Index ( BPI ). The note represents the latest instance in which the investment bank has offered some possible guidance for its client base, which Goldman began circulating earlier this summer. And amid rumors that Goldman is considering a new client-facing brokerage built around cryptocurrencies, its influential CEO, Lloyd Blankfein, has struck a decidedly neutral tone on bitcoin, declaring his "openness" in recent statements and interviews. "I’ve learned over the years that there’s a lot of things that work out pretty well that I don't love," he told Bloomberg last week. Markets graph image via Shutterstock Related Stories Confusion and Euphoria As Bitcoin Cash Surges Past $30 Billion Bitcoin Price Decline Continues As Markets Drop Below $6,500 '2x' Boost? Bitcoin Cash Closes on Record High Bitcoin Isn't 'Too Expensive,' Says BTCC Boss Bobby Lee || $8,000? Goldman Sachs Analysts See Possible Bitcoin Price Jump: Goldman Sachs analysts predicted that the price of bitcoin could surge as high as $8,000 in a note distributed to clients earlier this week.
According toBusiness InsiderandBloomberg, the note came as the cryptocurrency's price cleared a new all-time high above $7,600. Technical analysts Sheba Jafari and Jack Abramowitz cautioned that the signs are pointing to a new run up – albeit one that may take time to develop.
"This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation," they wrote, according to Bloomberg.
At press time, the price of bitcoin is trading at around $7,092, according to CoinDesk's Bitcoin Price Index (BPI).
The note represents the latest instance in which the investment bank has offered some possible guidance for its client base, which Goldman begancirculatingearlier this summer.
Andamid rumorsthat Goldman is considering a new client-facing brokerage built around cryptocurrencies, its influential CEO, Lloyd Blankfein, has struck a decidedly neutral tone on bitcoin, declaring his "openness" in recent statements and interviews.
"I’ve learned over the years that there’s a lot of things that work out pretty well that I don't love," he told Bloomberg last week.
Markets graph imagevia Shutterstock
• Confusion and Euphoria As Bitcoin Cash Surges Past $30 Billion
• Bitcoin Price Decline Continues As Markets Drop Below $6,500
• '2x' Boost? Bitcoin Cash Closes on Record High
• Bitcoin Isn't 'Too Expensive,' Says BTCC Boss Bobby Lee || $8,000? Goldman Sachs Analysts See Possible Bitcoin Price Jump: Goldman Sachs analysts predicted that the price of bitcoin could surge as high as $8,000 in a note distributed to clients earlier this week.
According toBusiness InsiderandBloomberg, the note came as the cryptocurrency's price cleared a new all-time high above $7,600. Technical analysts Sheba Jafari and Jack Abramowitz cautioned that the signs are pointing to a new run up – albeit one that may take time to develop.
"This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation," they wrote, according to Bloomberg.
At press time, the price of bitcoin is trading at around $7,092, according to CoinDesk's Bitcoin Price Index (BPI).
The note represents the latest instance in which the investment bank has offered some possible guidance for its client base, which Goldman begancirculatingearlier this summer.
Andamid rumorsthat Goldman is considering a new client-facing brokerage built around cryptocurrencies, its influential CEO, Lloyd Blankfein, has struck a decidedly neutral tone on bitcoin, declaring his "openness" in recent statements and interviews.
"I’ve learned over the years that there’s a lot of things that work out pretty well that I don't love," he told Bloomberg last week.
Markets graph imagevia Shutterstock
• Confusion and Euphoria As Bitcoin Cash Surges Past $30 Billion
• Bitcoin Price Decline Continues As Markets Drop Below $6,500
• '2x' Boost? Bitcoin Cash Closes on Record High
• Bitcoin Isn't 'Too Expensive,' Says BTCC Boss Bobby Lee || These 2 companies are riding the bitcoin wave and their stocks have skyrocketed by more than 1,000%: Mark Lennihan/AP
• Bitcoin, the red-hot digital currency, gained more than $1,000 after exchange giant CME saidit was preparing to launch a bitcoin futures product.
• Since the beginning of the year, the price of bitcoin is up 600%.
• Bitcoin GroupandHive Blockchain Technologieshave both seen their stock price increase by over 1,000% year-to-date.
The cryptocurrency wave that appears to be sweeping Wall Street is not just benefiting bitcoin.
The digital currency, which has seen its price spike 600% this year, is getting a bit more respect and attention from traditional Wall Street players. Exchange groups CME and Cboe, for instance, are planning to roll out their own bitcoin futures products and Goldman Sachs is considering a bitcoin trading operation. Over 70 cryptocurrency hedge funds have sprouted up to take advantage of investment opportunities in the booming crypto space, according to analytics providerAutonomous NEXT.
And at least two bitcoin-related companies appear to be riding the wave as well.
The stock of Bitcoin Group, a bitcoin mining company, and Hive Blockchain Technologies, another crypto mining company, have both seen their share price appreciate by more than 1,000%.
On Monday the price ofBitcoin Group, a Australia-based company, traded near $80 per share, up 1,006% since the beginning of the year. The company operates bitcoin mining facilities in Australia, Iceland, and China.
Bitcoin mining is the process by which new bitcoins are unleashed and bitcoin transactions are processed on the underpinning blockchain network.
MI
Hive Blockchain Technologies, a Canadian firm, is up 3,690% year-to-date at $4 per share. The company began trading under the ticker "HIVE" in September after it "took over the listing of Leeta Gold Corp," according to Bloomberg.
MI
The market for cryptocurrencies, which now includes over 1,000 different coins and tokens,recently surpassed $200 billion, according to Coinmarketcap.com.
NOW WATCH:TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years
See Also:
• We just got a super smart and simple explanation of what a bitcoin fork actually is
• Bitcoin posts record high above $6,600
• Some of the biggest trading firms in the world are getting in on the bitcoin business || These 2 companies are riding the bitcoin wave and their stocks have skyrocketed by more than 1,000%: bitcoin convention Mark Lennihan/AP Bitcoin , the red-hot digital currency, gained more than $1,000 after exchange giant CME said it was preparing to launch a bitcoin futures product . Since the beginning of the year, the price of bitcoin is up 600%. Bitcoin Group and Hive Blockchain Technologies have both seen their stock price increase by over 1,000% year-to-date. The cryptocurrency wave that appears to be sweeping Wall Street is not just benefiting bitcoin. The digital currency, which has seen its price spike 600% this year, is getting a bit more respect and attention from traditional Wall Street players. Exchange groups CME and Cboe, for instance, are planning to roll out their own bitcoin futures products and Goldman Sachs is considering a bitcoin trading operation. Over 70 cryptocurrency hedge funds have sprouted up to take advantage of investment opportunities in the booming crypto space, according to analytics provider Autonomous NEXT . And at least two bitcoin-related companies appear to be riding the wave as well. The stock of Bitcoin Group, a bitcoin mining company, and Hive Blockchain Technologies, another crypto mining company, have both seen their share price appreciate by more than 1,000%. On Monday the price of Bitcoin Group , a Australia-based company, traded near $80 per share, up 1,006% since the beginning of the year. The company operates bitcoin mining facilities in Australia, Iceland, and China. Bitcoin mining is the process by which new bitcoins are unleashed and bitcoin transactions are processed on the underpinning blockchain network. Screen Shot 2017 11 06 at 2.28.34 PM MI Hive Blockchain Technologies, a Canadian firm, is up 3,690% year-to-date at $4 per share. The company began trading under the ticker "HIVE" in September after it "took over the listing of Leeta Gold Corp," according to Bloomberg. Screen Shot 2017 11 06 at 2.28.59 PM MI The market for cryptocurrencies, which now includes over 1,000 different coins and tokens, recently surpassed $200 billion , according to Coinmarketcap.com. NOW WATCH: TOP STRATEGIST: Bitcoin will soar to $25,000 in 5 years See Also: We just got a super smart and simple explanation of what a bitcoin fork actually is Bitcoin posts record high above $6,600 Some of the biggest trading firms in the world are getting in on the bitcoin business View comments || 3 Dow Jones Stocks to Avoid Despite Record-Breaking Numbers: It’s the most hated bull market in modern history, yet here we are. With the Dow Jones Industrial Average firmly eclipsing 23,000 points, the next talking point is when we will see Dow 24,000. Thanks to the law of large numbers, “Dow 24k” is only a little more than 2% away. But even with all the fanfare, the index has a few stocks to avoid. Bear in mind this isn’t necessarily a bad thing. If all 30 companies were enjoying robust performances in 2017, a collapsing bubble wouldn’t be far away. Indeed, for a bull market to survive, traders on the opposite side of the fence must be willing to transact. Otherwise, we’d end up with too many buyers, and not enough sellers. Some analysts believe the Dow Jones overall is exhibiting technical signs of a market top . Having been burnt on more than one occasion for doubting the Dow, I’m hesitant on potentially repeating my mistake. Still, I do have doubts on individual names, which I reveal below. InvestorPlace - Stock Market News, Stock Advice & Trading Tips My Dow Jones stocks to avoid list isn’t merely about poor technical performances. Rather, I’m looking at the big picture, taking into consideration whether investors will risk their capital on the company in question. 7 Blue-Chip Stocks to Sell in November Without further adieu, here are three stocks from the Dow Jones of which I’d steer clear. Dow Jones Stocks to Avoid: General Electric Company (GE) Dow Jones Stocks to Avoid: General Electric Company (GE) Source: Shutterstock Among Dow Jones stocks to avoid, General Electric Company (NYSE: GE ) is simply the worst. With a year-to-date loss exceeding 36%, no other Dow 30 company comes close to GE stock and its laggardness. In fact, to date, no other organization within the illustrious index has dipped into the negative double-digit territory. Verizon Communications Inc . (NYSE: VZ ) and International Business Machines Corp . (NYSE: IBM ) are second and third worst, at -14.9% and -9% YTD, respectively. Story continues I used to believe that GE stock could pull it together based on its vast array of businesses and resources. I said it before, and I’ll say it again: I was wrong. Fortunately, I changed my view prior to the horrendous slide that General Electric shares endured. On July 6, I no longer perceived the company as trustworthy. It’s had plenty of time to regroup and revamp, but nothing substantive resulted . Since then, GE stock lost 20% of market value. On Sept. 13, I simply gave up, stating that General Electric is spiraling out of control . After a brief rally, shares again collapsed, losing 13% since my article published. At this point, we can argue the fundamentals to death. The bottom line is that long-term shareholders are in panic mode. Don’t attempt to catch GE stock because you just might get skewered. Dow Jones Stocks to Avoid: Exxon Mobil Corporation (XOM) Dow Jones Stocks to Avoid: Exxon Mobil Corporation (XOM) Source: Shutterstock Because “big oil” is steeped in the history of the Dow Jones, I hesitate to place Exxon Mobil Corporation (NYSE: XOM ) on the stocks to avoid list. Nevertheless, XOM stock is one of the dogs of the Dow, currently down a little more than 7% YTD. While I don’t hate Exxon Mobil and the oil recovery story, the argument is long in the tooth. Supporters of XOM stock will counter that the industry has learned to be profitable at currently deflated oil prices. I don’t deny that claim. However, Exxon Mobil and every oil company has paid a big price for that profitability; namely, corporate restructuring, asset divestments and layoffs. When it comes time to getting back to its previous growth trajectory, big oil faces big challenges. Slowly but surely, the world is weaning off its fossil-fuel dependency. Look at the companies and investments of the future. People nowadays are much more excited about digital commodities, such as Bitcoin, or “next-gen” commodities like lithium. I’m not saying there’s no place for crude oil, but the popularity of companies like Tesla Inc (NASDAQ: TSLA ) affirm a coming paradigm shift. Also, let’s be practical — the dividend yield on XOM stock is 3.6% against an industry median of 5.4%. For many investors, it’s not worth the passive income if shares are going to go sideways or worse. That’s probably one of the reasons why Bloomberg reported that “only one of the company’s 20 largest investors added to their Exxon holdings during the third quarter.” 5 Blue-Chip Stocks to Buy for November It’s time to take a reality check and put XOM into the stocks to avoid list. Dow Jones Stocks to Avoid: Apple Inc. (AAPL) Source: Shutterstock I’ve saved my most controversial Dow Jones stocks to avoid idea for last: Apple Inc . (NASDAQ: AAPL ). Ordinarily, this would be a ludicrous call. Despite much criticism of shares being overly stretched, AAPL stock continues to impress. This year, the consumer-electronics firm is up nearly 50%, good enough for third place in the Dow 30. Yet no matter how we perceive its recent success, AAPL stock is overextended . The question now is whether this rally can justify itself. Based on iPhone 8 sales , AAPL appears to be a prime candidate for a stocks to avoid list. Bullish proponents counter that customers are waiting for the upcoming iPhone X because the 8’s improvement is too marginal. If that’s the case, why bother with the 8 at all? What few people want to talk about is that Apple is running out of ideas. As I argued earlier this year, AAPL and its rivals must contend with “ peak smartphone .” The market is saturated with new devices. As previously mentioned, improvements are marginal. In turn, the financial rewards for competing in the sector are increasingly marginal. Who knows when peak smartphone will negatively impact AAPL stock, but the day will come eventually. Finally, Apple just seems like a binary risk at this juncture. If iPhone X sales stink, surely, Apple stock will correct sharply. If not, shares will rise. But the gamble seems especially hazardous considering the “been there, done that” nature of smart devices. Josh Enomoto is long Bitcoin. The post 3 Dow Jones Stocks to Avoid Despite Record-Breaking Numbers appeared first on InvestorPlace . || 3 Dow Jones Stocks to Avoid Despite Record-Breaking Numbers: It’s the most hated bull market in modern history, yet here we are. With theDow Jones Industrial Averagefirmly eclipsing 23,000 points, the next talking point is when we will see Dow 24,000. Thanks to the law of large numbers, “Dow 24k” is only a little more than 2% away. But even with all the fanfare, the index has a few stocks to avoid.
Bear in mind this isn’t necessarily a bad thing. If all 30 companies were enjoying robust performances in 2017, a collapsing bubble wouldn’t be far away. Indeed, for a bull market to survive, traders on the opposite side of the fence must be willing to transact. Otherwise, we’d end up with too many buyers, and not enough sellers.
Some analysts believe the Dow Jones overall is exhibiting technical signs of amarket top. Having been burnt on more than one occasion for doubting the Dow, I’m hesitant on potentially repeating my mistake. Still, I do have doubts on individual names, which I reveal below.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
My Dow Jones stocks to avoid list isn’t merely about poor technical performances. Rather, I’m looking at the big picture, taking into consideration whether investors will risk their capital on the company in question.
• 7 Blue-Chip Stocks to Sell in November
Without further adieu, here are three stocks from the Dow Jones of which I’d steer clear.
Source: Shutterstock
Among Dow Jones stocks to avoid,General Electric Company(NYSE:GE) is simply the worst. With a year-to-date loss exceeding 36%, no otherDow 30company comes close to GE stock and its laggardness. In fact, to date, no other organization within the illustrious index has dipped into the negative double-digit territory.Verizon Communications Inc. (NYSE:VZ) andInternational Business Machines Corp. (NYSE:IBM) are second and third worst, at -14.9% and -9% YTD, respectively.
I used to believe that GE stock could pull it together based on its vast array of businesses and resources. I said it before, and I’ll say it again: I was wrong. Fortunately, I changed my view prior to the horrendous slide that General Electric shares endured. On July 6, I no longer perceived the company as trustworthy. It’s had plenty of time to regroup and revamp, butnothing substantive resulted.
Since then, GE stock lost 20% of market value. On Sept. 13, I simply gave up, stating that General Electric isspiraling out of control. After a brief rally, shares again collapsed, losing 13% since my article published. At this point, we can argue the fundamentals to death. The bottom line is that long-term shareholders are in panic mode.
Don’t attempt to catch GE stock because you just might get skewered.
Source: Shutterstock
Because “big oil” is steeped in the history of the Dow Jones, I hesitate to placeExxon Mobil Corporation(NYSE:XOM) on the stocks to avoid list. Nevertheless, XOM stockisone of the dogs of the Dow, currently down a little more than 7% YTD. While I don’t hate Exxon Mobil and the oil recovery story, the argument is long in the tooth.
Supporters of XOM stock will counter that the industry haslearned to be profitableat currently deflated oil prices. I don’t deny that claim. However, Exxon Mobil and every oil company has paid a big price for that profitability; namely, corporate restructuring, asset divestments and layoffs. When it comes time to getting back to its previous growth trajectory, big oil faces big challenges.
Slowly but surely, the world is weaning off its fossil-fuel dependency. Look at the companies and investments of the future. People nowadays are much more excited about digital commodities, such as Bitcoin, or “next-gen” commodities like lithium. I’m not saying there’s no place for crude oil, but the popularity of companies likeTesla Inc(NASDAQ:TSLA) affirm a coming paradigm shift.
Also, let’s be practical — the dividend yield on XOM stock is 3.6% against an industry median of 5.4%. For many investors, it’s not worth the passive income if shares are going to go sideways or worse. That’s probably one of the reasons whyBloombergreported that “only one of the company’s 20 largest investors added to their Exxon holdings during the third quarter.”
• 5 Blue-Chip Stocks to Buy for November
It’s time to take a reality check and put XOM into the stocks to avoid list.
Source: Shutterstock
I’ve saved my most controversial Dow Jones stocks to avoid idea for last:Apple Inc. (NASDAQ:AAPL). Ordinarily, this would be a ludicrous call. Despite much criticism of shares being overly stretched, AAPL stock continues to impress. This year, the consumer-electronics firm is up nearly 50%, good enough for third place in the Dow 30.
Yet no matter how we perceive its recent success, AAPL stock isoverextended. The question now is whether this rally can justify itself. Based oniPhone 8 sales, AAPL appears to be a prime candidate for a stocks to avoid list. Bullish proponents counter that customers are waiting for the upcoming iPhone X because the 8’s improvement is too marginal. If that’s the case, why bother with the 8 at all?
What few people want to talk about is that Apple is running out of ideas. As I argued earlier this year, AAPL and its rivals must contend with “peak smartphone.” The market is saturated with new devices. As previously mentioned, improvements are marginal. In turn, the financial rewards for competing in the sector are increasingly marginal. Who knows when peak smartphone will negatively impact AAPL stock, but the day will come eventually.
Finally, Apple just seems like a binary risk at this juncture. If iPhone X sales stink, surely, Apple stock will correct sharply. If not, shares will rise. But the gamble seems especially hazardous considering the “been there, done that” nature of smart devices.
Josh Enomoto is long Bitcoin.
The post3 Dow Jones Stocks to Avoid Despite Record-Breaking Numbersappeared first onInvestorPlace. || Token Security Scheme: A Cybersecurity Platform That Safeguards All Crypto-Assets Launches Its ICO on 6 November: Taking Security Technology Behind the Banking and Payment Card Industry of Digital Key Management and Applying it to Blockchain Technology to Enhance Security and Minimize Theft of Crypto-assets SINGAPORE / ACCESSWIRE / November 6, 2017 / Token Security Scheme (TSS) has announced today that their token sale will begin on 6 November. It will utilize funds from the campaign to build Distributed Hardware Security Modules (DHSM) infrastructure, which will be set up in Enhanced Payment Card Industry (EPCI) security compliant facilities located around the world. These facilities will be regularly audited by certified professionals to ensure up-to-date compliance. Next, the DHSM network will be further expanded to forge more partnerships with key players located globally to set up more facilities. Users can look forward to trading with a peace of mind that their digital assets are secured in multiple locations and immune to destruction by disasters or malicious parties. The platform's main security features are: Distributed safekeeping of the private keys, over various geographical locations Multisig verifications Continuous certifications by PCI compliance professional auditors Key recovery with stringent authentication Development of trusted nodes for permissioned blockchain "The project helps investors of cryptocurrencies to safekeep their digital assets for their future generations. They can sleep soundly knowing that their wealth accumulated would not be taken away from them easily." - Abraham Kee, Co-Founder of 5M Holdings. Together with their technology partners, TSS will develop and host use cases such as: Cryptocurrency wallet providers Cryptocurrency exchanges Safe identity repositories Permissioned and permissionless blockchains and more With these plans in place, Token Security Scheme hopes to make the blockchain a safer place to carry out crypto-activities, enhance security and minimize the theft of crypto-assets from individuals and businesses. Story continues Token Details Token Code: TSS Token Type: Ethereum ERC20 Token Sale Details The upcoming token sale will allow participants to purchase a maximum of 100,000,000 TSS tokens to support and bring the security platform project to fruition. The only currency accepted when purchasing tokens is Ethereum and there are exclusive bonuses available depending on the phase contributed. Here are the details: Week 1: 15% Bonus (1 ETH = 1150 TSS) Start: 06 Nov 2017 00:00 UTC+8 End: 13 Nov 2017 00:00 UTC+8 Weeks 2 & 3: 10% Bonus (1 ETH = 1100 TSS) Start: 13 Nov 2017 00:00 UTC+8 End: 27 Nov 2017 00:00 UTC+8 Week 4: 5% Bonus (1 ETH = 1050 TSS) Start 27 Nov 2017 00:00 UTC+8 End: 04 Dec 2017 00:00 UTC+8 Those interested in purchasing the token to become a part of the initiative can visit TSS website at https://www.tsstoken.com on 6 November when the sale goes live. Contacts & ICO Information TSS ICO Website | 5M Holdings Website About 5M Holdings Pte Ltd / Parent company of Token Security Scheme 5M Holdings was created with the vision to make blockchain an inclusive technology, to unlock its full potential for all communities globally. To make this vision a reality, a secure and robust platform will be created by their team of security experts to protect an individual's or business' digital assets, preventing it from being hacked and used for malicious means. This platform will be scalable enough for other use cases of blockchain technology to be built upon, such as cryptocurrency exchanges, wallet providers, permissionless and permissioned block chains like food safety blockchains and more. With greater security comes endless possibilities. Its first project is Token Security Scheme - Making blockchain safer for everyday use that will begin ICO on 6 November 2017. Name: Benjamin Bay Contact Email Address: [email protected] Website / URL Link: https://www.tsstoken.com Whitepaper Link: https://www.tsstoken.com/home_files/white-paper.pdf Bitcointalk Link: https://bitcointalk.org/index.php?topic=2177307 Learn more about TSS Token at - https://www.tsstoken.com/tokensale.php Media Contact Contact Name: 5M Holdings Pte Ltd Media Contact Email: [email protected] Location: Singapore Disclaimer: 5M Holdings is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. ROI cannot be guaranteed. Readers are urged to make investment decisions at their own discretion and the company will not be responsible for the outcome of such decisions. This press release may contain certain forward-looking statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations they are based on will occur. SOURCE: Token Security Scheme || Token Security Scheme: A Cybersecurity Platform That Safeguards All Crypto-Assets Launches Its ICO on 6 November: Taking Security Technology Behind the Banking and Payment Card Industry of Digital Key Management and Applying it to Blockchain Technology to Enhance Security and Minimize Theft of Crypto-assets
SINGAPORE / ACCESSWIRE / November 6, 2017 /Token Security Scheme (TSS) has announced today that their token sale will begin on 6 November. It will utilize funds from the campaign to build Distributed Hardware Security Modules (DHSM) infrastructure, which will be set up in Enhanced Payment Card Industry (EPCI) security compliant facilities located around the world. These facilities will be regularly audited by certified professionals to ensure up-to-date compliance.
Next, the DHSM network will be further expanded to forge more partnerships with key players located globally to set up more facilities. Users can look forward to trading with a peace of mind that their digital assets are secured in multiple locations and immune to destruction by disasters or malicious parties. The platform's main security features are:
• Distributed safekeeping of the private keys, over various geographical locations
• Multisig verifications
• Continuous certifications by PCI compliance professional auditors
• Key recovery with stringent authentication
• Development of trusted nodes for permissioned blockchain
"The project helps investors of cryptocurrencies to safekeep their digital assets for their future generations. They can sleep soundly knowing that their wealth accumulated would not be taken away from them easily." - Abraham Kee, Co-Founder of 5M Holdings.
Together with their technology partners, TSS will develop and host use cases such as:
• Cryptocurrency wallet providers
• Cryptocurrency exchanges
• Safe identity repositories
• Permissioned and permissionless blockchains and more
With these plans in place, Token Security Scheme hopes to make the blockchain a safer place to carry out crypto-activities, enhance security and minimize the theft of crypto-assets from individuals and businesses.
Token Details
Token Code: TSSToken Type: Ethereum ERC20
Token Sale Details
The upcoming token sale will allow participants to purchase a maximum of 100,000,000 TSS tokens to support and bring the security platform project to fruition. The only currency accepted when purchasing tokens is Ethereum and there are exclusive bonuses available depending on the phase contributed. Here are the details:
Week 1: 15% Bonus(1 ETH = 1150 TSS)Start: 06 Nov 2017 00:00 UTC+8End: 13 Nov 2017 00:00 UTC+8
Weeks 2 & 3: 10% Bonus(1 ETH = 1100 TSS)Start: 13 Nov 2017 00:00 UTC+8End: 27 Nov 2017 00:00 UTC+8
Week 4: 5% Bonus(1 ETH = 1050 TSS)Start 27 Nov 2017 00:00 UTC+8End: 04 Dec 2017 00:00 UTC+8Those interested in purchasing the token to become a part of the initiative can visit TSS website athttps://www.tsstoken.comon 6 November when the sale goes live.
Contacts & ICO InformationTSS ICO Website|5M Holdings Website
About 5M Holdings Pte Ltd / Parent company of Token Security Scheme
5M Holdings was created with the vision to make blockchain an inclusive technology, to unlock its full potential for all communities globally. To make this vision a reality, a secure and robust platform will be created by their team of security experts to protect an individual's or business' digital assets, preventing it from being hacked and used for malicious means.
This platform will be scalable enough for other use cases of blockchain technology to be built upon, such as cryptocurrency exchanges, wallet providers, permissionless and permissioned block chains like food safety blockchains and more. With greater security comes endless possibilities. Its first project is Token Security Scheme - Making blockchain safer for everyday use that will begin ICO on 6 November 2017.
Name:Benjamin BayContact Email Address:[email protected] / URL Link:https://www.tsstoken.comWhitepaper Link:https://www.tsstoken.com/home_files/white-paper.pdfBitcointalk Link:https://bitcointalk.org/index.php?topic=2177307Learn more about TSS Token at -https://www.tsstoken.com/tokensale.php
Media ContactContact Name:5M Holdings Pte Ltd MediaContact Email:[email protected]:Singapore
Disclaimer:5M Holdingsis the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. ROI cannot be guaranteed. Readers are urged to make investment decisions at their own discretion and the company will not be responsible for the outcome of such decisions. This press release may contain certain forward-looking statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations they are based on will occur.
SOURCE:Token Security Scheme || ETF Winners of the First Year of Trump Era: Donald Trump is nearing his best political day in life (probably). He became the U.S. President on Nov 8, 2016 and prompted a monster rally in the U.S. stock market. The Dow Jones Industrial Average has been one of the strongest beneficiaries of the Trump rally with DIA gaining about 28% since his election win (as of Nov 2, 2017). His promises of tax cuts, deregulations in the financial sector and bringing back foreign jobs to America boosted the markets. The S&P 500-based ETF SPY added over 20% while the Nasdaq-100-based fund QQQ surged about 30% during this time frame. Along with Trump bump, a harmonized recovery in the global economy also led such gigantic gains. While Trumps several agenda faced political gridlocks, and have not seen the day of the light yet, markets remain upbeat. All hopes have not died yet. Against this backdrop, we would like to highlight ETFs that have performed superbly since Trumps win (read: Welcome Trump Era with These ETFs). ARK Innovation ETF ARKK Up 74.2% Companies in ARKK include those that benefit from the development of new products or services, technological improvements and advancements in scientific research (read: ETFs Riding High On Bitcoin Surge). ARK Web x.0 ETF ARKW Up 72.9% The ARK Web x.0 ETF looks to track the long-term growth of capital. It is an actively managed ETF that invests primarily in domestic equity securities and U.S. exchange traded foreign equity securities of companies that are related to the funds investment theme of Web x.0 (read: Twitter Surges on Q3 Results: Log in to These ETFs). PowerShares Dynamic Semiconductors ETF PSI Up 61.6% Semiconductor stocks had every reason to put up a great show. Rise in cloud computing, surge of bitcoins and upbeat forecast for electronics sales in the holiday season all call for greater demand for semiconductors. Apart from PSI, other semiconductor ETFs like First Trust Nasdaq Semiconductor ETF FTXL and VanEck Vectors Semiconductor ETF SMH also surged (read: 5 Biggest ETF Winners of Trump Trade Resurgence). Story continues Global X Lithium & Battery Tech ETF LIT Up 60.9% The fund looks to track the performance of the companies that are active in the exploration and/ or mining of Lithium or production of Lithium batteries. The fund surged as electric-powered vehicles are gaining immense popularity (read: Inside The Surge in Lithium ETF). Global X Robotics & Artfcl Intllgnc ETF BOTZ Up 56.5% The product invests in companies that are set to benefit from increased utilization of robotics and artificial intelligence (read: Inside the Rise of Thematic ETFs). iShares U.S. Home Construction ETF ITB Up 51.7% The housing sector has been in good shape. The fund looks to track the performance of the home construction sector of the U.S. equity market (read: 5 ETFs to Soar After Solid Q3 GDP Data). PowerShares DWA Healthcare Momentum ETF PTH Up 50.8% This segment also caught investors attention. Healthcare was hit hard before election on the price-gouging issue. The issue was first raised by Hillary Clinton in September 2015 and since then the space has been battered by increasing political and media focus on high prices for some drugs. However, the stringent approach is easing, allowing investors to enter the space all over again. Also, President Trumps pledges to reduce FDA regulations, removal of taxes and fees on pharmaceutical and medical-device manufacturers, and successful clinical trials for new drugs may prove to be a boon to the space (read: 5 Reasons Why Biotech ETFs are Soaring). Want key ETF info delivered straight to your inbox? Zacks free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPDR-DJ IND AVG (DIA): ETF Research Reports NASDAQ-100 SHRS (QQQ): ETF Research Reports SPDR-SP 500 TR (SPY): ETF Research Reports ISHARS-US HO CO (ITB): ETF Research Reports PWRSH-DYN SEMI (PSI): ETF Research Reports VANECK-SEMICON (SMH): ETF Research Reports ARK- WEB XO ETF (ARKW): ETF Research Reports PWRSH-DW HLT MO (PTH): ETF Research Reports ARK-INNOVATION (ARKK): ETF Research Reports GLBL-X LITHIUM (LIT): ETF Research Reports FT-NDQ SEMICON (FTXL): ETF Research Reports GLBL-X ROB&ART (BOTZ): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || ETF Winners of the First Year of Trump Era: Donald Trump is nearing his best political day in life (probably). He became the U.S. President on Nov 8, 2016 and prompted a monster rally in the U.S. stock market. The Dow Jones Industrial Average has been one of the strongest beneficiaries of the Trump rally with DIA gaining about 28% since his election win (as of Nov 2, 2017).
His promises of tax cuts, deregulations in the financial sector and bringing back foreign jobs to America boosted the markets. The S&P 500-based ETF SPY added over 20% while the Nasdaq-100-based fund QQQ surged about 30% during this time frame. Along with Trump bump, a harmonized recovery in the global economy also led such gigantic gains.
While Trump’s several agenda faced political gridlocks, and have not seen the day of the light yet, markets remain upbeat. All hopes have not died yet. Against this backdrop, we would like to highlight ETFs that have performed superbly since Trump’s win (read: Welcome Trump Era with These ETFs).
ARK Innovation ETF ARKK –Up 74.2%
Companies in ARKK include those that “benefit from the development of new products or services, technological improvements and advancements in scientific research” (read: ETFs Riding High On Bitcoin Surge).
ARK Web x.0 ETF ARKW –Up 72.9%
The ARK Web x.0 ETF looks to track the long-term growth of capital. It is an actively managed ETF that invests primarily in domestic equity securities and U.S. exchange traded foreign equity securities of companies that are related to the fund’s investment theme of Web x.0 (read: Twitter Surges on Q3 Results: Log in to These ETFs).
PowerShares Dynamic Semiconductors ETF PSI –Up 61.6%
Semiconductor stocks had every reason to put up a great show. Rise in cloud computing, surge of bitcoins and upbeat forecast for electronics sales in the holiday season — all call for greater demand for semiconductors. Apart from PSI, other semiconductor ETFs likeFirst Trust Nasdaq Semiconductor ETFFTXL andVanEck Vectors Semiconductor ETFSMH also surged (read: 5 Biggest ETF Winners of Trump Trade Resurgence).
Global X Lithium & Battery Tech ETF LIT –Up 60.9%
The fund looks to track the performance of the companies that are active in the exploration and/ or mining of Lithium or production of Lithium batteries. The fund surged as electric-powered vehicles are gaining immense popularity (read: Inside The Surge in Lithium ETF).
Global X Robotics & Artfcl Intllgnc ETF BOTZ –Up 56.5%
The product invests in companies that are set to benefit from increased utilization of robotics and artificial intelligence (read: Inside the Rise of Thematic ETFs).
iShares U.S. Home Construction ETF ITB–Up 51.7%
The housing sector has been in good shape. The fund looks to track the performance of the home construction sector of the U.S. equity market (read: 5 ETFs to Soar After Solid Q3 GDP Data).
PowerShares DWA Healthcare Momentum ETF PTH –Up 50.8%
This segment also caught investors’ attention. Healthcare was hit hard before election on the price-gouging issue. The issue was first raised by Hillary Clinton in September 2015 and since then the space has been battered by increasing political and media focus on high prices for some drugs.
However, the stringent approach is easing, allowing investors to enter the space all over again. Also, President Trump’s pledges to reduce FDA regulations, removal of taxes and fees on pharmaceutical and medical-device manufacturers, and successful clinical trials for new drugs may prove to be a boon to the space (read: 5 Reasons Why Biotech ETFs are Soaring).
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportSPDR-DJ IND AVG (DIA): ETF Research ReportsNASDAQ-100 SHRS (QQQ): ETF Research ReportsSPDR-SP 500 TR (SPY): ETF Research ReportsISHARS-US HO CO (ITB): ETF Research ReportsPWRSH-DYN SEMI (PSI): ETF Research ReportsVANECK-SEMICON (SMH): ETF Research ReportsARK- WEB XO ETF (ARKW): ETF Research ReportsPWRSH-DW HLT MO (PTH): ETF Research ReportsARK-INNOVATION (ARKK): ETF Research ReportsGLBL-X LITHIUM (LIT): ETF Research ReportsFT-NDQ SEMICON (FTXL): ETF Research ReportsGLBL-X ROB&ART (BOTZ): ETF Research ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report || What you need to know on Wall Street today: Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox . The next four days will be crucial for the GOP tax plan . The House Republican bill to reform the tax code meets its first real test Monday , with House Ways and Means Chair Kevin Brady bringing his bill to the committee for the start of a multi-day markup. Broadcom has offered to buy Qualcomm in what would be the largest tech deal ever . And banks could earn a huge payday – $280 million – from Broadcom's mega-bid . There's a mystery facing the new Fed chair nominee Jerome Powell – and a false step could hurt the economy . And New York Fed President William Dudley is planning to retire early . In hedge fund news, Bank of America Merrill Lynch has signed on with a quant firm – and it shows where Wall Street is headed. In markets: Twitter's stock price is down after its fourth-largest investor was arrested in a Saudi Arabian anti-corruption sweep Oil climbs after Saudi Arabia detains princes and dozens of former officials There's one group of stocks that's destroying the market since the election – all thanks to Trump AMD and Intel are reportedly teaming up to take on Nvidia Bitcoin hits all-time high ahead of another potential fork Bitcoin's 'bubble' is unlike anything we've seen recently New York City Mayor Bill de Blasio wrote for Business Insider today about Trump's tax plan, saying the GOP might as well have asked New Yorkers to take $1,000 out of an ATM to give to a hedge-fund manager. And a crucial line in Trump's new tax plan will make it a lot harder to buy a $1 million home . NOW WATCH: I spent a day trying to pay for things with bitcoin and a bar of gold See Also: What you need to know on Wall Street today What you need to know on Wall Street today What you need to know on Wall Street today || What you need to know on Wall Street today: Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign uphere to get the best of Business Insider delivered direct to your inbox.
Thenext four days will be crucial for the GOP tax plan.
The House Republican bill to reform the tax codemeets its first real test Monday, with House Ways and Means Chair Kevin Brady bringing his bill to the committee for the start of a multi-day markup.
Broadcom has offered to buy Qualcomm in what would be the largest tech deal ever. And banks could earn a hugepayday – $280 million – from Broadcom's mega-bid.
There's a mystery facing the new Fed chair nominee Jerome Powell –and a false step could hurt the economy. AndNew York Fed President William Dudley is planning to retire early.
In hedge fund news,Bank of America Merrill Lynch has signed on with a quant firm – and it shows where Wall Street is headed.
In markets:
• Twitter'sstock price is down after its fourth-largest investor was arrested in a Saudi Arabian anti-corruption sweep
• Oil climbs after Saudi Arabia detains princes and dozens of former officials
• There'sone group of stocks that's destroying the market since the election – all thanks to Trump
• AMD and Intel are reportedly teaming up to take on Nvidia
• Bitcoin hits all-time high ahead of another potential fork
• Bitcoin's 'bubble' is unlike anything we've seen recently
New York City Mayor Bill de Blasiowrote for Business Insider todayabout Trump's tax plan, saying the GOP might as well have asked New Yorkers to take $1,000 out of an ATM to give to a hedge-fund manager.
Anda crucial line in Trump's new tax plan will make it a lot harder to buy a $1 million home.
NOW WATCH:I spent a day trying to pay for things with bitcoin and a bar of gold
See Also:
• What you need to know on Wall Street today
• What you need to know on Wall Street today
• What you need to know on Wall Street today || GOLDMAN SACHS: Bitcoin could get close to $8,000: Lucas Jackson/Reuters
• Bitcoin touched a record high of $7,592 a coin on Monday.
• Goldman Sachs' head of technical analysis says the chart points to a possible run at the $8,000 level.
Goldman Sachs thinksbitcoinstill has more room to run.
The red-hot cryptocurrency, which has gained more than 600% this year and is currently trading near $7,200 a coin, could threaten the $8,000 mark, according to a note sent out to clients on Sunday from Goldman Sachs technical head Sheba Jafari.
"It exceeded an equality target from the July low at 6,044," Jafari wrote. "This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation."
Goldman Sachs
The cryptocurrency put in anall-time high of $7,592 a coinearly Monday as traders continue to pile in following the announcement that CME Group, one of the world's largest exchange groups, was launchingbitcoin futures tradingby the end of the year. Bitcoin has gained more than $1,000 since the November 1 announcement.
The gains also come as traders await the implementation of alooming fork in bitcoin's network.
Disagreements in the cryptocurrency community over an upgrade known as SegWit2x could split bitcoin into two more cryptocurrencies. Bitcoin has already forked into bitcoin cash and bitcoin gold.
Another fork would double the amount of coins for people who hold them on an exchange or in a wallet backing the fork.Trevor Koverko, the CEO of Polymath, a cryptocurrency technology company, told Business Insider that folks could be buying in before the fork to get that free cash.
"Speculation on this free money is driving up the price," he said. "Smart traders are riding the wave and will pull out before the fork."
NOW WATCH:Tesla's value is surging 'because the vision is so intoxicating'
See Also:
• Bitcoin hits all-time high ahead of another potential fork
• Investors are running out of money — and that's bad news for stocks
• Bitcoin just hit an all-time high — here's how you buy and sell it || GOLDMAN SACHS: Bitcoin could get close to $8,000: Lucas Jackson/Reuters
• Bitcoin touched a record high of $7,592 a coin on Monday.
• Goldman Sachs' head of technical analysis says the chart points to a possible run at the $8,000 level.
Goldman Sachs thinksbitcoinstill has more room to run.
The red-hot cryptocurrency, which has gained more than 600% this year and is currently trading near $7,200 a coin, could threaten the $8,000 mark, according to a note sent out to clients on Sunday from Goldman Sachs technical head Sheba Jafari.
"It exceeded an equality target from the July low at 6,044," Jafari wrote. "This break indicated potential for an impulsive advance, one that could reach at least 7,941. This is the minimum target for a 3rd of 5-waves up and should therefore be a level from which to watch for signs of a consolidation."
Goldman Sachs
The cryptocurrency put in anall-time high of $7,592 a coinearly Monday as traders continue to pile in following the announcement that CME Group, one of the world's largest exchange groups, was launchingbitcoin futures tradingby the end of the year. Bitcoin has gained more than $1,000 since the November 1 announcement.
The gains also come as traders await the implementation of alooming fork in bitcoin's network.
Disagreements in the cryptocurrency community over an upgrade known as SegWit2x could split bitcoin into two more cryptocurrencies. Bitcoin has already forked into bitcoin cash and bitcoin gold.
Another fork would double the amount of coins for people who hold them on an exchange or in a wallet backing the fork.Trevor Koverko, the CEO of Polymath, a cryptocurrency technology company, told Business Insider that folks could be buying in before the fork to get that free cash.
"Speculation on this free money is driving up the price," he said. "Smart traders are riding the wave and will pull out before the fork."
NOW WATCH:Tesla's value is surging 'because the vision is so intoxicating'
See Also:
• Bitcoin hits all-time high ahead of another potential fork
• Investors are running out of money — and that's bad news for stocks
• Bitcoin just hit an all-time high — here's how you buy and sell it
[Social Media Buzz]
3hours ranking 11/08 06:00～09:00
↓BTC_NAUT ↓BTC_RIC ↑BTC_VTC ↓BTC_XBC pic.twitter.com/H7A6Cc18zg || BTC最新価格 : 832,125.00 円( 2017-11-07 20:59:59 )
#最新価格 #BTC #ビットコイン #Bitcoin || SELL
Payment method: CLEAR_X_CHANGE
Offer ID: EOJKRVBT
Amount: 0.047 BTC
Price for 1: 7300.00 USD
Maximum: 343.10 USD
Distance: 0.91% || BTC Price: 7020.50$,
BTC Today High : 7251.00$,
BTC All Time High : 7440.00$
ETH Price: 290.38$ #bitcoin #BTC $BTC #ETH $ETHpic.twitter.com/B3Pd225659 || #Bitcoin : Baja !! 07/1...
|
7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 432.52, 433.50, 437.70, 435.12, 423.99, 421.65, 410.94, 400.57, 407.71, 414.32, 413.97, 414.86, 417.13, 421.69, 411.62, 414.07, 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38.
|
[Bitcoin Technical Analysis for 2016-05-26]
Volume: 65203800, RSI (14-day): 55.27, 50-day EMA: 443.62, 200-day EMA: 403.93
[Wider Market Context]
Gold Price: 1220.10, Gold RSI: 34.98
Oil Price: 49.48, Oil RSI: 70.71
[Recent News (last 7 days)]
BTCS Provides Shareholder Update: ARLINGTON, VA--(Marketwired - May 25, 2016) -BTCS Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, increased its Ethereum-mining hosting business to approximately 150 kilowatts ("kw"), up from approximately 50kw announced in March 2016.
"We have gained valuable expertise since launching our Ethereum pilot program in March," stated Charles Allen, CEO of BTCS. "Ethereum has rocketed to nearly 20% of the market cap of Bitcoin in less than two years, led by rapid adoption and growing support from major players in tech and finance including Gemini and Coinbase (which just rebranded to GDAX). We believe our experience, in connection with additional capital, should allow us to further expand our Ethereum mining and hosting businesses, to diversify our exposure to bitcoin, and to use more of our available power capacity."
Ethereum is a digital currency and blockchain platform focused on smart contract applications. Like bitcoin-based blockchain technologies, the decentralized network of Ethereum enables transactions without downtime, censorship, fraud, or third-party interference. Year to date, the value of Ether, the digital token or fuel that powers the Ethereum network, in USD terms, has grown over 1,300% the total value of all Ether, or market cap of Ether, surpassing $1 billion.
"With the year-to-date increase in the difficulty of mining Bitcoins, and the more attractive economics currently displayed by Ether, we've taken the opportunity to sell some of our early-generation ASIC ("application specific integrated circuit") servers," continued Allen. "We've also entered preliminary discussions with a designer of specialized Ether mining servers, and we're exploring the possibility of being the exclusive hardware assembler for that designer. Unlike ASIC servers, Ether mining servers utilize off the shelf computer hardware, custom software and can be made-to-order with limited capital investment. We have the space to operate the assembly business at our NC facility, and we are in talks to become the exclusive distributor. While we can provide no assurances that any partnership or relationship will materialize, we are currently hosting their first generation prototype servers. We plan to provide updates on this initiative as it develops."
Allen concluded, "In regards to Spondoolies-Tech Ltd., we are actively exploring potential claims we may have from prior investments and we will pursue all options ahead of the July hearing."
About BTCS:BTCS secures the blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit:www.btcs.com
Forward-Looking Statements:Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || BTCS Provides Shareholder Update: ARLINGTON, VA--(Marketwired - May 25, 2016) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, increased its Ethereum-mining hosting business to approximately 150 kilowatts ("kw"), up from approximately 50kw announced in March 2016. "We have gained valuable expertise since launching our Ethereum pilot program in March," stated Charles Allen, CEO of BTCS. "Ethereum has rocketed to nearly 20% of the market cap of Bitcoin in less than two years, led by rapid adoption and growing support from major players in tech and finance including Gemini and Coinbase (which just rebranded to GDAX). We believe our experience, in connection with additional capital, should allow us to further expand our Ethereum mining and hosting businesses, to diversify our exposure to bitcoin, and to use more of our available power capacity." Ethereum is a digital currency and blockchain platform focused on smart contract applications. Like bitcoin-based blockchain technologies, the decentralized network of Ethereum enables transactions without downtime, censorship, fraud, or third-party interference. Year to date, the value of Ether, the digital token or fuel that powers the Ethereum network, in USD terms, has grown over 1,300% the total value of all Ether, or market cap of Ether, surpassing $1 billion. "With the year-to-date increase in the difficulty of mining Bitcoins, and the more attractive economics currently displayed by Ether, we've taken the opportunity to sell some of our early-generation ASIC ("application specific integrated circuit") servers," continued Allen. "We've also entered preliminary discussions with a designer of specialized Ether mining servers, and we're exploring the possibility of being the exclusive hardware assembler for that designer. Unlike ASIC servers, Ether mining servers utilize off the shelf computer hardware, custom software and can be made-to-order with limited capital investment. We have the space to operate the assembly business at our NC facility, and we are in talks to become the exclusive distributor. While we can provide no assurances that any partnership or relationship will materialize, we are currently hosting their first generation prototype servers. We plan to provide updates on this initiative as it develops." Story continues Allen concluded, "In regards to Spondoolies-Tech Ltd., we are actively exploring potential claims we may have from prior investments and we will pursue all options ahead of the July hearing." About BTCS: BTCS secures the blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Banks Considering Digital Safeguards Against Fraud In $4T Trade Financing Market: Banks around the globe don't have a uniform system of communication, which has allowed the prevalence of fraud in the financial world. Especially in the trade financing market, fraudulent paper invoices have caused millions of dollars in losses for companies and banks. According to Bloomberg , Standard Chartered PLC lost $193 million at China's Qingdao port two years ago, a Singaporean businessman allegedly used the same invoices for metal stockpiles multiple times with different banks for hundreds of millions, and fake invoices in 2008 cost JPMorgan Chase & Co. (NYSE: JPM ) almost $700 million. Banks are considering adopting a distributed-ledger technology similar to the software that backs bitcoin. A blockchain electronic ledger invoice service could potentially cut billions of dollars in costs for banks. It would also do away with paper invoices – the major source of fraud in the trade finance business. The main hurdle is: Are banks going to be willing to disclose their confidential transactions in order to form this system? Related Link: Can Bitcoin Resolve Central Bank Woes? HSBC Holdings plc (ADR) (NYSE: HSBC ) and Bank of America Corp (NYSE: BAC ) in separate emails mentioned that they are involved in the pursuit of blockchain projects, according to Bloomberg. The changing digital landscape of the finance industry is forcing banks to collaborate with each other. But in order for a common invoicing platform to be adopted across the board, common standards have to be agreed upon. Owen Jelf, managing director of Accenture's capital markets practice, said, "Think of it like putting seven people who speak seven different languages in one room and try to settle a problem, in this case how to settle a trade finance transfer." Infocomm Development Authority of Singapore, who is working closely with Standard Chartered and DBS, said, "Trade financing is borderless and banks that do adopt this technology will be able to benefit regardless of the country of origin." See more from Benzinga 8 Biggest Mid-Day Winners Bank Of America Initiates Coverage On Red Rock Resorts With A Buy Rating U.S. Lifts Arms Ban On Vietnam As Tensions Over The South China Sea Fester © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Banks Considering Digital Safeguards Against Fraud In $4T Trade Financing Market: Banks around the globe don't have a uniform system of communication, which has allowed the prevalence of fraud in the financial world. Especially in the trade financing market, fraudulent paper invoices have caused millions of dollars in losses for companies and banks. According to Bloomberg , Standard Chartered PLC lost $193 million at China's Qingdao port two years ago, a Singaporean businessman allegedly used the same invoices for metal stockpiles multiple times with different banks for hundreds of millions, and fake invoices in 2008 cost JPMorgan Chase & Co. (NYSE: JPM ) almost $700 million. Banks are considering adopting a distributed-ledger technology similar to the software that backs bitcoin. A blockchain electronic ledger invoice service could potentially cut billions of dollars in costs for banks. It would also do away with paper invoices – the major source of fraud in the trade finance business. The main hurdle is: Are banks going to be willing to disclose their confidential transactions in order to form this system? Related Link: Can Bitcoin Resolve Central Bank Woes? HSBC Holdings plc (ADR) (NYSE: HSBC ) and Bank of America Corp (NYSE: BAC ) in separate emails mentioned that they are involved in the pursuit of blockchain projects, according to Bloomberg. The changing digital landscape of the finance industry is forcing banks to collaborate with each other. But in order for a common invoicing platform to be adopted across the board, common standards have to be agreed upon. Owen Jelf, managing director of Accenture's capital markets practice, said, "Think of it like putting seven people who speak seven different languages in one room and try to settle a problem, in this case how to settle a trade finance transfer." Infocomm Development Authority of Singapore, who is working closely with Standard Chartered and DBS, said, "Trade financing is borderless and banks that do adopt this technology will be able to benefit regardless of the country of origin." See more from Benzinga 8 Biggest Mid-Day Winners Bank Of America Initiates Coverage On Red Rock Resorts With A Buy Rating U.S. Lifts Arms Ban On Vietnam As Tensions Over The South China Sea Fester © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM (IBM.N), which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a tonne of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalisation of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a licence in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) View comments || Bitcoin exchange Coinbase to add ether currency to trading platform: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline) By Gertrude Chavez-Dreyfuss NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday. The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network. Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin. "We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum." He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other. Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added. Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said. According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million. Story continues At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency. White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state. Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange. "What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: (Adds quotes, details about ether, and byline)
By Gertrude Chavez-Dreyfuss
NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programmer Vitalik Buterin.
"We're very excited about Ethereum. There has been a ton of progress made in the last six to nine months," said Adam White, vice president of business development at Coinbase in an interview with Reuters. "We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum."
He added that bitcoin cannot mirror Ethereum's "scripting language," so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange), said White. The name Coinbase, however, will be retained for its retail service such as exchanging dollars for bitcoin or ether, he added.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs on GDAX. The name change was made because the company will add more digital assets for trading on its exchange, White said.
According to coinmarketcap.com, ether is trading at $14.28 late on Thursday, with a market capitalization of about $1.1 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $6.9 billion. Daily volume for ether is around $48 million, while average daily volume for bitcoin is $87.2 million.
At the beginning of the year, ether traded at just $1 per token and it is the fastest-rising digital currency.
White said ether will be available on GDAX in most states except New York because Coinbase is still in the process of applying for a license in the state.
Coinbase's move to add ether trading to its currency exchange platform came after New York approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade ether on its exchange.
"What's powerful about ethereum is that I can write self-executing contracts and I can run them on Ethereum and it's not on any central server or computer," said White.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr) || Bitcoin exchange Coinbase to add ether currency to trading platform: NEW YORK, May 19 (Reuters) - Bitcoin exchange Coinbase said late Thursday it will add digital currency ether on its trading platform next Tuesday.
With the launch of ether trading next week, Coinbase is also changing the name of its platform to GDAX (Global Digital Asset Exchange), said Adam White, vice president of business development and head of GDAX.
Coinbase, widely believed to be the largest bitcoin-focused company in terms of investment, will offer ether/dollar and ether/bitcoin currency pairs.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum uses ether to execute peer-to-peer contracts automatically without the need for intermediaries.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Bernard Orr)
[Social Media Buzz]
$447.90 at 05:15 UTC [24h Range: $445.00 - $449.60 Volume: 3903 BTC] || BTCTurk 1355.1 TL BTCe 452.691 $ CampBx $ BitStamp 452.00 $ Cavirtex $ CEXIO 455.00 $ Bitcoin.de 405.68 € #Bitcoin #btc || $450.99 #coinbase;
$450.73 #btce;
$449.61 #bitfinex;
$448.00 #bitstamp;
Prices & News: http://bit.ly/1VI6Yse
#bitcoin #btc || #TrinityCoin #TTY $ 0.000009 (0.18 %) 0.00000002 BTC (-0.00 %) || Bitstamp: $462.00/BTC - last trade of USD/BTC at https://www.bitstamp.net/ (high: 462.49, low: 446.80) #...
|
473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11.
|
[Bitcoin Technical Analysis for 2020-11-01]
Volume: 24453857900, RSI (14-day): 75.96, 50-day EMA: 11906.79, 200-day EMA: 10473.14
[Wider Market Context]
None available.
[Recent News (last 7 days)]
ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 31, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/613694/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 31, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com . ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/613694/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 31, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/613694/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Crypto Is Less Scary Than Halloween: It’s October, and if you’re at all like me you’re listening to ghost story podcasts, watching scary movies and jumping whenever things go bump in the night. When I tell people that I work in cryptocurrency, people often ask me questions straight out of a horror movie. Isn’t bitcoin creepy? I understand their confusion: Hollywood often acts like everything crypto-related is dark web deals and criminal conduct. In fact, it’s held and traded by millions of law-abiding people around the world and, in the United States, is recognized by the Internal Revenue Service . Catherine Coley is CEO of Binance.US . Related: Why Satoshi Chose Halloween to Release the Bitcoin White Paper Even the nation’s largest bank, JPMorgan Chase , wants to create a digital currency. Electronic or digital currencies hold great potential as non-inflationary global means of trade. Whether you’re an athlete or an artist, a barber or a banker, a teenager or a retiree, cryptocurrency can work for you. Cryptocurrency is exciting, popular and useful but its increased acceptance doesn’t mean that all its shadows have disappeared. Because it’s October, I want to talk about the scariest thing in the crypto world: being tricked by scams. The great 2020 Twitter hack In July, hackers made off with roughly $120,000 in cryptocurrency after hacking major verified Twitter accounts. Accounts belonging to Barack Obama, Bill Gates and others published tweets asking users to send bitcoin to particular wallet addresses. The hacked accounts promised that any shared currency would be doubled and returned. They lied. Given the size, scale and sophistication of the June Twitter hack, it’s a relief to learn that the hackers’ payoff was relatively limited: Millions of people saw the fraudulent tweets, but only 400 deposited funds with the criminals. Any single theft is one theft too many, but the comparatively low number of victims means the crypto community has learned important lessons. And the thieves themselves were schooled in Bitcoin’s technology: The immutable blockchain ledger, which records all transactions in perpetuity, led directly to their arrest. Story continues Related: Money Reimagined: Who Are the Real Monsters? See also: Twitter Hack 2020 – Full Coverage “ Educate, don’t intimidate ” is my motto for business and for life. As my first job was navigating Wall Street’s foreign exchange trading desks, I know how intimidating finance and its terminology can be. The same goes for crypto. From the outside, words like “staking,” “hashing” and “mining” can seem very complicated. But with a little education you, too, can understand it. The last thing I want is to intimidate you and make you believe that there’s a scammer behind every email. But I do want you to recognize the possible signs of criminal activity and protect yourself. Everyone dealing with cryptocurrency should understand the most common grifts and schemes . A closer look at July’s Twitter hack is useful here. The 400 victims who sent funds to hackers imitating Elon Musk or Warren Buffett didn’t know that “giveaways” promising something for nothing are a cybercriminal standby. The July hack was more than “just” a giveaway exploit. If the criminals hadn’t compromised celebrity and politician accounts, their plan wouldn’t have worked. In July, Twitter admitted some of its employees had fallen victim to “spear phishing” attacks – they were convinced, by phone calls and seemingly official emails, to enter sensitive personal data into criminal-controlled websites. You shouldn’t believe everything you see on social media, and you must verify before trusting every email that pops into your inbox or every caller who has your mobile phone number. Take a quick gut check, look at the sender address or Twitter handle. Does it seem too good to be true? Learn from others’ mistakes, but don’t forget that the crooks are vastly outnumbered by honest users. Staying vigilant The digital asset community grows savvier by the day. And much of that comes from learning from mistakes. But, I hope, by reading this you can avoid them. An educated audience makes it harder for scammers to operate, and their return on scamming is shrinking. So, in 2020, are crypto scams on their way out? I wish they were. Just like monsters defeated in one movie only to be revived in sequels, scammers never stay down for long. Earlier this month, I took to Twitter to warn my followers about a fraudulent newsletter making the rounds. We’re still haunted by a few bad actors. Fake cryptocurrency exchange and wallet apps occasionally still show up on mobile app stores. New members of the crypto community sometimes fail to do their own research . And a few networks with bad intentions spend all day on Telegram and Discord lurking for vulnerable targets. With more awareness around crypto and your safety, scams may grow scarcer by the day, but they’re still out there. You may shiver to think of cybercriminals at large and in pursuit of your assets but the more you know the less worried you’re likely to be if you’ve taken the right steps to protect yourself. The perpetrators of the July 2020 Twitter hack were arrested and charged within two weeks. When investigators and law enforcement ripped their masks away, the masterminds were revealed to be teenagers from Florida and Massachusetts. This October, as the jack-o’-lanterns are lit, you may want to indulge in a good shudder over some terrifying scam story or another. It’s true that scams are a problem, but don’t fall for panicked urban legends. You have all the knowledge you need to operate. Smart planning, critical thinking and commonsense precautions can keep you safe from the tricksters and enjoying the treats of digital assets. Related Stories Crypto Is Less Scary Than Halloween Crypto Is Less Scary Than Halloween || Crypto Is Less Scary Than Halloween: It’s October, and if you’re at all like me you’re listening to ghost story podcasts, watching scary movies and jumping whenever things go bump in the night. When I tell people that I work in cryptocurrency, people often ask me questions straight out of a horror movie. Isn’t bitcoin creepy?
I understand their confusion:Hollywoodoften acts like everything crypto-related is dark web deals and criminal conduct. In fact, it’s held and traded by millions of law-abiding people around the world and, in the United States, is recognized by theInternal Revenue Service.
Catherine Coley is CEO ofBinance.US.
Related:Why Satoshi Chose Halloween to Release the Bitcoin White Paper
Even the nation’s largest bank,JPMorgan Chase, wants to create a digital currency. Electronic or digital currencies hold great potential as non-inflationary global means of trade. Whether you’re an athlete or an artist, a barber or a banker, a teenager or a retiree, cryptocurrency can work for you.
Cryptocurrency is exciting, popular and useful but its increased acceptance doesn’t mean that all its shadows have disappeared. Because it’s October, I want to talk about the scariest thing in the crypto world: being tricked by scams.
In July, hackers made off withroughly $120,000in cryptocurrency after hacking major verified Twitter accounts. Accountsbelonging to Barack Obama, Bill Gatesand others published tweets asking users to sendbitcointo particular wallet addresses. The hacked accounts promised that any shared currency would be doubled and returned. They lied.
Given the size, scale and sophistication of the June Twitter hack, it’s a relief to learn that the hackers’ payoff was relatively limited: Millions of people saw the fraudulent tweets, butonly 400deposited funds with the criminals. Any single theft is one theft too many, but the comparatively low number of victims means the crypto community has learned important lessons. And the thieves themselves were schooled in Bitcoin’s technology: The immutable blockchain ledger, which records all transactions in perpetuity, led directly to their arrest.
Related:Money Reimagined: Who Are the Real Monsters?
See also: Twitter Hack 2020 –Full Coverage
“Educate, don’t intimidate” is my motto for business and for life. As my first job was navigating Wall Street’s foreign exchange trading desks, I know how intimidating finance and its terminology can be. The same goes for crypto. From the outside, words like “staking,” “hashing” and “mining” can seem very complicated. But with a little education you, too, can understand it. The last thing I want is to intimidate you and make you believe that there’s a scammer behind every email. But I do want you to recognize the possible signs of criminal activity and protect yourself.
Everyone dealing with cryptocurrency should understand the mostcommon grifts and schemes. A closer look at July’s Twitter hack is useful here. The 400 victims who sent funds to hackers imitating Elon Musk or Warren Buffett didn’t know that “giveaways” promising something for nothing are a cybercriminal standby.
The July hack was more than “just” a giveaway exploit. If the criminals hadn’t compromised celebrity and politician accounts, their plan wouldn’t have worked. In July,Twitter admittedsome of its employees had fallen victim to “spear phishing” attacks – they were convinced, by phone calls and seemingly official emails, to enter sensitive personal data into criminal-controlled websites.
You shouldn’t believe everything you see on social media, and you must verify before trusting every email that pops into your inbox or every caller who has your mobile phone number. Take a quick gut check, look at the sender address or Twitter handle. Does it seem too good to be true? Learn from others’ mistakes, but don’t forget that the crooks are vastly outnumbered by honest users.
The digital asset community grows savvier by the day. And much of that comes from learning from mistakes. But, I hope, by reading this you can avoid them. An educated audience makes it harder for scammers to operate, and their return on scamming is shrinking.
So, in 2020, are crypto scams on their way out? I wish they were.
Just like monsters defeated in one movie only to be revived in sequels, scammers never stay down for long. Earlier this month, I took to Twitter towarn my followersabout a fraudulent newsletter making the rounds. We’re still haunted by a few bad actors.Fake cryptocurrency exchange and wallet appsoccasionally still show up on mobile app stores. New members of the crypto communitysometimes fail to do their own research. And a fewnetworkswith bad intentions spend all day on Telegram and Discord lurking for vulnerable targets. With more awareness around crypto and your safety, scams may grow scarcer by the day, but they’re still out there.
You may shiver to think of cybercriminals at large and in pursuit of your assets but the more you know the less worried you’re likely to be if you’ve taken the right steps to protect yourself. The perpetrators of the July 2020 Twitter hack werearrested and chargedwithin two weeks. When investigators and law enforcement ripped their masks away, the masterminds were revealed to be teenagers from Florida and Massachusetts.
This October, as the jack-o’-lanterns are lit, you may want to indulge in a good shudder oversome terrifying scam storyor another. It’s true that scams are a problem, but don’t fall for panicked urban legends. You have all the knowledge you need to operate. Smart planning, critical thinking andcommonsense precautionscan keep you safe from the tricksters and enjoying the treats of digital assets.
• Crypto Is Less Scary Than Halloween
• Crypto Is Less Scary Than Halloween || The World Is Never Getting Off Government Stimulus: The Breakdown weekly recap looks at bitcoin buying by Iran, JPM Coin and the latest round of lockdowns coming to Europe.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.com,Nexo.ioandElliptic.
• Bitcoin’sresilience in the face of a week where many investors went risk off, causing a drop in stocks and gold
• JPMorgan’s dramatic three-year attitude shift around bitcoin and crypto
• Iran stockpiling bitcoin to be able to pay for imports
• A new round of COVID-19 lockdowns and the stimulus that will follow
• Monday |Hedge Funds Failures, Bankruptcies and Pandemic Fatigue
• Tuesday |JPMorgan Launches JPM Coin: Welcome to the Private Currency Era
• Wednesday |The ‘Everything Crash’ Is Coming? Markets Go Risk-Off as European Stocks See Worst Day in 5 Months
• Thursday |Mirage Recovery: What ‘Record’ GDP Growth Tells Us About the Economy
• Friday |Why Satoshi Chose Halloween to Release the Bitcoin White Paper
Related:By the Numbers: More Bitcoin Bulls Than Ever Before
See also:Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The World Is Never Getting Off Government Stimulus
• The World Is Never Getting Off Government Stimulus
• The World Is Never Getting Off Government Stimulus || The World Is Never Getting Off Government Stimulus: The Breakdown weekly recap looks at bitcoin buying by Iran, JPM Coin and the latest round of lockdowns coming to Europe. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com , Nexo.io and Elliptic . On this week’s weekly recap, NLW looks at: Bitcoin’s resilience in the face of a week where many investors went risk off, causing a drop in stocks and gold JPMorgan’s dramatic three-year attitude shift around bitcoin and crypto Iran stockpiling bitcoin to be able to pay for imports A new round of COVID-19 lockdowns and the stimulus that will follow This week on The Breakdown: Monday | Hedge Funds Failures, Bankruptcies and Pandemic Fatigue Tuesday | JPMorgan Launches JPM Coin: Welcome to the Private Currency Era Wednesday | The ‘Everything Crash’ Is Coming? Markets Go Risk-Off as European Stocks See Worst Day in 5 Months Thursday | Mirage Recovery: What ‘Record’ GDP Growth Tells Us About the Economy Friday | Why Satoshi Chose Halloween to Release the Bitcoin White Paper Related: By the Numbers: More Bitcoin Bulls Than Ever Before See also: Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The World Is Never Getting Off Government Stimulus The World Is Never Getting Off Government Stimulus The World Is Never Getting Off Government Stimulus || A journalist-turned-detective on how corporate America depends on private sleuths: In the late 1990s, Tyler Maroney worked as a reporter for Fortune . But a chance encounter with an employee of Kroll, the large corporate detective agency, set him off on a new career as a private investigator. After working for Kroll, he went on to found his own investigations agency, Quest Research and Investigations (QRI), based in New York. Now, Maroney has written The Modern Detective (Riverhead Books, an imprint of Penguin Random House), in which he reflects on a two-decade career as a PI, detailing his pursuit of corporate fraudsters, missions to conduct due diligence for blockbuster mergers and acquisitions, and even how he helped free an innocent man from prison. Maroney seeks to demystify the job of private investigators and debunk myths ingrained from television and pulp fiction. He argues that the modern detective is a vital cog in corporate life and can be a force for good in society. Fortune spoke to Maroney via Zoom to ask him about his new book and his career. (The questions and his answers have been edited for length and clarity.) One of the arguments you make in the book is that private detectives have become indispensable to the functioning of large corporations and to corporate America. Why do you think thats true? Private detectives are brought into projects throughout the entire life cycle of a companys existence. Before a company is even formed, often investors will hire private detectives to conduct due diligence on the executives who are going to run that company, so that they understand who theyre going into business with. Then, down the line, when companies are up and running, they may get involved in legal disputeswhether its alleged vendor fraud, or a lawsuit with a competitor over a contract or trade secrets, for instanceand private detectives are brought in with outside counsel in that case, to help collect facts to resolve those disputes. Later on, when companies identify issues internally, such as a situation where they may have an employee they suspect is involved in, say, expense account fraudso private detectives are brought in to investigate that. If it turns out that there is some material, criminal behavior going on, then theres a referral made to law enforcement, often in conjunction with outside counsel. So my point is, whether its a kind of plain-vanilla due diligence or a bet-the-company controversial dispute, theres a role for private detectives to play that is not espionage but simply gathering facts to help the business become more profitable and run effectively. Story continues You say you wrote the book as a kind of corrective to the popular view of the private investigator as, at best, amoral, or, at worst, a sort of immoral force in the world. But so often we hear about private investigators who have run amok, or have been used to silence the critics of some powerful person or corporation. In light of that, how can you justify your view that thats not really what private investigation is all about? I acknowledge that there are people in my field who engage in that kind of behavior. There are countless stories in the media, yes. But the word corrective is a good one, because I very much set out to write a book that laid out 10 narratives, 10 chapters that describe the work of private investigators that is moral, effective, and useful on behalf of a whole range of clients. I try to make the argument that the worst among us are not representative of who we are, even if they get the most attention in the media. One of the points I try to make in the book is that in the United States, the industry is regulated. So each state has its own licensing regime. And there are very explicit rules against tactics like pretexting, which is essentially using deception, to get someone to speak to you. In your experience, how do most corporations manage their relationship with private investigators? What kind of oversight do they exercise? It depends on the company and the assignment. We are hired by outside counsel, the general counsels office, the head of security, audit committees, and so forth, depending on the assignment. Im glad you asked about oversight, because I often feel that our clients who hire private investigators could do a better job of investigating their own investigators, so to speak. By which I mean, knowing who you are hiring and why you are hiring them. And not only that, but asking what they plan to do: Who do they plan to interview? What documents do they plan to collect and how will they digest that information and present it? Its not uncommon for private detectives to tell their clients that they are going to disappear for a few weeks and come back with a report describing what theyve done. I feel that thats a mistake. I think there should be more transparency thats built into the relationship between companies and private detectives, because if that happens, theres no danger of clients being caught off guard by a detective whos done something immoral or even illegal. But isnt it the case that many times these companies dont want to actually know what it is the private detective is up to? Dont they use private investigators in part to have plausible deniability about whatever tactics that the investigator might use? Yeah, I dont deny that at all. In fact, going through outside counsel is a very standard way of engaging private detectives. I often recommend it, because we then become agents of the outside counsel, and our communications and information become legally privileged. If its in anticipation of litigation, for instance, or in the course of litigation, then that can be important. Sometimes there are even more elaborate work-arounds. I mean, private detectives are sometimes hired by a family member of an executive at a corporation, for instance, or by, you know, some other LLC, that is not traceable back to the company. I completely concede that that happens. Having said that, our firm works hard, and many of the men and women Ive worked with over the years do everything they can to avoid those dynamics. Private investigator and author Tyler Maroney How has technology changed your job? You have this great chapter in the book where you talk about working with a digital forensics expert to find information hidden on the work computer of an employee suspected of illicit activity. How much of the work of a private investigator these days is Columbo versus sort of Mr. Robot? I try to combine Columbo and Mr. Robot every day. And its not an easy melding. Theres so much technological innovation these days, whether its on the dark web, or cryptocurrencies, for example, or the explosion of social media and disinformation campaigns. If we are not keeping up with technological innovation, we cannot serve our clients properly. For example, we are often hired by companies who have been victimized by what appear to be short-sellers and tweets online that are posted anonymously that essentially seem to be bad-mouthing a company. And the assignment is to unmask whos behind that Twitter account and see if it can be connected to, say, a short-seller. And to be able to understand where information lives online, where information that is deleted may still live online, and to follow digital footprints is an incredibly valuable skill. How has the coronavirus pandemic affected your work? In the United States, private investigators have actually adapted pretty well. The reason is that so much information lives online. And not just social media, but Im referring to the kinds of documentation that we seek out every day, whether it be a court record or a property deed or a filing with the [U.S. Patent and Trademark Office] or a news report or regulatory filings. So the ability to access information online has not changed. We often do what we call doorstepping in the industry showing up at someones house [unannounced]. But we found that, kind of ironically, since everyone is at home these days, they actually welcome the opportunity to talk to people, and we have found that they will pick up the phone and or agree to use technology like Zoom and WhatsApp or some other video platforms. People are kind of getting bored from being home, and I find that people are actually willing to talk to us just as much as they ever have. What is the line between due diligence and corporate espionage? I would push back a little bit on the use of the term corporate espionage as opposed to competitive intelligence. Espionage often means using some kind of deception or stealing information, whereas competitive intelligence is often gathering information about a competitor. That job is less about hacking into your competitors email system than it is about tracking down and interviewing a few dozen former employees of the company, or former vendors of the company, or legal adversaries of the company, or obtaining documentation about the financing of the company that might be publicly available but hard to find. I would even say this is a necessary component of business dealings, because as we all know, many companies dont want to do very much to disclose their own vulnerabilities. Oftentimes, private detectives are brought in to figure out if a company is being forthcoming and honest in its public filings. More must-read finance coverage from Fortune : Chobani and PayPal are paying workers more and rethinking capitalism When it comes to climate change, says Mark Carney, this financial crisis is different and maybe better Ray Dalio on why Chinese capitalism is on the rise and why American capitalism is in desperate need of a fix Microsofts cloud could be a bit foggy for the next quarter Coinbase launches crypto debit card in U.S. with 1% Bitcoin reward This story was originally featured on Fortune.com || A journalist-turned-detective on how corporate America depends on private sleuths: In the late 1990s, Tyler Maroney worked as a reporter forFortune. But a chance encounter with an employee of Kroll, the large corporate detective agency, set him off on a new career as a private investigator. After working for Kroll, he went on to found his own investigations agency, Quest Research and Investigations (QRI), based in New York.
Now, Maroney has writtenThe Modern Detective(Riverhead Books, an imprint of Penguin Random House), in which he reflects on a two-decade career as a PI, detailing his pursuit of corporate fraudsters, missions to conduct due diligence for blockbuster mergers and acquisitions, and even how he helped free an innocent man from prison.
Maroney seeks to demystify the job of private investigators and debunk myths ingrained from television and pulp fiction. He argues that the modern detective is a vital cog in corporate life and can be a force for good in society.
Fortunespoke to Maroney via Zoom to ask him about his new book and his career. (The questions and his answers have been edited for length and clarity.)
One of the arguments you make in the book is that private detectives have become indispensable to the functioning of large corporations and to corporate America. Why do you think that’s true?
Private detectives are brought into projects throughout the entire life cycle of a company’s existence. Before a company is even formed, often investors will hire private detectives to conduct due diligence on the executives who are going to run that company, so that they understand who they’re going into business with. Then, down the line, when companies are up and running, they may get involved in legal disputes—whether it’s alleged vendor fraud, or a lawsuit with a competitor over a contract or trade secrets, for instance—and private detectives are brought in with outside counsel in that case, to help collect facts to resolve those disputes. Later on, when companies identify issues internally, such as a situation where they may have an employee they suspect is involved in, say, expense account fraud—so private detectives are brought in to investigate that. If it turns out that there is some material, criminal behavior going on, then there’s a referral made to law enforcement, often in conjunction with outside counsel. So my point is, whether it’s a kind of plain-vanilla due diligence or a bet-the-company controversial dispute, there’s a role for private detectives to play that is not “espionage” but simply gathering facts to help the business become more profitable and run effectively.
You say you wrote the book as a kind of corrective to the popular view of the private investigator as, at best, amoral, or, at worst, a sort of immoral force in the world. But so often we hear about private investigators who have run amok, or have been used to silence the critics of some powerful person or corporation. In light of that, how can you justify your view that that’s not really what private investigation is all about?
I acknowledge that there are people in my field who engage in that kind of behavior. There are countless stories in the media, yes. But the word corrective is a good one, because I very much set out to write a book that laid out 10 narratives, 10 chapters that describe the work of private investigators that is moral, effective, and useful on behalf of a whole range of clients. I try to make the argument that the worst among us are not representative of who we are, even if they get the most attention in the media. One of the points I try to make in the book is that in the United States, the industry is regulated. So each state has its own licensing regime. And there are very explicit rules against tactics like pretexting, which is essentially using deception, to get someone to speak to you.
In your experience, how do most corporations manage their relationship with private investigators? What kind of oversight do they exercise?
It depends on the company and the assignment. We are hired by outside counsel, the general counsel’s office, the head of security, audit committees, and so forth, depending on the assignment. I’m glad you asked about oversight, because I often feel that our clients who hire private investigators could do a better job of investigating their own investigators, so to speak. By which I mean, knowing who you are hiring and why you are hiring them. And not only that, but asking what they plan to do: Who do they plan to interview? What documents do they plan to collect and how will they digest that information and present it? It’s not uncommon for private detectives to tell their clients that they are going to disappear for a few weeks and come back with a report describing what they’ve done. I feel that that’s a mistake. I think there should be more transparency that’s built into the relationship between companies and private detectives, because if that happens, there’s no danger of clients being caught off guard by a detective who’s done something immoral or even illegal.
But isn’t it the case that many times these companies don’t want to actually know what it is the private detective is up to? Don’t they use private investigators in part to have plausible deniability about whatever tactics that the investigator might use?
Yeah, I don’t deny that at all. In fact, going through outside counsel is a very standard way of engaging private detectives. I often recommend it, because we then become agents of the outside counsel, and our communications and information become legally privileged. If it’s in anticipation of litigation, for instance, or in the course of litigation, then that can be important. Sometimes there are even more elaborate work-arounds. I mean, private detectives are sometimes hired by a family member of an executive at a corporation, for instance, or by, you know, some other LLC, that is not traceable back to the company. I completely concede that that happens. Having said that, our firm works hard, and many of the men and women I’ve worked with over the years do everything they can to avoid those dynamics.
How has technology changed your job? You have this great chapter in the book where you talk about working with a digital forensics expert to find information hidden on the work computer of an employee suspected of illicit activity. How much of the work of a private investigator these days is Columbo versus sort of Mr. Robot?
I try to combine Columbo and Mr. Robot every day. And it’s not an easy melding. There’s so much technological innovation these days, whether it’s on the dark web, or cryptocurrencies, for example, or the explosion of social media and disinformation campaigns. If we are not keeping up with technological innovation, we cannot serve our clients properly. For example, we are often hired by companies who have been victimized by what appear to be short-sellers and tweets online that are posted anonymously that essentially seem to be bad-mouthing a company. And the assignment is to unmask who’s behind thatTwitteraccount and see if it can be connected to, say, a short-seller. And to be able to understand where information lives online, where information that is deleted may still live online, and to follow digital footprints is an incredibly valuable skill.
How has the coronavirus pandemic affected your work?
In the United States, private investigators have actually adapted pretty well. The reason is that so much information lives online. And not just social media, but I’m referring to the kinds of documentation that we seek out every day, whether it be a court record or a property deed or a filing with the [U.S. Patent and Trademark Office] or a news report or regulatory filings. So the ability to access information online has not changed. We often do what we call “doorstepping” in the industry— showing up at someone’s house [unannounced]. But we found that, kind of ironically, since everyone is at home these days, they actually welcome the opportunity to talk to people, and we have found that they will pick up the phone and or agree to use technology likeZoomand WhatsApp or some other video platforms. People are kind of getting bored from being home, and I find that people are actually willing to talk to us just as much as they ever have.
What is the line between due diligence and corporate espionage?
I would push back a little bit on the use of the term corporate espionage as opposed to competitive intelligence. Espionage often means using some kind of deception or stealing information, whereas competitive intelligence is often gathering information about a competitor. That job is less about hacking into your competitor’s email system than it is about tracking down and interviewing a few dozen former employees of the company, or former vendors of the company, or legal adversaries of the company, or obtaining documentation about the financing of the company that might be publicly available but hard to find. I would even say this is a necessary component of business dealings, because as we all know, many companies don’t want to do very much to disclose their own vulnerabilities. Oftentimes, private detectives are brought in to figure out if a company is being forthcoming and honest in its public filings.
• Chobani and PayPal are paying workers more—and rethinking capitalism
• When it comes to climate change, says Mark Carney,this financial crisis is different—and maybe better
• Ray Dalio on whyChinese capitalism is on the rise—and why American capitalism is in desperate need of a fix
• Microsoft’s cloudcould be a bit foggy for the next quarter
• Coinbase launchescrypto debit cardin U.S. with 1% Bitcoin reward
This story was originally featured onFortune.com || $14K: Bitcoin Briefly Hits Highest Level Since January 2018: Bitcoin has soared to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets.
• The top cryptocurrency by market value reached $14,047 around 10:05 UTC on Saturday – the highest level since January 2018, according to CoinDesk’sBitcoin Price Index.
• Earlier this week,bitcoinnarrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked.
• However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength.
• Stocks have just seen both theirworst weekand month since March.
• Bitcoin’s defense of $13,000 and a quick rise to 33-month highs is perhaps not surprising.
• Market sentiment has been buoyed by several public companies’recent disclosuresof bitcoin treasury investments.
• “Bitcoin currently has a very strong underlying bid from institutions,” trader and analyst Nick Cote told CoinDesk.
• If the cryptocurrency manages to establish a foothold above the June 2019 high of $13,880, the focus would shift to the daily chart resistance range at $15,800–$16,000.
• At press time, bitcoin had dropped back to $13,993, but is still up over 25% for October – the biggest monthly rise since April.
Also read:Bitcoin Traders Can Now Bet on $40K Price With New Deribit Options
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018 || $14K: Bitcoin Briefly Hits Highest Level Since January 2018: Bitcoin has soared to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets. The top cryptocurrency by market value reached $14,047 around 10:05 UTC on Saturday – the highest level since January 2018, according to CoinDesk’s Bitcoin Price Index. Earlier this week, bitcoin narrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked. However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength. Stocks have just seen both their worst week and month since March. Bitcoin’s defense of $13,000 and a quick rise to 33-month highs is perhaps not surprising. Market sentiment has been buoyed by several public companies’ recent disclosures of bitcoin treasury investments. “Bitcoin currently has a very strong underlying bid from institutions,” trader and analyst Nick Cote told CoinDesk. If the cryptocurrency manages to establish a foothold above the June 2019 high of $13,880, the focus would shift to the daily chart resistance range at $15,800–$16,000. At press time, bitcoin had dropped back to $13,993, but is still up over 25% for October – the biggest monthly rise since April. A lso read: Bitcoin Traders Can Now Bet on $40K Price With New Deribit Options Related Stories $14K: Bitcoin Briefly Hits Highest Level Since January 2018 $14K: Bitcoin Briefly Hits Highest Level Since January 2018 $14K: Bitcoin Briefly Hits Highest Level Since January 2018 $14K: Bitcoin Briefly Hits Highest Level Since January 2018 || $14K: Bitcoin Briefly Hits Highest Level Since January 2018: Bitcoin has soared to a 33-month high above $14,000, showing resilience amid growing instability in the traditional markets.
• The top cryptocurrency by market value reached $14,047 around 10:05 UTC on Saturday – the highest level since January 2018, according to CoinDesk’sBitcoin Price Index.
• Earlier this week,bitcoinnarrowly missed breaching the June 2019 high of $13,880 and faced selling pressure as global stock markets registered sharp losses as concerns over the resurgent coronavirus spiked.
• However, the downside was restricted to above $13,000 even as classic haven assets like gold fell to one-month lows near $1,860 amid the dollar strength.
• Stocks have just seen both theirworst weekand month since March.
• Bitcoin’s defense of $13,000 and a quick rise to 33-month highs is perhaps not surprising.
• Market sentiment has been buoyed by several public companies’recent disclosuresof bitcoin treasury investments.
• “Bitcoin currently has a very strong underlying bid from institutions,” trader and analyst Nick Cote told CoinDesk.
• If the cryptocurrency manages to establish a foothold above the June 2019 high of $13,880, the focus would shift to the daily chart resistance range at $15,800–$16,000.
• At press time, bitcoin had dropped back to $13,993, but is still up over 25% for October – the biggest monthly rise since April.
Also read:Bitcoin Traders Can Now Bet on $40K Price With New Deribit Options
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018
• $14K: Bitcoin Briefly Hits Highest Level Since January 2018 || Did battleground states see the swift economic recovery that Trump promised?: Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today . As Joe Biden and Donald Trump make their final plea for votes, theyre visiting battleground states with sharply different economic realities. Case in point: While the unemployment rate in September in Iowa sits at 4.7%, Nevada has a jobless rate of 12.6%. Nationally, the jobless rate is at 7.9% . Trump has a 54% chance of taking Iowa , while Biden has a 90% chance of getting a win in Nevada , according to FiveThirtyEight. But just because a state is doing better economically doesnt mean its favored for Trump. The results are all over the broad. Nate Silvers poll aggregator gives Trump the edge in two battleground states with higher jobless rates, Ohio (8.4%) and Texas (8.3%). While some states with lower jobless rates, in particular, Wisconsin (5.4%) and Minnesota (6.0%), are currently projected to go for Biden . How did these economies get so divided? A lot of it boils down to what types of jobs make up the states economy. Look no further than tourism-heavy Nevada which saw its jobless rate soar from 3.8% in February to a staggering 30.1% in April. While Nevada has since improved to a 12.6% jobless rate, it will struggle to fully recover until Las Vegas tourism business has returned to normalsomething that is unlikely to happen until the pandemic is under control. The economies in industrial Midwestern states were hard hit in the spring when factories saw their production lines halt. Theyve yet to fully dig themselves out of the mess. The unemployment rates in Ohio (8.4%), Pennsylvania (8.1%), and Michigan (8.5%) are all above the national 7.9% figure. FiveThirtyEight gives Trump a 55% chance of carrying Ohio, but in Pennsylvania and Michigan that chance is just 14% and 4% , respectively. The recovery is much more swift in rural Midwestern states with heavy agricultural economieswhich have rebounded relatively quickly. The jobless rate in Minnesota surged from 3.1% in February to 9.9% in May at the height of shutdowns. But as the state reopened its economy over the summer, it fell to 6.0% as of September. But that recovery is hardly aiding Trump in the polls: Biden has a 93% chance of carrying Minnesota . Story continues And it isnt just battleground states. The highest jobless rates can be found in Hawaii (15.1%), Nevada (12.6%), and California (11%). The lowest are in Nebraska (3.5%), South Dakota (4.1%), and Vermont (4.2%). It might take years for these high unemployment economies to fully rebound. Overall U.S. employment rose by 661,000 in September, bringing the total number of jobs added since May to 11.4 million, according to the U.S. Bureau of Labor Statistics Friday jobs report. But that marks a downshift from the 1.5 million jobs added in August and 1.8 million added in July. If the U.S. continued to add 661,000 jobs per month, it would take 16 months to reach pre-pandemic employment levels. More must-read finance coverage from Fortune : Chobani and PayPal are paying workers more and rethinking capitalism When it comes to climate change, says Mark Carney, this financial crisis is different and maybe better Ray Dalio on why Chinese capitalism is on the rise and why American capitalism is in desperate need of a fix Microsofts cloud could be a bit foggy for the next quarter Coinbase launches crypto debit card in U.S. with 1% Bitcoin reward This story was originally featured on Fortune.com || Did battleground states see the swift economic recovery that Trump promised?: Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism,subscribe today.As Joe Biden and Donald Trump make their final plea for votes, they’re visiting battleground states with sharply different economic realities.Case in point: While the unemployment rate in September in Iowa sits at 4.7%, Nevada has a jobless rate of 12.6%. Nationally, thejobless rate is at 7.9%.
Trump has a54% chance of taking Iowa, while Biden has a90% chance of getting a win in Nevada, according to FiveThirtyEight. But just because a state is doing better economically doesn’t mean it’s favored for Trump. The results are all over the broad. Nate Silver’s poll aggregator gives Trump the edge in two battleground states with higher jobless rates, Ohio (8.4%) and Texas (8.3%). While some states with lower jobless rates, in particular, Wisconsin (5.4%) and Minnesota (6.0%),are currently projected to go for Biden.
How did these economies get so divided?
A lot of it boils down to what types of jobs make up the state’s economy. Look no further than tourism-heavy Nevada which saw its jobless rate soar from 3.8% in February to a staggering 30.1% in April. While Nevada has since improved to a 12.6% jobless rate, it will struggle to fully recover until Las Vegas tourism business has returned to normal—something that is unlikely to happen until the pandemic is under control.
The economies in industrial Midwestern states were hard hit in the spring when factories saw their production lines halt. They’ve yet to fully dig themselves out of the mess. The unemployment rates in Ohio (8.4%), Pennsylvania (8.1%), and Michigan (8.5%) are all above the national 7.9% figure. FiveThirtyEight gives Trump a55%chance of carrying Ohio, but in Pennsylvania and Michigan that chance is just14%and4%, respectively.
The recovery is much more swift in rural Midwestern states with heavy agricultural economies—which have rebounded relatively quickly. The jobless rate in Minnesota surged from 3.1% in February to 9.9% in May at the height of shutdowns. But as the state reopened its economy over the summer, it fell to 6.0% as of September. But that recovery is hardly aiding Trump in the polls: Biden has a93% chance of carrying Minnesota.
And it isn’t just battleground states. The highest jobless rates can be found in Hawaii (15.1%), Nevada (12.6%), and California (11%). The lowest are in Nebraska (3.5%), South Dakota (4.1%), and Vermont (4.2%).
It might take years for these high unemployment economies to fully rebound. Overall U.S. employment rose by 661,000 in September, bringing the total number of jobs added since May to 11.4 million,according to the U.S. Bureau of Labor Statistics‘ Friday jobs report. But that marks a downshift from the 1.5 million jobs added in August and 1.8 million added in July. If the U.S. continued to add 661,000 jobs per month, it would take 16 months to reach pre-pandemic employment levels.
• Chobani and PayPal are paying workers more—and rethinking capitalism
• When it comes to climate change, says Mark Carney,this financial crisis is different—and maybe better
• Ray Dalio on whyChinese capitalism is on the rise—and why American capitalism is in desperate need of a fix
• Microsoft’s cloudcould be a bit foggy for the next quarter
• Coinbase launchescrypto debit cardin U.S. with 1% Bitcoin reward
This story was originally featured onFortune.com || The Crypto Daily – Movers and Shakers – October 31st, 2020: Bitcoin, BTC to USD, rose by 0.88% on Friday. Following on from a 1.39% gain on Thursday, Bitcoin ended the day at $13,568.0. It was a mixed start to the day. Bitcoin rose to an early morning intraday high $13,673.0 before hitting reverse. Falling short of the first major resistance level at $13,729, Bitcoin slid to a mid-morning intraday low $13,120.0 Steering clear of the first major support level at $13.072, Bitcoin rose to a late afternoon high $13,673.0 before easing back. The near-term bullish trend remained intact, supported by the latest move through to $13,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was bearish day on Friday. Binance Coin and Crypto.com Coin slid by 4.52% and by 5.88% to lead the way down. Bitcoin Cash SV (-2.30%), Cardano’s ADA (-1.92%), Chainlink (-1.65%), Ethereum (-1.22%), Litecoin (-1.55%), and Ripple’s XRP (-1.36%) also struggled. Bitcoin Cash ABC (-1.06%) and Polkadot (-0.33%) saw relatively modest losses on the day. In current the week, the crypto total fell to a Wednesday low $377.69bn before striking a Friday high $585.96. At the time of writing, the total market cap stood at $394.82bn. Bitcoin’s dominance rose to a Friday high 64.16% before sliding to a Saturday low 43.18%. At the time of writing, Bitcoin’s dominance stood at 63.90%. This Morning At the time of writing, Bitcoin was up by 0.38% to $13,619.0 A mixed start to the day saw Bitcoin fall to an early morning low $13,525.0 before rising to a high $13,649.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was another mixed start to the day. Cardano’s ADA (-0.05%) and Crypto.com Coin (-1.18%) bucked the trend early on. It was a bullish start for the rest of the majors, however. At the time of writing, Litecoin was up by 1.35% to lead the way. Story continues For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the pivot level at $13,454 to bring the first major resistance level at $13,787 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $13,700 levels. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another crypto breakout, Bitcoin could test resistance at $14,000 before any pullback. The second major resistance level sits at $14,007. Failure to avoid a fall through the $13,454 pivot would bring the first major support level at $13,234 into play. Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$13,000 levels. The second major support level sits at $12,901. This article was originally posted on FX Empire More From FXEMPIRE: Who Do You Choose, Gold? Trump or Biden? Gold Price Prediction – Prices Rebound Despite a Rising Greenback S&P 500 Weekly Price Forecast – Stock Markets Get Hammered E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Big Test for Bulls at 10917.50 – 10557.25 S&P 500 Price Forecast – Stock Markets Continue to Test Support Natural Gas Weekly Price Forecast – Continue Massive Drive Higher || The Crypto Daily – Movers and Shakers – October 31st, 2020: Bitcoin, BTC to USD, rose by 0.88% on Friday. Following on from a 1.39% gain on Thursday, Bitcoin ended the day at $13,568.0. It was a mixed start to the day. Bitcoin rose to an early morning intraday high $13,673.0 before hitting reverse. Falling short of the first major resistance level at $13,729, Bitcoin slid to a mid-morning intraday low $13,120.0 Steering clear of the first major support level at $13.072, Bitcoin rose to a late afternoon high $13,673.0 before easing back. The near-term bullish trend remained intact, supported by the latest move through to $13,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was bearish day on Friday. Binance Coin and Crypto.com Coin slid by 4.52% and by 5.88% to lead the way down. Bitcoin Cash SV (-2.30%), Cardano’s ADA (-1.92%), Chainlink (-1.65%), Ethereum (-1.22%), Litecoin (-1.55%), and Ripple’s XRP (-1.36%) also struggled. Bitcoin Cash ABC (-1.06%) and Polkadot (-0.33%) saw relatively modest losses on the day. In current the week, the crypto total fell to a Wednesday low $377.69bn before striking a Friday high $585.96. At the time of writing, the total market cap stood at $394.82bn. Bitcoin’s dominance rose to a Friday high 64.16% before sliding to a Saturday low 43.18%. At the time of writing, Bitcoin’s dominance stood at 63.90%. This Morning At the time of writing, Bitcoin was up by 0.38% to $13,619.0 A mixed start to the day saw Bitcoin fall to an early morning low $13,525.0 before rising to a high $13,649.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was another mixed start to the day. Cardano’s ADA (-0.05%) and Crypto.com Coin (-1.18%) bucked the trend early on. It was a bullish start for the rest of the majors, however. At the time of writing, Litecoin was up by 1.35% to lead the way. Story continues For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the pivot level at $13,454 to bring the first major resistance level at $13,787 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $13,700 levels. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another crypto breakout, Bitcoin could test resistance at $14,000 before any pullback. The second major resistance level sits at $14,007. Failure to avoid a fall through the $13,454 pivot would bring the first major support level at $13,234 into play. Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$13,000 levels. The second major support level sits at $12,901. This article was originally posted on FX Empire More From FXEMPIRE: Who Do You Choose, Gold? Trump or Biden? Gold Price Prediction – Prices Rebound Despite a Rising Greenback S&P 500 Weekly Price Forecast – Stock Markets Get Hammered E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Big Test for Bulls at 10917.50 – 10557.25 S&P 500 Price Forecast – Stock Markets Continue to Test Support Natural Gas Weekly Price Forecast – Continue Massive Drive Higher || Twitter Relents, Unlocks New York Post ’s Account after Blocking Hunter Biden Reports: Twitter relented on Friday and unlocked the New York Post’s main Twitter account after refusing to do so for two weeks over tweets linking to the news outlet’s exclusive reports on leaked emails revealing high-dollar negotiations between Joe Biden’s son Hunter Biden and foreign companies. “Our policies are living documents,” Twitter said in a series of tweets Friday. “We’re willing to update and adjust them when we encounter new scenarios or receive important feedback from the public.” “One such example is the recent change to our Hacked Materials Policy and its impact on accounts like the New York Post,” the social media platform continued, adding that it is “updating our practice of not retroactively overturning prior enforcement.” On October 14, Twitter locked the Post’s account and blocked users from tweeting out the link to the first of several Post stories detailing the Hunter Biden emails, saying the news outlet violated its policy on sharing “hacked materials.” The mammoth social media company did not provide details on its decision and demanded that the Post delete six tweets linking to the Hunter Biden stories. The Post refused to delete the tweets. Emails from 2017 show Biden discussing a deal with the former chairman of Chinese energy company CEFC China Energy, Ye Jianming, saying Ye agreed to improve the terms of Biden’s three-year consulting contract with CEFC, which initially promised Biden $10 million per-year “for introductions alone.” In leaked emails from 2014, Biden appears to try to leverage his influence with his father, then-vice president Joe Biden, in negotiations regarding his lucrative position on the board of the Ukrainian natural gas company Burisma. He refers to his father, who was heavily involved in U.S. policy on Ukraine at the time, as “my guy.” Twitter also suspended the Trump campaign’s account earlier this month for attempting to tweet out a video calling Biden a “liar” and citing the Post’s reports. Story continues Republicans on the House Judiciary Committee attempted to help circumvent the Twitter block on the Biden report by reprinting the Post’s story on the committee’s government website . However, Twitter allowed users to tweet the committee’s link but inserted a warning that pops up when users try to click on the link, warning that the content may be “unsafe” or contain “violent or misleading content that could lead to real-world harm.” Shortly after the Post’s account was locked, Twitter CEO Jack Dorsey acknowledged that, “our communication around our actions on the @nypost article was not great. And blocking URL sharing via tweet or DM with zero context as to why we’re blocking: unacceptable.” More from National Review Twitter Suspends Trump Campaign Account over Video Citing NY Post Hunter Biden Report Journalists Join Dem Operatives in Attacking Fellow Reporters over Biden-Burisma Story High-Profile Twitter Accounts Including Obama, Biden Targeted in Bitcoin Scam || Twitter Relents, Unlocks New York Post ’s Account after Blocking Hunter Biden Reports: Twitter relented on Friday and unlocked the New York Post’s main Twitter account after refusing to do so for two weeks over tweets linking to the news outlet’s exclusive reports on leaked emails revealing high-dollar negotiations between Joe Biden’s son Hunter Biden and foreign companies. “Our policies are living documents,” Twitter said in a series of tweets Friday. “We’re willing to update and adjust them when we encounter new scenarios or receive important feedback from the public.” “One such example is the recent change to our Hacked Materials Policy and its impact on accounts like the New York Post,” the social media platform continued, adding that it is “updating our practice of not retroactively overturning prior enforcement.” On October 14, Twitter locked the Post’s account and blocked users from tweeting out the link to the first of several Post stories detailing the Hunter Biden emails, saying the news outlet violated its policy on sharing “hacked materials.” The mammoth social media company did not provide details on its decision and demanded that the Post delete six tweets linking to the Hunter Biden stories. The Post refused to delete the tweets. Emails from 2017 show Biden discussing a deal with the former chairman of Chinese energy company CEFC China Energy, Ye Jianming, saying Ye agreed to improve the terms of Biden’s three-year consulting contract with CEFC, which initially promised Biden $10 million per-year “for introductions alone.” In leaked emails from 2014, Biden appears to try to leverage his influence with his father, then-vice president Joe Biden, in negotiations regarding his lucrative position on the board of the Ukrainian natural gas company Burisma. He refers to his father, who was heavily involved in U.S. policy on Ukraine at the time, as “my guy.” Twitter also suspended the Trump campaign’s account earlier this month for attempting to tweet out a video calling Biden a “liar” and citing the Post’s reports. Story continues Republicans on the House Judiciary Committee attempted to help circumvent the Twitter block on the Biden report by reprinting the Post’s story on the committee’s government website . However, Twitter allowed users to tweet the committee’s link but inserted a warning that pops up when users try to click on the link, warning that the content may be “unsafe” or contain “violent or misleading content that could lead to real-world harm.” Shortly after the Post’s account was locked, Twitter CEO Jack Dorsey acknowledged that, “our communication around our actions on the @nypost article was not great. And blocking URL sharing via tweet or DM with zero context as to why we’re blocking: unacceptable.” More from National Review Twitter Suspends Trump Campaign Account over Video Citing NY Post Hunter Biden Report Journalists Join Dem Operatives in Attacking Fellow Reporters over Biden-Burisma Story High-Profile Twitter Accounts Including Obama, Biden Targeted in Bitcoin Scam || The S&P 500 could ‘easily’ dip into a correction before the election on Tuesday: Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism,subscribe today.Buckle up, investors: it might be a rough few days.The S&P 500 “could easily dip into correction territory on Monday, it wouldn’t be surprising if that happened,” says Randy Frederick, Charles Schwab’s vice president of trading and derivatives. The S&P 500 would need to touch 3,222 points to register a 10% correction from its previous high on Sept. 2. On Friday, the index closed down 1.2% at 3,269.96, about 1.4% above correction territory.
To be sure, it’s been a rocky week in the markets heading into Election Day on Nov. 3: With the Dow down 6.5% for the week (and S&P 500 down 5.6%), markets just booked their worst one-week drop since the throes of the pandemic back in March.
Up until recent weeks, markets had felt more comfortable that therewouldn’tbea contested election, Schwab’s Frederick suggests, but now, it looks as if some investors believethe race is tighter. With conflicting views in the markets, Frederick says he’s seeing a mixed bag of signals, and there could be moves up or down.
“The indicators I follow are just all over the map, I can’t remember the last time there was such huge disagreement,” he tellsFortune. “I’ve got some indicators showing me very strong bullish signs, I’ve got some showing me very strong bearish signs, and some that are showing things they typically don’t show unless there’s high volatility expected. When you get a mix like that, about all you can say is that we know there’s going to be movement, we just don’t know which direction.”
The one thing investorscancount on in the next few days? “Things are not going to be calm and lazy and quiet,” suggests Frederick.
Strategists like Frederick are watching options and the VIX, or fear gauge, noting that the open interest put/call ratio for the VIX was at itshighest level since March on Friday. However, he notes index options (which typically show more institutional activity) might be signaling some hedging for the downside going on.
To be sure, with the election a mere two trading days away, investors are antsy, and some market observers are trying to read the tea leaves:Only twice have markets shed more than 3% in a day within six days of an election(as the S&P 500 and Dow both did on Thursday), and both times the incumbent lost, LPL’s Ryan Detrick pointed out Thursday.
Add to that adisappointing day on Friday for tech stocksfollowing big earnings from the likes ofAppleandFacebook, which dragged the tech-heavy Nasdaq nearly 2.5% lower on Friday.
Markets overall have become increasingly anxious in the past week or two astalks of a stimulus deal before the election fizzled out, and more concerning still, cases of the coronavirus in the U.S. and worldwide continue to rise, sparking fears of further restrictions (some countries have already begun another roundof lockdowns).
Indeed, absent last-minute jitters over the election, the uptick in the virus cases this week has been “the biggest catalyst for the downside moves,” says Frederick.
Still, strategists like LPL’s Jeff Buchbinder argue we’ll see a rally after election once a clear winner is named—”Whether it’s Biden or Trump, we think that clarity will help,” he tellsFortune.
• Chobani and PayPal are paying workers more—and rethinking capitalism
• When it comes to climate change, says Mark Carney,this financial crisis is different—and maybe better
• Ray Dalio on whyChinese capitalism is on the rise—and why American capitalism is in desperate need of a fix
• Microsoft’s cloudcould be a bit foggy for the next quarter
• Coinbase launchescrypto debit cardin U.S. with 1% Bitcoin reward
This story was originally featured onFortune.com || The stock market has made its final prediction: Joe Biden will win the presidential election: Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism,subscribe today.Even when the polls were wrong in 2016, the stock market’s time-tested “presidential predictor”was rightabout who would win the election: The S&P 500’s 2.2% decline in the three months leading up to November four years ago signaled that the incumbent party in the White House—the Democrats—would be replaced.In other words, the stock market predicted Donald Trump would defeat Hillary Clinton despitepolls to the contrary.Now, the same stock market indicator—which is dependent upon S&P 500 performance for the three months from August through the end of October—has finalized its prediction. With the S&P 500 down slightly (just 0.6%) over that period on the last trading day of October, the stock market’spresidential predictor, as it’s known by market analysts, is officially signaling that Joe Biden will win the election.
Though the dip is minor, the negative S&P 500 performance over those three months indicates that the incumbent party—in other words, President Trump—will be voted out of the White House and replaced with a Democrat.
The pattern has held true for almost a century, since 1928, according to Sam Stovall, the chief investment strategist of CFRA who has long tracked the S&P 500. Since 1944, negative performance by the stock index over the key time frame has correctly predicted a changeover in the presidential party 88% of the time (see chart below). Only once has itbeen wrong, in 1956. (Meanwhile, positive performance by the S&P 500 in that time period has indicated reelection of the party in the White House 82% of the time.)
While there is no proven explanation for why the stock market has such a high batting average when it comes to the winner of the presidential election, analysts theorize that it likely has to do with uncertainty around the future. Investors tend to sell stocks when it’s unclear how events will play out—just see earlier this year when the coronavirus plunged the world into chaos and caused a bear market. Therefore, the thinking goes, the selloff may reveal uncertainty about how a President from a new political party will shape policy in the coming years.
Even though the S&P 500’s decline is small over the relevant prediction period, it can still be right: In the 2000 election when George W. Bush defeated Al Gore (who was then the incumbent party, following Democrat Bill Clinton), the S&P 500 was down just 0.1% from August through October, according to CFRA. Of course, the 2000 election was notoriously close, with a highly contested result that was ultimately decided by the Supreme Court—something that many politicos are already expecting could happen with this year’s election, given the unprecedented nature of the pandemic and changed voting protocols.
Still, cautions Stovall, “the presidential predictor implies, but does not guarantee, a Biden victory.”
Whether the predictor will succeed in 2020, investors and voters will have to wait until at least Election Day on Nov. 3 (orlikely longer) to find out. But no matter what happens next week, stocks have officially sealed their prediction.
• Chobani and PayPal are paying workers more—and rethinking capitalism
• When it comes to climate change, says Mark Carney,this financial crisis is different—and maybe better
• Ray Dalio on whyChinese capitalism is on the rise—and why American capitalism is in desperate need of a fix
• Microsoft’s cloudcould be a bit foggy for the next quarter
• Coinbase launchescrypto debit cardin U.S. with 1% Bitcoin reward
This story was originally featured onFortune.com
[Social Media Buzz]
None available.
|
13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77.
|
[Bitcoin Technical Analysis for 2015-08-27]
Volume: 21905400, RSI (14-day): 37.61, 50-day EMA: 254.84, 200-day EMA: 258.65
[Wider Market Context]
Gold Price: 1122.40, Gold RSI: 48.71
Oil Price: 42.56, Oil RSI: 44.64
[Recent News (last 7 days)]
5 technology stocks to buy at a discount: After a day of relief fromChina-fueled concerns, some CNBC"Fast Money"traders looked to a Chinese company for upside.
Major U.S. averagesjumped sharply Wednesdayin their best day since 2011, as investors shrugged off fears about the world's second-largest economy. U.S.-listed shares of Alibaba(NYSE: BABA), though, closed barely higher and are down 33 percent this year.
"Alibaba is always a play on the Chinese consumer," said trader Brian Kelly, saying it "is the buy here" for the long term.
Trader Tim Seymour-who owns the stock-said he would stick with it. Alibaba makes an appealing play on its current valuation and projected growth, he added.
Read MoreApple stock flashes a warning signal
Big U.S. tech stocks, meanwhile, helped drive the rally. Netflix(NASDAQ: NFLX)-which climbed 8 percent on the day-looks like a buy after a stark drop earlier this month, said trader Guy Adami.
"The market's changed. Netflix hasn't," he said.
Meanwhile, Google(NASDAQ: GOOGL)and Facebook(NASDAQ: FB)jumped 8 and 5 percent, respectively, on Wednesday. Priceline(NASDAQ: PCLN)also climbed 4 percent.
Read MoreThe morning tech rally scares Mark Cuban
Trader Steve Grasso contended that all of those stocks look appealing, even after their surges.
Disclosures:
Tim Seymour
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Steve Grasso
Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long DVN, BP, COP, CVX, FCX, NE, NEM, OXY, RIG, VALE
Brian Kelly
Brian Kelly is long BBRY, BTC=; TWTR call spread, U.S. Dollar; he is short Euro, Ruble, Yen, Yuan, US Treasuries.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 5 technology stocks to buy at a discount: After a day of relief from China -fueled concerns, some CNBC "Fast Money" traders looked to a Chinese company for upside. Major U.S. averages jumped sharply Wednesday in their best day since 2011, as investors shrugged off fears about the world's second-largest economy. U.S.-listed shares of Alibaba (NYSE: BABA) , though, closed barely higher and are down 33 percent this year. "Alibaba is always a play on the Chinese consumer," said trader Brian Kelly, saying it "is the buy here" for the long term. Trader Tim Seymour-who owns the stock-said he would stick with it. Alibaba makes an appealing play on its current valuation and projected growth, he added. Read More Apple stock flashes a warning signal Big U.S. tech stocks, meanwhile, helped drive the rally. Netflix (NASDAQ: NFLX) -which climbed 8 percent on the day-looks like a buy after a stark drop earlier this month, said trader Guy Adami. "The market's changed. Netflix hasn't," he said. Meanwhile, Google (NASDAQ: GOOGL) and Facebook (NASDAQ: FB) jumped 8 and 5 percent, respectively, on Wednesday. Priceline (NASDAQ: PCLN) also climbed 4 percent. Read More The morning tech rally scares Mark Cuban Trader Steve Grasso contended that all of those stocks look appealing, even after their surges. Disclosures: Tim Seymour Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Steve Grasso Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long DVN, BP, COP, CVX, FCX, NE, NEM, OXY, RIG, VALE Brian Kelly Brian Kelly is long BBRY, BTC=; TWTR call spread, U.S. Dollar; he is short Euro, Ruble, Yen, Yuan, US Treasuries. Guy Adami Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || Digital-Based Markets Ramp Up in 2015, Lead By Under-the-Radar Gems: SALT LAKE CITY, UT / ACCESSWIRE / August 25, 2015 /In 2015, digital-based markets have emerged as standard bearers across the entire financial landscape. Mobile gaming, in particular, has stood out as a front-runner in the digital sector, with mobile games projected to gross between 20 and 30 billion this year alone. These games can be programmed and sold inexpensively allowing mobile gaming companies to thrive thanks to low production costs and budget expenses. Meanwhile, in-app purchases often entice consumers to spend ever-increasing amounts for digital content. When a new, free-to-play mobile game goes viral, but offers numerous in-game purchases, total revenues resulting from a single game can be substantial.
While the viral, swift dominance of the mobile gaming industry isn't news to most, the important thing for investors is the ability to identify which companies have the potential to be the next big thing. One possible candidate isTapinator Inc(TAPM). In the last two trading sessions,TAPMhas experienced big gains, rising over 60% to settle in at .255 per share. The company continues to crack Google Play's lists of the most popularly downloaded mobile games, and Tapinator's recent financial and operating results demonstrated quarterlyrevenues that grew 172%year-over-year and 49% quarter over quarter. Tapinator was also able to eliminate all previously outstanding debt via a financing transaction that improved the company's liquidity.
This is the company's fifth quarter in a row with substantial revenue growth. Coupled with a consistent schedule of newly released games, such as the extremely popularBurn It Down, which became a Top 50 iOS game, Tapinator appears to be on the right track for sustained long term growth. Average new daily downloads are up 268% year-over-year and 139% sequentially. In this industry, that kind of activity can only be achieved through strong word-of-mouth marketing and customer loyalty, which are the keys to producing the next big game to go viral.
Also making waves in the digital sector isAvra, IncDigital Currencies(AVRN). Like Tapinator, Avra is a potential new leader in their field that has also experienced recent gains. The company saw heavy volume on Friday that raised its stock up 27%, even despite downward trends in the Dow and Nasdaq figures for that particular session. Avra aims to be one of the first major players to bring one of the internet's biggest phenomena bitcoin to the masses.
Bitcoin is a digital currency traded online to make payments and buy merchandise. It exists without the regulation of a centralized banking system, which allows for lower fees, faster service, and less hassle. Avra's systems specialize in the use of bitcoin for the purpose of travel-based purchases in popular tourist stops like casinos, hotels, and airports. The locations targeted by the company are frequented by a tech-savvy demographic that falls between the ages of 21 and 35. Using bitcoin for their purchases allows for an easy, quick, and safe method of payment for customers who tend to be pressed for time and seeking an easy payment method.
Ekso Bionics Holdings, Inc.(EKSO)is another new player in digital technologies with a product that has potential to break into a number of markets like healthcare, military, and consumer. Trading at 1.10 per share with an average volume of 731K, the company manufactures wearable bionic exoskeletons that increase human strength, endurance, and mobility - a product with multiple purposes such as aiding the disabled or increasing the efficiency of military tactics. The company has gained traction recently with a software upgrade earlier in the summer, and its CEO appearing on FOX Business Network at the beginning of August.
For investors interested in TAPM or EKSO, a company with a similar profile isAnavex Life Sciences Corp(AVXL), a clinical-stage bio pharmaceutical company with a varied portfolio of potential drug candidates to treat CNS disorders such as Alzheimer's. AVXL trades at 1.46 with a market cap of over 175M.
With multiple industries driving toward digital products and services, the tech giants of today could soon be yesterday's news, supplanted by young companies on the rise like Tapinator, Inc. or Avra. Mobile gaming in particular is one of the most exciting, rapidly moving sectors on Wall Street. A stock like TAPM could be the seed that fuels growth for investors.
DISCLAIMER:
Seraphim Strategies is a third party publisher. Not a registered broker/dealer/analyst/adviser, holds no investment licenses and may not sell, offer to sell or offer to buy any security. Market updates, news alerts and corporate profiles are not a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is not to be interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. For full disclaimer please readhttp://tomorrowsbluechips.com/disclaimer/This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually," or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
SOURCE:Seraphim Strategies || Digital-Based Markets Ramp Up in 2015, Lead By Under-the-Radar Gems: SALT LAKE CITY, UT / ACCESSWIRE / August 25, 2015 / In 2015, digital-based markets have emerged as standard bearers across the entire financial landscape. Mobile gaming, in particular, has stood out as a front-runner in the digital sector, with mobile games projected to gross between 20 and 30 billion this year alone. These games can be programmed and sold inexpensively allowing mobile gaming companies to thrive thanks to low production costs and budget expenses. Meanwhile, in-app purchases often entice consumers to spend ever-increasing amounts for digital content. When a new, free-to-play mobile game goes viral, but offers numerous in-game purchases, total revenues resulting from a single game can be substantial. While the viral, swift dominance of the mobile gaming industry isn't news to most, the important thing for investors is the ability to identify which companies have the potential to be the next big thing. One possible candidate is Tapinator Inc (TAPM) . In the last two trading sessions, TAPM has experienced big gains, rising over 60% to settle in at .255 per share. The company continues to crack Google Play's lists of the most popularly downloaded mobile games, and Tapinator's recent financial and operating results demonstrated quarterly revenues that grew 172% year-over-year and 49% quarter over quarter. Tapinator was also able to eliminate all previously outstanding debt via a financing transaction that improved the company's liquidity. This is the company's fifth quarter in a row with substantial revenue growth. Coupled with a consistent schedule of newly released games, such as the extremely popular Burn It Down , which became a Top 50 iOS game, Tapinator appears to be on the right track for sustained long term growth. Average new daily downloads are up 268% year-over-year and 139% sequentially. In this industry, that kind of activity can only be achieved through strong word-of-mouth marketing and customer loyalty, which are the keys to producing the next big game to go viral. Story continues Also making waves in the digital sector is Avra, Inc Digital Currencies (AVRN) . Like Tapinator, Avra is a potential new leader in their field that has also experienced recent gains. The company saw heavy volume on Friday that raised its stock up 27%, even despite downward trends in the Dow and Nasdaq figures for that particular session. Avra aims to be one of the first major players to bring one of the internet's biggest phenomena bitcoin to the masses. Bitcoin is a digital currency traded online to make payments and buy merchandise. It exists without the regulation of a centralized banking system, which allows for lower fees, faster service, and less hassle. Avra's systems specialize in the use of bitcoin for the purpose of travel-based purchases in popular tourist stops like casinos, hotels, and airports. The locations targeted by the company are frequented by a tech-savvy demographic that falls between the ages of 21 and 35. Using bitcoin for their purchases allows for an easy, quick, and safe method of payment for customers who tend to be pressed for time and seeking an easy payment method. Ekso Bionics Holding s, Inc. (EKSO) is another new player in digital technologies with a product that has potential to break into a number of markets like healthcare, military, and consumer. Trading at 1.10 per share with an average volume of 731K, the company manufactures wearable bionic exoskeletons that increase human strength, endurance, and mobility - a product with multiple purposes such as aiding the disabled or increasing the efficiency of military tactics. The company has gained traction recently with a software upgrade earlier in the summer, and its CEO appearing on FOX Business Network at the beginning of August. For investors interested in TAPM or EKSO, a company with a similar profile is Anavex Life Sciences Corp (AVXL) , a clinical-stage bio pharmaceutical company with a varied portfolio of potential drug candidates to treat CNS disorders such as Alzheimer's. AVXL trades at 1.46 with a market cap of over 175M. With multiple industries driving toward digital products and services, the tech giants of today could soon be yesterday's news, supplanted by young companies on the rise like Tapinator, Inc. or Avra. Mobile gaming in particular is one of the most exciting, rapidly moving sectors on Wall Street. A stock like TAPM could be the seed that fuels growth for investors. DISCLAIMER: Seraphim Strategies is a third party publisher. Not a registered broker/dealer/analyst/adviser, holds no investment licenses and may not sell, offer to sell or offer to buy any security. Market updates, news alerts and corporate profiles are not a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is not to be interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. For full disclaimer please read http://tomorrowsbluechips.com/disclaimer/ This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually," or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. SOURCE: Seraphim Strategies || The 'Wolf of WhatsApp' wants to sell you penny stocks: (Paramount)The “pump and dump” scam is a classic stock trick.
Someone ruthlessly promotes a stock they hold, driving up the price based on artificial interest, and then sells before everyone realizes the interest was just manufactured.
Oftentimes, those stocks are “penny stocks,” which don’t trade on an exchange and are worth only a few cents a share.
Real life “Wolf of Wall Street” Jordan Belfort was famous for perfecting the pump and dumpto the tune of millions of dollarsfor himself and his posse.
But on Friday a new cadre of penny stock villains struck, this time on the popular messaging app WhatsApp.
I first noticed the scam when a friend of mine posted this screenshot on Facebook along with the caption,“Umm...What? Someone got the serious wrong number on Whatsapp.”
(Facebook)
But I didn’t put the pieces of the scam together untilThe Awl’sJohn Herrmanpointed out that the spam seemed to be part of a coordinated pump and dump scheme.
AVRN is the stock sign for Avra, Inc., which is a digital currency (think Bitcoin) company.
And the scam seems to have been dastardly effective. As you can see from this chart from Yahoo Finance, the stock for Avra shot up at around 11 a.m. before crashing shortly thereafter:
(Yahoo Finance)
Some people were clearly fooled, and assuming the scammers timed it right and didn’t totally bungle the operation, they probably made some cash.
This isn’t the first time that potential pump and dumpers have used an innovative messaging medium to cut through the noise.Last month,Twitter shares spikedbased on a phony report on awebsite made to look like Bloomberg.com. The story had said that Twitter was fielding an offer to be taken over for $31 billion.
NOW WATCH:The story behind the famously offensive twitter account that parodies Wall Street culture
More From Business Insider
• Here's what to expect from the next iPhone's camera, according to a person who's making it
• Make no mistake — this is the opening of the 'China Decade'
• It's no longer all about ads — Here's how publishers, streaming sites, and apps are using subscriptions to boost revenues || The 'Wolf of WhatsApp' wants to sell you penny stocks: Leo DiCaprio Wolf of Wall Street (Paramount) The “pump and dump” scam is a classic stock trick. Someone ruthlessly promotes a stock they hold, driving up the price based on artificial interest, and then sells before everyone realizes the interest was just manufactured. Oftentimes, those stocks are “penny stocks,” which don’t trade on an exchange and are worth only a few cents a share. Real life “Wolf of Wall Street” Jordan Belfort was famous for perfecting the pump and dump to the tune of millions of dollars for himself and his posse. But on Friday a new cadre of penny stock villains struck, this time on the popular messaging app WhatsApp. I first noticed the scam when a friend of mine posted this screenshot on Facebook along with the caption, “ Umm...What? Someone got the serious wrong number on Whatsapp.” Screen Shot 2015 08 21 at 5.38.03 PM (Facebook) But I didn’t put the pieces of the scam together until The Awl’s John Herrman pointed out that the spam seemed to be part of a coordinated pump and dump scheme. AVRN is the stock sign for Avra, Inc., which is a digital currency (think Bitcoin) company. And the scam seems to have been dastardly effective. As you can see from this chart from Yahoo Finance, the stock for Avra shot up at around 11 a.m. before crashing shortly thereafter: Screen Shot 2015 08 21 at 5.25.46 PM (Yahoo Finance) Some people were clearly fooled, and assuming the scammers timed it right and didn’t totally bungle the operation, they probably made some cash. This isn’t the first time that potential pump and dumpers have used an innovative messaging medium to cut through the noise. Last month, Twitter shares spiked based on a phony report on a website made to look like Bloomberg.com . The story had said that Twitter was fielding an offer to be taken over for $31 billion. NOW WATCH: The story behind the famously offensive twitter account that parodies Wall Street culture More From Business Insider Here's what to expect from the next iPhone's camera, according to a person who's making it Make no mistake — this is the opening of the 'China Decade' It's no longer all about ads — Here's how publishers, streaming sites, and apps are using subscriptions to boost revenues || What to watch on Monday: The "Fast Money" traders gave their final thoughts of the day.
Steve Grasso was watching the S&P 500(CME:Index and Options Market: .INX)'s technical levels.
David Seaburg was a buyer of TWTR(NYSE: TWTR).
Brian Kelly had his eye on the DXY(Exchange: .DXY).
Guy Adami was also watching key levels of the S&P 500(CME:Index and Options Market: .INX).
Trader disclosure: OnAugust 21, 2015the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Brian Kelly is long BBRY, BTC=; DAX, DXGE, ITB, TAN, TSL, TWTR call spread, U.S. Dollar; he is short AUDJPY, GBPJPY, Euro, Ruble, Yen, Yuan. Today he bought DAX, DXGE, US Dollar. Today he sold VIX and Euro. Today he closed his CAC40 short position. Today he shorted Euro and Yen.Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. SteveGrasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long WLL, DNR, DVN, TWTR, NE, NEM, OXY, RIG, TSE, VALE.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || What to watch on Monday: The " Fast Money " traders gave their final thoughts of the day. Steve Grasso was watching the S&P 500 (CME:Index and Options Market: .INX) 's technical levels. David Seaburg was a buyer of TWTR (NYSE: TWTR) . Brian Kelly had his eye on the DXY (Exchange: .DXY) . Guy Adami was also watching key levels of the S&P 500 (CME:Index and Options Market: .INX) . Trader disclosure: On August 21, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long BBRY, BTC=; DAX, DXGE, ITB, TAN, TSL, TWTR call spread, U.S. Dollar; he is short AUDJPY, GBPJPY, Euro, Ruble, Yen, Yuan. Today he bought DAX, DXGE, US Dollar. Today he sold VIX and Euro. Today he closed his CAC40 short position. Today he shorted Euro and Yen. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long WLL, DNR, DVN, TWTR, NE, NEM, OXY, RIG, TSE, VALE. More From CNBC Top News and Analysis Latest News Video Personal Finance || Inside the 'conspiracy' that forced Dov Charney out of American Apparel: This is the story of how Dov Charney, founder of American Apparel, was kicked out of his own company. Sources inside the board meeting describe how Dov Charney's own directors ambushed him with a secret plot to remove him from the company. The board collected personal, texts, emails, and photos to create a dossier of Charney's habit of using company computers to "graphically document his sexual liaisons,” and used that as a bargaining chip against him. A secret internal investigation of Charney was conducted after the company was forced to settle a defamation lawsuit brought by a model he had been sleeping with. The company's CFO hatched a secret plan to sell the company without Charney's permission - but accidentally left a copy of the plan on an office photocopier. The company filed an SEC disclosure stating it wanted Charney to continue as chief when insiders knew the board was already discussing his removal. Charney signed up a hedge fund, Standard General, to back him in his fight to keep control of the company — but ultimately concluded the fund betrayed him. And Charney's prediction on the day he was fired came true: Without him, the company went into a death spiral. Dov Charney American Apparel (Dov Charney poses at The NASDAQ Stock Market in Times Square to ring the closing bell on September 15, 2006, in New York City.Mat Szwajkos/Getty Images) Dov Charney was feeling pretty good when he entered the conference room high up inside the Skadden Arps offices in Times Square. He was going to tell his board of directors — perched at eye level with the rooftops of Manhattan’s forest of midtown skyscrapers — that for the first time in years American Apparel's troubles were behind it. It was June 18, 2014, and, as CEO, Charney had just generated a record year of revenues for the fashion retailer — $634 million, an increase of 3%. And same-store sales were up 3%, too. He had also fixed problems at a massive product-distribution center that had crippled the company’s supply lines for months, crushing sales and driving up expenses. Story continues His lawyers had settled or dismissed several lawsuits from former employees and models alleging that Charney had sexually harassed them. One suit, which alleged Charney kept a model locked in his house for sex, turned out to be bogus. And he had staged a public offering of new stock that had raised $28.5 million, saving the company from bankruptcy. There was nothing but good news to deliver. So Charney, carrying a new running shoe he had designed, began the meeting with a presentation about how he was going to launch a line of sneakers. He laid about six of them out on the table. Within seconds he was interrupted by Allan Mayer, American Apparel’s board chairman. Mayer pushed the shoes aside. “Look, there’s something else we want to talk about,” Mayer said, according to a source who was in the room. He passed a couple of pieces of paper over the table to Charney. It was a termination letter. The board was firing Charney, the company's founder and CEO, who had led American Apparel for 25 years. The memo, later filed in court, alleged a long list of misdeeds by Charney: It said he allowed an employee to publish a blog defaming other former employees; he had given severance packages to several employees in order to stop them from suing; he refused to attend sexual-harassment training; he used company money for personal expenses, such as providing travel for family members. All of the above had significantly increased the company’s legal and insurance bills, the letter alleged: “You engaged in conduct that repeatedly put yourself in a position to be sued by numerous former employees for claims that include harassment, discrimination and assault.” “It was clear he was totally blindsided by this — he didn’t have a clue,” one person who was in the room says. Charney went ballistic: “This company will fall apart if I’m not running it!” Dov Charney (Dov Charney paces inside a conference room in the Skadden Arps building after learning that the board wants him out.Dov Charney) Hedge funds and porn stars This story is based on multiple accounts from people close to Charney, the board, American Apparel employees, and the company’s major shareholders. Several lawsuits have been filed over Charney’s removal, and evidence alleged in that litigation has been used to tell this story, too. Business Insider has also seen confidential documents, emails, photos, and texts associated with the litigation. Because of the fierce fighting — Charney has filed four lawsuits, and two employees and the company have all filed one each — no one wanted to talk on the record for this story. But people had plenty to say privately. What follows is an account of how the tide inside American Apparel began to turn against Charney in January 2014. It details how the board held secret discussions for weeks as it agonized over whether to get rid of him. It describes how his CFO allegedly sketched out a plan to oust Charney, and how that sketch was then obtained by Charney’s loyalists and used as evidence of the coup. (The plan has since been described in court filings.) And it describes how Charney was persuaded to sign a disastrous settlement that left him with no job and no control of the company, despite being the largest shareholder. American Apparel (Thomas Alleman) Today, Charney is distraught, enraged, humiliated, and vengeful. For years, he was the crown prince of the sexiest fashion company in America. He socialized with the hedge fund executives who funded his company. He did photo shoots with porn stars. His marketing budget was one of the largest in the retail-apparel business. His ads made headlines because they used ordinary women instead of professional models, and because they walked the line in terms of nudity. His girlfriends were the women in those ads, and many of them were decades younger (he is 46). He was a millionaire. He owned a beautiful house, high on a hill in Silver Lake, with a balcony overlooking the Los Angeles skyline. He was an impish, mad genius whose real life was like a male midlife-crisis fantasy. In person, Charney is by turns infuriating, charming, arrogant. He can cycle through manic and depressive phases within a single sentence. His retail empire was built with his own hands, in round-the-clock workdays, across three decades. Everyone who knows him agrees the success of American Apparel is 100% because of Charney. He is the epitome of hard work, old-school Jewish garment-trade moxie, and the American dream, all rolled into one. But that wasn’t enough to protect him. Secret dossier of sexual liaisons Allan Mayer (Board chairman Allan Mayer.WorldCommForumDavos / YouTube) It started with a board-commissioned investigation into Charney’s activities as CEO, conducted without his knowledge, which lasted four months. That probe eventually led to the creation of a dossier that has yet to be made public. It has been seen by only a few people inside the company, but two board members recently described some of it in court filings, and it is explosive. It allegedly details “Charney’s use of electronic storage media belonging to the Company for personal purposes to graphically document his sexual liaisons,” some of which occurred in his office. The company has alleged in court that it includes his personal, texts, emails, and photos. It also allegedly includes evidence of a police complaint filed by one model who claims she was sexually assaulted by Charney — a claim he denies. He was never charged. Charney believes he is the victim of a conspiracy, a palace coup in which his board filed false disclosures to the SEC saying they supported him as CEO while they were actually maneuvering to oust him. Charney also argues that the investigation was biased because it was conducted by people who wanted him out, and that he has never been charged with any crime or found guilty or liable for any of the accusations against him. Dov Charney (REUTERS/Mario Anzuoni ) The board has yet to make the photos and messages public. In March, the SEC said it is investigating the company and its termination of Charney. The board denies wrongdoing. The outcome of the federal investigation could be crucial in determining whether Charney can get his company back. Since he was ousted, sales at the company have gone into free fall and it again faces bankruptcy . 'All of you are cowards — every single one of you' american apparel charney_apres_ski_ad (Charney, in one of his own ads.American Apparel) In the conference room in New York, Charney began to read the termination letter and make line-by-line protests against its allegations. After about an hour he texted Iris Alonzo, a longtime creative director who was working in the hallway outside, oblivious to what was happening to her boss. The text said something like "don't go anywhere, this is getting weird with these guys." Charney left the conference room, and the pair took a walk down a corridor to another Skadden conference room, where they shut the door. "They're trying to fire me, it's completely illegal, they don't know what they're doing, they have no idea how the company functions," Charney told her, according to sources who heard about it later. "They're out of their minds," Alonzo said. "We are going to get the whole company behind you, the entire management team is behind you." Charney and Alonzo spent the next 11 hours on the upper floors of the Skadden tower, begging, pleading and arguing with the board to reverse its position. While Charney raged at his directors, the company’s security team was instructed to shut down his email, cancel his access to the HQ building in Los Angeles, and cut off service to his corporate mobile phone, sources told us. At one point, during a break in the debate, Alonzo went into the conference room where the board was holed up. She was furious. “Jesus — this is crazy! Who do you think is going to run this company? You’d need five people to replace Dov,” she said, according to someone who was there. “You’re ripping the heart out of the company — you’re going to destroy the company. You don’t know this business, you haven’t spent more than an hour in the factory cumulatively in the last five years. Who are you, and what do you think you know?” She ended her tirade by saying, “All of you are cowards — every single one of you.” Allan Mayer asked her to leave. 'Tense bunch of hours' Everyone who spoke to Business Insider described the exchanges between Charney and the board as painful to hear. Although Mayer and David Danziger, another board member, had led the movement to prepare Charney’s ouster, they were acutely aware that this was Charney’s company. dov charney american apparel (An ad from Charney's early days at American Apparel.American Apparel) The company was his entire life’s work. “It was a tense bunch of hours. We sat in that room going well into the evening. There was a lot of discussion going back and forth, and none of us really knew how it was going to end,” one person said. There was nothing Charney could do. The other members of the board had agreed the night before — without telling him — that he would be fired, a source who knew about it says. The letter was already drawn up and dated. The board meeting had only one real purpose: to present Charney with an ultimatum, according to confidential documents seen by Business Insider: Charney could either accept a $4.5 million severance package and the new title of “creative director,” for which he would also be paid $500 per hour. It would not look as if he had been fired, merely moved into a new position with the company. The price of that package was that he had to sign over the voting rights to his 47 million shares, and resign as CEO. Or the board would remove him. "We all love you, and we know you are the hardest-working guy in the room," Danziger told Charney. "But we need to reposition the company and this is going to be good for you and the company." Said Robert Greene, another director, presumably referring to the value of Charney’s stock, if it went up: "You are a genius. You will get over $100 million out of this and start up a new business. (Their conversation was later repeated in court filings.) If he did not accept, the board told him, he would be fired “for cause” and walk out with nothing except his existing stock. The implication, from Charney’s point of view, was that there would be a storm of bad publicity. And, two sources told Business Insider, the dirt that the board referred to in its termination letter — the stuff about the sexual harassment and the misuse of corporate money — would be made public if he did not go quietly. Naked video leaked During another break, an increasingly desperate Charney called John Luttrell, his CFO, to see if he knew what to do. Luttrell expressed shock at the news. That was an odd reaction from Luttrell, three sources told us, because Mayer — the board chairman — had asked Luttrell earlier in secret if he was prepared to step up as the interim CEO if they got rid of Charney. Charney, who hired Luttrell in 2011 because he had previously been CFO at Old Navy and Wet Seal, later came to believe Luttrell was the mastermind who had first proposed getting rid of him, months earlier, in February of that year. Sources close to Luttrell regard this conspiracy theory as nonsense. On a bathroom break, Charney also called Minho Roth, an investor who held about 15% of the company's total shares. "I'm having a breakdown," Charney told Roth, according to someone within earshot. "These guys are trying to fire me!" By the end of the call Charney felt reassured: They'd put their shares together, kick out the existing board members, and make Charney CEO again. Charney owned about 27% of the company, and with Roth’s 15% they needed only a couple of other investors to join them. Charney’s belief that Roth would back him would become crucial later in his fight to regain control of the company, court documents show. Minho Roth 5T (Minho Roth, left, of FiveT Capital.Tomorrow-Focus.De / press handout) So Charney refused the "creative director" option. Sometime around 9 p.m., a statement went out to the press. The board suspended him immediately and declared its intent to fire him , after a 30-day contractual-notice period. Charney naked (A still from a video that was leaked showing Charney naked.ABC News / YouTube) At the same time, a new video of Charney appeared on the internet. It showed him dancing naked in his Los Angeles house, apparently filmed by a friend. No one knows how it got there, or why it was leaked at precisely that time. Charney believes it was a deliberate coincidence designed to humiliate him. By the next day, Luttrell had been named CEO, replacing Charney, who was technically “suspended.” 'Up against a wall' Most people don’t know that American Apparel came very close to bankruptcy in March 2014. The only official reference to it is in the company’s annual report for 2013, and it’s written in the generic boilerplate legalese that disguises the seriousness of what the company was required to warn: “We have experienced negative cash flows from operating activities in the past, and our business may not generate sufficient cash flow from operations to enable us to service our indebtedness or to fund our other liquidity needs.” The company was running on fumes. american apparel (Charney has always been very proud making his merchandise in his own factory in the US, and not outsourcing it from Asia.American Apparel) The problems went back years, and historically the company has lurched from crisis to crisis. Charney may have built the company, but he was never able to install a mature operational infrastructure to keep the company running smoothly. Part of the board's case against Charney was that he never hired or retained the kind of management bench strength that a company of its size needed. A lot of the company's problems were, ultimately, the responsibility of Charney. In 2009, for instance, there was an immigration audit of American Apparel's factory, and up to 1,800 people working without legal permission lost their jobs. The manufacturing base of the company had to be rebuilt from scratch. As sales fell, Charney ended up lending his own company $8.5 million in cash (and charging 6% interest). A company with a more robust HR department would never have hired those workers in the first place. Then, over the next few years, the company got stuck in an increasingly punitive debt cycle. In 2009, it received an $80 million loan from Lion Capital at 15% interest . In 2013, it did another deal with Lion, which carried an upper interest rate of 20% . Those are ridiculous interest rates, higher than many credit cards. Yet Charney signed off on them. In 2013, Charney let himself be persuaded into building a new product-distribution center in La Mirada, California, which cost $5 million. It was supposed to automate the way orders were sent out and thus make deliveries to stores and wholesalers faster and cheaper. Previously, product had been shipped directly from the factory with workers carrying it around, by hand, in cardboard boxes and trolleys, “like the 1950s,” a source said. The distribution center was CFO John Luttrell’s idea. It would require a capital expenditure of about $5 million but once running would save the company millions every year. Charney didn't believe the company had the resources to do it properly. But he said yes to it anyway, to avoid a conflict with the CFO he hired. Charney dog Screen Shot 2015 08 10 at 9.56.07 PM (Charney and his dog at home in LA.ABC News / YouTube) La Mirada turned into a disaster. The system for ordering the products didn’t communicate with the system for picking the products and packing them in boxes. "It couldn’t ship," a source who saw it told Business Insider. "It couldn’t ship a package!" "When I showed up at the distribution center it was such a sight, it was a mountain, a mountain of apparel — T-shirts and socks and belts and every single SKU that we had was in the center of the building on tables in boxes," a source who saw it said. "It was a like a bad laundry day 1,000 times over, just this enormous mountain. I think it was over 100,000 units just left in the center." american apparel (A shot of the chaos inside La Mirada.YouTube / Ana Zai) In the summer of 2013 Charney moved into the distribution center — literally building himself a bedroom there so he could work day and night — and spent about three months fixing the place. He got it up and running, but it cost American Apparel a further $15 million in expenses and lost sales , according to the company’s annual report. The company still booked a record year of revenues, but the loss on the bottom line was $106 million. By January 2014 it was clear to Charney that the company would not have enough cash to meet a $13.7 million interest payment on a bond it had issued the year before. The company had reported only $8 million in the bank at the close of 2013, a razor-thin margin for a business with a turnover of $634 million. If it were not for the La Mirada center, and the costs of fixing it, the company would have had about $20 million more on hand — more than enough to meet the $13.7 million debt payment. american apparel la mirada (YouTube / Ana Zai) In Q1 2014, sales decreased 1% to $137.1 million, and same-store sales went down 7%. Charney was losing control of the situation. "We were in one of our periodic liquidity crunches, and the company desperately needed to raise capital in March with an April deadline," a source familiar with the refinancing told Business Insider. "We were really up against the wall." 'I've known Dov a long time, and he often hears what he wants to hear' So Charney and Luttrell came to an agreement with the board: They would sell about 60 million new shares, and use the money to pay off the debt. With a bit of luck, if sales rose again in 2014, the debts would become less of a problem. The deal came with a downside for Charney: He owned 43% of the stock, a stake big enough to give him absolute control of the company. But the new stock sale would dilute his stake down to about 27%. LA Factory american apparel (American Apparel's LA factory.ABC News / YouTube) Charney, not wanting to lose his controlling percentage, asked the board for a guarantee that over time his stake would increase back up to 43%. Charney believes he had extracted this promise from the board before the equity was sold. But that’s not quite what happened. Rather, Charney was simply allowed to believe that he would regain control. "I’ve known Dov a long time and he often hears what he wants to hear," one source says. Charney was told "the board won’t consider anything until after the capital raise, but if you come to the board with a plan that’s all worked out and includes some performance metrics, the board will consider it." In other words, the board merely told Charney they would think about restoring his stake. The sale went ahead, and it netted $28.5 million — enough to keep the wolf from the door. But for the first time in years, Charney no longer had ownership control of the company. Charney house (Charney's house in Silver Lake, Los Angeles.ABC News) He was vulnerable. But he wasn't concerned because American Apparel’s seven board members — his bosses, technically — had mostly been picked by Charney himself, and he was the chairman. The board was regarded by outside investors as a cozy, pro-Charney place. These were the people who had heard years ago from the media that Charney was having sex with the models he recruited to appear in the company’s ad campaigns. They did nothing, even when some of the models sued. One, Irene Morales, appeared on TV to accuse Charney of locking her inside an apartment, and still the board made no moves against him. At other companies, the CEO would have been pushed out long ago if that happened. One source told us, jokingly, that the directors were so inactive the only changes they ever asked for in the company’s SEC disclosures were to update their biographies. That was why Charney felt confident that before the board meeting in the Skadden tower. Compared to the last few years, he had good news, and they should have been on his side. Charney turns a single T-shirt into a $600 million empire Charney young (A young Charney in his LA factory.YouTube / ABC News) Charney started his company as a student in the 1980s, carrying boxes of T-shirts across the border in trucks and on trains from America to Canada, where he lived (hence “American” Apparel). By the early 1990s his business had morphed into something more serious. It was still a one-man operation, but Charney showed up with his boxes of T-shirts at every regional US fashion trade show, promoting them to anyone who would listen. In the early '90s he was pushing a "Girly-T" shirt for girls. This was a sexy tight-fitted top. He called his brand "Classic Girl." The shirt came in one size. "I saw him at every single trade show," says someone who knew him then. "If there was a trade show happening, he was there. It was like, one T-shirt style, in two or three colors, in one size. It was a medium, one-sized T. He was like, 'Don’t worry, it will fit a woman from zero to size 8.' I was like, ‘I don’t get it.’ But he sold it.” American Apparel Catalogue Page 4 5. January 1997 (American Apparel) In the early '90s the fashion was grunge: baggy jeans and huge flannel shirts. By contrast, Charney’s shirt was a figure-hugging, fitted look. Charney guessed right. The "girly" T-shirt became a top-seller through the late '90s and early 2000s, morphing later into the "baby-doll" shirt which was cropped even shorter, as the trend for baggy clothes went away. The line developed, from a single shirt into American Apparel — 237 retail stores in 20 countries, and 10,000 employees. In 2005, Charney began selling leggings. The last time leggings were trendy was in the late '80s and early '90s. Back then, leggings were fundamentally underwear and worn underneath a skirt or with denim shorts and boots. Charney’s idea was to push leggings as outerwear, an alternative to jeans, without the skirt or shorts on top. Again, it was a prescient call. Women were apparently ready to wear butt-revealing underwear as outerwear. Leggings remain one of American Apparel’s best-selling wardrobe basics. Charney’s brilliance as a trendspotter is his ability to figure out exactly what teenage girls are willing to wear in order to most horrify their parents — and then sell that to them. This is the effect it had on sales, according to a document filed in the litigation: sales american apparel (Company sales in millions of dollars.Court documents) Another sex scandal In 2011, American Apparel ran into another crisis. Charney was sued by four women who alleged sexual assault or sexual harassment. Alyssa Ferguson, Kimbra Lo, Tesa Lubans DeHaven, and Irene Morales were all former employees or models for the company. In response, American Apparel published three blog posts detailing private photos, emails, and text messages sent between Charney and the women. Charney's termination letter alleges he knew these blogs were going to be published. The posts, which a source said the company officially promoted, appeared on services like Blogger and WordPress. They indicated that at some point the relationships were consensual, and not abusive as the lawsuits claimed. The photos on them were "not safe for work": In the case of Morales, emails and photos indicated she'd had a consensual sexual relationship with Charney for an extended period. In the case of Lo, a large batch of nude photos was published showing her obviously not being assaulted by Charney. The links were emailed to journalists who regularly covered the company. This PR retaliation, using personal, intimate photos was an unheard-of tactic for a publicly traded corporation. Companies usually prefer to litigate quietly until such cases go away. kimbra lo today.w1200.h630 (Kimbra Lo.Today Show) So the suits became huge news. Morales and Lo appeared on NBC's "Today" show to press their case. The company called it a “shakedown.” For a while, the cases went quiet. They were kicked out of the courts and sent to binding arbitration, a confidential nonjudicial process governed by the terms of American Apparel’s employment contracts. Some of Charney’s biggest defenders within the company are women. They regarded the plaintiffs as cynically taking advantage of consensual relations with Charney that had not turned out to their satisfaction. Charney was single and dated a lot of women, and while that was not to everyone’s taste it wasn’t a crime, these female employees say. They sympathize with Charney. Three female employees spoke to Business Insider. One said, “He has really been taken advantage of by women, who have taken advantage of the legal system, and the kind of power a woman can have in a sexual situation. I’ve known almost every woman who has filed against Dov and it’s digusting. It’s such a hard thing for someone to defend themselves about. Everyone thinks he’s a pervert ... he’s got this reputation he’ll never be able to live down, and for him to speak out and deny it, it’s almost impossible [for him].” The headlines were scandalous, but the board didn’t think it needed to act. “There was a lot of rumor and innuendo. You don’t fire the CEO of a public company based on rumor,” a source said. And the legal cases kept coming to nothing, another source said: “There had never been a finding of fact. He always denied them very convincingly. He was an easy target because he was very unconventional and outspoken. He was an easy target for allegations that weren’t necessarily based on anything real. At the time, there was nothing solid for the board to act on. No court of law, civil or criminal, had ever found he had committed an act that he had been accused of.” But that changed in the early part of 2014. A model wins an arbitration hearing At some point after the New Year of 2014, someone went to board chairman Allan Mayer and director David Danziger, who were both on the board’s audit committee, and told them to take another look at the legal settlements that were being made in the harassment cases. A pattern had emerged in the litigation: The cases would be filed in court. Charney’s lawyers would argue that the women had signed employment contracts that required “binding arbitration,” like an employment case and not a state court case. Arbitration is a non-public labor management process that generally produces much smaller damages awards than a trial by jury does. The process is also conducted in private, shielding it from the media. Once inside arbitration, Charney’s lawyers would then show that the women had signed agreements releasing Charney and the company from all legal claims. These releases helped the company get the cases thrown out completely, two sources close to the board say. Business Insider spoke to two employees who said they had signed such releases. They signed them after receiving bonuses or pay raises, and didn’t think they were unusual. Many people in the company were asked to sign releases promising they had no reason to sue the company, in order to get paid. In 2014, the strategy stopped working. More than one case ended up being settled. In 2014 and 2015, American Apparel paid a total of about $4.5 million to settle claims, according to the Wall Street Journal. Ferguson was awarded $1.8 million, according to court documents. (The sum is disputed by Charney’s lawyers who say most of the settlements were paid through insurance, at the insistence of the company’s insurance company.) Two other settlements were made that were confidential. irene morales (Irene Morales.Today Show) In the spring of 2014 — just as it was dawning on top management that the company was not going to be able to make its April bond payment — American Apparel paid at least $200,000, plus legal bills, to settle with Irene Morales, sources say, and court documents suggest the total may have reached $700,000. Morales was the 17-year-old model who had alleged she had been briefly locked inside Charney’s house – with the New York Post calling her a “sex slave.” But the settlement wasn’t over Morales’ sex claims. Those were rejected. Rather, the arbitration judge decided that the blogs which published her personal communications with Charney amounted to an impersonation of Morales. Sources told Business Insider that American Apparel staff had decided to create the posts based on advice from the company’s lawyers. They were written with Charney's knowledge, according to the board's termination letter (and a source told the New York Times the same thing ). Charney was getting massacred in the media. It seemed only fair to hit back with the truth — the women’s own sexy texts and emails to Charney, sources close to Charney say. Charney resisted the plan, according to a lawyer who advised the company. That lawyer was deposed during the litigation, according to a court document seen by Business Insider: "Everybody close to him was pressuring him. Everybody. ... I mean, Dov was sitting on photographs and e-mails … that completely refuted their allegations and he was not releasing them for personal reasons. They were private. He only did it after Kimbra Lo made her appearance [on TV], and after that the media coverage was just out of control." The legal advice — to publish the blogs – turned out to have huge unforeseen consequences for Charney: It made the company “vicariously liable” for the posts, the arbitration judge said. That finding of vicarious liability and the settlement that went with it — along with the news that staff were routinely being asked to file claims releases — was the turning point, two sources close to the board told Business Insider. "It was really outrageous, anytime someone got a raise or bonus or was leaving the company and getting severance, in order to get a paycheck they had to sign a release of all claims against the company," a source familiar with the board's thinking said. "If the board had been aware of that we would have put a stop to it." So, in March 2014 the board assigned Jones Day, a law firm, to investigate Charney without telling him. It had to be secret because if Charney had known, the board believes, he would have interfered or stopped the probe. Jones Day pulled all the legal files on Charney and began quietly interviewing employees. What they found was not good. Someone finds a secret plan to fire the CEO sitting in the office printer’s out-tray The legal bill for the Morales case was the least of American Apparel’s problems. A 2013 bond offering had left the company owing 13% interest with a 2% payment-in-kind, or PIK, on roughly $200 million in debt, due in April 2014. (A PIK is a type of deterrent provision installed in risky loans when the lender believes the borrower might not be able to make the basic interest payments.) So CFO John Luttrell attended the ICR XChange conference at the Ritz Carlton in Orlando, Florida, in January of 2014, to listen to new financing ideas. ICR is intended to provide a meeting place where analysts, companies and bankers can float investment plans, no matter how wildly speculative they may be. Luttrell could not have been a more different personality than Charney. Luttrell was an older, bookish accountant who preferred to spend time on his ranch in Sonoma, with his dog Jon-Jon and his horses. He arrived at the office with his shirt half-untucked, sources say, a crime at the fashion company. He was quiet and would leave the office early or work from home on Fridays, sources say, while Charney often worked late into the night. He didn’t fit in. The ICR conference — with its talk of bonds and cashflow and balance sheets — was much more Luttrell’s speed. marc cooper (Marc Cooper.Peter J Solomon) At the conference, Luttrell allegedly spoke to two investment bankers from Peter J. Solomon. Marc Cooper, one of the Solomon bankers, was overheard telling Luttrell that “American Apparel could be sold, but not with Dov Charney in the way,” according to court papers. Luttrell floated the idea past Charney, calling him one morning to ask if he would ever consider taking $100 million for his stake in the company. Charney wasn’t interested. On February 14, Luttrell sketched out a plan, typing it into a Word document. It was titled "Notes to David Danziger," the board member. Much of it has been quoted in court documents. Those who have seen the document say it contained a bullet-pointed list of problems with Charney, "who was incapable of managing a $700 million business." It ended with a proposed plan: "Remove CEO and replace with an interim replacement. Put the Company up for sale. Engage Peter Solomon." "This piece of paper had Dov’s name on it, other people’s names, some points of why maybe he shouldn’t be in charge, what’s been going on, the financials and La Mirada," says a source who read it. "Points of how things weren’t right there. Dov was to blame for La Mirada, Dov had hired people that shouldn’t be in charge of things, the financials, basically a rap sheet blaming Dov for a lot of things that had gone wrong with the company. It was two pages and the last point, on the last page, was 'solution - Jay Solomon taking over American Apparel.'" The paper also named people who had allegedly slept with Charney, three sources told Business Insider. In fairness to Lutrell, the idea that American Apparel might be better off without Charney was not an unusual belief in the investor community. The stock had peaked at $15 in late 2007, but by 2014 it was worth less than a dollar and in danger of being de-listed from NASDAQ, all under Charney's reign. CFOs have a duty to shareholders, and one way to boost the stock would be to shop the company with a new, turnaround CEO. That may not have been to Charney's taste, but it's not an unreasonable argument. Luttrell kept the memo a secret for months. Charney believes he used it as a primer to persuade board members like Danziger and Mayer that the company would be better off if it was sold without Charney. Why American Apparel (American Apparel) The note was discovered by accident, sitting on a company printer by an employee loyal to Charney. News of its existence spread quickly within the company's gossip mill. "Woah, where did you get this?" Charney said when he received a copy of it, according to sources inside the company. "This is crazy!" The employee also told Luttrell’s secretary that she had it. Immediately, Luttrell came over. "Has anyone else seen this?" he said. He was told no. "OK, keep it that way," he said. Luttrell then took the note and walked off, according to employees who witnessed the action. Tensions between Luttrell and Charney were coming to a head even before the note was printed. Luttrell “was just telling the chairman of the audit committee [David Danziger] that he was fed up, he wasn’t going to issue another '10-Q’ as long as Dov was CEO,” according to a source who overheard the conversation. A 10-Q is the quarterly earnings statement that all public companies must file with the SEC. If a company fails to file, it appears to investors that something must be very wrong — and that usually tanks the stock. Refusing to file a 10-Q is the most serious threat a CFO can make, short of going to the SEC as a whistleblower. The spring 2014 10-Q was filed on time, however. The company’s next SEC disclosure was much more crucial, and Charney now alleges in court documents that the company filed false information inside it — a potentially criminal offense under US law that can carry a prison sentence, if proven to be true. American Apparel Catalogue. January 1997 (American Apparel) On April 28, 2014, the company filed its “proxy” form, a notice to the SEC announcing its annual shareholders meeting, scheduled for June 18 at Skadden in New York. The form specifically recommended that Charney stay on as combined chairman and CEO. Charney believes that statement is false because the board had already assigned Jones Day in March to investigate him, and because John Luttrell’s February note shows he wanted Charney fired. Sources close to the board see it differently. Luttrell’s note is meaningless, they say. Even if Luttrell wanted Charney out, there were six other board members who needed to make that decision. "This notion that John is somehow been pulling the strings since February is nonsense," one person says. And the board wasn’t going to make a decision until after Jones Day finished investigating. When the proxy was filed, no decision had yet been made, they say, and thus it is not false. Jones Day only presented its findings to the board after the proxy was filed. "I can’t tell you how close to the wire we were even on making the final decision. So timing a had a lot to do with everything," one source says. And it wasn’t Luttrell’s note that persuaded the board Charney had to go — it was the legal liabilities arising from the sexual harassment suits, the board now says. The war room in Hell’s Kitchen Charney balcony Screen Shot 2015 08 10 at 9.55.14 PM (The view from the balcony at Charney's house.ABC News) After he was fired, Charney decided not return to LA. He was locked out of the building anyway. He chose instead to stay at an apartment in New York’s Hell’s Kitchen neighborhood, with Iris Alonzo, turning it into a war room from which he would fight the board. He immediately began working on a plan to get his company back — after all, he still had 27% of its stock. He needed more investors to come over to his side. If he could put together the votes from 51% of the stock, he could force the board to make him CEO again. He called Minho Roth of FiveT capital, a longtime Charney supporter who owned about 15% of the stock. Charney was confident that Roth would be on board because of their previous phone call the night he was fired. But Roth had talked to David Danziger, the board member, on June 20. Roth wanted to know why Charney had been fired two days earlier. But Danziger wouldn’t go into details, hinting ominously that “Roth that would understand the decision if he knew what the board knew,” Danziger later wrote in a court document. american apparel in bed with the boss 0 adbig 2 (Iris Alonzo (left) and Charney appear in an American Apparel ad.American Apparel) Roth decided then he would not support Charney in the fight . This devastated Charney, who believes that Danziger scared Roth away by slandering him, an accusation that Danziger is disputing in court. Charney turned next to Standard General, a hedge fund that had offered to lend the company money back in March (before the company chose instead to sell the stock that diluted Charney’s controlling stake). Charney had a series of phone conversations with Robert Lavan, an analyst at Standard General, including one while he was on vacation, climbing Machu Picchu in Peru. When Lavan got down from the mountain and got a signal on his phone, he discovered that Charney was freaking out about the “conspiracy” to fire him and frighten away his investors. Lavan tried to reassure him: He would fly back to New York, and the guys from Standard General would see what they could do. Lavan sent Charney a picture of himself on the summit of the Peruvian mountain with its ancient ruins in the background. “If I could do this, we can definitely take back APP,” his email said. Robert Lavan Macchu Screen (The photo of himself that Robert Lavan sent Charney from Peru.Court documents) A day or so later, Lavan and another Standard General member, David Glazek, came over to the Hell’s Kitchen apartment to find a dishevelled-looking Charney who had not slept properly for nearly a week. They hammered out a deal: It was basically a cash loan with warrants attached that required Standard General be paid back with Charney’s stock. The terms were complicated, but essentially Standard General would lend Charney a massive amount of money — up to $20 million — and Charney would use that money to buy stock, building a combined stake up to 51%. Charney’s stock would be the collateral for the loan. In addition, they signed an agreement about how to control the voting rights to the stock. The agreement gave Charney and Standard General “negative control,” meaning that one party could veto the vote if they didn’t like what the other one was doing. The deal was signed at 2 a.m. in the morning. On its face, this was good news for Charney. He began buying the stock, adding to his warchest. If he could get 51% with Standard General’s backing, he would be able fly back to LA, kick out the board, and declare victory. Charney only realized later that he had made a horrendous mistake. The poison pill Charney war room (Charney later made a war room in his LA house, too.ABC News) For a while it looked like Charney might succeed. He built a stake back up to around 43%. But the board wasn’t stupid. As soon as they realized Charney was getting close to ownership control again, they adopted a “poison pill.” Basically, the pill was a policy that promised to reward any investor with extra, free stock if anyone accumulated more than a certain percentage of the whole. That meant the more stock Charney bought, the more diluted he would become. The board also declared that Charney’s pact with Standard General was invalid. (It probably didn’t have that power but the declaration was enough to potentially tie up Standard General in litigation for months.) So Standard General approached the board and said, “hey, can we work this out?” They came to an agreement: Standard General would get three seats on the seven-member board, and two more seats jointly agreed with the company. Charney would resign from the board. That basically gave Standard General control of the company. They also agreed that the board would let another outside company, FTI, complete a second, more thorough, investigation of Charney, and his suitability to be CEO. Charney thought this new agreement was a huge betrayal. The company spent $10.4 million to fund lawyers for the probe ( according to its annual report ), which operated like a prosecution; Charney ended up using his own money to hire lawyers to defend himself against it. And in addition to not being CEO, his stock was now controlled by a hedge fund who could veto his votes. He was completely screwed. A kabuki dance in Central Park soo kim (A poster that pro-Charney workers made protesting Soo Kim and Standard General's presence on the board.American Apparel union drive campaign) Charney believes he was hoodwinked into this agreement by Soo Kim, Standard General’s managing partner, he has alleged in court documents. Kim allegedly achieved this by calling Charney at 5 a.m. on the morning of June 30, and insisting that he meet “at a private location in Central Park” where “no one could hear us talking” to discuss signing a deal with the board, Charney claims in court papers. Charney rolled out of bed and took an Uber car uptown. At about 5:30 a.m., Charney found Kim in “freak out mode” near the park, according to Charney’s lawsuit. One of Standard General’s limited partner investors, PAAMCO, had pulled $300 million from Standard General because it did not want to be associated with Charney, the suit claims. “Kim was scratching himself ‘to a bleed’ in panic”, the suit claims. According to the lawsuit, Kim persuaded him that the second investigation was merely a “kabuki dance” and that once it was over, the dust would settle and Charney would be quietly re-installed at Standard General’s request. Charney agreed to sit tight, thinking he would become CEO later. It didn’t happen. Needless to say, Standard General does not agree with Charney’s version of events. This wasn’t a secret meeting in the park, sources say. Their office faces the park, from 5th Avenue and 59th Street. Kim and Charney met for coffee outside the office and happened to sit down on a park bench. And it wasn’t called because Kim was trying to string Charney along — Kim was angry at Charney because he kept telling the media that Standard General was backing him no matter what. That was wrong, Kim told Charney. They would only back him if the investigation cleared him. From Standard General’s point of view, the board’s investigation into Charney was the unknown variable in the deal. They had no idea what dirt the board was holding. There were two possible outcomes to the investigation, and in either Standard General had something to gain: Either the investigation would exonerate Charney, in which case Standard General would be able re-install him as CEO. Or it would show that Charney had committed misdeeds that would prevent him from being CEO. In the second scenario, Standard General would at least retain its seats on the board, allowing it to safeguard the massive amount of stock it now controlled but could do nothing with. Maybe, in that scenario, the stock would go up. The disagreement was that Charney believed Standard General would back him as CEO regardless of how the investigation turned out. The new investigation was bogus — it was being done at the behest of people who had already decided he should fired — and Standard General knew that, Charney believed. Why else would he have signed the “negative control” deal? Why else would they have loaned him the money? Charney’s argument is irrelevant, sources told Business Insider, because even if Standard General backed Charney unconditionally there is no way he could be CEO if there was a trove of evidence against him alleging he misused corporate funds and exploited female employees for sex. American Apparel was already being forced to take awful interest rates on its debt because traditional lenders didn’t like the rumors surrounding Charney. What if the rumors were true? What if the files from the investigation became public? You just cannot be a CEO of a publicly traded company with that hanging over you. The probe was essentially out of Standard General’s hands, these sources argue. With the agreement between Standard General and the board signed, Charney’s fight to regain his company officially reached a legal “standstill.” On December 15, the board reviewed FTI’s findings, and fired Charney a second time. This time it wasn’t technical. He was gone for good. Investigators discover Charney’s private porn stash Charney home Screen Shot 2015 08 10 at 9.56.57 PM (Charney at home, as seen in an ABC News story about him.ABC News) Charney believes his legal battle — or perhaps the SEC probe — will result in him getting his company back. But the board has made it clear that it is holding a sword over Charney’s head: After the two investigations by Jones Day and FTI, the company took possession of a private company server that was used by Charney to store his personal archive of photos. It allegedly includes a ton of sleazy communications between Charney and his female models and employees. The investigation also allegedly found evidence that corporate money was misused. Charney denies that, and believes the company is trying to smear him. Charney launched four lawsuits against the company, its board, and Standard General in an attempt to get his company back. On August 13, 2015, two board members filed papers in one of the cases giving more detail about what the investigations found about Charney. David Danziger alleges that Charney was fired in part due to “Charney’s use of electronic storage media belonging to the Company for personal purposes to graphically document his sexual liaisons.” Chairperson Colleen Brown goes into even more detail. The company "discovered videos and photographs of Mr. Charney engaged in all manner of sexual behavior with numerous models and employees, which for some incredible reason had been saved by Mr. Charney to the Company's network server by him with the use of his Company computer,” she alleges. “These emails and text messages reveal that Mr. Charney repeatedly sent illicit messages to employees. He sent messages that included pornographic videos (or links thereto), pornographic photographs and other nude pictures. Additionally, he frequently engaged in inappropriate sexual banter, infantilizing women and referring to himself as ‘Daddy,’“ she alleges. Her filing then quotes from those messages, and they allegedly describe Charney’s sexual fantasies in lurid, four-lettered detail. The server was supposed to be for Charney’s private use, and contained his personal photos. The historic photo archives of fashion and media companies can often be valuable. Hugh Hefner has one, for instance, and it’s probably worth a lot of money. Founder archives can be sold for hundreds of thousands in media deals. There are rumors that Entourage's Adrian Grenier wants to make a movie of Charney's life , so all those old pictures could be part of that. Charney will likely argue that he had an agreement with the company that the server be kept separate and private: the messages on it were consensual, and not intended to be seen by the public, and it is thus unfair for the company to break that agreement and publish them. There’s an implicit threat from the company here, too: the subtext directed at Charney seems to be, go away or all this information will become public, including the photos. Charney’s prediction comes true American Apparel appointed Paula Schneider as its new CEO in December. She has cleaned house. A dozen or so of Charney’s internal loyalists have lost their jobs. Paula Schneider (American Apparel's new CEO, Paula Schneider.ABC News) Since then, the prediction Charney made about the company at the board meeting in 2014 — that it would collapse without him — has come true: American Apparel is in a death spiral. The company moved away from its overtly sexual marketing toward a positioning that focuses more on the clothes. Its ads are now less offensive to many, but less distinctive, also. Sales are down, collapsing 17.2% to $134.4 million in Q2, as a result. That followed a 9% decline the quarter before. On August 11, the company disclosed it was not able to file an earnings report for Q2 because it might be unable to make payments on a credit line it has with Capital One. Failing to file a 10-Q on time is always a bad sign. The company may be nearly bankrupt and will definitely need more financing, it said, “Whether or not any such transactions or agreements were implemented or successful, the Company's existing and any new investors could suffer substantial or total losses of their investment in its common stock.” They may have gotten rid of Charney, but the price for that may ultimately be the destruction of the entire company. NOW WATCH: The ugly secret behind why J. Crew's sales have tanked More From Business Insider Bitcoin splits in 2 NASA has a job opening for someone to defend Earth from aliens — and it pays a six-figure salary 50 must-have tech accessories under $50 || Inside the 'conspiracy' that forced Dov Charney out of American Apparel: • This is the story of how Dov Charney, founder of American Apparel, was kicked out of his own company.
• Sources inside the board meeting describe how Dov Charney's own directors ambushed him with a secret plot to remove him from the company.
• The board collected personal, texts, emails, and photos to create a dossier of Charney's habit of using company computers to "graphically document his sexual liaisons,” and used that as a bargaining chip against him.
• A secret internal investigation of Charney was conducted after the company was forced to settle a defamation lawsuit brought by a model he had been sleeping with.
• The company's CFO hatched a secret plan to sell the company without Charney's permission - but accidentally left a copy of the plan on an office photocopier.
• The company filed an SEC disclosure stating it wanted Charney to continue as chief when insiders knew the board was already discussing his removal.
• Charney signed up a hedge fund, Standard General, to back him in his fight to keep control of the company — but ultimately concluded the fund betrayed him.
• And Charney's prediction on the day he was fired came true: Without him, the company went into a death spiral.
(Dov Charney poses at The NASDAQ Stock Market in Times Square to ring the closing bell on September 15, 2006, in New York City.Mat Szwajkos/Getty Images)
Dov Charney was feeling pretty good when he entered the conference room high up inside the Skadden Arps offices in Times Square.
He was going to tell his board of directors — perched at eye level with the rooftops of Manhattan’s forest of midtown skyscrapers — that for the first time in years American Apparel's troubles were behind it.
It was June 18, 2014, and, as CEO, Charney had just generated a record year of revenues for the fashion retailer — $634 million, an increase of 3%. And same-store sales were up 3%, too.
He had also fixed problems at a massive product-distribution center that had crippled the company’s supply lines for months, crushing sales and driving up expenses.
His lawyers had settled or dismissed several lawsuits from former employees and models alleging that Charney had sexually harassed them. One suit, which alleged Charney kept a model locked in his house for sex, turned out to be bogus.
And he had staged a public offering of new stock that had raised $28.5 million, saving the company from bankruptcy.
There was nothing but good news to deliver.
So Charney, carrying a new running shoe he had designed, began the meeting with a presentation about how he was going to launch a line of sneakers. He laid about six of them out on the table.
Within seconds he was interrupted by Allan Mayer, American Apparel’s board chairman. Mayer pushed the shoes aside.
“Look, there’s something else we want to talk about,” Mayer said, according to a source who was in the room. He passed a couple of pieces of paper over the table to Charney.
It was a termination letter.
The board was firing Charney, the company's founder and CEO, who had led American Apparel for 25 years.
The memo, later filed in court, alleged a long list of misdeeds by Charney:
It said he allowed an employee to publish a blog defaming other former employees; he had given severance packages to several employees in order to stop them from suing; he refused to attend sexual-harassment training; he used company money for personal expenses, such as providing travel for family members.
All of the above had significantly increased the company’s legal and insurance bills, the letter alleged: “You engaged in conduct that repeatedly put yourself in a position to be sued by numerous former employees for claims that include harassment, discrimination and assault.”
“It was clear he was totally blindsided by this — he didn’t have a clue,” one person who was in the room says.
Charney went ballistic: “This company will fall apart if I’m not running it!”
(Dov Charney paces inside a conference room in the Skadden Arps building after learning that the board wants him out.Dov Charney)
This story is based on multiple accounts from people close to Charney, the board, American Apparel employees, and the company’s major shareholders.
Several lawsuits have been filed over Charney’s removal, and evidence alleged in that litigation has been used to tell this story, too.
Business Insider has also seen confidential documents, emails, photos, and texts associated with the litigation. Because of the fierce fighting — Charney has filed four lawsuits, and two employees and the company have all filed one each — no one wanted to talk on the record for this story.
But people had plenty to say privately.
What follows is an account of how the tide inside American Apparel began to turn against Charney in January 2014. It details how the board held secret discussions for weeks as it agonized over whether to get rid of him. It describes how his CFO allegedly sketched out a plan to oust Charney, and how that sketch was then obtained by Charney’s loyalists and used as evidence of the coup. (The plan has since been described in court filings.) And it describes how Charney was persuaded to sign a disastrous settlement that left him with no job and no control of the company, despite being the largest shareholder.
(Thomas Alleman)
Today, Charney is distraught, enraged, humiliated, and vengeful.
For years, he was the crown prince of the sexiest fashion company in America. He socialized with the hedge fund executives who funded his company. He did photo shoots with porn stars. His marketing budget was one of the largest in the retail-apparel business. His ads made headlines because they used ordinary women instead of professional models, and because they walked the line in terms of nudity.
His girlfriends were the women in those ads, and many of them were decades younger (he is 46). He was a millionaire. He owned a beautiful house, high on a hill in Silver Lake, with a balcony overlooking the Los Angeles skyline.He was an impish, mad geniuswhose real life was like a male midlife-crisis fantasy.
In person, Charney is by turns infuriating, charming, arrogant. He can cycle through manic and depressive phases within a single sentence. His retail empire was built with his own hands, in round-the-clock workdays, across three decades. Everyone who knows him agrees the success of American Apparel is 100% because of Charney. He is the epitome of hard work, old-school Jewish garment-trade moxie, and the American dream, all rolled into one.
But that wasn’t enough to protect him.
(Board chairman Allan Mayer.WorldCommForumDavos / YouTube)
It started with a board-commissioned investigation into Charney’s activities as CEO, conducted without his knowledge, which lasted four months. That probe eventually led to the creation of a dossier that has yet to be made public.
It has been seen by only a few people inside the company, but two board members recently described some of it in court filings, and it is explosive.
It allegedly details “Charney’s use of electronic storage media belonging to the Company for personal purposes to graphically document his sexual liaisons,” some of which occurred in his office.
The company has alleged in court that it includes his personal, texts, emails, and photos. It also allegedly includes evidence of a police complaint filed by one model who claims she was sexually assaulted by Charney — a claim he denies. He was never charged.
Charney believes he is the victim of a conspiracy, a palace coup in which his board filed false disclosures to the SEC saying they supported him as CEO while they were actually maneuvering to oust him.
Charney also argues that the investigation was biased because it was conducted by people who wanted him out, and that he has never been charged with any crime or found guilty or liable for any of the accusations against him.
(REUTERS/Mario Anzuoni )
The board has yet to make the photos and messages public.
In March, the SECsaid it is investigatingthe company and its termination of Charney. The board denies wrongdoing. The outcome of the federal investigation could be crucial in determining whether Charney can get his company back.
Since he was ousted, sales at the company have gone into free fall and itagain faces bankruptcy.
(Charney, in one of his own ads.American Apparel)
In the conference room in New York, Charney began to read the termination letter and make line-by-line protests against its allegations.
After about an hour he texted Iris Alonzo, a longtime creative director who was working in the hallway outside, oblivious to what was happening to her boss. The text said something like "don't go anywhere, this is getting weird with these guys."
Charney left the conference room, and the pair took a walk down a corridor to another Skadden conference room, where they shut the door.
"They're trying to fire me, it's completely illegal, they don't know what they're doing, they have no idea how the company functions," Charney told her, according to sources who heard about it later.
"They're out of their minds," Alonzo said. "We are going to get the whole company behind you, the entire management team is behind you."
Charney and Alonzo spent the next 11 hours on the upper floors of the Skadden tower, begging, pleading and arguing with the board to reverse its position.
While Charney raged at his directors, the company’s security team was instructed to shut down his email, cancel his access to the HQ building in Los Angeles, and cut off service to his corporate mobile phone, sources told us.
At one point, during a break in the debate, Alonzo went into the conference room where the board was holed up. She was furious.
“Jesus — this is crazy! Who do you think is going to run this company? You’d need five people to replace Dov,” she said, according to someone who was there. “You’re ripping the heart out of the company — you’re going to destroy the company. You don’t know this business, you haven’t spent more than an hour in the factory cumulatively in the last five years. Who are you, and what do you think you know?”
She ended her tirade by saying, “All of you are cowards — every single one of you.”
Allan Mayer asked her to leave.
Everyone who spoke to Business Insider described the exchanges between Charney and the board as painful to hear. Although Mayer and David Danziger, another board member, had led the movement to prepare Charney’s ouster, they were acutely aware that this was Charney’s company.
(An ad from Charney's early days at American Apparel.American Apparel)
The company was his entire life’s work.
“It was a tense bunch of hours. We sat in that room going well into the evening. There was a lot of discussion going back and forth, and none of us really knew how it was going to end,” one person said.
There was nothing Charney could do. The other members of the board had agreed the night before — without telling him — that he would be fired, a source who knew about it says. The letter was already drawn up and dated.
The board meeting had only one real purpose: to present Charney with an ultimatum, according to confidential documents seen by Business Insider:
Charney could either accept a $4.5 million severance package and the new title of “creative director,” for which he would also be paid $500 per hour. It would not look as if he had been fired, merely moved into a new position with the company.
The price of that package was that he had to sign over the voting rights to his 47 million shares, and resign as CEO.
Or the board would remove him.
"We all love you, and we know you are the hardest-working guy in the room," Danziger told Charney. "But we need to reposition the company and this is going to be good for you and the company."
Said Robert Greene, another director, presumably referring to the value of Charney’s stock, if it went up: "You are a genius. You will get over $100 million out of this and start up a new business. (Their conversation was later repeated in court filings.)
If he did not accept, the board told him, he would be fired “for cause” and walk out with nothing except his existing stock.
The implication, from Charney’s point of view, was that there would be a storm of bad publicity. And, two sources told Business Insider, the dirt that the board referred to in its termination letter — the stuff about the sexual harassment and the misuse of corporate money — would be made public if he did not go quietly.
During another break, an increasingly desperate Charney called John Luttrell, his CFO, to see if he knew what to do. Luttrell expressed shock at the news. That was an odd reaction from Luttrell, three sources told us, because Mayer — the board chairman — had asked Luttrell earlier in secret if he was prepared to step up as the interim CEO if they got rid of Charney.
Charney, who hired Luttrell in 2011 because he had previously been CFO at Old Navy and Wet Seal, later came to believe Luttrell was the mastermind who had first proposed getting rid of him, months earlier, in February of that year.
Sources close to Luttrell regard this conspiracy theory as nonsense.
On a bathroom break, Charney also called Minho Roth, an investor who held about 15% of the company's total shares.
"I'm having a breakdown," Charney told Roth, according to someone within earshot. "These guys are trying to fire me!"
By the end of the call Charney felt reassured: They'd put their shares together, kick out the existing board members, and make Charney CEO again. Charney owned about 27% of the company, and with Roth’s 15% they needed only a couple of other investors to join them.
Charney’s belief that Roth would back him would become crucial later in his fight to regain control of the company, court documents show.
(Minho Roth, left, of FiveT Capital.Tomorrow-Focus.De / press handout)
So Charney refused the "creative director" option. Sometime around 9 p.m., a statement went out to the press. The board suspended him immediately anddeclared its intent to fire him, after a 30-day contractual-notice period.
(A still from a video that was leaked showing Charney naked.ABC News / YouTube)
At the same time, a new video of Charney appeared on the internet. It showed him dancing naked in his Los Angeles house, apparently filmed by a friend. No one knows how it got there, or why it was leaked at precisely that time. Charney believes it was a deliberate coincidence designed to humiliate him.
By the next day, Luttrell had been named CEO, replacing Charney, who was technically “suspended.”
Most people don’t know that American Apparel came very close to bankruptcy in March 2014.
The only official reference to it is in the company’s annual report for 2013, and it’s written in the generic boilerplate legalese that disguises the seriousness of what the company was required to warn:
“We have experienced negative cash flows from operating activities in the past, and our business may not generate sufficient cash flow from operations to enable us to service our indebtedness or to fund our other liquidity needs.”
The company was running on fumes.
(Charney has always been very proud making his merchandise in his own factory in the US, and not outsourcing it from Asia.American Apparel)
The problems went back years, and historically the company has lurched from crisis to crisis.
Charney may have built the company, but he was never able to install a mature operational infrastructure to keep the company running smoothly.
Part of the board's case against Charney was that he never hired or retained the kind of management bench strength that a company of its size needed. A lot of the company's problems were, ultimately, the responsibility of Charney.
In 2009, for instance, there was an immigration audit of American Apparel's factory, and up to 1,800 people working without legal permission lost their jobs.
The manufacturing base of the company had to be rebuilt from scratch.
As sales fell,Charney ended up lending his own company $8.5 million in cash(and charging 6% interest).
A company with a more robust HR department would never have hired those workers in the first place.
Then, over the next few years, the company got stuck in an increasingly punitive debt cycle. In 2009, it receivedan $80 million loan from Lion Capital at 15% interest. In 2013, it did anotherdeal with Lion, which carried an upper interest rate of 20%. Those are ridiculous interest rates, higher than many credit cards. Yet Charney signed off on them.
In 2013, Charney let himself be persuaded into building a new product-distribution center in La Mirada, California, which cost $5 million. It was supposed to automate the way orders were sent out and thus make deliveries to stores and wholesalers faster and cheaper. Previously, product had been shipped directly from the factory with workers carrying it around, by hand, in cardboard boxes and trolleys, “like the 1950s,” a source said.
The distribution center was CFO John Luttrell’s idea. It would require a capital expenditure of about $5 million but once running would save the company millions every year. Charney didn't believe the company had the resources to do it properly. But he said yes to it anyway, to avoid a conflict with the CFO he hired.
(Charney and his dog at home in LA.ABC News / YouTube)
La Mirada turned into a disaster.
The system for ordering the products didn’t communicate with the system for picking the products and packing them in boxes. "It couldn’t ship," a source who saw it told Business Insider. "It couldn’t ship a package!"
"When I showed up at the distribution center it was such a sight, it was a mountain, a mountain of apparel — T-shirts and socks and belts and every single SKU that we had was in the center of the building on tables in boxes," a source who saw it said. "It was a like a bad laundry day 1,000 times over, just this enormous mountain. I think it was over 100,000 units just left in the center."
(A shot of the chaos inside La Mirada.YouTube / Ana Zai)
In the summer of 2013 Charney moved into the distribution center — literally building himself a bedroom there so he could work day and night — and spent about three months fixing the place.
He got it up and running, but it cost American Apparel a further$15 million in expenses and lost sales, according to the company’s annual report. The company still booked a record year of revenues, but the loss on the bottom line was $106 million.
By January 2014 it was clear to Charney that the company would not have enough cash to meet a $13.7 million interest payment on a bond it had issued the year before. The company had reported only $8 million in the bank at the close of 2013, a razor-thin margin for a business with a turnover of $634 million.
If it were not for the La Mirada center, and the costs of fixing it, the company would have had about $20 million more on hand — more than enough to meet the $13.7 million debt payment.
(YouTube / Ana Zai)
In Q1 2014, sales decreased 1% to $137.1 million, and same-store sales went down 7%. Charney was losing control of the situation.
"We were in one of our periodic liquidity crunches, and the company desperately needed to raise capital in March with an April deadline," a source familiar with the refinancing told Business Insider. "We were really up against the wall."
So Charney and Luttrell came to an agreement with the board: They would sell about 60 million new shares, and use the money to pay off the debt. With a bit of luck, if sales rose again in 2014, the debts would become less of a problem.
The deal came with a downside for Charney: He owned 43% of the stock, a stake big enough to give him absolute control of the company. But the new stock sale would dilute his stake down to about 27%.
(American Apparel's LA factory.ABC News / YouTube)
Charney, not wanting to lose his controlling percentage, asked the board for a guarantee that over time his stake would increase back up to 43%. Charney believes he had extracted this promise from the board before the equity was sold.
But that’s not quite what happened. Rather, Charney was simply allowed to believe that he would regain control.
"I’ve known Dov a long time and he often hears what he wants to hear," one source says. Charney was told "the board won’t consider anything until after the capital raise, but if you come to the board with a plan that’s all worked out and includes some performance metrics, the board will consider it."
In other words, the board merely told Charney they wouldthinkabout restoring his stake. The sale went ahead, and it netted $28.5 million — enough to keep the wolf from the door.
But for the first time in years, Charney no longer had ownership control of the company.
(Charney's house in Silver Lake, Los Angeles.ABC News)
He was vulnerable. But he wasn't concerned because American Apparel’s seven board members — his bosses, technically — had mostly been picked by Charney himself, and he was the chairman.
The board was regarded by outside investors as a cozy, pro-Charney place. These were the people who had heard years ago from the media that Charney was having sex with the models he recruited to appear in the company’s ad campaigns. They did nothing, even when some of the models sued.
One, Irene Morales, appeared on TV to accuse Charney of locking her inside an apartment, and still the board made no moves against him. At other companies, the CEO would have been pushed out long ago if that happened.
One source told us, jokingly, that the directors were so inactive the only changes they ever asked for in the company’s SEC disclosures were to update their biographies.
That was why Charney felt confident that before the board meeting in the Skadden tower. Compared to the last few years, he had good news, and they should have been on his side.
(A young Charney in his LA factory.YouTube / ABC News)
Charney started his company as a student in the 1980s, carrying boxes of T-shirts across the border in trucks and on trains from America to Canada, where he lived (hence “American” Apparel).
By the early 1990s his business had morphed into something more serious. It was still a one-man operation, but Charney showed up with his boxes of T-shirts at every regional US fashion trade show, promoting them to anyone who would listen.
In the early '90s he was pushing a "Girly-T" shirt for girls. This was a sexy tight-fitted top. He called his brand "Classic Girl." The shirt came in one size.
"I saw him at every single trade show," says someone who knew him then. "If there was a trade show happening, he was there. It was like, one T-shirt style, in two or three colors, in one size. It was a medium, one-sized T. He was like, 'Don’t worry, it will fit a woman from zero to size 8.' I was like, ‘I don’t get it.’ But he sold it.”
(American Apparel)
In the early '90s the fashion was grunge: baggy jeans and huge flannel shirts. By contrast, Charney’s shirt was a figure-hugging, fitted look. Charney guessed right. The "girly" T-shirt became a top-seller through the late '90s and early 2000s, morphing later into the "baby-doll" shirt which was cropped even shorter, as the trend for baggy clothes went away.
The line developed, from a single shirt into American Apparel — 237 retail stores in 20 countries, and 10,000 employees.
In 2005, Charney began selling leggings. The last time leggings were trendy was in the late '80s and early '90s. Back then, leggings were fundamentally underwear and worn underneath a skirt or with denim shorts and boots.
Charney’s idea was to push leggings as outerwear, an alternative to jeans, without the skirt or shorts on top. Again, it was a prescient call. Womenwereapparently ready to wear butt-revealing underwear as outerwear. Leggings remain one of American Apparel’s best-selling wardrobe basics.
Charney’s brilliance as a trendspotter is his ability to figure out exactly what teenage girls are willing to wear in order to most horrify their parents — and then sell that to them.
This is the effect it had on sales, according to a document filed in the litigation:
(Company sales in millions of dollars.Court documents)
In 2011, American Apparel ran into another crisis.
Charney was sued by four womenwho alleged sexual assaultor sexual harassment. Alyssa Ferguson, Kimbra Lo, Tesa Lubans DeHaven, and Irene Moraleswere all former employeesor models for the company.
In response, American Apparel published three blog posts detailing private photos, emails, and text messages sent between Charney and the women. Charney's termination letter alleges he knew these blogs were going to be published.
The posts, which a source said the company officially promoted, appeared on services like Blogger and WordPress. They indicated that at some point the relationships were consensual, and not abusive as the lawsuits claimed. The photos on them were "not safe for work": In the case of Morales, emails and photos indicated she'd had a consensual sexual relationship with Charney for an extended period.
In the case of Lo, a large batch of nude photos was published showing her obviously not being assaulted by Charney. The links were emailed to journalists who regularly covered the company.
This PR retaliation, using personal, intimate photos was an unheard-of tactic for a publicly traded corporation. Companies usually prefer to litigate quietly until such cases go away.
(Kimbra Lo.Today Show)
So the suits became huge news. Morales and Lo appeared on NBC's "Today" show to press their case. The company called it a “shakedown.”
For a while, the cases went quiet. They were kicked out of the courts and sent to binding arbitration, a confidential nonjudicial process governed by the terms of American Apparel’s employment contracts.
Some of Charney’s biggest defenders within the company are women. They regarded the plaintiffs as cynically taking advantage of consensual relations with Charney that had not turned out to their satisfaction.
Charney was single and dated a lot of women, and while that was not to everyone’s taste it wasn’t a crime, these female employees say. They sympathize with Charney.
Three female employees spoke to Business Insider.
One said, “He has really been taken advantage of by women, who have taken advantage of the legal system, and the kind of power a woman can have in a sexual situation. I’ve known almost every woman who has filed against Dov and it’s digusting. It’s such a hard thing for someone to defend themselves about. Everyone thinks he’s a pervert ... he’s got this reputation he’ll never be able to live down, and for him to speak out and deny it, it’s almost impossible [for him].”
The headlines were scandalous, but the board didn’t think it needed to act.
“There was a lot of rumor and innuendo. You don’t fire the CEO of a public company based on rumor,” a source said.
And the legal cases kept coming to nothing, another source said:
“There had never been a finding of fact. He always denied them very convincingly. He was an easy target because he was very unconventional and outspoken. He was an easy target for allegations that weren’t necessarily based on anything real. At the time, there was nothing solid for the board to act on. No court of law, civil or criminal, had ever found he had committed an act that he had been accused of.”
But that changed in the early part of 2014.
At some point after the New Year of 2014, someone went to board chairman Allan Mayer and director David Danziger, who were both on the board’s audit committee, and told them to take another look at the legal settlements that were being made in the harassment cases.
A pattern had emerged in the litigation: The cases would be filed in court. Charney’s lawyers would argue that the women had signed employment contracts that required “binding arbitration,” like an employment case and not a state court case. Arbitration is a non-public labor management process that generally produces much smaller damages awards than a trial by jury does. The process is also conducted in private, shielding it from the media.
Once inside arbitration, Charney’s lawyers would then show that the women had signed agreements releasing Charney and the company from all legal claims. These releases helped the company get the cases thrown out completely, two sources close to the board say.
Business Insider spoke to two employees who said they had signed such releases. They signed them after receiving bonuses or pay raises, and didn’t think they were unusual. Many people in the company were asked to sign releases promising they had no reason to sue the company, in order to get paid.
In 2014, the strategy stopped working.
More than one case ended up being settled. In 2014 and 2015, American Apparelpaid a total of about $4.5 millionto settle claims, according to the Wall Street Journal. Ferguson was awarded $1.8 million, according to court documents. (The sum is disputed by Charney’s lawyers who say most of the settlements were paid through insurance, at the insistence of the company’s insurance company.)
Two other settlements were made that were confidential.
(Irene Morales.Today Show)
In the spring of 2014 — just as it was dawning on top management that the company was not going to be able to make its April bond payment — American Apparel paid at least $200,000, plus legal bills, to settle with Irene Morales, sources say, and court documents suggest the total may have reached $700,000. Morales was the 17-year-old model who had allegedshe had been briefly lockedinside Charney’s house – with the New York Post calling her a “sex slave.”
But the settlement wasn’t over Morales’ sex claims. Those were rejected. Rather, the arbitration judge decided that the blogs which published her personal communications with Charney amounted to an impersonation of Morales.
Sources told Business Insider that American Apparel staff had decided to create the posts based on advice from the company’s lawyers. They were written with Charney's knowledge, according to the board's termination letter (anda source told the New York Times the same thing). Charney was getting massacred in the media. It seemed only fair to hit back with the truth — the women’s own sexy texts and emails to Charney, sources close to Charney say.
Charney resisted the plan, according to a lawyer who advised the company. That lawyer was deposed during the litigation, according to a court document seen by Business Insider: "Everybody close to him was pressuring him. Everybody. ... I mean, Dov was sitting on photographs and e-mails … that completely refuted their allegations and he was not releasing them for personal reasons. They were private. He only did it after Kimbra Lo made her appearance [on TV], and after that the media coverage was just out of control."
The legal advice — to publish the blogs – turned out to have huge unforeseen consequences for Charney: It made the company “vicariously liable” for the posts, the arbitration judge said.
That finding of vicarious liability and the settlement that went with it — along with the news that staff were routinely being asked to file claims releases — was the turning point, two sources close to the board told Business Insider.
"It was really outrageous, anytime someone got a raise or bonus or was leaving the company and getting severance, in order to get a paycheck they had to sign a release of all claims against the company," a source familiar with the board's thinking said. "If the board had been aware of that we would have put a stop to it."
So, in March 2014 the board assigned Jones Day, a law firm, to investigate Charney without telling him. It had to be secret because if Charney had known, the board believes, he would have interfered or stopped the probe. Jones Day pulled all the legal files on Charney and began quietly interviewing employees.
What they found was not good.
The legal bill for the Morales case was the least of American Apparel’s problems.
A 2013 bond offering had left the company owing 13% interest with a 2% payment-in-kind, or PIK, on roughly $200 million in debt, due in April 2014. (A PIK is a type of deterrent provision installed in risky loans when the lender believes the borrower might not be able to make the basic interest payments.)
So CFO John Luttrell attended the ICR XChange conference at the Ritz Carlton in Orlando, Florida, in January of 2014, to listen to new financing ideas. ICR is intended to provide a meeting place where analysts, companies and bankers can float investment plans, no matter how wildly speculative they may be.
Luttrell could not have been a more different personality than Charney. Luttrell was an older, bookish accountant who preferred to spend time on his ranch in Sonoma, with his dog Jon-Jon and his horses. He arrived at the office with his shirt half-untucked, sources say, a crime at the fashion company. He was quiet and would leave the office early or work from home on Fridays, sources say, while Charney often worked late into the night.
He didn’t fit in.
The ICR conference — with its talk of bonds and cashflow and balance sheets — was much more Luttrell’s speed.
(Marc Cooper.Peter J Solomon)
At the conference, Luttrell allegedly spoke to two investment bankers from Peter J. Solomon. Marc Cooper, one of the Solomon bankers, was overheard telling Luttrell that “American Apparel could be sold, but not with Dov Charney in the way,” according to court papers.
Luttrell floated the idea past Charney, calling him one morning to ask if he would ever consider taking $100 million for his stake in the company. Charney wasn’t interested.
On February 14, Luttrell sketched out a plan, typing it into a Word document. It was titled "Notes to David Danziger," the board member. Much of it has been quoted in court documents. Those who have seen the document say it contained a bullet-pointed list of problems with Charney, "who was incapable of managing a $700 million business." It ended with a proposed plan: "Remove CEO and replace with an interim replacement. Put the Company up for sale. Engage Peter Solomon."
"This piece of paper had Dov’s name on it, other people’s names, some points of why maybe he shouldn’t be in charge, what’s been going on, the financials and La Mirada," says a source who read it. "Points of how things weren’t right there. Dov was to blame for La Mirada, Dov had hired people that shouldn’t be in charge of things, the financials, basically a rap sheet blaming Dov for a lot of things that had gone wrong with the company. It was two pages and the last point, on the last page, was 'solution - Jay Solomon taking over American Apparel.'"
The paper also named people who had allegedly slept with Charney, three sources told Business Insider.
In fairness to Lutrell, the idea that American Apparel might be better off without Charney was not an unusual belief in the investor community. The stock had peaked at $15 in late 2007, but by 2014 it was worth less than a dollar and in danger of being de-listed from NASDAQ, all under Charney's reign. CFOs have a duty to shareholders, and one way to boost the stock would be to shop the company with a new, turnaround CEO. That may not have been to Charney's taste, but it's not an unreasonable argument.
Luttrell kept the memo a secret for months. Charney believes he used it as a primer to persuade board members like Danziger and Mayer that the company would be better off if it was sold without Charney.
(American Apparel)
The note was discovered by accident, sitting on a company printer by an employee loyal to Charney. News of its existence spread quickly within the company's gossip mill.
"Woah, where did you get this?" Charney said when he received a copy of it, according to sources inside the company. "This is crazy!"
The employee also told Luttrell’s secretary that she had it. Immediately, Luttrell came over. "Has anyone else seen this?" he said. He was told no. "OK, keep it that way," he said. Luttrell then took the note and walked off, according to employees who witnessed the action.
Tensions between Luttrell and Charney were coming to a head even before the note was printed. Luttrell “was just telling the chairman of the audit committee [David Danziger] that he was fed up, he wasn’t going to issue another '10-Q’ as long as Dov was CEO,” according to a source who overheard the conversation.
A 10-Q is the quarterly earnings statement that all public companies must file with the SEC. If a company fails to file, it appears to investors that something must be very wrong — and that usually tanks the stock. Refusing to file a 10-Q is the most serious threat a CFO can make, short of going to the SEC as a whistleblower.
The spring 2014 10-Q was filed on time, however.
The company’s next SEC disclosure was much more crucial, and Charney now alleges in court documents that the company filed false information inside it — a potentially criminal offense under US law that can carry a prison sentence, if proven to be true.
(American Apparel)
On April 28, 2014, the company filed its “proxy” form, a notice to the SEC announcing its annual shareholders meeting, scheduled for June 18 at Skadden in New York. The form specifically recommended that Charney stay on as combined chairman and CEO.
Charney believes that statement is false because the board had already assigned Jones Day in March to investigate him, and because John Luttrell’s February note shows he wanted Charney fired.
Sources close to the board see it differently. Luttrell’s note is meaningless, they say. Even if Luttrell wanted Charney out, there were six other board members who needed to make that decision.
"This notion that John is somehow been pulling the strings since February is nonsense," one person says.
And the board wasn’t going to make a decision until after Jones Day finished investigating. When the proxy was filed, no decision had yet been made, they say, and thus it is not false. Jones Day only presented its findings to the board after the proxy was filed. "I can’t tell you how close to the wire we were even on making the final decision. So timing a had a lot to do with everything," one source says.
And it wasn’t Luttrell’s note that persuaded the board Charney had to go — it was the legal liabilities arising from the sexual harassment suits, the board now says.
(The view from the balcony at Charney's house.ABC News)
After he was fired, Charney decided not return to LA. He was locked out of the building anyway. He chose instead to stay at an apartment in New York’s Hell’s Kitchen neighborhood, with Iris Alonzo, turning it into a war room from which he would fight the board. He immediately began working on a plan to get his company back — after all, he still had 27% of its stock.
He needed more investors to come over to his side. If he could put together the votes from 51% of the stock, he could force the board to make him CEO again.
He called Minho Roth of FiveT capital, a longtime Charney supporter who owned about 15% of the stock. Charney was confident that Roth would be on board because of their previous phone call the night he was fired. But Roth had talked to David Danziger, the board member, on June 20. Roth wanted to know why Charney had been fired two days earlier. But Danziger wouldn’t go into details, hinting ominously that “Roth that would understand the decision if he knew what the board knew,” Danziger later wrote in a court document.
(Iris Alonzo (left) and Charney appear in an American Apparel ad.American Apparel)
Roth decided thenhe would not support Charney in the fight.
This devastated Charney, who believes that Danziger scared Roth away by slandering him, an accusation that Danziger is disputing in court.
Charney turned next to Standard General, a hedge fund that had offered to lend the company money back in March (before the company chose instead to sell the stock that diluted Charney’s controlling stake). Charney had a series of phone conversations with Robert Lavan, an analyst at Standard General, including one while he was on vacation, climbing Machu Picchu in Peru.
When Lavan got down from the mountain and got a signal on his phone, he discovered that Charney was freaking out about the “conspiracy” to fire him and frighten away his investors. Lavan tried to reassure him: He would fly back to New York, and the guys from Standard General would see what they could do. Lavan sent Charney a picture of himself on the summit of the Peruvian mountain with its ancient ruins in the background. “If I could do this, we can definitely take back APP,” his email said.
(The photo of himself that Robert Lavan sent Charney from Peru.Court documents)
A day or so later, Lavan and another Standard General member, David Glazek, came over to the Hell’s Kitchen apartment to find a dishevelled-looking Charney who had not slept properly for nearly a week. They hammered out a deal: It was basically a cash loan with warrants attached that required Standard General be paid back with Charney’s stock. The terms were complicated, but essentially Standard General would lend Charney a massive amount of money — up to $20 million — and Charney would use that money to buy stock, building a combined stake up to 51%. Charney’s stock would be the collateral for the loan.
In addition, they signed an agreement about how to control the voting rights to the stock. The agreement gave Charney and Standard General “negative control,” meaning that one party could veto the vote if they didn’t like what the other one was doing.
The deal was signed at 2 a.m. in the morning.
On its face, this was good news for Charney. He began buying the stock, adding to his warchest. If he could get 51% with Standard General’s backing, he would be able fly back to LA, kick out the board, and declare victory.
Charney only realized later that he had made a horrendous mistake.
(Charney later made a war room in his LA house, too.ABC News)
For a while it looked like Charney might succeed. He built a stake back up to around 43%. But the board wasn’t stupid. As soon as they realized Charney was getting close to ownership control again, they adopted a “poison pill.” Basically, the pill was a policy that promised to reward any investor with extra, free stock if anyone accumulated more than a certain percentage of the whole. That meant the more stock Charney bought, the more diluted he would become. The board also declared that Charney’s pact with Standard General was invalid. (It probably didn’t have that power but the declaration was enough to potentially tie up Standard General in litigation for months.)
So Standard General approached the board and said, “hey, can we work this out?”
They came to an agreement: Standard General would get three seats on the seven-member board, and two more seats jointly agreed with the company. Charney would resign from the board. That basically gave Standard General control of the company.
They also agreed that the board would let another outside company, FTI, complete a second, more thorough, investigation of Charney, and his suitability to be CEO.
Charney thought this new agreement was a huge betrayal. The company spent $10.4 million to fund lawyers for the probe (according to its annual report), which operated like a prosecution; Charney ended up using his own money to hire lawyers to defend himself against it.
And in addition to not being CEO, his stock was now controlled by a hedge fund who could veto his votes.
He was completely screwed.
(A poster that pro-Charney workers made protesting Soo Kim and Standard General's presence on the board.American Apparel union drive campaign)
Charney believes he was hoodwinked into this agreement by Soo Kim, Standard General’s managing partner, he has alleged in court documents.
Kim allegedly achieved this by calling Charney at 5 a.m. on the morning of June 30, and insisting that he meet “at a private location in Central Park” where “no one could hear us talking” to discuss signing a deal with the board, Charney claims in court papers.
Charney rolled out of bed and took an Uber car uptown. At about 5:30 a.m., Charney found Kim in “freak out mode” near the park, according to Charney’s lawsuit. One of Standard General’s limited partner investors, PAAMCO, had pulled $300 million from Standard General because it did not want to be associated with Charney, the suit claims. “Kim was scratching himself ‘to a bleed’ in panic”, the suit claims. According to the lawsuit, Kim persuaded him that the second investigation was merely a “kabuki dance” and that once it was over, the dust would settle and Charney would be quietly re-installed at Standard General’s request.
Charney agreed to sit tight, thinking he would become CEO later.
It didn’t happen.
Needless to say, Standard General does not agree with Charney’s version of events. This wasn’t a secret meeting in the park, sources say. Their office faces the park, from 5th Avenue and 59th Street. Kim and Charney met for coffee outside the office and happened to sit down on a park bench. And it wasn’t called because Kim was trying to string Charney along — Kim was angry at Charney because he kept telling the media that Standard General was backing him no matter what. That was wrong, Kim told Charney. They would only back him if the investigation cleared him.
From Standard General’s point of view, the board’s investigation into Charney was the unknown variable in the deal. They had no idea what dirt the board was holding.
There were two possible outcomes to the investigation, and in either Standard General had something to gain:
• Either the investigation would exonerate Charney, in which case Standard General would be able re-install him as CEO.
• Or it would show that Charney had committed misdeeds that would prevent him from being CEO. In the second scenario, Standard General would at least retain its seats on the board, allowing it to safeguard the massive amount of stock it now controlled but could do nothing with. Maybe, in that scenario, the stock would go up.
The disagreement was that Charney believed Standard General would back him as CEO regardless of how the investigation turned out. The new investigation was bogus — it was being done at the behest of people who had already decided he should fired — and Standard General knew that, Charney believed. Why else would he have signed the “negative control” deal? Why else would they have loaned him the money?
Charney’s argument is irrelevant, sources told Business Insider, because even if Standard General backed Charney unconditionally there is no way he could be CEO if there was a trove of evidence against him alleging he misused corporate funds and exploited female employees for sex. American Apparel was already being forced to take awful interest rates on its debt because traditional lenders didn’t like the rumors surrounding Charney. What if the rumors were true? What if the files from the investigation became public? You just cannot be a CEO of a publicly traded company with that hanging over you.
The probe was essentially out of Standard General’s hands, these sources argue.
With the agreement between Standard General and the board signed, Charney’s fight to regain his company officially reached a legal “standstill.”
On December 15, the board reviewed FTI’s findings, and fired Charney a second time. This time it wasn’t technical.
He was gone for good.
(Charney at home, as seen in an ABC News story about him.ABC News)
Charney believes his legal battle — or perhaps the SEC probe — will result in him getting his company back.
But the board has made it clear that it is holding a sword over Charney’s head: After the two investigations by Jones Day and FTI, the company took possession of a private company server that was used by Charney to store his personal archive of photos. It allegedly includes a ton of sleazy communications between Charney and his female models and employees. The investigation also allegedly found evidence that corporate money was misused.
Charney denies that, and believes the company is trying to smear him.
Charney launched four lawsuits against the company, its board, and Standard General in an attempt to get his company back. On August 13, 2015, two board members filed papers in one of the cases giving more detail about what the investigations found about Charney.
David Danziger alleges that Charney was fired in part due to “Charney’s use of electronic storage media belonging to the Company for personal purposes to graphically document his sexual liaisons.”
Chairperson Colleen Brown goes into even more detail. The company "discovered videos and photographs of Mr. Charney engaged in all manner of sexual behavior with numerous models and employees, which for some incredible reason had been saved by Mr. Charney to the Company's network server by him with the use of his Company computer,” she alleges.
“These emails and text messages reveal that Mr. Charney repeatedly sent illicit messages to employees. He sent messages that included pornographic videos (or links thereto), pornographic photographs and other nude pictures. Additionally, he frequently engaged in inappropriate sexual banter, infantilizing women and referring to himself as ‘Daddy,’“ she alleges.
Her filing then quotes from those messages, and they allegedly describe Charney’s sexual fantasies in lurid, four-lettered detail.
The server was supposed to be for Charney’s private use, and contained his personal photos. The historic photo archives of fashion and media companies can often be valuable. Hugh Hefner has one, for instance, and it’s probably worth a lot of money. Founder archives can be sold for hundreds of thousands in media deals. There are rumors thatEntourage's Adrian Grenier wants to make a movie of Charney's life, so all those old pictures could be part of that. Charney will likely argue that he had an agreement with the company that the server be kept separate and private: the messages on it were consensual, and not intended to be seen by the public, and it is thus unfair for the company to break that agreement and publish them.
There’s an implicit threat from the company here, too: the subtext directed at Charney seems to be, go away or all this information will become public, including the photos.
American Apparel appointed Paula Schneider as its new CEO in December. She has cleaned house. A dozen or so of Charney’s internal loyalists have lost their jobs.
(American Apparel's new CEO, Paula Schneider.ABC News)
Since then, the prediction Charney made about the company at the board meeting in 2014 — that it would collapse without him — has come true: American Apparel is in a death spiral. The company moved away from its overtly sexual marketing toward a positioning that focuses more on the clothes. Its ads are now less offensive to many, but less distinctive, also.
Sales are down, collapsing 17.2% to $134.4 million in Q2, as a result. That followed a 9% decline the quarter before.
On August 11, the company disclosed it was not able to file an earnings report for Q2 because it might be unable to make payments on a credit line it has with Capital One. Failing to file a 10-Q on time is always a bad sign.
The company may be nearly bankrupt and will definitely need more financing, it said, “Whether or not any such transactions or agreements were implemented or successful, the Company's existing and any new investors could suffer substantial or total losses of their investment in its common stock.”
They may have gotten rid of Charney, but the price for that may ultimately be the destruction of the entire company.
NOW WATCH:The ugly secret behind why J. Crew's sales have tanked
More From Business Insider
• Bitcoin splits in 2
• NASA has a job opening for someone to defend Earth from aliens — and it pays a six-figure salary
• 50 must-have tech accessories under $50 || Uber's Food Delivery Service Could Become A Big Part Of Business: The ride-sharing service Uber recently rolled out a new service called UberEATS, which customers in certain cities can use to order prepared meals. At first, the offering appeared to be a pilot program that was testing the waters for a wide-scale rollout, but a recent update to the company's app suggests that UberEATS could play a more prominent role in the company's business plan. Front And Center Uber updated its mobile app so that customers in New York City, Los Angels, Toronto, Austin, Chicago, Barcelona and San Francisco can easily access the UberEATS ordering screen from the home page. Before, UberEATS was located on a separate screen with other Uber programs, but now the service has its own button for easy access. Related Link: Get To Know UberEATS What Does It Mean? The button's location won't change the company's food delivery service, but it could hint at Uber's intentions for the future. Some say the new prominent location suggests that Uber is getting serious about expanding on food delivery. Others believe that the new location is a way for the company to get more people to try the service out. Uber has also rolled out offers, like free delivery in NYC, to get more people to use UberEATS. Expanding Its Reach Uber's expansion into the food delivery space aligns the company's aim to become an urban logistics giant. Uber execs appear to be bent on turning what began as a taxi service into a comprehensive logistics solution that can deliver anything from a package to a cup of coffee quickly and easily. See more from Benzinga European Markets Still Uncertain With Greek Elections On The Horizon Time-Release Capsules Make Medical Marijuana More Approachable Greeks Begin To See An Opportunity In Bitcoin © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Uber's Food Delivery Service Could Become A Big Part Of Business: The ride-sharing serviceUberrecently rolled out a new service called UberEATS, which customers in certain cities can use to order prepared meals. At first, the offering appeared to be a pilot program that was testing the waters for a wide-scale rollout, but a recent update to the company's app suggests that UberEATS could play a more prominent role in the company's business plan.
Front And Center
Uberupdatedits mobile app so that customers in New York City, Los Angels, Toronto, Austin, Chicago, Barcelona and San Francisco can easily access the UberEATS ordering screen from the home page.
Before, UberEATS was located on a separate screen with other Uber programs, but now the service has its own button for easy access.
Related Link: Get To Know UberEATS
What Does It Mean?
The button's location won't change the company's food delivery service, but it could hint at Uber's intentions for the future.
Some say the new prominent location suggests that Uber is getting serious about expanding on food delivery. Others believe that the new location is a way for the company to get more people to try the service out. Uber has also rolled out offers, like free delivery in NYC, to get more people to use UberEATS.
Expanding Its Reach
Uber's expansion into the food delivery space aligns the company's aim to become an urban logistics giant. Uber execs appear to be bent on turning what began as a taxi service into a comprehensive logistics solution that can deliver anything from a package to a cup of coffee quickly and easily.
See more from Benzinga
• European Markets Still Uncertain With Greek Elections On The Horizon
• Time-Release Capsules Make Medical Marijuana More Approachable
• Greeks Begin To See An Opportunity In Bitcoin
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Time-Release Capsules Make Medical Marijuana More Approachable: Colorado-based Wana Brands got its start making edible marijuana products. When using pot became more and more socially acceptable across the United States, the company recognized that there was a large percentage of the population that would be interested in trying the drug, but not smoking it. The company's edibles make marijuana less intimidating for non-smokers and appeal to a wider range of customers. Medical Marijuana With medical marijuana gaining legalization in several states across the US, Wana Brands looked to create a new product that would similarly make medical marijuana use more approachable for those who had little or no exposure to the drug. To fill that gap, the company has developed an extended release pill that delivers doses of the drug to a patient's system over the course of 12 hours. Each capsule contains two measured doses; one that takes effect soon after ingestion and another that activates several hours later. Related Link: Technology Proves Invaluable For Marijuana Industry Making Pot More Medical The capsules, Wana owner John Whitman said, are a good way for the medical marijuana industry to change its image and be considered as a serious treatment option. Many people are skeptical about marijuana use for treating diseases because most of the delivery methods appear recreational. Eating a pot brownie to cope with muscle spasms or smoking a joint to deal with anxiety can make potential patients skeptical about the drug's benefits. However, time release capsules make marijuana treatments more comparable to being prescribed a traditional medicine. Many believe that products like this one and could help propel the medical marijuana market into more states. See more from Benzinga Greeks Begin To See An Opportunity In Bitcoin LendingRobot And Lending Club Aim To Automate Investing Donald Trump Making Powerful Enemies In Silicon Valley © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Time-Release Capsules Make Medical Marijuana More Approachable: Colorado-based Wana Brands got its start making edible marijuana products. When using pot became more and more socially acceptable across the United States, the company recognized that there was a large percentage of the population that would be interested in trying the drug, but not smoking it. The company's edibles make marijuana less intimidating for non-smokers and appeal to a wider range of customers.
Medical Marijuana
With medical marijuana gaining legalization in several states across the US, Wana Brands looked to create a new product that would similarly make medical marijuana use more approachable for those who had little or no exposure to the drug. To fill that gap, thecompany has developedan extended release pill that delivers doses of the drug to a patient's system over the course of 12 hours. Each capsule contains two measured doses; one that takes effect soon after ingestion and another that activates several hours later.
Related Link:Technology Proves Invaluable For Marijuana Industry
Making Pot More Medical
The capsules, Wana owner John Whitman said, are a good way for the medical marijuana industry to change its image and be considered as a serious treatment option. Many people are skeptical about marijuana use for treating diseases because most of the delivery methods appear recreational. Eating a pot brownie to cope with muscle spasms or smoking a joint to deal with anxiety can make potential patients skeptical about the drug's benefits. However, time release capsules make marijuana treatments more comparable to being prescribed a traditional medicine.
Many believe that products like this one and could help propel the medical marijuana market into more states.
See more from Benzinga
• Greeks Begin To See An Opportunity In Bitcoin
• LendingRobot And Lending Club Aim To Automate Investing
• Donald Trump Making Powerful Enemies In Silicon Valley
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 3 names to watch on biotech beatdown: The cholesterol drug space is set to get a little more crowded, and "Fast Money" traders believe one company should benefit most. Amgen (NASDAQ: AMGN) could get approval for its new cholesterol treatment as early as next week. The medicine would compete with one already offered by Regeneron Pharmaceuticals (NASDAQ: REGN) . Amgen shed more than 3 percent, closing at about $161 per share Thursday amid a broader selloff in the sector. If it loses more ground to $150 a share, investors may want to scoop it up as it brings the new drug to market, said trader Dan Nathan. "Amgen is the sort of stock that you want to buy if it gets too oversold," he said. Read More Buy the biotech bounce: Technician Regeneron remains a "great company," but its valuation seems too lofty, added trader Guy Adami. He would also prefer Amgen shares. Trader Brian Kelly pointed to the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) , which plunged 4 percent on Thursday to close below $351. If the fund dips down to $340, he would look to buy in. Disclosures: Dan Nathan Dan is long QQQ sept put, JOY sept calls, TWTR, PG, BA sept put spread, COST aug put spread, TJX aug put, MSFT aug / nov put spread, GOOGL Sept put spread, XRT sept put spread. Today he sold to close SLB puts. Brian Kelly Brian Kelly is long BBRY, BTC=; ITB, TAN, TSL, the VIX, TWTR call spread, Euro; he is short AUDJPY, GBPJPY, CAC40, Ruble, Yuan. Karen Finerman Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, SUNE calls, BABA puts, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, M call spreads, SUNE call spreads, GAP puts, KORS puts, SUNE puts, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International. Guy Adami Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || 3 names to watch on biotech beatdown: The cholesterol drug space is set to get a little more crowded, and"Fast Money"traders believe one company should benefit most.
Amgen(NASDAQ: AMGN)could get approval for its new cholesterol treatment as early as next week. The medicine would compete with one already offered by Regeneron Pharmaceuticals(NASDAQ: REGN).
Amgen shed more than 3 percent, closing at about $161 per share Thursday amid a broader selloff in the sector. If it loses more ground to $150 a share, investors may want to scoop it up as it brings the new drug to market, said trader Dan Nathan.
"Amgen is the sort of stock that you want to buy if it gets too oversold," he said.
Read MoreBuy the biotech bounce: Technician
Regeneron remains a "great company," but its valuation seems too lofty, added trader Guy Adami. He would also prefer Amgen shares.
Trader Brian Kelly pointed to the iShares Nasdaq Biotechnology ETF(NASDAQ: IBB), which plunged 4 percent on Thursday to close below $351. If the fund dips down to $340, he would look to buy in.
Disclosures:
Dan Nathan
Dan is long QQQ sept put, JOY sept calls, TWTR, PG, BA sept put spread, COST aug put spread, TJX aug put, MSFT aug / nov put spread, GOOGL Sept put spread, XRT sept put spread. Today he sold to close SLB puts.
Brian Kelly
Brian Kelly is long BBRY, BTC=; ITB, TAN, TSL, the VIX, TWTR call spread, Euro; he is short AUDJPY, GBPJPY, CAC40, Ruble, Yuan.
Karen Finerman
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, SUNE calls, BABA puts, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, M call spreads, SUNE call spreads, GAP puts, KORS puts, SUNE puts, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Could this split be the end of bitcoin?: With a market valued currently at more than $3 billion, and hundreds of millions invested in related technologies, a lot is riding on bitcoin(: BTC=). But the digital token some say could replace government-backed currencies is facing a crisis that experts warn could potentially render it worthless.
Over the weekend, two well-known bitcoin developers "forked" the technology, releasing software that will allow the community to split away from the core program. This contentious split arose overa long-running squabblebetween developers that started as a disagreement about the way data is packaged, and morphed into a philosophical question about the future of the technology.
That very future-as CNBC predicted in July-could conceivably be threatened by the new software-called Bitcoin XT.
"Contentious hard forks are bad for Bitcoin," the semi-official site Bitcoin.org's David Harding wrote ina policy post. A "hard" fork such as XT is not backwards-compatible with other versions of the software, meaning that any divergence in adoption is more difficult to reconcile.
"At the very best, a contentious hard fork will leave people who chose the losing side of the fork feeling disenfranchised. At the very worst, it will make bitcoins permanently lose their value. In between are many possible outcomes, but none of them are good," the post continued.
Here's the gist of the squabble: Bitcoin transactions are packaged into blocks before being recorded on bitcoin's permanent ledger. Developers disagree over what the maximum size of those blocks should be. On one hand, smaller means more security, but on the other hand bigger means that bitcoin technology can more easily scale into wider adoption and noncurrency applications.
And beyond just the technical matter, the fight comes down to a more human dilemma: Who gets to decide which way the whole community, which is effectively leaderless, has to go?
Mike Hearn, one of the developers behind XT,wrote in a lengthy postexplaining the fork that the current limitations of the original software are blocking the growth of bitcoin and its blockchain currency. He disputed Bitcoin.org's assessment of worst-case scenarios, and said that the fork may be the best way to save the currency from becoming irrelevant.
Read MoreThe details of the debate can be found here.
"There's no reason to believe a hard fork would make bitcoins permanently lose their value. On the contrary, it should increase them, as it'd prove the system is robust against poor decisions by any one group of developers," Hearn said in an email to CNBC. "By asking Bitcoin users to believe that a contentious fork can destroy the system, all they're really saying is that the community must obey the wishes of a tiny group of developers regardless of whether those wishes are bad or not."
The way the XT fork works is that miners (who process transactions by solving complex math problems) can vote for whether they want to switch to the new system or stick with the core program. After Jan. 11, 2016, once 75 percent of mining power is voting for the fork, a two-week waiting period begins, and then the new rules take effect.
Several polls and projections have indicated that miners may favor the primary XT change-making the maximum size for a "block" of data eight megabytes instead of one megabyte-so a fork could be in the future.
Still, several core developers of the technology-who have taken over maintenance and growth of the technology from mysterious creator Satoshi Nakamoto-have come out against the change, and online discussions seem to indicate an ideological split in the community.
Those core developers against the block size increase either did not respond to request for comment from CNBC or denied via a representative.
But Adam Back, who developed one of the key algorithms behind bitcoin and still works with core developers, said the complaints about XT are manyfold, including worries that a 75 percent activation vote is too low, and that some of the other changes to the program are not sufficiently secure.
Back said the community is actively working on finding solutions (with developer workshops scheduled) to the block size problem, and that jumping ahead of the normal review system is "a little puzzling" and "kind of disappointing."
One major expert in the communitywrote in a Reddit postthat XT "represents a somewhat reckless approach, which in the name of advancement shatters existing structures, fragments the community and spins the ecosystem into chaos."
Read MoreBitcoin firm raises $116M, including Qualcomm investment
Hearn, however, told CNBC he thinks that assessment is "completely wrong," and that the XT approach has been debated for month with every objection considered. After all, the development of the potentially world-changing Bitcoin technology has been largely developedwithoutmuch structure, he said.
"You can't shatter something that doesn't exist. Unfortunately a whole lot of people in the bitcoin community who aren't [closely] involved haven't fully realized or accepted how ad-hoc the Bitcoin Core project truly is," Hearn said, adding that "underlying contradictions and inability to make decisions" are actually the major problems that XT seeks to address.
Hearn's desire to alter the decision-making process behind bitcoin would see him and XT co-developer Gavin Andresen jointly managing the technology, rather than a group of developers. Back acknowledged that the emergence of XT partially stems from resentment about other developers' ideas being shot down, but he said he believed a distributed power structure works best.
"It's intentionally a decentralized process. People are worried that with $4 billion on the line someone could be blackmailed or could intentionally insert a bug," Back said. "They didn't think about the risks of being the sole maintainer of $4 billion of other people's money.... They're not thinking ahead far enough about the implications for all of this." (Thetotal value of all existing Bitcoinswas about $4 billion at the beginning of August; it's closer to $3.4 billion now.)
As for concerns that his actions could spin the multibillion-dollar ecosystem into chaos, Hearn said he is in fact saving the technology.
"[Andresen] and myself have said since the start that Bitcoin is a risky experiment. I'm sure everyone who invested knew that," Hearn wrote. "But if they invested, they presumably invested in the hope that Bitcoin would take off and become really mainstream. Right now, the only way to get there is via Bitcoin XT. So they should consider helping us out to ensure the outcome they would like."
Investor Roger Ver-so-called "Bitcoin Jesus"-is one of several prominent voices in the community to voice his approval of the XT project.
Additionally, a statement from all of the Chinese mining pools-which account for much of the power in the network-came out in favor of a block size increase. Still, Hearn could not say how he thought the community would swing, but underscored his contention that a vote for the core software could stymie future growth.
"Well, Bitcoin will still exist no matter what happens. But obviously if there's no chance of growth and the community decides to follow the Bitcoin Core developers (without even knowing who exactly is in that group), then a whole lot of other developers and entrepreneurs will leave," Hearn said. "Because you can't build a successful business on an infrastructure with no chances of growth."
All of this occurs against a background of increasing corporate and financial interest in bitcoin and its backing blockchain technology.
Bitcoin runs on a blockchain that is more secure and decentralized than any of its competitors because of its large user base and its comparatively lengthy history. If those users were to splinter, then the entire enterprise could be compromised.
Read MoreWhy is it called the 'blockchain?'
Hearn wrote in his explanation of the fork that there are few risks of breaking the community: If less than 75 percent votes for XT, then nothing changes, and if more than 75 percent is in favor, then the rest of the marketplace will follow suit so as not to be left behind.
"We don't think the sky will fall if the chain forks. We think people on the small-blocks side of the chain will upgrade and continue on the bigger-blocks side. There will be plenty of time for them to know about the change and prepare," he wrote.
Still, if a sizable minority decides to hold out against XT and its bigger blocks, then presplit bitcoins could be spent twice-violating one of the key facets of the digital currency, and potentially harming trust.
Back warned that the results of the fork could be disastrous. Anti-XT programs have sprung up to corrupt the vote, so even if it appears that there's been a 75 percent majority, the community could still be split 50-50.
"If you get some kind of 50-50 split," Back explained, "you have two ledgers, not accepting each other's blocks ... inconsistent ledgers and exchanges that were out hundreds of thousands, or millions, of dollars."
"Nobody wants it to go there, but the Bitcoin XT thing is teetering into a dangerous situation and dynamic," he added. "The safest thing to do is to stop that dynamic well before activation."
Jeff Garzik, another bitcoin core developer who has expressed support for bigger blocks, told CNBC in June that creating a contentious fork would be the "worst of all possible options."
As Hearn said in his letter to the community: "So this is it. Here we are."
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Could this split be the end of bitcoin?: With a market valued currently at more than $3 billion, and hundreds of millions invested in related technologies, a lot is riding on bitcoin (: BTC=) . But the digital token some say could replace government-backed currencies is facing a crisis that experts warn could potentially render it worthless. Over the weekend, two well-known bitcoin developers "forked" the technology, releasing software that will allow the community to split away from the core program. This contentious split arose over a long-running squabble between developers that started as a disagreement about the way data is packaged, and morphed into a philosophical question about the future of the technology. That very future- as CNBC predicted in July -could conceivably be threatened by the new software-called Bitcoin XT. "Contentious hard forks are bad for Bitcoin," the semi-official site Bitcoin.org's David Harding wrote in a policy post . A "hard" fork such as XT is not backwards-compatible with other versions of the software, meaning that any divergence in adoption is more difficult to reconcile. "At the very best, a contentious hard fork will leave people who chose the losing side of the fork feeling disenfranchised. At the very worst, it will make bitcoins permanently lose their value. In between are many possible outcomes, but none of them are good," the post continued. Here's the gist of the squabble: Bitcoin transactions are packaged into blocks before being recorded on bitcoin's permanent ledger. Developers disagree over what the maximum size of those blocks should be. On one hand, smaller means more security, but on the other hand bigger means that bitcoin technology can more easily scale into wider adoption and noncurrency applications. And beyond just the technical matter, the fight comes down to a more human dilemma: Who gets to decide which way the whole community, which is effectively leaderless, has to go? Story continues Mike Hearn, one of the developers behind XT, wrote in a lengthy post explaining the fork that the current limitations of the original software are blocking the growth of bitcoin and its blockchain currency. He disputed Bitcoin.org's assessment of worst-case scenarios, and said that the fork may be the best way to save the currency from becoming irrelevant. Read More The details of the debate can be found here. "There's no reason to believe a hard fork would make bitcoins permanently lose their value. On the contrary, it should increase them, as it'd prove the system is robust against poor decisions by any one group of developers," Hearn said in an email to CNBC. "By asking Bitcoin users to believe that a contentious fork can destroy the system, all they're really saying is that the community must obey the wishes of a tiny group of developers regardless of whether those wishes are bad or not." The way the XT fork works is that miners (who process transactions by solving complex math problems) can vote for whether they want to switch to the new system or stick with the core program. After Jan. 11, 2016, once 75 percent of mining power is voting for the fork, a two-week waiting period begins, and then the new rules take effect. Several polls and projections have indicated that miners may favor the primary XT change-making the maximum size for a "block" of data eight megabytes instead of one megabyte-so a fork could be in the future. Still, several core developers of the technology-who have taken over maintenance and growth of the technology from mysterious creator Satoshi Nakamoto-have come out against the change, and online discussions seem to indicate an ideological split in the community. Those core developers against the block size increase either did not respond to request for comment from CNBC or denied via a representative. But Adam Back, who developed one of the key algorithms behind bitcoin and still works with core developers, said the complaints about XT are manyfold, including worries that a 75 percent activation vote is too low, and that some of the other changes to the program are not sufficiently secure. Back said the community is actively working on finding solutions (with developer workshops scheduled) to the block size problem, and that jumping ahead of the normal review system is "a little puzzling" and "kind of disappointing." One major expert in the community wrote in a Reddit post that XT "represents a somewhat reckless approach, which in the name of advancement shatters existing structures, fragments the community and spins the ecosystem into chaos." Read More Bitcoin firm raises $116M, including Qualcomm investment Hearn, however, told CNBC he thinks that assessment is "completely wrong," and that the XT approach has been debated for month with every objection considered. After all, the development of the potentially world-changing Bitcoin technology has been largely developed without much structure, he said. "You can't shatter something that doesn't exist. Unfortunately a whole lot of people in the bitcoin community who aren't [closely] involved haven't fully realized or accepted how ad-hoc the Bitcoin Core project truly is," Hearn said, adding that "underlying contradictions and inability to make decisions" are actually the major problems that XT seeks to address. Hearn's desire to alter the decision-making process behind bitcoin would see him and XT co-developer Gavin Andresen jointly managing the technology, rather than a group of developers. Back acknowledged that the emergence of XT partially stems from resentment about other developers' ideas being shot down, but he said he believed a distributed power structure works best. "It's intentionally a decentralized process. People are worried that with $4 billion on the line someone could be blackmailed or could intentionally insert a bug," Back said. "They didn't think about the risks of being the sole maintainer of $4 billion of other people's money.... They're not thinking ahead far enough about the implications for all of this." (The total value of all existing Bitcoins was about $4 billion at the beginning of August; it's closer to $3.4 billion now.) As for concerns that his actions could spin the multibillion-dollar ecosystem into chaos, Hearn said he is in fact saving the technology. "[Andresen] and myself have said since the start that Bitcoin is a risky experiment. I'm sure everyone who invested knew that," Hearn wrote. "But if they invested, they presumably invested in the hope that Bitcoin would take off and become really mainstream. Right now, the only way to get there is via Bitcoin XT. So they should consider helping us out to ensure the outcome they would like." Investor Roger Ver- so-called "Bitcoin Jesus" -is one of several prominent voices in the community to voice his approval of the XT project. Roger Ver tweet. Additionally, a statement from all of the Chinese mining pools-which account for much of the power in the network-came out in favor of a block size increase. Still, Hearn could not say how he thought the community would swing, but underscored his contention that a vote for the core software could stymie future growth. "Well, Bitcoin will still exist no matter what happens. But obviously if there's no chance of growth and the community decides to follow the Bitcoin Core developers (without even knowing who exactly is in that group), then a whole lot of other developers and entrepreneurs will leave," Hearn said. "Because you can't build a successful business on an infrastructure with no chances of growth." All of this occurs against a background of increasing corporate and financial interest in bitcoin and its backing blockchain technology. Bitcoin runs on a blockchain that is more secure and decentralized than any of its competitors because of its large user base and its comparatively lengthy history. If those users were to splinter, then the entire enterprise could be compromised. Read More Why is it called the 'blockchain?' Hearn wrote in his explanation of the fork that there are few risks of breaking the community: If less than 75 percent votes for XT, then nothing changes, and if more than 75 percent is in favor, then the rest of the marketplace will follow suit so as not to be left behind. "We don't think the sky will fall if the chain forks. We think people on the small-blocks side of the chain will upgrade and continue on the bigger-blocks side. There will be plenty of time for them to know about the change and prepare," he wrote. Still, if a sizable minority decides to hold out against XT and its bigger blocks, then presplit bitcoins could be spent twice-violating one of the key facets of the digital currency, and potentially harming trust. Back warned that the results of the fork could be disastrous. Anti-XT programs have sprung up to corrupt the vote, so even if it appears that there's been a 75 percent majority, the community could still be split 50-50. "If you get some kind of 50-50 split," Back explained, "you have two ledgers, not accepting each other's blocks ... inconsistent ledgers and exchanges that were out hundreds of thousands, or millions, of dollars." "Nobody wants it to go there, but the Bitcoin XT thing is teetering into a dangerous situation and dynamic," he added. "The safest thing to do is to stop that dynamic well before activation." Jeff Garzik, another bitcoin core developer who has expressed support for bigger blocks, told CNBC in June that creating a contentious fork would be the "worst of all possible options." As Hearn said in his letter to the community: "So this is it. Here we are." More From CNBC Top News and Analysis Latest News Video Personal Finance || Pot-Friendly Candidates Emerge In 2016 Election: Marijuana will play an unprecedented role in the 2016 Presidential race as the drug has never before been regarded by the public in such a favorable light.
In previous elections, marijuana was used as a weapon and candidate after candidate denied using, or liking the drug at all. However, this year pot is expected to come up several times on the campaign train, but as an issue rather than a shameful allegation.
A Big Issue?
It remains to be seen just how important a candidate's stance on marijuana legalization will be when it comes to the election. Most candidates have been vague about their views on the drug, saying that the Obama administration's decision to let states decide for themselves whether or not marijuana should be legalized has provided a good framework to see just how a legal marijuana market will affect the United States.
Related Link:How Every Presidential Candidate Wants To Change The Economy
Pot Friendly
Candidates Ted Cruz and Rand Paul havevoiced their supportfor the marijuana market, saying that it should be each state's right to determine the laws governing marijuana. Paul also became the first candidate toturn to marijuana industry groupsfor campaign support. Others, like Chris Christie claim they will take a hardline against marijuana and reverse states' decisions to legalize the drug.
Unknown
Others, like Hillary Clinton, have taken a wishy-washy view— saying that they'd like to see how things go in Colorado and Oregon before making a firm decision or avoiding the issue all together. However, this week, Bernie Sanders appeared to be planning to take a stand on marijuana and many speculate that stand will be pro-legalization. On Tuesday, Sanders spoke out against the war on drugs and promised voters that his campaign would release his marijuana platform in a month.
See more from Benzinga
• Despite Record Profits, Turbulence Ahead For The Airline Industry
• One Man's Journey Around The World Using Only Bitcoin
• What The Fed Minutes Could Say About A September Rate Hike
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Pot-Friendly Candidates Emerge In 2016 Election: Marijuana will play an unprecedented role in the 2016 Presidential race as the drug has never before been regarded by the public in such a favorable light. In previous elections, marijuana was used as a weapon and candidate after candidate denied using, or liking the drug at all. However, this year pot is expected to come up several times on the campaign train, but as an issue rather than a shameful allegation. A Big Issue? It remains to be seen just how important a candidate's stance on marijuana legalization will be when it comes to the election. Most candidates have been vague about their views on the drug, saying that the Obama administration's decision to let states decide for themselves whether or not marijuana should be legalized has provided a good framework to see just how a legal marijuana market will affect the United States. Related Link: How Every Presidential Candidate Wants To Change The Economy Pot Friendly Candidates Ted Cruz and Rand Paul have voiced their support for the marijuana market, saying that it should be each state's right to determine the laws governing marijuana. Paul also became the first candidate to turn to marijuana industry groups for campaign support. Others, like Chris Christie claim they will take a hardline against marijuana and reverse states' decisions to legalize the drug. Unknown Others, like Hillary Clinton, have taken a wishy-washy view— saying that they'd like to see how things go in Colorado and Oregon before making a firm decision or avoiding the issue all together. However, this week, Bernie Sanders appeared to be planning to take a stand on marijuana and many speculate that stand will be pro-legalization. On Tuesday, Sanders spoke out against the war on drugs and promised voters that his campaign would release his marijuana platform in a month. See more from Benzinga Despite Record Profits, Turbulence Ahead For The Airline Industry One Man's Journey Around The World Using Only Bitcoin What The Fed Minutes Could Say About A September Rate Hike © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
Another Bitcoin XT node started for 1.00 months! 93.27 months total provided by http://nodeup.xk.io . n=49 || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000004
Bittrex: 0.00000005
Average $9.0E-6 per #reddcoin
22:00:02 || Current price: 224.56$ $BTCUSD $btc #bitcoin 2015-08-27 06:00:01 EDT || 1 #BTC (#Bitcoin) quotes:
$223.18/$223.88 #Bitstamp
$222.97/$223.09 #BTCe
⇢$-0.91/$-0.09
$224.73/$225.00 #Coinbase
⇢$0.85/$1.82 || Current value of DOGE in BTC: Vircurex: 0.00000056 -- Volume: 531.5 Today's...
|
231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57.
|
[Bitcoin Technical Analysis for 2018-08-13]
Volume: 4083980000, RSI (14-day): 35.49, 50-day EMA: 7068.38, 200-day EMA: 7786.91
[Wider Market Context]
Gold Price: 1191.30, Gold RSI: 23.92
Oil Price: 67.20, Oil RSI: 43.31
[Recent News (last 7 days)]
Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange: bitconnect BitConnect’s BCC token is set to be delisted from the last cryptocurrency exchange that still traded it, meaning it’s about to become a dead coin over a lack of liquidity. Surprisingly, the token still has a market cap of over $6.6 million. First spotted by The Next Web , TradeSatoshi, a little-known cryptocurrency exchange with a daily trading volume of about $1.16 million, over 78% of which is focused on an ATC/BTC pair, announced its move via Twitter, adding that the delisting will take place on Sept. 10. For those out of the loop, BitConnect was a well-known cryptocurrency investing and lending platform widely believed to be a Ponzi scheme that saw investors pour in millions of dollars into its BCC token through the promise of extremely high returns. BitConnect collapsed in January of this year after it decided to shut down its cryptocurrency exchange and investing platform citing bad press, distributed denial of service (DDoS) attacks, and regulatory scrutiny. The move came after it was hit with an emergency cease and desist from Texas’ securities regulator. After BitConnect collapsed, its BCC token almost immediately dropped over 90% of its value. In January it dropped from a near all-time high of well over $400 to about $7. It then made a dead cat bounce to about $70, before plummeting to its current $0.67 . Disgruntled investors went after BitConnect, as it was later on hit with a class-action lawsuit brought forth by six investors whose losses were of $770,000. Later on, a second class-action lawsuit followed, with a US court later freezing all of its assets. While BCC tokens’ 24-hour trading volume is now nonexistent, earlier this month about $10,000 worth of the cryptocurrency were being traded on the TradeSatoshi exchange on a daily basis. The volume likely plummeted because of the delisting announcement. As more details about BitConnect came to light, CCN reported that the scheme netted over $3 billion for its founders in India before collapsing. Story continues Editor’s Note: ( August 12:35 UTC) The article has been updated with a hat tip to The Next Web . Featured Image from YouTube The post Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange appeared first on CCN . || Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange: BitConnect’s BCC token is set to be delisted from the last cryptocurrency exchange that still traded it, meaning it’s about to become a dead coin over a lack of liquidity. Surprisingly, the token still has a market cap of over $6.6 million.
First spotted byThe Next Web, TradeSatoshi, a little-known cryptocurrency exchange with a daily trading volume of about $1.16 million, over 78% of which is focused on an ATC/BTC pair, announced its move via Twitter, adding that the delisting will take place on Sept. 10.
For those out of the loop, BitConnect was a well-known cryptocurrency investing and lending platform widely believed to be a Ponzi scheme that saw investors pour in millions of dollars into its BCC token through the promise of extremely high returns.
BitConnect collapsed in January of this year after it decided toshut down its cryptocurrency exchange and investing platformciting bad press, distributed denial of service (DDoS) attacks, and regulatory scrutiny. The move came after it was hit with an emergencycease and desist from Texas’ securities regulator.
After BitConnect collapsed, itsBCC token almost immediately dropped over 90%of its value. In January it dropped from a near all-time high of well over $400 to about $7. It then made a dead cat bounce to about $70, before plummeting to itscurrent $0.67.
Disgruntled investors went after BitConnect, as it was later on hit with a class-action lawsuit brought forth by six investors whose losses were of $770,000. Later on, asecond class-action lawsuitfollowed, with a US court later freezing all of its assets.
While BCC tokens’ 24-hour trading volume is now nonexistent, earlier this month about $10,000 worth of the cryptocurrency were being traded on the TradeSatoshi exchange on a daily basis. The volume likely plummeted because of the delisting announcement.
As more details about BitConnect came to light, CCN reported that the scheme nettedover $3 billion for its founders in India before collapsing.
Editor’s Note: (August 12:35 UTC)The article has been updated with a hat tip toThe Next Web.
Featured Image from YouTube
The postDead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchangeappeared first onCCN. || Kim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Control: Controversial Internet pirate and bitcoin advocateKim Dotcomis urging everyone to invest in gold and bitcoin because the U.S. government is adding $1 trillion to its debt every year, which will never be paid. The debt will destroy the U.S. and create a global economic collapse, Dotcom argued in atweet.
Dotcom also tweeted that U.S. President Donald Trump began his term with an empire on life support, and that leading economists agree the U.S. debt is not sustainable.
While Dotcom is controversial, his warnings are perhaps not unfounded, given the fact that the federal deficit rose 20% in the last 10 months, according to a recent report from the Congressional Budget Office, as reported byThe Hill. From Oct. 1 to July, spending surpassed revenue by $682 billion, which is $116 billion more than the same period for the prior fiscal year.
The expanding deficit has been driven by Pres. Trump’s tax cuts and a Congressional agreement to increase spending. Trump has claimed the tax cuts will lead to stronger economic growth, delivering more tax revenue and reducing the deficit.
While the U.S. economy grew by 4.1% in the second quarter, economists have noted that more growth is needed to cut the deficit.
The deficit is expected to hit $793 billion at the end of the year and approach $1 trillion in 2019. Interest payments to service the debt are forecast to become the fastest rising yearly expenditure. In 30 years, servicing the debt will outpace expenditures on defense and Social Security.
Also read:New Zealand court rules Kim Dotcom can be extradited to the U.S.
Responses to Dotcom’s post ran the gamut.
One tweeter said a military junta will emerge to protect people. Some agreed with Dotcom and said the U.S. dollar is already worthless, while another tweeter said the solution is to eliminate the country’s central bank.
Yet another tweeter responded that the debt will be restructured and that in the meantime, a restoration of the “manufacturing hole” caused by the North American Free Trade Agreement will restore U.S. manufacturing and lead to stronger economic growth.
Dotcom, meanwhile continues his battle with the U.S. government. In 2012,Dotcom was indictedby a U.S. grand jury over his file-sharing site, Megaupload.
The FBI shut down the site and ordered a raid on Dotcom’s home, accusing him of copyright infringement, money laundering and racketeering. Dotcom has been fighting extradition to the U.S. fromNew Zealand.
Featured image from Wikimedia
The postKim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Controlappeared first onCCN. || Kim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Control: kim dotcom bitcoin Controversial Internet pirate and bitcoin advocate Kim Dotcom is urging everyone to invest in gold and bitcoin because the U.S. government is adding $1 trillion to its debt every year, which will never be paid. The debt will destroy the U.S. and create a global economic collapse, Dotcom argued in a tweet . 1 TRILLION DOLLARS in additional US Govt debt PER YEAR! US spending is funded by lenders who will never get paid. US Empire will collapse followed by a world wide economic collapse. https://t.co/kdtB0GnewP Shift your USD into Gold & Bitcoin asap before USD becomes toilet paper. https://t.co/a5UIuhJvUT Kim Dotcom (@KimDotcom) August 9, 2018 Dotcom also tweeted that U.S. President Donald Trump began his term with an empire on life support, and that leading economists agree the U.S. debt is not sustainable. Dotcoms Warnings Not Unfounded While Dotcom is controversial, his warnings are perhaps not unfounded, given the fact that the federal deficit rose 20% in the last 10 months, according to a recent report from the Congressional Budget Office, as reported by The Hill . From Oct. 1 to July, spending surpassed revenue by $682 billion, which is $116 billion more than the same period for the prior fiscal year. The expanding deficit has been driven by Pres. Trumps tax cuts and a Congressional agreement to increase spending. Trump has claimed the tax cuts will lead to stronger economic growth, delivering more tax revenue and reducing the deficit. While the U.S. economy grew by 4.1% in the second quarter, economists have noted that more growth is needed to cut the deficit. Deficit To Rise us debt bitcoin chart The deficit is expected to hit $793 billion at the end of the year and approach $1 trillion in 2019. Interest payments to service the debt are forecast to become the fastest rising yearly expenditure. In 30 years, servicing the debt will outpace expenditures on defense and Social Security. Story continues Also read: New Zealand court rules Kim Dotcom can be extradited to the U.S. Tweeters Weigh In Responses to Dotcoms post ran the gamut. One tweeter said a military junta will emerge to protect people. Some agreed with Dotcom and said the U.S. dollar is already worthless, while another tweeter said the solution is to eliminate the countrys central bank. Yet another tweeter responded that the debt will be restructured and that in the meantime, a restoration of the manufacturing hole caused by the North American Free Trade Agreement will restore U.S. manufacturing and lead to stronger economic growth. Dotcom, meanwhile continues his battle with the U.S. government. In 2012, Dotcom was indicted by a U.S. grand jury over his file-sharing site, Megaupload. The FBI shut down the site and ordered a raid on Dotcoms home, accusing him of copyright infringement, money laundering and racketeering. Dotcom has been fighting extradition to the U.S. from New Zealand . Featured image from Wikimedia The post Kim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Control appeared first on CCN . || Kim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Control: Controversial Internet pirate and bitcoin advocateKim Dotcomis urging everyone to invest in gold and bitcoin because the U.S. government is adding $1 trillion to its debt every year, which will never be paid. The debt will destroy the U.S. and create a global economic collapse, Dotcom argued in atweet.
Dotcom also tweeted that U.S. President Donald Trump began his term with an empire on life support, and that leading economists agree the U.S. debt is not sustainable.
While Dotcom is controversial, his warnings are perhaps not unfounded, given the fact that the federal deficit rose 20% in the last 10 months, according to a recent report from the Congressional Budget Office, as reported byThe Hill. From Oct. 1 to July, spending surpassed revenue by $682 billion, which is $116 billion more than the same period for the prior fiscal year.
The expanding deficit has been driven by Pres. Trump’s tax cuts and a Congressional agreement to increase spending. Trump has claimed the tax cuts will lead to stronger economic growth, delivering more tax revenue and reducing the deficit.
While the U.S. economy grew by 4.1% in the second quarter, economists have noted that more growth is needed to cut the deficit.
The deficit is expected to hit $793 billion at the end of the year and approach $1 trillion in 2019. Interest payments to service the debt are forecast to become the fastest rising yearly expenditure. In 30 years, servicing the debt will outpace expenditures on defense and Social Security.
Also read:New Zealand court rules Kim Dotcom can be extradited to the U.S.
Responses to Dotcom’s post ran the gamut.
One tweeter said a military junta will emerge to protect people. Some agreed with Dotcom and said the U.S. dollar is already worthless, while another tweeter said the solution is to eliminate the country’s central bank.
Yet another tweeter responded that the debt will be restructured and that in the meantime, a restoration of the “manufacturing hole” caused by the North American Free Trade Agreement will restore U.S. manufacturing and lead to stronger economic growth.
Dotcom, meanwhile continues his battle with the U.S. government. In 2012,Dotcom was indictedby a U.S. grand jury over his file-sharing site, Megaupload.
The FBI shut down the site and ordered a raid on Dotcom’s home, accusing him of copyright infringement, money laundering and racketeering. Dotcom has been fighting extradition to the U.S. fromNew Zealand.
Featured image from Wikimedia
The postKim Dotcom: Invest in Bitcoin Before U.S. Debt Spirals Out of Controlappeared first onCCN. || Benzinga's Bulls & Bears Of The Week: AMD, Seagate, Sprint, Nike, Zynga, More: Benzinga has featured looks at many investor favorite stocks over the past week. Semiconductor stocks were featured in both bullish and bearish calls this past week. Bearish calls included the case for a coming split among the FAANG stocks. The bull run is more than nine years old, and yet the broad markets are approaching all-time highs again. The Nasdaq, S&P 500 and Dow Jones industrials were essentially flat for much of the past week, before pulling back a bit Friday in the wake of the collapse of the Turkish economy. Benzinga continues to feature looks at the prospects for many investor favorite stocks. Here are just a few of this past week's most bullish and bearish posts that may be worth another look. Bulls "Barclays: The Market Believes AMD Is Gaining On Intel " by Hannah Genig looks at why a price target on Advanced Micro Devices, Inc. (NASDAQ: AMD ) was raised while its much larger rival saw a downgrade. In "Sprint, T-Mobile Merger Looks More Likely As DOJ Calls For Just 3 Leading 5G Carriers," Elizabeth Balboa examines the improved prospects for a marriage of Sprint Corp (NYSE: S ) and T-Mobile Us Inc (NASDAQ: TMUS ). Shanthi Rexaline's "3 Reasons Why Cowen Upgraded Applied Materials " presents reasons to be optimistic about the future of Applied Materials, Inc. (NASDAQ: AMAT ), according to one key analyst. Analysts raised their Roku Inc (NASDAQ: ROKU ) price targets after the media streaming company posted better-than-expected earnings last week, according to "Sell-Side Bullish On Roku After Q2 Report" by Hannah Genig. Also have a look at "The 'Buffett Indicator' Says Stocks Are More Overvalued Now Than Before Dot-Com Bubble Or Great Recession." Bears In Jayson Derrick's "The End Of The FANG Era? Gene Munster Makes The Case," see why the tech sector may soon be split into winners and losers. Which side will Facebook, Inc. (NASDAQ: FB ) and other FAANG stocks come down on? "RBC Downgrades Old Fox, Waits For New Fox And 'Potentially Compelling Investment Opportunity" by Elizabeth Balboa looks at why lame-duck Twenty-First Century Fox Inc (NASDAQ: FOXA ) has struck its near-term peak. Story continues In Shanthi Rexaline's "Morgan Stanley Prefers Lam Research Over Applied Materials, Says Semi Equipment Stocks Are Headed For Rangebound Period," see what the prospects are for Lam Research Corporation (NASDAQ: LRCX ). The bearish case for Seagate Technology PLC (NASDAQ: STX ) is threefold, according to the analyst featured in Jayson Derrick's "3 Reasons Why Goldman Turned Bearish On Seagate Technology." In "Footwear Sector Could Be Headed For Ugly Back-To-School Season," Brett Hershman looks at whether the athleisure trend is over and what that means for Nike Inc (NYSE: NKE ) and others. Jayson Derrick's "Barclays Names 4 Reasons To Be Cautious On Zynga" examines reasons for investors to be cautious on mobile games maker Zynga Inc (NASDAQ: ZNGA ). Is a bearish thesis warranted? Be sure to check out "Put Insider Sentiment To Work With This ETF" as well. At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Insider Buys Of The Week: Energen, Seagate, International Flavors And More Benzinga's Bulls & Bears Of The Week: AT&T, Caterpillar, Nike, Tesla And More Benzinga's Bulls & Bears Of The Week: Bitcoin, Intel, Lockheed Martin, Walgreens And More © 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Benzinga's Bulls & Bears Of The Week: AMD, Seagate, Sprint, Nike, Zynga, More: Benzinga has featured looks at many investorfavorite stocksover the past week.
Semiconductor stocks were featured in both bullish and bearish calls this past week.
Bearish calls included the case for a coming split among the FAANG stocks.
The bull run is more than nine years old, and yet the broad markets are approaching all-time highs again. The Nasdaq, S&P 500 and Dow Jones industrials were essentially flat for much of the past week, before pulling back a bit Friday in the wake of the collapse of the Turkish economy.
Benzinga continues to feature looks at the prospects for many investor favorite stocks. Here are just a few of this past week's most bullish and bearish posts that may be worth another look.
Bulls
"Barclays: The Market BelievesAMD Is Gaining On Intel" by Hannah Genig looks at why a price target onAdvanced Micro Devices, Inc.(NASDAQ:AMD) was raised while its much larger rival saw a downgrade.
In "Sprint, T-MobileMerger Looks More LikelyAs DOJ Calls For Just 3 Leading 5G Carriers," Elizabeth Balboa examines the improved prospects for a marriage ofSprint Corp(NYSE:S) andT-Mobile Us Inc(NASDAQ:TMUS).
Shanthi Rexaline's "3 Reasons Why CowenUpgraded Applied Materials" presents reasons to be optimistic about the future ofApplied Materials, Inc.(NASDAQ:AMAT), according to one key analyst.
Analysts raised theirRoku Inc(NASDAQ:ROKU) price targets after the media streaming company posted better-than-expected earnings last week, according to "Sell-SideBullish On RokuAfter Q2 Report" by Hannah Genig.
Also have a look at "The 'Buffett Indicator' Says Stocks Are More Overvalued Now Than Before Dot-Com Bubble Or Great Recession."
Bears
In Jayson Derrick's "The End Of The FANG Era? Gene Munster Makes The Case," see why the tech sector may soon be split into winners and losers. Which side willFacebook, Inc.(NASDAQ:FB) and other FAANG stocks come down on?
"RBC Downgrades Old Fox, Waits For New Fox And 'Potentially Compelling Investment Opportunity" by Elizabeth Balboa looks at why lame-duckTwenty-First Century Fox Inc(NASDAQ:FOXA) has struck its near-term peak.
In Shanthi Rexaline's "Morgan Stanley Prefers Lam Research Over Applied Materials, Says Semi Equipment Stocks Are Headed For Rangebound Period," see what the prospects are forLam Research Corporation(NASDAQ:LRCX).
The bearish case forSeagate Technology PLC(NASDAQ:STX) is threefold, according to the analyst featured in Jayson Derrick's "3 Reasons Why Goldman Turned Bearish On Seagate Technology."
In "Footwear Sector Could Be Headed For Ugly Back-To-School Season," Brett Hershman looks at whether the athleisure trend is over and what that means forNike Inc(NYSE:NKE) and others.
Jayson Derrick's "Barclays Names 4 Reasons To Be Cautious On Zynga" examines reasons for investors to be cautious on mobile games makerZynga Inc(NASDAQ:ZNGA). Is a bearish thesis warranted?
Be sure to check out "Put Insider Sentiment To Work With This ETF" as well.
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.
See more from Benzinga
• Insider Buys Of The Week: Energen, Seagate, International Flavors And More
• Benzinga's Bulls & Bears Of The Week: AT&T, Caterpillar, Nike, Tesla And More
• Benzinga's Bulls & Bears Of The Week: Bitcoin, Intel, Lockheed Martin, Walgreens And More
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction: bitcoin price The bitcoin price in the past 24 hours has undergone a much-needed bullish correction, rising about $500 since establishing an intraday low around $6,009. In our previous BTC/USD analysis , we were waiting for a bounce back from 6009-fiat to apply our intrarange strategy. As it did, our long position towards 6192-fiat made us a nominal profit. A near-term breakout followed later, upon which we placed another long position towards 6290-fiat and made another nominal return. Unfortunately, due to human constraints, we were unable to watch the rally towards 6494-fiat. Today, we established 6500-ish area as a strong resistance level against the minor upside. The early Asian trading hour saw traders exiting their position around this area, while during the rest of the European trading session, the BTC/USD pair was consolidating sideways within a nominally wide range. Lets see how the latest price action has rattled our technical indicators. BTCUSD Technical Analysis As discussed in our previous analysis, we had considered bitcoin to break above the bear trajectory (indicated in light blue) to bring medium-term upside targets in sight. And the digital currency eventually did, finally invalidating the curve and establish fresh intraday highs for our consideration. Nevertheless, we will still watch the trajectory in the event of an extended bearish momentum. We are still forming bearish pennants. At the same time, the BTC/USD is now slightly above its 50H and 100H moving averages, while still far enough to test its 200H one. The RSI and Stochastic indicators have jumped from the oversold region, and are now treading sideways in a neutral area. This makes the near-term bias a little focused towards bulls. BTCUSD Intraday Analysis The latest price action has brought us inside a new range, defined by 6192-fiat as our interim support and 6454-fiat as our interim resistance, and 6500-fiat as our psychological one. It is a pretty wide range to apply put our intrarange strategy in place. With that said, we would be waiting for the price to bounce back from 6192-fiat to enable our long position towards 6500-fiat. Similarly, a pullback from 6454-6500 area will enable us to put a short position towards 6192-fiat. Story continues If the bitcoin price invalidates either of the range levels, then we will switch to our breakout strategy for the day. Thus, a break below 6192-fiat will clear our short position towards 6009-fiat, our previous interim support level. Placing a stop loss three-pips above the entry position would help us reduce the overall risk of our trade. Conversely, a break above 6454-fiat will allow us to put a long position towards 6550-fiat, our primary upside target. Our position can, of course, be beaten down at 6500-fiat. This is purely instinctive at this point in time. Anyway, we will keep our stops a 3-pips below the entry position should the bias reverses. Featured Image from Shutterstock The post Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction appeared first on CCN . || Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction: The bitcoin price in the past 24 hours has undergone a much-needed bullish correction, rising about $500 since establishing an intraday low around $6,009.
In ourprevious BTC/USD analysis, we were waiting for a bounce back from 6009-fiat to apply our intrarange strategy. As it did, our long position towards 6192-fiat made us a nominal profit. A near-term breakout followed later, upon which we placed another long position towards 6290-fiat and made another nominal return. Unfortunately, due to human constraints, we were unable to watch the rally towards 6494-fiat.
Today, we established 6500-ish area as a strong resistance level against the minor upside. The early Asian trading hour saw traders exiting their position around this area, while during the rest of the European trading session, the BTC/USD pair was consolidating sideways within a nominally wide range. Let’s see how the latest price action has rattled our technical indicators.
As discussed in our previous analysis, we had considered bitcoin to break above the bear trajectory (indicated in light blue) to bring medium-term upside targets in sight. And the digital currency eventually did, finally invalidating the curve and establish fresh intraday highs for our consideration. Nevertheless, we will still watch the trajectory in the event of an extended bearish momentum. We are still forming bearish pennants.
At the same time, the BTC/USD is now slightly above its 50H and 100H moving averages, while still far enough to test its 200H one. The RSI and Stochastic indicators have jumped from the oversold region, and are now treading sideways in a neutral area. This makes the near-term bias a little focused towards bulls.
The latest price action has brought us inside a new range, defined by 6192-fiat as our interim support and 6454-fiat as our interim resistance, and 6500-fiat as our psychological one. It is a pretty wide range to apply put our intrarange strategy in place. With that said, we would be waiting for the price to bounce back from 6192-fiat to enable our long position towards 6500-fiat. Similarly, a pullback from 6454-6500 area will enable us to put a short position towards 6192-fiat.
If thebitcoin priceinvalidates either of the range levels, then we will switch to our breakout strategy for the day. Thus, a break below 6192-fiat will clear our short position towards 6009-fiat, our previous interim support level. Placing a stop loss three-pips above the entry position would help us reduce the overall risk of our trade.
Conversely, a break above 6454-fiat will allow us to put a long position towards 6550-fiat, our primary upside target. Our position can, of course, be beaten down at 6500-fiat. This is purely instinctive at this point in time. Anyway, we will keep our stops a 3-pips below the entry position should the bias reverses.
Featured Image from Shutterstock
The postBitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correctionappeared first onCCN. || Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction: The bitcoin price in the past 24 hours has undergone a much-needed bullish correction, rising about $500 since establishing an intraday low around $6,009.
In ourprevious BTC/USD analysis, we were waiting for a bounce back from 6009-fiat to apply our intrarange strategy. As it did, our long position towards 6192-fiat made us a nominal profit. A near-term breakout followed later, upon which we placed another long position towards 6290-fiat and made another nominal return. Unfortunately, due to human constraints, we were unable to watch the rally towards 6494-fiat.
Today, we established 6500-ish area as a strong resistance level against the minor upside. The early Asian trading hour saw traders exiting their position around this area, while during the rest of the European trading session, the BTC/USD pair was consolidating sideways within a nominally wide range. Let’s see how the latest price action has rattled our technical indicators.
As discussed in our previous analysis, we had considered bitcoin to break above the bear trajectory (indicated in light blue) to bring medium-term upside targets in sight. And the digital currency eventually did, finally invalidating the curve and establish fresh intraday highs for our consideration. Nevertheless, we will still watch the trajectory in the event of an extended bearish momentum. We are still forming bearish pennants.
At the same time, the BTC/USD is now slightly above its 50H and 100H moving averages, while still far enough to test its 200H one. The RSI and Stochastic indicators have jumped from the oversold region, and are now treading sideways in a neutral area. This makes the near-term bias a little focused towards bulls.
The latest price action has brought us inside a new range, defined by 6192-fiat as our interim support and 6454-fiat as our interim resistance, and 6500-fiat as our psychological one. It is a pretty wide range to apply put our intrarange strategy in place. With that said, we would be waiting for the price to bounce back from 6192-fiat to enable our long position towards 6500-fiat. Similarly, a pullback from 6454-6500 area will enable us to put a short position towards 6192-fiat.
If thebitcoin priceinvalidates either of the range levels, then we will switch to our breakout strategy for the day. Thus, a break below 6192-fiat will clear our short position towards 6009-fiat, our previous interim support level. Placing a stop loss three-pips above the entry position would help us reduce the overall risk of our trade.
Conversely, a break above 6454-fiat will allow us to put a long position towards 6550-fiat, our primary upside target. Our position can, of course, be beaten down at 6500-fiat. This is purely instinctive at this point in time. Anyway, we will keep our stops a 3-pips below the entry position should the bias reverses.
Featured Image from Shutterstock
The postBitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correctionappeared first onCCN. || Bitcoin Magazines Week in Review: Getting Creative With Blockchain Solutions: Week in Review This weeks top stories include two feature interview: one with Kavita Gupta, founding managing partner at ConsenSys Ventures; and another with electronic dance music DJ Justin Blau (aka DJ 3BLAU) who is launching a decentralized music festival. Bitcoiners have begun moving from Twitter to a new instance on Mastodon, the SEC has delayed yet another ETF decision, and some of West Virginias overseas service members may be able to vote using a blockchain-based mobile app this November. Featured stories by Tanzeel Akhtar, Jimmy Aki, Matthew Breen and Colin Harper Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry. Subscribe to our newsletter here . ConsenSys Ventures Kavita Gupta Talks Tachyon and India ConsenSys, the Ethereum production studio based in the U.S., launched ConsenSys Ventures last year selecting Kavita Gupta to run two funds of $50 million and $100 million. Bitcoin Magazine spoke with Gupta to discuss the launch of project Tachyon and the launch of ConsenSys India. She spoke about their goal to attract a diverse cohort of up to 1518 teams, within the accelerator they are offering three tracks: Blockchain for Social Impact track; the Ethereum Project track; and an Open Source, blockchain-agnostic, grant-driven track. Upon completion of the program, they will have a demo day that will be exclusive to the most prominent angel and venture capital investors with expertise and passion for the blockchain technology. Gupta also discusses their technological focus, how they identify projects and teams and how investments are allocated. The SEC Is Delaying Another Bitcoin ETF Decision The SEC appears to be in no hurry to review the pile of Bitcoin ETF filings it has been accumulating over the past year. Not three weeks since postponing its decision on five other Bitcoin ETFs, the SEC has indicated in a public statement that it will be delaying its decision to approve or reject SolidX Bitcoin Shares until late September. Each rejection or prolonged decision creates more headwind with regulators to secure its first exchange traded fund. Many believe such a listing would open the floodgates for institutional money. Story continues Bitcoiners Losing Faith in Twitter Inspire an Exodus to Mastodon Twitter has become a toxic, corrupt and censored space, in the opinion of a growing number of Bitcoiners. A mix of perceived censorship through shadow banning and lack of serious action to remove the notorious ether giveaway bots have aggravated calls for a decentralized alternative to Twitter. Enter Mastodon, a distributed social media platform that shares some features with Twitter, plus it includes more granular privacy controls and up to 500 characters available for microblogging. Opendimes Rodolfo Novak has since gone on to create bitcoinhackers.org , an instance on Mastadon, dedicated to Bitcoin maximalists with no scams, no shitcoin, no impersonation, no begging and no illegal content. DJ Who Turned Down Wall St. Is On a Quest to Decentralize Music Festivals Bitcoin Magazine interviews Justin Blau, aka DJ 3BLAU, a popular electronic dance music DJ. He chats about how a chance meeting with the Winklevoss brothers started him on his crypto journey. Soon after, he saw the many ways in which blockchain technology could disrupt the music business, which led to him start up the worlds first blockchain-powered music festival coming on October 20, 2018, known as Our Music Festival (OMF). West Virginia to Offer Blockchain Voting Options for Midterms For the 2018 mid-term elections this November, West Virginia residents that are part of the military and serving overseas will be able to vote using the mobile voting platform, Voatz. The software uses facial recognition to match each users selfie-style video of their face to their government-issued ID. Once approved, voters will be allowed to cast their ballot on the app. Ballots will then be anonymized and recorded on the blockchain. This article originally appeared on Bitcoin Magazine . || Bitcoin Magazine’s Week in Review: Getting Creative With Blockchain Solutions: This week’s top stories include two feature interview: one with Kavita Gupta, founding managing partner at ConsenSys Ventures; and another with electronic dance music DJ Justin Blau (aka DJ 3BLAU) who is launching a decentralized music festival. Bitcoiners have begun moving from Twitter to a new “instance” on Mastodon, the SEC has delayed yet another ETF decision, and some of West Virginia’s overseas service members may be able to vote using a blockchain-based mobile app this November.
Featured stories by Tanzeel Akhtar, Jimmy Aki, Matthew Breen and Colin Harper
Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry.Subscribe to our newsletter here.
ConsenSys, the Ethereum production studio based in the U.S., launched ConsenSys Ventures last yearselecting Kavita Guptato run two funds of $50 million and $100 million. Bitcoin Magazine spoke with Gupta to discuss the launch of project Tachyon and the launch of ConsenSys India.
She spoke about their goal to attract a diverse cohort of up to 15–18 teams, within the accelerator they are offering three tracks: Blockchain for Social Impact track; the Ethereum Project track; and an Open Source, blockchain-agnostic, grant-driven track. Upon completion of the program, they will have a demo day that will be exclusive to the most prominent angel and venture capital investors with expertise and passion for the blockchain technology. Gupta also discusses their technological focus, how they identify projects and teams and how investments are allocated.
The SEC appears to be in no hurry to review the pile of Bitcoin ETF filings it has been accumulating over the past year. Not three weeks sincepostponing its decisionon five other Bitcoin ETFs, the SEC has indicated ina public statementthat it will be delaying its decision to approve or reject SolidX Bitcoin Shares until late September. Each rejection or prolonged decision creates more headwind with regulators to secure its first exchange traded fund. Many believe such a listing would open the floodgates for institutional money.
Twitter has become a toxic, corrupt and censored space, in the opinion of a growing number of Bitcoiners. A mix of perceived censorship throughshadow banningand lack of serious action to remove the notoriousether giveaway botshave aggravated calls for a decentralized alternative to Twitter.
Enter Mastodon, a distributed social media platform that shares some features with Twitter, plus it includes more granular privacy controls and up to 500 characters available for microblogging. Opendime’s Rodolfo Novak has since gone on to createbitcoinhackers.org, an “instance” on Mastadon, dedicated to Bitcoin maximalists with “no scams, no shitcoin, no impersonation, no begging and no illegal content.”
Bitcoin Magazine interviews Justin Blau, aka DJ 3BLAU, a popular electronic dance music DJ. He chats about how a chance meeting with the Winklevoss brothers started him on his crypto journey. Soon after, he saw the many ways in which blockchain technology could disrupt the music business, which led to him start up the world’s first blockchain-powered music festival coming on October 20, 2018, known as Our Music Festival (OMF).
For the 2018 mid-term elections this November, West Virginia residents that are part of the military and serving overseas will be able to vote using the mobile voting platform, Voatz. The software uses facial recognition to match each user’s “selfie-style video of their face” to their government-issued ID. Once approved, voters will be allowed to cast their ballot on the app. Ballots will then be anonymized and recorded on the blockchain.
This article originally appeared onBitcoin Magazine. || Bitcoin Magazine’s Week in Review: Getting Creative With Blockchain Solutions: This week’s top stories include two feature interview: one with Kavita Gupta, founding managing partner at ConsenSys Ventures; and another with electronic dance music DJ Justin Blau (aka DJ 3BLAU) who is launching a decentralized music festival. Bitcoiners have begun moving from Twitter to a new “instance” on Mastodon, the SEC has delayed yet another ETF decision, and some of West Virginia’s overseas service members may be able to vote using a blockchain-based mobile app this November.
Featured stories by Tanzeel Akhtar, Jimmy Aki, Matthew Breen and Colin Harper
Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry.Subscribe to our newsletter here.
ConsenSys, the Ethereum production studio based in the U.S., launched ConsenSys Ventures last yearselecting Kavita Guptato run two funds of $50 million and $100 million. Bitcoin Magazine spoke with Gupta to discuss the launch of project Tachyon and the launch of ConsenSys India.
She spoke about their goal to attract a diverse cohort of up to 15–18 teams, within the accelerator they are offering three tracks: Blockchain for Social Impact track; the Ethereum Project track; and an Open Source, blockchain-agnostic, grant-driven track. Upon completion of the program, they will have a demo day that will be exclusive to the most prominent angel and venture capital investors with expertise and passion for the blockchain technology. Gupta also discusses their technological focus, how they identify projects and teams and how investments are allocated.
The SEC appears to be in no hurry to review the pile of Bitcoin ETF filings it has been accumulating over the past year. Not three weeks sincepostponing its decisionon five other Bitcoin ETFs, the SEC has indicated ina public statementthat it will be delaying its decision to approve or reject SolidX Bitcoin Shares until late September. Each rejection or prolonged decision creates more headwind with regulators to secure its first exchange traded fund. Many believe such a listing would open the floodgates for institutional money.
Twitter has become a toxic, corrupt and censored space, in the opinion of a growing number of Bitcoiners. A mix of perceived censorship throughshadow banningand lack of serious action to remove the notoriousether giveaway botshave aggravated calls for a decentralized alternative to Twitter.
Enter Mastodon, a distributed social media platform that shares some features with Twitter, plus it includes more granular privacy controls and up to 500 characters available for microblogging. Opendime’s Rodolfo Novak has since gone on to createbitcoinhackers.org, an “instance” on Mastadon, dedicated to Bitcoin maximalists with “no scams, no shitcoin, no impersonation, no begging and no illegal content.”
Bitcoin Magazine interviews Justin Blau, aka DJ 3BLAU, a popular electronic dance music DJ. He chats about how a chance meeting with the Winklevoss brothers started him on his crypto journey. Soon after, he saw the many ways in which blockchain technology could disrupt the music business, which led to him start up the world’s first blockchain-powered music festival coming on October 20, 2018, known as Our Music Festival (OMF).
For the 2018 mid-term elections this November, West Virginia residents that are part of the military and serving overseas will be able to vote using the mobile voting platform, Voatz. The software uses facial recognition to match each user’s “selfie-style video of their face” to their government-issued ID. Once approved, voters will be allowed to cast their ballot on the app. Ballots will then be anonymized and recorded on the blockchain.
This article originally appeared onBitcoin Magazine. || Bitcoin Opinion: Long Live The King: Bitcoin If youre wondering how you should treat Bitcoin, as an investment vehicle, allow me to share with you guys my non-expert opinion. End of story, thanks a lot for reading. See you next time. this article shouldnt be taken as financial advisement as it represents my personal opinion and views. I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Never forget: with great power, comes great responsibility. Being your own bank means youre always responsible for your own money Setting up the ambiance Cryptocurrency investment is one of the hottest topics we can discuss today, as there are many different opinions on what the future might hold for Bitcoin. Due to the regulatory bodies world-wide having different approaches towards the subject, while at the same time Bitcoin being decentralized and not belonging to a single entity/organization, investors usually feel uncertain towards the future use of digital cryptocurrencies. An important point, however, is that from a money-making perspective, which is what matters at the end to any investor , Bitcoin is undoubtedly one of the strongest profit vehicles since it came to existence probably the best asset ever created: digital gold. The Bitcoin Timeline First we grab a price level, like when Bitcoin was around USD 8200. Now, if you want to understand if that price level is interesting, consider the following: the likelihood of having invested in Bitcoin at any given point in time since its inception while actually profiting from it, is about 97%. Sounds too good to be true, right? Except, its not. By doing a rough estimate, we can quickly see Bitcoin has only been above USD 8200 for about 137 days. As it is traded for about 1917 days, theres a ~ 97% chance you bought Bitcoin when its price was lower than USD 8200. Of course this also means you only had a 3% chance of selling at the right time. Story continues Theres always a dark-side to everything, right? My point still stands: if we only take into account price and time, youre actually way more likely to have made a bet at the right time, than the opposite. I know these statistics are fun to play with, but they hardly bring you any real value. Knowing when you could have bought and sold its important from a learning perspective, although real investor education happens in a most peculiar way; usually, by making wrong bets and suffering through bearish seasons, that is. What you desire to know is not how much money you could have made. What you, and everyone else, really want to find out is how much you can still make. And today, that is what Ill be discussing. With a few twists, some side-track topics and the usual delightful shenanigans. Before we go any further, please remember the below warning: Anyone who tells you theyre not in it for the money are either lying or dont need to care about money because they have so much of it, diversified over so many assets, their risk is quite low. Back to what matters. Is The Future Bright? Depending on where your political and economic view-point stand, Bitcoin can either be the worlds savior or its demise. In my humble opinion, as an economist, I think most of us are dead wrong on how we think money works . I wont go into too much detail about the subject, as I really want to write an exploratory paper on how (I believe) money should be earned and accessed. The point worth extrapolating is that, much opposed to general belief, I do think there are many different ways to redistribute wealth properly and to create incentive systems for everyone being able to earn cryptocurrency. Seems illogical that the biggest problem in cryptocurrency (adoption) could be easily fixed by creating ecosystems where users earn tokens for doing things. Literally anything at all. Part 1: The Bitcoin Market When we look at how the market has been evolving, since its birth, I would expect this bubble like behaviour to continue, maybe indefinitely. There are many factors which will balance into the behaviour of price, especially market manipulation, regulatory actions and, of course, both institutional money and other financial investment vehicles (like Bitcoin futures or ETFs). Historically speaking, Bitcoin has been kind to long-term investors. Short-term investors cannot complain too much, as Bitcoin is one of the most (if not the most?) volatile assets out there. Plus, I believe smart-money is coming full force, as it usually happens after every Bitcoin bearish season. Remember what happened after the mini-crash in March 2017? Want an expert opinion on the real value of Bitcoin and possible triggers for mass adoption? Check this beautiful piece from Hackeds one and only, Mati Greenspan . As with everything in life, theres the good and the bad (sometimes the ugly too) ; and Bitcoin is not an exception. If there are many factors that could trigger a price increase, like mass adoption, there are others that can have quite an opposite effect. Lets check which triggers can potentially call for bear and bull markets. Market price manipulation To me this is definitely the grand-master behind the major price run weve seen in late December 2017 and January 2018. It did take me some time to truly understand why, but due to the amazing work of so many different people, we now have a better, clearer picture of what really happened. Tether manipulated the markets by manipulating the price of Bitcoin. It wasnt any technology advancement in neither Bitcoin, nor the large quantities of dumb money entering the market. The key argument pointed out by Prof. Griffin on the research paper Bit , was that When Bitcoins price fell, purchases with Tether tended to increase, helping to reverse the decline. But during times when Bitcoin rose, Griffin said he didnt see the reverse occur. Seems Tether was protecting the price of Bitcoin from crashing. To accomplish this, large quantities of Tether were issued and used to buy Bitcoin on Bitfinex. Of course this wouldnt be such a big deal if Bitfinex wasnt owned by the same people who own and mint Tether. But thats not even the worse. Consider this: wouldnt you expect a company that claims they own reserves on a 1:1 ratio between Tether and USD, to be fully externally audited and show proof of those USD reserves? Another huge red flag if you ask me. To those who now claim oh but some lawyer dudes just came out and said Tether bank accounts are fully backed so its all good , please, I beg you to actually do some digging . The only thing Freeh, Sporkin & Sullivan LLP (FSS) said about Tether was: FSS is confident that Tethers unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018. That doesnt sound like a real assurance to me. Especially when you consider the official news-source, that appeared unsigned by the FSS board on Tethers website, also stated procedures performed are not for the purpose of providing assurance. Bitcoin Futures My view on futures is a bit blurry. I understand their purpose and I also recognize their effectiveness in taming markets, especially during the short-term. Does it work in the long-term? In 1974 the first gold futures contract was traded on the COMEX exchange in New York. Trading started on December 31. Fast-forward three years and gold was back rising to new highs. Thats right. No one can tame the ambition of human beings to exponentially increase their wealth, time after time; there is no futures market that can ever stop speculation. Money talks louder and that means there will always be new smart-money coming into the actual asset, making its price go higher. What will happen is that those same people will have an extra incentive. Smart-money As weve seen in the past the usual trigger for adoption is smart-money coming into any market. Bitcoin, of course, is no different. The logic is quite simple. Smart-Money -> Media Hype -> Adoption You might think this is oversimplifying how things work, but the logic is dictated by public perception of Bitcoin. Is it a good investment vehicle? Should I store money in Bitcoin? Do other people actually accept it? The answer to world-wide adoption is acceptance; but acceptance only comes with adoption. Its the chicken-egg dilemma. The most beautiful redundancy. What this means is that both adoption and acceptance walk hand-to-had; one leads to the other and none can exist alone. That is why market manipulation or Bitcoins futures, although being the bad are not that bad. Manipulation usually means high volatility, which in turns bring massive profits. Sure, I get this isnt helpful to the ultimate goal of cryptocurrencies which to me is the ability to shift wealth redistribution. I also cant make exclude the hypothesis this feature of cryptocurrency wont be the catalyst for its destruction; however, if we apply logic and reasoning taking into account the recent Bitcoin price history, we can clearly expect volatility to bring more and more people into the market. Price Volatility Ups and downs are usually a nice and easy way to help bubbles growing. And, as you might know, bubbles have a certain tendency to pop. History has taught us it usually isnt a question of if, but when. When downwards price movement dominates a market the only thing you can usually do is sit and wait. Cryptocurrencies, especially bitcoin, are prone to huge downfalls, yes; but we can also expect massive rebounds at some point. There are always some unbreakable rules successful investors follow, in order to being able to succeed. Again, please remember this is not financial advise To me those are: Invest only what you can afford to lose; Buy when theres fear, sell when theres hype; The market behaves in waves. Be patient and wait. Because I follow those rules Im not afraid of bear-markets. Heck, just remember 2012-2013. Whatever goes around comes around, so being passive is sometimes a better decision that getting ahead of everyone. Just think: what are the chances you actually figured out how to beat the entire market? Thats why I personally do not trade yet envy those who successfully do it. You need cunning, agility and balls of steel; otherwise emotion will most likely triumph over reason . Anyhow, the chances youll get stuck at a really bad price-level (ie, if you bought bitcoin near USD 20,00.00) during an extensive amount of time, are not that great. Yet, as time is a relative thing, our ability to be patient is also relative. Meaning what I consider to be an acceptable amount of time, you could see it as unbearable. Would you wait 1 year to increase your portfolio in 100%? What if you could increase it 500% over a space of 2 years? Better yet, what if it grew 5000% over the course of 3 years? Are you thinking Im sure could do it? Alright, then do a quick exercise: Have you ever done anything long-term, during at least the amount of time youre considering investing, which costs you time, money and doesnt pay-off anything? If so, then I would argue you can definitely succeed at hodling . If not, maybe you should consider a different approach. Patience isnt an easy skill to learn when we live in an inflationary world: money of tomorrow will be worth less, meaning you need to keep getting more and more present value, instead of focusing on future value. Faster Payments, fewer fees Since the introduction of the Blockstream Store in January, the Lightning Network has grown tremendously. Around the announcement, the Lightning Network had a total of 46 open channels and 0.682 BTC in capacity. Nowadays, there are roughly 7,800 open channels with 26 BTC of capacity. That is a 16,856% increase in channels and a 4,084% increase in channel capacity in 6 months! As the Lightning Network grows, additional integration options will become available that could provide exchanges and users with security and ease-of-use benefits beyond the two basic integration strategies described above. Exchange-specific, Lightning-driven apps With Lightning, it can become possible to allow exchange users to make trades from within dedicated local apps, making deposits and withdrawals transparent to users. These apps can run on desktops, smartphones, or on more secure hardware devices such as the Ledger Blue. With exchange functionality integrated with a Lightning wallet, funds can be moved into an exchanges control for the minimum time required for a trade to execute. Immediately after an order is filled or expires, the funds would be returned to the control of the users wallet/exchange app via Lightning. This could potentially create a simpler experience for users as well as reduce risk for exchanges in case of security breaches, as the amount of funds stored in hot wallets could be much lower. Deposits and withdrawals via the public Lightning Network With the two integration strategies described above, its assumed that users will be opening channels directly with exchanges. This will be economical for larger-scale traders who move money in and out of exchanges often. However, as the Lightning network develops, it will be possible for users to have open channels into the public Lightning network and for those users to be able to route deposits and withdrawals via intermediary nodes. It will likely take some time before there is enough connectivity within the Lightning Network for this to work, but when this becomes possible, it will allow a users channels to be used for a variety of different kinds of payments as well as multiple exchanges. With channel setup costs spread across multiple applications and counter-parties, Lightning transactions will become cheaper and more convenient. There are many ways to improve scalability and off-chains are a great way to accomplish that. Why should increasing the block-size be a better solution, if it will put more stress onto small transaction due to increasing fees? Scalability will happen, just a bit differently than you might expect. We already have the unique piece that allows for scalability to happen: an underlying asset people can use a store of value. Whatever is built on top doesnt really matter if the underlying layer, bitcoins blockchain, is still used as the settlement layer. From batching and Shnorr signatures, to the Lightning Network and atomic swaps , there are as many ways to improve transaction throughput, as far as our imaginations reach out. You could potentially have digital fiat-currencies redeemable for Bitcoin. You can have other side-chains that interface with a single wallet app, meaning if its easy to exchange your tokens and other cryptocurrencies for Bitcoin, you will still use it as a base-layer to store your gains. The point is: lets not focus too much on something that will eventually happen. Everyone (myself included, full disclosure) has been focused on technology and price so much, we forgot to take a couple of steps back and re-visit some core debates, crucial for the overall Bitcoin acceptance. Part 2: Tokenomics, The Key To Adoption If you wonder how tokenomics can foster user adoption, think of the best way you know to redistribute value. In Bitcoin, that is done through mining and selling the actual currency. Right now most projects we see, spawning here and there, which actually try to implement a successful business models based in tokens, are forgetting some key aspects of the most important metric of all: purpose . Andreas usually says : what can your business gain from decentralization? I say: what can your business give to decentralization? The reason is simple, if you create a system where you need to subscribe or spend money for tokens in order to participate, then the system is not inclusive. If you build a system where participants are rewarded for participating, like Bitcoin rewards miners for securing the blokchain, then you can build any incentive system which users may see as actual value. By combining the power of fast payments with tokenomics, I can easily see a world where value is simply traded and earned through mostly everything we do. Decentralization doesnt mean screw the middleman . Actually, decentralization depends much on the middle-man. Except we all can become that middle-man because as we spend time in a certain network, doing certain things, we get rewarded. Decentralization means implementing systems which properly balance reward payouts, to all participants, in as many different ways possible. The middleman is always welcomed, I highly doubt the world would survive without platforms and distributors and companies linking networks of producers and consumers, investors and start-ups, even creditors and debtors. And all work must be paid in kind, isnt that right? If cryptocurrency uses its underlying technology properly, then there is no reason atomic swaps wont allow for the emergence of many different middle-men, charging very low fees, competing to hold the power to convert some crypto into another. If cryptocurrency is easy to convert into other forms of monies, why wouldnt we solely use cryptocurrency? Trust is backed by both the number of users in a network, as well as its internal ledger security. As currently Bitcoin seems to be the most technological secure system out there, to store money, its just a matter of time until it also becomes the most secure and cheap way to transfer and use money. However, do not expect the path to the bottom of the rainbow to be clear of perils. No technological advancement, which promoted checks and balances to avoid power and decision-making centralization, has ever been received in kind. So why would the world be different towards cryptocurrencies? How the financial system views cryptocurrency When we hear countries banning cryptocurrencies, exchanges being blocked by the rule of man ( like India ), attacks to promote hype and fear across small-time investors, that is the time we know they are afraid. Decentralization means breaking concepts and views of the world as we never thought possible. Companies building crypto-payments or savings apps, crypto-messaging apps, decentralized storage and infrastructure sharing crypto-tokens, or any other crypto-enabled system, will soon realize the easiest way to bring value is by giving value. Yes, go ahead, create your own money. It has no value, they say? Its of no use, they say? Terrific! Then nobody will mind if you just give it all away. Like bitcoin did. The More You Give To People, The Better If a company has a product which holds value and then decides to distribute a token with a clear purpose within that products or organization ecosystem, why wouldnt people consider that token valuable? If everything holds value just because we believe it holds value, I see no reason for Bitcoin to have a limited growth. As long as the network of users continues to grow, price will eventually grow. Because of its deflationary properties, if people continue to say bitcoin has value (by purchasing it), then I see no reason for a price ceiling. * Maybe we really are going to the moon! My opinion could be wrong, Bitcoin might disappear into oblivion someday and we keep stuck with fiduciary currency. If that is not the case, then the likelihood of Bitcoins pricing skyrocketing someday should be incredibly high, simply because it has happened a gazillion times in the past and history has a tendency to go around in cycles. I know: past performance does not indicate future performance. However, I havent heard of any network which grew in numbers and not in price. If you were to gamble on the success of cryptocurrency , would you bet in a system no single nation or group of people controls, or in a fiduciary system based on a pyramid logic? Hope youve enjoyed the article! Give it a like down below and leave a comment. Tweet me @febrocas The post Bitcoin Opinion: Long Live The King appeared first on CCN . || Bitcoin Opinion: Long Live The King: If you’re wondering how you should treat Bitcoin, as an investment vehicle, allow me to share with you guys my non-expert opinion.
End of story, thanks a lot for reading.
See you next time.
–this article shouldn’t be taken as financial advisement as it represents my personal opinion and views. I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Never forget: with great power, comes great responsibility.Being your own bank means you’re always responsible for your own money—
Cryptocurrency investment is one of the hottest topics we can discuss today, as there are many different opinions on what the future might hold for Bitcoin.
Due to the regulatory bodies world-wide having different approaches towards the subject, while at the same time Bitcoin being decentralized and not belonging to a single entity/organization, investors usually feel uncertain towards the future use of digital cryptocurrencies.
An important point, however, is that from a money-making perspective, which iswhat matters at the end to any investor, Bitcoin is undoubtedly one of the strongest profit vehicles since it came to existence – probably the best asset ever created: digital gold.
First we grab a price level, like when Bitcoin was around USD 8200. Now, if you want to understand if that price level is interesting, consider the following: the likelihood of having invested in Bitcoin at any given point in time since its inception while actually profiting from it, is about 97%.
Sounds too good to be true, right?
Except, it’s not.
By doing a rough estimate, we can quickly see Bitcoin has only been above USD 8200 for about 137 days. As it is traded for about 1917 days, there’s a ~ 97% chance you bought Bitcoin when its price was lower than USD 8200.
Of course this also means you only had a 3% chance of selling at the right time.
There’s always a dark-side to everything, right?
My point still stands: if we only take into account price and time, you’re actually way more likely to have made a bet at the right time, than the opposite.
I know these statistics are fun to play with, but they hardly bring you any real value. Knowing when you could have bought and sold it’s important from a learning perspective, although real investor education happens in a most peculiar way; usually, by making wrong bets and suffering through bearish seasons, that is.
What you desire to know is not how much money you could have made. What you, and everyone else, really want to find out is how much you can still make.
And today, that is what I’ll be discussing.
With a few twists, some side-track topics and the usual delightful shenanigans.
Before we go any further, please remember the below warning:
Anyone who tells you they’re not in it for the money are either lying or don’t need to care about money because they have so much of it, diversified over so many assets, their risk is quite low.
Back to what matters.
Depending on where your political and economic view-point stand, Bitcoin can either be the world’s savior or its demise.
In my humble opinion, as an economist, I think most of us aredead wrong on how we think money works. I won’t go into too much detail about the subject, as I really want to write an exploratory paper on how (I believe) money should be earned and accessed. The point worth extrapolating is that, much opposed to general belief, I do think there are many different ways to redistribute wealth properly and to create incentive systems for everyone being able to earn cryptocurrency.
Seems illogical that the biggest problem in cryptocurrency (adoption) could be easily fixed by creating ecosystems where users earn tokens for doing things.
Literally anything at all.
When we look at how the market has been evolving, since its birth, I would expect this “bubble” like behaviour to continue, maybe indefinitely.
There are many factors which will balance into the behaviour of price, especially market manipulation, regulatory actions and, of course, both institutional money and other financial investment vehicles (like Bitcoin futures or ETFs).
Historically speaking, Bitcoin has been kind to long-term investors.
Short-term investors cannot complain too much, as Bitcoin is one of the most (if not the most?) volatile assets out there.
Plus, I believe smart-money is coming full force, as it usually happens after every Bitcoin bearish season.
Want an expert opinion on the real value of Bitcoin and possible triggers for mass adoption?
Checkthis beautiful piecefrom Hacked’s one and only,Mati Greenspan.
As with everything in life, there’s thegood and the bad (sometimes the ugly too); and Bitcoin is not an exception.
If there are many factors that could trigger a price increase, like mass adoption, there are others that can have quite an opposite effect.
Let’s check which triggers can potentially call for bear and bull markets.
To me this is definitely the grand-master behind the major price run we’ve seen in late December 2017 and January 2018. It did take me some time to truly understand why, but due to the amazing work of so many different people, we now have a better, clearer picture of what really happened.
Tether manipulated the markets by manipulating the price of Bitcoin. It wasn’t any technology advancement in neither Bitcoin, nor the large quantities of dumb money entering the market.
The key argument pointed out by Prof. Griffin on the research paper “Bit “, was that “When Bitcoin’s price fell, purchases with Tether tended to increase, helping to reverse the decline. But during times when Bitcoin rose, Griffin said he didn’t see the reverse occur.” Seems Tether was protecting the price of Bitcoin from crashing.
To accomplish this, large quantities of Tether were issued and used to buy Bitcoin on Bitfinex. Of course this wouldn’t be such a big deal if Bitfinex wasn’t owned by the same people who own and mint Tether. But that’s not even the worse. Consider this: wouldn’t you expect a company that claims they own reserves on a 1:1 ratio between Tether and USD, to be fully externally audited and show proof of those USD reserves?
Another huge red flag if you ask me.
To those who now claim “oh but some lawyer dudes just came out and said Tether bank accounts are fully backed so it’s all good”, please, I beg you toactually do some digging.
The only thing Freeh, Sporkin & Sullivan LLP (FSS) said about Tether was: “FSS is confident that Tether’s unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018.”
That doesn’t sound like a real assurance to me.
Especially when you consider the “official” news-source, that appeared unsigned by the FSS board on Tether’s website, also stated “procedures performed are not for the purpose of providing assurance”.
My view on futures is a bit blurry. I understand their purpose and I also recognize their effectiveness in taming markets, especially during the short-term. Does it work in the long-term?
In 1974 the first gold futures contract was traded on the COMEX exchange in New York. Trading started on December 31.
Fast-forward three years and gold was back rising to new highs.
That’s right. No one can tame the ambition of human beings to exponentially increase their wealth, time after time; there is no futures market that can ever stop speculation. Money talks louder and that means there will always be new smart-money coming into the actual asset, making its price go higher. What will happen is that those same people will have an extra incentive.
As we’ve seen in the past the usual trigger for adoption is smart-money coming into any market. Bitcoin, of course, is no different.
The logic is quite simple.
You might think this is oversimplifying how things work, but the logic is dictated by public perception of Bitcoin.
Is it a good investment vehicle? Should I store money in Bitcoin? Do other people actually accept it?
The answer to world-wide adoption is acceptance; but acceptance only comes with adoption.
It’s the chicken-egg dilemma. The most beautiful redundancy.
What this means is that both adoption and acceptance walk hand-to-had; one leads to the other and none can exist alone.
That is why market manipulation or Bitcoin’s futures, although being the bad are notthat bad.Manipulation usually means high volatility, which in turns bring massive profits.
Sure, I get this isn’t helpful to the ultimate goal of cryptocurrencies – which to me is the ability to shift wealth redistribution.
I also can’t make exclude the hypothesis this feature of cryptocurrency won’t be the catalyst for its destruction; however, if we apply logic and reasoning taking into account the recent Bitcoin price history, we can clearly expect volatility to bring more and more people into the market.
Ups and downs are usually a nice and easy way to help bubbles growing.
And, as you might know, bubbles have a certain tendency to pop.
History has taught us it usually isn’t a question of if, but when.
When downwards price movement dominates a market the only thing you can usually do is sit and wait. Cryptocurrencies, especially bitcoin, are prone to huge downfalls, yes; but we can also expect massive rebounds at some point.
There are always some unbreakable rules successful investors follow, in order to being able to succeed.
Again, please remember this is not financial advise
To me those are:
1. Invest only what you can afford to lose;
2. Buy when there’s fear, sell when there’s hype;
3. The market behaves in waves. Be patient and wait.
Because I follow those rules I’m not afraid of bear-markets. Heck, just remember 2012-2013.
Whatever goes around comes around, so being passive is sometimes a better decision that getting ahead of everyone.
Just think: what are the chances you actually figured out how to beat the entire market?
That’s why I personally do not trade – yet envy those who successfully do it.
You need cunning, agility and balls of steel; otherwiseemotion will most likely triumph over reason.
Anyhow, the chances you’ll get stuck at a really bad price-level (ie, if you bought bitcoin near USD 20,00.00) during an extensive amount of time, are not that great.
Yet, as time is a relative thing, our ability to be patient is also relative. Meaning what I consider to be an acceptable amount of time, you could see it as unbearable.
• Would you wait 1 year to increase your portfolio in 100%?
• What if you could increase it 500% over a space of 2 years?
• Better yet, what if it grew 5000% over the course of 3 years?
Are you thinking “I’m sure could do it”?
Alright, then do a quick exercise:
Have you ever done anything long-term, during at least the amount of time you’re considering investing, which costs you time, money and doesn’t pay-off anything?
If so, then I would argue youcan definitely succeed at hodling.
If not, maybe you should consider a different approach.
Patience isn’t an easy skill to learn when we live in an inflationary world: money of tomorrow will be worth less, meaning you need to keep getting more and more present value, instead of focusing on future value.
Since the introduction of the Blockstream Store in January, the Lightning Network has grown tremendously. Around the announcement, the Lightning Network had a total of 46 open channels and 0.682 BTC in capacity. Nowadays, there are roughly 7,800 open channels with 26 BTC of capacity. That is a 16,856% increase in channels and a 4,084% increase in channel capacity in 6 months!
As the Lightning Network grows, additional integration options will become available that could provide exchanges and users with security and ease-of-use benefits beyond the two basic integration strategies described above.
1. Exchange-specific, Lightning-driven apps
With Lightning, it can become possible to allow exchange users to make trades from within dedicated local apps, making deposits and withdrawals transparent to users. These apps can run on desktops, smartphones, or on more secure hardware devices such as the Ledger Blue. With exchange functionality integrated with a Lightning wallet, funds can be moved into an exchange’s control for the minimum time required for a trade to execute. Immediately after an order is filled or expires, the funds would be returned to the control of the user’s wallet/exchange app via Lightning. This could potentially create a simpler experience for users as well as reduce risk for exchanges in case of security breaches, as the amount of funds stored in hot wallets could be much lower.
1. Deposits and withdrawals via the public Lightning Network
With the two integration strategies described above, it’s assumed that users will be opening channels directly with exchanges. This will be economical for larger-scale traders who move money in and out of exchanges often. However, as the Lightning network develops, it will be possible for users to have open channels into the public Lightning network and for those users to be able to route deposits and withdrawals via intermediary nodes. It will likely take some time before there is enough connectivity within the Lightning Network for this to work, but when this becomes possible, it will allow a user’s channels to be used for a variety of different kinds of payments as well as multiple exchanges. With channel setup costs spread across multiple applications and counter-parties, Lightning transactions will become cheaper and more convenient.
There are many ways to improve scalability and off-chains are a great way to accomplish that.
Why should increasing the block-size be a better solution, if it will put more stress onto small transaction due to increasing fees?
Scalability will happen, just a bit differently than you might expect.
We already have the unique piece that allows for scalability to happen: an underlying asset people can use a store of value.
Whatever is built on top doesn’t really matter if the underlying layer, bitcoin’s blockchain, is still used as the settlement layer.
From batching and Shnorr signatures, to the Lightning Network and atomic swaps, there are as many ways to improve transaction throughput, as far as our imaginations reach out. You could potentially have digital fiat-currencies redeemable for Bitcoin. You can have other side-chains that interface with a single wallet app, meaning if it’s easy to exchange your tokens and other cryptocurrencies for Bitcoin, you will still use it as a base-layer to store your “gains”.
The point is: let’s not focus too much on something that will eventually happen. Everyone (myself included, full disclosure) has been focused on technology and price so much, we forgot to take a couple of steps back and re-visit some core debates, crucial for the overall Bitcoin acceptance.
If you wonder how tokenomics can foster user adoption, think of the best way you know to redistribute value. In Bitcoin, that is done through mining and selling the actual currency.
Right now most projects we see, spawning here and there, which actually try to implement a successful business models based in tokens, are forgetting some key aspects of the most important metric of all:purpose.
Andreas usually says: what can your business gain from decentralization?
I say:what can your business give to decentralization?
The reason is simple, if you create a system where you need to “subscribe” or spend money for tokens in order to participate, then the system is not inclusive.
If you build a system where participants are rewarded for participating, like Bitcoin rewards miners for securing the blokchain, then you can build any incentive system which users may see as actual value.
By combining the power of fast payments with tokenomics, I can easily see a world where value is simply traded and earned through mostly everything we do.
Decentralization doesn’t mean “screw the middleman”.
Actually, decentralization depends much on the middle-man. Except we all can become that middle-man because as we spend time in a certain network, doing certain things, we get rewarded.
Decentralization means implementing systems which properly balance reward payouts, to all participants, in as many different ways possible.
The middleman is always welcomed, I highly doubt the world would survive without platforms and distributors and companies linking networks of producers and consumers, investors and start-ups, even creditors and debtors.
And all work must be paid in kind, isn’t that right?
If cryptocurrency uses its underlying technology properly, then there is no reasonatomic swapswon’t allow for the emergence of many different middle-men, charging very low fees, competing to hold the power to convert some crypto into another.
If cryptocurrency is easy to convert into other forms of monies, why wouldn’t we solely use cryptocurrency? Trust is backed by both the number of users in a network, as well as its internal ledger security.
As currently Bitcoin seems to be the most technological secure system out there, to store money, it’s just a matter of time until it also becomes the most secure and cheap way to transfer and use money.
However, do not expect the path to the bottom of the rainbow to be clear of perils.
No technological advancement, which promoted checks and balances to avoid power and decision-making centralization, has ever been received in kind.
So why would the world be different towards cryptocurrencies?
When we hear countries banning cryptocurrencies, exchanges being blocked by the rule of man (like India), attacks to promote hype and fear across small-time investors, that is the time we know they are afraid.
Decentralization means breaking concepts and views of the world as we never thought possible.
Companies building crypto-payments or savings apps, crypto-messaging apps, decentralized storage and infrastructure sharing crypto-tokens, or any other crypto-enabled system, will soon realize the easiest way to bring value is by giving value.
Yes, go ahead, create your own money.
It has no value, they say?
It’s of no use, they say?
Terrific! Then nobody will mind if you just give it all away. Like bitcoin did.
If a company has a product which holds value and then decides to distribute a token with a clear purpose within that product’s or organization ecosystem, why wouldn’t people consider that token valuable?
If everything holds value just because we believe it holds value, I see no reason for Bitcoin to have a limited growth.
As long as the network of users continues to grow, price will eventually grow.
Because of its deflationary properties, if people continue to say bitcoin has value (by purchasing it), then I see no reason for a price ceiling.
*Maybe we really are going to the moon!
My opinion could be wrong, Bitcoin might disappear into oblivion someday and we keep stuck with fiduciary currency.
If that is not the case, then the likelihood of Bitcoin’s pricing skyrocketing someday should be incredibly high, simply because it has happened a gazillion times in the past – and history has a tendency to go around in cycles.
I know: past performance does not indicate future performance. However, I haven’t heard of any network which grew in numbers and not in price.
If you were to gamble on thesuccess of cryptocurrency, would you bet in a system no single nation or group of people controls, or in a fiduciary system based on a pyramid logic?
Hope you’ve enjoyed the article!
Give it a like down below and leave a comment. Tweet me @febrocas
The postBitcoin Opinion: Long Live The Kingappeared first onCCN. || Bitcoin Opinion: Long Live The King: If you’re wondering how you should treat Bitcoin, as an investment vehicle, allow me to share with you guys my non-expert opinion.
End of story, thanks a lot for reading.
See you next time.
–this article shouldn’t be taken as financial advisement as it represents my personal opinion and views. I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Never forget: with great power, comes great responsibility.Being your own bank means you’re always responsible for your own money—
Cryptocurrency investment is one of the hottest topics we can discuss today, as there are many different opinions on what the future might hold for Bitcoin.
Due to the regulatory bodies world-wide having different approaches towards the subject, while at the same time Bitcoin being decentralized and not belonging to a single entity/organization, investors usually feel uncertain towards the future use of digital cryptocurrencies.
An important point, however, is that from a money-making perspective, which iswhat matters at the end to any investor, Bitcoin is undoubtedly one of the strongest profit vehicles since it came to existence – probably the best asset ever created: digital gold.
First we grab a price level, like when Bitcoin was around USD 8200. Now, if you want to understand if that price level is interesting, consider the following: the likelihood of having invested in Bitcoin at any given point in time since its inception while actually profiting from it, is about 97%.
Sounds too good to be true, right?
Except, it’s not.
By doing a rough estimate, we can quickly see Bitcoin has only been above USD 8200 for about 137 days. As it is traded for about 1917 days, there’s a ~ 97% chance you bought Bitcoin when its price was lower than USD 8200.
Of course this also means you only had a 3% chance of selling at the right time.
There’s always a dark-side to everything, right?
My point still stands: if we only take into account price and time, you’re actually way more likely to have made a bet at the right time, than the opposite.
I know these statistics are fun to play with, but they hardly bring you any real value. Knowing when you could have bought and sold it’s important from a learning perspective, although real investor education happens in a most peculiar way; usually, by making wrong bets and suffering through bearish seasons, that is.
What you desire to know is not how much money you could have made. What you, and everyone else, really want to find out is how much you can still make.
And today, that is what I’ll be discussing.
With a few twists, some side-track topics and the usual delightful shenanigans.
Before we go any further, please remember the below warning:
Anyone who tells you they’re not in it for the money are either lying or don’t need to care about money because they have so much of it, diversified over so many assets, their risk is quite low.
Back to what matters.
Depending on where your political and economic view-point stand, Bitcoin can either be the world’s savior or its demise.
In my humble opinion, as an economist, I think most of us aredead wrong on how we think money works. I won’t go into too much detail about the subject, as I really want to write an exploratory paper on how (I believe) money should be earned and accessed. The point worth extrapolating is that, much opposed to general belief, I do think there are many different ways to redistribute wealth properly and to create incentive systems for everyone being able to earn cryptocurrency.
Seems illogical that the biggest problem in cryptocurrency (adoption) could be easily fixed by creating ecosystems where users earn tokens for doing things.
Literally anything at all.
When we look at how the market has been evolving, since its birth, I would expect this “bubble” like behaviour to continue, maybe indefinitely.
There are many factors which will balance into the behaviour of price, especially market manipulation, regulatory actions and, of course, both institutional money and other financial investment vehicles (like Bitcoin futures or ETFs).
Historically speaking, Bitcoin has been kind to long-term investors.
Short-term investors cannot complain too much, as Bitcoin is one of the most (if not the most?) volatile assets out there.
Plus, I believe smart-money is coming full force, as it usually happens after every Bitcoin bearish season.
Want an expert opinion on the real value of Bitcoin and possible triggers for mass adoption?
Checkthis beautiful piecefrom Hacked’s one and only,Mati Greenspan.
As with everything in life, there’s thegood and the bad (sometimes the ugly too); and Bitcoin is not an exception.
If there are many factors that could trigger a price increase, like mass adoption, there are others that can have quite an opposite effect.
Let’s check which triggers can potentially call for bear and bull markets.
To me this is definitely the grand-master behind the major price run we’ve seen in late December 2017 and January 2018. It did take me some time to truly understand why, but due to the amazing work of so many different people, we now have a better, clearer picture of what really happened.
Tether manipulated the markets by manipulating the price of Bitcoin. It wasn’t any technology advancement in neither Bitcoin, nor the large quantities of dumb money entering the market.
The key argument pointed out by Prof. Griffin on the research paper “Bit “, was that “When Bitcoin’s price fell, purchases with Tether tended to increase, helping to reverse the decline. But during times when Bitcoin rose, Griffin said he didn’t see the reverse occur.” Seems Tether was protecting the price of Bitcoin from crashing.
To accomplish this, large quantities of Tether were issued and used to buy Bitcoin on Bitfinex. Of course this wouldn’t be such a big deal if Bitfinex wasn’t owned by the same people who own and mint Tether. But that’s not even the worse. Consider this: wouldn’t you expect a company that claims they own reserves on a 1:1 ratio between Tether and USD, to be fully externally audited and show proof of those USD reserves?
Another huge red flag if you ask me.
To those who now claim “oh but some lawyer dudes just came out and said Tether bank accounts are fully backed so it’s all good”, please, I beg you toactually do some digging.
The only thing Freeh, Sporkin & Sullivan LLP (FSS) said about Tether was: “FSS is confident that Tether’s unencumbered assets exceed the balance of fully-backed USD Tethers in circulation as of June 1st, 2018.”
That doesn’t sound like a real assurance to me.
Especially when you consider the “official” news-source, that appeared unsigned by the FSS board on Tether’s website, also stated “procedures performed are not for the purpose of providing assurance”.
My view on futures is a bit blurry. I understand their purpose and I also recognize their effectiveness in taming markets, especially during the short-term. Does it work in the long-term?
In 1974 the first gold futures contract was traded on the COMEX exchange in New York. Trading started on December 31.
Fast-forward three years and gold was back rising to new highs.
That’s right. No one can tame the ambition of human beings to exponentially increase their wealth, time after time; there is no futures market that can ever stop speculation. Money talks louder and that means there will always be new smart-money coming into the actual asset, making its price go higher. What will happen is that those same people will have an extra incentive.
As we’ve seen in the past the usual trigger for adoption is smart-money coming into any market. Bitcoin, of course, is no different.
The logic is quite simple.
You might think this is oversimplifying how things work, but the logic is dictated by public perception of Bitcoin.
Is it a good investment vehicle? Should I store money in Bitcoin? Do other people actually accept it?
The answer to world-wide adoption is acceptance; but acceptance only comes with adoption.
It’s the chicken-egg dilemma. The most beautiful redundancy.
What this means is that both adoption and acceptance walk hand-to-had; one leads to the other and none can exist alone.
That is why market manipulation or Bitcoin’s futures, although being the bad are notthat bad.Manipulation usually means high volatility, which in turns bring massive profits.
Sure, I get this isn’t helpful to the ultimate goal of cryptocurrencies – which to me is the ability to shift wealth redistribution.
I also can’t make exclude the hypothesis this feature of cryptocurrency won’t be the catalyst for its destruction; however, if we apply logic and reasoning taking into account the recent Bitcoin price history, we can clearly expect volatility to bring more and more people into the market.
Ups and downs are usually a nice and easy way to help bubbles growing.
And, as you might know, bubbles have a certain tendency to pop.
History has taught us it usually isn’t a question of if, but when.
When downwards price movement dominates a market the only thing you can usually do is sit and wait. Cryptocurrencies, especially bitcoin, are prone to huge downfalls, yes; but we can also expect massive rebounds at some point.
There are always some unbreakable rules successful investors follow, in order to being able to succeed.
Again, please remember this is not financial advise
To me those are:
1. Invest only what you can afford to lose;
2. Buy when there’s fear, sell when there’s hype;
3. The market behaves in waves. Be patient and wait.
Because I follow those rules I’m not afraid of bear-markets. Heck, just remember 2012-2013.
Whatever goes around comes around, so being passive is sometimes a better decision that getting ahead of everyone.
Just think: what are the chances you actually figured out how to beat the entire market?
That’s why I personally do not trade – yet envy those who successfully do it.
You need cunning, agility and balls of steel; otherwiseemotion will most likely triumph over reason.
Anyhow, the chances you’ll get stuck at a really bad price-level (ie, if you bought bitcoin near USD 20,00.00) during an extensive amount of time, are not that great.
Yet, as time is a relative thing, our ability to be patient is also relative. Meaning what I consider to be an acceptable amount of time, you could see it as unbearable.
• Would you wait 1 year to increase your portfolio in 100%?
• What if you could increase it 500% over a space of 2 years?
• Better yet, what if it grew 5000% over the course of 3 years?
Are you thinking “I’m sure could do it”?
Alright, then do a quick exercise:
Have you ever done anything long-term, during at least the amount of time you’re considering investing, which costs you time, money and doesn’t pay-off anything?
If so, then I would argue youcan definitely succeed at hodling.
If not, maybe you should consider a different approach.
Patience isn’t an easy skill to learn when we live in an inflationary world: money of tomorrow will be worth less, meaning you need to keep getting more and more present value, instead of focusing on future value.
Since the introduction of the Blockstream Store in January, the Lightning Network has grown tremendously. Around the announcement, the Lightning Network had a total of 46 open channels and 0.682 BTC in capacity. Nowadays, there are roughly 7,800 open channels with 26 BTC of capacity. That is a 16,856% increase in channels and a 4,084% increase in channel capacity in 6 months!
As the Lightning Network grows, additional integration options will become available that could provide exchanges and users with security and ease-of-use benefits beyond the two basic integration strategies described above.
1. Exchange-specific, Lightning-driven apps
With Lightning, it can become possible to allow exchange users to make trades from within dedicated local apps, making deposits and withdrawals transparent to users. These apps can run on desktops, smartphones, or on more secure hardware devices such as the Ledger Blue. With exchange functionality integrated with a Lightning wallet, funds can be moved into an exchange’s control for the minimum time required for a trade to execute. Immediately after an order is filled or expires, the funds would be returned to the control of the user’s wallet/exchange app via Lightning. This could potentially create a simpler experience for users as well as reduce risk for exchanges in case of security breaches, as the amount of funds stored in hot wallets could be much lower.
1. Deposits and withdrawals via the public Lightning Network
With the two integration strategies described above, it’s assumed that users will be opening channels directly with exchanges. This will be economical for larger-scale traders who move money in and out of exchanges often. However, as the Lightning network develops, it will be possible for users to have open channels into the public Lightning network and for those users to be able to route deposits and withdrawals via intermediary nodes. It will likely take some time before there is enough connectivity within the Lightning Network for this to work, but when this becomes possible, it will allow a user’s channels to be used for a variety of different kinds of payments as well as multiple exchanges. With channel setup costs spread across multiple applications and counter-parties, Lightning transactions will become cheaper and more convenient.
There are many ways to improve scalability and off-chains are a great way to accomplish that.
Why should increasing the block-size be a better solution, if it will put more stress onto small transaction due to increasing fees?
Scalability will happen, just a bit differently than you might expect.
We already have the unique piece that allows for scalability to happen: an underlying asset people can use a store of value.
Whatever is built on top doesn’t really matter if the underlying layer, bitcoin’s blockchain, is still used as the settlement layer.
From batching and Shnorr signatures, to the Lightning Network and atomic swaps, there are as many ways to improve transaction throughput, as far as our imaginations reach out. You could potentially have digital fiat-currencies redeemable for Bitcoin. You can have other side-chains that interface with a single wallet app, meaning if it’s easy to exchange your tokens and other cryptocurrencies for Bitcoin, you will still use it as a base-layer to store your “gains”.
The point is: let’s not focus too much on something that will eventually happen. Everyone (myself included, full disclosure) has been focused on technology and price so much, we forgot to take a couple of steps back and re-visit some core debates, crucial for the overall Bitcoin acceptance.
If you wonder how tokenomics can foster user adoption, think of the best way you know to redistribute value. In Bitcoin, that is done through mining and selling the actual currency.
Right now most projects we see, spawning here and there, which actually try to implement a successful business models based in tokens, are forgetting some key aspects of the most important metric of all:purpose.
Andreas usually says: what can your business gain from decentralization?
I say:what can your business give to decentralization?
The reason is simple, if you create a system where you need to “subscribe” or spend money for tokens in order to participate, then the system is not inclusive.
If you build a system where participants are rewarded for participating, like Bitcoin rewards miners for securing the blokchain, then you can build any incentive system which users may see as actual value.
By combining the power of fast payments with tokenomics, I can easily see a world where value is simply traded and earned through mostly everything we do.
Decentralization doesn’t mean “screw the middleman”.
Actually, decentralization depends much on the middle-man. Except we all can become that middle-man because as we spend time in a certain network, doing certain things, we get rewarded.
Decentralization means implementing systems which properly balance reward payouts, to all participants, in as many different ways possible.
The middleman is always welcomed, I highly doubt the world would survive without platforms and distributors and companies linking networks of producers and consumers, investors and start-ups, even creditors and debtors.
And all work must be paid in kind, isn’t that right?
If cryptocurrency uses its underlying technology properly, then there is no reasonatomic swapswon’t allow for the emergence of many different middle-men, charging very low fees, competing to hold the power to convert some crypto into another.
If cryptocurrency is easy to convert into other forms of monies, why wouldn’t we solely use cryptocurrency? Trust is backed by both the number of users in a network, as well as its internal ledger security.
As currently Bitcoin seems to be the most technological secure system out there, to store money, it’s just a matter of time until it also becomes the most secure and cheap way to transfer and use money.
However, do not expect the path to the bottom of the rainbow to be clear of perils.
No technological advancement, which promoted checks and balances to avoid power and decision-making centralization, has ever been received in kind.
So why would the world be different towards cryptocurrencies?
When we hear countries banning cryptocurrencies, exchanges being blocked by the rule of man (like India), attacks to promote hype and fear across small-time investors, that is the time we know they are afraid.
Decentralization means breaking concepts and views of the world as we never thought possible.
Companies building crypto-payments or savings apps, crypto-messaging apps, decentralized storage and infrastructure sharing crypto-tokens, or any other crypto-enabled system, will soon realize the easiest way to bring value is by giving value.
Yes, go ahead, create your own money.
It has no value, they say?
It’s of no use, they say?
Terrific! Then nobody will mind if you just give it all away. Like bitcoin did.
If a company has a product which holds value and then decides to distribute a token with a clear purpose within that product’s or organization ecosystem, why wouldn’t people consider that token valuable?
If everything holds value just because we believe it holds value, I see no reason for Bitcoin to have a limited growth.
As long as the network of users continues to grow, price will eventually grow.
Because of its deflationary properties, if people continue to say bitcoin has value (by purchasing it), then I see no reason for a price ceiling.
*Maybe we really are going to the moon!
My opinion could be wrong, Bitcoin might disappear into oblivion someday and we keep stuck with fiduciary currency.
If that is not the case, then the likelihood of Bitcoin’s pricing skyrocketing someday should be incredibly high, simply because it has happened a gazillion times in the past – and history has a tendency to go around in cycles.
I know: past performance does not indicate future performance. However, I haven’t heard of any network which grew in numbers and not in price.
If you were to gamble on thesuccess of cryptocurrency, would you bet in a system no single nation or group of people controls, or in a fiduciary system based on a pyramid logic?
Hope you’ve enjoyed the article!
Give it a like down below and leave a comment. Tweet me @febrocas
The postBitcoin Opinion: Long Live The Kingappeared first onCCN. || $43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds: Bitcoin price rollercoaster Over the past 24 hours, Bitcoin, Ethereum, and Bitcoin Cash recovered by around four percent, as the crypto market added $8 billion to its valuation. On August 11, the crypto market lost more than $12 billion of its valuation as major cryptocurrencies recorded large losses. Since then, the market has slightly recovered but the momentum of major digital assets still remains weak. Drastic Turn of Momentum in Five Days On August 7, the value of the global cryptocurrency market hovered at around $257 billion, supported by stability in the price of both Bitcoin and Ether, the native cryptocurrency of Ethereum, at $7,300 and $400 respectively. Since then, within less than five days, the price of Bitcoin and Ether fell to $6,300 and $320, reaching $5,980 and $305 at their lowest points on August 11. In five days, more than $43 billion were wiped out of the market. It is evident, given the steep decline in the valuation of the crypto market, that major cryptocurrencies have faced a strong downtrend over the past few weeks. Apart from Bitcoin, the most dominant digital asset in the market, almost every major cryptocurrency and token lost a significant chunk of its value. Ether, for instance, has been one of the worst performing digital assets throughout August, despite demonstrating momentum throughout January to July. Some analysts have attributed the steep drop in the price of Ether to the sell-off of ETH by initial coin offerings (ICOs) and blockchain projects. Dumping of Ether on public cryptocurrency exchanges by large-scale blockchain projects explains why one of the better performing cryptocurrencies in 2018 lost more of its market valuation than any other major digital asset over the past week. For the cryptocurrency market to experience a reversal in trend and momentum, not merely a 1 to 5 percent increase in value but a 40 to 50 percent surge in its value, a drastic change in its volume and price trend will have to be recorded, meaning that Bitcoin would have to secure momentum at major resistance levels. Story continues In the short-term, considering the overly strong downtrend of the market, it is difficult to see even large cryptocurrencies recording corrective rallies to be at a better position to initiate a mid-term rally. At this point, a more plausible situation is major cryptocurrencies bottoming out at the lower price range, building stability for a few weeks, and then initiating a strong rally. The probability of cryptocurrencies suddenly increasing in value by 10 to 20 percent, as Bitcoin has done in late June, is low. Bitcoin is in a Better Position? Willy Woo, a respected cryptocurrency analyst who predicted the price of Bitcoin to bleed out slowly from $9,000 to $6,000 in late may, said: “Just looking at Chris’ chart you can see BTC is much stronger this time around. (Comparing OBV indicators over the same time frame is a great way to see of this more clearly.) There’s a lot of buying going on behind the fear and capitulation.” As mentioned above, it is of utmost importance for BTC and other cryptocurrencies to build momentum and stability, to support the next rally in the mid-term. Featured image from Shutterstock. Charts from TradingView . The post $43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds appeared first on CCN . || $43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds: Bitcoin price rollercoaster Over the past 24 hours, Bitcoin, Ethereum, and Bitcoin Cash recovered by around four percent, as the crypto market added $8 billion to its valuation. On August 11, the crypto market lost more than $12 billion of its valuation as major cryptocurrencies recorded large losses. Since then, the market has slightly recovered but the momentum of major digital assets still remains weak. Drastic Turn of Momentum in Five Days On August 7, the value of the global cryptocurrency market hovered at around $257 billion, supported by stability in the price of both Bitcoin and Ether, the native cryptocurrency of Ethereum, at $7,300 and $400 respectively. Since then, within less than five days, the price of Bitcoin and Ether fell to $6,300 and $320, reaching $5,980 and $305 at their lowest points on August 11. In five days, more than $43 billion were wiped out of the market. It is evident, given the steep decline in the valuation of the crypto market, that major cryptocurrencies have faced a strong downtrend over the past few weeks. Apart from Bitcoin, the most dominant digital asset in the market, almost every major cryptocurrency and token lost a significant chunk of its value. Ether, for instance, has been one of the worst performing digital assets throughout August, despite demonstrating momentum throughout January to July. Some analysts have attributed the steep drop in the price of Ether to the sell-off of ETH by initial coin offerings (ICOs) and blockchain projects. Dumping of Ether on public cryptocurrency exchanges by large-scale blockchain projects explains why one of the better performing cryptocurrencies in 2018 lost more of its market valuation than any other major digital asset over the past week. For the cryptocurrency market to experience a reversal in trend and momentum, not merely a 1 to 5 percent increase in value but a 40 to 50 percent surge in its value, a drastic change in its volume and price trend will have to be recorded, meaning that Bitcoin would have to secure momentum at major resistance levels. Story continues In the short-term, considering the overly strong downtrend of the market, it is difficult to see even large cryptocurrencies recording corrective rallies to be at a better position to initiate a mid-term rally. At this point, a more plausible situation is major cryptocurrencies bottoming out at the lower price range, building stability for a few weeks, and then initiating a strong rally. The probability of cryptocurrencies suddenly increasing in value by 10 to 20 percent, as Bitcoin has done in late June, is low. Bitcoin is in a Better Position? Willy Woo, a respected cryptocurrency analyst who predicted the price of Bitcoin to bleed out slowly from $9,000 to $6,000 in late may, said: “Just looking at Chris’ chart you can see BTC is much stronger this time around. (Comparing OBV indicators over the same time frame is a great way to see of this more clearly.) There’s a lot of buying going on behind the fear and capitulation.” As mentioned above, it is of utmost importance for BTC and other cryptocurrencies to build momentum and stability, to support the next rally in the mid-term. Featured image from Shutterstock. Charts from TradingView . The post $43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds appeared first on CCN . || $43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds: Bitcoin price rollercoaster Over the past 24 hours, Bitcoin, Ethereum, and Bitcoin Cash recovered by around four percent, as the crypto market added $8 billion to its valuation. On August 11, the crypto market lost more than $12 billion of its valuation as major cryptocurrencies recorded large losses. Since then, the market has slightly recovered but the momentum of major digital assets still remains weak. Drastic Turn of Momentum in Five Days On August 7, the value of the global cryptocurrency market hovered at around $257 billion, supported by stability in the price of both Bitcoin and Ether, the native cryptocurrency of Ethereum, at $7,300 and $400 respectively. Since then, within less than five days, the price of Bitcoin and Ether fell to $6,300 and $320, reaching $5,980 and $305 at their lowest points on August 11. In five days, more than $43 billion were wiped out of the market. It is evident, given the steep decline in the valuation of the crypto market, that major cryptocurrencies have faced a strong downtrend over the past few weeks. Apart from Bitcoin, the most dominant digital asset in the market, almost every major cryptocurrency and token lost a significant chunk of its value. Ether, for instance, has been one of the worst performing digital assets throughout August, despite demonstrating momentum throughout January to July. Some analysts have attributed the steep drop in the price of Ether to the sell-off of ETH by initial coin offerings (ICOs) and blockchain projects. Dumping of Ether on public cryptocurrency exchanges by large-scale blockchain projects explains why one of the better performing cryptocurrencies in 2018 lost more of its market valuation than any other major digital asset over the past week. For the cryptocurrency market to experience a reversal in trend and momentum, not merely a 1 to 5 percent increase in value but a 40 to 50 percent surge in its value, a drastic change in its volume and price trend will have to be recorded, meaning that Bitcoin would have to secure momentum at major resistance levels. Story continues In the short-term, considering the overly strong downtrend of the market, it is difficult to see even large cryptocurrencies recording corrective rallies to be at a better position to initiate a mid-term rally. At this point, a more plausible situation is major cryptocurrencies bottoming out at the lower price range, building stability for a few weeks, and then initiating a strong rally. The probability of cryptocurrencies suddenly increasing in value by 10 to 20 percent, as Bitcoin has done in late June, is low. Bitcoin is in a Better Position? Willy Woo, a respected cryptocurrency analyst who predicted the price of Bitcoin to bleed out slowly from $9,000 to $6,000 in late may, said: “Just looking at Chris’ chart you can see BTC is much stronger this time around. (Comparing OBV indicators over the same time frame is a great way to see of this more clearly.) There’s a lot of buying going on behind the fear and capitulation.” As mentioned above, it is of utmost importance for BTC and other cryptocurrencies to build momentum and stability, to support the next rally in the mid-term. Featured image from Shutterstock. Charts from TradingView . The post $43 Billion Wiped Out of Crypto in 5 Days as Bitcoin Price Rebounds appeared first on CCN . || Disney Executives Talk ESPN Subscribers, Fox, and Streaming: There was a lot to like when Walt Disney (NYSE: DIS) reported its third-quarter financial results on Aug. 7. The company achieved solid year-over-year growth, though results missed analysts' consensus estimates. Revenue increased 7% year over year, to $15.23 billion, driven by improved results in the company's media networks, parks and resorts, and studio entertainment segments. On the quarterly conference call to discuss the results with analysts, Disney management provided a few tidbits about its declining subscriber growth at ESPN. However, in light of Comcast 's recent decision to bow out of the bidding war for the assets of Twenty-First Century Fox (NASDAQ: FOX) (NASDAQ: FOXA) , Disney executives spent much of the call detailing its massive acquisition, and how it will fit into the company's streaming plans. Image from the Fox movie Logan, with X-Men character Wolverine with his claws extended and a sunset behind him. Disney will gain the X-Men characters when it acquires Fox. Image source: 20th Century Fox. Subscriber declines slowing One of the key concerns for Disney investors is the falling subscriber rate for the company's flagship ESPN sports network. With the adoption of streaming services gaining steam, consumers have been opting out of higher-priced cable packages in ever-increasing numbers. Since the media networks business provides the lion's share of Disney's profits, falling numbers at ESPN have been a growing concern. A bit of encouraging news: CFO Christine McCarthy pointed out "this is the fourth consecutive quarter we've seen improvement in the rate of net subscriber declines. While net subscriber counts are still lower than prior year, we're encouraged by the trends we're seeing." CEO Bob Iger also addressed the issue, attributing the slower declines to the availability of smaller, lower-cost cable packages, which have "steadily slowed overall [subscription] losses." The coming acquisition Iger focused most of his prepared remarks on laying out his view of "the tremendous potential" arising from the Fox acquisition. In the wake of the overwhelming approval achieved in the recent shareholder vote, Iger said, "[W]e're even more enthusiastic and excited by all the opportunities ahead." Story continues Iger spoke about the well-known Fox brands -- Searchlight, FX, and National Geographic -- and said Disney plans to "further invest" in them, using Fox "as a critical supplier of original content for our direct-to-consumer (DTC) platforms." He cited National Geographic as a "tremendous brand built on quality" and having "global reach and cross-generational appeal." He also highlighted Searchlight Pictures as a "creative engine we respect and admire a great deal," using the 20 Oscar nominations the studio achieved last year as proof of its excellence. Disney's strategy will be to "give the studio what it needs to continue to do what it does best." He also highlighted 20th Century Fox Film, with "iconic movie franchises like Avatar , Marvel's X-Men , The Fantastic Four , Deadpool , Planet of the Apes , Kingsman , and many others." Iger said Disney is looking to "the Fox assets to enhance and accelerate our DTC strategy." Many have long suspected this might be the direction the company would take, but this is the first time that Iger has confirmed it. Luminescent flowers from the Pandora -- The World of Avatar attraction at Disney World. Image source: Disney. Not Netflix In response to an analyst question, Iger was clear that Disney's streaming offering wasn't going to try to compete with Netflix on quantity. He said, "It does not have to have anything close to the volume of what Netflix has because of the value of the brands and the specific value of the programs," citing the consumer appeal of Pixar, Marvel, Disney, Lucasfilm -- and ultimately National Geographic -- which he sees as a good fit with Disney's family-focused brands. Iger said that while Netflix has many quality offerings, "they're also in the high-volume game. And we don't really need to do that." He said, "We've always believed we have the brands and content to be extremely competitive and to thrive alongside Netflix, Amazon , and anyone else in the market." Iger also revealed that Disney is contemplating a lower price point than Netflix, saying, "The price, by the way, will also reflect a lower volume of product." He went on to say that Disney's cost to produce and own the content would be far lower than Netflix's. Win, place, or show Many investors are convinced that there will ultimately be only one winner in the streaming market, but Iger doesn't believe that to be the case. "It's also interesting to note that today more than half of U.S. homes subscribe to streaming services," he said. "And on average, they subscribe to three different [subscription video on demand] products." Iger doesn't think that Disney needs to win the streaming wars: It just needs to be among the top three that consumers ultimately choose -- and he thinks Disney will be. I, for one, agree. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Danny Vena owns shares of Amazon, Netflix, and Walt Disney and has the following options: long January 2019 $85 calls on Walt Disney. The Motley Fool owns shares of and recommends Amazon, Netflix, and Walt Disney. The Motley Fool has a disclosure policy .
[Social Media Buzz]
MODAL PERMULAAN 0.1 BTC
MODAL PERMULAAN 0.20 BTC
MODAL PERMULAAN 0.40 BTC
MODAL PERMULAAN 1.00 BTC
MODAL PERMULAAN 3.00 BTC
MODAL PERMULAAN 7.00 BTC || 24H
2018/08/14 09:00 (2018/08/13 09:00)
LONG : 28727.64 BTC (-828.61 BTC)
SHORT : 26735.22 BTC (+81.79 BTC)
LS比 : 51% vs 48% (52% vs 47%) || #LIZA #LAMBO price
08-13 02:00(GMT)
$LIZA
BTC :0.00019
ETH :0.00200
USD :1.2
RUR :81.0
JPY(btc) :134.9
JPY(eth) :70.6
$LAMBO
BTC :0.232
ETH :14.990
USD :2000.0
RUR :45000.1
JPY(btc) :162738.4
JPY(et...
|
6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76, 6376.71, 6534.88
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73.
|
[Bitcoin Technical Analysis for 2018-08-11]
Volume: 4047850000, RSI (14-day): 35.19, 50-day EMA: 7131.57, 200-day EMA: 7816.74
[Wider Market Context]
None available.
[Recent News (last 7 days)]
‘Game Over’ for Bitcoin, Claims Bearish Technical Analyst: If the bitcoin price falls below the important year-to-date support level, the dominant cryptocurrency will suffer irreparable damage in the marketplace. This is the opinion of Renaissance Macro Research, quoted byCNBCon Thursday Aug. 9.
According to the financial analysis firm, what bitcoin is facing right now could be much more significant than just a brief bear run or a retracement. The cryptocurrency could in fact be facing an existential crisis, with its key year-to-date support level being the buffer between it and more substantial damage. Break that level, says Renaissance Macro Research, andbitcoinwill be “permanently impaired.”
After a bull run took itwell above $8,000, bitcoin has sunk back below $7,000, and its current price is roughly 14 percent down on the same time a week ago. On Wednesday August 7, it lost about 6 percent of its value on news that the U.S. Securities and Exchange Commission (SEC) delayed a long-awaited decision on a proposed bitcoin exchange-traded fund (ETF).
This, however, could just be the tip of the pain iceberg for investors according to Renaissance head of technical tesearch Jeff deGraaf.
Speaking to CNBC, he stated that if the psychologically important year-to-date support level is breached, he would recommend taking short positions on BTC.
Speaking to clients on Thursday, deGraafsaid:
“Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”
deGraaf’s words will come as bad news for cryptocurrency investors because he is a personality that markets generally tend to take note of when he speaks. As one of Wall Street’s best regarded forecasters since the turn of the millennium, deGraaf has been recognised severally for accurate predictions and peerless analysis. For a total of 10 years, he has been ranked as top technical analyst byInvestor Magazine, and in 2014 he was inducted into the Institutional Investor’s Research Hall of Fame.
What all of this potentially means to an investor is that one of Wall Street’s finest analysts has painted a scenario where bitcoin — down about 50 percent in 2018 — is not going on a bear run it will recover from, but is rather drifting toward a position of permanent asset damage.
Earlier this week, however, CCN reported that Pantera Capital CEO Dan Moreheadurgedinvestors to “stop overreacting” to the SEC’s delayed response to the proposed bitcoin ETF, as bitcoin continues to take a pounding.
Featured Image from Shutterstock
The post‘Game Over’ for Bitcoin, Claims Bearish Technical Analystappeared first onCCN. || ‘Game Over’ for Bitcoin, Claims Bearish Technical Analyst: bitcoin price video game over If the bitcoin price falls below the important year-to-date support level, the dominant cryptocurrency will suffer irreparable damage in the marketplace. This is the opinion of Renaissance Macro Research, quoted by CNBC on Thursday Aug. 9. Bitcoin May Be ‘Permanently Impaired’ According to the financial analysis firm, what bitcoin is facing right now could be much more significant than just a brief bear run or a retracement. The cryptocurrency could in fact be facing an existential crisis, with its key year-to-date support level being the buffer between it and more substantial damage. Break that level, says Renaissance Macro Research, and bitcoin will be “permanently impaired.” bitcoin price After a bull run took it well above $8,000 , bitcoin has sunk back below $7,000, and its current price is roughly 14 percent down on the same time a week ago. On Wednesday August 7, it lost about 6 percent of its value on news that the U.S. Securities and Exchange Commission (SEC) delayed a long-awaited decision on a proposed bitcoin exchange-traded fund (ETF). This, however, could just be the tip of the pain iceberg for investors according to Renaissance head of technical tesearch Jeff deGraaf. Speaking to CNBC, he stated that if the psychologically important year-to-date support level is breached, he would recommend taking short positions on BTC. Speaking to clients on Thursday, deGraaf said : “Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.” Bad News deGraaf’s words will come as bad news for cryptocurrency investors because he is a personality that markets generally tend to take note of when he speaks. As one of Wall Street’s best regarded forecasters since the turn of the millennium, deGraaf has been recognised severally for accurate predictions and peerless analysis. For a total of 10 years, he has been ranked as top technical analyst by Investor Magazine , and in 2014 he was inducted into the Institutional Investor’s Research Hall of Fame. What all of this potentially means to an investor is that one of Wall Street’s finest analysts has painted a scenario where bitcoin — down about 50 percent in 2018 — is not going on a bear run it will recover from, but is rather drifting toward a position of permanent asset damage. Story continues Earlier this week, however, CCN reported that Pantera Capital CEO Dan Morehead urged investors to “stop overreacting” to the SEC’s delayed response to the proposed bitcoin ETF, as bitcoin continues to take a pounding. Featured Image from Shutterstock The post ‘Game Over’ for Bitcoin, Claims Bearish Technical Analyst appeared first on CCN . View comments || ‘Game Over’ for Bitcoin, Claims Bearish Technical Analyst: If the bitcoin price falls below the important year-to-date support level, the dominant cryptocurrency will suffer irreparable damage in the marketplace. This is the opinion of Renaissance Macro Research, quoted byCNBCon Thursday Aug. 9.
According to the financial analysis firm, what bitcoin is facing right now could be much more significant than just a brief bear run or a retracement. The cryptocurrency could in fact be facing an existential crisis, with its key year-to-date support level being the buffer between it and more substantial damage. Break that level, says Renaissance Macro Research, andbitcoinwill be “permanently impaired.”
After a bull run took itwell above $8,000, bitcoin has sunk back below $7,000, and its current price is roughly 14 percent down on the same time a week ago. On Wednesday August 7, it lost about 6 percent of its value on news that the U.S. Securities and Exchange Commission (SEC) delayed a long-awaited decision on a proposed bitcoin exchange-traded fund (ETF).
This, however, could just be the tip of the pain iceberg for investors according to Renaissance head of technical tesearch Jeff deGraaf.
Speaking to CNBC, he stated that if the psychologically important year-to-date support level is breached, he would recommend taking short positions on BTC.
Speaking to clients on Thursday, deGraafsaid:
“Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare]. Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”
deGraaf’s words will come as bad news for cryptocurrency investors because he is a personality that markets generally tend to take note of when he speaks. As one of Wall Street’s best regarded forecasters since the turn of the millennium, deGraaf has been recognised severally for accurate predictions and peerless analysis. For a total of 10 years, he has been ranked as top technical analyst byInvestor Magazine, and in 2014 he was inducted into the Institutional Investor’s Research Hall of Fame.
What all of this potentially means to an investor is that one of Wall Street’s finest analysts has painted a scenario where bitcoin — down about 50 percent in 2018 — is not going on a bear run it will recover from, but is rather drifting toward a position of permanent asset damage.
Earlier this week, however, CCN reported that Pantera Capital CEO Dan Moreheadurgedinvestors to “stop overreacting” to the SEC’s delayed response to the proposed bitcoin ETF, as bitcoin continues to take a pounding.
Featured Image from Shutterstock
The post‘Game Over’ for Bitcoin, Claims Bearish Technical Analystappeared first onCCN. || Volumes Surge on Turkey's Crypto Exchanges as Lira Tanks: Trading volume on Turkey's cryptocurrency exchanges surged Friday as the country's fiat currency plunged to record lows on economic jitters.
According toCoinMarketCap, volume at Turkish exchanges Paribu,ÂBtcturk andÂKoinimjumped over the past 24 hours by more than 100 percent each. Absolute volumes are still relatively small at these exchanges, with Btcturk, the country's largest, handling $11.6 million in trades.
Facebook's Marcus Steps Down From Coinbase Board
The Turkish lira hit an all-time low against the dollar, reflecting global marketÂworriesabout President Recep Tayyip ErdoÄan's economic policies, his souring relationship with U.S. president Donald Trump and his government's ability to repay its debts.
Doing little to calm such fears, Erdogan spoke in public appearances Friday of "economic war" with the U.S. and called on Turkish citizens toexchange any dollars, euros or goldthey own for the lira to prop it up, according to media reports.
The ongoing turmoil has increased the appeal of bitcoin and other cryptocurrencies for some local retail investors, even though the sector has been in a bear market this year.
"Every day there are new [bitcoin] exchanges coming up in Turkey," said a local university student who for safety reasons asked to be referred to by his Twitter handle, Bit_gossip.
Honeyminer Signs Up 50K Users for Easy Crypto Mining App
Another crypto user, an affiliate marketing professional in Istanbul who also prefers to go by a pseudonym, Bitmov, said he has been using bitcoin to buy digital ads abroad for over three years. Now his family and friends turn to him for advice on how to buy bitcoin, he said.
Bitmov told CoinDesk:
"I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government. Cryptocurrency makes me feel much safer."
Pointing to hardships caused by recent economic policies, Bitmov said he no longer trusts fiat currencies.
Similarly, Bunyamin Yavuz, a cardiologist in Ankara, said he no longer trusts local banks and now buys XRP, monero, lumens, among other cryptocurrencies as part of his investment portfolio. Yavuz told CoinDesk his holdings now consist of 30 percent cryptocurrencies, 20 percent U.S. dollars, and just 10 percent lira.
Reflecting the growing interest, Bit_gossip has run a crypto Discord channel since 2016 that has recently grown to 11,294 Turkish-speaking members. Bitcoin purchases would be even brisker right now were it not for fear of volatility and scams, he said, explaining:
"Most Turkish crypto traders (hodlers actually) started in late 2017, or the first quarter of 2018, and they got rekt."
Although Turkish lawmakers are considering the creation of anational cryptocurrency, local exchanges may face more hurdles if politicians start to fear the rise of bitcoin.
Turkey is not the only Middle Eastern nation considering its own cryptocurrency. Inflation-riddled Iran is also looking at the possibility of acentralized cryptocurrencyto boost the economy.
But unlike Iran, where retail investors often turn to in-person swaps and peer-to-peer exchanges likeLocalBitcoins because they areblocked from global platformsby both international sanctions and local censorship, Turkish banks often work with exchanges. So Turkish users face fewer barriers to enter the global market.
However, that may change given that like his Iranian counterparts, Erdogan isÂurging constituentsto convert foreign investments into local currency.
Yavuz said the Turkish government may follow in Iran's footsteps and restrict access if bitcoin exchanges grow too quickly, but warned that if it does so, "it will be the end of our economic growth."
Bitmov said rumors are already circulating in Istanbul that Turkish banks may soon end support for customers with savings in dollars. He added:
"If your national currency is falling like this ... or you don't trust centralized currencies and banks, what can you do? You should be your own bank, and I'm sure people all around the world will realize that soon."
Lira image viaShutterstock
• Today's Close Could be Pivotal for Bitcoin's Price
• Fed Up and Forking: Rival EOS Blockchains Are Becoming a Reality || U.S. net long dollar bets rise to highest since mid-Jan. 2017 -CFTC, Reuters: (Inserts dropped word "long" in headline.) By Gertrude Chavez-Dreyfuss NEW YORK, Aug 10 (Reuters) - Speculators boosted their net long U.S. dollar position this week to the largest since mid-January last year, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday.
The value of the net long dollar position was $22.02 billion in the week ended Aug. 7, up from $20.06 billion the previous week. Speculators were net long dollars for an eighth straight week, after being net short for 48 weeks.
U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars.
In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net long position of $22.929 billion in the week ended Aug. 7, up from net longs of $21.222 billion a week earlier.
In the wake of global trade and geopolitical tensions, the dollar was the outperformer compared with other major and emerging market currencies, with the United States seen as better-placed to handle a trade war event.
Since hitting a more than three-year low against a basket of six major currencies in February, the dollar has gained 9.3 percent. On Friday, the dollar hit a 13-month high in a safe-haven bid amid tension in Turkey.
Turkey's lira plummeted as much as 18 percent against the dollar on Friday as worries about President Tayyip Erdogan's influence over monetary policy and worsening U.S. relations snowballed into a market panic. The past week saw the lira shed more than 20 percent of its value.
"President Trump appears to be reveling in the dollar’s ability to bring the likes of China, Russia and Turkey to bear by contributing to varying degrees of currency crises," said Chris Turner, global head of strategy at ING in London, in a research note.
"Two percent yields on 3-month U.S. Treasury Bills make the dollar the go-to safe haven right now." In the cryptocurrency market, meanwhile, speculators' net short position on bitcoin Cboe futures were at $1,611 contracts from net shorts of 1,603 the previous week, data showed.
Bitcoin on Friday fell 2.3 percent to $6,390.50 on the Bitstamp platform.
Cryptocurrencies have been stagnant the last few weeks after an earlier sell-off that took bitcoin below $6,000 in June.
Strategists at Fundstrat in New York believe the crypto market is still in "purgatory" until mid-August to mid-September.
Japanese Yen (Contracts of 12,500,000 yen) $7.049 billion Aug. 7, 2018 Prior week week Long 46,136 48,016 Short 108,943 116,473 Net -62,807 -68,457 EURO (Contracts of 125,000 euros) $-1.532 billion Aug. 7, 2018 Prior week week Long 177,923 174,549 Short 167,358 151,724 Net 10,565 22,825 POUND STERLING (Contracts of 62,500 pounds sterling) $4.759 billion Aug. 7, 2018 Prior week week Long 43,930 35,001 Short 102,782 82,387 Net -58,852 -47,386 SWISS FRANC (Contracts of 125,000 Swiss francs) $5.791 billion Aug. 7, 2018 Prior week week Long 5,728 6,190 Short 51,836 50,612 Net -46,108 -44,422 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $1.908 billion Aug. 7, 2018 Prior week week Long 33,269 23,679 Short 58,167 55,248 Net -24,898 -31,569 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $4.047 billion Aug. 7, 2018 Prior week week Long 21,364 21,642 Short 75,904 73,118 Net -54,540 -51,476 MEXICAN PESO (Contracts of 500,000 pesos) $-0.901 billion Aug. 7, 2018 Prior week week Long 108,066 97,475 Short 74,806 70,960 Net 33,260 26,515 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $1.651 billion Aug. 7, 2018 Prior week week Long 14,051 14,454 Short 38,578 38,134 Net -24,527 -23,680 (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan Oatis and Diane Craft) || U.S. net long dollar bets rise to highest since mid-Jan. 2017 -CFTC, Reuters: (Inserts dropped word "long" in headline.) By Gertrude Chavez-Dreyfuss NEW YORK, Aug 10 (Reuters) - Speculators boosted their net long U.S. dollar position this week to the largest since mid-January last year, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $22.02 billion in the week ended Aug. 7, up from $20.06 billion the previous week. Speculators were net long dollars for an eighth straight week, after being net short for 48 weeks. U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars. In a broader measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net long position of $22.929 billion in the week ended Aug. 7, up from net longs of $21.222 billion a week earlier. In the wake of global trade and geopolitical tensions, the dollar was the outperformer compared with other major and emerging market currencies, with the United States seen as better-placed to handle a trade war event. Since hitting a more than three-year low against a basket of six major currencies in February, the dollar has gained 9.3 percent. On Friday, the dollar hit a 13-month high in a safe-haven bid amid tension in Turkey. Turkey's lira plummeted as much as 18 percent against the dollar on Friday as worries about President Tayyip Erdogan's influence over monetary policy and worsening U.S. relations snowballed into a market panic. The past week saw the lira shed more than 20 percent of its value. "President Trump appears to be reveling in the dollars ability to bring the likes of China, Russia and Turkey to bear by contributing to varying degrees of currency crises," said Chris Turner, global head of strategy at ING in London, in a research note. Story continues "Two percent yields on 3-month U.S. Treasury Bills make the dollar the go-to safe haven right now." In the cryptocurrency market, meanwhile, speculators' net short position on bitcoin Cboe futures were at $1,611 contracts from net shorts of 1,603 the previous week, data showed. Bitcoin on Friday fell 2.3 percent to $6,390.50 on the Bitstamp platform. Cryptocurrencies have been stagnant the last few weeks after an earlier sell-off that took bitcoin below $6,000 in June. Strategists at Fundstrat in New York believe the crypto market is still in "purgatory" until mid-August to mid-September. Japanese Yen (Contracts of 12,500,000 yen) $7.049 billion Aug. 7, 2018 Prior week week Long 46,136 48,016 Short 108,943 116,473 Net -62,807 -68,457 EURO (Contracts of 125,000 euros) $-1.532 billion Aug. 7, 2018 Prior week week Long 177,923 174,549 Short 167,358 151,724 Net 10,565 22,825 POUND STERLING (Contracts of 62,500 pounds sterling) $4.759 billion Aug. 7, 2018 Prior week week Long 43,930 35,001 Short 102,782 82,387 Net -58,852 -47,386 SWISS FRANC (Contracts of 125,000 Swiss francs) $5.791 billion Aug. 7, 2018 Prior week week Long 5,728 6,190 Short 51,836 50,612 Net -46,108 -44,422 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) $1.908 billion Aug. 7, 2018 Prior week week Long 33,269 23,679 Short 58,167 55,248 Net -24,898 -31,569 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) $4.047 billion Aug. 7, 2018 Prior week week Long 21,364 21,642 Short 75,904 73,118 Net -54,540 -51,476 MEXICAN PESO (Contracts of 500,000 pesos) $-0.901 billion Aug. 7, 2018 Prior week week Long 108,066 97,475 Short 74,806 70,960 Net 33,260 26,515 NEW ZEALAND DOLLAR (Contracts of 100,000 New Zealand dollars) $1.651 billion Aug. 7, 2018 Prior week week Long 14,051 14,454 Short 38,578 38,134 Net -24,527 -23,680 (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan Oatis and Diane Craft) || Japanese Yen ETF Keeps Up with Dollar Strength: This article was originally published onETFTrends.com.
While many other Asian currency have depreciated against a stronger U.S. dollar, the Japanese yen and currency-related exchange traded fund have bucked the trend and eked out a positive return this year.
The Invesco CurrencyShares Japanese Yen Trust (FXY) has gained 1.2% year-to-date, with the JPY now trading at ¥110.64 against the dollar
The yen has appreciated partly due to a slight shift in the Bank of Japan's policy and partly because the relatively safe-haven status of the currency has helped attract defensive bets in light of uncertainty over trade and global growth, reports Joanne Chiu for theWall Street Journal.
The yen has appreciated 1.5% against the greenback this year, compared to a 4.7% decline in the Chinese yuan, and a 5% drop in commodity-sensitive Australian dollar and the trade-reliant Korean won.
Related:‘BBJP’ Wows ETF Community With $1.4B AUM After First Month
Japan Central Banks Allows Higher Yields
Analysts argued that these Japanese central bank's decision to allow slightly higher yields on benchmark 10-year government notes helped support the currency.
Furthermore, Japan has returned to solid growth in the past three months ended June, with the economy growing at an annualized pace of 1.9%. Economists anticipate the momentum to continue on higher wages and consumer spending unless the U.S. trade spate worsens. Masafumi Yamamoto, chief currency strategist at Mizuho Securities, argued that Japan is relatively insulated from a potential economic slowdown in China, compared to other Asian neighbors and Australia.
“The Japanese yen shines because it’s considered a safe-haven currency,” which outperformed in previous economic crises, Yamamoto told the WSJ.
However, not all are convinced the yen's strength will last. Adam Cole, chief currency strategist at RBC Capital Markets, warned the yen will weaken as the Federal Reserve continues to raise interest rates while the BOJ sticks with an ultra-easy monetary policy.
For more information on the Japanese markets, visit ourJapan category.
POPULAR ARTICLES FROM ETFTRENDS.COM
• How to Best Use an HSA to Your Benefit
• Does the Money Management Industry Need Consolidation?
• Tesla Board to Meet Next Week About Going Private
• Bitcoin Suffers from ‘Week of Pain,’ Bounce Ahead?
• Investors Flocked to Healthcare ETFs in July
READ MORE AT ETFTRENDS.COM > || Japanese Yen ETF Keeps Up with Dollar Strength: This article was originally published on ETFTrends.com. While many other Asian currency have depreciated against a stronger U.S. dollar, the Japanese yen and currency-related exchange traded fund have bucked the trend and eked out a positive return this year. The Invesco CurrencyShares Japanese Yen Trust ( FXY ) has gained 1.2% year-to-date, with the JPY now trading at ¥110.64 against the dollar The yen has appreciated partly due to a slight shift in the Bank of Japan's policy and partly because the relatively safe-haven status of the currency has helped attract defensive bets in light of uncertainty over trade and global growth, reports Joanne Chiu for the Wall Street Journal . The yen has appreciated 1.5% against the greenback this year, compared to a 4.7% decline in the Chinese yuan, and a 5% drop in commodity-sensitive Australian dollar and the trade-reliant Korean won. Related: ‘BBJP’ Wows ETF Community With $1.4B AUM After First Month Japan Central Banks Allows Higher Yields Analysts argued that these Japanese central bank's decision to allow slightly higher yields on benchmark 10-year government notes helped support the currency. Furthermore, Japan has returned to solid growth in the past three months ended June, with the economy growing at an annualized pace of 1.9%. Economists anticipate the momentum to continue on higher wages and consumer spending unless the U.S. trade spate worsens. Masafumi Yamamoto, chief currency strategist at Mizuho Securities, argued that Japan is relatively insulated from a potential economic slowdown in China, compared to other Asian neighbors and Australia. “The Japanese yen shines because it’s considered a safe-haven currency,” which outperformed in previous economic crises, Yamamoto told the WSJ. However, not all are convinced the yen's strength will last. Adam Cole, chief currency strategist at RBC Capital Markets, warned the yen will weaken as the Federal Reserve continues to raise interest rates while the BOJ sticks with an ultra-easy monetary policy. Story continues For more information on the Japanese markets, visit our Japan category . POPULAR ARTICLES FROM ETFTRENDS.COM How to Best Use an HSA to Your Benefit Does the Money Management Industry Need Consolidation? Tesla Board to Meet Next Week About Going Private Bitcoin Suffers from ‘Week of Pain,’ Bounce Ahead? Investors Flocked to Healthcare ETFs in July READ MORE AT ETFTRENDS.COM > || John McAfee’s ‘Unhackable’ Bitcoin Wallet Bitfi Wins ‘Lamest Vendor Response’ CyberSec Award: Hardware wallet manufacturer Bitfi is this year’s recipient of the Pwnie Award for the Lamest Vendor Response.
The award, which is given to vendors who handle a security vulnerability in the worst way possible, was awarded based on the controversies and missteps the device manufacturer has been embroiled in since its cryptocurrency wallet was unveiled close to two months ago.
During the launch of the device the executive chairman of Bitfi,John McAfeeessentially declared the hardware wallet to be ‘unhackable’.
“Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means,” McAfeesaidat the time.
And on social media the founder of the eponymously named antivirus software proclaimed the wallet to be the most secure way of securing cryptocurrencies.
As proof of the confidence Bitfi had in its claims, the hardware wallet manufacturer introduced a bounty program which initially was giving away US$100,000 before it was increased to US$250,000 to anyone who would to hack the wallet and take the pre-loadedbitcoins.
As CCN reported claims of the device getting hacked soon emerged and this included from an information security expert using the Twitter handle @OverSoft who proclaimed that thedevice had been rootedbefore posting the wallet’s ROM directory listings.
OverSoft was also able to find a suite of apps from Chinese online search engine giantBaiduinstalled on the device and this included GPS/Wi-Fi trackers as well as Mediatek firmware. This prompted hardware hacker Ryan Castelluci to brand the hardware wallet a bare-bones Android device.
And perhaps as a response to Castelluci’s challenge, the 15-year old hacking prodigySaleem Rashid, who was instrumental in disclosing security vulnerabilities in theLedgerhardware wallet earlier this year, was soon able to install the Doom game on the device and play it.
However, Bitfi’s executive chairman was adamant that none of these actions constituted a successful hack according to the terms set in the bounty program.
“Let’s put this to bed. Using the wallet as a component in a video player is not a hack. Gaining root access on a device with no memory is not a hack,” McAfeewroteon Twitter while insisting that successfully hacking the device constituted getting the bitcoins that had been pre-loaded in the hardware wallet.
Additionally, a Bitfi spokesperson blamed all the controversies on its competitors in an emailedstatementto Hard Fork:
“Please understand that the Bitfi wallet is a major threat to Ledger and Trezor because it renders their technology obsolete. So they hired an army of trolls to try to ruin our reputation (which is ok because the truth always prevails).”
For organizers of the Pwnies, the 2018 Lamest Vendor Response category was probably the easiest to award.
Featured image from Flickr.
The postJohn McAfee’s ‘Unhackable’ Bitcoin Wallet Bitfi Wins ‘Lamest Vendor Response’ CyberSec Awardappeared first onCCN. || John McAfee’s ‘Unhackable’ Bitcoin Wallet Bitfi Wins ‘Lamest Vendor Response’ CyberSec Award: Hardware wallet manufacturer Bitfi is this year’s recipient of the Pwnie Award for the Lamest Vendor Response.
The award, which is given to vendors who handle a security vulnerability in the worst way possible, was awarded based on the controversies and missteps the device manufacturer has been embroiled in since its cryptocurrency wallet was unveiled close to two months ago.
During the launch of the device the executive chairman of Bitfi,John McAfeeessentially declared the hardware wallet to be ‘unhackable’.
“Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means,” McAfeesaidat the time.
And on social media the founder of the eponymously named antivirus software proclaimed the wallet to be the most secure way of securing cryptocurrencies.
As proof of the confidence Bitfi had in its claims, the hardware wallet manufacturer introduced a bounty program which initially was giving away US$100,000 before it was increased to US$250,000 to anyone who would to hack the wallet and take the pre-loadedbitcoins.
As CCN reported claims of the device getting hacked soon emerged and this included from an information security expert using the Twitter handle @OverSoft who proclaimed that thedevice had been rootedbefore posting the wallet’s ROM directory listings.
OverSoft was also able to find a suite of apps from Chinese online search engine giantBaiduinstalled on the device and this included GPS/Wi-Fi trackers as well as Mediatek firmware. This prompted hardware hacker Ryan Castelluci to brand the hardware wallet a bare-bones Android device.
And perhaps as a response to Castelluci’s challenge, the 15-year old hacking prodigySaleem Rashid, who was instrumental in disclosing security vulnerabilities in theLedgerhardware wallet earlier this year, was soon able to install the Doom game on the device and play it.
However, Bitfi’s executive chairman was adamant that none of these actions constituted a successful hack according to the terms set in the bounty program.
“Let’s put this to bed. Using the wallet as a component in a video player is not a hack. Gaining root access on a device with no memory is not a hack,” McAfeewroteon Twitter while insisting that successfully hacking the device constituted getting the bitcoins that had been pre-loaded in the hardware wallet.
Additionally, a Bitfi spokesperson blamed all the controversies on its competitors in an emailedstatementto Hard Fork:
“Please understand that the Bitfi wallet is a major threat to Ledger and Trezor because it renders their technology obsolete. So they hired an army of trolls to try to ruin our reputation (which is ok because the truth always prevails).”
For organizers of the Pwnies, the 2018 Lamest Vendor Response category was probably the easiest to award.
Featured image from Flickr.
The postJohn McAfee’s ‘Unhackable’ Bitcoin Wallet Bitfi Wins ‘Lamest Vendor Response’ CyberSec Awardappeared first onCCN. || John McAfees Unhackable Bitcoin Wallet Bitfi Wins Lamest Vendor Response CyberSec Award: john mcafee Bitfi Hardware wallet manufacturer Bitfi is this years recipient of the Pwnie Award for the Lamest Vendor Response. Bitfi Gets Pwnies Award for 'Lamest Vendor Response' https://t.co/TUd6w24fQZ pic.twitter.com/mZKjomEOYh Eric Vanderburg (@evanderburg) August 9, 2018 The award, which is given to vendors who handle a security vulnerability in the worst way possible, was awarded based on the controversies and missteps the device manufacturer has been embroiled in since its cryptocurrency wallet was unveiled close to two months ago. Safest in the World During the launch of the device the executive chairman of Bitfi, John McAfee essentially declared the hardware wallet to be unhackable. Of all todays elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means, McAfee said at the time. And on social media the founder of the eponymously named antivirus software proclaimed the wallet to be the most secure way of securing cryptocurrencies. In less than five hours, my new unhackable Bitfi wallet will sell out again. The first batch sold out in only 22 minutes! Its light years beyond anything else out there and the safest way you can store your crypto. Go to https://t.co/ATFaxwUzQC John McAfee (@officialmcafee) June 27, 2018 As proof of the confidence Bitfi had in its claims, the hardware wallet manufacturer introduced a bounty program which initially was giving away US$100,000 before it was increased to US$250,000 to anyone who would to hack the wallet and take the pre-loaded bitcoins . Story continues Exploit After Exploit As CCN reported claims of the device getting hacked soon emerged and this included from an information security expert using the Twitter handle @OverSoft who proclaimed that the device had been rooted before posting the wallets ROM directory listings. Short update without going into too much detail about BitFi: We have root access, a patched firmware and can confirm the BitFi wallet still connect happily to the dashboard. There are NO checks in place to prevent that like claimed by BitFi. OverSoft (@OverSoftNL) August 1, 2018 OverSoft was also able to find a suite of apps from Chinese online search engine giant Baidu installed on the device and this included GPS/Wi-Fi trackers as well as Mediatek firmware. This prompted hardware hacker Ryan Castelluci to brand the hardware wallet a bare-bones Android device. Bitfi appears to be exactly what it looks like from the photos a cheap stripped down Android phone. There's some screenshots of it demanding to be connected to WiFi in order to function elsewhere in @cybergibbons 's feed. Someone will probably have Doom running on it by Friday. https://t.co/cC1pZsahJH Ryan Castellucci [VEGAS] (@ryancdotorg) July 29, 2018 And perhaps as a response to Castellucis challenge, the 15-year old hacking prodigy Saleem Rashid , who was instrumental in disclosing security vulnerabilities in the Ledger hardware wallet earlier this year, was soon able to install the Doom game on the device and play it. In recognition of @Bitfi6 and @officialmcafee and their prestigious @PwnieAwards accolades, we'd like to show you @spudowiar playing DooM on his #BitFi secure wallet! Congratulations! pic.twitter.com/50qZZu1MnF Abe Snowman (@AbeSnowman) August 9, 2018 However, Bitfis executive chairman was adamant that none of these actions constituted a successful hack according to the terms set in the bounty program. Lets put this to bed. Using the wallet as a component in a video player is not a hack. Gaining root access on a device with no memory is not a hack, McAfee wrote on Twitter while insisting that successfully hacking the device constituted getting the bitcoins that had been pre-loaded in the hardware wallet. Shifting Blame Additionally, a Bitfi spokesperson blamed all the controversies on its competitors in an emailed statement to Hard Fork: Please understand that the Bitfi wallet is a major threat to Ledger and Trezor because it renders their technology obsolete. So they hired an army of trolls to try to ruin our reputation (which is ok because the truth always prevails). For organizers of the Pwnies, the 2018 Lamest Vendor Response category was probably the easiest to award. Featured image from Flickr. The post John McAfees Unhackable Bitcoin Wallet Bitfi Wins Lamest Vendor Response CyberSec Award appeared first on CCN . || 3 Investment-Grade Bond ETFs Tick Higher as Turkish Lira Dives: This article was originally published onETFTrends.com.
While the Turkish lira has been languishing amid geopolitical tensions with the United States, U.S. corporate bond-focused fixed-income ETFs edged higher, such as theiShares Intermediate Credit Bond ETF (CIU)--up 0.16%,iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)--up 0.13% and Vanguard Interm-Term Corp Bd ETF (VCIT) --up 0.20%.
CIU tracks the investment results of the Bloomberg Barclays U.S. Intermediate Credit Bond Index. CIU focuses on investment-grade corporate debt and sovereign, supranational, local authority and non-U.S. agency bonds that are U.S. dollar-denominated and have a remaining maturity of greater than one year and less than or equal to ten years.
LQD seeks to track the investment results of the Markit iBoxx® USD Liquid Investment Grade Index composed of U.S. dollar-denominated, investment-grade corporate bonds. LQD allocates 95 percent of its total assets in investment-grade corporate bonds to mitigate credit risk. VCIT seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity, namely the Bloomberg Barclays U.S. 5-10 Year Corporate Bond Index. While VCIT holds debt issues with maturities between 5 and 10 years, they are all investment-grade holdings to minimize default risk.
Niagara Falls-Like Dive for Turkish Lira
Turkey continues to face mounting pressure on its currency as well as its bonds, which has caused the country to replace Argentina as the worst performer for bond investors, according toa report by Bloomberg. Against the dollar, the Turkish lira has experienced a Niagara Falls-like drop to its current, depressed levels the past week.
Turkey is also feeling the pangs of U.S. President Donald Trump's decision to impose tariffs of 25% on imported steel and 10% on imported aluminum--President Trump doubled down on the tariffs today with the announcement that tariffs would be hiked to 50% and 20%.. Turkey is threatening to hit the U.S. with its own wave of tariffs on cotton - a staple input for Turkey's high-exporting garment industry.
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!
— Donald J. Trump (@realDonaldTrump)August 10, 2018
Additionally, President Trump imposed sanctions on Turkey’s interior and justice ministers just last week for their role in the internment of U.S. pastor Andrew Brunson as well as other Americans for terrorism. These geopolitical concerns have also wreaked havoc on the Turkish lira.
"Don't forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now," Turkish President Recep Tayyip Erdogantold supporters.
Related:Possible Carnage in the Bond Market
For more trends in fixed income, visit theFixed Income Channel.
POPULAR ARTICLES FROM ETFTRENDS.COM
• Tesla Board to Meet Next Week About Going Private
• Bitcoin Suffers from ‘Week of Pain,’ Bounce Ahead?
• Investors Flocked to Healthcare ETFs in July
• Bill Gates: Current Trade Tensions are ‘Scary’
• Trump vs. Obama: The Most Jobs Created in First 20 Months
READ MORE AT ETFTRENDS.COM > || 3 Investment-Grade Bond ETFs Tick Higher as Turkish Lira Dives: This article was originally published on ETFTrends.com. While the Turkish lira has been languishing amid geopolitical tensions with the United States, U.S. corporate bond-focused fixed-income ETFs edged higher, such as the iShares Intermediate Credit Bond ETF ( CIU ) --up 0.16%, iShares iBoxx $ Invmt Grade Corp Bd ETF ( LQD ) --up 0.13% and Vanguard Interm-Term Corp Bd ETF ( VCIT ) --up 0.20%. CIU tracks the investment results of the Bloomberg Barclays U.S. Intermediate Credit Bond Index. CIU focuses on investment-grade corporate debt and sovereign, supranational, local authority and non-U.S. agency bonds that are U.S. dollar-denominated and have a remaining maturity of greater than one year and less than or equal to ten years. LQD seeks to track the investment results of the Markit iBoxx® USD Liquid Investment Grade Index composed of U.S. dollar-denominated, investment-grade corporate bonds. LQD allocates 95 percent of its total assets in investment-grade corporate bonds to mitigate credit risk. VCIT seeks to track the performance of a market-weighted corporate bond index with an intermediate-term dollar-weighted average maturity, namely the Bloomberg Barclays U.S. 5-10 Year Corporate Bond Index. While VCIT holds debt issues with maturities between 5 and 10 years, they are all investment-grade holdings to minimize default risk. Niagara Falls-Like Dive for Turkish Lira Turkey continues to face mounting pressure on its currency as well as its bonds, which has caused the country to replace Argentina as the worst performer for bond investors, according to a report by Bloomberg . Against the dollar, the Turkish lira has experienced a Niagara Falls-like drop to its current, depressed levels the past week. U.S. Government Bond Yields Tick Higher as Turkish Lira Dives Turkey is also feeling the pangs of U.S. President Donald Trump's decision to impose tariffs of 25% on imported steel and 10% on imported aluminum--President Trump doubled down on the tariffs today with the announcement that tariffs would be hiked to 50% and 20%.. Turkey is threatening to hit the U.S. with its own wave of tariffs on cotton - a staple input for Turkey's high-exporting garment industry. Story continues I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time! — Donald J. Trump (@realDonaldTrump) August 10, 2018 Additionally, President Trump imposed sanctions on Turkey’s interior and justice ministers just last week for their role in the internment of U.S. pastor Andrew Brunson as well as other Americans for terrorism. These geopolitical concerns have also wreaked havoc on the Turkish lira. "Don't forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now," Turkish President Recep Tayyip Erdogan told supporters . Related: Possible Carnage in the Bond Market For more trends in fixed income, visit the Fixed Income Channel . POPULAR ARTICLES FROM ETFTRENDS.COM Tesla Board to Meet Next Week About Going Private Bitcoin Suffers from ‘Week of Pain,’ Bounce Ahead? Investors Flocked to Healthcare ETFs in July Bill Gates: Current Trade Tensions are ‘Scary’ Trump vs. Obama: The Most Jobs Created in First 20 Months READ MORE AT ETFTRENDS.COM > || Bitcoin scammers target wealthy, threaten to expose 'secret': CHEVY CHASE, Md. (AP) -- Men in a wealthy Washington suburb have been receiving letters threatening to expose their dark secrets to their wives. The problem, The Washington Post reports , is some of these men don't even have wives. The letters are part of a growing scam that tries to extort people for Bitcoin, a cryptocurrency that's hard to track. FBI Washington Field Office spokesman Andrew Ames says these scammers tend to flood high-income neighborhoods, trying to fool at least one person. Jeff Strohl says he received a Nashville-postmarked letter from "GreySquare15" demanding a Bitcoin "confidentiality fee" worth $15,750. After his initial shock, he figured it was a scam. He posted about it on a community listserv to find he was far from the only Chevy Chase resident to receive such letters. ___ Information from: The Washington Post, http://www.washingtonpost.com || Bitcoin scammers target wealthy, threaten to expose 'secret': CHEVY CHASE, Md. (AP) -- Men in a wealthy Washington suburb have been receiving letters threatening to expose their dark secrets to their wives. The problem, The Washington Post reports , is some of these men don't even have wives. The letters are part of a growing scam that tries to extort people for Bitcoin, a cryptocurrency that's hard to track. FBI Washington Field Office spokesman Andrew Ames says these scammers tend to flood high-income neighborhoods, trying to fool at least one person. Jeff Strohl says he received a Nashville-postmarked letter from "GreySquare15" demanding a Bitcoin "confidentiality fee" worth $15,750. After his initial shock, he figured it was a scam. He posted about it on a community listserv to find he was far from the only Chevy Chase resident to receive such letters. ___ Information from: The Washington Post, http://www.washingtonpost.com || Bitcoin scammers target wealthy, threaten to expose 'secret': CHEVY CHASE, Md. (AP) -- Men in a wealthy Washington suburb have been receiving letters threatening to expose their dark secrets to their wives. The problem, The Washington Post reports , is some of these men don't even have wives. The letters are part of a growing scam that tries to extort people for Bitcoin, a cryptocurrency that's hard to track. FBI Washington Field Office spokesman Andrew Ames says these scammers tend to flood high-income neighborhoods, trying to fool at least one person. Jeff Strohl says he received a Nashville-postmarked letter from "GreySquare15" demanding a Bitcoin "confidentiality fee" worth $15,750. After his initial shock, he figured it was a scam. He posted about it on a community listserv to find he was far from the only Chevy Chase resident to receive such letters. ___ Information from: The Washington Post, http://www.washingtonpost.com || Ripple Continues to Be No Different From Other Cryptocurrencies: Of all the major “alt-coins,” the alternatives to Bitcoin that have sprung up this decade, none has been more focused on becoming “real money” than Ripple (CCC: XRP-USD ). Ripple isn’t “mined,” but verified . It’s designed to bypass the fees found in converting currencies. For example, where the exchange rate may be 111 Yen to $1, travelers would get just 99 . Ripple was born with big backers, like Alphabet’s (NASDAQ: GOOGL ) Google Labs. It has worked extensively with banks around the world, and its business plan remains to integrate its technology into existing payment systems. InvestorPlace - Stock Market News, Stock Advice & Trading Tips So, if any alt-coin is going to stabilize, you figure it will be Ripple. If any alt-coin is going to become a medium of exchange, rather than a speculative asset, it will be Ripple. But that’s not how it’s working out. Why Ripple Has Fallen As Bitcoin’s value has fallen through 2018, from a high of $20,000 to its August 8 price of about $6,500, Ripple has come down right along with it. A Ripple coin was worth $3.30 in January. It’s now worth 36 cents, and its value relative to Bitcoin has been falling as well. 15 Stocks to Buy Ahead of the Fall Season The reason, as I explained back in February , is that cryptocurrency is a market dominated by Asian speculators. Americans may act as cheerleaders and technology innovators, but the people buying and selling cryptocurrency are, for the most part, Asian investors. Source: Block0 via Medium.com A recent analysis by the cryptocurrency angel fund Block0 shows that this is increasingly true . Asian currency markets represented 59% of trading in the fourth quarter of 2017, and 77% in the second quarter of 2018. The greatest interest by country comes from South Korea. An asset that is dependent on speculation, whose value is subject to change without notice, is not a good medium of exchange. Why should Thai workers in Japan send their money home as Ripple, rather than Bhat, when the value of that Ripple might fall 10% in one day, as it did August 7? Story continues The latest fall comes alongside an unexplained rise in Tether (CCC: USDT-USD ). Tether’s value is supposedly tied to the U.S. dollar but its sponsor, Bitfinex, is in Hong Kong and has never been audited. Tether is often used to arbitrate trades, because of the supposed dollar tie, and Bitfinex has been accused of using it to pump up cryptocurrency prices. Seeking Legitimacy In their continuing efforts to seek legitimacy, crypto managers are constantly seeking the validation of trusted sources. Case in point, Bill Clinton is scheduled to keynote the next Ripple conference . Most recently, Tether Ltd. had former FBI Director Louis Freeh verify that Tether does indeed have the dollars to back its coins it claimed to hold in June, with about $7 million to spare. That didn’t prevent the latest hiccup. The Bottom Line on Ripple Cryptocurrency remains thinly traded, mostly in east Asia, and the value of all so-called “alt-coins,” like Ripple, remain correlated with that of Bitcoin itself. As this was written, Bitcoin still represented 48.6% of the total market. It is the strongest of all the crypto-coins, by far. The total value of Ripple, $14.4 billion, is a little more than 10% of Bitcoin’s valuation, $114.3 billion. Until Bitcoin stabilizes, none of the other alt-coins, including Ripple, will be able to find stability, and it is stability that is necessary for Ripple to become a medium of exchange rather than a mere speculative asset. 5 Stocks to Sell or Avoid in August If Intercontinental Exchange (NYSE: ICE ), owners of the New York Stock Exchange, can’t create stability in the Bitcoin market — and the price of Bitcoin has fallen over 10% since they announced their interest in that — it’s hard to see any alt-coin, including Ripple, finding the stability it seeks. Dana Blankenhorn is a financial and technology journalist. He is the author of a mystery novella involving Bitcoin, The Reluctant Detective Saves the World , available now at the Amazon Kindle store. Write him at [email protected] or follow him on Twitter at @danablankenhorn . As of this writing he owned no shares in companies mentioned in this story, and no cryptocurrency. To follow the value of cryptocurrencies bookmark https://coinmarketcap.com/ More From InvestorPlace The 10 Best Stocks to Buy Right Now 7 High Short-Interest Stocks 5 Retail Stocks Set to Steal the Show This Earnings Season 3 Cybersecurity Stocks to Add to Your Buy List Compare Brokers The post Ripple Continues to Be No Different From Other Cryptocurrencies appeared first on InvestorPlace . || Ripple Continues to Be No Different From Other Cryptocurrencies: Of all the major “alt-coins,” the alternatives to Bitcoin that have sprung up this decade, none has been more focused on becoming “real money” than Ripple (CCC: XRP-USD ). Ripple isn’t “mined,” but verified . It’s designed to bypass the fees found in converting currencies. For example, where the exchange rate may be 111 Yen to $1, travelers would get just 99 . Ripple was born with big backers, like Alphabet’s (NASDAQ: GOOGL ) Google Labs. It has worked extensively with banks around the world, and its business plan remains to integrate its technology into existing payment systems. InvestorPlace - Stock Market News, Stock Advice & Trading Tips So, if any alt-coin is going to stabilize, you figure it will be Ripple. If any alt-coin is going to become a medium of exchange, rather than a speculative asset, it will be Ripple. But that’s not how it’s working out. Why Ripple Has Fallen As Bitcoin’s value has fallen through 2018, from a high of $20,000 to its August 8 price of about $6,500, Ripple has come down right along with it. A Ripple coin was worth $3.30 in January. It’s now worth 36 cents, and its value relative to Bitcoin has been falling as well. 15 Stocks to Buy Ahead of the Fall Season The reason, as I explained back in February , is that cryptocurrency is a market dominated by Asian speculators. Americans may act as cheerleaders and technology innovators, but the people buying and selling cryptocurrency are, for the most part, Asian investors. Source: Block0 via Medium.com A recent analysis by the cryptocurrency angel fund Block0 shows that this is increasingly true . Asian currency markets represented 59% of trading in the fourth quarter of 2017, and 77% in the second quarter of 2018. The greatest interest by country comes from South Korea. An asset that is dependent on speculation, whose value is subject to change without notice, is not a good medium of exchange. Why should Thai workers in Japan send their money home as Ripple, rather than Bhat, when the value of that Ripple might fall 10% in one day, as it did August 7? Story continues The latest fall comes alongside an unexplained rise in Tether (CCC: USDT-USD ). Tether’s value is supposedly tied to the U.S. dollar but its sponsor, Bitfinex, is in Hong Kong and has never been audited. Tether is often used to arbitrate trades, because of the supposed dollar tie, and Bitfinex has been accused of using it to pump up cryptocurrency prices. Seeking Legitimacy In their continuing efforts to seek legitimacy, crypto managers are constantly seeking the validation of trusted sources. Case in point, Bill Clinton is scheduled to keynote the next Ripple conference . Most recently, Tether Ltd. had former FBI Director Louis Freeh verify that Tether does indeed have the dollars to back its coins it claimed to hold in June, with about $7 million to spare. That didn’t prevent the latest hiccup. The Bottom Line on Ripple Cryptocurrency remains thinly traded, mostly in east Asia, and the value of all so-called “alt-coins,” like Ripple, remain correlated with that of Bitcoin itself. As this was written, Bitcoin still represented 48.6% of the total market. It is the strongest of all the crypto-coins, by far. The total value of Ripple, $14.4 billion, is a little more than 10% of Bitcoin’s valuation, $114.3 billion. Until Bitcoin stabilizes, none of the other alt-coins, including Ripple, will be able to find stability, and it is stability that is necessary for Ripple to become a medium of exchange rather than a mere speculative asset. 5 Stocks to Sell or Avoid in August If Intercontinental Exchange (NYSE: ICE ), owners of the New York Stock Exchange, can’t create stability in the Bitcoin market — and the price of Bitcoin has fallen over 10% since they announced their interest in that — it’s hard to see any alt-coin, including Ripple, finding the stability it seeks. Dana Blankenhorn is a financial and technology journalist. He is the author of a mystery novella involving Bitcoin, The Reluctant Detective Saves the World , available now at the Amazon Kindle store. Write him at [email protected] or follow him on Twitter at @danablankenhorn . As of this writing he owned no shares in companies mentioned in this story, and no cryptocurrency. To follow the value of cryptocurrencies bookmark https://coinmarketcap.com/ More From InvestorPlace The 10 Best Stocks to Buy Right Now 7 High Short-Interest Stocks 5 Retail Stocks Set to Steal the Show This Earnings Season 3 Cybersecurity Stocks to Add to Your Buy List Compare Brokers The post Ripple Continues to Be No Different From Other Cryptocurrencies appeared first on InvestorPlace . || Lightning Network Payment System “SparkSwap” Makes Its Official Debut: Lightning Network Payment System “SparkSwap” Makes Its Official Debut A new way to trade bitcoin and digital currencies is now in the books. SparkSwap is the first crypto exchange to be built on the Lightning Network. It allows users to trade both bitcoin and altcoins in seconds without depositing assets with a third party. In a blog post , SparkSwap founder Trey Griffith said, “You can trade between different blockchains (currently Bitcoin and Litecoin, with others coming soon), with trades settling in about a second — a transaction time comparable to some of the leading centralized cryptocurrency exchanges. “In an industry that, at times, seems to value hype and white papers over delivered, working software, we’ve opted for the latter. Our software is in a pre-alpha state, but we’ve successfully used it to execute BTC/LTC trades on the Bitcoin and Litecoin testnets.” SparkSwap is made up of two primary components . The first is called the Broker and is the software run by users. It interprets user actions and converts them into network actions. It also executes payment channel network swaps and manages user wallets and private keys. The second component is known as the Relayer, which is software run by staff members. It connects brokers who wish to execute monetary swaps; provides orderbook updates; and mitigates fraud and market manipulation. The Relayer also assists users with agreeing on swap prices and executes trades over payment channel networks like the Lightning Network, which eliminates the need for third parties. Griffith explains, “With SparkSwap, you no longer need to choose between fast settlement, liquid trading pairs, and maintaining control of your assets. Your assets are no longer exposed to theft or loss by exchanges, either from bad actors or local governments.” Crypto enthusiasts once believed that the Lightning Network was limited strictly to bitcoin, though this isn’t necessarily the case. For the longest time, bitcoin and altcoin exchanges occurred through processes known as atomic swaps where, if one individual wanted to trade altcoins for bitcoin while another sought to trade bitcoin for altcoins, they could trade by submitting two transactions: one to the bitcoin blockchain and the other to the respective altcoin blockchain. The bitcoin from the second individual is sent to the first, who can then claim it, granted he reveals a secret number as part of the on-chain claim-transaction. This secret number, in turn, lets the second individual claim the altcoin on its respective blockchain. This prevents fraud from either end, while ensuring each party receives their respective funds. Story continues Even though the process worked, it was also a hassle. The Lightning Network improves on atomic swaps by connecting not two blockchains but two payment channels, which can allow multiple parties to trade back and forth without trusting one another. The Lightning Network can also be used to send transactions across different blockchain platforms, thereby permitting currencies to change owners off-chain. The result is a trustless environment in which currencies can move about without recording the transactions on specific blockchains. Speaking with Bitcoin Magazine last year, Litecoin creator Charlie Lee stated , “Previous atomic swaps that I have done were on-chain and had the on-chain limitations of slow [transactions] and high transaction fees. Off-chain atomic swaps are significantly better. They are instant, [have] low fees and better protect one’s privacy.” Griffith claims that SparkSwap works by utilizing the same trustless processes over the Lightning Network. He also says that while there is still more work to be done, the system is ready for public use, as staff members are eager to witness the community’s reaction and improve upon the technology from there. “We’d like to be helpful if we can,” he states. This article originally appeared on Bitcoin Magazine . View comments || Lightning Network Payment System “SparkSwap” Makes Its Official Debut: A new way to trade bitcoin and digital currencies is now in the books.SparkSwapis the first crypto exchange to be built on the Lightning Network. It allows users to trade both bitcoin and altcoins in seconds without depositing assets with a third party.
In a blog post, SparkSwap founder Trey Griffith said, “You can trade between different blockchains (currently Bitcoin and Litecoin, with others coming soon), with trades settling in about a second — a transaction time comparable to some of the leading centralized cryptocurrency exchanges.
“In an industry that, at times, seems to value hype and white papers over delivered, working software, we’ve opted for the latter. Our software is in a pre-alpha state, but we’ve successfully used it to execute BTC/LTC trades on the Bitcoin and Litecoin testnets.”
SparkSwap ismade up of two primary components. The first is called the Broker and is the software run by users. It interprets user actions and converts them into network actions. It also executes payment channel network swaps and manages user wallets and private keys.
The second component is known as the Relayer, which is software run by staff members. It connects brokers who wish to execute monetary swaps; provides orderbook updates; and mitigates fraud and market manipulation. The Relayer also assists users with agreeing on swap prices and executes trades over payment channel networks like the Lightning Network, which eliminates the need for third parties.
Griffith explains, “With SparkSwap, you no longer need to choose between fast settlement, liquid trading pairs, and maintaining control of your assets. Your assets are no longer exposed to theft or loss by exchanges, either from bad actors or local governments.”
Crypto enthusiasts once believed that the Lightning Network was limited strictly to bitcoin, though this isn’t necessarily the case. For the longest time, bitcoin and altcoin exchanges occurred throughprocesses known as atomic swapswhere, if one individual wanted to trade altcoins for bitcoin while another sought to trade bitcoin for altcoins, they could trade by submitting two transactions: one to the bitcoin blockchain and the other to the respective altcoin blockchain.
The bitcoin from the second individual is sent to the first, who can then claim it, granted he reveals a secret number as part of the on-chain claim-transaction. This secret number, in turn, lets the second individual claim the altcoin on its respective blockchain. This prevents fraud from either end, while ensuring each party receives their respective funds.
Even though the process worked, it was also a hassle. The Lightning Network improves on atomic swaps by connecting not two blockchains but two payment channels, which can allow multiple parties to trade back and forth without trusting one another.
The Lightning Network can also be used to send transactions across different blockchain platforms, thereby permitting currencies to change owners off-chain. The result is a trustless environment in which currencies can move about without recording the transactions on specific blockchains.
Speaking withBitcoin Magazinelast year, Litecoin creator Charlie Leestated, “Previous atomic swaps that I have done were on-chain and had the on-chain limitations of slow [transactions] and high transaction fees. Off-chain atomic swaps are significantly better. They are instant, [have] low fees and better protect one’s privacy.”
Griffith claims that SparkSwap works by utilizing the same trustless processes over the Lightning Network. He also says that while there is still more work to be done, the system is ready for public use, as staff members are eager to witness the community’s reaction and improve upon the technology from there.
“We’d like to be helpful if we can,” he states.
This article originally appeared onBitcoin Magazine.
[Social Media Buzz]
1 BTC Price: Bitstamp 6115.00 USD Coinbase 6120.11 USD #btc #bitcoin 2018-08-11 00:30 pic.twitter.com/N8kYdn47Oc || Current price of #Bitcoin is $6110.00 via Chain #BTCUSD #cryptocurrencies #blockchain || Работать новая криптобиржа будет на том же блокчейне, что и Binance, то есть на Binance Chain — Binance Chain.
Подробности
#новости #криптовалюты #биткоин #btc
https://t.co/OlmnMYkFag || 11 Agosto, 2018 09:00 pm #Bitcoin cotiza en $ USD 6313.64886594 || Aug 11, 2018 06:00:00 UTC | 6,100.90$...
|
6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8151.50, 7988.16, 8245.62, 8228.78, 8595.74, 8586.47, 8321.76, 8336.56, 8321.01, 8374.69, 8205.37, 8047.53, 8103.91, 7973.21, 7988.56, 8222.08, 8243.72, 8078.20, 7514.67, 7493.49, 8660.70, 9244.97, 9551.71, 9256.15, 9427.69, 9205.73, 9199.58, 9261.10, 9324.72, 9235.35, 9412.61, 9342.53, 9360.88, 9267.56, 8804.88, 8813.58, 9055.53, 8757.79, 8815.66, 8808.26, 8708.09, 8491.99, 8550.76, 8577.98, 8309.29, 8206.15, 8027.27, 7642.75, 7296.58, 7397.80, 7047.92, 7146.13, 7218.37, 7531.66, 7463.11, 7761.24, 7569.63, 7424.29, 7321.99, 7320.15, 7252.03, 7448.31, 7547.00, 7556.24, 7564.35, 7400.90, 7278.12, 7217.43, 7243.13, 7269.68, 7124.67, 7152.30, 6932.48, 6640.52, 7276.80, 7202.84, 7218.82, 7191.16, 7511.59, 7355.63, 7322.53, 7275.16, 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47.
|
[Bitcoin Technical Analysis for 2020-01-02]
Volume: 20802083465, RSI (14-day): 39.27, 50-day EMA: 7549.18, 200-day EMA: 8211.93
[Wider Market Context]
Gold Price: 1524.50, Gold RSI: 73.76
Oil Price: 61.18, Oil RSI: 61.28
[Recent News (last 7 days)]
Bitcoin is a pyramid scheme, economist says: It’s been a rollercoaster couple of years for cryptocurrencies, but 2019 has been a fruitful one for Bitcoin holders. The value of one Bitcoin rose more than 85% since January 1, placing it among the some of the year’s top performing financial assets. In fact, a recent report from Bank of America names Bitcoin the single best investment of the last decade.
But despite its successes, many critics still advise against putting your money into Bitcoin.
“It’s a pyramid scheme,” LendingTree Chief Economist Tendayi Kapfidze tells Yahoo Finance. “You only make money based on people who enter after you.
“It has no real utility in the world. They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem and it still hasn’t found a problem to solve.”
Crypto hardliners point to an environment that has evolved favorably since digital currencies hit the mainstream. Since Bitcoin’s parabolic rise in early 2017, we’ve seen cryptocurrency adoption within some of the world’s largest financial institutions. Even central banks have taken the first steps toward implementing their own digital currencies.
Still, experts say, investing in crypto as an asset class is purely speculative.
“I own several cryptocurrencies. I got into them in late 2016 and early 2017. I bought them equal weights with a specific thought: ‘there’s something here, I just don’t know what it is,’” says Bruderman Asset Management Chief Market Strategist Oliver Pursche.
“I own five... if I’m lucky one of them will become an all-star.”
Pursche says he invested in cryptocurrency not only to grow his portfolio, but also to learn about the technology behind the blockchain.
“I don't think you go into it thinking that you're going to become a billionaire or a millionaire as a result of it. You go into it very soberly understanding that you can lose all of your principle and that this is purely speculative,” he told Yahoo Finance.
“For me, it's also a way to get educated on it... to me, if you want to learn about it, you've got to own it because that's the only way you're going to truly educate yourself and pay attention.”
-
Nick Rose is a producer for Yahoo Finance.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. || Bitcoin is a pyramid scheme, economist says: It’s been a rollercoaster couple of years for cryptocurrencies, but 2019 has been a fruitful one for Bitcoin holders. The value of one Bitcoin rose more than 85% since January 1, placing it among the some of the year’s top performing financial assets. In fact, a recent report from Bank of America names Bitcoin the single best investment of the last decade. But despite its successes, many critics still advise against putting your money into Bitcoin. “It’s a pyramid scheme,” LendingTree Chief Economist Tendayi Kapfidze tells Yahoo Finance. “You only make money based on people who enter after you. “It has no real utility in the world. They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem and it still hasn’t found a problem to solve.” Bitcoin Max Chart Crypto hardliners point to an environment that has evolved favorably since digital currencies hit the mainstream. Since Bitcoin’s parabolic rise in early 2017, we’ve seen cryptocurrency adoption within some of the world’s largest financial institutions. Even central banks have taken the first steps toward implementing their own digital currencies. Still, experts say, investing in crypto as an asset class is purely speculative. “I own several cryptocurrencies. I got into them in late 2016 and early 2017. I bought them equal weights with a specific thought: ‘there’s something here, I just don’t know what it is,’” says Bruderman Asset Management Chief Market Strategist Oliver Pursche. “I own five... if I’m lucky one of them will become an all-star.” Pursche says he invested in cryptocurrency not only to grow his portfolio, but also to learn about the technology behind the blockchain. “I don't think you go into it thinking that you're going to become a billionaire or a millionaire as a result of it. You go into it very soberly understanding that you can lose all of your principle and that this is purely speculative,” he told Yahoo Finance. “For me, it's also a way to get educated on it... to me, if you want to learn about it, you've got to own it because that's the only way you're going to truly educate yourself and pay attention.” Story continues - Nick Rose is a producer for Yahoo Finance. Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit . || Bitcoin is a pyramid scheme, economist says: It’s been a rollercoaster couple of years for cryptocurrencies, but 2019 has been a fruitful one for Bitcoin holders. The value of one Bitcoin rose more than 85% since January 1, placing it among the some of the year’s top performing financial assets. In fact, a recent report from Bank of America names Bitcoin the single best investment of the last decade.
But despite its successes, many critics still advise against putting your money into Bitcoin.
“It’s a pyramid scheme,” LendingTree Chief Economist Tendayi Kapfidze tells Yahoo Finance. “You only make money based on people who enter after you.
“It has no real utility in the world. They’ve been trying to create a utility for it for ten years now. It’s a solution in search of a problem and it still hasn’t found a problem to solve.”
Crypto hardliners point to an environment that has evolved favorably since digital currencies hit the mainstream. Since Bitcoin’s parabolic rise in early 2017, we’ve seen cryptocurrency adoption within some of the world’s largest financial institutions. Even central banks have taken the first steps toward implementing their own digital currencies.
Still, experts say, investing in crypto as an asset class is purely speculative.
“I own several cryptocurrencies. I got into them in late 2016 and early 2017. I bought them equal weights with a specific thought: ‘there’s something here, I just don’t know what it is,’” says Bruderman Asset Management Chief Market Strategist Oliver Pursche.
“I own five... if I’m lucky one of them will become an all-star.”
Pursche says he invested in cryptocurrency not only to grow his portfolio, but also to learn about the technology behind the blockchain.
“I don't think you go into it thinking that you're going to become a billionaire or a millionaire as a result of it. You go into it very soberly understanding that you can lose all of your principle and that this is purely speculative,” he told Yahoo Finance.
“For me, it's also a way to get educated on it... to me, if you want to learn about it, you've got to own it because that's the only way you're going to truly educate yourself and pay attention.”
-
Nick Rose is a producer for Yahoo Finance.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. || 9 Ways to Save Money This Year: JGI | Jamie Grill | Getty Images
It sounds basic, but you can’t improve your finances if you don’t know what they look like now. Look at your statements from the previous year -- how much did you spend on food? Rent? Entertainment? Are there easy places where you can make cuts?
For example, I realized I was spending too much on eating out in 2018. This year, I want to make sure I keep plenty of nutritious food in my apartment, which should lessen the need for Seamless orders and help curb my spending.
Related:5 Potential Ways to Ensure Your Finances are Healthy During Entrepreneurship
In order to keep our spending in check, we can use the simple budget outlined by Joseph Benoithere. That budget is broken down into two types of expenses: fixed and variable expenses. A fixed expense is one that is predetermined, such as a loan payment or rent. A variable expense includes things like my restaurant spending, which can change based on my actions.
Jot down how much you expect to spend on major expenses, then track the difference between what you expected and what you did. Many banks have online features that can help you with this, but you can also make a spreadsheet for free.
PeopleImages | Getty Images
If you intend to share your financial situation with someone else, it’s important that you talk about money on a regular, continual basis. That can be a scary thing, especially if one of you has struggled in the past -- or is struggling now.
Brittney Castro has some great tips on how you can make that conversation easier.
Castro advises that you should start the conversation as slowly and calmly as possible. Don’t just spring a money conversation on your partner. Instead, let them know a few days in advance that you’d like to sit down and discuss finances. Then, when the day comes, ask them about their financial story -- give context to their current situation. Asking about how student loans helped them get a degree can be easier than bluntly asking whether they have a bunch of debt.
Finally, Castro says that you shouldn’t be satisfied with a single sit-down. Make your finances a long-term conversation, so that neither of you are surprised by the other.
Busakorn Pongparnit | Getty Images
Entrepreneur Network partner and investor Phil Town often talks about the first rule of investing: Never lose money. Simple enough, right? But, that’s Warren Buffett’s rule, and it’s helped him become one of the most successful and influential investors in the world.
Bitcoin and other cryptocurrencies might be able to make you a fortune overnight, but they might bankrupt you the next. If your goal is to safely, incrementally increase your savings, then Bitcoin probably just isn’t a fit.
If you’re still interested, at least make sure you’re educated about Bitcoin and cryptocurrencies.
Chalabala | Getty Images
Brittney Castro advocates thatanyone who plans on taking a vacationshould think ahead and set aside money well in advance. Don’t just budget for plane tickets or hotels, but also for the experiences or expenses you expect to need. For example, if you’re coming to New York, you might budget in the cost of Broadway tickets, or a tour of Ellis Island, or a trip to the top of the Empire State Building.
That way, you won’t splurge and spend more than you can afford, but you also won’t feel guilty about making purchases. It’s a win-win.
jygallery | Getty Images
According to the Entrepreneur encyclopedia, a 401(k) is “a retirement plan for employees that allows them to put part of their pre-tax salary in an account. The funds may not be withdrawn until employees retire without paying a penalty.”
If you are a full-time employee, you should be able to contribute to your 401(k). The IRS says there are four steps of setting up and maxing out a 401(k) that can help you either set up a 401(k) for your business or help you contribute to an individual account: choosing, establishing, operating and terminating. Here’s a quick breakdown of each part.
Choosing
• Start by thinking ahead toward retirement
• Learn specifically how money can be put aside for your and your employees’ retirement
Establishing
You take the necessary steps to put your plan in place. Depending on the type of plan you choose, the administrative steps may include:
• Put your plan in place by adopting a written plan and arranging a fund for the plan’s assets
• Tell your eligible employees about the terms of the plan
• Develop a record-keeping system
Operating
You want to operate your retirement plan so that the assets in the plan continue to grow and the tax-benefits of the plan are preserved. The ongoing steps you need to take to operate your plan may vary depending on the type of plan you establish. Your basic steps will include:
• Allow assets in the plan to grow while preserving the tax benefits.
• Cover eligible employees and make contributions
• Keep the plan up-to-date with retirement plan laws
• Manage the plan assets
• Provide information to employees participating in the plan
• Distribute benefits
• If the plan no longer fits, close it and notify the appropriate parties
• Discuss each of the four stages with a tax professional
You can learn more about 401(k)s by checking out theIRS website.
Related:75 Items You May Be Able to Deduct from Your Taxes
Maskot | Getty Images
Be honest with yourself: How often have you really ever returned a microwave after three years, or a toaster after 18 months? Probably never, right? Yet, you’ve probably purchased an extended warranty before in order to give yourself that option.
There’s a reason stores like Best Buy offer those extended warranties -- according to Entrepreneur Network partner Jeff Rose, those warranties contribute a huge percentage of the company’s profits.
They know you’re more likely to lose the receipt or forget about the warranty than you are to actually return whatever you bought. You should do the same and save yourself some easy money the next time you buy something that offers an extended warranty.
Pattanawadee Kuntaro | EyeEm | Getty Images
Credit cards can come with great rewards and/or cashback offerings that will help you save money on all sorts of purchases, and you can find one that suits your unique needs. If you spend a lot of money at the grocery store, you might be able to find one that saves you seven percent on every purchase. Or if you like to order from Amazon, you could get a card that gets you five percent back on every order. You can also get general cards that get you a few percent back on everything you buy.
In order to find the right one for you, you need to know a few things:
1. Does the card have a spending minimum? That is, how much do you have to spend on a monthly basis to earn that card?
2. Does the card have a monthly fee? How much would you have to spend to make that fee worth it?
3. What penalties can you incur for failing either the first two or failing to make your regular payments?
After all, there’s no point in getting a card that penalizes you more money than it saves you.
Vincenzo Lombardo | Getty Images
If you want to save money this year, it makes a certain sort of sense that you might want to buy cheaper options. And that can be a great thing -- if possible, you should go to the grocery store more often, do meal prep or rent a movie or watch something on Netflix instead of paying $40 to go to the theater. But, if you need something to last, it makes sense that you should try to get it right the first time. If you need a new computer, don’t buy a broken down one for $300 if it means you’re going to need to replace it again next year. Because while that might save you money in 2019, it’s going to cost you in 2020.
Related:Got 15 Minutes? Improve your Financial Health With These Quick Tips.
More specifically, you should value things that will retain their value for a long time. For example, a used car with a great engine is often a better purchase than a brand-new vehicle, because a new car’s value depreciates as soon as you buy it.
Think of your purchases as investments -- evaluate what makes sense long-term, and be willing to take a short-term hit if it will pay out in the long run.
designer491 | Getty Images
The government shutdown highlights something we all should know, but rarely think about -- much of life is simply out of our control. We can’t predict everything that is going to happen, but we can do our best to prepare financially for whatever comes our way.
Phil Town breaks down his advice for an emergency fund in this video, but there are a few simple tenets to a good emergency fund:
1. It should be able to last you three to six months
2. It should be liquid -- that is, available at a moment’s notice
3. It should only be touched for emergencies
If you’re going to use the emergency fund for just anything, you’d probably be better off using it on your 401(k), stocks or other investments. But, the whole point is that it’s locked away until you really need it. || 9 Ways to Save Money This Year: 1. Take time to evaluate your current situation and how you can save more money. JGI | Jamie Grill | Getty Images It sounds basic, but you cant improve your finances if you dont know what they look like now. Look at your statements from the previous year -- how much did you spend on food? Rent? Entertainment? Are there easy places where you can make cuts? For example, I realized I was spending too much on eating out in 2018. This year, I want to make sure I keep plenty of nutritious food in my apartment, which should lessen the need for Seamless orders and help curb my spending. Related: 5 Potential Ways to Ensure Your Finances are Healthy During Entrepreneurship In order to keep our spending in check, we can use the simple budget outlined by Joseph Benoit here . That budget is broken down into two types of expenses: fixed and variable expenses. A fixed expense is one that is predetermined, such as a loan payment or rent. A variable expense includes things like my restaurant spending, which can change based on my actions. Jot down how much you expect to spend on major expenses, then track the difference between what you expected and what you did. Many banks have online features that can help you with this, but you can also make a spreadsheet for free. 2. Be willing to talk about finances with your partner. PeopleImages | Getty Images If you intend to share your financial situation with someone else, its important that you talk about money on a regular, continual basis. That can be a scary thing, especially if one of you has struggled in the past -- or is struggling now. Brittney Castro has some great tips on how you can make that conversation easier. Castro advises that you should start the conversation as slowly and calmly as possible. Dont just spring a money conversation on your partner. Instead, let them know a few days in advance that youd like to sit down and discuss finances. Then, when the day comes, ask them about their financial story -- give context to their current situation. Asking about how student loans helped them get a degree can be easier than bluntly asking whether they have a bunch of debt. Story continues Finally, Castro says that you shouldnt be satisfied with a single sit-down. Make your finances a long-term conversation, so that neither of you are surprised by the other. 3. Avoid Bitcoin and other high-risk options. Busakorn Pongparnit | Getty Images Entrepreneur Network partner and investor Phil Town often talks about the first rule of investing: Never lose money. Simple enough, right? But, thats Warren Buffetts rule, and its helped him become one of the most successful and influential investors in the world. Bitcoin and other cryptocurrencies might be able to make you a fortune overnight, but they might bankrupt you the next. If your goal is to safely, incrementally increase your savings, then Bitcoin probably just isnt a fit. If youre still interested, at least make sure youre educated about Bitcoin and cryptocurrencies. 4. Create a travel fund. Chalabala | Getty Images Brittney Castro advocates that anyone who plans on taking a vacation should think ahead and set aside money well in advance. Dont just budget for plane tickets or hotels, but also for the experiences or expenses you expect to need. For example, if youre coming to New York, you might budget in the cost of Broadway tickets, or a tour of Ellis Island, or a trip to the top of the Empire State Building. That way, you wont splurge and spend more than you can afford, but you also wont feel guilty about making purchases. Its a win-win. 5. Contribute to your 401(k). jygallery | Getty Images According to the Entrepreneur encyclopedia, a 401(k) is a retirement plan for employees that allows them to put part of their pre-tax salary in an account. The funds may not be withdrawn until employees retire without paying a penalty. If you are a full-time employee, you should be able to contribute to your 401(k). The IRS says there are four steps of setting up and maxing out a 401(k) that can help you either set up a 401(k) for your business or help you contribute to an individual account: choosing, establishing, operating and terminating. Heres a quick breakdown of each part. Choosing Start by thinking ahead toward retirement Learn specifically how money can be put aside for your and your employees retirement Establishing You take the necessary steps to put your plan in place. Depending on the type of plan you choose, the administrative steps may include: Put your plan in place by adopting a written plan and arranging a fund for the plans assets Tell your eligible employees about the terms of the plan Develop a record-keeping system Operating You want to operate your retirement plan so that the assets in the plan continue to grow and the tax-benefits of the plan are preserved. The ongoing steps you need to take to operate your plan may vary depending on the type of plan you establish. Your basic steps will include: Allow assets in the plan to grow while preserving the tax benefits. Cover eligible employees and make contributions Keep the plan up-to-date with retirement plan laws Manage the plan assets Provide information to employees participating in the plan Distribute benefits Terminating If the plan no longer fits, close it and notify the appropriate parties Discuss each of the four stages with a tax professional You can learn more about 401(k)s by checking out the IRS website. Related: 75 Items You May Be Able to Deduct from Your Taxes 6. Stop buying extended warranties. Maskot | Getty Images Be honest with yourself: How often have you really ever returned a microwave after three years, or a toaster after 18 months? Probably never, right? Yet, youve probably purchased an extended warranty before in order to give yourself that option. Theres a reason stores like Best Buy offer those extended warranties -- according to Entrepreneur Network partner Jeff Rose, those warranties contribute a huge percentage of the companys profits. They know youre more likely to lose the receipt or forget about the warranty than you are to actually return whatever you bought. You should do the same and save yourself some easy money the next time you buy something that offers an extended warranty. 7. Get a credit card if you dont already have one -- but make sure you manage your payments. Pattanawadee Kuntaro | EyeEm | Getty Images Credit cards can come with great rewards and/or cashback offerings that will help you save money on all sorts of purchases, and you can find one that suits your unique needs. If you spend a lot of money at the grocery store, you might be able to find one that saves you seven percent on every purchase. Or if you like to order from Amazon, you could get a card that gets you five percent back on every order. You can also get general cards that get you a few percent back on everything you buy. In order to find the right one for you, you need to know a few things: Does the card have a spending minimum? That is, how much do you have to spend on a monthly basis to earn that card? Does the card have a monthly fee? How much would you have to spend to make that fee worth it? What penalties can you incur for failing either the first two or failing to make your regular payments? After all, theres no point in getting a card that penalizes you more money than it saves you. 8. Being cheap can ultimately be costly. Vincenzo Lombardo | Getty Images If you want to save money this year, it makes a certain sort of sense that you might want to buy cheaper options. And that can be a great thing -- if possible, you should go to the grocery store more often, do meal prep or rent a movie or watch something on Netflix instead of paying $40 to go to the theater. But, if you need something to last, it makes sense that you should try to get it right the first time. If you need a new computer, dont buy a broken down one for $300 if it means youre going to need to replace it again next year. Because while that might save you money in 2019, its going to cost you in 2020. Related: Got 15 Minutes? Improve your Financial Health With These Quick Tips. More specifically, you should value things that will retain their value for a long time. For example, a used car with a great engine is often a better purchase than a brand-new vehicle, because a new cars value depreciates as soon as you buy it. Think of your purchases as investments -- evaluate what makes sense long-term, and be willing to take a short-term hit if it will pay out in the long run. 9. Create an emergency fund. designer491 | Getty Images The government shutdown highlights something we all should know, but rarely think about -- much of life is simply out of our control. We cant predict everything that is going to happen, but we can do our best to prepare financially for whatever comes our way. Phil Town breaks down his advice for an emergency fund in this video, but there are a few simple tenets to a good emergency fund: It should be able to last you three to six months It should be liquid -- that is, available at a moments notice It should only be touched for emergencies If youre going to use the emergency fund for just anything, youd probably be better off using it on your 401(k), stocks or other investments. But, the whole point is that its locked away until you really need it. || Cryptocurrencies Annual Market Recap – 2019: 2019 delivered some much-needed respite to the crypto bulls who got burned in 2018’s crypto meltdown that had seen Bitcoin visit $3,200 levels. It was quite a fall from the all-time high $19,981 struck back in December 2017. The gains through 2019 may not have been as spectacular as those seen back in 2017, but they were with meaning nonetheless. For the crypto market, Bitcoin’s recovery from 2018’s lows over the course of 2019 ultimately delivered one simple statement. “Cryptocurrencies are here to stay.” There was certainly much less regulatory chatter throughout 2019 when compared to 2018, which provided support to Bitcoin and the broader market. Throughout the year, there were also some key events that contributed and also limited the moves over in 2019. Key events included: The SEC and Bitcoin ETFs The SEC rejected Bitwise’s Bitcoin ETF application back in October. While the rejection was negative, the SEC Commission did attempt to soften the blow. In a statement, the Commission stated that the rejection was not based on an evaluation of whether Bitcoin or blockchain tech has utility or value as an innovation or an investment. For those looking for sizeable inflows of institutional money, this was a disappointment. The Bitwise ETF, however, may not have garnered the level of interest that some had anticipated. Other applications were withdrawn as the SEC dragged its feet in the early part of the year. Other Bitcoin ETF applications are currently under review, with the SEC scheduled to rule on the Wilson Phoenix Bitcoin ETF proposal by February. Halving Events Litecoin’s halving event also garnered plenty of attention. On 5 th August 2019, Litecoin went through its 2 nd halving event, which occurs every 4-years. Rewards for producing a block on Litecoin’s blockchain reduced from 25 to 12.5. While insignificant for the broader market, a Litecoin rally in the lead into the halving event was an impressive one. Litecoin struck a June high $146 before hitting reverse. Year-to-date, Litecoin had gained 390% to June’s 2019 high… Story continues The reversal was as dramatic, however, with Litecoin sliding back to sub-$40 levels. In spite of the sell-off, however, Litecoin did manage to close out the year with a 38% gain. China’s Blockchain and Crypto Love-Hate Relationship China’s Ministry of Industry released its top-ranked blockchain projects in October. The released came off the back of China Premier Xi’s supportive comments on Blockchain tech. EOS (1), Tron (2), Ethereum (3), Nuls (4), BitShares (5), STEEM (6), Lisk (7), QTUM (8), NEO (9), Stellar’s Lumen (10) made it into the top 10. Bitcoin came in at number 11, which is not too surprising when considering the limitations in terms of speed of transactions. The Chinese government failed to even mention Litecoin and Ripple’s XRP, however. This may well have contributed to their woes in the second half of 2019… Social Media and Regulator Ire Facebook Inc. announced plans to roll out its very own cryptocurrency called LIBRA. Following the social media platform’s troubles from 2018, the announcement did not go as well as Mark Zuckerberg would have liked. One hazards a guess that the U.S government’s reaction would have been similar even if the events of 2018 had not unfolded. LIBRA would allow payments across it’s what’s App and Facebook Messenger platforms as well as its standalone platform. A certain regulatory nightmare for the U.S and just about everywhere else… Telegram also faced the ire of the SEC as it looked to plow ahead with its plans to roll out its very own cryptocurrency, Gram. Another platform supporting the transfer of cryptocurrencies across the Telegram messaging service, the SEC stated that Telegram was in violation of the Securities Act. Telegram’s token presale had raised a whopping $1.7bn. Central Banks Interestingly, Facebook’s announcement of plans to launch LIBRA spurred the Chinese government into action. The threat of social media platforms reportedly drove China’s central bank to speed up the development of, what could become, the world’s first government-backed digital currency. Work began a number of years ago. It is unclear, however, whether the PBoC is close to delivering its Digital Currency Electronic Payment platform… The ICO Market The ICO market figures for 2019 continued to reflect the effects of governments and regulators. Because of the increased regulatory oversight into initial coin offerings, the 2018 reversal in ICO activity continued through 2019. According to ICOData : There were 28 ICOs in 2019, which raised $371.21m that included active ICOs going into 2020. The top 4 ICOs of 2019 raised $144m. This accounted for 44% of the $331m raised by ICOs that concluded in 2019. In December 2019, funds raised had stood at just $4.5m. That’s a far cry from the $75.53m in 2018 and December’s $1,661.8m in 2017. Total funds raised in 2018 had stood at $7,812m. (2017: $6,227m) The total number of ICOs reached 1,253 in 2018. (2017: 875) The lack of ICO activity continued to pin the likes of Ethereum back from all-time highs. Ethereum had reached $1,420 back in the ICO heydays. An all-time January 2018 high had coincided with a fruitful December 2017 and January 2018 in the ICO markets. In December 2017, ICOs had raised $1,661.8m and $1,522m in January 2018… The Crypto Top 10 Movers and Shakers While there was not much in favor of the broader crypto market through 2019, it was a bullish year compared to the meltdown of 2018. Binance Coin, Bitcoin Cash SV, and Stellar’s Lumen led the way, with gains of 160%, 148%, and 109% respectively. Bitcoin (88%) also saw solid gains, with Bitcoin Cash ABC and Litecoin both rising by 38% in the year. The upside across the crypto market was not widespread when looking at the top 10 by market cap, however. Cardano’s ADA (22%), Ripple’s XRP (-47%), and Tron’s TRX (-31%) saw heavy losses. For Ethereum, a 1.6% loss for the year was a minor one when considering the state of the ICO market. EOS also saw red, falling by a more modest 1.39% in the year. When looking at the crypto market cap over the year, the bull run through to late June saw the total crypto market cap hit a 2019 year high $364.44bn. The reversal through the 2 nd half of the year, however, left the total crypto market cap back down at a year-end $193.24bn. There was more interest from investors over the year, with 24-hour volumes jumping from as low as $13bn to as high as $117bn. In spite of the 2 nd half pullback, investor confidence returned to a certain extent, reflected in the volumes. Volatility does remain, however. Investors will need to remain vigilant… This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Rally Stalls Shortly Ahead of .6791 Main Top EUR/USD Forex Technical Analysis – Needs to Hold 1.1209 to Sustain Short-Covering Rally E-mini S&P 500 Index (ES) Futures Technical Analysis – Minor Pivot at 3233.50 Controlling Price Action GBP/USD Price Forecast – British Pound Continues To Power Higher Australian Share Market Ends Year With Investors Wiping Out $40 Billion in Value Cryptocurrencies Annual Market Recap – 2019 || Cryptocurrencies Annual Market Recap – 2019: 2019 delivered some much-needed respite to the crypto bulls who got burned in 2018’s crypto meltdown that had seen Bitcoin visit $3,200 levels. It was quite a fall from the all-time high $19,981 struck back in December 2017. The gains through 2019 may not have been as spectacular as those seen back in 2017, but they were with meaning nonetheless. For the crypto market, Bitcoin’s recovery from 2018’s lows over the course of 2019 ultimately delivered one simple statement. “Cryptocurrencies are here to stay.” There was certainly much less regulatory chatter throughout 2019 when compared to 2018, which provided support to Bitcoin and the broader market. Throughout the year, there were also some key events that contributed and also limited the moves over in 2019. Key events included: The SEC and Bitcoin ETFs The SEC rejected Bitwise’s Bitcoin ETF application back in October. While the rejection was negative, the SEC Commission did attempt to soften the blow. In a statement, the Commission stated that the rejection was not based on an evaluation of whether Bitcoin or blockchain tech has utility or value as an innovation or an investment. For those looking for sizeable inflows of institutional money, this was a disappointment. The Bitwise ETF, however, may not have garnered the level of interest that some had anticipated. Other applications were withdrawn as the SEC dragged its feet in the early part of the year. Other Bitcoin ETF applications are currently under review, with the SEC scheduled to rule on the Wilson Phoenix Bitcoin ETF proposal by February. Halving Events Litecoin’s halving event also garnered plenty of attention. On 5 th August 2019, Litecoin went through its 2 nd halving event, which occurs every 4-years. Rewards for producing a block on Litecoin’s blockchain reduced from 25 to 12.5. While insignificant for the broader market, a Litecoin rally in the lead into the halving event was an impressive one. Litecoin struck a June high $146 before hitting reverse. Year-to-date, Litecoin had gained 390% to June’s 2019 high… Story continues The reversal was as dramatic, however, with Litecoin sliding back to sub-$40 levels. In spite of the sell-off, however, Litecoin did manage to close out the year with a 38% gain. China’s Blockchain and Crypto Love-Hate Relationship China’s Ministry of Industry released its top-ranked blockchain projects in October. The released came off the back of China Premier Xi’s supportive comments on Blockchain tech. EOS (1), Tron (2), Ethereum (3), Nuls (4), BitShares (5), STEEM (6), Lisk (7), QTUM (8), NEO (9), Stellar’s Lumen (10) made it into the top 10. Bitcoin came in at number 11, which is not too surprising when considering the limitations in terms of speed of transactions. The Chinese government failed to even mention Litecoin and Ripple’s XRP, however. This may well have contributed to their woes in the second half of 2019… Social Media and Regulator Ire Facebook Inc. announced plans to roll out its very own cryptocurrency called LIBRA. Following the social media platform’s troubles from 2018, the announcement did not go as well as Mark Zuckerberg would have liked. One hazards a guess that the U.S government’s reaction would have been similar even if the events of 2018 had not unfolded. LIBRA would allow payments across it’s what’s App and Facebook Messenger platforms as well as its standalone platform. A certain regulatory nightmare for the U.S and just about everywhere else… Telegram also faced the ire of the SEC as it looked to plow ahead with its plans to roll out its very own cryptocurrency, Gram. Another platform supporting the transfer of cryptocurrencies across the Telegram messaging service, the SEC stated that Telegram was in violation of the Securities Act. Telegram’s token presale had raised a whopping $1.7bn. Central Banks Interestingly, Facebook’s announcement of plans to launch LIBRA spurred the Chinese government into action. The threat of social media platforms reportedly drove China’s central bank to speed up the development of, what could become, the world’s first government-backed digital currency. Work began a number of years ago. It is unclear, however, whether the PBoC is close to delivering its Digital Currency Electronic Payment platform… The ICO Market The ICO market figures for 2019 continued to reflect the effects of governments and regulators. Because of the increased regulatory oversight into initial coin offerings, the 2018 reversal in ICO activity continued through 2019. According to ICOData : There were 28 ICOs in 2019, which raised $371.21m that included active ICOs going into 2020. The top 4 ICOs of 2019 raised $144m. This accounted for 44% of the $331m raised by ICOs that concluded in 2019. In December 2019, funds raised had stood at just $4.5m. That’s a far cry from the $75.53m in 2018 and December’s $1,661.8m in 2017. Total funds raised in 2018 had stood at $7,812m. (2017: $6,227m) The total number of ICOs reached 1,253 in 2018. (2017: 875) The lack of ICO activity continued to pin the likes of Ethereum back from all-time highs. Ethereum had reached $1,420 back in the ICO heydays. An all-time January 2018 high had coincided with a fruitful December 2017 and January 2018 in the ICO markets. In December 2017, ICOs had raised $1,661.8m and $1,522m in January 2018… The Crypto Top 10 Movers and Shakers While there was not much in favor of the broader crypto market through 2019, it was a bullish year compared to the meltdown of 2018. Binance Coin, Bitcoin Cash SV, and Stellar’s Lumen led the way, with gains of 160%, 148%, and 109% respectively. Bitcoin (88%) also saw solid gains, with Bitcoin Cash ABC and Litecoin both rising by 38% in the year. The upside across the crypto market was not widespread when looking at the top 10 by market cap, however. Cardano’s ADA (22%), Ripple’s XRP (-47%), and Tron’s TRX (-31%) saw heavy losses. For Ethereum, a 1.6% loss for the year was a minor one when considering the state of the ICO market. EOS also saw red, falling by a more modest 1.39% in the year. When looking at the crypto market cap over the year, the bull run through to late June saw the total crypto market cap hit a 2019 year high $364.44bn. The reversal through the 2 nd half of the year, however, left the total crypto market cap back down at a year-end $193.24bn. There was more interest from investors over the year, with 24-hour volumes jumping from as low as $13bn to as high as $117bn. In spite of the 2 nd half pullback, investor confidence returned to a certain extent, reflected in the volumes. Volatility does remain, however. Investors will need to remain vigilant… This article was originally posted on FX Empire More From FXEMPIRE: NZD/USD Forex Technical Analysis – Rally Stalls Shortly Ahead of .6791 Main Top EUR/USD Forex Technical Analysis – Needs to Hold 1.1209 to Sustain Short-Covering Rally E-mini S&P 500 Index (ES) Futures Technical Analysis – Minor Pivot at 3233.50 Controlling Price Action GBP/USD Price Forecast – British Pound Continues To Power Higher Australian Share Market Ends Year With Investors Wiping Out $40 Billion in Value Cryptocurrencies Annual Market Recap – 2019 || The Crypto Daily – Movers and Shakers – 01/01/20: Bitcoin fell by 0.72% on Tuesday. Following on from a 2.09% slide on Monday, Bitcoin ended the day at $7,208.3. While ending the month of December down by 5.2% and the 4 th quarter down by 13.5%, Bitcoin ended the year with an 88% gain. On the day, a mixed start to the day saw Bitcoin strike an early afternoon intraday high $7,333.0 before hitting reverse. Falling short of the first major resistance level at $7,387.97, Bitcoin slid to a late afternoon intraday low $7,161.3. The reversal saw Bitcoin fall through the first major support level at $7,167.57 before recovering to $7,200 levels. The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels. For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend. The Rest of the Pack Across the rest of the top 10 cryptos, it was a mixed day for the majors. Tezos (+1.96%), Bitcoin Cash SV (+1.55%), and Tron’s TRX (+0.46%) closed out the day in the green. It was a bearish day for the rest, however, with Litecoin sliding by 2.56% to lead the way down. Binance Coin (-1.01%), Bitcoin Cash ABC (-1.63%), EOS (-1.54%), Ethereum (-1.94%), Ripple’s XRP (-0.09%), Stellar’s Lumen (-0.94%), and also saw red. For the month of December, Tezos bucked the trend with a 1% gain, with the rest of the majors in the red. Stellar’s Lumen slid by 21.5% to lead the way down. Ethereum (-15.2%), Ripple’s XRP (-14.7%), Binance Coin (-13.2%), Litecoin (-13.0%), and Tron’s TRX (-13.0%) also saw heavy losses. It was a mixed bag for the year, however. Binance Coin (+116%) and Stellar’s Lumen (+109%) led the way. Litecoin (+38%) and Bitcoin Cash ABC (+38%) also saw solid gains. Ripple’s XRP and Tron’s TRX struggled, however, with the pair sliding by 47% and by 31% respectively. Through the current week, the crypto total market cap hit a Monday high $198.27bn before sliding to a Tuesday low $190.14bn. At the time of writing, the total market cap stood at $192.06bn. Story continues Bitcoin’s dominance continued to sit at 68% levels following relatively modest losses on Tuesday. Trading volumes had hit $80bn levels on Monday before easing back to sub-$70bn levels. At the time of writing, volumes were at $69bn levels. This Morning At the time of writing, Bitcoin was up by 0.66% to $7,255.7. Early on, Bitcoin slid to an early morning intraday low $7,185.4 before striking a high $7,256.7. Bitcoin left the major support and resistance levels untested early on. Elsewhere, Bitcoin Cash SV (+1.89%), Litecoin (+1.53%), Ethereum (+1.45%), Bitcoin Cash ABC (+1.44%), and EOS (+1.42%) led the way early on. Binance Coin (+0.96%), Ripple’s XRP (+0.64%), Stellar’s Lumen (+0.62%), Tezos (+0.19%), and Tron’s TRX (+0.43%) trailed. For the Bitcoin Day Ahead Bitcoin would need to steer clear of $7,235 levels to support a run at the first major resistance level at $7,307.10. Support from the broader market would be needed, however, for Bitcoin to break back through to $7,300 levels. Barring a broad-based crypto rally on the day, the first major resistance level and Tuesday’s high $7,333 would likely limit any upside. Failure to steer clear of $7,235 levels could see Bitcoin fall back into the red. A fall through to morning low $7,185.4 would bring the first major support level at $7,135.4 into play. Barring an extended sell-off, however, Bitcoin should continue to steer clear of sub-$7,100 levels. In the event of a sell-off, the second major support level at $7,062.5 should limit any downside. This article was originally posted on FX Empire More From FXEMPIRE: EUR/USD Price Forecast – Euro Breaking Out US Stock Market Overview – Stocks Rally and Finish the Year on a High Note Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 01/01/20 Cryptocurrencies Annual Market Recap – 2019 Gold Price Futures (GC) Technical Analysis – Closed Inside Key Retracement Zone at $1512.40 to $1526.40 GBP/USD Price Forecast – British Pound Continues To Power Higher || The Crypto Daily – Movers and Shakers – 01/01/20: Bitcoin fell by 0.72% on Tuesday. Following on from a 2.09% slide on Monday, Bitcoin ended the day at $7,208.3.
While ending the month of December down by 5.2% and the 4thquarter down by 13.5%, Bitcoin ended the year with an 88% gain.
On the day, a mixed start to the day saw Bitcoin strike an early afternoon intraday high $7,333.0 before hitting reverse.
Falling short of the first major resistance level at $7,387.97, Bitcoin slid to a late afternoon intraday low $7,161.3.
The reversal saw Bitcoin fall through the first major support level at $7,167.57 before recovering to $7,200 levels.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Tezos (+1.96%), Bitcoin Cash SV (+1.55%), and Tron’s TRX (+0.46%) closed out the day in the green.
It was a bearish day for the rest, however, with Litecoin sliding by 2.56% to lead the way down.
Binance Coin (-1.01%), Bitcoin Cash ABC (-1.63%), EOS (-1.54%), Ethereum (-1.94%), Ripple’s XRP (-0.09%), Stellar’s Lumen (-0.94%), and also saw red.
For the month of December, Tezos bucked the trend with a 1% gain, with the rest of the majors in the red.
Stellar’s Lumen slid by 21.5% to lead the way down. Ethereum (-15.2%), Ripple’s XRP (-14.7%), Binance Coin (-13.2%), Litecoin (-13.0%), and Tron’s TRX (-13.0%) also saw heavy losses.
It was a mixed bag for the year, however.
Binance Coin (+116%) and Stellar’s Lumen (+109%) led the way.
Litecoin (+38%) and Bitcoin Cash ABC (+38%) also saw solid gains.
Ripple’s XRP and Tron’s TRX struggled, however, with the pair sliding by 47% and by 31% respectively.
Through the current week, the crypto total market cap hit a Monday high $198.27bn before sliding to a Tuesday low $190.14bn. At the time of writing, the total market cap stood at $192.06bn.
Bitcoin’s dominance continued to sit at 68% levels following relatively modest losses on Tuesday. Trading volumes had hit $80bn levels on Monday before easing back to sub-$70bn levels. At the time of writing, volumes were at $69bn levels.
At the time of writing, Bitcoin was up by 0.66% to $7,255.7. Early on, Bitcoin slid to an early morning intraday low $7,185.4 before striking a high $7,256.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash SV (+1.89%), Litecoin (+1.53%), Ethereum (+1.45%), Bitcoin Cash ABC (+1.44%), and EOS (+1.42%) led the way early on.
Binance Coin (+0.96%), Ripple’s XRP (+0.64%), Stellar’s Lumen (+0.62%), Tezos (+0.19%), and Tron’s TRX (+0.43%) trailed.
Bitcoin would need to steer clear of $7,235 levels to support a run at the first major resistance level at $7,307.10.
Support from the broader market would be needed, however, for Bitcoin to break back through to $7,300 levels.
Barring a broad-based crypto rally on the day, the first major resistance level and Tuesday’s high $7,333 would likely limit any upside.
Failure to steer clear of $7,235 levels could see Bitcoin fall back into the red.
A fall through to morning low $7,185.4 would bring the first major support level at $7,135.4 into play.
Barring an extended sell-off, however, Bitcoin should continue to steer clear of sub-$7,100 levels.
In the event of a sell-off, the second major support level at $7,062.5 should limit any downside.
Thisarticlewas originally posted on FX Empire
• EUR/USD Price Forecast – Euro Breaking Out
• US Stock Market Overview – Stocks Rally and Finish the Year on a High Note
• Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 01/01/20
• Cryptocurrencies Annual Market Recap – 2019
• Gold Price Futures (GC) Technical Analysis – Closed Inside Key Retracement Zone at $1512.40 to $1526.40
• GBP/USD Price Forecast – British Pound Continues To Power Higher || What will the world look like in 2030?: What a difference a decade makes: Getty Images By the measure of many cultural forecasts, we are already living beyond a future that was never realised. This year saw us pass the fictitious dystopia of Blade Runner , which foresaw flying cars and robots indistinguishable from humans. 2015 saw similarly unfulfilled predictions from Back to the Future II, although the film did manage to somehow correctly call the Cubs winning the World Series after more than a century. Cinematic prophecies may be wildly optimistic, though even science fiction has often failed to predict the remarkable technological progress of the 21st century. We now carry around the equivalent of supercomputers in our pockets, there are space rockets that can land by themselves , cars that can drive themselves , and robots that deliver our food . Such a rate of change make predictions about the future notoriously difficult. But barring any wild breakthroughs, here’s how the evolution of current technologies could play out over the next decade. No more smartphones With the convergence of AI voice assistants, cloud computing, 5G and the internet of things, it may soon be no longer necessary to carry around a computer in your pocket. Smartphones have become both ubiquitous and essential over the last 10 years, allowing people to go from watching the news to ordering a taxi in just a couple of taps of a screen. But as new technologies emerge, the functionality of these electronic Swiss Army knives is beginning to feel limited. Are we reaching the end of the smartphone era? (iStock) Some believe that smartphones are simply a transitional device between the desktop computing paradigm and the “freedom computing” paradigm. This new era is already being probed by the likes of Apple, Samsung, Facebook and Google, as they branch out into brand new smart device categories. “[The] previous 10 years, it was an era of the smartphone,” Samsung Electronics CEO DJ Koh told The Independent earlier this year . “From this year, maybe a new era is opening because of the emergence of the internet of things, 5G, AI, and all these technologies mingling together. The new era is in front of us… Rather than smartphones, we must think smart devices. Smartphones may decline but new devices will emerge.” Story continues He gave the example of moving from your home to your car to your office. Interconnected and multi-screen smart devices in each location will allow people to carry out all the tasks they would usually perform on their phones, without actually needing to carry one around. From watching videos and listening to music, to reading messages and dictating replies, “you can have the same experience, wherever you are,” he said. The arrival of augmented reality eyewear, or even brain-computer interfaces further into the future , will be the final extinction tipping point for our handheld companions. Wealth without work The idea of universal basic income has been around for centuries. Sir Thomas More’s Utopia , published in 1516, describes a society in which everyone is guaranteed a wage, regardless of whether they work or not. There were a few notable trials of it in the 20th century – Richard Nixon’s limited handouts in 1968 ultimately proved unpopular – but it has only been in the 21st century that the rapid rise of automation has made the concept seem truly attainable. “A range of new technologies – AI, machine learning, natural language processing, robotic process automation, intelligent sensors, and so on – are already automating repetitive, manual, low-value tasks, freeing workers up to focus on more fulfilling activities,” Gaurav Dhillion, CEO of leading software firm SnapLogic, tells The Independent . The biggest test of it so far was in Finland between 2017 and 2018, which unsurprisingly found that it improved the happiness and general well-being of participants. There are fears that low-skilled jobs would be hard to fill if people are receiving free money, but Finland is already employing robots in various sectors, such as waste management jobs . Robots replacing humans at the workplace would no longer be an issue with UBI in place (CC) There are many different ways to fund UBI but one of the most popular is to tax the robots that take our jobs. It may sound absurd but taxing robots has the backing of some of the world's most influential capitalists, including Microsoft founder Bill Gates. "If a human worker does $50,000 of work in a factory, that income is taxed," the billionaire said in a 2017 interview. "If a robot comes in to do the same thing, you'd think we'd tax the robot at a similar level." Around the time of Nixon’s trial, Time magazine predicted “machines will be producing so much that everyone in the US will, in effect, be independently wealthy”. The article suggested the average family could earn around $300,000 in today’s money without lifting a finger. This may still seem like a utopia, but it could take just one successful large-scale scheme for governments around the world to realise the benefits and adopt universal basic income. Cryptocurrency is mainstream Predicting cryptocurrency will soon be a mainstream form of payment is something I’ve been doing since at least 2014 – and it still hasn’t happened. Bitcoin may have hit staggering price highs but it’s yet to be used on any significant scale beyond the dark web. Developments in 2019 mean cryptocurrency’s use as a common currency by 2030 is surely – probably, maybe – assured. Bitcoin may be the biggest and most famous right now, but it’s unlikely to remain that way. The undeniable benefits of cryptocurrency have caught the attention of both multi-national corporations and the world’s biggest economies . Should any of these ventures succeed in launching, then favourable regulation and greater commercial acceptance could see this prediction, finally, come true . An end to airport queues (and privacy?) Air travel is simultaneously one of the biggest conveniences and inconveniences of the modern era. On short-haul flights, the check-in and security process can often take longer than the journey itself. The introduction of biometric passports and mobile check-ins has already helped streamline the airport experience a little bit, but the next 10 years could see the end of snaking queues and shoe-removing security checks for good. Passengers at Gatwick Airport queueing to enter the UK (Getty) Air transport software firm SITA predicts that going through security will simply be a matter of walking along a corridor. “Passengers and their bags will be recognised automatically,” says SITA director Benoit Verbaere. “Hard checkpoints will be replaced by sensor corridors, making physical document checks obsolete.” Such automated efficiency will come at the cost of sharing facial and other personal data with authorities. Wanting to keep hold of your privacy in an increasingly digitised world will become the inconvenience. And all of that assumes there will be flights still flying, and travellers still taking them. Recent years have seen a vast growth in people opting out of flying at all for environmental reasons – and without changes to the way planes are fuelled and fly, that trend seems likely to continue. Flying cars (sort of) This may be one of the most popular tropes of science fiction, but they really are finally coming to fruition. A crop of flying car – or vertical take-off and landing (VTOL) vehicle – startups have sprung up in recent years, such as Lilium and Aeromobil, while established transport heavyweights like Airbus have also shown an interest in the technology. Uber even has plans to expand skywards through its proposed Elevate network. “Just as skyscrapers allowed cities to use limited land more efficiently, urban air transportation will use three-dimensional airspace to alleviate transportation congestion on the ground,” Uber engineers wrote in a white paper outlining the firm’s vision for on-demand flying cars. Flying cars in films like ‘Blade Runner’, set in 2019, could finally take off in the 2020s (Rex) But the idea of buzzing around in the sky to avoid traffic jams is highly problematic. If it were to ever work it would need to be automated and highly regulated, though even then it would probably only ever be suitable for wealthy people travelling on limited routes, such as between hotels and golf courses The solution to soul-destroying traffic is indeed to think three-dimensionally, according to serial entrepreneur Elon Musk, but three-dimensionally in the other direction. His latest startup is The Boring Company, which is already planning tunnel networks under Los Angeles to alleviate congestion on the roads above. This may end up being a more viable solution. As the startup’s site bluntly states: “Unlike flying cars, tunnels are weatherproof, out of sight and won’t fall on your head.” || What will the world look like in 2030?: What a difference a decade makes: Getty Images By the measure of many cultural forecasts, we are already living beyond a future that was never realised. This year saw us pass the fictitious dystopia of Blade Runner , which foresaw flying cars and robots indistinguishable from humans. 2015 saw similarly unfulfilled predictions from Back to the Future II, although the film did manage to somehow correctly call the Cubs winning the World Series after more than a century. Cinematic prophecies may be wildly optimistic, though even science fiction has often failed to predict the remarkable technological progress of the 21st century. We now carry around the equivalent of supercomputers in our pockets, there are space rockets that can land by themselves , cars that can drive themselves , and robots that deliver our food . Such a rate of change make predictions about the future notoriously difficult. But barring any wild breakthroughs, here’s how the evolution of current technologies could play out over the next decade. No more smartphones With the convergence of AI voice assistants, cloud computing, 5G and the internet of things, it may soon be no longer necessary to carry around a computer in your pocket. Smartphones have become both ubiquitous and essential over the last 10 years, allowing people to go from watching the news to ordering a taxi in just a couple of taps of a screen. But as new technologies emerge, the functionality of these electronic Swiss Army knives is beginning to feel limited. Are we reaching the end of the smartphone era? (iStock) Some believe that smartphones are simply a transitional device between the desktop computing paradigm and the “freedom computing” paradigm. This new era is already being probed by the likes of Apple, Samsung, Facebook and Google, as they branch out into brand new smart device categories. “[The] previous 10 years, it was an era of the smartphone,” Samsung Electronics CEO DJ Koh told The Independent earlier this year . “From this year, maybe a new era is opening because of the emergence of the internet of things, 5G, AI, and all these technologies mingling together. The new era is in front of us… Rather than smartphones, we must think smart devices. Smartphones may decline but new devices will emerge.” Story continues He gave the example of moving from your home to your car to your office. Interconnected and multi-screen smart devices in each location will allow people to carry out all the tasks they would usually perform on their phones, without actually needing to carry one around. From watching videos and listening to music, to reading messages and dictating replies, “you can have the same experience, wherever you are,” he said. The arrival of augmented reality eyewear, or even brain-computer interfaces further into the future , will be the final extinction tipping point for our handheld companions. Wealth without work The idea of universal basic income has been around for centuries. Sir Thomas More’s Utopia , published in 1516, describes a society in which everyone is guaranteed a wage, regardless of whether they work or not. There were a few notable trials of it in the 20th century – Richard Nixon’s limited handouts in 1968 ultimately proved unpopular – but it has only been in the 21st century that the rapid rise of automation has made the concept seem truly attainable. “A range of new technologies – AI, machine learning, natural language processing, robotic process automation, intelligent sensors, and so on – are already automating repetitive, manual, low-value tasks, freeing workers up to focus on more fulfilling activities,” Gaurav Dhillion, CEO of leading software firm SnapLogic, tells The Independent . The biggest test of it so far was in Finland between 2017 and 2018, which unsurprisingly found that it improved the happiness and general well-being of participants. There are fears that low-skilled jobs would be hard to fill if people are receiving free money, but Finland is already employing robots in various sectors, such as waste management jobs . Robots replacing humans at the workplace would no longer be an issue with UBI in place (CC) There are many different ways to fund UBI but one of the most popular is to tax the robots that take our jobs. It may sound absurd but taxing robots has the backing of some of the world's most influential capitalists, including Microsoft founder Bill Gates. "If a human worker does $50,000 of work in a factory, that income is taxed," the billionaire said in a 2017 interview. "If a robot comes in to do the same thing, you'd think we'd tax the robot at a similar level." Around the time of Nixon’s trial, Time magazine predicted “machines will be producing so much that everyone in the US will, in effect, be independently wealthy”. The article suggested the average family could earn around $300,000 in today’s money without lifting a finger. This may still seem like a utopia, but it could take just one successful large-scale scheme for governments around the world to realise the benefits and adopt universal basic income. Cryptocurrency is mainstream Predicting cryptocurrency will soon be a mainstream form of payment is something I’ve been doing since at least 2014 – and it still hasn’t happened. Bitcoin may have hit staggering price highs but it’s yet to be used on any significant scale beyond the dark web. Developments in 2019 mean cryptocurrency’s use as a common currency by 2030 is surely – probably, maybe – assured. Bitcoin may be the biggest and most famous right now, but it’s unlikely to remain that way. The undeniable benefits of cryptocurrency have caught the attention of both multi-national corporations and the world’s biggest economies . Should any of these ventures succeed in launching, then favourable regulation and greater commercial acceptance could see this prediction, finally, come true . An end to airport queues (and privacy?) Air travel is simultaneously one of the biggest conveniences and inconveniences of the modern era. On short-haul flights, the check-in and security process can often take longer than the journey itself. The introduction of biometric passports and mobile check-ins has already helped streamline the airport experience a little bit, but the next 10 years could see the end of snaking queues and shoe-removing security checks for good. Passengers at Gatwick Airport queueing to enter the UK (Getty) Air transport software firm SITA predicts that going through security will simply be a matter of walking along a corridor. “Passengers and their bags will be recognised automatically,” says SITA director Benoit Verbaere. “Hard checkpoints will be replaced by sensor corridors, making physical document checks obsolete.” Such automated efficiency will come at the cost of sharing facial and other personal data with authorities. Wanting to keep hold of your privacy in an increasingly digitised world will become the inconvenience. And all of that assumes there will be flights still flying, and travellers still taking them. Recent years have seen a vast growth in people opting out of flying at all for environmental reasons – and without changes to the way planes are fuelled and fly, that trend seems likely to continue. Flying cars (sort of) This may be one of the most popular tropes of science fiction, but they really are finally coming to fruition. A crop of flying car – or vertical take-off and landing (VTOL) vehicle – startups have sprung up in recent years, such as Lilium and Aeromobil, while established transport heavyweights like Airbus have also shown an interest in the technology. Uber even has plans to expand skywards through its proposed Elevate network. “Just as skyscrapers allowed cities to use limited land more efficiently, urban air transportation will use three-dimensional airspace to alleviate transportation congestion on the ground,” Uber engineers wrote in a white paper outlining the firm’s vision for on-demand flying cars. Flying cars in films like ‘Blade Runner’, set in 2019, could finally take off in the 2020s (Rex) But the idea of buzzing around in the sky to avoid traffic jams is highly problematic. If it were to ever work it would need to be automated and highly regulated, though even then it would probably only ever be suitable for wealthy people travelling on limited routes, such as between hotels and golf courses The solution to soul-destroying traffic is indeed to think three-dimensionally, according to serial entrepreneur Elon Musk, but three-dimensionally in the other direction. His latest startup is The Boring Company, which is already planning tunnel networks under Los Angeles to alleviate congestion on the roads above. This may end up being a more viable solution. As the startup’s site bluntly states: “Unlike flying cars, tunnels are weatherproof, out of sight and won’t fall on your head.” || In Race for 2030 Currency Supremacy, the Dollar Is Its Own Worst Enemy: The U.S. dollar’s century-long reign of the world economy faces a threat over the coming decade as China’s renminbi strives to become its successor, as some prominent central bankers call for a more sustainable global monetary regime and as cryptocurrencies pose a radically alternative model. But as the 2020s begin, the dollar looks as strong as ever in global capital markets. As of Dec. 30, an index of the U.S. dollar’s value is up 24 percent over the past decade, even as the Federal Reserve pumped more than $2 trillion of freshly printed money into the financial system and U.S. national debt more than doubled to about $23 trillion. Related: China May Soon Have Its First Blockchain Exchange-Traded Fund The greenback’s share of central bank foreign exchange reserves stands at about 62 percent, unchanged since Jan. 1, 2010, according to the International Monetary Fund. The second-place euro, touted by some leading economists in the late 2000s as a potential rival to the dollar, saw its share of central bank reserves decline over the past decade to about 20 percent from 26 percent. The Japanese yen, seen as a threat to the dollar in the 1980s, now accounts for just 5.4 percent of central bank reserves. The British pound, which dominated global markets for a century until World War I, has a modest share of 4.4 percent, with its future uncertain as the U.K. moves toward an exit from the European Union. And China, despite decades of rapid economic growth and a push by authorities there to expand the renminbi’s use in international trade and payments, has never seen its currency account for more than 2 percent of central banks’ reserves. As for digital assets, frequently touted as the future of money, they barely register as an asset class compared with government-issued currencies. Bitcoin’s entire market value stands at about $133 billion, well below central banks’ de minimis $218 billion allocation to the renminbi. Signs of decline? The dollar’s dominance is under attack, though, as a growing number of economists and world leaders say the international monetary and financial system looks unsustainable or simply unfair. Story continues Related: The Bahamas Launches Digital Currency Pilot U.S. consumers benefit disproportionately from the dollar’s strength, since foreigners are essentially subsidizing Americans’ habit of importing more than they export. Also, global demand for dollar-denominated assets helps keep interest rates low on things like Treasury bonds despite a U.S. federal budget deficit of more than $1 trillion a year. That dynamic encourages governments, businesses and households to take on ever-growing amounts of debt, which might be difficult to pay back if borrowing costs suddenly jumped. Thus far the dollar has defied decades of predictions that its demise might be at hand. “It’s like the shepherd crying wolf,” said Martin Baily, a senior fellow in economic studies at Brookings Institution who served during the late 1990s as chairman of President Bill Clinton’s Council of Economic Advisers. “Unfortunately, sometimes the wolf does come.” Few events of the past year encapsulated the glaring contrast between the dollar’s solidifying position and the ever-louder calls for change than a speech in August by Bank of England Governor Mark Carney. An Oxford University-trained economist, Carney is widely followed among top monetary experts because he previously served both as head of Canada’s central bank and as a former executive of the Wall Street firm Goldman Sachs. Invited as a guest speaker to an annual Federal Reserve retreat in Wyoming, Carney told the U.S. central bankers the dollar’s dominant status contributes not just to instability in emerging-market countries but also to a “global savings glut” that has helped push interest rates artificially low. The speech piled onto the worries for Fed Chair Jerome Powell, already facing caustic criticism from President Donald Trump for setting interest rates too high. “Past instances of very low rates have tended to coincide with high-risk events such as wars, financial crises and breaks in the monetary regime,” Carney said. “Left unattended, these vulnerabilities are only likely to intensify.” The solution? According to Carney, the international monetary system might benefit from an alternative to the dollar such as a “synthetic hegemonic currency,” potentially provided “through a network of central bank digital currencies.” “The concept is intriguing,” Carney said. “Technology has the potential to disrupt the network externalities that prevent the incumbent global reserve currency from being displaced.” Jens Nordviq, a former co-head of currency strategy for Goldman Sachs and now CEO of the data provider Exante, says the fact that “very prominent people” like Carney are seriously discussing the concept “shows that it’s not a farfetched idea.” A century of domination The dollar emerged as the world’s dominant currency during the early 20th century when it took over from debt-strapped Britain’s pound; a century before that, Holland’s guilder was undone by the French Emperor Napoleon’s invasion. Today, the dollar is ubiquitous as ever. Banks around the world stockpile dollars so they can meet demand from local businesses and residents for the currency to use in commerce and payments. Central banks stockpile dollars and dollar-denominated assets like U.S. Treasury bonds so they can meet the needs of local banks for, well, dollars. Cross-border bank loans denominated in dollars garnered a world-leading 14 percent share of the total in 2018, from 9.5 percent a decade earlier, according to the Bank of International Settlements. U.S. Treasury bonds comprise the world’s biggest government bond market by far, valued at about $17 trillion and growing. Major global commodities like oil and gold are priced in dollars. “There is no other asset market as deep or liquid as the dollar asset market,” said Eric Winograd, senior economist at AllianceBernstein, a $592 billion U.S. money manager. Bitcoin, too, is generally quoted in dollars, along with a growing roster of digital “stablecoins” whose value is linked to the U.S. currency. Facebook’s proposed digital asset, Libra, would reportedly be 50 percent backed by dollars . Even China’s planned digital renminbi – reportedly part of an effort to unseat the dollar’s dominance – might just trade like a dollar proxy. That’s because, at least for now, authorities peg the renminbi’s value to an index of major currencies dominated by the U.S. dollar. “The renminbi is at this point not really in the running,” said Edwin Truman, a senior fellow at the Peterson Institute for International Economics who oversaw the Federal Reserve’s division of international finance from the late 1970s through the late 1990s. “The Chinese seem to be pushing it as a denomination for trade, but that’s largely a push rather than a pull of the market.” After U.S. economic output caught up with Britain’s in the early 20th century, it still took two-and-a-half more decades for the dollar to definitively replace the pound as the reserve currency of choice. Harvard University economist Jeffrey Frankel has attributed the lag to “inertia” – essentially the cost and bother of changing routine payment methods and rewriting legal contracts. “There’s a lot of discussion of substitutes for the dollar as the global reserve currency,” said Bill Adams, senior international economist for the U.S. bank PNC. “But the lesson of the last 10 years is that, at least to me, it’s easier said than done.” Related Stories Chinese Internet Giant Tencent to Launch Digital Currency Research Team 2020 Vision: 7 Trends Bringing Blockchain Into Focus in the Year Ahead || In Race for 2030 Currency Supremacy, the Dollar Is Its Own Worst Enemy: The U.S. dollar’s century-long reign of the world economy faces a threat over the coming decade as China’s renminbi strives to become its successor, as some prominent central bankers call for a more sustainable global monetary regime and as cryptocurrencies pose a radically alternative model.
But as the 2020s begin, the dollar looks as strong as ever in global capital markets.
As of Dec. 30, an index of the U.S. dollar’s value is up 24 percent over the past decade, even as the Federal Reserve pumped more than $2 trillion of freshly printed money into the financial system and U.S. national debt more than doubled to about $23 trillion.
Related:China May Soon Have Its First Blockchain Exchange-Traded Fund
The greenback’s share of central bank foreign exchange reserves stands at about 62 percent, unchanged since Jan. 1, 2010, according to the International Monetary Fund. The second-place euro, touted by some leading economists in the late 2000s as a potential rival to the dollar, saw its share of central bank reserves decline over the past decade to about 20 percent from 26 percent.
The Japanese yen, seen as a threat to the dollar in the 1980s, now accounts for just 5.4 percent of central bank reserves. The British pound, which dominated global markets for a century until World War I, has a modest share of 4.4 percent, with its future uncertain as the U.K. moves toward an exit from the European Union. And China, despite decades of rapid economic growth and a push by authorities there to expand the renminbi’s use in international trade and payments, has never seen its currency account for more than 2 percent of central banks’ reserves.
As for digital assets, frequently touted as the future of money, they barely register as an asset class compared with government-issued currencies. Bitcoin’s entire market value stands at about $133 billion, well below central banks’ de minimis $218 billion allocation to the renminbi.
The dollar’s dominance is under attack, though, as a growing number of economists and world leaders say the international monetary and financial system looks unsustainable or simply unfair.
Related:The Bahamas Launches Digital Currency Pilot
U.S. consumers benefit disproportionately from the dollar’s strength, since foreigners are essentially subsidizing Americans’ habit of importing more than they export.
Also, global demand for dollar-denominated assets helps keep interest rates low on things like Treasury bonds despite a U.S. federal budget deficit of more than $1 trillion a year. That dynamic encourages governments, businesses and households to take on ever-growing amounts of debt, which might be difficult to pay back if borrowing costs suddenly jumped.
Thus far the dollar has defied decades of predictions that its demise might be at hand.
“It’s like the shepherd crying wolf,” said Martin Baily, a senior fellow in economic studies at Brookings Institution who served during the late 1990s as chairman of President Bill Clinton’s Council of Economic Advisers. “Unfortunately, sometimes the wolf does come.”
Few events of the past year encapsulated the glaring contrast between the dollar’s solidifying position and the ever-louder calls for change than a speech in August by Bank of England Governor Mark Carney. An Oxford University-trained economist, Carney is widely followed among top monetary experts because he previously served both as head of Canada’s central bank and as a former executive of the Wall Street firm Goldman Sachs.
Invited as a guest speaker to an annual Federal Reserve retreat in Wyoming,Carney told the U.S. central bankersthe dollar’s dominant status contributes not just to instability in emerging-market countries but also to a “global savings glut” that has helped push interest rates artificially low. The speech piled onto the worries for Fed Chair Jerome Powell, already facing caustic criticism from President Donald Trump for setting interest rates too high.
“Past instances of very low rates have tended to coincide with high-risk events such as wars, financial crises and breaks in the monetary regime,” Carney said. “Left unattended, these vulnerabilities are only likely to intensify.”
The solution? According to Carney, the international monetary system might benefit from an alternative to the dollar such as a “synthetic hegemonic currency,” potentially provided “through a network of central bank digital currencies.”
“The concept is intriguing,” Carney said. “Technology has the potential to disrupt the network externalities that prevent the incumbent global reserve currency from being displaced.”
Jens Nordviq, a former co-head of currency strategy for Goldman Sachs and now CEO of the data provider Exante, says the fact that “very prominent people” like Carney are seriously discussing the concept “shows that it’s not a farfetched idea.”
The dollar emerged as the world’s dominant currency during the early 20th century when it took over from debt-strapped Britain’s pound; a century before that, Holland’s guilder was undone by the French Emperor Napoleon’s invasion.
Today, the dollar is ubiquitous as ever. Banks around the world stockpile dollars so they can meet demand from local businesses and residents for the currency to use in commerce and payments. Central banks stockpile dollars and dollar-denominated assets like U.S. Treasury bonds so they can meet the needs of local banks for, well, dollars.
Cross-border bank loans denominated in dollars garnered a world-leading 14 percent share of the total in 2018, from 9.5 percent a decade earlier, according to the Bank of International Settlements. U.S. Treasury bonds comprise the world’s biggest government bond market by far, valued at about $17 trillion and growing. Major global commodities like oil and gold are priced in dollars.
“There is no other asset market as deep or liquid as the dollar asset market,” said Eric Winograd, senior economist at AllianceBernstein, a $592 billion U.S. money manager.
Bitcoin, too, is generally quoted in dollars, along with a growing roster of digital “stablecoins” whose value is linked to the U.S. currency. Facebook’s proposed digital asset, Libra, would reportedly be50 percent backed by dollars.
Even China’s planned digital renminbi – reportedly part of an effort to unseat the dollar’s dominance – might just trade like a dollar proxy. That’s because, at least for now, authorities peg the renminbi’s value to an index of major currencies dominated by the U.S. dollar.
“The renminbi is at this point not really in the running,” said Edwin Truman, a senior fellow at the Peterson Institute for International Economics who oversaw the Federal Reserve’s division of international finance from the late 1970s through the late 1990s. “The Chinese seem to be pushing it as a denomination for trade, but that’s largely a push rather than a pull of the market.”
After U.S. economic output caught up with Britain’s in the early 20th century, it still took two-and-a-half more decades for the dollar to definitively replace the pound as the reserve currency of choice. Harvard University economist Jeffrey Frankel has attributed the lag to “inertia” – essentially the cost and bother of changing routine payment methods and rewriting legal contracts.
“There’s a lot of discussion of substitutes for the dollar as the global reserve currency,” said Bill Adams, senior international economist for the U.S. bank PNC. “But the lesson of the last 10 years is that, at least to me, it’s easier said than done.”
• Chinese Internet Giant Tencent to Launch Digital Currency Research Team
• 2020 Vision: 7 Trends Bringing Blockchain Into Focus in the Year Ahead || Nigeria’s telecom regulator invests in blockchain startup Wicrypt: The Nigerian Communications Commission, the country’s telecom regulator, has invested 2 million nairas (~$5,500) in blockchain startup Wicrypt.
Wicryptfacilitatesblockchain-based WiFi sharing service, which allows users to earn money by sharing their internet connection. Users can register via Wicrypt’s mobileappand deposit funds using fiat currency, as well as three cryptocurrencies - bitcoin (BTC), ether (ETH) and Binance coin (BNB). Hosts, on the other hand, can withdraw their earnings in fiat or cryptocurrency.
Wicryptsaysit has an inbuilt wallet that verifies a beneficiary has enough funds to start using the service. “Wicrypt automatically cuts off a beneficiary when his money is exhausted. It allows automatic connection between user and beneficiary once the beneficiary has enough funds to start using the service,” it added. || Nigeria’s telecom regulator invests in blockchain startup Wicrypt: The Nigerian Communications Commission, the country’s telecom regulator, has invested 2 million nairas (~$5,500) in blockchain startup Wicrypt. Wicrypt facilitates blockchain-based WiFi sharing service, which allows users to earn money by sharing their internet connection. Users can register via Wicrypt’s mobile app and deposit funds using fiat currency, as well as three cryptocurrencies - bitcoin (BTC), ether (ETH) and Binance coin (BNB). Hosts, on the other hand, can withdraw their earnings in fiat or cryptocurrency. Wicrypt says it has an inbuilt wallet that verifies a beneficiary has enough funds to start using the service. “Wicrypt automatically cuts off a beneficiary when his money is exhausted. It allows automatic connection between user and beneficiary once the beneficiary has enough funds to start using the service,” it added. || Bitcoin’s 9,000,000% Rise This Decade Leaves the Skeptics Aghast: (Bloomberg) -- If in the throes of this bull market’s earliest stages of recovery someone told you to forgo stocks, forget commodities, renounce fixed-income assets and buy an unknown digital token, the first of its kind, and watch it grow beyond your wildest dreams, you’d call them crazy, right?
Emerging out of the ashes of the financial crisis, Bitcoin was created as a bypass to the banks and government agencies mired in Wall Street’s greatest calamity in decades. At first, it was slow to break through, muddied by a slew of scandals: fraud, thefts and scams that turned away many and brought closer regulatory scrutiny. But once it burst into the mainstream, it proved to be the decade’s best-performing asset.
The largest digital token, trading around $7,200, has posted gains of more than 9,000,000% since July 2010, according to data compiled by Bloomberg.
“Bitcoin really captured that wild technology enthusiasm that ‘this time is different,’” said Peter Atwater, the president of Financial Insyghts and an adjunct professor at William & Mary in Williamsburg, Virginia.
The performance over the past 10 years, even with its huge run-up and subsequent mega-crash, leaves all others in the dust. It’s a massive windfall for those who HODL’ed through its ups and downs, even as it continues to provide fodder for get-rich-quick schemes. For some, the never-ending fantasy of continually hitting that payoff still helps to keep Bitcoin’s momentum going.
Nothing else comes even close to beating it. The S&P 500 merely tripled in that period. An index that tracks world markets has more than doubled. Gold is up 25%. Some of the best-performing stocks in the Russell 3000 -- including Exact Sciences Corp. and Intelligent Systems Corp. -- are each up about 3,000%. Those gains pale in comparison to the finance world’s latest -- and one of its most controversial -- marvels.
Partly, the monster return is a reflection of the calculus behind Bitcoin’s jumping-off point: the token wasn’t worth anything when someone named Satoshi Nakamoto launched it on Halloween 2008. Designed as a method of exchange that can be sent electronically between users around the world, it did not have a centralized control network. Bitcoin, instead, is run by a network of computers that keep track of all transactions on the blockchain ledger. For many, that technology was reason enough to buy into the idea.
On the other side of the equation are Bitcoin’s devoted enthusiasts who saw in its technology a promising way to change the global financial system.
“This is the first time that there’s a real separation -- just like church and state -- you have a separation of money and state,” said Alex Mashinsky, founder of Celsius Network, a crypto lending platform. “That’s the innovation, that’s the excitement.”
But Bitcoin was slow to take off, notching its first transaction two years after its creation, when someone used it to buy pizza. Since then, the first-born token’s price has catapulted, doubling many times over, and hundreds of imitators have cropped up -- some with more success than others.
Many of those who got in early stayed faithful, watching as it made its way through a boom and bust cycle unrivaled by almost anything else over the last decade.
At the beginning of 2017, Bitcoin jumped above $1,000. By mid-summer, it had more than doubled. Insanity was unleashed. By year-end, it hovered above $14,000. But as swiftly as it ran up, it fell even faster. By the end of 2018, Bitcoin barely budged above $3,000. Yet shortly after its crash, it embarked on another huge rally, this time reaching as high as $13,800 in the summer of 2019.
“Certainly the numbers are what appeals to investors,” said David Tawil, president of ProChain Capital. “The next 10 years need to be a totally different stage of growth based on totally different factors than the first stage.”
As much as it’s made a fortune for speculators and some thieves, Bitcoin’s survival will rest on further adoption. It’s not being used as a widespread medium of exchange. A few large retailers are accepting payment in Bitcoin but it hasn’t been the large-scale embrace so many had predicted. Scams are still running rampant. Interest is waning and consolidation among large owners is at a higher level than it was during the height of the 2017 bubble, which means that their influence over prices could be increasing.
Projections for the next decade abound. In the 2020s, mass adoption is surely to take off, they say. Blockchain technology will revolutionize and solve every problem in the world. On the other hand, regulatory scrutiny is likely to intensify, with central bankers paying closer attention than ever before.
In the more immediate term, some speculators forecast 2020 might be less fraught with volatility given its upcoming halving, whereby the number of coins awarded to so-called miners who process transactions is cut by 50%. That’s set to happen in May 2020 (the internet is replete with countdown clocks). The coin’s previous cut, about four years ago, coincided with a run-up in its price, pushing many crypto evangelist to believe in a repeat.
To CoinList’s Andy Bromberg, the halving is already priced in. “Maybe it’s been overpriced in and everyone’s bought into this thesis and we see a dip post-halving,” said the firm’s co-founder and president in an interview. “That would not shock me.”
But beyond next year, “Bitcoin is finding its own narrative as digital gold,” he said. “It feels like that narrative is picking up steam and it’s breaking away on its own. I would define success for most crypto assets as doing exactly that.”
To contact the reporter on this story: Vildana Hajric in New York at [email protected]
To contact the editors responsible for this story: Jeremy Herron at [email protected], Dave Liedtka, Randall Jensen
For more articles like this, please visit us atbloomberg.com
©2020 Bloomberg L.P. || Bitcoins 9,000,000% Rise This Decade Leaves the Skeptics Aghast: (Bloomberg) -- If in the throes of this bull markets earliest stages of recovery someone told you to forgo stocks, forget commodities, renounce fixed-income assets and buy an unknown digital token, the first of its kind, and watch it grow beyond your wildest dreams, youd call them crazy, right? Emerging out of the ashes of the financial crisis, Bitcoin was created as a bypass to the banks and government agencies mired in Wall Streets greatest calamity in decades. At first, it was slow to break through, muddied by a slew of scandals: fraud, thefts and scams that turned away many and brought closer regulatory scrutiny. But once it burst into the mainstream, it proved to be the decades best-performing asset. The largest digital token, trading around $7,200, has posted gains of more than 9,000,000% since July 2010, according to data compiled by Bloomberg. Bitcoin really captured that wild technology enthusiasm that this time is different, said Peter Atwater, the president of Financial Insyghts and an adjunct professor at William & Mary in Williamsburg, Virginia. The performance over the past 10 years, even with its huge run-up and subsequent mega-crash, leaves all others in the dust. Its a massive windfall for those who HODLed through its ups and downs, even as it continues to provide fodder for get-rich-quick schemes. For some, the never-ending fantasy of continually hitting that payoff still helps to keep Bitcoins momentum going. Nothing else comes even close to beating it. The S&P 500 merely tripled in that period. An index that tracks world markets has more than doubled. Gold is up 25%. Some of the best-performing stocks in the Russell 3000 -- including Exact Sciences Corp. and Intelligent Systems Corp. -- are each up about 3,000%. Those gains pale in comparison to the finance worlds latest -- and one of its most controversial -- marvels. Partly, the monster return is a reflection of the calculus behind Bitcoins jumping-off point: the token wasnt worth anything when someone named Satoshi Nakamoto launched it on Halloween 2008. Designed as a method of exchange that can be sent electronically between users around the world, it did not have a centralized control network. Bitcoin, instead, is run by a network of computers that keep track of all transactions on the blockchain ledger. For many, that technology was reason enough to buy into the idea. Story continues On the other side of the equation are Bitcoins devoted enthusiasts who saw in its technology a promising way to change the global financial system. This is the first time that theres a real separation -- just like church and state -- you have a separation of money and state, said Alex Mashinsky, founder of Celsius Network, a crypto lending platform. Thats the innovation, thats the excitement. But Bitcoin was slow to take off, notching its first transaction two years after its creation, when someone used it to buy pizza. Since then, the first-born tokens price has catapulted, doubling many times over, and hundreds of imitators have cropped up -- some with more success than others. Many of those who got in early stayed faithful, watching as it made its way through a boom and bust cycle unrivaled by almost anything else over the last decade. At the beginning of 2017, Bitcoin jumped above $1,000. By mid-summer, it had more than doubled. Insanity was unleashed. By year-end, it hovered above $14,000. But as swiftly as it ran up, it fell even faster. By the end of 2018, Bitcoin barely budged above $3,000. Yet shortly after its crash, it embarked on another huge rally, this time reaching as high as $13,800 in the summer of 2019. Certainly the numbers are what appeals to investors, said David Tawil, president of ProChain Capital. The next 10 years need to be a totally different stage of growth based on totally different factors than the first stage. As much as its made a fortune for speculators and some thieves, Bitcoins survival will rest on further adoption. Its not being used as a widespread medium of exchange. A few large retailers are accepting payment in Bitcoin but it hasnt been the large-scale embrace so many had predicted. Scams are still running rampant. Interest is waning and consolidation among large owners is at a higher level than it was during the height of the 2017 bubble, which means that their influence over prices could be increasing. Projections for the next decade abound. In the 2020s, mass adoption is surely to take off, they say. Blockchain technology will revolutionize and solve every problem in the world. On the other hand, regulatory scrutiny is likely to intensify, with central bankers paying closer attention than ever before. In the more immediate term, some speculators forecast 2020 might be less fraught with volatility given its upcoming halving, whereby the number of coins awarded to so-called miners who process transactions is cut by 50%. Thats set to happen in May 2020 (the internet is replete with countdown clocks). The coins previous cut, about four years ago, coincided with a run-up in its price, pushing many crypto evangelist to believe in a repeat. To CoinLists Andy Bromberg, the halving is already priced in. Maybe its been overpriced in and everyones bought into this thesis and we see a dip post-halving, said the firms co-founder and president in an interview. That would not shock me. But beyond next year, Bitcoin is finding its own narrative as digital gold, he said. It feels like that narrative is picking up steam and its breaking away on its own. I would define success for most crypto assets as doing exactly that. To contact the reporter on this story: Vildana Hajric in New York at [email protected] To contact the editors responsible for this story: Jeremy Herron at [email protected], Dave Liedtka, Randall Jensen For more articles like this, please visit us at bloomberg.com ©2020 Bloomberg L.P. || Bitcoin’s 9,000,000% Rise This Decade Leaves the Skeptics Aghast: (Bloomberg) -- If in the throes of this bull market’s earliest stages of recovery someone told you to forgo stocks, forget commodities, renounce fixed-income assets and buy an unknown digital token, the first of its kind, and watch it grow beyond your wildest dreams, you’d call them crazy, right?
Emerging out of the ashes of the financial crisis, Bitcoin was created as a bypass to the banks and government agencies mired in Wall Street’s greatest calamity in decades. At first, it was slow to break through, muddied by a slew of scandals: fraud, thefts and scams that turned away many and brought closer regulatory scrutiny. But once it burst into the mainstream, it proved to be the decade’s best-performing asset.
The largest digital token, trading around $7,200, has posted gains of more than 9,000,000% since July 2010, according to data compiled by Bloomberg.
“Bitcoin really captured that wild technology enthusiasm that ‘this time is different,’” said Peter Atwater, the president of Financial Insyghts and an adjunct professor at William & Mary in Williamsburg, Virginia.
The performance over the past 10 years, even with its huge run-up and subsequent mega-crash, leaves all others in the dust. It’s a massive windfall for those who HODL’ed through its ups and downs, even as it continues to provide fodder for get-rich-quick schemes. For some, the never-ending fantasy of continually hitting that payoff still helps to keep Bitcoin’s momentum going.
Nothing else comes even close to beating it. The S&P 500 merely tripled in that period. An index that tracks world markets has more than doubled. Gold is up 25%. Some of the best-performing stocks in the Russell 3000 -- including Exact Sciences Corp. and Intelligent Systems Corp. -- are each up about 3,000%. Those gains pale in comparison to the finance world’s latest -- and one of its most controversial -- marvels.
Partly, the monster return is a reflection of the calculus behind Bitcoin’s jumping-off point: the token wasn’t worth anything when someone named Satoshi Nakamoto launched it on Halloween 2008. Designed as a method of exchange that can be sent electronically between users around the world, it did not have a centralized control network. Bitcoin, instead, is run by a network of computers that keep track of all transactions on the blockchain ledger. For many, that technology was reason enough to buy into the idea.
On the other side of the equation are Bitcoin’s devoted enthusiasts who saw in its technology a promising way to change the global financial system.
“This is the first time that there’s a real separation -- just like church and state -- you have a separation of money and state,” said Alex Mashinsky, founder of Celsius Network, a crypto lending platform. “That’s the innovation, that’s the excitement.”
But Bitcoin was slow to take off, notching its first transaction two years after its creation, when someone used it to buy pizza. Since then, the first-born token’s price has catapulted, doubling many times over, and hundreds of imitators have cropped up -- some with more success than others.
Many of those who got in early stayed faithful, watching as it made its way through a boom and bust cycle unrivaled by almost anything else over the last decade.
At the beginning of 2017, Bitcoin jumped above $1,000. By mid-summer, it had more than doubled. Insanity was unleashed. By year-end, it hovered above $14,000. But as swiftly as it ran up, it fell even faster. By the end of 2018, Bitcoin barely budged above $3,000. Yet shortly after its crash, it embarked on another huge rally, this time reaching as high as $13,800 in the summer of 2019.
“Certainly the numbers are what appeals to investors,” said David Tawil, president of ProChain Capital. “The next 10 years need to be a totally different stage of growth based on totally different factors than the first stage.”
As much as it’s made a fortune for speculators and some thieves, Bitcoin’s survival will rest on further adoption. It’s not being used as a widespread medium of exchange. A few large retailers are accepting payment in Bitcoin but it hasn’t been the large-scale embrace so many had predicted. Scams are still running rampant. Interest is waning and consolidation among large owners is at a higher level than it was during the height of the 2017 bubble, which means that their influence over prices could be increasing.
Projections for the next decade abound. In the 2020s, mass adoption is surely to take off, they say. Blockchain technology will revolutionize and solve every problem in the world. On the other hand, regulatory scrutiny is likely to intensify, with central bankers paying closer attention than ever before.
In the more immediate term, some speculators forecast 2020 might be less fraught with volatility given its upcoming halving, whereby the number of coins awarded to so-called miners who process transactions is cut by 50%. That’s set to happen in May 2020 (the internet is replete with countdown clocks). The coin’s previous cut, about four years ago, coincided with a run-up in its price, pushing many crypto evangelist to believe in a repeat.
To CoinList’s Andy Bromberg, the halving is already priced in. “Maybe it’s been overpriced in and everyone’s bought into this thesis and we see a dip post-halving,” said the firm’s co-founder and president in an interview. “That would not shock me.”
But beyond next year, “Bitcoin is finding its own narrative as digital gold,” he said. “It feels like that narrative is picking up steam and it’s breaking away on its own. I would define success for most crypto assets as doing exactly that.”
To contact the reporter on this story: Vildana Hajric in New York at [email protected]
To contact the editors responsible for this story: Jeremy Herron at [email protected], Dave Liedtka, Randall Jensen
For more articles like this, please visit us atbloomberg.com
©2020 Bloomberg L.P. || Algorithmic trading platform CoinRoutes reports $1 billion in order flow for 2019: New York-based trading software provider CoinRoutes said Monday that the company saw more than $1 billion worth of digital assets in order flow on its platform over the course of 2019. The firm, which develops algorithmic trading tools for cryptocurrencies, said it has processed more than 21,000 unique orders across over 120 cryptocurrency pairs on behalf of its clients since the start of the year. The platform, which provides order routing technology for best-execution of crypto trades, routed more than 500,000 orders to 18 different crypto markets in that time period. CoinRoutes raised $3 million earlier this year, announcing that crypto brokerage Bitcoin Suisse had bought a "sizeable minority" in its U.S.-based unit. As The Block reported at the time , Bitcoin Suisse chairman Niklas Nikolajsen joined CoinRoutes' board as part of the deal. || Algorithmic trading platform CoinRoutes reports $1 billion in order flow for 2019: New York-based trading software provider CoinRoutes said Monday that the company saw more than $1 billion worth of digital assets in order flow on its platform over the course of 2019.
The firm, which develops algorithmic trading tools for cryptocurrencies, said it has processed more than 21,000 unique orders across over 120 cryptocurrency pairs on behalf of its clients since the start of the year. The platform, which provides order routing technology for best-execution of crypto trades, routed more than 500,000 orders to 18 different crypto markets in that time period.
CoinRoutes raised $3 million earlier this year, announcing that crypto brokerage Bitcoin Suisse had bought a "sizeable minority" in its U.S.-based unit.
As The Blockreported at the time, Bitcoin Suisse chairman Niklas Nikolajsen joined CoinRoutes' board as part of the deal.
[Social Media Buzz]
None available.
|
7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21.
|
[Bitcoin Technical Analysis for 2020-07-14]
Volume: 18085038362, RSI (14-day): 48.59, 50-day EMA: 9223.62, 200-day EMA: 8667.54
[Wider Market Context]
Gold Price: 1810.60, Gold RSI: 64.32
Oil Price: 40.29, Oil RSI: 58.64
[Recent News (last 7 days)]
Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200: A bullish stock market left bitcoin behind Monday with the world’s oldest cryptocurrency trading flat.
• Bitcoin(BTC) trading around $9,226 as of 20:00 UTC (4 p.m. ET) and flat, up only 0.10% over the previous 24 hours.
• Bitcoin’s 24-hour range: $9,193-$9,339
• BTC price below 10-day and 50-day moving average, a bearish signal for market technicians.
The absence of action in bitcoin is in contrast to the performance of global equities on Monday. Stocks across the world today:
• In Asia the Nikkei 225 closed up 2.2% led bybig gains in Mazda Motors and Nikon.
• In Europe the FTSE 100 index ended the day up 1.3% asoptimism for a coronavirus drug treatment led stocks higher.
• The U.S. S&P 500 index slipped 1%after a rally lost steam and tech stocks ended the day in the red.
“In recent trading sessions, bitcoin traded in a narrow range of $9,100-$9,200,” said Constantin Kogan, partner at cryptocurrency fund BitBull Capital. “After a short-term bullish impulse, the asset managed to peak at $9,300, followed by a downward correction.”
Related:Bitcoin Volatility Metrics Are Like November 2018 All Over Again
Over the past few days, bitcoin has approached $9,320, only to see the price drop, Kogan noted.
“The first resistance for bitcoin is at $9,320, the next important zone, the passage of which will give strength to the bulls at $9,400.”
Read More:Drop in Bitcoin ‘Whale’ Addresses Suggests Market May Be Decentralizing
“There is a clear lack of energy in the bitcoin market,” said Chris Thomas, head of digital assets for broker Swissquote. “DeFi has more energy just now [and] some are focusing on that.”
Related:Compound Tops $1B in Crypto Loans as DeFi Farmers Keep Digging for Yield
Spot exchanges such as Coinbase continue to be plagued with low trading volumes in July, said BitBull’s Kogan. He also pointed out the uncertainty bitcoin traders are currently facing in these unprecedented economic times. “The Index of Fear and Greedhas increased by several points since last week and approached a neutral value, which indicates confusion among market participants,” said Kogan.
Despite the uncertainty, the bitcoin mining sector is showing no signs of slowing down, Kogan noted.“The bitcoin hashratehas reached a new maximum. This indicates the continued interest of miners in cryptocurrency mining,” he said.
Regardless of the bitcoin volume slump, traders always find assets to trade. Josh Rager, a trader and adviser for crypto brokerage LevelInvest has been focusing onaltcoins – alternative assets to bitcoin. “A slow grind is good. I’m neutral, just trading alts,” Rager told CoinDesk.
Ether(ETH), the second-largest cryptocurrency by market capitalization, was flat Monday, trading around $238 and in the red 0.10% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Compound Tops $1B in Crypto Loans as DeFi Farmers Keep Digging
Over the past year, Ethereum network fees have risen from 0.1131 to 0.5089 ETH. That is a 350% bump as usage of the network for decentralized finance, or DeFi, applications has increased. Stablecoins, lending and trading via Ethereum smart contracts are some of the most popular, according to data aggregator DeFi Pulse.
Goerge Clayton, managing partner of Cryptanalysis Capital, says the rise in fees could be a sign that the Ethereum network could reach some sort of limitation in transactions. “ETH fees are rising,” Clayton said. “Not sure where it all ends up. Could be a choke point for that sector soon.”
Digital assets on theCoinDesk 20are mixed Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• tezos(XTZ) + 7.8%
• cardano(ADA) + 7.4%
• chainlink(LINK) + 5.7%
Read More:Twelve-Fold Gains for Aave’s LEND Token Might Be More Than DeFi Hype
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• dogecoin(DOGE) – 16%
• 0x(ZRX) – 4.8%
• decred(DCR) – 3.7%
Commodities:
• Oil is down 2.3%. Price per barrel of West Texas Intermediate crude: $39.64
• Gold is flat Monday, in the green 0.18% at $1,801 per ounce
Read More:SEC, CFTC Hit Crypto App Abra With $300K in Penalties Over Illegal Swaps
Treasurys:
• U.S. Treasury bonds slipped Monday. Yields, which move in the opposite direction as price, are down the most on the two-year, in the red 8.7%.
Read More:Correlation – Crypto’s Most Enigmatic Metric
• Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200
• Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200 || Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200: A bullish stock market left bitcoin behind Monday with the world’s oldest cryptocurrency trading flat.
• Bitcoin(BTC) trading around $9,226 as of 20:00 UTC (4 p.m. ET) and flat, up only 0.10% over the previous 24 hours.
• Bitcoin’s 24-hour range: $9,193-$9,339
• BTC price below 10-day and 50-day moving average, a bearish signal for market technicians.
The absence of action in bitcoin is in contrast to the performance of global equities on Monday. Stocks across the world today:
• In Asia the Nikkei 225 closed up 2.2% led bybig gains in Mazda Motors and Nikon.
• In Europe the FTSE 100 index ended the day up 1.3% asoptimism for a coronavirus drug treatment led stocks higher.
• The U.S. S&P 500 index slipped 1%after a rally lost steam and tech stocks ended the day in the red.
“In recent trading sessions, bitcoin traded in a narrow range of $9,100-$9,200,” said Constantin Kogan, partner at cryptocurrency fund BitBull Capital. “After a short-term bullish impulse, the asset managed to peak at $9,300, followed by a downward correction.”
Related:Bitcoin Volatility Metrics Are Like November 2018 All Over Again
Over the past few days, bitcoin has approached $9,320, only to see the price drop, Kogan noted.
“The first resistance for bitcoin is at $9,320, the next important zone, the passage of which will give strength to the bulls at $9,400.”
Read More:Drop in Bitcoin ‘Whale’ Addresses Suggests Market May Be Decentralizing
“There is a clear lack of energy in the bitcoin market,” said Chris Thomas, head of digital assets for broker Swissquote. “DeFi has more energy just now [and] some are focusing on that.”
Related:Compound Tops $1B in Crypto Loans as DeFi Farmers Keep Digging for Yield
Spot exchanges such as Coinbase continue to be plagued with low trading volumes in July, said BitBull’s Kogan. He also pointed out the uncertainty bitcoin traders are currently facing in these unprecedented economic times. “The Index of Fear and Greedhas increased by several points since last week and approached a neutral value, which indicates confusion among market participants,” said Kogan.
Despite the uncertainty, the bitcoin mining sector is showing no signs of slowing down, Kogan noted.“The bitcoin hashratehas reached a new maximum. This indicates the continued interest of miners in cryptocurrency mining,” he said.
Regardless of the bitcoin volume slump, traders always find assets to trade. Josh Rager, a trader and adviser for crypto brokerage LevelInvest has been focusing onaltcoins – alternative assets to bitcoin. “A slow grind is good. I’m neutral, just trading alts,” Rager told CoinDesk.
Ether(ETH), the second-largest cryptocurrency by market capitalization, was flat Monday, trading around $238 and in the red 0.10% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Read More:Compound Tops $1B in Crypto Loans as DeFi Farmers Keep Digging
Over the past year, Ethereum network fees have risen from 0.1131 to 0.5089 ETH. That is a 350% bump as usage of the network for decentralized finance, or DeFi, applications has increased. Stablecoins, lending and trading via Ethereum smart contracts are some of the most popular, according to data aggregator DeFi Pulse.
Goerge Clayton, managing partner of Cryptanalysis Capital, says the rise in fees could be a sign that the Ethereum network could reach some sort of limitation in transactions. “ETH fees are rising,” Clayton said. “Not sure where it all ends up. Could be a choke point for that sector soon.”
Digital assets on theCoinDesk 20are mixed Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• tezos(XTZ) + 7.8%
• cardano(ADA) + 7.4%
• chainlink(LINK) + 5.7%
Read More:Twelve-Fold Gains for Aave’s LEND Token Might Be More Than DeFi Hype
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• dogecoin(DOGE) – 16%
• 0x(ZRX) – 4.8%
• decred(DCR) – 3.7%
Commodities:
• Oil is down 2.3%. Price per barrel of West Texas Intermediate crude: $39.64
• Gold is flat Monday, in the green 0.18% at $1,801 per ounce
Read More:SEC, CFTC Hit Crypto App Abra With $300K in Penalties Over Illegal Swaps
Treasurys:
• U.S. Treasury bonds slipped Monday. Yields, which move in the opposite direction as price, are down the most on the two-year, in the red 8.7%.
Read More:Correlation – Crypto’s Most Enigmatic Metric
• Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200
• Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200 || Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200: A bullish stock market left bitcoin behind Monday with the world’s oldest cryptocurrency trading flat. Bitcoin (BTC) trading around $9,226 as of 20:00 UTC (4 p.m. ET) and flat, up only 0.10% over the previous 24 hours. Bitcoin’s 24-hour range: $9,193-$9,339 BTC price below 10-day and 50-day moving average, a bearish signal for market technicians. The absence of action in bitcoin is in contrast to the performance of global equities on Monday. Stocks across the world today: In Asia the Nikkei 225 closed up 2.2% led by big gains in Mazda Motors and Nikon . In Europe the FTSE 100 index ended the day up 1.3% as optimism for a coronavirus drug treatment led stocks higher . The U.S. S&P 500 index slipped 1% after a rally lost steam and tech stocks ended the day in the red. “In recent trading sessions, bitcoin traded in a narrow range of $9,100-$9,200,” said Constantin Kogan, partner at cryptocurrency fund BitBull Capital. “After a short-term bullish impulse, the asset managed to peak at $9,300, followed by a downward correction.” Related: Bitcoin Volatility Metrics Are Like November 2018 All Over Again Over the past few days, bitcoin has approached $9,320, only to see the price drop, Kogan noted. “The first resistance for bitcoin is at $9,320, the next important zone, the passage of which will give strength to the bulls at $9,400.” Read More: Drop in Bitcoin ‘Whale’ Addresses Suggests Market May Be Decentralizing “There is a clear lack of energy in the bitcoin market,” said Chris Thomas, head of digital assets for broker Swissquote. “DeFi has more energy just now [and] some are focusing on that.” Related: Compound Tops $1B in Crypto Loans as DeFi Farmers Keep Digging for Yield Spot exchanges such as Coinbase continue to be plagued with low trading volumes in July, said BitBull’s Kogan. He also pointed out the uncertainty bitcoin traders are currently facing in these unprecedented economic times. “ The Index of Fear and Greed has increased by several points since last week and approached a neutral value, which indicates confusion among market participants,” said Kogan. Despite the uncertainty, the bitcoin mining sector is showing no signs of slowing down, Kogan noted. “ The bitcoin hashrate has reached a new maximum . This indicates the continued interest of miners in cryptocurrency mining,” he said. Regardless of the bitcoin volume slump, traders always find assets to trade. Josh Rager, a trader and adviser for crypto brokerage LevelInvest has been focusing on altcoins – alternative assets to bitcoin . “A slow grind is good. I’m neutral, just trading alts,” Rager told CoinDesk. Story continues Ethereum fees are up Ether (ETH), the second-largest cryptocurrency by market capitalization, was flat Monday, trading around $238 and in the red 0.10% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Read More: Compound Tops $1B in Crypto Loans as DeFi Farmers Keep Digging Over the past year, Ethereum network fees have risen from 0.1131 to 0.5089 ETH. That is a 350% bump as usage of the network for decentralized finance, or DeFi, applications has increased. Stablecoins, lending and trading via Ethereum smart contracts are some of the most popular, according to data aggregator DeFi Pulse. Goerge Clayton, managing partner of Cryptanalysis Capital, says the rise in fees could be a sign that the Ethereum network could reach some sort of limitation in transactions. “ETH fees are rising,” Clayton said. “Not sure where it all ends up. Could be a choke point for that sector soon.” Other markets Digital assets on the CoinDesk 20 are mixed Monday. Notable winners as of 20:00 UTC (4:00 p.m. ET): tezos (XTZ) + 7.8% cardano (ADA) + 7.4% chainlink (LINK) + 5.7% Read More: Twelve-Fold Gains for Aave’s LEND Token Might Be More Than DeFi Hype Notable losers as of 20:00 UTC (4:00 p.m. ET): dogecoin (DOGE) – 16% 0x (ZRX) – 4.8% decred (DCR) – 3.7% Commodities: Oil is down 2.3%. Price per barrel of West Texas Intermediate crude: $39.64 Gold is flat Monday, in the green 0.18% at $1,801 per ounce Read More: SEC, CFTC Hit Crypto App Abra With $300K in Penalties Over Illegal Swaps Treasurys: U.S. Treasury bonds slipped Monday. Yields, which move in the opposite direction as price, are down the most on the two-year, in the red 8.7%. Read More: Correlation – Crypto’s Most Enigmatic Metric Related Stories Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200 Market Wrap: Stocks Make Gains While Bitcoin Sticks to $9,200 View comments || Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High: An index of 50 low-capitalization cryptocurrencies, the so-called Shitcoin Index , is up 114% so far this year. Launched in 2019 by FTX, the index was trading at an all-time high of $1,065 Monday after making all-time highs for the past three consecutive trading days. The novel futures product has outperformed bitcoin by 88 percentage points this year. Wednesday marked the first trading day the index closed above $1,000. September futures continue to trade in mild backwardation (at a discount) to perpetual futures. Daily trading volumes are low, staying below $10 million for the past month, but open interest, or the total value of contracts not yet settled, grew 43% over the past week, according to CoinGecko data. “Over the past month the ‘Robinhood Rally’ seems to have made its way into crypto, with popular and /or lower-cap coins running up while their respective market leaders stay quiet,” said Sam Bankman-Fried, CEO of FTX, the exchange that launched the index futures in August 2019. The index includes 50 low-cap cryptocurrencies including grin, theta, bitcoin gold, nano and ardor. Related Stories Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High || Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High: An index of 50 low-capitalization cryptocurrencies, the so-called Shitcoin Index , is up 114% so far this year. Launched in 2019 by FTX, the index was trading at an all-time high of $1,065 Monday after making all-time highs for the past three consecutive trading days. The novel futures product has outperformed bitcoin by 88 percentage points this year. Wednesday marked the first trading day the index closed above $1,000. September futures continue to trade in mild backwardation (at a discount) to perpetual futures. Daily trading volumes are low, staying below $10 million for the past month, but open interest, or the total value of contracts not yet settled, grew 43% over the past week, according to CoinGecko data. “Over the past month the ‘Robinhood Rally’ seems to have made its way into crypto, with popular and /or lower-cap coins running up while their respective market leaders stay quiet,” said Sam Bankman-Fried, CEO of FTX, the exchange that launched the index futures in August 2019. The index includes 50 low-cap cryptocurrencies including grin, theta, bitcoin gold, nano and ardor. Related Stories Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High || Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High: An index of 50 low-capitalization cryptocurrencies, the so-called Shitcoin Index , is up 114% so far this year. Launched in 2019 by FTX, the index was trading at an all-time high of $1,065 Monday after making all-time highs for the past three consecutive trading days. The novel futures product has outperformed bitcoin by 88 percentage points this year. Wednesday marked the first trading day the index closed above $1,000. September futures continue to trade in mild backwardation (at a discount) to perpetual futures. Daily trading volumes are low, staying below $10 million for the past month, but open interest, or the total value of contracts not yet settled, grew 43% over the past week, according to CoinGecko data. “Over the past month the ‘Robinhood Rally’ seems to have made its way into crypto, with popular and /or lower-cap coins running up while their respective market leaders stay quiet,” said Sam Bankman-Fried, CEO of FTX, the exchange that launched the index futures in August 2019. The index includes 50 low-cap cryptocurrencies including grin, theta, bitcoin gold, nano and ardor. Related Stories Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High Vulgar Crypto Index (Rhymes With ‘Bitcoin’) Hits All-Time High || Google Searches for Chainlink Hits High as Link Token Rallies: Retail interest in Chainlink, which acts as a bridge between cryptocurrency smart contracts and off-chain data feeds, is now at the highest level it has been in well over a year.
According to Google Trends, worldwide queries for the word “Chainlink” on the search engine reached a score of 100 in the week ended July 12, more than double what it was the preceding week. A score of 100 indicates it is the maximum number of searches observed for a term during a given time frame.
The increased retail interest in the project could be attributed to the link token’s recent meteoric price rally.
Related:Bitcoin Volatility Metrics Are Like November 2018 All Over Again
The price of link, an ERC-20 token used to pay for services on the Chainlink network, rose to a record high of $8.48 early Monday, having rallied by 50% in the last week alone. At press time, link was changing hands at around $7.90 on major exchanges, up 73% on a month-to-date basis and350% on a year-to-date basis.
Due to the record price rally, link is now one of the best-performing cryptocurrencies of 2020 and the tenth-largest cryptocurrency by market value, according to data source Messari.Leading link areDeFi tokens including Aave’s lend protocol, which is up over 900% on a year-to-date basis. Meanwhile,bitcoin,ether,XRPand other major coins are substantially lagging.
Link’s impressive rally seems to have been fueled byChainlink’s increased usagein the ever-growing decentralized finance (DeFi) space.
Read more:DeFi Driving Chainlink’s Link Token to Record Highs
Related:First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going 'Brrrr'
Search queries for cryptocurrencies or for any financial asset usually rise during a record price rally. However, quite often it does not translate into increased investor participation. This is because retail investors are averse to high price volatility.
However, in Link’s case, the number of new addresses and active addresses has risen sharply alongside the spike in search queries. As such, it may be surmised that the peak retail interest is translating into additional buying pressure.
Daily active addresses rose to a 13-month high of 9,263 and new addresses, as represented by network growth, set a 12-month high of 4,517 on July 8, according to data provided bySantiment, a blockchain analytics company.
Daily active addresses and new addresses are up 800% and 900%, respectively, on a year-to-date basis.
While Chainlink’s long-term prospects mayappear brightcourtesy of the ongoing multi-year shift in focus from base layer protocols to middleware services, in the short run the cryptocurrency looks vulnerable to a price pullback, as the sentiment looks to have turned overly bullish.
“Chainlink is proof that no one knows what they are talking about and crypto fundamentals is basically macro sentiment, alchemy and animal spirits. I love what the team is working on, but the token is going nuts. I do not understand anything of it,” Ryan Selkis, founder of Messari,tweeted early Monday.
Read more:Chainlink’s Link Token Outperforms Bitcoin as Business Wins Fuel Hype Cycle
Meanwhile, “link token” is currently the top trending term on crypto social media, according to the data from 1,000+ social channels tracked by Santiment. “Usually when the coin’s name appears on the top of our list of social gainers/emerging trends, its price drops by an average of 8.2% within the next 12 days,” Dino Ibisbegovic, market analyst at Santiment, told CoinDesk in a Telegram chat.
• Google Searches for Chainlink Hits High as Link Token Rallies
• Google Searches for Chainlink Hits High as Link Token Rallies || Google Searches for Chainlink Hits High as Link Token Rallies: Retail interest in Chainlink, which acts as a bridge between cryptocurrency smart contracts and off-chain data feeds, is now at the highest level it has been in well over a year. According to Google Trends, worldwide queries for the word Chainlink on the search engine reached a score of 100 in the week ended July 12, more than double what it was the preceding week. A score of 100 indicates it is the maximum number of searches observed for a term during a given time frame. The increased retail interest in the project could be attributed to the link tokens recent meteoric price rally. Related: Bitcoin Volatility Metrics Are Like November 2018 All Over Again The price of link, an ERC-20 token used to pay for services on the Chainlink network, rose to a record high of $8.48 early Monday, having rallied by 50% in the last week alone. At press time, link was changing hands at around $7.90 on major exchanges, up 73% on a month-to-date basis and 350% on a year-to-date basis . Due to the record price rally, link is now one of the best-performing cryptocurrencies of 2020 and the tenth-largest cryptocurrency by market value, according to data source Messari. Leading link are DeFi tokens including Aaves lend protocol, which is up over 900% on a year-to-date basis. Meanwhile, bitcoin , ether , XRP and other major coins are substantially lagging. Links impressive rally seems to have been fueled by Chainlinks increased usage in the ever-growing decentralized finance (DeFi) space. Read more: DeFi Driving Chainlinks Link Token to Record Highs Related: First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going 'Brrrr' Search queries for cryptocurrencies or for any financial asset usually rise during a record price rally. However, quite often it does not translate into increased investor participation. This is because retail investors are averse to high price volatility. However, in Links case, the number of new addresses and active addresses has risen sharply alongside the spike in search queries. As such, it may be surmised that the peak retail interest is translating into additional buying pressure. Story continues Daily active addresses rose to a 13-month high of 9,263 and new addresses, as represented by network growth, set a 12-month high of 4,517 on July 8, according to data provided by Santiment , a blockchain analytics company. Daily active addresses and new addresses are up 800% and 900%, respectively, on a year-to-date basis. Extreme bullish sentiment? While Chainlinks long-term prospects may appear bright courtesy of the ongoing multi-year shift in focus from base layer protocols to middleware services, in the short run the cryptocurrency looks vulnerable to a price pullback, as the sentiment looks to have turned overly bullish. Chainlink is proof that no one knows what they are talking about and crypto fundamentals is basically macro sentiment, alchemy and animal spirits. I love what the team is working on, but the token is going nuts. I do not understand anything of it, Ryan Selkis, founder of Messari, tweeted early Monday . Read more: Chainlinks Link Token Outperforms Bitcoin as Business Wins Fuel Hype Cycle Meanwhile, link token is currently the top trending term on crypto social media, according to the data from 1,000+ social channels tracked by Santiment. Usually when the coins name appears on the top of our list of social gainers/emerging trends, its price drops by an average of 8.2% within the next 12 days, Dino Ibisbegovic, market analyst at Santiment, told CoinDesk in a Telegram chat. Related Stories Google Searches for Chainlink Hits High as Link Token Rallies Google Searches for Chainlink Hits High as Link Token Rallies || The U.S. Army is seeking info on crypto tracing tools for cybercrime investigations: The U.S. Army's principal investigative division has shown renewed interest in equipping its cybercrime team with cryptocurrency tracing tools, public records show. A Statement of Work (SOW) published on July 10 outlines how the U.S. Army Criminal Investigation Command's Major Cybercrime Unit (MCU) is taking the initial step toward welcoming bids for Web-based offerings instead of software or hardware-based ones. Essentially an invitation to express interest among contractors, the SOW has a deadline of July 20. According to the document, "[t]he web based application must provide the capability to assist law enforcement identify and stop actors who are using cryptocurrencies for illicit activity such as fraud, extortion, and money laundering." "Application must enables[sic] users to conduct in-depth investigation into the source of cryptocurrency transactions and provides multi-currency analysis from Bitcoin to other top cryptocurrencies," it continues. The document further explained the U.S. Army's vision for such a tool, noting: "Objectives: To acquire web based application solution that provides a capability to support investigations where there is a nexus to virtual currency. The solution needs to be cloud-based, to support USACIDC's ability to quickly detect criminal and suspicious financial connections, identify suspicious cryptocurrency transactions, and investigate cryptocurrency connections." Among the requirements: the ability "to spot transaction patterns and interactions with other entities" and possess "some type of visualization and/or link analysis tool to facilitate analysis of data." The publication comes just under a year after the U.S. Army issued a pre-solicitation notice last summer. The Pentagon, which oversees the U.S. armed forces, previously looked at the use of cryptocurrency in a wargame focused on domestic civil unrest. Documents obtained by The Intercept showed a scenario in which a Gen Z "rebellion" included the use of crypto to redistribute stolen funds. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || The U.S. Army is seeking info on crypto tracing tools for cybercrime investigations: The U.S. Army's principal investigative division has shown renewed interest in equipping its cybercrime team with cryptocurrency tracing tools, public records show.
A Statement of Work (SOW)publishedon July 10 outlines how the U.S. Army Criminal Investigation Command's Major Cybercrime Unit (MCU) is taking the initial step toward welcoming bids for Web-based offerings instead of software or hardware-based ones. Essentially an invitation to express interest among contractors, the SOW has a deadline of July 20.
According to the document, "[t]he web based application must provide the capability to assist law enforcement identify and stop actors who are using cryptocurrencies for illicit activity such as fraud, extortion, and money laundering."
"Application must enables[sic] users to conduct in-depth investigation into the source of cryptocurrency transactions and provides multi-currency analysis from Bitcoin to other top cryptocurrencies," it continues.
The document further explained the U.S. Army's vision for such a tool, noting:
"Objectives: To acquire web based application solution that provides a capability to support investigations where there is a nexus to virtual currency. The solution needs to be cloud-based, to support USACIDC's ability to quickly detect criminal and suspicious financial connections, identify suspicious cryptocurrency transactions, and investigate cryptocurrency connections."
Among the requirements: the ability "to spot transaction patterns and interactions with other entities" and possess "some type of visualization and/or link analysis tool to facilitate analysis of data."
The publication comes just under a year after the U.S. Army issueda pre-solicitation noticelast summer.
The Pentagon, which oversees the U.S. armed forces, previously looked at the use of cryptocurrency in a wargame focused on domestic civil unrest. Documents obtained byThe Interceptshowed a scenario in which a Gen Z "rebellion" included the use of crypto to redistribute stolen funds.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Blockchain Bites: It’s Never Been Harder to Mine Bitcoin: Bitcoin’s mining difficulty is at a record high, Singapore’s central bank digital currency could find commercial use and Chinese firms are going in on Filecoin. Here’s the story:
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Record Level Mining DifficultyBitcoin’s mining difficulty, an automatic adjusting feature, is ata record high.This adjustment reflects increasing computer power on the network and, potentially, investment in new mining machines, despite bitcoin ranging between $9,100 and $9,500 since early July. The increased difficulty comes two months after Bitcoin’s quadrennial halving, which has complicated the economy of Bitcoin miners and machinery that secure the network.
Related:First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going 'Brrrr'
Filecoin MinersEight of the top 10Filecoin testnet minersare Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and physical hardware for the distributed file sharing system. “The Filecoin craze in China may be largely related to the long-standing popularity of crypto mining in the country in general, which is home to around 65% of the computing power on Bitcoin by estimation,” CoinDesk’s Wolfie Zhao writes.
Privacy MattersDeveloper Chris Belcher is trying tobring privacy to Bitcoin.He’s building out an idea first proposed in 2013, CoinSwap, and has been awarded two grants for his effort. “CoinSwap could be said to allow bitcoins to teleport undetectably to anywhere else on the blockchain,” Bitcoin Wiki writes. Bitcoin’s cryptographic underpinning allows anyone to look at a history of any transaction – skewering any sense of real privacy. CoinSwaps and other privacy-minded advancements are trying to bring the anonymous aspects of cash to the blockchain.
Not BindingA federal judge said Telegram’s court battle did not set a precedent for a similar case involvingKik’s battle with the SEC.“I think that there is no binding precedent one way or another,” Judge Alvin K. Hellerstein said. The SEC is pursuing action against Kik related to its $100 million ICO. The SEC won a preliminary injunction against Telegram this year, ordering the company to halt the issuance of its gram tokens, and the firm later discontinued the TON project.
CBDC Going LiveThe next phase for a blockchain-based central bank digital currency project in Singapore “will be in implementinglive commercial solutionsto solve real world challenges,” after the experiment completed its development cycle. Designed by the Monetary Authority of Singapore and state investor Temasek, Ubin, as the project is known, has been running as a multi-currency payments platform and has leveraged work on a blockchain and digital currency at U.S. investment bank JPMorgan.
• Bitcoin Gold developers foiled a51% attack
• Fidelity holds over 10% stake in bitcoin mining firm Hut 8 (The Block)
• A Ripple founder is building a surveillance network in San Francisco (Decrypt)
Related:Blockchain Bites: Coinbase's Untraditional Investor Day and the Ethereum-EOS Arms Race in Latin America
Chainlink is surging today, as it has for the past several days, weeks and months. Driven by integrations within the open finance ecosystem and a committed band of “Link Marines,” link is repeatedly passing lifetime highs.Messari’sRyan Selkisreflected on the trend this morning and said, “On a fully diluted basis, $LINK hit $8 [billion]+ today. That’s higher than Coinbase’s last valuation.” This is a significant milestone for what is only a piece of a larger financial system.Chainlink is an Ethereum-based system of oracles that supplies data to other decentralized projects. As CoinDesk has reported, insiders think link’s continued price rise isdriven by DeFi’sgrowing reliance on its technology.No one can honestly say whether Chainlink is driven by “fundamentals” or FOMO, but this is as good a time as any to get into Gartner’s theory ofHype Cycles.According to the research giant, the adoption of novel technologies follows a predictable lifecycle. There’s the initial innovation, a “peak of inflated expectations,” a period of disillusionment, the slope of enlightenment – defined by a growing number of use cases and pilot programs – and, finally, mainstream adoption.This tidy theory only works in reverse, if a technology takes off. For some Chainlink observers, the platform is clearly following the slope of enlightenment. Skeptics think the crypto is cresting on a peak of inflated expectations, which will crash and potentially never recover.There’s no clear answer to whether this is hype or a Hype Cycle, but in the words of CoinDesk Head of ResearchNoelle Acheson,reflecting on thedogecoin hypeand irrational stock market ebullience:“When markets don’t make any sense, when fundamentals no longer seem to matter, it becomes clear the rules are being rewritten or even thrown out the window. We could be in the creative destruction phase that will give way to a new wave of innovation. And in that wave, new types of assets could have a respectable place in new types of portfolios.”
Whale BreachThere are now103 addresses holding at least 10,000 BTC,the lowest in more than a year, according to blockchain analytics firm Glassnode. There has been an 8% decline in the number of “whale” addresses over the past two months. What this means for bitcoin’s price is difficult to work out. While some see this as reflecting weaker buying pressure (potentially foreseeing a price drop), the trend also points to the Bitcoin network decentralizing. Data shows the number of addresses holding at least 1 BTC, 0.1 BTC or 0.01 BTC continues to reach new record highs. “As such, one could argue that bitcoin ownership is being transferred from relatively few whales to a large number of smaller investors,” CoinDesk’s Omkar Godbole writes.
Hyper-StablecoinizationPascal Hügli, chief research officer at Schlossberg & Co., sees stablecoins, or crypto dollars appended to a blockchain, assucceeding where the eurodollar has failed.“The eurodollar approach was an attempt by private actors to create a dollar funding system outside the U.S., but still within the traditional financial system. Crypto dollars mainly reside outside of the traditional, U.S.-led financial system. Because of its inherent auditability, the crypto-dollar system is more transparent than the old euro dollar system based on shadow banking (so named for a reason),” he writes.
Crypto Long & Short: Interpreting ValueNoelle Acheson, CoinDesk’s head of research, dives into last week’sdogecoin phenomenon,which saw a handful of TikTok videos shoot the memetic cryptocurrency on a price tear. “It has nothing to do with fundamentals, potential or even government handouts – most participants probably don’t even understand what cryptocurrency is (many of the videos refer toDOGEas a “stock”). It’s about manipulation, just because,” she writes. “When you have the next generation of investors blatantly flaunting that markets are a meaningless casino, when you have them advertising that markets can be manipulated, then you do have to wonder what role markets will have in their lives as they get older.”
Catching the Lightning BugChaincode Labs researcher Clara Shikhelman has been studying mathematics in university since she was 14 years old. Now, as the bitcoin company’s newest post-doctoral fellow, she is exploring ways tooptimize the Lightning Network.Listen in to why Lightning attracted her attention. “There are a lot of people like me, their main thing is academic,” Shikhelman said. “They are not the classic cypherpunk people, but …[t]hey believe in privacy, in political change.”
• Blockchain Bites: It’s Never Been Harder to Mine Bitcoin
• Blockchain Bites: It’s Never Been Harder to Mine Bitcoin || Blockchain Bites: It’s Never Been Harder to Mine Bitcoin: Bitcoin’s mining difficulty is at a record high, Singapore’s central bank digital currency could find commercial use and Chinese firms are going in on Filecoin. Here’s the story:
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Record Level Mining DifficultyBitcoin’s mining difficulty, an automatic adjusting feature, is ata record high.This adjustment reflects increasing computer power on the network and, potentially, investment in new mining machines, despite bitcoin ranging between $9,100 and $9,500 since early July. The increased difficulty comes two months after Bitcoin’s quadrennial halving, which has complicated the economy of Bitcoin miners and machinery that secure the network.
Related:First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going 'Brrrr'
Filecoin MinersEight of the top 10Filecoin testnet minersare Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and physical hardware for the distributed file sharing system. “The Filecoin craze in China may be largely related to the long-standing popularity of crypto mining in the country in general, which is home to around 65% of the computing power on Bitcoin by estimation,” CoinDesk’s Wolfie Zhao writes.
Privacy MattersDeveloper Chris Belcher is trying tobring privacy to Bitcoin.He’s building out an idea first proposed in 2013, CoinSwap, and has been awarded two grants for his effort. “CoinSwap could be said to allow bitcoins to teleport undetectably to anywhere else on the blockchain,” Bitcoin Wiki writes. Bitcoin’s cryptographic underpinning allows anyone to look at a history of any transaction – skewering any sense of real privacy. CoinSwaps and other privacy-minded advancements are trying to bring the anonymous aspects of cash to the blockchain.
Not BindingA federal judge said Telegram’s court battle did not set a precedent for a similar case involvingKik’s battle with the SEC.“I think that there is no binding precedent one way or another,” Judge Alvin K. Hellerstein said. The SEC is pursuing action against Kik related to its $100 million ICO. The SEC won a preliminary injunction against Telegram this year, ordering the company to halt the issuance of its gram tokens, and the firm later discontinued the TON project.
CBDC Going LiveThe next phase for a blockchain-based central bank digital currency project in Singapore “will be in implementinglive commercial solutionsto solve real world challenges,” after the experiment completed its development cycle. Designed by the Monetary Authority of Singapore and state investor Temasek, Ubin, as the project is known, has been running as a multi-currency payments platform and has leveraged work on a blockchain and digital currency at U.S. investment bank JPMorgan.
• Bitcoin Gold developers foiled a51% attack
• Fidelity holds over 10% stake in bitcoin mining firm Hut 8 (The Block)
• A Ripple founder is building a surveillance network in San Francisco (Decrypt)
Related:Blockchain Bites: Coinbase's Untraditional Investor Day and the Ethereum-EOS Arms Race in Latin America
Chainlink is surging today, as it has for the past several days, weeks and months. Driven by integrations within the open finance ecosystem and a committed band of “Link Marines,” link is repeatedly passing lifetime highs.Messari’sRyan Selkisreflected on the trend this morning and said, “On a fully diluted basis, $LINK hit $8 [billion]+ today. That’s higher than Coinbase’s last valuation.” This is a significant milestone for what is only a piece of a larger financial system.Chainlink is an Ethereum-based system of oracles that supplies data to other decentralized projects. As CoinDesk has reported, insiders think link’s continued price rise isdriven by DeFi’sgrowing reliance on its technology.No one can honestly say whether Chainlink is driven by “fundamentals” or FOMO, but this is as good a time as any to get into Gartner’s theory ofHype Cycles.According to the research giant, the adoption of novel technologies follows a predictable lifecycle. There’s the initial innovation, a “peak of inflated expectations,” a period of disillusionment, the slope of enlightenment – defined by a growing number of use cases and pilot programs – and, finally, mainstream adoption.This tidy theory only works in reverse, if a technology takes off. For some Chainlink observers, the platform is clearly following the slope of enlightenment. Skeptics think the crypto is cresting on a peak of inflated expectations, which will crash and potentially never recover.There’s no clear answer to whether this is hype or a Hype Cycle, but in the words of CoinDesk Head of ResearchNoelle Acheson,reflecting on thedogecoin hypeand irrational stock market ebullience:“When markets don’t make any sense, when fundamentals no longer seem to matter, it becomes clear the rules are being rewritten or even thrown out the window. We could be in the creative destruction phase that will give way to a new wave of innovation. And in that wave, new types of assets could have a respectable place in new types of portfolios.”
Whale BreachThere are now103 addresses holding at least 10,000 BTC,the lowest in more than a year, according to blockchain analytics firm Glassnode. There has been an 8% decline in the number of “whale” addresses over the past two months. What this means for bitcoin’s price is difficult to work out. While some see this as reflecting weaker buying pressure (potentially foreseeing a price drop), the trend also points to the Bitcoin network decentralizing. Data shows the number of addresses holding at least 1 BTC, 0.1 BTC or 0.01 BTC continues to reach new record highs. “As such, one could argue that bitcoin ownership is being transferred from relatively few whales to a large number of smaller investors,” CoinDesk’s Omkar Godbole writes.
Hyper-StablecoinizationPascal Hügli, chief research officer at Schlossberg & Co., sees stablecoins, or crypto dollars appended to a blockchain, assucceeding where the eurodollar has failed.“The eurodollar approach was an attempt by private actors to create a dollar funding system outside the U.S., but still within the traditional financial system. Crypto dollars mainly reside outside of the traditional, U.S.-led financial system. Because of its inherent auditability, the crypto-dollar system is more transparent than the old euro dollar system based on shadow banking (so named for a reason),” he writes.
Crypto Long & Short: Interpreting ValueNoelle Acheson, CoinDesk’s head of research, dives into last week’sdogecoin phenomenon,which saw a handful of TikTok videos shoot the memetic cryptocurrency on a price tear. “It has nothing to do with fundamentals, potential or even government handouts – most participants probably don’t even understand what cryptocurrency is (many of the videos refer toDOGEas a “stock”). It’s about manipulation, just because,” she writes. “When you have the next generation of investors blatantly flaunting that markets are a meaningless casino, when you have them advertising that markets can be manipulated, then you do have to wonder what role markets will have in their lives as they get older.”
Catching the Lightning BugChaincode Labs researcher Clara Shikhelman has been studying mathematics in university since she was 14 years old. Now, as the bitcoin company’s newest post-doctoral fellow, she is exploring ways tooptimize the Lightning Network.Listen in to why Lightning attracted her attention. “There are a lot of people like me, their main thing is academic,” Shikhelman said. “They are not the classic cypherpunk people, but …[t]hey believe in privacy, in political change.”
• Blockchain Bites: It’s Never Been Harder to Mine Bitcoin
• Blockchain Bites: It’s Never Been Harder to Mine Bitcoin || Blockchain Bites: It’s Never Been Harder to Mine Bitcoin: Bitcoin’s mining difficulty is at a record high, Singapore’s central bank digital currency could find commercial use and Chinese firms are going in on Filecoin. Here’s the story: You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Top shelf Record Level Mining Difficulty Bitcoin ’s mining difficulty, an automatic adjusting feature, is at a record high. This adjustment reflects increasing computer power on the network and, potentially, investment in new mining machines, despite bitcoin ranging between $9,100 and $9,500 since early July. The increased difficulty comes two months after Bitcoin’s quadrennial halving, which has complicated the economy of Bitcoin miners and machinery that secure the network. Related: First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going 'Brrrr' Filecoin Miners Eight of the top 10 Filecoin testnet miners are Chinese investors or companies, according to the blockchain explorer, while more companies are selling cloud mining contracts and physical hardware for the distributed file sharing system. “The Filecoin craze in China may be largely related to the long-standing popularity of crypto mining in the country in general, which is home to around 65% of the computing power on Bitcoin by estimation,” CoinDesk’s Wolfie Zhao writes. Privacy Matters Developer Chris Belcher is trying to bring privacy to Bitcoin. He’s building out an idea first proposed in 2013, CoinSwap, and has been awarded two grants for his effort. “CoinSwap could be said to allow bitcoins to teleport undetectably to anywhere else on the blockchain,” Bitcoin Wiki writes. Bitcoin’s cryptographic underpinning allows anyone to look at a history of any transaction – skewering any sense of real privacy. CoinSwaps and other privacy-minded advancements are trying to bring the anonymous aspects of cash to the blockchain. Story continues Not Binding A federal judge said Telegram’s court battle did not set a precedent for a similar case involving Kik’s battle with the SEC. “I think that there is no binding precedent one way or another,” Judge Alvin K. Hellerstein said. The SEC is pursuing action against Kik related to its $100 million ICO. The SEC won a preliminary injunction against Telegram this year, ordering the company to halt the issuance of its gram tokens, and the firm later discontinued the TON project. CBDC Going Live The next phase for a blockchain-based central bank digital currency project in Singapore “will be in implementing live commercial solutions to solve real world challenges,” after the experiment completed its development cycle. Designed by the Monetary Authority of Singapore and state investor Temasek, Ubin, as the project is known, has been running as a multi-currency payments platform and has leveraged work on a blockchain and digital currency at U.S. investment bank JPMorgan. Quick bites Bitcoin Gold developers foiled a 51% attack Fidelity holds over 10% stake in bitcoin mining firm Hut 8 ( The Block ) A Ripple founder is building a surveillance network in San Francisco ( Decrypt ) Making links Related: Blockchain Bites: Coinbase's Untraditional Investor Day and the Ethereum-EOS Arms Race in Latin America Chainlink is surging today, as it has for the past several days, weeks and months. Driven by integrations within the open finance ecosystem and a committed band of “Link Marines,” link is repeatedly passing lifetime highs. Messari’s Ryan Selkis reflected on the trend this morning and said, “On a fully diluted basis, $LINK hit $8 [billion]+ today. That’s higher than Coinbase’s last valuation.” This is a significant milestone for what is only a piece of a larger financial system. Chainlink is an Ethereum-based system of oracles that supplies data to other decentralized projects. As CoinDesk has reported, insiders think link’s continued price rise is driven by DeFi’s growing reliance on its technology. No one can honestly say whether Chainlink is driven by “fundamentals” or FOMO, but this is as good a time as any to get into Gartner’s theory of Hype Cycles . According to the research giant, the adoption of novel technologies follows a predictable lifecycle. There’s the initial innovation, a “peak of inflated expectations,” a period of disillusionment, the slope of enlightenment – defined by a growing number of use cases and pilot programs – and, finally, mainstream adoption. This tidy theory only works in reverse, if a technology takes off. For some Chainlink observers, the platform is clearly following the slope of enlightenment. Skeptics think the crypto is cresting on a peak of inflated expectations, which will crash and potentially never recover. There’s no clear answer to whether this is hype or a Hype Cycle, but in the words of CoinDesk Head of Research Noelle Acheson, reflecting on the dogecoin hype and irrational stock market ebullience: “When markets don’t make any sense, when fundamentals no longer seem to matter, it becomes clear the rules are being rewritten or even thrown out the window. We could be in the creative destruction phase that will give way to a new wave of innovation. And in that wave, new types of assets could have a respectable place in new types of portfolios.” Market intel Whale Breach There are now 103 addresses holding at least 10,000 BTC, the lowest in more than a year, according to blockchain analytics firm Glassnode. There has been an 8% decline in the number of “whale” addresses over the past two months. What this means for bitcoin’s price is difficult to work out. While some see this as reflecting weaker buying pressure (potentially foreseeing a price drop), the trend also points to the Bitcoin network decentralizing. Data shows the number of addresses holding at least 1 BTC, 0.1 BTC or 0.01 BTC continues to reach new record highs. “As such, one could argue that bitcoin ownership is being transferred from relatively few whales to a large number of smaller investors,” CoinDesk’s Omkar Godbole writes. Opinion Hyper-Stablecoinization Pascal Hügli, chief research officer at Schlossberg & Co., sees stablecoins, or crypto dollars appended to a blockchain, as succeeding where the eurodollar has failed. “The eurodollar approach was an attempt by private actors to create a dollar funding system outside the U.S., but still within the traditional financial system. Crypto dollars mainly reside outside of the traditional, U.S.-led financial system. Because of its inherent auditability, the crypto-dollar system is more transparent than the old euro dollar system based on shadow banking (so named for a reason),” he writes. Crypto Long & Short: Interpreting Value Noelle Acheson, CoinDesk’s head of research, dives into last week’s dogecoin phenomenon, which saw a handful of TikTok videos shoot the memetic cryptocurrency on a price tear. “It has nothing to do with fundamentals, potential or even government handouts – most participants probably don’t even understand what cryptocurrency is (many of the videos refer to DOGE as a “stock”). It’s about manipulation, just because,” she writes. “When you have the next generation of investors blatantly flaunting that markets are a meaningless casino, when you have them advertising that markets can be manipulated, then you do have to wonder what role markets will have in their lives as they get older.” Podcast Catching the Lightning Bug Chaincode Labs researcher Clara Shikhelman has been studying mathematics in university since she was 14 years old. Now, as the bitcoin company’s newest post-doctoral fellow, she is exploring ways to optimize the Lightning Network. Listen in to why Lightning attracted her attention. “There are a lot of people like me, their main thing is academic,” Shikhelman said. “They are not the classic cypherpunk people, but …[t]hey believe in privacy, in political change.” Crypto Memeing Related Stories Blockchain Bites: It’s Never Been Harder to Mine Bitcoin Blockchain Bites: It’s Never Been Harder to Mine Bitcoin || Bitcoin News Roundup for July 13, 2020: WithBTCmining difficulty reaching a new record high, CoinDesk’s Markets Daily is back with your bitcoin news roundup!
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
This episode is sponsored byBitstampandCrypto.com.
Related:The Real Story Behind Tesla's Crazy Rally
Drop in Bitcoin ‘Whale’ Addresses Suggests Market May Be Decentralizing
The number of bitcoin addresses holding at least 10,000 coins has dropped to a 14-month low alongside an uptick in lower-value addresses.
Bitcoin Mining Difficulty Sets New Record High 2 Months After Halving
Two months after the network’s halving event, it’s harder than ever to mine bitcoin.
Related:Does COVID-19 Have the World Rethinking Dollar Supremacy?
Crypto Long & Short: Dogecoin, Market Manipulation and the Downside of a Coinbase IPO
Noelle Acheson explains how thedogecoinrise exemplifies the creative destruction underway in markets, and what a potential Coinbase listing could mean for the development of crypto.
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
• Bitcoin News Roundup for July 13, 2020
• Bitcoin News Roundup for July 13, 2020 || Bitcoin News Roundup for July 13, 2020: With BTC mining difficulty reaching a new record high, CoinDesks Markets Daily is back with your bitcoin news roundup! For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica or RSS . This episode is sponsored by Bitstamp and Crypto.com . Todays Bitcoin News: Related: The Real Story Behind Tesla's Crazy Rally Drop in Bitcoin Whale Addresses Suggests Market May Be Decentralizing The number of bitcoin addresses holding at least 10,000 coins has dropped to a 14-month low alongside an uptick in lower-value addresses. Bitcoin Mining Difficulty Sets New Record High 2 Months After Halving Two months after the networks halving event, its harder than ever to mine bitcoin. Related: Does COVID-19 Have the World Rethinking Dollar Supremacy? Crypto Long & Short: Dogecoin, Market Manipulation and the Downside of a Coinbase IPO Noelle Acheson explains how the dogecoin rise exemplifies the creative destruction underway in markets, and what a potential Coinbase listing could mean for the development of crypto. For early access before our regular noon Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica or RSS . Related Stories Bitcoin News Roundup for July 13, 2020 Bitcoin News Roundup for July 13, 2020 || Bitcoin News Roundup for July 13, 2020: WithBTCmining difficulty reaching a new record high, CoinDesk’s Markets Daily is back with your bitcoin news roundup!
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
This episode is sponsored byBitstampandCrypto.com.
Related:The Real Story Behind Tesla's Crazy Rally
Drop in Bitcoin ‘Whale’ Addresses Suggests Market May Be Decentralizing
The number of bitcoin addresses holding at least 10,000 coins has dropped to a 14-month low alongside an uptick in lower-value addresses.
Bitcoin Mining Difficulty Sets New Record High 2 Months After Halving
Two months after the network’s halving event, it’s harder than ever to mine bitcoin.
Related:Does COVID-19 Have the World Rethinking Dollar Supremacy?
Crypto Long & Short: Dogecoin, Market Manipulation and the Downside of a Coinbase IPO
Noelle Acheson explains how thedogecoinrise exemplifies the creative destruction underway in markets, and what a potential Coinbase listing could mean for the development of crypto.
For early access before our regular noon Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublicaorRSS.
• Bitcoin News Roundup for July 13, 2020
• Bitcoin News Roundup for July 13, 2020 || Bitcoins mining difficulty hits a new all-time high: The bitcoin mining difficulty jumped 9.89% on Monday, pushing the total rate to above 17 trillion for the first time. The difficulty rate, which benchmarks how difficult it is to mine a block and is adjusted approximately every two weeks, hit 17.34 trillion after its latest adjustment. The total network hashrate currently sits at around 124 EH/s. Positively related to the total network hashrate, the bitcoin difficulty has had a turbulent year thus far. At the beginning of the year, it was impacted by delays in mining machine shipments due to COVID-19. In May, the Bitcoin subsidy halving when the block reward dropped from 12.5 BTC per block to 6.25 BTC left a temporary dent on the total network hashrate. However, since early June, the difficulty rate has been slowly rising, along with an increase in total hashrate. BTC.com projects that the next difficulty adjustment will push the figure above 19 trillion. [caption id="attachment_71375" align="alignnone" width="2772"] Sources: The Block Research [/caption] © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Bitcoin’s mining difficulty hits a new all-time high: The bitcoin mining difficulty jumped 9.89% on Monday, pushing the total rate to above 17 trillion for the first time.
The difficulty rate, which benchmarks how difficult it is to mine a block and is adjusted approximately every two weeks, hit 17.34 trillion after its latest adjustment. The total network hashrate currently sits at around 124 EH/s.
Positively related to the total network hashrate, the bitcoin difficulty has had a turbulent year thus far. At the beginning of the year, it was impacted by delays in mining machine shipments due to COVID-19. In May, the Bitcoin subsidy halving — when the block reward dropped from 12.5 BTC per block to 6.25 BTC — left a temporary dent on the total network hashrate.
However, since early June, the difficulty rate has been slowly rising, along with an increase in total hashrate. BTC.comprojectsthat the next difficulty adjustment will push the figure above 19 trillion.
[caption id="attachment_71375" align="alignnone" width="2772"]
Sources: The Block Research[/caption]
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Bitcoin’s mining difficulty hits a new all-time high: The bitcoin mining difficulty jumped 9.89% on Monday, pushing the total rate to above 17 trillion for the first time.
The difficulty rate, which benchmarks how difficult it is to mine a block and is adjusted approximately every two weeks, hit 17.34 trillion after its latest adjustment. The total network hashrate currently sits at around 124 EH/s.
Positively related to the total network hashrate, the bitcoin difficulty has had a turbulent year thus far. At the beginning of the year, it was impacted by delays in mining machine shipments due to COVID-19. In May, the Bitcoin subsidy halving — when the block reward dropped from 12.5 BTC per block to 6.25 BTC — left a temporary dent on the total network hashrate.
However, since early June, the difficulty rate has been slowly rising, along with an increase in total hashrate. BTC.comprojectsthat the next difficulty adjustment will push the figure above 19 trillion.
[caption id="attachment_71375" align="alignnone" width="2772"]
Sources: The Block Research[/caption]
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Global stocks slump as hope for economic rebound fades: • OBR predicts output will decline 12.4pc in baseline scenario
• Projections for 2021 bounceback muted
• Watchdog expects total cost of fiscal measures against Covid-19 to reach £192bn
• UK GDP grew just 1.8pc in May, well short of expectations
• Economystill a quarter smaller than before crisis
• JP Morgan beats revenue estimates as Wall Street earnings season gets underway
• Wells Fargo posts first quarterly loss since 2008, while Citigroup beats estimates
• Richard Branson secures Virgin Atlantic rescue in £1.2bn deal
• European stocks drop
• Ocado boss predictsshoppers won’t go back after switching to online
• Massive debt write-off could be only way to save economy, warns OBR boss
• Matthew Lynn:Letting Bulgaria join the eurozone is hardly the answer to its problems
• Sign up here for our daily business briefing newsletter
Well, that's all from us today, thank you for following along. Be sure to join us again in the morning.
Here's a quick recap of today's events:
• Stock markets in Europe came under pressure as fears resurfaced over a spike in coronavirus infections, but a resilient Wall Street helped them off their worst levels, dealers said.
• Key eurozone markets Frankfurt and Paris closed around one percent down, well off their lows.
• The FTSE 100 inched back into positive territory thanks to a weaker pound following grim British output data.
• On Wall Street the Dow Jones index reversed a weaker opening trend to post solid gains by the late New York morning.
• Investors felt the market had been oversold in the previous day's late stumble, and upbeat results from JP Morgan lifted sentiment.
• The British pound slid on data showing that the virus-plagued UK economy shrank by almost a fifth in the three months to April.
What to look forward to tomorrow:
Interim results:Burberry, Hochschild Mining, McCarthy & Stone
Full-year:Dixons Carphone, Galliford Try
Trading statement:Dunelm, Premier Oil, Severn Trent
Economics:Inflation, Rishi Sunak at Treasury select committee (UK); Bank of Japan monetary policy announcement
Live Market Update from the CMC dealing desk - European Closing Prices:#FTSE6179.75 0.06%#DAX12697.36 -0.8%#CAC5007.46 -0.97%#MIB19879.75 -0.62%#IBEX7352 -1.01%Prices are indicative only.$FTSE$DAX$CAC$IBEX
My colleague Tim Wallace writes:
“The economy has now been subject to two ‘once-in-a-lifetime’ shocks in just over a decade,” the OBR warns.
"It could indicate that economies today are more prone to very large shocks than we have previously assumed."
With public finances on an unsustainable long-term path even pre-covid, the OBR estimates £64bn of spending cuts or tax hikes is needed every decade to keep the debt down.
So far the banking sector has handled the crisis well with its extra capital buffers for protection, plus government support for business and individual customers.
But that is not guaranteed to continue.
"Coming out of the crisis, the public and business sectors will be more highly leveraged than they were going into it, which could trigger the need for further intervention,” says the OBR.
“This in turn could hinder the Government’s ability to shrink its own balance sheet.”
Borrowing costs are at record lows, and seem likely to stay that way.
But there is a risk that all this borrowing could push up interest rates, while huge Government stimulus could stoke inflation.
That would be bad for the Government which has heavy debts, one-third of which are linked to inflation.
The commercial property market is beginning to show signs of stabilising amid the coronavirus crisis, according to the estate agent Savills.
Investors splashed out £1.3bn on commercial property in the UK during June, a 42pc increase on the £755m spent in May - although still down 54pc on the £2.8bn spent in June 2019.
There are also signs yields may harden - reflecting a stronger market - on West End offices as well as industrial and distribution properties.
The commercial property market has been hammered by coronavirus, with retail tenants forced to close their businesses during lockdown and uncertainty over whether office tenants will continue to want as much space.
Read Rachel Millard's full article here
Via PA: Discount supermarket chain Lidl said it will create up to 1,000 jobs by the end of the year as part of plans to open 25 new stores across the UK.
The German retailer said it also plans to open an additional 100 sites across 2021 and 2022, as part of plans to have 1,000 UK stores by 2023.
The company said it will open stores in areas such as Selhurst, Harrow Weald, Coleford and Llandudno Junction this year.
Lidl GB chief executive officer Christian Hartnagel said: "It is testament to the continued hard work of our colleagues that we are able to continue forging ahead with our expansion plans, despite the challenging circumstances that have been faced over the past months."
With Britain in lockdown, the Government has been racing to find ways to ease restrictions without putting public safety at risk.
One solution is a contact-tracing app that can enable digital contact-tracing on a large scale.
On May 5, the Government revealed its first attempt at a contact-tracing app. But in a major u-turn, on June 18, the Government admitted the app flawed and it would switch to a model being developed by tech giants Apple and Google.
Technical issues with Bluetooth delayed the app, while it was discovered the app was only logging one in 25 contacts between people when it was used on iPhones.
Get the full details here
European markets have closed in the red today as traders continue to worry about the spread of the virus.
The FTSE 100 rose 0.06pc to 6,179.75 while the FTSE 250 slumped 1.21pc to 17,174.69.
David Madden of CMC Markets said:
The mood has been downbeat all day as continued health concerns and rising tensions in relation to China has weighed on stocks. Dealers are still worried about the rate at which the virus is spreading, and seeing as some restrictions are being reintroduced, that is adding to the bearish move too.
The US government has hit out against the Beijing administration in regards to its territorial claims in the South China Sea. This represents the latest development in the frosty relationship between the two largest economies in the world. China isn’t on great terms with the UK either, as earlier today it was announced the British government basically banned Huawei from its 5G network.
JP Morgan, Wall Street's biggest bank, has set aside $10.5bn (£8.4bn) to cover future losses from soured coronavirus loans in a move likely to spook UK rivals as they estimate their own potential hits from the crisis, my colleagueLucy Burtonwrites.
Big banks have doled out billions in emergency loans to prop up small companies and are now setting aside huge amounts amid fears many borrowers could struggle to make repayments.
Shedding a light on the depths of America's recession, the largest US lender by assets revealed that it had put aside a record provision for loan losses. That almost halved profits for the second quarter compared with a year ago.
Volatile markets left traders busier than ever before and JP Morgan made $9.7bn from trading in the quarter, up 79pc, while investment banking revenues were 91pc higher due to steeper fees.
• Oil - WTI (undated) 4031 +0.18%
• Gold 1806 +0.19%
• USDJPY 107.28 -0.02%
• VIX (Undated) 32.22 -1.59%
• Bitcoin 9215.44 -0.38%
• DOW 26281 +0.72%
With about half an hour until the European close, I’m handing over to my colleagueLaToya Harding, who will steer the blog into the evening. Thanks for following along today!
The Chancellor Rishi Sunak has commissioned a review of capital gains tax, sparking fears the duty’s historically low rates will be increased to help plug the £300bn whole in public expenditure caused by coronavirus.
My colleagueHarry Brennanreports:
He has asked the Office of Tax Simplification to conduct the review, which will assess whether the current rates are fit for purpose. It will also consider how certain reliefs and exemptions could be simplified or scrapped – including the exemption from the 28pc levy that applies to people selling their homes.
The Chancellor said he was particularly interested in how gains are taxed compared to other types of income and has asked that the review consider how CGT interacts with other taxes including inheritance tax.
It follows last week’s summer budget and the announcement of a number of tax cuts costing £30bn, including a stamp duty holiday for homeowners and a temporary scrapping of VAT for some of the economy’s worst hit sectors.
• Read more:Rishi Sunak orders review of capital gains tax amid fears of rate increase
One in three company audits by the UK’s top seven accounting firms failed to meet the expected standards last year as fears grow that reform of the sector is stalling.
My colleagueMichael O’Dwyerreports:
The industry watchdog said an “unacceptable” number of audits were not up to scratch.
MPs called on Monday for the accounting watchdog to be replaced urgently with a beefed-up regulator to prevent further high-profile corporate failures like those at Thomas Cook, Carillion and BHS.
The proportion of audits found to require improvement or significant improvement jumped to 33pc from 23pc a year ago, but this may partly reflect the watchdog’s decision to focus on higher risk audits and the wider scope of this year’s inspections.
The regulator also reduced the number of audits it reviewed, which it said was due to resourcing constraints.
• Read more:One in three audits by top firms not up to scratch
US consumer price inflation picked up slightly during June, rising 0.6pc month-on-month to reach the same level year-on-year. It’s a bounce back from May’s fall, and slightly stronger than economists expected:
US stocks have opened in the red as as investors weigh earnings season and the the economic hit of rising virus cases.
• S&P 500:-0.3pc
• Dow Jones:-0.2pc
• NASDAQ:(unchanged)
Apologies for the delay between posts, we were having a CMS issue which has now been resolved.
And more: Citigroup has beaten analysts’ estimates for revenue, bringing in $5.6bn through fixed income, currencies, and commodities trading – a 68pc jump.
A flurry of market activity prompted by the crisis powered the group’s results, helping it reach a profit of $1.3bn. That’s 73pc lower than a year before. It added $5.6bn to its provisions for credit losses.
Michael Corbat, Citi’s chief executive, said:
While credit costs weighed down our net income, our overall business performance was strong. We have been able to navigate the Covid-19 pandemic reasonably well.
More US bank earnings: Wells Fargo has posted a quarterly loss for the first time since 2008, as its provisions for credit losses spurred by the current crisis rose to a record $9.5bn – about $4bn more than has been expected by analysts.
The San Francisco-based lender cut its dividend to 10 cents per share from 51, after posting a $2.4bn loss for the quarter. During the same three months last year, it made a near-record $6.2bn profit.
Charlie Scharf, its chief executive, said:
We are extremely disappointed in both our second quarter results and our intent to reduce our dividend. Our view of the length and severity of the economic downturn has deteriorated considerably from the assumptions used last quarter.
For the latest reaction from Westminster to the Government’s U-turn on Huawei, head over to our politics live blog:
• Politics latest news:Oliver Dowden confirms Huawei 5G ban – watch live
Today’s widely-expected decision on Huawei tech follows news that Lord Browne is stepping down as the Chinese group’s UK chairman.
As my colleagueJames Cookreported this morning:
The former BP chairman handed in his resignation this week, according to Sky News. He will leave in September, six months before his term had been due to end...
Lord Browne, who joined Huawei in 2015, warned last week that a Government decision to ban Huawei kit could seriously harm the UK’s relationship with China.
“The UK has had a very long relationship with China and I hope it’s not one that they simply throw away," he said in an interview with Reuters.
Bloomberg has more details on the plans:
Under the blueprint agreed by Prime Minister Boris Johnson, operators will not be able to add any new Huawei components to their 5G networks after December 31. All equipment made by the Shenzhen-based company that has already been installed will need to be removed from 5G infrastructure by 2027, the government said, confirming reports by Bloomberg News on Monday.
Johnson, his senior ministers and top security chiefs signed off on the plan at a meeting of the National Security Council on Tuesday before Culture Secretary Oliver Dowden set out the details in a statement to Parliament.
“There is of course no such thing as a perfectly secure network,” Dowden told the House of Commons on Tuesday.
Breaking: the UK is to ban equipment made by Chinese firm Huawei from its 5G networks from the end of the year.
The decision, announced by Oliver Dowden, secretary of state for Digital, Culture, Media and Sport, comes amid cybersecurity concerns and an extended campaign by US officials.
More follows...
European stocks have been stuck in reverse today, although the scale of the drop has eased up somewhat since this morning. The FTSE 100, boosted by a weaker pound, is the flattest of the bunch:
Wall Street’s earnings season has kicked off with strong results for JP Morgan which reported revenues that beat the highest analyst estimate.
Revenues in the second quarter rose 14pc year-on-year to $33.82bn, with net income halved as the group built up its reserves.
The bank set aside $10.97bn for credit losses in the second quarter, more than had been expected.
Jamie Dimon, its chief executive, said:
Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy. However, we are prepared for all eventualities as our fortress balance sheet allows us to remain a port in the storm.
We ended the quarter with massive loss-absorbing capacity – over $34 billion of credit reserves and total liquidity resources of $1.5 trillion, on top of $191 billion of CET1 capital, with significant earnings power that would allow us to absorb even more credit reserves if needed. This is why we can continue to serve all of our stakeholders and to pay our dividend - unless the economic situation deteriorates materially and significantly.
Virgin Atlantic is expected to announce a £1.2bn rescue later today, marking a significant coup for its founder Sir Richard Branson.
My colleagueOliver Gillreports:
Drawing a line under months of uncertainty, Virgin Atlantic has secured investment from US hedge fund Davidson Kempner and support from credit card companies to release hundreds of millions of pounds.
Sir Richard will inject £200m with the Virgin Group and US airline Delta, a minority investor in Virgin Atlantic, deferring £400m of fees owed to them through a joint venture agreement.
The Sunday Telegraph reported over the weekend that a rescue of Virgin Atlantic could be announced as early as today.
Sky News reported this morning that the overhaul of Virgin Atlantic’s finances would use a new court-sanctioned process to fast-track restructurings following the coronavirus pandemic.
• Read more:Virgin Atlantic set to unveil £1bn rescue package
German investor are feeling mildly more pessimistic about the future according to the latest surveys by the ZEW research institute – with its expectations gauge falling from 60 to 59.3.
The current assessment score climbed slightly, from –83.1 to –80.9, but that’s quite a bit worse tan the jump to –65 economists had expected.
Oxford Economics’ Tomas Dvorak said:
The assessment of the current situation also improved somewhat but remained at fairly low levels, suggesting investors think the material improvement of the economy is yet to come.
Despite the sustained improvement in sentiment, we caveat that the ZEW index reflects investor confidence rather than developments in the real economy, and the two have shown a marked disconnect in the recent months.
You can watch OBR head Robert Chote speaking about its latest report here (you don’t need Microsoft Teams, follow the web link and connect anonymously if you don’t want to sign in):
Tune into Robert Chote’s presentation via Microsoft Teams at 11am.📺https://t.co/WhawVKKK2i#OBRFSR2020
Our economics team are following along and will report on any interesting lines from Mr Chote.
The OBR's 'reference scenario' in April had UK GDP growing 18 per cent in 2021 after a 13 per cent hit in 2020.Today's new 'central scenario' has it growing 9 per cent in 2021 after a 12 per cent hit.Reference scenario wasn't a prediction but that's still pretty stark
Investors remain cautious about the pace of economic recovery from Covid-19, according to the latest global fund manager survey from Bank of America.
BofA said 72pc of those surveyed expected strong global growth, but conviction in the strength and speed of the recovery was muted: just 14pc said they expected a the notorious V-shaped recovery to manifest.
The main tail risk to a recovery is a second wave, respondents said – a reality the US is already grappling with (if you believe they even finished the first). A vaccine would be the biggest catalyst to raise sentiment.
Analysis by The Telegraph has revealed the shocking scale of the coronavirus induced jobs crisis, with Covid-19 delivering a crushing blow to the UK’s aviation and consumer sectors as the industry's key players announce more than 85,000 job cuts.
My colleaguesJosh WilsonandAlex Clarkreport:
Across the entire economy, major companies are considering axing the jobs of some 112,964 workers, our analysis found. Nearly half of these layoffs were announced in June, with 26 companies considering cutting up to 55,773 jobs in total – four times higher than the number of announced job cuts in May (13,714).
The findings – from an analysis of corporate layoff announcements made since the beginning of March – show the challenge facing the Government as it tries to avoid mass unemployment while winding down the UK’s furlough scheme.
• Read more:Lockdown job cuts tracked: aviation and consumer industries dealt crushing blow
Rishi Sunak’s spending spree to shield the UK economy from coronavirus and fuel a rebound with cost a staggering £192.3bn this financial year, the OBR says.
The updated costs estimate includes the financial measures announced over the past fortnight (which came out too late to make it into the watchdog’s fiscal sustainability report), including an estimated £19.8bn in measures to protect jobs.
That’s a pretty major rise on the £132.6bn predicted at the OBR’s last estimate in mid-June.
Our latest estimate of the total cost of the Chancellor’s coronavirus policy interventions is £192.3 billion in 2020-21, including last week’s policy announcements which were too late to incorporate into our FSR analysis.#OBRFSR2020https://t.co/x9blRq9Ui0
Industrial production across the eurozone rose 12.4pc month-on-month in May, notching up a record rise as factories swung back into operation.
Still, the growth was weaker than the 15pc rise expected by economists – and there’s a long way to go for production to be back at pre-virus levels.
The total costs of the Government’s Covid-19 support schemes is at £82.8bn, according to the latest data released by the Treasury.
Here’s a table to break down the numbers:
The Treasury has pulled together some of the stats here:
Our support schemes continue to deliver for people & businesses up & down the country. The latest figures show:📊 £31.7bn for small business through Bounce Back loans🏭 9.4 million jobs protected with CJRS✅ Almost 55k interruption loan approvalshttps://t.co/SS9cSptcZ2pic.twitter.com/8UQU2RbGz2
The OBR’s report puts the kibosh on hopes of a V-shaped recovery (in which output rapidly returns to pre-crisis rates). It says such a rebound is only likely in it most optimistic scenario:
Our upside scenario assumes a short-lived rise in unemployment, that the business investment lost during lockdown is recovered afterwards, and that business failures are limited. Consequently, it assumes scarring is negligible and output follows the path assumed in our March forecast beyond the near term. The central and downside scenarios both assume some scarring, with output at the five-year horizon lying 3 and 6 per cent below our March forecast in our central and downside scenarios respectively.
Broadly, this is the result of three factors: a longer-lasting rise in unemployment; permanently forgone business investment, which reduces capital deepening and productivity growth; and business failures that result in capital scrapping and the loss of intangible capital. The size of the scarring effect is highly uncertain given the difficulties in predicting how the economic disruption in any given scenario would feed through these various channels.
Nevertheless, they are in line with external estimates, and it seems reasonable to believe that the longer output remains below its pre-crisis level, the greater such effects are likely to prove.
The Office for Budget responsibility predicts unemployment will hit 8.8pc this year – equivalent to 3m unemployed people – as a results of the coronavirus crisis, noting that total hours worked already slumped more than forecast in March due to furloughing.
The watchdog added:
In all scenarios, prospects for employment and unemployment will depend heavily on what happens to furloughed workers once the CJRS is closed. We make broad assumptions about the proportion that subsequently move into unemployment rather than back to work – of 10, 15 and 20 per cent in the upside, central and downside scenarios.
This means that unemployment continues to rise and employment to fall beyond the second quarter, despite output recovering somewhat.
Britain’s economy will shrink more than 10pc this year in any scenario projected by the Office for Budget Responsibility.
In its latestfiscal sustainability report, the watchdog said:
The UK is on track to record the largest decline in annual GDP for 300 years, with output falling by more than 10 per cent in 2020 in all three scenarios. This delivers an unprecedented peacetime rise in borrowing this year to between 13pc and 21pc of GDP, lifting debt above 100pct of GDP in all but the upside scenario. As the economy recovers, the budget deficit falls back. But public debt remains elevated, continuing to rise in the central and downside scenarios.
In its worst-case scenario, the economy would shrink 14.3pc during 2020, while its central scenario posts to a 12.4pc contraction.
The OBR added the Government may need to raise taxes to fund its current spending splurge:
In the short term, the Government understandably remains focused on controlling the virus and reviving the economy. But at some point, given the structural fiscal damage implied by our central and downside scenarios, the longer-term pressures on spending, and the range of fiscal risks we identify, it seems likely that there will be a need to raise tax revenues and/or reduce spending (as a share of national income) to put the public finances on a sustainable path.
By how much have the economic impact of the pandemic and the policy response raised expected government borrowing since March?#OBRFSR2020pic.twitter.com/zypEkYtTQ9
The pound has taken a knock amid a risk-off mood across global markets, with those weak GDP numbers adding to pressure on the currency. Sterling is at its lowest level against the dollar since last Wednesday.
Here are some of the day’s top stories from the Telegraph Money team:
• ‘It’s gone bonkers’: buy-to-let inquiries boom as landlords swoop on stamp duty break: Buy-to-let landlords have swooped into the property market to take advantage of the stamp duty tax giveaway.
• Major insurers delaying life cover for those at risk of coronavirus:Four major insurers have added questions about Covid-19 to their life insurance applications which could result in doctors, nurses and people with health conditions being denied cover.
• ‘I was unfairly sacked and forced to sell my home – and I’m still waiting for £16k in compensation’:A British citizen who was forced to sell his home after being unfairly dismissed from his job at the Indian consulate in Birmingham is still waiting for more than £16,000 in compensation from his former employer.
China has announced plans to impose sanctions on American aerospace and defence group Lockheed Martin, after the US approved a possible $620m deal for Taiwan to buy replacement parts for missiles made by the group.
A spokesperson for China’s foreign ministry said the US should cut all military ties with Taiwan to avoid hurting relations further.
There isn’t much more detail available on what the sanction would involve, but it’s potentially worrying news for Lockheed Martin – which has had a UK-based wing for 80 years.
In just over half an hour, the Office for Budget Responsibility – Britain’s fiscal watchdog – will publish its latest predictions for the UK economy:
Tomorrow at 9.30am we will publish new scenarios and projections for the economy and public finances in our latest Fiscal sustainability report.Follow us for charts and highlights#OBRFSR2020Tune into Robert Chote’s presentation at 11am tomorrow:https://t.co/WhawVL2lqSpi
Tomorrow at 9.30am we will publish new scenarios and projections for the economy and public finances in our latest Fiscal sustainability report.Follow us for charts and highlights#OBRFSR2020Tune into Robert Chote’s presentation at 11am tomorrow:https://t.co/WhawVL2lqSpic.twitter.com/c7cTYbLmDF
Obviously GDP is the day’s big story, but here are some of the most notable corporate announcements this morning:
• White goods retailerAO Worldsaid UK sales jumped more than 20pc as lockdown forced customers online. The group cut its full-year operating losses to £3.8m, from £13m the prior year.
• Sofa sellerDFSannounced cuts at subsidiaries Sofa Workshop and Dwell as part of restructuring efforts prompted by Covid-19. The retailer warned it is likely to swing to a loss of up to £58m this year.
• Tonic-makerFever-Treeannounced it has bought Global Drinks Partnership, its German sales agent, for about €9.5m. The group said sales over the three months to mid-June were up 34pc year-on-year, with the US driving growth.
• Industrial cleaning groupMcBridesaid its expects to beat market consensus with its full-year profits, with Covid-19 driving demand for hygiene products.
My colleagueLizzy Burdenhas a full report on this morning’s GDP data. She writes:
The strongest recoveries were in manufacturing and construction, partly due to the Government's recommendation on May 13 that employees in those sectors should return to their usual place of work. Nonetheless, output in those sectors remained 21.6pc and 39.9pc below their January levels respectively.
Jonathan Athow, deputy national statistician at the ONS, said: “In the important services sector we saw some pick-up in retail, which saw record online sales. However, with lockdown restrictions remaining in place, many other services remained in the doldrums, with a number of areas seeing further declines.”
The distribution sector was one bright spot, with output jumping 13pc month-to-month due to a boom in online sales.
• Read more:UK economy still a quarter smaller than its peak after weak rebound
With bond prices rising following this morning’s disappointing data, the yield on two-year UK bonds (which moves inversely to prices) has dropped to a new all-time low of –0.126pc.
Remarkably, that puts UK two-year yields below their Japanese equivalent.
As Bloomberg notes:
The moves are the latest sign that European debt markets may be undergoing “Japanification,” a world of low yields, tepid inflation and little volatility. Some bond traders are speculating that the Bank of England could also follow its Japanese equivalent in trying to limit borrowing costs via so called yield-curve control.
May’s 1.8pc growth reading was well below even the most bearish forecast – Merrill Lynch’s Robert Wood gets the points with his prediction of 2.9pc growth. Naturally, predictions are extremely difficult during a time of unprecedented economic disruption.
Pantheon Macroeconomics’s Samuel Tombs – who was in the middle of the pack with a 5pc growth predictions – says GDP “likely made a fuller recovery in June”. He added:
A variety of unconventional indicators, such as energy consumption, transport usage and mobility data, suggest that the recovery quickened in June. Nonetheless, the ONS’ latest Business Impact of Covid-19 survey showed that a hefty 34pc of employees remained furloughed in the first half of June, down only a bit from the 38pc peak in the second half of May.
In addition, output in the education sector, which was 46pc below its peak in May, likely barely recovered in June, given that school pupil attendance rose merely to 11pc, from 2pc in May. It will not fully recover until schools reopen to all pupils in September.
Capital Economics was even more upbeat – and wrong – with a 7.5pc growth prediction. Thomas Pugh, of its its economists, said:
The 1.8pc m/m rise in GDP in May is a disappointing first step on the road to recovery and suggests that hopes of a rapid rebound from the lockdown are wide of the mark. Indeed, the path to full economic recovery will probably be much longer than most people anticipate.
He added:
Of course, June will almost certainly be better. The opening of many non-essential shops in the middle of the month and pubs and restaurants for takeaway should ensure that services activity jumped. And many factories and constructions sites will have been able to adapt to social distancing measures.
European shares have dropped at the open, wiping out most of yesterday’s gains:
The boss of Ocado has predicted that shoppers will not go back to stores after switching to online as the retailer swung to a £40m first half loss.
My colleagueSimon Foyreports:
Tim Steiner, chief executive of Ocado, said: "We believe that this channel shift is sustainable, as survey data shows that many consumers who were shopping online during the peak of the pandemic in their respective countries have either continued to do so, or intend to continue online shopping as 'lockdown' measures ease."
It came as the online grocer posted a narrowing pre-tax loss of £40.6m for the six months to the end of May, compared to a loss of £147.4m for the same period last year.
The firm incurred a £39.1m exceptional charge, principally due to insurance income for the fire at its warehouse in Andover, Hampshire in February 2019.
Revenues surged 23pc to £1.09bn for the period, while UK sales rose 27pc due to higher demand during the coronavirus lockdown.
• Read more:Ocado boss predicts shoppers won’t go back after switching to online
Use the drop-down menu here to look at longer-term trends for each sector:
The services sector is by far the biggest component of the British economy – and May’s figures show many of its sub-sectors are still some way off a recovery – with nearly half actually declining further during the month:
NB: This chart was having rendering issues, so I have replaced it with a static image.
Here’s some snap reaction from business groups to today’s growth figures.
Tej Parikh, chief economist at the Institute of Directors, said:
These figures underline that a return to normality won't be straightforward for the UK economy.
There is a big question mark around how fast we can rebound back to pre-pandemic levels. Firms continue to face significant uncertainty around consumer demand and are still adjusting to operating under social distancing. Meanwhile, the debt some businesses have built up during the crisis could weigh down investment and hiring decisions, hurting our performance in the longer term.
While some of the Chancellor’s announcements last week may have gone down well, he may yet need to return to the plate before the Autumn Budget to stimulate the economy. Broader measures to lower employment costs and and support business investment will be vital to help the economy jump out of this crisis.
The BCC’s head of economics, Suren Thiru, echoed the call for further stimulus:
The pick-up in output in May is more likely to reflect the partial release of pent-up demand as restrictions began to loosen, rather than evidence of a genuine recovery. While UK economic output may grow further in the short term as restrictions ease, this may dissipate as the economic scarring caused by the pandemic starts to bite, particularly as government support winds down.
Although some of the individual measures announced in the Summer Statement were welcome, more significant fiscal stimulus is likely to be needed to help kickstart a sustained recovery. This should include new incentives for business investment and reducing the overall cost of employment through a cut in employer national insurance contributions.
Here’s a further breakdown of three-month growth figures – showing only public administration and defence has registered any kind of growth on a rolling quarterly basis:
A few Twitter users are making the same joke following this morning’s figures:
There was a bounce in The UK economy in May....It was in the shape of a V...But it was tinypic.twitter.com/RBYy2KbXmo
V shaped recoveryhttps://t.co/Yybym6Ji2tpic.twitter.com/RL4ztHFPyg
Looking at rolling three-month GDP shifts (the ONS’s preferred measure), all the main sector of Britain’s economy remain locked in a three-month slow – one that is unlikely to be shaken off until lockdown is firmly in the rear-view mirror.
Construction took the biggest hit despite loosening restrictions at the start of May – chatter from builders in recent weeks however suggests it picked up in June.
Here are all the headline numbers from today’s GDP release:
• You can read the Office for National Statistics’full analysis on its website
Looking at the data as an index, you can see just how narrow May’s rise was – output remains at its lowest level since the early ’00s.
Remarkably, that means the UK’s economic growth in May – let’s not forget, following what the worst month ever – didn’t even set a record. At 1.8pc, it was lower than during July 2012, when the Olympics helped give Britain a 1.9pc monthly boost.
Just in: The UK economy grew by just 1.8pc in May, missing economists’ expectations by some distance. Output was down 19.1pc on a rolling three-month basis.
Good morning. A rally on Wall Street fizzled yesterday following more signs of coronavirus troubles in the United States after European equities were boosted by progress towards a vaccine.
This morning, we’ll get GDP growth figures for the UK in May. Economists expect month-on-month growth of 5.5pc as output bounces back from the April nadir.
1)Massive debt write-off could be only way to save economy, warns OBR boss: Repayments on £45bn of taxpayer-backed loans could be linked to companies' revenue, said Richard Hughes of the Office for Budget Responsibility (OBR) - with any money outstanding after a set timeframe simply cancelled.
2)Shoppers embrace end of lockdown by spending more than last year: Spending last month was almost 3.4pc higher than a year earlier, according to the British Retail Consortium, a sharp turnaround from the fall of almost a fifth during the peak of the pandemic in April.
3) Bad news for savers –the most likely way to cut Britain's debt pile is 'financial repression': A stealth taxes on domestic savers and gilt holders is the least politically-troubled route out of the Covid-19 mess
4) Bank bosses who finance fossil fuel firms arefacing a revolt from the world's biggest investoramid mounting pressure over climate change. BlackRock is preparing to take action against banks ahead of next year’s shareholder meetings and has drawn up a global watch list of 191 companies closely linked to global warming.
5)SFO director faces review as judge criticises ‘flattering’ text messages: Lisa Osofsky, a former US FBI lawyer, had exchanged emails and texts with David Tinsley, an American private investigator, who was acting for three members of the Ahsani family, which ran Monaco-based oil consultancy Unaoil.
Shares fell in Asia on Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the US and China.
The White House's decision to reject nearly all Chinese maritime claims in the South China Sea added to investor jitters. The world's two largest economies have been sparring over everything from the pandemic to human rights.
Japan's benchmark Nikkei 225 sank 0.8pc in early trading to 22,609.57. South Korea's Kospi lost 0.4pc to 2,177.01, while Australia's S&P/ASX 200 dropped 0.8pc to 5,932.70.
Hong Kong's Hang Seng tumbled 1.9pc to 25,277.06 as reports of locally transmitted coronavirus cases prompted authorities to tighten precautions against the pandemic. The Shanghai Composite lost nearly 1.2pc to 3,403.78.
Singapore plunged into recession in the second quarter as the economy contracted more than 40pc, with the trade-dependent city state hammered by the coronavirus in another ominous sign for the global recovery. The economy shrank 41.2pc quarter-on-quarter and 12.6pc on-year between April and June, according to data from the trade ministry, and analysts said it was the worst quarterly figure for gross domestic product ever recorded in Singapore.
Interim results:Ashmore, McColl’s Retail, Ocado
Full-year:AO World, Halma, McBride, Polar Capital Technology Trust
Trading statement:QinetiQ
Economics:May GDP, BRC retail sales, OBR fiscal sustainability report (UK); trade balance (UK and China); industrial production (eurozone); inflation (US)
[Social Media Buzz]
None available.
|
9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82.
|
[Bitcoin Technical Analysis for 2018-05-08]
Volume: 7415869952, RSI (14-day): 53.81, 50-day EMA: 8853.19, 200-day EMA: 8859.77
[Wider Market Context]
Gold Price: 1312.00, Gold RSI: 42.86
Oil Price: 69.06, Oil RSI: 58.55
[Recent News (last 7 days)]
'Put your money where your mouth is': Winklevoss twin challenges bitcoin hater Bill Gates: REUTERS/Brendan McDermid
• Tyler Winklevoss, the founder of crypto exchange Gemini, is telling Bill Gates to put his money where his mouth is.
• Gates said he would short bitcoin if he easily could.
• Winklevoss says he can if he wants.
The cofounder of one of the largest cryptocurrency exchanges is calling out Bill Gates for his recent anti-bitcoin comments.
Gates, the cofounder of computer and software giant Microsoft, said Monday he would short the digital currency if he could.
"I agree I would short it if there was an easy way to do it," Gates said during an appearance on Squawk Box.
Responding to the billionaire, Tyler Winklevoss, the founder of Gemini, the crypto exchange, challenged Gates' remarks on Twitter.
"There is an easy way to short bitcoin," Winklevosssaid in a tweet.
"You can short #XTB, the CBOE Bitcoin Futures contract, and put your money where your mouth is," Winklevoss added.
Bitcoin futures, which launched in December 2017, allow investors to bet on the future price of bitcoin without actually touching the wildly volatile coin. The cryptocurrency soared towards its all-time high of $20,000 a coin, leading up to the launch of futures.
While the futures markets are not as well-known as equities, investors can easily take a position (either long or short) in the market through a broker such as TD Ameritrade or Interactive Brokers.
The markets for bitcoin futures have steadily picked up since their launch, with close to 10,000 contracts for the front month trading on Cboe Global Markets at last check, according to Cboe data.
They have allowed bears to express a negative view on the cryptocurrency, which has weighed on its price,new research from the San Francisco Federal Reserve shows.
"The launch of bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the bitcoin price dynamics," researchers said.
At last check, bitcoin was trading at $9,393 a coin,according to Markets Insider data.
NOW WATCH:Facebook's recent struggles have investors in a panic — and looming regulation could forever change how it does business
See Also:
• Hot crypto company Blockchain is opening in San Francisco after acquiring a small app building shop
• Bitcoin pops after report Goldman Sachs will start trading products linked to crypto
• MORGAN STANLEY: Here's where cryptocurrencies are traded around the globe || Bitcoin is rat poison, Berkshires Charlie Munger says: Billionaire investor Warren Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are doubling down on slamming bitcoin by comparing the cryptocurrency to rat poison and turds. Munger told FOX Business Liz Claman on Monday that bitcoin was rat poison five years ago when the digital currency was trading just above $100 and now refers to it as more expensive rat poison. I like it when my country steps hard on idiot booms instead of fanning the flame, Munger said during an interview on Countdown to the Closing Bell. "If theres ever anything that needed stepping down on hard, its bitcoin." Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets. No money has been made from bitcoin where somebody pays somebody else to own the same thing he said. Bitcoin has produced nothing. Munger said investors who are bullish on cryptocurrency are fueling economic consequences that harm the U.S. To me, its just dementia,Munger said Saturday during Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska. Its like somebody else is trading turds, and you decide you cant be left out. A cryptocurrency conference, Bitcoin Day in Omaha, was coincidently scheduled during the same weekend as the Berkshire Hathaway annual shareholder meeting, but organizers had to cancel after the events location host cited conflict with events on the same day. Munger reacted to the cancellation by saying Monday, Well, they were probably crowded out by a couple of people who wanted to have a conference on sewage. Related Articles CyberArk Software Ltd. Revenue Jumps 22% CyberArk Software Ltd. Revenue Jumps 22% A Gold Miners ETF Thats Ready to Breakout || Bitcoin is ‘rat poison,’ Berkshire’s Charlie Munger says: Billionaire investor Warren Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are doubling down on slamming bitcoin by comparing the cryptocurrency to “rat poison” and “turds.”
Munger told FOX Business’ Liz Claman on Monday that bitcoin was “rat poison” five years ago when the digital currency was trading just above $100 and now refers to it as “more expensive rat poison.”
“I like it when my country steps hard on idiot booms instead of fanning the flame,” Munger said during an interview on “Countdown to the Closing Bell.” "If there’s ever anything that needed stepping down on hard, it’s bitcoin."
Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.
“No money has been made from bitcoin where somebody pays somebody else to own the same thing” he said. “Bitcoin has produced nothing.”
Munger said investors who are bullish on cryptocurrency are fueling economic consequences that harm the U.S.
“To me, it’s just dementia,”Munger said Saturday during Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska. “It’s like somebody else is trading turds, and you decide you can’t be left out.”
A cryptocurrency conference, Bitcoin Day in Omaha, was coincidently scheduled during the same weekend as the Berkshire Hathaway annual shareholder meeting, but organizers had to cancel after the event’s location host cited “conflict” with events on the same day.
Munger reacted to the cancellation by saying Monday, “Well, they were probably crowded out by a couple of people who wanted to have a conference on sewage.”
Related Articles
• CyberArk Software Ltd. Revenue Jumps 22%
• CyberArk Software Ltd. Revenue Jumps 22%
• A Gold Miners ETF That’s Ready to Breakout || Bitcoin is ‘rat poison,’ Berkshire’s Charlie Munger says: Billionaire investor Warren Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are doubling down on slamming bitcoin by comparing the cryptocurrency to “rat poison” and “turds.”
Munger told FOX Business’ Liz Claman on Monday that bitcoin was “rat poison” five years ago when the digital currency was trading just above $100 and now refers to it as “more expensive rat poison.”
“I like it when my country steps hard on idiot booms instead of fanning the flame,” Munger said during an interview on “Countdown to the Closing Bell.” "If there’s ever anything that needed stepping down on hard, it’s bitcoin."
Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.
“No money has been made from bitcoin where somebody pays somebody else to own the same thing” he said. “Bitcoin has produced nothing.”
Munger said investors who are bullish on cryptocurrency are fueling economic consequences that harm the U.S.
“To me, it’s just dementia,”Munger said Saturday during Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska. “It’s like somebody else is trading turds, and you decide you can’t be left out.”
A cryptocurrency conference, Bitcoin Day in Omaha, was coincidently scheduled during the same weekend as the Berkshire Hathaway annual shareholder meeting, but organizers had to cancel after the event’s location host cited “conflict” with events on the same day.
Munger reacted to the cancellation by saying Monday, “Well, they were probably crowded out by a couple of people who wanted to have a conference on sewage.”
Related Articles
• CyberArk Software Ltd. Revenue Jumps 22%
• CyberArk Software Ltd. Revenue Jumps 22%
• A Gold Miners ETF That’s Ready to Breakout || Today In Cryptocurrency: Buffett And Gates Slam Bitcoin, Regulators Meet To Discuss Classification: The cryptocurrency stumbled out of the gates this week, with most major currencies trading up or down more than 2 percent on Monday. Here’s a look at some of the headlines that were moving the cryptocurrency market today and which currencies were on the move. Headlines Berkshire Hathaway, Inc. (NYSE: BRK-A ) (NYSE: BRK-B ) CEO and legendary investor Warren Buffett once again blasted bitcoin at Berkshire’s annual shareholder meeting. On Monday morning, Buffett told CNBC that investors who are buying “nonproductive assets” like cryptocurrencies are betting that “the next person is going to pay you more because they’re even more excited about another person coming along.” On Saturday, Buffett called bitcoin “rat poison squared.” On the same CNBC panel , Microsoft Corporation (NASDAQ: MSFT ) cofounder Bill Gates said he wished he could easily short bitcoin. Gates said bitcoin and ICOs are some of “the crazier, speculative things” out there for investors to buy. The U.S. Securities and Exchange Commission is reportedly holding a meeting on Monday with officials from the Commodity Futures Trading Commission to discuss whether or not traditional securities laws should be applied to cryptocurrencies. If cryptocurrencies are classified as securities, they would be subject to a high level or regulatory scrutiny, which could weigh on prices. Price Action The Bitcoin Investment Trust GBTC (OTC: GBTC ) traded at $14.88, down 4.5 percent. Here’s how several top crypto investments fared Friday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours. Bitcoin declined 2.2 percent to $9,343; Ethereum declined 6.3 percent to $730; Ripple declined 5.1 percent to 82 cents; Bitcoin Cash declined 5.4 percent to $1,622; EOS gained 1.7 percent to $18.02. The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are: MUSE: $22.8-million market cap, 76.2-percent gain. InflationCoin: $1.3-million market cap, 72.3-percent gain. BuzzCoin: $3.6-million market cap, 52.8-percent gain. Story continues The three cryptocurrencies hit hardest in the past 24 hours were: Zeitcoin: $3.5-million market cap, 30.4-percent decline. IncaCoin: $1.3-million market cap, 26.1-percent decline. Vsync: $2.7-million market cap, 22.8-percent decline. Related Links: Today In Cryptocurrency: CoinDesk Career Center, New JPMorgan Patents Buffett Still Bearish On Bitcoin: 'The Asset Itself Is Creating Nothing' See more from Benzinga Buffett Still Bearish On Bitcoin: 'The Asset Itself Is Creating Nothing' Today In Cryptocurrency: CoinDesk Career Center, New JPMorgan Patents Today In Cryptocurrency: Goldman Adds Crypto Desk, Information Officers Shun Blockchain © 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Today In Cryptocurrency: Buffett And Gates Slam Bitcoin, Regulators Meet To Discuss Classification: The cryptocurrency stumbled out of the gates this week, with most major currencies trading up or down more than 2 percent on Monday. Here’s a look at some of the headlines that were moving the cryptocurrency market today and which currencies were on the move.
Headlines
Berkshire Hathaway, Inc.(NYSE:BRK-A) (NYSE:BRK-B) CEO and legendary investor Warren Buffett once again blasted bitcoin at Berkshire’s annual shareholder meeting. On Monday morning, Buffetttold CNBCthat investors who are buying “nonproductive assets” like cryptocurrencies are betting that “the next person is going to pay you more because they’re even more excited about another person coming along.” On Saturday, Buffett called bitcoin “rat poison squared.”
On the sameCNBC panel,Microsoft Corporation(NASDAQ:MSFT) cofounder Bill Gates said he wished he could easily short bitcoin. Gates said bitcoin and ICOs are some of “the crazier, speculative things” out there for investors to buy.
The U.S. Securities and Exchange Commission isreportedly holding a meeting on Mondaywith officials from the Commodity Futures Trading Commission to discuss whether or not traditional securities laws should be applied to cryptocurrencies. If cryptocurrencies are classified as securities, they would be subject to a high level or regulatory scrutiny, which could weigh on prices.
Price Action
TheBitcoin Investment Trust GBTC(OTC:GBTC) traded at $14.88, down 4.5 percent.
Here’s how several top crypto investments fared Friday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.
• Bitcoin declined 2.2 percent to $9,343;
• Ethereum declined 6.3 percent to $730;
• Ripple declined 5.1 percent to 82 cents;
• Bitcoin Cash declined 5.4 percent to $1,622;
• EOS gained 1.7 percent to $18.02.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
• MUSE: $22.8-million market cap, 76.2-percent gain.
• InflationCoin: $1.3-million market cap, 72.3-percent gain.
• BuzzCoin: $3.6-million market cap, 52.8-percent gain.
The three cryptocurrencies hit hardest in the past 24 hours were:
• Zeitcoin: $3.5-million market cap, 30.4-percent decline.
• IncaCoin: $1.3-million market cap, 26.1-percent decline.
• Vsync: $2.7-million market cap, 22.8-percent decline.
Related Links:
Today In Cryptocurrency: CoinDesk Career Center, New JPMorgan Patents
Buffett Still Bearish On Bitcoin: 'The Asset Itself Is Creating Nothing'
See more from Benzinga
• Buffett Still Bearish On Bitcoin: 'The Asset Itself Is Creating Nothing'
• Today In Cryptocurrency: CoinDesk Career Center, New JPMorgan Patents
• Today In Cryptocurrency: Goldman Adds Crypto Desk, Information Officers Shun Blockchain
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Today In Cryptocurrency: Buffett And Gates Slam Bitcoin, Regulators Meet To Discuss Classification: The cryptocurrency stumbled out of the gates this week, with most major currencies trading up or down more than 2 percent on Monday. Here’s a look at some of the headlines that were moving the cryptocurrency market today and which currencies were on the move.
Headlines
Berkshire Hathaway, Inc.(NYSE:BRK-A) (NYSE:BRK-B) CEO and legendary investor Warren Buffett once again blasted bitcoin at Berkshire’s annual shareholder meeting. On Monday morning, Buffetttold CNBCthat investors who are buying “nonproductive assets” like cryptocurrencies are betting that “the next person is going to pay you more because they’re even more excited about another person coming along.” On Saturday, Buffett called bitcoin “rat poison squared.”
On the sameCNBC panel,Microsoft Corporation(NASDAQ:MSFT) cofounder Bill Gates said he wished he could easily short bitcoin. Gates said bitcoin and ICOs are some of “the crazier, speculative things” out there for investors to buy.
The U.S. Securities and Exchange Commission isreportedly holding a meeting on Mondaywith officials from the Commodity Futures Trading Commission to discuss whether or not traditional securities laws should be applied to cryptocurrencies. If cryptocurrencies are classified as securities, they would be subject to a high level or regulatory scrutiny, which could weigh on prices.
Price Action
TheBitcoin Investment Trust GBTC(OTC:GBTC) traded at $14.88, down 4.5 percent.
Here’s how several top crypto investments fared Friday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.
• Bitcoin declined 2.2 percent to $9,343;
• Ethereum declined 6.3 percent to $730;
• Ripple declined 5.1 percent to 82 cents;
• Bitcoin Cash declined 5.4 percent to $1,622;
• EOS gained 1.7 percent to $18.02.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
• MUSE: $22.8-million market cap, 76.2-percent gain.
• InflationCoin: $1.3-million market cap, 72.3-percent gain.
• BuzzCoin: $3.6-million market cap, 52.8-percent gain.
The three cryptocurrencies hit hardest in the past 24 hours were:
• Zeitcoin: $3.5-million market cap, 30.4-percent decline.
• IncaCoin: $1.3-million market cap, 26.1-percent decline.
• Vsync: $2.7-million market cap, 22.8-percent decline.
Related Links:
Today In Cryptocurrency: CoinDesk Career Center, New JPMorgan Patents
Buffett Still Bearish On Bitcoin: 'The Asset Itself Is Creating Nothing'
See more from Benzinga
• Buffett Still Bearish On Bitcoin: 'The Asset Itself Is Creating Nothing'
• Today In Cryptocurrency: CoinDesk Career Center, New JPMorgan Patents
• Today In Cryptocurrency: Goldman Adds Crypto Desk, Information Officers Shun Blockchain
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Boeing's Latest Deal Is a Blow to Wesco Aircraft: Wesco Aircraft (NYSE: WAIR) has found it difficult to compete against archrival KLX (NASDAQ: KLXI) in recent years, suspending guidance last year and then reporting an unexpected full-fiscal-year loss . Wesco has been mounting a comeback lately, but the company's challenges are set to intensify after Boeing (NYSE: BA) announced plans to buy KLX for $4.25 billion. KLX and Wesco are both focused on distributing fasteners, consumables, and related products to the aerospace sector, acting as supply chain managers for parts. It is a business where scale is important, as larger companies tend to offer a more complete catalog of available parts and have the more expansive distribution network able to deliver a needed part to a customer faster. Two planes flying parallel, toward each other, with jet trails showing. Image source: Getty Images. KLX, which was spun out of airplane-seat maker B/E Aerospace in December 2014, seemingly had the upper hand on Wesco. The company boasts more than 1 million part numbers in stock, compared to Wesco's 565,000 active SKUs, and last year claimed it had booked about $625 million in new business since the beginning of 2016 attributable to market-share gains. "The differential performance between ourselves and the No. 2 competitor in the industry is pretty stark," KLX CEO Amin Khoury said on a conference call last summer. KLXI Chart KLXI data by YCharts . Mixed news for Wesco Boeing's acquisition of KLX in theory could help Wesco close that gap, if only because Boeing's airline customers and major suppliers are becoming increasingly concerned about the aerospace giant's market dominance. United Technologies last year announced plans to buy Rockwell Collins specifically to gain leverage against Boeing by building a more prominent position in Boeing's overall supply chain. For years, Boeing has been focused on new plane sales, leaving much of the maintenance and spare parts business for suppliers. With Boeing pressuring suppliers to bring down costs on components to help it win an ongoing price war against Airbus (NASDAQOTH: EADSY) to sell new jets, suppliers have increasingly relied on the aftermarket to pad their profitability. Story continues The deal for KLX continues Boeing's push into the aftermarket, toward CEO Dennis Muilenburg's goal to triple sales generated by the company's services arm to $50 billion over the next decade. One way for suppliers and customers to push back on Boeing would be to send more business Wesco's way. But that optimism should be tempered by what a massive distribution presence Boeing is building, and the power that comes with that presence. Boeing is already one of the largest buyers of the fasteners, bolts, and seals that companies like KLX and Wesco distribute, and since 2012 has had an arrangement with parts manufacturers including Arconic and Berkshire Hathaway -owned Precision Castparts to buy parts at bulk pricing. That arrangement also included purchases made by select Boeing subcontractors, and Boeing will likely try to apply it to KLX as well. If so, it would allow KLX to lower its overall procurement parts, and either undercut distribution competitors or boost its profitability. KLX already has more global locations than Wesco, and Boeing, via its service contracts with aircraft customers, could broaden that aftermarket reach further. Similarly, Boeing will likely push suppliers on its defense side to work with KLX instead of other distributors as part of its maintenance and support programs. Wesco currently generates about 44% of sales from the military, so any shift there would be a blow to the company. What becomes of Wesco? KLX vs. Wesco was already beginning to feel like a mismatch prior to the Boeing deal. With Boeing's resources soon to be backing KLX, Wesco has a real uphill battle on its hands. Wesco shares are cheap, trading at 0.64 times sales and a forward price-to-earnings ratio of 10.11, compared to 2.06 times sales and 14.05 times forward earnings for KLX. But it is only a bargain if suppliers and customers really do end up shifting business Wesco's way as a counter to Boeing's heft. I'm skeptical that that will happen. Until there is some evidence to the contrary, Wesco shares should be avoided. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Lou Whiteman owns shares of Berkshire Hathaway (B shares). The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy . || Boeing's Latest Deal Is a Blow to Wesco Aircraft: Wesco Aircraft(NYSE: WAIR)has found it difficult to compete against archrivalKLX(NASDAQ: KLXI)in recent years, suspending guidance last year and thenreporting an unexpected full-fiscal-year loss. Wesco has been mounting a comeback lately, but the company's challenges are set to intensify afterBoeing(NYSE: BA)announced plans to buy KLX for $4.25 billion.
KLX and Wesco are both focused on distributing fasteners, consumables, and related products to the aerospace sector, acting as supply chain managers for parts. It is a business where scale is important, as larger companies tend to offer a more complete catalog of available parts and have the more expansive distribution network able to deliver a needed part to a customer faster.
Image source: Getty Images.
KLX, which was spun out of airplane-seat maker B/E Aerospace in December 2014, seemingly had the upper hand on Wesco. The company boasts more than 1 million part numbers in stock, compared to Wesco's 565,000 active SKUs, and last year claimed it had bookedabout $625 million in new businesssince the beginning of 2016 attributable to market-share gains.
"The differential performance between ourselves and the No. 2 competitor in the industry is pretty stark," KLX CEO Amin Khoury said on a conference call last summer.
KLXIdata byYCharts.
Boeing's acquisition of KLX in theory could help Wesco close that gap, if only because Boeing's airline customers and major suppliers are becoming increasingly concerned about the aerospace giant's market dominance.United Technologieslast year announced plans to buyRockwell Collinsspecifically to gain leverage against Boeing by building a more prominent position in Boeing's overall supply chain.
For years, Boeing has been focused on new plane sales, leaving much of the maintenance and spare parts business for suppliers. With Boeing pressuring suppliers to bring down costs on components to help it win an ongoing price war againstAirbus(NASDAQOTH: EADSY)to sell new jets, suppliers have increasingly relied on the aftermarket to pad their profitability.
The deal for KLX continues Boeing's push into the aftermarket, toward CEO Dennis Muilenburg's goal to triple sales generated by the company's services arm to $50 billion over the next decade. One way for suppliers and customers to push back on Boeing would be to send more business Wesco's way.
But that optimism should be tempered by what a massive distribution presence Boeing is building, and the power that comes with that presence. Boeing is already one of the largest buyers of the fasteners, bolts, and seals that companies like KLX and Wesco distribute, and since 2012 has had an arrangement with parts manufacturers includingArconicandBerkshire Hathaway-owned Precision Castparts to buy parts at bulk pricing.
That arrangement also included purchases made by select Boeing subcontractors, and Boeing will likely try to apply it to KLX as well. If so, it would allow KLX to lower its overall procurement parts, and either undercut distribution competitors or boost its profitability.
KLX already has more global locations than Wesco, and Boeing, via its service contracts with aircraft customers, could broaden that aftermarket reach further. Similarly, Boeing will likely push suppliers on its defense side to work with KLX instead of other distributors as part of its maintenance and support programs. Wesco currently generates about 44% of sales from the military, so any shift there would be a blow to the company.
KLX vs. Wesco was already beginning to feel like a mismatch prior to the Boeing deal. With Boeing's resources soon to be backing KLX, Wesco has a real uphill battle on its hands.
Wesco shares are cheap, trading at 0.64 times sales and a forward price-to-earnings ratio of 10.11, compared to 2.06 times sales and 14.05 times forward earnings for KLX. But it is only a bargain if suppliers and customers really do end up shifting business Wesco's way as a counter to Boeing's heft.
I'm skeptical that that will happen. Until there is some evidence to the contrary, Wesco shares should be avoided.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Lou Whitemanowns shares of Berkshire Hathaway (B shares). The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool has adisclosure policy. || Better Buy: Bank of America Corporation vs. JPMorgan: A decade after the financial crisis, big banks have seen their businesses recover and become stronger than ever. Bank of America (NYSE: BAC) and JPMorgan Chase (NYSE: JPM) have the most assets of any two U.S. banks, and their stocks have done quite well recently. At this point, interest rates are starting to become more favorable for banking institutions , and both B of A and JPMorgan have consumer-facing operations that can take advantage of those trends. Yet after already having seen their shares climb, smart investors want to know which big bank is the smarter play right now. Below, we'll look more closely at Bank of America and JPMorgan by using some key metrics that should reveal how the two are doing and which has more promising prospects for shareholders. Stock performance and valuation Both Bank of America and JPMorgan have delivered solid performance over the past 12 months. Their returns are nearly identical, with JPMorgan just eking out the win, rising 25% compared to B of A's 24% gain since May 2017. Three people in an open lobby with a sign saying Chase in the background. Image source: JPMorgan Chase. In terms of simple earnings-based valuations, the two stocks are quite close to each other. If you start with backward-looking profits, JPMorgan looks a little cheaper, trading at 17 times trailing earnings compared to a multiple of 19 for B of A. However, the two banks switch places when you look at projected forward earnings, as Bank of America trades with a forward multiple of just 10, compared to JPMorgan's corresponding figure of 11. However, investors often judge asset quality by offering a bigger premium to book value, and there, B of A looks cheaper. The Charlotte-based bank trades at just 1.2 times book value, compared to more than 1.6 for JPMorgan. That's enough to give Bank of America a slightly cheaper look, but it's one that JPMorgan shareholders would argue shows greater market confidence in their stock rather than B of A's. Dividends Bank investors have had to be patient to see dividends come back at many financial institutions. Bank of America and JPMorgan have both strived to restore former payouts. JPMorgan's 2% yield outpaces the 1.6% yield that Bank of America currently pays. Story continues JPMorgan had a real edge in getting its dividend back to where it had been before the financial crisis. With its first post-crisis dividend boost coming in 2011, the New York-based bank was able to surpass its old record payout by 2014. Since 2010, the company has raised its dividend eight times and now pays more than 11 times what it did at the bottom of the market. By contrast, Bank of America didn't make its first dividend increase until 2014, and although the current $0.12 per share payout is 12 times what it paid throughout most of the early 2010s, it still pales in comparison to its pre-crisis quarterly distributions. JPMorgan has a clear edge on the dividend front. Growth prospects and risk 2018 is shaping up to be a good year for banks, and both B of A and JPMorgan are aiming to take advantage. Bank of America's first-quarter results showed impressive growth in most key areas, including outstanding loans, total deposit balances, brokerage assets at its Merrill Edge consumer brokerage unit, and total assets under management at B of A's wealth management operations. More efficient operations have helped boost returns on equity and assets, and the company has embraced the digital revolution by making a wider range of services available by mobile device. Although the company didn't take full advantage of market volatility during the first quarter by boosting trading revenue, Bank of America still expects interest spreads to rise further, adding to overall profitability over time. For JPMorgan, the first quarter had a lot of good news . Growth in core loans and deposits outpaced Bank of America's gains, and JPMorgan also saw nice rises in client investment assets, commercial loans, credit card transactions, and wealth management. JPMorgan also got a nice boost from its equity trading unit, which saw record-high revenue. As with B of A, fixed-income trading at JPMorgan Chase was sluggish, but attention to cost discipline and a nice tailwind from lower tax rates under the new tax laws helped to push the bank forward. JPMorgan sees strong economic conditions globally, and it believes that those favorable factors will continue to help the bank grow throughout 2018 and beyond. Staying on the fast track Bank of America has done a lot to bounce back more aggressively over the past year, but JPMorgan Chase was quicker to start growing again after the crisis, and it's maintained that head-start. Even with higher valuations, JPMorgan looks like the better buy for those who want to maximize their chances for future growth. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Better Buy: Bank of America Corporation vs. JPMorgan: A decade after the financial crisis, big banks have seen their businesses recover and become stronger than ever.Bank of America(NYSE: BAC)andJPMorgan Chase(NYSE: JPM)have the most assets of any two U.S. banks, and their stocks have done quite well recently.
At this point, interest rates are starting to becomemore favorable for banking institutions, and both B of A and JPMorgan have consumer-facing operations that can take advantage of those trends. Yet after already having seen their shares climb, smart investors want to know which big bank is the smarter play right now. Below, we'll look more closely at Bank of America and JPMorgan by using some key metrics that should reveal how the two are doing and which has more promising prospects for shareholders.
Both Bank of America and JPMorgan have delivered solid performance over the past 12 months. Their returns are nearly identical, with JPMorgan just eking out the win, rising 25% compared to B of A's 24% gain since May 2017.
Image source: JPMorgan Chase.
In terms of simple earnings-based valuations, the two stocks are quite close to each other. If you start with backward-looking profits, JPMorgan looks a little cheaper, trading at 17 times trailing earnings compared to a multiple of 19 for B of A. However, the two banks switch places when you look at projected forward earnings, as Bank of America trades with a forward multiple of just 10, compared to JPMorgan's corresponding figure of 11.
However, investors often judge asset quality by offering a bigger premium to book value, and there, B of A looks cheaper. The Charlotte-based bank trades at just 1.2 times book value, compared to more than 1.6 for JPMorgan. That's enough to give Bank of America a slightly cheaper look, but it's one that JPMorgan shareholders would argue shows greater market confidence in their stock rather than B of A's.
Bank investors have had to be patient to see dividends come back at many financial institutions. Bank of America and JPMorgan have both strived to restore former payouts. JPMorgan's 2% yield outpaces the 1.6% yield that Bank of America currently pays.
JPMorgan had a real edge in getting its dividend back to where it had been before the financial crisis. With its first post-crisis dividend boost coming in 2011, the New York-based bank was able to surpass its old record payout by 2014. Since 2010, the company has raised its dividend eight times and now pays more than 11 times what it did at the bottom of the market. By contrast, Bank of America didn't make its first dividend increase until 2014, and although the current $0.12 per share payout is 12 times what it paid throughout most of the early 2010s, it still pales in comparison to its pre-crisis quarterly distributions. JPMorgan has a clear edge on the dividend front.
2018 is shaping up to be a good year for banks, and both B of A and JPMorgan are aiming to take advantage.Bank of America's first-quarter resultsshowed impressive growth in most key areas, including outstanding loans, total deposit balances, brokerage assets at its Merrill Edge consumer brokerage unit, and total assets under management at B of A's wealth management operations. More efficient operations have helped boost returns on equity and assets, and the company has embraced the digital revolution by making a wider range of services available by mobile device. Although the company didn't take full advantage of market volatility during the first quarter by boosting trading revenue, Bank of America still expects interest spreads to rise further, adding to overall profitability over time.
For JPMorgan, thefirst quarter had a lot of good news. Growth in core loans and deposits outpaced Bank of America's gains, and JPMorgan also saw nice rises in client investment assets, commercial loans, credit card transactions, and wealth management. JPMorgan also got a nice boost from its equity trading unit, which saw record-high revenue. As with B of A, fixed-income trading at JPMorgan Chase was sluggish, but attention to cost discipline and a nice tailwind from lower tax rates under the new tax laws helped to push the bank forward. JPMorgan sees strong economic conditions globally, and it believes that those favorable factors will continue to help the bank grow throughout 2018 and beyond.
Bank of America has done a lot to bounce back more aggressively over the past year, but JPMorgan Chase was quicker to start growing again after the crisis, and it's maintained that head-start. Even with higher valuations, JPMorgan looks like the better buy for those who want to maximize their chances for future growth.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || A Foolish Take: Dollar Stores Are Dominating Brick-and-Mortar Retail: Many investors believe the popular narrative that Amazon is crushing brick-and-mortar retailers. The e-commerce titan certainly humbled plenty of them, but some retailers continue to expand by opening new stores. The top three dollar store chains in America, for example, opened more than 1,800 stores last year. Dollar General (NYSE: DG) led the pack, followed by Dollar Tree (NASDAQ: DLTR) and its subsidiary, Family Dollar. Graph showing new dollar store openings in 2017 Data source: 10-K filings. Chart by author. In 2018, Dollar General plans to open 900 new stores. Dollar Tree plans to open 350 more namesake locations and 300 new Family Dollar sites, and rebanner 50 Family Dollar locations as Dollar Tree stores. All three chains posted positive comparable-store sales growth in their latest quarters . Dollar General focuses on rural areas, while Dollar Tree and Family Dollar are rooted in urban and suburban areas. All three chains try to open their stores closer to lower-income neighborhoods than superstore rivals like Walmart . Gas expenses for traveling to the store, time spent shopping, and product prices are all key concerns for lower-income shoppers. That allows dollar stores to flourish in an age when many retailers are getting squeezed by the competition. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Leo Sun owns shares of AMZN. The Motley Fool owns shares of and recommends AMZN. The Motley Fool has a disclosure policy . || A Foolish Take: Dollar Stores Are Dominating Brick-and-Mortar Retail: Many investors believe the popular narrative thatAmazonis crushing brick-and-mortar retailers. The e-commerce titan certainly humbled plenty of them, but some retailers continue to expand by opening new stores.
The top three dollar store chains in America, for example, opened more than 1,800 stores last year.Dollar General(NYSE: DG)led the pack, followed byDollar Tree(NASDAQ: DLTR)and its subsidiary, Family Dollar.
Data source: 10-K filings. Chart by author.
In 2018, Dollar General plans to open 900 new stores. Dollar Tree plans to open 350 more namesake locations and 300 new Family Dollar sites, and rebanner 50 Family Dollar locations as Dollar Tree stores. All three chains posted positive comparable-store sales growth in theirlatest quarters.
Dollar General focuses on rural areas, while Dollar Tree and Family Dollar are rooted in urban and suburban areas. All three chains try to open their stores closer to lower-income neighborhoods than superstore rivals likeWalmart.
Gas expenses for traveling to the store, time spent shopping, and product prices are all key concerns for lower-income shoppers. That allows dollar stores to flourishin an agewhen many retailers are getting squeezed by the competition.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors.Leo Sunowns shares of AMZN. The Motley Fool owns shares of and recommends AMZN. The Motley Fool has adisclosure policy. || Bill Gates Would Love To Short Bitcoin, So Why Doesn’t He?: Billionaire Bill Gates is a notorious bitcoin skeptic who says he would bet against it if he could because he believes cryptocurrencies are worthless investments that people profit from by pawning their holdings off to a “greater fool” than themselves.
“I would short it if there was an easy way to do it,” Gates toldCNBCMay 7 during a joint interview with his billionaire pals Warren Buffett and Charlie Munger. “As an asset class, you’re not producing anything, so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”
The three moguls convened over the weekend because they are members of the Berkshire Hathaway board of directors, which held its annual shareholder meeting on May 5. At the meeting, Berkshire CEO Buffett slammed bitcoin once again, this time calling it “rat poison squared,” as CCN has reported.
Like other cryptocurrency bears, Bill Gates conceded that blockchain, the technology behind bitcoin, can be very useful but said virtual currencies are nothing more than crazy, speculative investments.
“Bitcoin and ICOs, I believe completely that [they’re some] of the crazier, speculative things [you could invest in],” he said.
Gates — whose net worth tops $91 billion thanks to the de facto monopoly Microsoft has enjoyed for decades — said someone once gave him bitcoin for his birthday, but he sold it.
Of course, if Gates really wanted to short bitcoin, he has a variety of options. Even if he doesn’t feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps evenGoldman Sachs‘ new bitcoin derivatives product.
That he doesn’t — even while protesting that he wishes he could — is telling.
During the same interview, billionaire Charlie Munger — the vice chairman of Berkshire Hathaway — called bitcoin “worthless” and useless.
“Bitcoin is worthless, artificial gold,” Munger said. “That is not something I think the world needs. The fact that it’s clever computer science doesn’t mean it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable.'”
Munger, 94, has said bitcoin trading is akin to clueless people with dementia trading feces to keep up with everyone else. “[It’s] like somebody else is trading turds and you’re being left out,” he said.
Bill Gates’ skepticism toward crypto is no surprise given his cynical outlook on the entire market.
As CCN previously reported, Gatesblames bitcoinfor drug deaths, claiming cryptocurrencies are go-to vehicles for illegal drug sales and money-laundering.
“Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way,” Gates said in March 2018. “I think the speculative wave around ICOs and crypto currencies is super-risky for those who go long.”
Despite the bearishness of these “old guard” billionaire moguls, the new crop of tech billionaires has no doubt that bitcoin is the unstoppable wave of the future.
“I’m convinced 100 percent that crypto is the future,” Binance founder Changpeng Zhao toldBloomberg. “I just know it will happen.”
Similarly, theWinklevoss twinsTyler and Cameron (estimated net worth: $900 million to $1.1 billion) say bitcoin skeptics who flippantly dismiss crypto suffer from an epic “failure of imagination.”
The postBill Gates Would Love To Short Bitcoin, So Why Doesn’t He?appeared first onCCN. || Bill Gates Would Love To Short Bitcoin, So Why Doesnt He?: bill gates bitcoin Billionaire Bill Gates is a notorious bitcoin skeptic who says he would bet against it if he could because he believes cryptocurrencies are worthless investments that people profit from by pawning their holdings off to a greater fool than themselves. Bitcoin a Greater Fool Theory Investment I would short it if there was an easy way to do it, Gates told CNBC May 7 during a joint interview with his billionaire pals Warren Buffett and Charlie Munger. As an asset class, youre not producing anything, so you shouldnt expect it to go up. Its kind of a pure greater fool theory type of investment. The three moguls convened over the weekend because they are members of the Berkshire Hathaway board of directors, which held its annual shareholder meeting on May 5. At the meeting, Berkshire CEO Buffett slammed bitcoin once again, this time calling it rat poison squared , as CCN has reported. Like other cryptocurrency bears, Bill Gates conceded that blockchain, the technology behind bitcoin, can be very useful but said virtual currencies are nothing more than crazy, speculative investments. Bitcoin and ICOs, I believe completely that [theyre some] of the crazier, speculative things [you could invest in], he said. Gates whose net worth tops $91 billion thanks to the de facto monopoly Microsoft has enjoyed for decades said someone once gave him bitcoin for his birthday, but he sold it. Of course, if Gates really wanted to short bitcoin, he has a variety of options. Even if he doesnt feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps even Goldman Sachs new bitcoin derivatives product. That he doesnt even while protesting that he wishes he could is telling. Berkshires Bitcoin Bashing Barrage Continues Story continues berkshire hathaway buffett bitcoin During the same interview, billionaire Charlie Munger the vice chairman of Berkshire Hathaway called bitcoin worthless and useless. Bitcoin is worthless, artificial gold, Munger said. That is not something I think the world needs. The fact that its clever computer science doesnt mean it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wildes definition of fox hunting: The pursuit of the uneatable by the unspeakable.' Munger, 94, has said bitcoin trading is akin to clueless people with dementia trading feces to keep up with everyone else. [Its] like somebody else is trading turds and youre being left out, he said. Bill Gates skepticism toward crypto is no surprise given his cynical outlook on the entire market. As CCN previously reported, Gates blames bitcoin for drug deaths, claiming cryptocurrencies are go-to vehicles for illegal drug sales and money-laundering. Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way, Gates said in March 2018. I think the speculative wave around ICOs and crypto currencies is super-risky for those who go long. Techs New Guard Bullish on Cryptocurrency Despite the bearishness of these old guard billionaire moguls, the new crop of tech billionaires has no doubt that bitcoin is the unstoppable wave of the future. Im convinced 100 percent that crypto is the future, Binance founder Changpeng Zhao told Bloomberg . I just know it will happen. Similarly, the Winklevoss twins Tyler and Cameron (estimated net worth: $900 million to $1.1 billion) say bitcoin skeptics who flippantly dismiss crypto suffer from an epic failure of imagination. The post Bill Gates Would Love To Short Bitcoin, So Why Doesnt He? appeared first on CCN . || Bill Gates Would Love To Short Bitcoin, So Why Doesn’t He?: Billionaire Bill Gates is a notorious bitcoin skeptic who says he would bet against it if he could because he believes cryptocurrencies are worthless investments that people profit from by pawning their holdings off to a “greater fool” than themselves.
“I would short it if there was an easy way to do it,” Gates toldCNBCMay 7 during a joint interview with his billionaire pals Warren Buffett and Charlie Munger. “As an asset class, you’re not producing anything, so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment.”
The three moguls convened over the weekend because they are members of the Berkshire Hathaway board of directors, which held its annual shareholder meeting on May 5. At the meeting, Berkshire CEO Buffett slammed bitcoin once again, this time calling it “rat poison squared,” as CCN has reported.
Like other cryptocurrency bears, Bill Gates conceded that blockchain, the technology behind bitcoin, can be very useful but said virtual currencies are nothing more than crazy, speculative investments.
“Bitcoin and ICOs, I believe completely that [they’re some] of the crazier, speculative things [you could invest in],” he said.
Gates — whose net worth tops $91 billion thanks to the de facto monopoly Microsoft has enjoyed for decades — said someone once gave him bitcoin for his birthday, but he sold it.
Of course, if Gates really wanted to short bitcoin, he has a variety of options. Even if he doesn’t feel comfortable trading on a cryptocurrency exchange such as BitMEX, he could easily open a short position in bitcoin futures on CBOE, CME, or perhaps evenGoldman Sachs‘ new bitcoin derivatives product.
That he doesn’t — even while protesting that he wishes he could — is telling.
During the same interview, billionaire Charlie Munger — the vice chairman of Berkshire Hathaway — called bitcoin “worthless” and useless.
“Bitcoin is worthless, artificial gold,” Munger said. “That is not something I think the world needs. The fact that it’s clever computer science doesn’t mean it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable.'”
Munger, 94, has said bitcoin trading is akin to clueless people with dementia trading feces to keep up with everyone else. “[It’s] like somebody else is trading turds and you’re being left out,” he said.
Bill Gates’ skepticism toward crypto is no surprise given his cynical outlook on the entire market.
As CCN previously reported, Gatesblames bitcoinfor drug deaths, claiming cryptocurrencies are go-to vehicles for illegal drug sales and money-laundering.
“Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way,” Gates said in March 2018. “I think the speculative wave around ICOs and crypto currencies is super-risky for those who go long.”
Despite the bearishness of these “old guard” billionaire moguls, the new crop of tech billionaires has no doubt that bitcoin is the unstoppable wave of the future.
“I’m convinced 100 percent that crypto is the future,” Binance founder Changpeng Zhao toldBloomberg. “I just know it will happen.”
Similarly, theWinklevoss twinsTyler and Cameron (estimated net worth: $900 million to $1.1 billion) say bitcoin skeptics who flippantly dismiss crypto suffer from an epic “failure of imagination.”
The postBill Gates Would Love To Short Bitcoin, So Why Doesn’t He?appeared first onCCN. || Crude Oil Hits Fresh Highs then Contracts Ahead of Iran Decision: Crude prices have surged to fresh major-trend highs Monday, rocketed to a high of $70.84, the loftiest level seen since November 2014. Late in the North American trading session the White House announced that the President would announce on Tuesday his decision about staying in the Iranian nuclear pact. Driving has been rising tensions between the U.S. and Iran and on May 12, the U.S. waivers on its sanctions against Iran expire, with the Trump administration seemingly disposed to pull out of the 2015 nuclear agreement and re-impose sanctions. News that U.S. oil company ConocoPhillips is in process of take over the Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award has also been taken as a bullish lead by the crude market, as it will further impede Venezuela’s output capacity. Technicals Crude oil prices reversed course following news that Trump would make his decision on Tuesday the 8 th instead of May 12. Prices had been on a tear breaking out, but retraced most of the gains following the White House news. Support is seen near the 10-day moving average at 68.39. Resistance is seen near the weekly highs at 70.84. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line). President Trump is due to announce his decision on the Iran nuclear President Trump is due to announce his decision on the Iran nuclear deal by this Saturday with the majority of observers expecting him to pull out of the deal and reimpose sanctions on Tehran. This would push oil prices higher, however, which Trump doesn’t want, if we are to judge by a recent tweet, in which the President scolded OPEC for manipulating prices higher. At the same time, Venezuelan oil production has shrunk to 1.5 million barrels per day from twice that about 20 years ago as it lacks the financial means to maintain fields. Also, one of the companies that have sued the country for its forced nationalization of the oil industry, Conoco, last week obtained court attachment for PDVSA storage, processing, and blending facilities in the Caribbean. If Conoco assumes control over these facilities, it would further hurt Venezuela’s oil revenues. Story continues The Dollar has Stabilized Following the Payroll Report The U.S. jobs report disappointed on nearly every metric, and especially in the service sector. Nevertheless, internals were more positive than met the eye, and further assessment of the data showed it supports stronger growth in Q2. The hours worked numbers reflected a robust manufacturing sector and underpinned our estimate for a 3.6% GDP growth rate in Q2. Meanwhile, inflation measures are showing signs of life, though not to the point of forcing the FOMC into a more aggressive tightening path. Indeed, in its May 3 policy statement, the Fed went out of the way to stress its “symmetric” inflation goal, while policymakers have said they’re willing to overshoot on the 2% target. This article was originally posted on FX Empire More From FXEMPIRE: Gold Prices Slow and Subdued E-mini S&P 500 Index (ES) Futures Technical Analysis – May 7, 2018 Forecast Trump to Deliver Decision on Iran Nuclear Deal on Tuesday Gold Monthly Forecast – May 2018 South Korea and Japan Regulators Weigh on Cryptocurrency Market, Bitcoin Remains Stable Natural gas Rallied But Runs Into Resistance || Crude Oil Hits Fresh Highs then Contracts Ahead of Iran Decision: Crude prices have surged to fresh major-trend highs Monday, rocketed to a high of $70.84, the loftiest level seen since November 2014. Late in the North American trading session the White House announced that the President would announce on Tuesday his decision about staying in the Iranian nuclear pact. Driving has been rising tensions between the U.S. and Iran and on May 12, the U.S. waivers on its sanctions against Iran expire, with the Trump administration seemingly disposed to pull out of the 2015 nuclear agreement and re-impose sanctions. News that U.S. oil company ConocoPhillips is in process of take over the Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award has also been taken as a bullish lead by the crude market, as it will further impede Venezuela’s output capacity.
Crude oil prices reversed course following news that Trump would make his decision on Tuesday the 8thinstead of May 12. Prices had been on a tear breaking out, but retraced most of the gains following the White House news. Support is seen near the 10-day moving average at 68.39. Resistance is seen near the weekly highs at 70.84. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
President Trump is due to announce his decision on the Iran nuclear deal by this Saturday with the majority of observers expecting him to pull out of the deal and reimpose sanctions on Tehran. This would push oil prices higher, however, which Trump doesn’t want, if we are to judge by a recent tweet, in which the President scolded OPEC for manipulating prices higher.
At the same time, Venezuelan oil production has shrunk to 1.5 million barrels per day from twice that about 20 years ago as it lacks the financial means to maintain fields. Also, one of the companies that have sued the country for its forced nationalization of the oil industry, Conoco, last week obtained court attachment for PDVSA storage, processing, and blending facilities in the Caribbean. If Conoco assumes control over these facilities, it would further hurt Venezuela’s oil revenues.
The U.S. jobs report disappointed on nearly every metric, and especially in the service sector. Nevertheless, internals were more positive than met the eye, and further assessment of the data showed it supports stronger growth in Q2. The hours worked numbers reflected a robust manufacturing sector and underpinned our estimate for a 3.6% GDP growth rate in Q2. Meanwhile, inflation measures are showing signs of life, though not to the point of forcing the FOMC into a more aggressive tightening path. Indeed, in its May 3 policy statement, the Fed went out of the way to stress its “symmetric” inflation goal, while policymakers have said they’re willing to overshoot on the 2% target.
Thisarticlewas originally posted on FX Empire
• Gold Prices Slow and Subdued
• E-mini S&P 500 Index (ES) Futures Technical Analysis – May 7, 2018 Forecast
• Trump to Deliver Decision on Iran Nuclear Deal on Tuesday
• Gold Monthly Forecast – May 2018
• South Korea and Japan Regulators Weigh on Cryptocurrency Market, Bitcoin Remains Stable
• Natural gas Rallied But Runs Into Resistance || Intel Corp.'s Contract Chip Manufacturing Business Will Fail: For years now, chip giantIntel(NASDAQ: INTC)has talked about how it hopes to compete in the contract chip manufacturing market dominated byTaiwan Semiconductor Manufacturing Company(NYSE: TSM)andSamsung(NASDAQOTH: SSNLF).
Even as recently as last fall, Intel hosted a Technology and Manufacturing Day in China and spent a great deal of time laying out the opportunity that it saw in becoming a contract chip manufacturer for mobile and network infrastructure applications.
Image source: Intel.
Although the company says that the total addressable market for contract chip manufacturing services was around $53 billion in 2016, with so-called "leading edge" technologies -- the subsegment of the market that Intel hopes to serve -- comprising $23 billion of that, I believe that Intel's efforts here will fail, and it won't capture even 1% of that $23 billion served addressable market.
Here's one simple reason why.
Companies like TSMC and Samsung deliver new manufacturing technologies like clockwork. They need to do so because their major customers, such as mobile processor makers, have to hit very tight schedules because smartphone cycles stay the same each year.
Apple(NASDAQ: AAPL), for example, launches new iPhones in September of each year, so any contract chip manufacturer that Apple uses to build its chips needs to have its latest technologies ready for mass production by aroundApril or May of that same year. Any delay and Apple's iPhone launch plans will be derailed, adversely impacting its business prospects.
While TSMC and Samsung consistently execute in bringing new technologies to market each year, Intel has -- over the last five years -- failed to deliver new technologies into mass production on time.
Intel's 14nm technology, originally slated to go into production by the end of 2013, didn't begin production until mid-2014. Even worse, the company's 10nm technology, which was originally scheduled to go into production by the end of 2015,still isn't in productionand won't go into production until sometime in 2019 (Intel refuses to publicly commit to when in 2019 it expects to start production).
A four-year delay in a product would be nothing short of disastrous for any chip or systems company. Can you imagine if Apple saw a four-year delay in its latest A-series processor?
Until Intel can show multiple generations of consistent technology execution -- something that'd likely only prove out over the next six to 10 years -- no company run by halfway competent management would bet its businesses on Intel's chip manufacturing capabilities. Such a move would be, at best, reckless, and at worst career suicide for the decision-makers who chose to go with Intel.
At this point, Intel's best course of action would be to completely shut down its contract chip manufacturing efforts. This means the company should no longer invest any resources in trying to acquire new companies as customers (this would likely be an exercise in futility, anyway) and it should no longer allow the needs of potential third-party customers influence its technology development.
Any engineering resources that it had allocated to this effort should be reassigned to work either on Intel's internal chip manufacturing technology development or its internal product development. Any marketing resources should be similarly redirected to support the company's large portfolio of in-house-designed products.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Ashraf Eassaowns shares of Intel. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Intel. The Motley Fool has adisclosure policy. || Intel Corp.'s Contract Chip Manufacturing Business Will Fail: For years now, chip giant Intel (NASDAQ: INTC) has talked about how it hopes to compete in the contract chip manufacturing market dominated by Taiwan Semiconductor Manufacturing Company (NYSE: TSM) and Samsung (NASDAQOTH: SSNLF) . Even as recently as last fall, Intel hosted a Technology and Manufacturing Day in China and spent a great deal of time laying out the opportunity that it saw in becoming a contract chip manufacturer for mobile and network infrastructure applications. Intel executives at the company's Technology and Manufacturing Day. Image source: Intel. Although the company says that the total addressable market for contract chip manufacturing services was around $53 billion in 2016, with so-called "leading edge" technologies -- the subsegment of the market that Intel hopes to serve -- comprising $23 billion of that, I believe that Intel's efforts here will fail, and it won't capture even 1% of that $23 billion served addressable market. Here's one simple reason why. Unreliable technology road map Companies like TSMC and Samsung deliver new manufacturing technologies like clockwork. They need to do so because their major customers, such as mobile processor makers, have to hit very tight schedules because smartphone cycles stay the same each year. Apple (NASDAQ: AAPL) , for example, launches new iPhones in September of each year, so any contract chip manufacturer that Apple uses to build its chips needs to have its latest technologies ready for mass production by around April or May of that same year . Any delay and Apple's iPhone launch plans will be derailed, adversely impacting its business prospects. While TSMC and Samsung consistently execute in bringing new technologies to market each year, Intel has -- over the last five years -- failed to deliver new technologies into mass production on time. Intel's 14nm technology, originally slated to go into production by the end of 2013, didn't begin production until mid-2014. Even worse, the company's 10nm technology, which was originally scheduled to go into production by the end of 2015, still isn't in production and won't go into production until sometime in 2019 (Intel refuses to publicly commit to when in 2019 it expects to start production). Story continues A four-year delay in a product would be nothing short of disastrous for any chip or systems company. Can you imagine if Apple saw a four-year delay in its latest A-series processor? Until Intel can show multiple generations of consistent technology execution -- something that'd likely only prove out over the next six to 10 years -- no company run by halfway competent management would bet its businesses on Intel's chip manufacturing capabilities. Such a move would be, at best, reckless, and at worst career suicide for the decision-makers who chose to go with Intel. Intel's best course of action At this point, Intel's best course of action would be to completely shut down its contract chip manufacturing efforts. This means the company should no longer invest any resources in trying to acquire new companies as customers (this would likely be an exercise in futility, anyway) and it should no longer allow the needs of potential third-party customers influence its technology development. Any engineering resources that it had allocated to this effort should be reassigned to work either on Intel's internal chip manufacturing technology development or its internal product development. Any marketing resources should be similarly redirected to support the company's large portfolio of in-house-designed products. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Intel. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Intel. The Motley Fool has a disclosure policy .
[Social Media Buzz]
Current price of Bitcoin is $9105.00 via @Chain || #TipusCanvi de #divises a les 11:00 del dia 08-05-2018
1 euro = 0,9123 roures
1 dòlar = 0,9223 roures
1 lliure = 1,2457 roures
1 yen = 0,0085 roures
1 franc suís = 0,9186 roures
1 bitcoin = 8.656,61 roures
#Criptomoneda a #SantEsteveDeLesRoures || $BTC #BTC #Bitcoin: $9,136
#tradealert
Fib S2 broken, price 9136.00 below support point 2 (9156.68)
#fibonacci || #Bitcoin Price 9315.00 USD via Chain || BTC Price: 9233.00$,
BTC Today High : 94...
|
9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32.
|
[Bitcoin Technical Analysis for 2021-02-22]
Volume: 92052420332, RSI (14-day): 69.14, 50-day EMA: 40604.34, 200-day EMA: 25311.04
[Wider Market Context]
Gold Price: 1806.70, Gold RSI: 45.27
Oil Price: 61.49, Oil RSI: 74.22
[Recent News (last 7 days)]
Crypto Long & Short: Interest in DeFi Is Surging. You Can Thank GameStop: One of the most iconic moments of the past week was when Keith Gill, otherwise known as Reddit trader DeepF**kingValue, testified in front of the House Financial Services Committee: “I am not a cat.” All who enjoyed the video of the meeting in which a frustrated lawyer struggled with Zoom settings (who among us hasn’t experienced Zoom awkwardness?) immediately knew what he was referring to, and some of us may or may not have spluttered coffee all over our keyboard. It wasn’t so much the power of memes that made his remark feel important, nor was it just the humor that made us sit up. It was more the deadpan delivery, staring at the screen, addressing some of the most powerful people in the world. To me, it synthesized a loud shift in attitudes toward authority. With that throwaway remark, Gill demonstrated loyalty to his tribe rather than to the establishment, a sentiment we see playing out not only across social media but also in classrooms, culture, startups and even in the intimidating world of finance. You’re reading Crypto Long & Short , a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here . Related: 4 Bitcoin Bear Signals To Be Aware Of The surge in value of “anti-establishment” bitcoin , which broke $1 trillion this week , as well as of meme coins such as dogecoin ( DOGE ), are to a large extent an extension of this . The lack of trust in the establishment’s judgement, and the visible weakening of its influence, make alternatives more viable . This goes beyond individual crypto assets. The congressional hearings highlighted a growing awareness of structural risks in our capital markets. This, combined with recent industry trends, points to strong potential growth in an area of digital assets we have not yet talked much about in this column: decentralized finance, or DeFi. Story continues The concept is about so much more than high investment returns, although there are potentially plenty of those to be had for those willing to take on high risk. It’s about the emergence of a new type of financial market, not created with professional investors in mind, but which will end up benefiting from their interest. This week, that got a strong boost. Under the hood The GameStop drama awakened a greater interest in financial market plumbing, something that very few had bothered to care about before. When we see what looks like institutions trampling on the retail investor, we have questions. Few congressional hearings have been as eagerly followed as this one, in the hopes of getting answers and of seeing the beginning of change. Related: Bitcoin Drops, DeFi Loans Liquidated, NFTs Sell This is happening at the same time as an explosion of interest and development in DeFi applications. The term “DeFi” refers to self-executing programs that fulfill the functions of centralized financial services such as borrowing, lending and trading, but in a decentralized, peer-to-peer manner (here’s a more detailed primer if you need it). This week, Bloomberg reported that approximately $359 million worth of GameStop shares failed to deliver on Jan. 28. In the world of automated crypto asset trading, that couldn’t happen. Also, trades can’t be frozen, all traders have equal priority, and there is no authority who can change the rules or middleman who can prioritize some orders over others. The concept started a few years ago in an experimental corner of the Ethereum ecosystem, with open-source “smart contracts” deployed to execute trades, interest payments and collateral swaps. Last year saw the rise of “yield farming,” which refers to hopping from platform to platform in search of the highest yields. These sometimes reached triple digits , at a time when official interest rates were near zero. The returns were significant, but so were the opportunities for things to go wrong. Many platforms were constructed on hastily written code, and last year we reported on numerous bugs and losses that had no recourse. Mistakes are not unexpected at the start of an innovation spurt, however, and the creativity and output were (and still are) astonishing. Given the high yields, it was only a matter of time before institutions started to take notice. In its Q3 2020 report , Genesis Trading (a subsidiary of DCG, also the parent of CoinDesk) reported that much of its lending growth was to institutions looking to finance yield opportunities. Fast forward a few months, and the ecosystem feels different. The economic value riding on DeFi platforms has almost tripled since the beginning of the year, to $41.9bn at time of writing. These platforms are usually powered by tokens which confer access and governance rights – the aggregate value of the 100 largest tokens by market cap currently stands at $83 trillion (yes, with a “t”), with over $16 trillion in 24-hour trading volume. The DeFi Pulse Index , which tracks 10 of the largest tokens by market cap, has risen over 260% year-to-date. What’s more, Ethereum, the base blockchain for most DeFi applications, has entered a new phase of development with the launch of the first step in the migration to a more scalable and less energy-intensive consensus system. This will solve for the soaring fees on Ethereum which threaten to choke off some of the transaction volume. It will also give DeFi applications a viable platform from which to one day integrate with traditional finance. Institutional onramps are spreading. Coinbase Custody has offered institutional clients trading and custody services for DeFi tokens for some time now, and has listed four new DeFi tokens so far this year . BitGo facilitates the conversion of bitcoin into a DeFi-friendly token . Digital asset custodian Trustology helps its institutional clients vet DeFi projects. But so far access to the potential returns has been largely limited to buying individual tokens. This is changing. This week, crypto fund manager Bitwise launched a DeFi fund, which tracks the weighted value of a basket of tokens. And some U.S.-listed trusts may be on the way: over the past few weeks, Grayscale Investments, the largest fund manager in the industry (owned by DCG, also parent of CoinDesk), has filed for authorization of investment trusts based on tokens for DeFi protocols such as yield optimizer Yearn Finance , money market Aave and data oracle Chainlink . (Note that filing for authorization does not indicate intent to launch, but the possibility is there.) New territory The returns on DeFi assets may be high so far this year, but so are the risks. There’s the possibility of a technological glitch, or a hack – we’ve reported on a few just this month . There’s regulatory risk: the controversial FinCEN proposal presented in December of last year, which suggests that exchanges require identifying information for receiving addresses, would damp DeFi innovation and make some functions unviable. There is also liquidity risk: even a small institutional order could distort the market, and it may be difficult to exit when necessary. What’s more, the high volatility of DeFi assets means the downside could be brutal. Nevertheless, given the public support for examining structural inefficiency and fragility in traditional capital markets, and the increase in DeFi activity and innovation, the growth in mainstream interest is likely to accelerate. This will be positive for those building the capital markets of tomorrow, and for those that invest in these projects. So far this month, we’ve reported on three new venture funds targeting DeFi startups . More institutional money flowing into the DeFi ecosystem, either in the form of token investment or venture capital, will boost liquidity and legitimacy. Institutional support will also guide the ecosystem through the shoals of regulatory acceptability and the gradual adaptation of current market infrastructure. Smart money will hopefully understand the risks involved. But getting in early on a transformational innovation rewards the brave. And current market infrastructure is getting ready to help this along. CHAIN LINKS Investors talking: Bank of America’s February survey of fund managers revealed that “long bitcoin” has slipped from the most crowded trade in January to the number two position, behind “long tech” and just in front of “short dollar.” “We believe the trend of transactions, bitcoin investments, and blockchain-driven initiatives could surge over the coming years as this bitcoin mania is not a fad in our opinion, but rather the start of a new age on the digital currency front.” – Wedbush Securities , in a research note. “Bitcoin may be The Stimulus Asset. Doesn’t look like gold is.” – Jeffrey Gundlach , CEO of DoubleLine Capital “Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company … Bitcoin is almost as bs as fiat money. The key word is “almost”.” – Elon Musk “For now, the bitcoin boom may best be viewed as a canary in the coal mine.” – An interesting take on bitcoin’s boom by the FT’s Rana Foroohar Takeaways: The Ontario Securities Commission (OSC) has approved the Evolve Bitcoin ETF , making it the second to list on the Toronto Stock Exchange. TAKEAWAY: U.S. regulators, the pressure is on … Elsewhere in ETFs, the Purpose Bitcoin ETF (BTCC) started trading on the Toronto Stock Exchange on Thursday, and accumulated almost $422 million of AUM in two days. TAKEAWAY: This is a strong signal that there is demand for this type of product. (Purpose’s index is supplied by TradeBlock, a CoinDesk subsidiary.) Speaking of which, NYDIG , Stone Ridge Asset Management’s bitcoin spin-off firm, has filed with the U.S. Securities and Exchange Commission (SEC) for a bitcoin ETF. TAKEAWAY: This follows bitcoin ETF applications from VanEck and Valkyrie, and signals that fund managers are feeling more optimistic about the prospects for approval. Notably, the filing lists Morgan Stanley as the initial authorized participant, which adds a blue-chip name to the process – as far as I know, the other two ETF filings have not specified who their initial authorized participant will be. Cryptocurrency exchange Coinbase , which is preparing to trade publicly in the next few months, is being valued at $77 billion, based on trading of the company’s privately held shares on a secondary market. TAKEAWAY: This is higher than the CME Group, ICE (parent of the NYSE), the London Stock Exchange … the list goes on, but you get my drift. MicroStrategy , the business intelligence firm now better known for the 70,784 BTC on its balance sheet, intends to raise $1.05 billion via the issuance of convertible senior notes due in 2027. The bulk of the proceeds will, you guessed it, be used to buy more bitcoin. TAKEAWAY: This makes MSTR the closest thing to a bitcoin ETF in the U.S. market, while layering a level of corporate risk on top of bitcoin market risk. This is yet another nudge to the SEC to approve a bitcoin ETF soon. A reasonable question is: what will happen to the MSTR share price when that happens? A survey released by Gartner this week showed that only 5% of business executives intend to invest in bitcoin as a corporate asset this year. TAKEAWAY: “Only” 5%?? That seems like a lot to me. In mid-June non-financial corporate cash was at $2.12 trillion, according to Moody’s . And the non-financial companies with the largest amount of cash on their balance sheets are Apple, Microsoft, Alphabet, Amazon and Facebook – tech companies that are more likely to be interested in BTC holdings than your “average” corporate. A look at why the CME ETH futures matter for the market . TAKEAWAY: It’s a way for a broader range of investors to take a broader range of positions. It’s also a necessary prerequisite for the development of a lively ETH options market, which will offer even more hedging and directional bet opportunities for investors of all types. Related Stories Crypto Long & Short: Interest in DeFi Is Surging. You Can Thank GameStop Crypto Long & Short: Interest in DeFi Is Surging. You Can Thank GameStop || Crypto Long & Short: Interest in DeFi Is Surging. You Can Thank GameStop: One of the most iconic moments of the past week was when Keith Gill, otherwise known as Reddit trader DeepF**kingValue,testified in front ofthe House Financial Services Committee: “I am not a cat.” All who enjoyedthe video of the meetingin which a frustrated lawyer struggled with Zoom settings (who among us hasn’t experienced Zoom awkwardness?) immediately knew what he was referring to, and some of us may or may not have spluttered coffee all over our keyboard.
It wasn’t so much the power of memes that made his remark feel important, nor was it just the humor that made us sit up. It was more the deadpan delivery, staring at the screen, addressing some of the most powerful people in the world. To me, it synthesized a loud shift in attitudes toward authority. With that throwaway remark, Gill demonstrated loyalty to his tribe rather than to the establishment, a sentiment we see playing out not only across social media but also in classrooms, culture, startups and even in the intimidating world of finance.
You’re readingCrypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view.You can subscribe here.
Related:4 Bitcoin Bear Signals To Be Aware Of
The surge in value of “anti-establishment”bitcoin, whichbroke $1 trillion this week, as well as of meme coins such asdogecoin(DOGE), are to a large extentan extension of this. The lack of trust in the establishment’s judgement, and the visible weakening of its influence, make alternativesmore viable.
This goes beyond individual crypto assets. The congressional hearings highlighted a growing awareness of structural risks in our capital markets. This, combined with recent industry trends, points to strong potential growth in an area of digital assets we have not yet talked much about in this column: decentralized finance, orDeFi.
The concept is about so much more than high investment returns, although there are potentially plenty of those to be had for those willing to take on high risk. It’s about the emergence of a new type of financial market, not created with professional investors in mind, but which will end up benefiting from their interest. This week, that got a strong boost.
The GameStop drama awakened a greater interest in financial market plumbing, something that very few had bothered to care about before. When we see what looks like institutions trampling on the retail investor, we have questions. Few congressional hearings have been as eagerly followed as this one, in the hopes of getting answers and of seeing the beginning of change.
Related:Bitcoin Drops, DeFi Loans Liquidated, NFTs Sell
This is happening at the same time as an explosion of interest and development in DeFi applications.
The term “DeFi” refers to self-executing programs that fulfill the functions of centralized financial services such as borrowing, lending and trading, but in a decentralized, peer-to-peer manner (here’s amore detailed primerif you need it). This week, Bloombergreported thatapproximately $359 million worth of GameStop shares failed to deliver on Jan. 28. In the world of automated crypto asset trading, that couldn’t happen. Also, trades can’t be frozen, all traders have equal priority, and there is no authority who can change the rules or middleman who can prioritize some orders over others.
The concept started a few years ago in an experimental corner of the Ethereum ecosystem, with open-source “smart contracts” deployed to execute trades, interest payments and collateral swaps. Last year saw the rise of“yield farming,”which refers to hopping from platform to platform in search of the highest yields. These sometimes reachedtriple digits, at a time when official interest rates were near zero.
The returns were significant, but so were the opportunities for things to go wrong. Many platforms were constructed on hastily written code, and last yearwe reported onnumerous bugsand lossesthat had no recourse. Mistakes are not unexpected at the start of an innovation spurt, however, and thecreativityand output were (and still are) astonishing.
Given the high yields, it was only a matter of time before institutions started to take notice. In itsQ3 2020 report, Genesis Trading (a subsidiary of DCG, also the parent of CoinDesk) reported that much of its lending growth was to institutions looking to finance yield opportunities.
Fast forward a few months, and the ecosystem feels different.
Theeconomic valueriding on DeFi platforms has almost tripled since the beginning of the year, to $41.9bn at time of writing. These platforms are usually powered by tokens which confer access and governance rights – theaggregate valueof the 100 largest tokens by market cap currently stands at $83 trillion (yes, with a “t”), with over $16 trillion in 24-hour trading volume. TheDeFi Pulse Index, which tracks 10 of the largest tokens by market cap, has risen over 260% year-to-date.
What’s more, Ethereum, the base blockchain for most DeFi applications, has entered anew phase of developmentwith the launch of the first step in themigration to a more scalableand less energy-intensive consensus system. This will solve for thesoaring feeson Ethereum which threaten to choke off some of the transaction volume. It will also give DeFi applications a viable platform from which to one day integrate with traditional finance.
Institutional onramps are spreading. Coinbase Custody has offered institutional clients trading and custody services for DeFi tokens for some time now, and has listed four new DeFi tokensso far this year. BitGo facilitates the conversion of bitcoininto a DeFi-friendly token. Digital asset custodian Trustologyhelps its institutional clientsvet DeFi projects. But so far access to the potential returns has been largely limited to buying individual tokens. This is changing.
This week, crypto fund managerBitwise launcheda DeFi fund, which tracks the weighted value of a basket of tokens. And some U.S.-listed trusts may be on the way: over the past few weeks, Grayscale Investments, the largest fund manager in the industry (owned by DCG, also parent of CoinDesk), has filed for authorization of investment trusts based on tokens for DeFi protocols such as yield optimizerYearn Finance, money marketAaveand data oracleChainlink. (Note that filing for authorization does not indicate intent to launch, but the possibility is there.)
The returns on DeFi assets may be high so far this year, but so are the risks. There’s the possibility of a technological glitch, or a hack – we’vereported ona fewjust this month. There’s regulatory risk: thecontroversial FinCEN proposalpresented in December of last year, which suggests that exchanges require identifying information for receiving addresses,would damp DeFi innovationand make some functions unviable. There is also liquidity risk: even a small institutional order could distort the market, and it may be difficult to exit when necessary. What’s more, the high volatility of DeFi assets means the downside could be brutal.
Nevertheless, given the public support for examining structural inefficiency and fragility in traditional capital markets, and the increase in DeFi activity and innovation, the growth in mainstream interest is likely to accelerate.
This will be positive for those building the capital markets of tomorrow, and for those that invest in these projects. So far this month, we’ve reported onthree newventure fundstargeting DeFi startups.
More institutional money flowing into the DeFi ecosystem, either in the form of token investment or venture capital, will boost liquidity and legitimacy. Institutional support will also guide the ecosystem through the shoals of regulatory acceptability and the gradual adaptation of current market infrastructure.
Smart money will hopefully understand the risks involved. But getting in early on a transformational innovation rewards the brave. And current market infrastructure is getting ready to help this along.
Investors talking:
Bank of America’s February survey of fund managers revealed that “long bitcoin”has slipped fromthe most crowded trade in January to the number two position, behind “long tech” and just in front of “short dollar.”
“We believe the trend of transactions, bitcoin investments, and blockchain-driven initiatives could surge over the coming years as this bitcoin mania is not a fad in our opinion, but rather the start of a new age on the digital currency front.” –Wedbush Securities, in a research note.
“Bitcoin may be The Stimulus Asset. Doesn’t look like gold is.” –Jeffrey Gundlach, CEO of DoubleLine Capital
“Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company … Bitcoin is almost as bs as fiat money. The key word is “almost”.” –Elon Musk
“For now, the bitcoin boom may best be viewed as a canary in the coal mine.” – An interesting take on bitcoin’s boom by the FT’sRana Foroohar
Takeaways:
The Ontario Securities Commission (OSC)has approvedtheEvolve Bitcoin ETF, making it the second to list on the Toronto Stock Exchange.TAKEAWAY:U.S. regulators, the pressure is on …
Elsewhere in ETFs, thePurpose Bitcoin ETF(BTCC)started tradingon the Toronto Stock Exchange on Thursday, and accumulated almost $422 million of AUM in two days.TAKEAWAY:This is a strong signal thatthere is demandfor this type of product. (Purpose’s index is supplied by TradeBlock, a CoinDesk subsidiary.)
Speaking of which,NYDIG, Stone Ridge Asset Management’s bitcoin spin-off firm,has filed withthe U.S. Securities and Exchange Commission (SEC) for a bitcoin ETF.TAKEAWAY:This follows bitcoin ETF applications from VanEck and Valkyrie, and signals that fund managers are feeling more optimistic about the prospects for approval. Notably, the filing lists Morgan Stanley as the initial authorized participant, which adds a blue-chip name to the process – as far as I know, the other two ETF filings have not specified who their initial authorized participant will be.
Cryptocurrency exchangeCoinbase, which ispreparing to trade publiclyin the next few months, is being valued at $77 billion, based on trading of the company’s privately held shares on a secondary market.TAKEAWAY:This is higher than the CME Group, ICE (parent of the NYSE), the London Stock Exchange … the list goes on, but you get my drift.
MicroStrategy, the business intelligence firm now better known for the 70,784 BTC on its balance sheet,intends to raise$1.05 billion via the issuance of convertible senior notes due in 2027. The bulk of the proceeds will, you guessed it, be used to buy more bitcoin.TAKEAWAY:This makes MSTR the closest thing to a bitcoin ETF in the U.S. market, while layering a level of corporate risk on top of bitcoin market risk. This is yet another nudge to the SEC to approve a bitcoin ETF soon. A reasonable question is: what will happen to the MSTR share price when that happens?
A survey released byGartnerthis week showed thatonly 5% of business executivesintend to invest in bitcoin as a corporate asset this year.TAKEAWAY:“Only” 5%?? That seems like a lot to me. In mid-June non-financial corporate cash was at $2.12 trillion,according to Moody’s. And the non-financial companies with the largest amount of cash on their balance sheets are Apple, Microsoft, Alphabet, Amazon and Facebook – tech companies that are more likely to be interested in BTC holdings than your “average” corporate.
A look at why theCMEETHfuturesmatter for the market.TAKEAWAY:It’s a way for a broader range of investors to take a broader range of positions. It’s also a necessary prerequisite for the development of a lively ETH options market, which will offer even more hedging and directional bet opportunities for investors of all types.
• Crypto Long & Short: Interest in DeFi Is Surging. You Can Thank GameStop
• Crypto Long & Short: Interest in DeFi Is Surging. You Can Thank GameStop || Dollar Down, Riskier Currencies Benefit as Risk Sentiment Improves: By Gina Lee Investing.com – The dollar was down on Monday morning in Asia, falling to a three-year low against the AUD and a three-year low against the GBP as continued progress on curbing the COVID-19 virus boosted risk sentiment. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.02% to 90.323 by 9:14 PM ET (2:14 AM GMT). The USD/JPY pair was up 0.22% to 105.66, with the dollar holding steady against the yen. The AUD/USD pair was up 0.26% to 0.7890 and the NZD/USD pair was up 0.23% to 0.7320. Giving a boost to the Antipodean risk currencies is the rollout of COVID-19 vaccines, with New Zealand starting inoculations on Sunday and Australia following suit earlier in the day. Australia was also set to report no local cases for a third consecutive day. Fitch also said on Monday that the vaccines will also ease risks to Australia’s economy over the year as it maintained the country’s AAA credit rating, albeit with a negative outlook. The USD/CNY pair edged up 0.11% to 6.4625. The GBP/USD pair inched up 0.08% to 1.4025, with the pound climbing above the 1.4 mark. In the U.K., investors await Prime Minister Boris Johnson’s plan to ease the current COVID-19 lockdowns as the country presses on with one of the fastest vaccine rollouts globally. An investor move towards currencies with close ties to the commodities trade as risk sentiment improves also benefitted the Antipodean currencies. The dollar dropped towards a three-year low against the NZD, while the AUD was at its highest level since March 2018. Some investors said that the safe-haven greenback is likely to drop further as the focus remains on the global economic recovery from COVID-19, and progress against the pandemic continues to be made. “Commodity currencies and the pound are particularly strong against the dollar, and this trend looks set to continue,” Daiwa Securities foreign exchange strategist Yukio Ishizuki told Reuters. Story continues “The U.K.’s vaccination program is making a lot of progress. Economic activity is gradually returning to normal in many places, which puts some pressure on the dollar,” Ishizuki added. Also contributing to the dollar’s woes was dollar net short positioning falling to $29.09 billion during the previous week, according to Commodity Futures Trading Commission data. This is dollar shorts’ lowest level since mid-December and a fourth consecutive week of losses, an indication that some dollar optimism remains. Recent gains in long-term Treasury yields and an improved U.S. COVID-19 response will lend the dollar some mild support, Daiwa’s Ishizuki said. Meanwhile, in cryptocurrency, bitcoin dropped slightly to the $57,090 mark but remained near the previous week’s record high as mainstream acceptance of the digital asset continues to increase. Rival cryptocurrency Ether dropped to $1,918. Related Articles Dollar falls as improving sentiment boosts riskier currencies Bitcoin, ether hit fresh highs BOE’s Vlieghe Gives Strongest Backing Yet for Negative Rates || Dollar Down, Riskier Currencies Benefit as Risk Sentiment Improves: By Gina Lee
Investing.com – The dollar was down on Monday morning in Asia, falling to a three-year low against the AUD and a three-year low against the GBP as continued progress on curbing the COVID-19 virus boosted risk sentiment.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.02% to 90.323 by 9:14 PM ET (2:14 AM GMT).
The USD/JPY pair was up 0.22% to 105.66, with the dollar holding steady against the yen.
The AUD/USD pair was up 0.26% to 0.7890 and the NZD/USD pair was up 0.23% to 0.7320. Giving a boost to the Antipodean risk currencies is the rollout of COVID-19 vaccines, withNew Zealandstarting inoculations on Sunday and Australia following suit earlier in the day.
Australia was also set to report no local cases for a third consecutive day. Fitch also said on Monday that the vaccines will also ease risks to Australia’s economy over the year as it maintained the country’s AAA credit rating, albeit with a negative outlook.
The USD/CNY pair edged up 0.11% to 6.4625.
The GBP/USD pair inched up 0.08% to 1.4025, with the pound climbing above the 1.4 mark. In the U.K., investors await Prime Minister Boris Johnson’s plan to ease the current COVID-19 lockdowns as the country presses on with one of the fastest vaccine rollouts globally.
An investor move towards currencies with close ties to the commodities trade as risk sentiment improves also benefitted the Antipodean currencies. The dollar dropped towards a three-year low against the NZD, while the AUD was at its highest level since March 2018.
Some investors said that the safe-haven greenback is likely to drop further as the focus remains on the global economic recovery from COVID-19, and progress against the pandemic continues to be made.
“Commodity currencies and the pound are particularly strong against the dollar, and this trend looks set to continue,” Daiwa Securities foreign exchange strategist Yukio Ishizuki told Reuters.
“The U.K.’s vaccination program is making a lot of progress. Economic activity is gradually returning to normal in many places, which puts some pressure on the dollar,” Ishizuki added.
Also contributing to the dollar’s woes was dollar net short positioning falling to $29.09 billion during the previous week, according to Commodity Futures Trading Commission data. This is dollar shorts’ lowest level since mid-December and a fourth consecutive week of losses, an indication that some dollar optimism remains.
Recent gains in long-term Treasury yields and an improved U.S. COVID-19 response will lend the dollar some mild support, Daiwa’s Ishizuki said.
Meanwhile, in cryptocurrency, bitcoin dropped slightly to the $57,090 mark but remained near the previous week’s record high as mainstream acceptance of the digital asset continues to increase. Rival cryptocurrency Ether dropped to $1,918.
Related Articles
Dollar falls as improving sentiment boosts riskier currencies
Bitcoin, ether hit fresh highs
BOE’s Vlieghe Gives Strongest Backing Yet for Negative Rates || Bitcoin Scales $58K for First Time; YTD Gain Over 98%: Another day, another all-time high for the leading cryptocurrency. Bitcoin ( BTC ) on Sunday set a new high water mark of $58,332.36, bringing the leading cryptocurrencys year-to-date gain to over 100% less than two months into the year. For all of 2020, BTC rose 305%. At press time, the price settled back to $58,148.31, up 2.3% over the last 24 hours, and cutting the YTD gain to over 98%. Some are attributing the eye-popping rise to tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money in a desperate effort to keep their economies afloat during the pandemic. Yet, despite all the printing and spending of fiat money, the key indicators arent reflecting inflation at all Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply, said John Willock, chief executive at digital asset exchange Blocktane. The current ramp-up in the price of BTC was ignited earlier this month by Tesla, when the electric-automobile manufacturer said it had purchased $1.5 billion of the cryptocurrency for its treasury. This sparked a round of playing whos next? in terms of investing treasury funds in BTC and the resulting hype helped focus the attention of main street investors on the sector overall. Some have speculated that the series of all-time highs reached over the last several days is at least partly due to BTC-hungry MicroStrategy, which on Friday morning said it had raised more than $1 billion of debt in order to fund even more purchases of the cryptocurrency. The price of BTC has risen more than $5,000 since the companys announcement. Related Stories Bitcoin Scales $58K for First Time; YTD Gain Over 98% Bitcoin Scales $58K for First Time; YTD Gain Over 98% Bitcoin Scales $58K for First Time; YTD Gain Over 98% Bitcoin Scales $58K for First Time; YTD Gain Over 98% || Bitcoin Scales $58K for First Time; YTD Gain Over 98%: Another day, another all-time high for the leading cryptocurrency.
• Bitcoin (BTC) on Sunday set a new high water mark of $58,332.36, bringing the leading cryptocurrency’s year-to-date gain to over 100% less than two months into the year. For all of 2020, BTC rose 305%.
• At press time, the price settled back to $58,148.31, up 2.3% over the last 24 hours, and cutting the YTD gain to over 98%.
• Some are attributing the eye-popping rise to tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money in a desperate effort to keep their economies afloat during the pandemic. Yet, despite all the printing and spending of fiat money, the key indicators aren’t reflecting inflation at all
• “Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply,” said John Willock, chief executive at digital asset exchange Blocktane.
• The current ramp-up in the price of BTC was ignited earlier this month by Tesla, when the electric-automobile manufacturersaidit had purchased $1.5 billion of the cryptocurrency for its treasury. This sparked a round of playing “who’s next?” in terms of investing treasury funds in BTC and the resulting hype helped focus the attention of main street investors on the sector overall.
• Some have speculated that the series of all-time highs reached over the last several days is at least partly due to BTC-hungry MicroStrategy, which on Friday morning said it hadraisedmore than $1 billion of debt in order to fund even more purchases of the cryptocurrency. The price of BTC has risen more than $5,000 since the company’s announcement.
• Bitcoin Scales $58K for First Time; YTD Gain Over 98%
• Bitcoin Scales $58K for First Time; YTD Gain Over 98%
• Bitcoin Scales $58K for First Time; YTD Gain Over 98%
• Bitcoin Scales $58K for First Time; YTD Gain Over 98% || Bitcoin Scales $58K for First Time; YTD Gain Over 98%: Another day, another all-time high for the leading cryptocurrency.
• Bitcoin (BTC) on Sunday set a new high water mark of $58,332.36, bringing the leading cryptocurrency’s year-to-date gain to over 100% less than two months into the year. For all of 2020, BTC rose 305%.
• At press time, the price settled back to $58,148.31, up 2.3% over the last 24 hours, and cutting the YTD gain to over 98%.
• Some are attributing the eye-popping rise to tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money in a desperate effort to keep their economies afloat during the pandemic. Yet, despite all the printing and spending of fiat money, the key indicators aren’t reflecting inflation at all
• “Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply,” said John Willock, chief executive at digital asset exchange Blocktane.
• The current ramp-up in the price of BTC was ignited earlier this month by Tesla, when the electric-automobile manufacturersaidit had purchased $1.5 billion of the cryptocurrency for its treasury. This sparked a round of playing “who’s next?” in terms of investing treasury funds in BTC and the resulting hype helped focus the attention of main street investors on the sector overall.
• Some have speculated that the series of all-time highs reached over the last several days is at least partly due to BTC-hungry MicroStrategy, which on Friday morning said it hadraisedmore than $1 billion of debt in order to fund even more purchases of the cryptocurrency. The price of BTC has risen more than $5,000 since the company’s announcement.
• Bitcoin Scales $58K for First Time; YTD Gain Over 98%
• Bitcoin Scales $58K for First Time; YTD Gain Over 98%
• Bitcoin Scales $58K for First Time; YTD Gain Over 98%
• Bitcoin Scales $58K for First Time; YTD Gain Over 98% || Bitcoin drops after climbing to all-time high: By Tom Wilson and Gertrude Chavez-Dreyfuss NEW YORK/LONDON (Reuters) - Bitcoin fell on Monday after surging to its latest record high a day earlier as a sell-off in global equities curbed risk appetite, with some investors also citing concerns about the rapid rise in the price of the virtual currency. The most popular cryptocurrency fell to $47,400, a one-week low. At one point, it lost nearly 17% of its value, or about $160 billion of its total market capitalization. Bitcoin recouped some of the losses later in the trading session and was last down around 5.5% at $54,322, on track for its worst day since Jan 27. Its market cap was just under $1 trillion on Monday. "Fairly standard after a rise this large to see a pullback. The usual dislocation of markets was seen," said Charles Hayter, chief executive officer of crypto data provider CryptoCompare in London. Traders also pointed to the unwinding of highly leveraged long positions in the cryptocurrency. Bitcoin, which rallied on Sunday to a peak of $58,354, was still up more than 80% this year. Since hitting a low in March below $4,000, bitcoin has surged nearly 1,200%. Tesla Inc boss Elon Musk, whose tweets on bitcoin have added fuel to the cryptocurrency's rally, said on Saturday the price of bitcoin and rival cryptocurrency ethereum seemed high. U.S. Treasury Secretary Janet Yellen also tamped down the flames on Monday, saying bitcoin is extremely inefficient at conducting transactions and is a highly speculative asset. "The selloff across the board this week is a result of some of last week's exuberance easing, as well as a much-needed unwinding of over-leveraged long positions," said Ross Middleton, co-founder of cryptocurrency exchange DeversiFi. Ethereum, which tends to move in tandem with bitcoin, also tumbled after hitting a record high on Saturday. It hit a three-week low on Monday and was last down about 8.2% at $1,774. Trading platform IG said on Monday it had reached its limit for the amount of cryptocurrency it holds as a business and that it was no longer accepting new cryptocurrency buy orders from clients. Story continues Bitcoin's meteoric rise has been fuelled by signs that it is gaining acceptance among mainstream investors and companies, from Tesla and Mastercard Inc to BNY Mellon. "We do tend to think that there's a good chance of a down week and small correction coming in off of this, although it does little to dull medium-term prospects," said Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London. BNY Mellon is working with Fireblocks in conjunction with a new unit it announced earlier this month to help clients hold, transfer and issue digital assets, according to a report on Monday by CoinDesk. (Reporting by Gertrude Chavez-Dreyfuss in New York and Tom Wilson in London; additional reporting by Karen Pierog in Chicago and Muvija M and Shubham Kalia in Bengaluru; Editing by Andrew Cawthorne and Sonya Hepinstall) || Bitcoin drops after climbing to all-time high: By Tom Wilson and Gertrude Chavez-Dreyfuss
NEW YORK/LONDON (Reuters) - Bitcoin fell on Monday after surging to its latest record high a day earlier as a sell-off in global equities curbed risk appetite, with some investors also citing concerns about the rapid rise in the price of the virtual currency.
The most popular cryptocurrency fell to $47,400, a one-week low. At one point, it lost nearly 17% of its value, or about $160 billion of its total market capitalization.
Bitcoin recouped some of the losses later in the trading session and was last down around 5.5% at $54,322, on track for its worst day since Jan 27. Its market cap was just under $1 trillion on Monday.
"Fairly standard after a rise this large to see a pullback. The usual dislocation of markets was seen," said Charles Hayter, chief executive officer of crypto data provider CryptoCompare in London.
Traders also pointed to the unwinding of highly leveraged long positions in the cryptocurrency.
Bitcoin, which rallied on Sunday to a peak of $58,354, was still up more than 80% this year. Since hitting a low in March below $4,000, bitcoin has surged nearly 1,200%.
Tesla Inc boss Elon Musk, whose tweets on bitcoin have added fuel to the cryptocurrency's rally, said on Saturday the price of bitcoin and rival cryptocurrency ethereum seemed high.
U.S. Treasury Secretary Janet Yellen also tamped down the flames on Monday, saying bitcoin is extremely inefficient at conducting transactions and is a highly speculative asset.
"The selloff across the board this week is a result of some of last week's exuberance easing, as well as a much-needed unwinding of over-leveraged long positions," said Ross Middleton, co-founder of cryptocurrency exchange DeversiFi.
Ethereum, which tends to move in tandem with bitcoin, also tumbled after hitting a record high on Saturday. It hit a three-week low on Monday and was last down about 8.2% at $1,774.
Trading platform IG said on Monday it had reached its limit for the amount of cryptocurrency it holds as a business and that it was no longer accepting new cryptocurrency buy orders from clients.
Bitcoin's meteoric rise has been fuelled by signs that it is gaining acceptance among mainstream investors and companies, from Tesla and Mastercard Inc to BNY Mellon.
"We do tend to think that there's a good chance of a down week and small correction coming in off of this, although it does little to dull medium-term prospects," said Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London.
BNY Mellon is working with Fireblocks in conjunction with a new unit it announced earlier this month to help clients hold, transfer and issue digital assets, according to a report on Monday by CoinDesk.
(Reporting by Gertrude Chavez-Dreyfuss in New York and Tom Wilson in London; additional reporting by Karen Pierog in Chicago and Muvija M and Shubham Kalia in Bengaluru; Editing by Andrew Cawthorne and Sonya Hepinstall) || Bitcoin drops after climbing to all-time high: By Tom Wilson and Gertrude Chavez-Dreyfuss
NEW YORK/LONDON (Reuters) - Bitcoin fell on Monday after surging to its latest record high a day earlier as a sell-off in global equities curbed risk appetite, with some investors also citing concerns about the rapid rise in the price of the virtual currency.
The most popular cryptocurrency fell to $47,400, a one-week low. At one point, it lost nearly 17% of its value, or about $160 billion of its total market capitalization.
Bitcoin recouped some of the losses later in the trading session and was last down around 5.5% at $54,322, on track for its worst day since Jan 27. Its market cap was just under $1 trillion on Monday.
"Fairly standard after a rise this large to see a pullback. The usual dislocation of markets was seen," said Charles Hayter, chief executive officer of crypto data provider CryptoCompare in London.
Traders also pointed to the unwinding of highly leveraged long positions in the cryptocurrency.
Bitcoin, which rallied on Sunday to a peak of $58,354, was still up more than 80% this year. Since hitting a low in March below $4,000, bitcoin has surged nearly 1,200%.
Tesla Inc boss Elon Musk, whose tweets on bitcoin have added fuel to the cryptocurrency's rally, said on Saturday the price of bitcoin and rival cryptocurrency ethereum seemed high.
U.S. Treasury Secretary Janet Yellen also tamped down the flames on Monday, saying bitcoin is extremely inefficient at conducting transactions and is a highly speculative asset.
"The selloff across the board this week is a result of some of last week's exuberance easing, as well as a much-needed unwinding of over-leveraged long positions," said Ross Middleton, co-founder of cryptocurrency exchange DeversiFi.
Ethereum, which tends to move in tandem with bitcoin, also tumbled after hitting a record high on Saturday. It hit a three-week low on Monday and was last down about 8.2% at $1,774.
Trading platform IG said on Monday it had reached its limit for the amount of cryptocurrency it holds as a business and that it was no longer accepting new cryptocurrency buy orders from clients.
Bitcoin's meteoric rise has been fuelled by signs that it is gaining acceptance among mainstream investors and companies, from Tesla and Mastercard Inc to BNY Mellon.
"We do tend to think that there's a good chance of a down week and small correction coming in off of this, although it does little to dull medium-term prospects," said Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London.
BNY Mellon is working with Fireblocks in conjunction with a new unit it announced earlier this month to help clients hold, transfer and issue digital assets, according to a report on Monday by CoinDesk.
(Reporting by Gertrude Chavez-Dreyfuss in New York and Tom Wilson in London; additional reporting by Karen Pierog in Chicago and Muvija M and Shubham Kalia in Bengaluru; Editing by Andrew Cawthorne and Sonya Hepinstall) || Bitcoin hits fresh high: (Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday.
The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year.
Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.
(Reporting by Megan Davies in New York; Editing by Daniel Wallis) || Bitcoin hits fresh high: (Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday. The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year. Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon. (Reporting by Megan Davies in New York; Editing by Daniel Wallis) || Bitcoin hits fresh high: (Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday. The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year. Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon. (Reporting by Megan Davies in New York; Editing by Daniel Wallis) || Bitcoin hits fresh high: (Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday. The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year. Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon. (Reporting by Megan Davies in New York; Editing by Daniel Wallis) || Bitcoin hits fresh high: (Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday. The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year. Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon. (Reporting by Megan Davies in New York; Editing by Daniel Wallis) || Bitcoin hits fresh high: (Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday.
The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year.
Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.
(Reporting by Megan Davies in New York; Editing by Daniel Wallis) || Bitcoin hits fresh high: Feb 21 (Reuters) - Bitcoin continued gaining on Sunday,rising to a fresh high and extending a two-month rally that tookits market capitalization above $1 trillion on Friday. The world's most popular cryptocurrency rose to arecord $58,354, taking its weekly gain to around 20%. It hassurged around 100% this year. Bitcoin's gains have been fueled by evidence it is gainingacceptance among mainstream investors and companies, such asTesla Inc, Mastercard Inc and BNY Mellon. (Reporting by Megan Davies in New York; Editing by DanielWallis) View comments || Bitcoin hits fresh high: Feb 21 (Reuters) - Bitcoin continued gaining on Sunday,rising to a fresh high and extending a two-month rally that tookits market capitalization above $1 trillion on Friday.
The world's most popular cryptocurrency rose to arecord $58,354, taking its weekly gain to around 20%. It hassurged around 100% this year.
Bitcoin's gains have been fueled by evidence it is gainingacceptance among mainstream investors and companies, such asTesla Inc, Mastercard Inc and BNY Mellon.
(Reporting by Megan Davies in New York; Editing by DanielWallis) || Bitcoin hits fresh high: Feb 21 (Reuters) - Bitcoin continued gaining on Sunday,rising to a fresh high and extending a two-month rally that tookits market capitalization above $1 trillion on Friday.
The world's most popular cryptocurrency rose to arecord $58,354, taking its weekly gain to around 20%. It hassurged around 100% this year.
Bitcoin's gains have been fueled by evidence it is gainingacceptance among mainstream investors and companies, such asTesla Inc, Mastercard Inc and BNY Mellon.
(Reporting by Megan Davies in New York; Editing by DanielWallis) || Fintech Focus For February 22, 2021: Fintech Header Quote To Start The Day: “I think we’ve positioned ourselves as the finance super app because I don’t think people want to go to four, five, and six different solutions to manage their money,” M1 Finance marketing vice president Bob Armour said. “We’re a place for investing, borrowing, spending, and credit.” Source: Bob Armour One Big Thing In Fintech: When typically discussed, blockchain lacks a utility component. That’s what Morpher CEO Martin Fröhler is looking to change. Fröhler is a mathematician, with a background in quantitative finance, specializing in research and trading algorithms. After founding a decentralized quantitative hedge fund in Silicon Valley, Martin co-developed the Morpher Protocol to replicate the trading of any market, on the blockchain, without actually trading underlying assets. In the simplest way, Morpher cuts out the middleman -- brokers, exchanges, and counterparties -- allowing market participants the ability to trade assets, with infinite liquidity, on an incorruptible protocol. The solution cuts the costs associated with fixed liquidity, enabling participants, globally, to transact any asset, fractionally, with leverage and no fees. “Our goal is to democratize trading and investing as a whole,” the CEO said. “Morpher provides global access to anyone who trades on limited markets, with infinite liquidity.” Source: Benzinga Other Key Fintech Developments: Fintech Spotlight: Meet M1 Finance. Fintech Spotlight: What is Morpher? M1, Acorns, Public see big sign-ups . May crypto retail be generating risk? Boson Protocol, Royale teamed up. Google introducing pay for parking. Diginex adding digital asset access. France emerging as fintech hotspot. Mastercard, Island Pay eye a CBDC. Citadel’s Ken Griffin supporting T+1. Coinbase stock is trading at $100B. Brex applies for charter, taps talent. NYDIG files to create a new BTC ETF. Bitcoin breaks $50K, Coinbase IPO. NBA All-Star leads Varo investment. Watch Out For This: Another week and the biggest story in a sea of big stories continues to center on SPACs, these blank-check companies that raise capital through IPOs expressly to acquire a privately held company and take it public. But some industry watchers as starting to wonder: Is the party just getting started, with more early guests still trickling in? Story continues Have we reached the party’s peak, with the music still thumping? Or did someone just quietly barf in the corner, an indicator it’s time to wrap things up before something worse happens? Source: TechCrunch Interesting Reads: Uber has lost the U.K. legal challenge. Bill Gates on plan for climate change. Signal sees a record pace in growth. How drones have added to conflicts. U.S. on engaging with the euro area. Facebook news in Australia now dark . A U.S. vaccine surge is coming soon. Pfizer-BioNTech vaccine distribution . Laws “Uber-izing” the U.S. workforce. WhatsApp detailing privacy changes. The best stock education newsletters . Market Moving Headline: U.S. stock index futures auctioned lower last week. Key Takeaways: - Debt, inflation threatening low-rate regime. - Markets most complacent in two decades. - Sentiment turns hot from hotter amid slide. - Global equity fund net inflows decelerated. - Markets fret about economic performance. - Retail sales and industrial production gain. In the coming sessions, participants will want to pay attention to the VWAP anchored from the S&P 500's $3,959.25 overnight rally-high and $3,909.25 high-volume area. In the best case, the S&P 500 opens and remains above the $3,909.25 volume area. Additionally, auctioning above the $3,915.00 VWAP would suggest buyers, on average, are in control and winning, since the February 15 rally high. For more on next week's trade in the S&P 500, see the link below. Source: Physik Invest See more from Benzinga Click here for options trades from Benzinga Fintech Spotlight: M1 Finance, A Mobile Wealth Creation And Management Tool Fintech Focus Roundup For February 20, 2020 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
None available.
|
48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89.
|
[Bitcoin Technical Analysis for 2021-09-30]
Volume: 31141681925, RSI (14-day): 47.59, 50-day EMA: 44641.32, 200-day EMA: 41911.49
[Wider Market Context]
Gold Price: 1755.30, Gold RSI: 45.34
Oil Price: 75.03, Oil RSI: 64.70
[Recent News (last 7 days)]
European Equities: Private Sector PMIs from China and Capitol Hill in Focus: French Consumer Spending (MoM) (Aug)
German Unemployment Change (Sep)
German Unemployment Rate (Sep)
Italian CPI (MoM) (Sep) Prelim
Eurozone Unemployment Rate (Aug)
German CPI (MoM) (Sep) Prelim
German Retail Sales (MoM) (Aug)
Spanish Manufacturing PMI (Sep)
Italian Manufacturing PMI (Sep)
French Manufacturing PMI (Sep) Final
German Manufacturing PMI (Sep) Final
Eurozone Manufacturing PMI (Sep) Final
Eurozone CPI (YoY) (Sep) Prelim
It was a relatively bullish day for the European majors on Wednesday.
The EuroStoxx600 rose by 0.59%, with the CAC40 and the DAX30 ending the day up by 0.83% and by 0.77% respectively.
Economic data from the Eurozone and the U.S were on the lighter side, leaving dip buyers to deliver support.
The gains on the day were modest, however, following Tuesday’s sell-off as concerns over growth and inflation lingered.
It was a relatively quiet day on the economic calendar, with Spanish inflation in focus.
According to prelim figures, Spain’s annual rate of inflation accelerated from 3.3% to 4.0%. Economists had forecast an annual rate of inflation of 3.5%.
Economic data was limited to housing sector data that had a muted impact on the majors.
In August, pending home sales surged by 8.1%, month-on-month, versus a forecasted 1.4% increase. Sales had fallen by 2.0% in July.
For the DAX:It was a bullish day for the auto sector on Wednesday.Volkswagenrallied by 3.41% to lead the way, withBMWandDaimlerrising by 2.01% and by 1.56% respectively.Continentalended the day up by a more modest 0.69%.
It was also a bullish day for the banks.Deutsche BankandCommerzbanksaw gains of 0.69% and 2.54% respectively.
From the CAC, it was a bullish day for the banks.BNP ParibasandCredit Agricolerose by 0.77% and by 0.05% respectively.Soc Genled the way, however, rallying by 2.19%.
It was also a bullish day for the French auto sector.Stellantis NVandRenaultended the day up by 1.08% and by 1.44% respectively.
Air France-KLMbucked the broader trend sliding by 3.46%, whileAirbus SEbounced back with a 3.48% gain.
It was a back into the red for theVIXon Wednesday, ending a 2-day winning streak.
Following a 23.93% jump on Tuesday, the VIX fell by 2.97% to end the day at 22.56.
The NASDAQ fell by 0.24%, while the Dow and S&P500 ended the day up by 0.26% and by 0.16% respectively.
It’s a particularly busy day ahead on the Eurozone’seconomic calendar.
French consumer spending and German unemployment figures will be in focus going into the European session.
With concerns over growth lingering, we can expect some sensitivity to the numbers.
Other stats on the day include inflation figures for Italy and Germany and Eurozone unemployment numbers. Expect inflation data for September to draw interest following the pickup in Spanish inflation.
From the U.S, initial jobless claims, final 2ndquarter GDP and Chicago PMI figures will also provide direction.
Ahead of the European open, private sector PMI numbers from China will set the tone, however.
We saw plenty of market sensitivity to weaker industrial profit figures earlier in the week. The market’s preferred Caixin Manufacturing PMI will be the key stat from China. Economists have forecast for the Caixin Manufacturing PMI to rise modestly from 49.2 to 49.5.
From Capitol Hill, news updates on the debt-ceiling will also be an area of focus on the day.
In the futures markets, at the time of writing, the Dow Mini was up by 111 points.
For a look at all of today’s economic events, check out oureconomic calendar.
Thisarticlewas originally posted on FX Empire
• USD/CAD Exchange Rate Prediction – The Dollar Surges on Robust Treasury Yields Gains
• Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin
• Crude Oil Price Forecast – Crude Oil Markets Continue to Press to The Upside
• Dogecoin – Daily Tech Analysis – September 30th, 2021
• A Busy Economic Calendar Puts the EUR, the Pound, and the Greenback in Focus
• Why Dollar Tree Stock Is Up By 16% Today || European Equities: Private Sector PMIs from China and Capitol Hill in Focus: Economic Calendar Thursday, 30 th September French Consumer Spending (MoM) (Aug) German Unemployment Change (Sep) German Unemployment Rate (Sep) Italian CPI (MoM) (Sep) Prelim Eurozone Unemployment Rate (Aug) German CPI (MoM) (Sep) Prelim Friday, 1 st October German Retail Sales (MoM) (Aug) Spanish Manufacturing PMI (Sep) Italian Manufacturing PMI (Sep) French Manufacturing PMI (Sep) Final German Manufacturing PMI (Sep) Final Eurozone Manufacturing PMI (Sep) Final Eurozone CPI (YoY) (Sep) Prelim The Majors It was a relatively bullish day for the European majors on Wednesday. The EuroStoxx600 rose by 0.59%, with the CAC40 and the DAX30 ending the day up by 0.83% and by 0.77% respectively. Economic data from the Eurozone and the U.S were on the lighter side, leaving dip buyers to deliver support. The gains on the day were modest, however, following Tuesday’s sell-off as concerns over growth and inflation lingered. The Stats It was a relatively quiet day on the economic calendar, with Spanish inflation in focus. According to prelim figures, Spain’s annual rate of inflation accelerated from 3.3% to 4.0%. Economists had forecast an annual rate of inflation of 3.5%. From the U.S Economic data was limited to housing sector data that had a muted impact on the majors. In August, pending home sales surged by 8.1%, month-on-month, versus a forecasted 1.4% increase. Sales had fallen by 2.0% in July. The Market Movers For the DAX: It was a bullish day for the auto sector on Wednesday. Volkswagen rallied by 3.41% to lead the way, with BMW and Daimler rising by 2.01% and by 1.56% respectively. Continental ended the day up by a more modest 0.69%. It was also a bullish day for the banks. Deutsche Bank and Commerzbank saw gains of 0.69% and 2.54% respectively. From the CAC , it was a bullish day for the banks. BNP Paribas and Credit Agricole rose by 0.77% and by 0.05% respectively. Soc Gen led the way, however, rallying by 2.19%. It was also a bullish day for the French auto sector. Stellantis NV and Renault ended the day up by 1.08% and by 1.44% respectively. Story continues Air France-KLM bucked the broader trend sliding by 3.46%, while Airbus SE bounced back with a 3.48% gain. On the VIX Index It was a back into the red for the VIX on Wednesday, ending a 2-day winning streak. Following a 23.93% jump on Tuesday, the VIX fell by 2.97% to end the day at 22.56. The NASDAQ fell by 0.24%, while the Dow and S&P500 ended the day up by 0.26% and by 0.16% respectively. The Day Ahead It’s a particularly busy day ahead on the Eurozone’s economic calendar . French consumer spending and German unemployment figures will be in focus going into the European session. With concerns over growth lingering, we can expect some sensitivity to the numbers. Other stats on the day include inflation figures for Italy and Germany and Eurozone unemployment numbers. Expect inflation data for September to draw interest following the pickup in Spanish inflation. From the U.S, initial jobless claims, final 2 nd quarter GDP and Chicago PMI figures will also provide direction. Ahead of the European open, private sector PMI numbers from China will set the tone, however. We saw plenty of market sensitivity to weaker industrial profit figures earlier in the week. The market’s preferred Caixin Manufacturing PMI will be the key stat from China. Economists have forecast for the Caixin Manufacturing PMI to rise modestly from 49.2 to 49.5. From Capitol Hill, news updates on the debt-ceiling will also be an area of focus on the day. The Futures In the futures markets, at the time of writing, the Dow Mini was up by 111 points. For a look at all of today’s economic events, check out our economic calendar . This article was originally posted on FX Empire More From FXEMPIRE: USD/CAD Exchange Rate Prediction – The Dollar Surges on Robust Treasury Yields Gains Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin Crude Oil Price Forecast – Crude Oil Markets Continue to Press to The Upside Dogecoin – Daily Tech Analysis – September 30th, 2021 A Busy Economic Calendar Puts the EUR, the Pound, and the Greenback in Focus Why Dollar Tree Stock Is Up By 16% Today || USD/CAD Exchange Rate Prediction – The Dollar Surges on Robust Treasury Yields Gains: The dollar rallied for a second consecutive trading session versus the Loonie and against most major currencies. The dollar index which is mainly tied to the euro hit the highest level in a year, as strong gains in Treasury yields buoyed the greenback. Stronger than expected pending home sales continued help the U.S. dollar. In the wake of the worse than expected confidence numbers released on Tuesday, the National Restaurant Association reported that business was worse than at the pandemic’s beginning. Technical Analysis The dollar rallied Loonie bouncing above resistance which is now support seen near the 10-day moving average at 1.2720. Resistance is seen near the September highs at 1.2896. Prices bounced from oversold territory as the fast stochastic generated a crossover buy signal. This is a sign of accelerating positive momentum. Medium-term momentum has turned negative the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in negative territory with a rising trajectory which points to a higher exchange rate. This article was originally posted on FX Empire More From FXEMPIRE: Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin Crude Oil Price Forecast – Crude Oil Markets Continue to Press to The Upside Silver Price Forecast – Silver Markets Break Through Major Support Natural Gas Price Forecast – Natural Gas Markets Begin Pullback Why Dollar Tree Stock Is Up By 16% Today Silver Price Prediction – Prices Drop Sharply Breaking Through Key Support || USD/CAD Exchange Rate Prediction – The Dollar Surges on Robust Treasury Yields Gains: The dollar rallied for a second consecutive trading session versus the Loonie and against most major currencies. The dollar index which is mainly tied to the euro hit the highest level in a year, as strong gains in Treasury yields buoyed the greenback. Stronger than expected pending home sales continued help the U.S. dollar. In the wake of the worse than expected confidence numbers released on Tuesday, the National Restaurant Association reported that business was worse than at the pandemic’s beginning.
The dollar rallied Loonie bouncing above resistance which is now support seen near the 10-day moving average at 1.2720. Resistance is seen near the September highs at 1.2896. Prices bounced from oversold territory as the fast stochastic generated a crossover buy signal. This is a sign of accelerating positive momentum. Medium-term momentum has turned negative the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD histogram is printing in negative territory with a rising trajectory which points to a higher exchange rate.
Thisarticlewas originally posted on FX Empire
• Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin
• Crude Oil Price Forecast – Crude Oil Markets Continue to Press to The Upside
• Silver Price Forecast – Silver Markets Break Through Major Support
• Natural Gas Price Forecast – Natural Gas Markets Begin Pullback
• Why Dollar Tree Stock Is Up By 16% Today
• Silver Price Prediction – Prices Drop Sharply Breaking Through Key Support || Riot Blockchain Announces Investor Site Tour: Site tour of Riot’s Whinstone Facility with Management
Castle Rock, CO, Sept. 29, 2021 (GLOBE NEWSWIRE) --Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company"), a Nasdaq-listed industry leader in Bitcoin mining and hosting, announces official investor tour of Riot’s Whinstone Facility to be held on October 20, 2021.
North America’s Largest Bitcoin Mining Facility as Measured by Developed Capacity
• Riot acquired Whinstone US, Inc. (“Whinstone”) in May 2021, with a developed capacity of 300 megawatts (MW), competitive energy costs at an estimated 2.5c/kWh, and an industry-leading Bitcoin mining infrastructure development team.
• Immediately following the acquisition, Riot announced a 400 MW expansion of Bitcoin mining infrastructure at Whinstone. The expansion's first portion is estimated to be complete by Q1 2022 and the balance by Q2 2022.
• Investor invitations are open for a firsthand look at Riot’s Whinstone Facility and for the opportunity to participate in a meeting with the Riot and Whinstone management teams.
For information regarding attending the investor day, please contact Phil McPherson, Vice President of Capital Markets at,[email protected].
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Riot is headquartered in Castle Rock, Colorado, and the Whinstone facility operates out of Rockdale, Texas. The Company also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC. For more information, visitwww.RiotBlockchain.com
Safe Harbor
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. Forward-looking statements may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the acquisition of Whinstone, including financial and operating results, and the Company’s plans, objectives, expectations and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, include, but are not limited to: unaudited estimates of BTC production; our future hash rate growth (EH/s); our expected schedule of new miner deliveries; our ability to successfully deploy new miners; MW capacity under development; the integration of the businesses of the Company and Whinstone may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding other factors that may cause actual results to differ materially from those expressed or implied by statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled "Risk Factors" and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and our other filings with the SEC, including, but not limited to the additional risk factors set forth in the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2021, copies of which may be obtained from the SEC's website atwww.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements.
CONTACT: Trystine Payfer Riot Blockchain, Inc. 303-794-2000 ext. 118 [email protected] Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 [email protected] || Riot Blockchain Announces Investor Site Tour: Site tour of Riot’s Whinstone Facility with Management Castle Rock, CO, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain” or the “Company") , a Nasdaq-listed industry leader in Bitcoin mining and hosting, announces official investor tour of Riot’s Whinstone Facility to be held on October 20, 2021. North America’s Largest Bitcoin Mining Facility as Measured by Developed Capacity Riot acquired Whinstone US, Inc. (“Whinstone”) in May 2021, with a developed capacity of 300 megawatts (MW), competitive energy costs at an estimated 2.5c/kWh, and an industry-leading Bitcoin mining infrastructure development team. Immediately following the acquisition, Riot announced a 400 MW expansion of Bitcoin mining infrastructure at Whinstone. The expansion's first portion is estimated to be complete by Q1 2022 and the balance by Q2 2022. Investor invitations are open for a firsthand look at Riot’s Whinstone Facility and for the opportunity to participate in a meeting with the Riot and Whinstone management teams. For information regarding attending the investor day, please contact Phil McPherson, Vice President of Capital Markets at, [email protected] . About Riot Blockchain, Inc. Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and through Whinstone, its subsidiary, hosting Bitcoin mining equipment for institutional clients. The Company is expanding and upgrading its mining operations through industrial-scale infrastructure development and latest-generation miner procurement. Riot is headquartered in Castle Rock, Colorado, and the Whinstone facility operates out of Rockdale, Texas. The Company also has mining equipment operating in upstate New York under a co-location hosting agreement with Coinmint, LLC. For more information, visit www.RiotBlockchain.com Safe Harbor Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," “believes,” "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. Forward-looking statements may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. These forward-looking statements may include, but are not limited to, statements about the benefits of the acquisition of Whinstone, including financial and operating results, and the Company’s plans, objectives, expectations and intentions. Among the risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements, include, but are not limited to: unaudited estimates of BTC production; our future hash rate growth (EH/s); our expected schedule of new miner deliveries; our ability to successfully deploy new miners; MW capacity under development; the integration of the businesses of the Company and Whinstone may not be successful, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; failure to otherwise realize anticipated efficiencies and strategic and financial benefits from the acquisition of Whinstone; and the impact of COVID-19 on us, our customers, or on our suppliers in connection with our estimated timelines. Detailed information regarding other factors that may cause actual results to differ materially from those expressed or implied by statements in this press release may be found in the Company's filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled "Risk Factors" and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and our other filings with the SEC, including, but not limited to the additional risk factors set forth in the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2021, copies of which may be obtained from the SEC's website at www.sec.gov . All forward-looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on forward-looking statements. Story continues CONTACT: Trystine Payfer Riot Blockchain, Inc. 303-794-2000 ext. 118 [email protected] Phil McPherson Riot Blockchain, Inc. 303-794-2000 ext. 110 [email protected] || Stock Market Today: Relief Rally Fizzles Late: concept art of stock movement Getty Images The markets staged a slim, shaky rebound on a Wednesday that was light on data, with the gravitational pull of U.S. Treasuries' rate revival in plain sight. A day after the 10-year Treasury yield reached 1.567%, putting a scare into the major indexes, it retreated to roughly 1.5% early on in the session ... but clawed its way back to 1.54% by the afternoon. SEE MORE The 21 Best Stocks to Buy for the Rest of 2021 What did that do to equities? It put a lid on technology stocks (-0.1%), which finished with the day's second-worst sector performance. Instead, investors were interested in defense. Utility stocks (+1.5%), consumer staples (+0.9%) and healthcare (+0.8%) led the markets higher, with notable gains coming from the likes of Eli Lilly ( LLY , +4.0%), Sempra Energy ( SRE , +3.1%) and ConAgra ( CAG , +3.0%). Even so, the major indices coughed up much of the day's progress during the session's final hour. The result was small gains for the Dow (+0.3% to 34,390) and S&P 500 (+0.2% to 4,359), while the tech-heavy Nasdaq finished with a 0.2% loss to 14,512. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Other news in the stock market today: The small-cap Russell 2000 also slid into the red shortly before the close, giving up 0.2% to 2,225. Dollar Tree ( DLTR ) surged 16.5% today after the discount retailer said it will begin offering products priced up to $5 in its Dollar Tree Plus stores and will test the $1+ price points in select legacy stores. DLTR also announced that its board of directors has authorized a $1.05 billion-boost to its share repurchase program, bringing the aggregate amount to $2.5 billion. Already in fiscal 2021, the company has repurchased $950 million of its shares, according to Michael Witynski, president and CEO of Dollar Tree. Eyewear startup Warby Parker ( WRBY ) made a splash in its market debut. WRBY went public via a direct listing, an alternative to traditional initial public offerings (IPOs). WRBY stock opened at $54.05 per share, more than 35% above its $40 reference point. Shares gained a little more ground from there, finishing the day up 36.2% to $54.49. There's still a host of companies set to go public over the next several months. Here's a running list of the most anticipated IPOs for the rest of 2021 . U.S. crude oil futures slipped 0.6% to finish at $74.83 per share. Gold futures shed 0.8% to settle at $1,722.90 an ounce. The CBOE Volatility Index (VIX) pulled back 2.3% to 22.71. Bitcoin prices slid 1.0% to $41.178.28. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock chart for 092921 YCharts Can AI Really Pick Stocks? We frequently keep tabs on the so-called smart money. SEE MORE 7 Bond Funds to Anchor Your Retirement Portfolio While even the most revered investors can get it wrong from time to time (just ask Warren Buffett about his 1993 purchase of Dexter Shoe), hedge funds, billionaires and institutional investors have access to invaluable insights and research that makes their high-conviction moves worth monitoring. That's why we provide the occasional look into billionaire buys , hedge-fund favorites and, of course, Buffett's Berkshire Hathaway portfolio . But from time to time, it also pays to see what the robots have to say. Financial advice firm Danelfin (formerly Danel Capital) has developed an analytics platform that analyzes fundamental, technical and sentiment data for hundreds of U.S. stocks to determine which have the best setup for market outperformance over the next 90 days. We've recently caught up with Danelfin, whose system continues to beat the market in 2021, and reviewed its 10 top stocks to watch at the moment. Check them out! SEE MORE The 25 Best Low-Fee Mutual Funds You Can Buy You may also like Dying Careers You May Want to Steer Clear Of 5 Top Dividend Aristocrats to Beef Up Your Portfolio What Is the Social Security COLA? View comments || Stock Market Today: Relief Rally Fizzles Late: concept art of stock movement Getty Images The markets staged a slim, shaky rebound on a Wednesday that was light on data, with the gravitational pull of U.S. Treasuries' rate revival in plain sight. A day after the 10-year Treasury yield reached 1.567%, putting a scare into the major indexes, it retreated to roughly 1.5% early on in the session ... but clawed its way back to 1.54% by the afternoon. SEE MORE The 21 Best Stocks to Buy for the Rest of 2021 What did that do to equities? It put a lid on technology stocks (-0.1%), which finished with the day's second-worst sector performance. Instead, investors were interested in defense. Utility stocks (+1.5%), consumer staples (+0.9%) and healthcare (+0.8%) led the markets higher, with notable gains coming from the likes of Eli Lilly ( LLY , +4.0%), Sempra Energy ( SRE , +3.1%) and ConAgra ( CAG , +3.0%). Even so, the major indices coughed up much of the day's progress during the session's final hour. The result was small gains for the Dow (+0.3% to 34,390) and S&P 500 (+0.2% to 4,359), while the tech-heavy Nasdaq finished with a 0.2% loss to 14,512. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. Other news in the stock market today: The small-cap Russell 2000 also slid into the red shortly before the close, giving up 0.2% to 2,225. Dollar Tree ( DLTR ) surged 16.5% today after the discount retailer said it will begin offering products priced up to $5 in its Dollar Tree Plus stores and will test the $1+ price points in select legacy stores. DLTR also announced that its board of directors has authorized a $1.05 billion-boost to its share repurchase program, bringing the aggregate amount to $2.5 billion. Already in fiscal 2021, the company has repurchased $950 million of its shares, according to Michael Witynski, president and CEO of Dollar Tree. Eyewear startup Warby Parker ( WRBY ) made a splash in its market debut. WRBY went public via a direct listing, an alternative to traditional initial public offerings (IPOs). WRBY stock opened at $54.05 per share, more than 35% above its $40 reference point. Shares gained a little more ground from there, finishing the day up 36.2% to $54.49. There's still a host of companies set to go public over the next several months. Here's a running list of the most anticipated IPOs for the rest of 2021 . U.S. crude oil futures slipped 0.6% to finish at $74.83 per share. Gold futures shed 0.8% to settle at $1,722.90 an ounce. The CBOE Volatility Index (VIX) pulled back 2.3% to 22.71. Bitcoin prices slid 1.0% to $41.178.28. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues stock chart for 092921 YCharts Can AI Really Pick Stocks? We frequently keep tabs on the so-called smart money. SEE MORE 7 Bond Funds to Anchor Your Retirement Portfolio While even the most revered investors can get it wrong from time to time (just ask Warren Buffett about his 1993 purchase of Dexter Shoe), hedge funds, billionaires and institutional investors have access to invaluable insights and research that makes their high-conviction moves worth monitoring. That's why we provide the occasional look into billionaire buys , hedge-fund favorites and, of course, Buffett's Berkshire Hathaway portfolio . But from time to time, it also pays to see what the robots have to say. Financial advice firm Danelfin (formerly Danel Capital) has developed an analytics platform that analyzes fundamental, technical and sentiment data for hundreds of U.S. stocks to determine which have the best setup for market outperformance over the next 90 days. We've recently caught up with Danelfin, whose system continues to beat the market in 2021, and reviewed its 10 top stocks to watch at the moment. Check them out! SEE MORE The 25 Best Low-Fee Mutual Funds You Can Buy You may also like Dying Careers You May Want to Steer Clear Of 5 Top Dividend Aristocrats to Beef Up Your Portfolio What Is the Social Security COLA? View comments || A new ETF launched in Canada will allow investors to gain exposure to both bitcoin and ethereum: Crypto coins. Nurphoto Evolve ETFs has launched the first multi-cryptocurrency ETF that includes both bitcoin and ether. The Evolve Cryptocurrencies ETF currently has about 68% of its holdings in bitcoin and 32% in ether. The ETF began trading on the Toronto Stock Exchange on Wednesday. Sign up here for our daily newsletter, 10 Things Before the Opening Bell . Investors seeking diversification in the cryptocurrency market can now buy a cryptocurrency ETF that holds both bitcoin and ether. The ETF trades on the Toronto Stock Exchange. The Evolve Cryptocurrencies ETF is a market-cap weighted crypto fund that holds both bitcoin and ether. The fund currently has about 68% of its holdings in bitcoin and 32% in ether. Bitcoin and ether combined make up about 65% of the total cryptocurrency market. The new ETF will be rebalanced monthly, does not utilize leverage, and will not pay distributions. It will gain exposure to bitcoin and ether by holding the Evolve Bitcoin ETF (EBIT) and the Evolve Ether ETF (ETHR). While there's no management fee, the underlying ETFs held in the fund do have a 0.75% management fee. "EBIT and ETHR provide investors with exposure to the daily price movements of the US dollar price of Bitcoin and Ether, respectively, by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure," Evolve said in a press release. The creation and redemption process is the underlying plumbing of ETFs that allow them to be more transparent, less costly, and more tax efficient than mutual funds. In the first day of trades, the Evolve Cryptocurrencies ETF has amassed a paltry $2.1 million in assets. Evolve ETF's two other cryptocurrency funds have about $181 million in combined assets under management, according to the firm's website. While Canada's crypto ETF market gets off its feet, US investors still have few options in gaining exposure to cryptocurrencies besides buying them outright, as SEC Chairman Gary Gensler continues to seek strict regulations for the crypto market. Read the original article on Business Insider || A new ETF launched in Canada will allow investors to gain exposure to both bitcoin and ethereum: • Evolve ETFs has launched the first multi-cryptocurrency ETF that includes both bitcoin and ether.
• The Evolve Cryptocurrencies ETF currently has about 68% of its holdings in bitcoin and 32% in ether.
• The ETF began trading on the Toronto Stock Exchange on Wednesday.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Investors seeking diversification in the cryptocurrency market can now buy a cryptocurrency ETF that holds bothbitcoinandether.The ETF trades on the Toronto Stock Exchange.
The Evolve Cryptocurrencies ETF is a market-cap weighted crypto fund that holds both bitcoin and ether. The fund currently has about 68% of its holdings in bitcoin and 32% in ether. Bitcoin and ether combined make up about 65% of the total cryptocurrency market.
The new ETF will be rebalanced monthly, does not utilize leverage, and will not pay distributions. It will gain exposure to bitcoin and ether by holding the Evolve Bitcoin ETF (EBIT) and the Evolve Ether ETF (ETHR). While there's no management fee, the underlying ETFs held in the fund do have a 0.75% management fee.
"EBIT and ETHR provide investors with exposure to the daily price movements of the US dollar price of Bitcoin and Ether, respectively, by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure," Evolve said ina press release.
The creation and redemption process is the underlying plumbing of ETFs that allow them to be more transparent, less costly, and more tax efficient than mutual funds.
In the first day of trades, the Evolve Cryptocurrencies ETF has amassed a paltry $2.1 million in assets. Evolve ETF's two other cryptocurrency funds have about $181 million in combined assets under management,according to the firm's website.
While Canada's crypto ETF market gets off its feet, US investors still have few options in gaining exposure to cryptocurrencies besides buying them outright, as SEC Chairman Gary Genslercontinues to seek strict regulations for the crypto market.
Read the original article onBusiness Insider || Comparing Dogecoin, Baby Doge and Shiba Inu: Is There One To Watch?: Bitcoin has been the most popular and well-known cryptocurrency since it literally began the asset class in 2009. However, as speculative fervor has broken out among many markets over the past few years, literally hundreds of new cryptocurrencies have been created, with many skyrocketing in price. Some of these newer cryptos don’t, as of yet, have any discernible value in the blockchain world, and many have whimsical names, such as Dogecoin, Baby Doge and Shiba Inu. Here’s a look at the story behind these three particular cryptos and whether or not they are worth keeping tabs on as an investor.
Find Out More:Is the Shiba Inu Coin the Cryptocurrency You Should Be Watching?See:Where Does Cryptocurrency Come From?
Dogecoin was initially created as a joke by two software engineers in December 2013, with a Shiba Inu — a breed of hunting dog in Japan— as its mascot.What began as a joke is now a full-fledged, functioning cryptocurrency. In fact, as of Aug. 9, Dogecoin has the fifth-largest market cap of any cryptocurrency at $31 billion.
Consider:Dogecoin’s Highs and Lows: Is It Still Worth an Investment?
Part of the reason that Dogecoin is so well-known is thanks to the tweets of Tesla CEO Elon Musk. Some market participants have even dubbed Musk the “Dogefather” for his support of the crypto.Yet, Musk is not alone in his support for Dogecoin. Billionaire entrepreneur and “Shark Tank” investor Mark Cuban told CNBC’s “Make It” that Dogecoin is the “strongest” cryptocurrency as a medium of exchange,to which Elon Musk immediately agreed, tweeting, “I’ve been saying this for a while.”All of this combined to spike Dogecoin’s price yet again, rising about 10% in 24 hours.
Although investing in any cryptocurrency is a speculation, the former “joke” crypto seems to have staying power. The coin actually exists as a medium of exchange, and it’s got backing from at least two prominent and popular billionaires.
More Economy Explained:Ethereum (ETH): What It Is, What It’s Worth and Should You Be Investing?
Baby Dogeis another crypto with a fanciful side, as it was designed by the Dogecoin community as the offspring of its “father,” Doge. The crypto’s own website emphasizes its playfulness, as it states that “Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness.”
Unlike other cryptos, however, Baby Doge isn’t meant to be used as a currency. Rather, owners are incentivized to simply hold on to the coin and hope that it increases in value. While Dogecoin, along with many other cryptos, has no cap on the amount that can be mined, Baby Doge is pre-mined, meaning no more can be created.According to the Baby Doge website, this makes the coin hyper-deflationary and designed to become more scarce over time. Baby Doge holders are rewarded with a 5% fee from every transaction on the Baby Doge network, paid in Baby Doge.An additional 5% of each transaction is retained by the network for liquidity.
Read:How To Invest In Cryptocurrency: What You Should Know Before Investing
Although Baby Doge references its transaction speeds as a draw for investors, it’s really focused on increasing its price via a six-pronged roadmap.While the supply of Baby Doge is “limited,” that cap sits at a massive 420 quadrillion tokens,part of the reason its current share price is at an unbelievably low $0.000000001464, as of Aug. 23.The idea is that with a share price so low, early adopters will want to hoard massive numbers of tokens in the hopes of an eventual payoff.
Take a Look:What Is the Next Big Cryptocurrency To Explode in 2021?
Shiba Inu was originally created as the mascot for Dogecoin, but now it operates as its own token on the Ethereum blockchain. Unlike some cryptos which limit their supply, Shiba Inu acts more like Baby Doge, with a nearly unfathomable circulation of 1 quadrillion coins.Shiba Inu has a similarly low price, at just $0.0000082 as of Aug. 23.One major difference between Baby Doge and Shiba Inu, however, is that Shiba Inu strives to be an Ethereum-based alternative to Dogecoin by supporting an NFT art incubator and other projects on its decentralized exchange known as Shibaswap.
Find Out:Why Some Money Experts Believe In Bitcoin and Others Don’t
As Shiba Inu serves a workable function and is based on popular and well-known Ethereum, some investors believe that it might have more legs than Baby Doge. However, Shiba Inu is still extremely speculative, and like many altcoins trying to find their place in the crypto universe, a single tweet can create massive price movements up or down. Not surprisingly, Elon Musk is one of the main culprits with Shiba Inu as well; a single tweet from Musk stating, “My Shiba Inu will be named Floki,” was enough to push the Shiba Inu price up 25%.Investors would be wise to tread with caution on this one.
More From GOBankingRates
• 5 Things Most Americans Don't Know About Social Security
• The 8 Best Deals From Costco's September Coupon Book
• Social Security Benefits Might Get Cut Early -- What Does It Mean for You?
• When Social Security Runs Out: What the Program Will Look Like in 2035
Last updated: Aug. 24, 2021
This article originally appeared onGOBankingRates.com:Comparing Dogecoin, Baby Doge and Shiba Inu: Is There One To Watch? || Comparing Dogecoin, Baby Doge and Shiba Inu: Is There One To Watch?: RoamingPanda / Getty Images Bitcoin has been the most popular and well-known cryptocurrency since it literally began the asset class in 2009. However, as speculative fervor has broken out among many markets over the past few years, literally hundreds of new cryptocurrencies have been created, with many skyrocketing in price. Some of these newer cryptos don’t, as of yet, have any discernible value in the blockchain world, and many have whimsical names, such as Dogecoin, Baby Doge and Shiba Inu. Here’s a look at the story behind these three particular cryptos and whether or not they are worth keeping tabs on as an investor. Find Out More: Is the Shiba Inu Coin the Cryptocurrency You Should Be Watching? See: Where Does Cryptocurrency Come From? Dogecoin Dogecoin was initially created as a joke by two software engineers in December 2013, with a Shiba Inu — a breed of hunting dog in Japan — as its mascot. What began as a joke is now a full-fledged, functioning cryptocurrency. In fact, as of Aug. 9, Dogecoin has the fifth-largest market cap of any cryptocurrency at $31 billion. Consider: Dogecoin’s Highs and Lows: Is It Still Worth an Investment? Part of the reason that Dogecoin is so well-known is thanks to the tweets of Tesla CEO Elon Musk. Some market participants have even dubbed Musk the “Dogefather” for his support of the crypto. Yet, Musk is not alone in his support for Dogecoin. Billionaire entrepreneur and “Shark Tank” investor Mark Cuban told CNBC’s “Make It” that Dogecoin is the “strongest” cryptocurrency as a medium of exchange, to which Elon Musk immediately agreed, tweeting, “I’ve been saying this for a while.” All of this combined to spike Dogecoin’s price yet again, rising about 10% in 24 hours. Although investing in any cryptocurrency is a speculation, the former “joke” crypto seems to have staying power. The coin actually exists as a medium of exchange, and it’s got backing from at least two prominent and popular billionaires. More Economy Explained: Ethereum (ETH): What It Is, What It’s Worth and Should You Be Investing? Story continues Baby Doge Baby Doge is another crypto with a fanciful side, as it was designed by the Dogecoin community as the offspring of its “father,” Doge. The crypto’s own website emphasizes its playfulness, as it states that “Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness.” Unlike other cryptos, however, Baby Doge isn’t meant to be used as a currency. Rather, owners are incentivized to simply hold on to the coin and hope that it increases in value. While Dogecoin, along with many other cryptos, has no cap on the amount that can be mined, Baby Doge is pre-mined, meaning no more can be created. According to the Baby Doge website, this makes the coin hyper-deflationary and designed to become more scarce over time. Baby Doge holders are rewarded with a 5% fee from every transaction on the Baby Doge network, paid in Baby Doge. An additional 5% of each transaction is retained by the network for liquidity. Read: How To Invest In Cryptocurrency: What You Should Know Before Investing Although Baby Doge references its transaction speeds as a draw for investors, it’s really focused on increasing its price via a six-pronged roadmap. While the supply of Baby Doge is “limited,” that cap sits at a massive 420 quadrillion tokens, part of the reason its current share price is at an unbelievably low $0.000000001464, as of Aug. 23. The idea is that with a share price so low, early adopters will want to hoard massive numbers of tokens in the hopes of an eventual payoff. Take a Look: What Is the Next Big Cryptocurrency To Explode in 2021? Shiba Inu Shiba Inu was originally created as the mascot for Dogecoin, but now it operates as its own token on the Ethereum blockchain. Unlike some cryptos which limit their supply, Shiba Inu acts more like Baby Doge, with a nearly unfathomable circulation of 1 quadrillion coins. Shiba Inu has a similarly low price, at just $0.0000082 as of Aug. 23. One major difference between Baby Doge and Shiba Inu, however, is that Shiba Inu strives to be an Ethereum-based alternative to Dogecoin by supporting an NFT art incubator and other projects on its decentralized exchange known as Shibaswap. Find Out: Why Some Money Experts Believe In Bitcoin and Others Don’t As Shiba Inu serves a workable function and is based on popular and well-known Ethereum, some investors believe that it might have more legs than Baby Doge. However, Shiba Inu is still extremely speculative, and like many altcoins trying to find their place in the crypto universe, a single tweet can create massive price movements up or down. Not surprisingly, Elon Musk is one of the main culprits with Shiba Inu as well; a single tweet from Musk stating, “My Shiba Inu will be named Floki,” was enough to push the Shiba Inu price up 25%. Investors would be wise to tread with caution on this one. More From GOBankingRates 5 Things Most Americans Don't Know About Social Security The 8 Best Deals From Costco's September Coupon Book Social Security Benefits Might Get Cut Early -- What Does It Mean for You? When Social Security Runs Out: What the Program Will Look Like in 2035 Last updated: Aug. 24, 2021 This article originally appeared on GOBankingRates.com : Comparing Dogecoin, Baby Doge and Shiba Inu: Is There One To Watch? || SEC chief Gary Gensler reiterates support for bitcoin futures ETFs as the regulator continues to mull approval for crypto funds: Bitcoin. Nurphoto / Getty Images SEC Chairman Gary Gensler renewed support for a bitcoin futures ETF. The support came from prepared remarks for a Financial Times conference. The SEC is reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, among others, but none have been approved yet. See more stories on Insider's business page . Gary Gensler, the US Securities and Exchange Commission chairman, renewed his support for bitcoin futures Wednesday. In prepared remarks for the Financial Times' "Future of Asset Management North America Conference," Gensler noted a number of open-end mutual funds invested in bitcoin futures traded on the Chicago Mercantile Exchange. He also cited a 1940 law that provides "significant investor protection" for mutual funds and ETFs. Gensler first shared his support for a bitcoin futures ETF, supported by the 1940 law, in August when he said he would be open to bitcoin funds coming to the market under certain conditions. Gensler's agency is in the process of reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, among others, but none have been approved yet. "I look forward to staff's review of such filings," he said in the prepared remarks. The SEC has been wary to approve bitcoin ETFs amid fears of a wave of applications and the potential for market manipulation, Insider previously reported. Read the original article on Business Insider || Welcome to the Revolution of NFTs and Art Blockchain Fashion: Why The Troller is The Most Innovative NFT Project & Why You should get involved ? Dubai , UAE, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The Troller offers the most complete ecosystem combining Artists/ NFTs/ Competition/ Music/ Fun/ Sponsors/ Nft Collectors/ Blockchain Ecommerce & Rewards for all. Now! Let’s discover what The Troller has in plans! 1- The First NFT Entertainment Marketplace ! The Troller is the first Competition NFT Marketplace Tournament style bringing Talented NFT Artists to compete in order to create the best NFTs for our Guests. It is the chance given to all talented artists to show case their skills with enormous exposure to the NFT Community, in order to help them grow popularity & fans base. To make things even more exciting THE Troller Platform will host a yearly event, combining all Artists that have won at least one competition, in order to compete for the biggest NFT event and Award the BEST NFT Artists of The Year. Let’s Check The Troller COMPETITION Process where TOP NFTs goes Head To Head ! Step by step 1 Announcing the Guest or the Brand for the competition 2 Receiving NFT Applications (all NFT Applications will be via lazy minting For All Preselection’s and only the Top Voted NFTs will Go Live on The Troller Competition 3 First Round > Top 100 4 Second Round > top 50 5 Semifinal > Top 25 6 Final Top 10 Announce Top 3 Winners 7 The Troller Museum opening 8 Troller NFT Holders early access (if you have this NFT you will get 24hrs early access to bid & buy NFTs after the final competition results are out) 9 Opening MERCH Marketplace All NFT Artists !! Come on….. Join The Troller First Competition for a Chance to win The 1 Bitcoin Prize and with other more rewards . The Troller judges are The NFT Community!! 2-The First Bridge Between Big Brands & NFT Artists/Community Recently, all Big Brands are trying to get exposure to NFTs. We have seen Coca Cola doing an NFT, Visa Card Buying an NFT & Louis Vuitton announced an NFT game. Story continues So, instead of making Brands an NFT with a single Artist, we can organize a full month event with All our registered Artists competing through multiple selections rounds voted by the NFT Community. This to create the best top 3 NFT Arts for that particular Brand. This process will give companies the best marketing material to promote their Brand names, engage their customers or users via our voting rounds and of course get the best exposure to NFTs & the NFT Community. We welcome All Brands willing to sponsor an exclusive Event with The Troller Competitionive companies the best Marketing material to promote their Brand get the best exposure to NFTs and get the best Art possible via our competition. 3-Forget Play & Earn with The Troller Just Vote & Earn Troller coin holders will have the easiest task to do in order to generate passive income. Simply vote on your favorite NFTs throughout the competition stages from Preselections to the Final. You will get rewards from All NFTs sold in Our Museum in addition to rewards from all Blockchain Merch sales . 4-Unique Auction Museum The Troller Museum will be a unique Marketplace where all our NFT will be displayed once the competition process is completed. We will also have all rankings and top 3 winners there. It will be in a 3D ENVIRONMENT scene full of creativity. We will have separate Museum Rooms for each competition NFTs, where the top 100 Arts that qualified for the competition will be for sale in auction style for All NFTs. 5-Revolutionary Ecommerce platform @ THE TROLLER! The Revolutionary Ecommerce platform @ THE TROLLER will be converting NFT Artists into Famous Brands. How is that possible ? The Troller will be combining ART/BLOCKCHAIN/FASHION. Using Lukso Technology. The Top 100 NFTs of each competition will be available on the Troller Merch platform as soon the NFT auction is closed. The same NFTs will be printed on T-Shirts with RFID chip (radio frequency identification ) that can be verified through the Blockchain! Yes you will be buying a T-shirt designed & signed by an NFT Artist with a Digital Identity to check the authenticity of the product. These blockchain Tshirts’ value will be determined by the original NFT sale. So if you miss the NFT, you can still get it in the Troller Merch center. 6-Unique Tokenomics With Super Turbo Burn ! The Troller will be providing Triple ways passive income for Artists & Community. 1- Passive income for community 2% Autostaking Rewards 20% of All NFT sales 10% of all Merch Sales 2- Passive income for Artists 2% Autostaking Rewards 5% lifetime Commissions on NFTs sold in our Museum 20% lifetime Commissions on Art Blockchain Merch Super deflationary Token model with 4 Burning mechanisms: 2% of each transaction gets burned 100% of Competition application fees gets burned 5% from NFTs sales will be used to buy back & burn 10% of Merch Items sales will be used to buy back & burn The Troller is designed to be distributing Rewards and Burning coins with every Troller Competition THE DOLLAR PRINTs MORE … THE TROLLER BURNs MORE 7-NFT Cross-chain The Troller will be offering multichain support for the biggest blockchains via our joined partnership with DNFT.WORLD which is the best Bridge of NFT cross-chain Assets. So when you buy an NFT from the Troller Museum, you will have the ability to transfer it to multiple supported Wallets for different blockchains. The support will start with the Binance Chain followed by Polkadot then Cardano & finally Etherum when 2.0 is out. 8-The Troller Explosive Marketing Campaign The Troller is preparing the Biggest Marketing Campaign ever done. We have already on boarded top 20 Influencers via The Troller Ambassadors Program reaching to millions of people around the Globe In addition, The Troller will be present in all Major Blockchain/Crypto/NFTS Events worldwide Here is a glimpse of the 2021 event calendar: 1-Dubai Defi Investment Summit (11/12 October) 2-The Biggest Blockchain Event of The Year with more than 10,000 attendees . Dubai Crypto Expo (13/14October) with 2 Awards Nominations 3- The Biggest NFT Event of the year, NEW YORK NFT Awards Event (01/04 November). By the way, The Troller has 5 Awards Nominations in this Event 5- Finally The Biggest European Blockchain event Hamburg Blockchance Europe (02/04 December ) For more information, please check out this Masterpiece Website - www.thetrollerart.com What are you waiting for? Join the trollers Community today Telegram: http://t.me/TrollercoinOfficial Website: http://thetrollerart.com Twitter: @TheTrollercoin LinkedIn: https://www.linkedin.com/company/the-troller-art Media Contact Company Name :- The Troller Art Email Id :- [email protected] Company Website :- https://www.thetrollerart.com/ Source Link || Welcome to the Revolution of NFTs and Art Blockchain Fashion: Why The Troller is The Most Innovative NFT Project & Why You should get involved ?
Dubai , UAE, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The Troller offers the most complete ecosystem combining Artists/ NFTs/ Competition/ Music/ Fun/ Sponsors/ Nft Collectors/ Blockchain Ecommerce & Rewards for all.
Now! Let’s discover what The Troller has in plans!
1- The First NFT Entertainment Marketplace !
The Troller is the first Competition NFT Marketplace Tournament style bringing Talented NFT Artists to compete in order to create the best NFTs for our Guests.
It is the chance given to all talented artists to show case their skills with enormous exposure to the NFT Community, in order to help them grow popularity & fans base.
To make things even more exciting THE Troller Platform will host a yearly event, combining all Artists that have won at least one competition, in order to compete for the biggest NFT event and Award the BEST NFT Artists of The Year.
Let’s Check The Troller COMPETITION Process where TOP NFTs goes Head To Head !
Step by step
1 Announcing the Guest or the Brand for the competition
2 Receiving NFT Applications (all NFT Applications will be via lazy minting For All Preselection’s and only the Top Voted NFTs will Go Live on The Troller Competition
3 First Round > Top 100
4 Second Round > top 50
5 Semifinal > Top 25
6 Final Top 10 Announce Top 3 Winners
7 The Troller Museum opening
8 Troller NFT Holders early access
(if you have this NFT you will get 24hrs early access to bid & buy NFTs after the final competition results are out)
9 Opening MERCH Marketplace
All NFT Artists !! Come on…..
Join The Troller First Competition for a Chance to win The 1 Bitcoin Prize and with other more rewards .
The Troller judges are The NFT Community!!
2-The First Bridge Between Big Brands & NFT Artists/Community
Recently, all Big Brands are trying to get exposure to NFTs. We have seen Coca Cola doing an NFT, Visa Card Buying an NFT & Louis Vuitton announced an NFT game.
So, instead of making Brands an NFT with a single Artist, we can organize a full month event with All our registered Artists competing through multiple selections rounds voted by the NFT Community. This to create the best top 3 NFT Arts for that particular Brand.
This process will give companies the best marketing material to promote their Brand names, engage their customers or users via our voting rounds and of course get the best exposure to NFTs & the NFT Community.
We welcome All Brands willing to sponsor an exclusive Event with The Troller Competitionive companies the best Marketing material to promote their Brand get the best exposure to NFTs and get the best Art possible via our competition.
3-Forget Play & Earn with The Troller Just Vote & Earn
Troller coin holders will have the easiest task to do in order to generate passive income.
Simply vote on your favorite NFTs throughout the competition stages from Preselections to the Final. You will get rewards from All NFTs sold in Our Museum in addition to rewards from all Blockchain Merch sales .
4-Unique Auction Museum
The Troller Museum will be a unique Marketplace where all our NFT will be displayed once the competition process is completed. We will also have all rankings and top 3 winners there. It will be in a 3D ENVIRONMENT scene full of creativity. We will have separate Museum Rooms for each competition NFTs, where the top 100 Arts that qualified for the competition will be for sale in auction style for All NFTs.
5-Revolutionary Ecommerce platform @ THE TROLLER!
The Revolutionary Ecommerce platform @ THE TROLLER will be converting NFT Artists into Famous Brands.
How is that possible ?
The Troller will be combining ART/BLOCKCHAIN/FASHION. Using Lukso Technology.
The Top 100 NFTs of each competition will be available on the Troller Merch platform as soon the NFT auction is closed. The same NFTs will be printed on T-Shirts with RFID chip (radio frequency identification ) that can be verified through the Blockchain!
Yes you will be buying a T-shirt designed & signed by an NFT Artist with a Digital Identity to check the authenticity of the product.
These blockchain Tshirts’ value will be determined by the original NFT sale.
So if you miss the NFT, you can still get it in the Troller Merch center.
6-Unique Tokenomics With Super Turbo Burn !
The Troller will be providing Triple ways passive income for Artists & Community.
1- Passive income for community
• 2% Autostaking Rewards
• 20% of All NFT sales
• 10% of all Merch Sales
2- Passive income for Artists
• 2% Autostaking Rewards
• 5% lifetime Commissions on NFTs sold in our Museum
• 20% lifetime Commissions on Art Blockchain Merch
Super deflationary Token model with 4 Burning mechanisms:
1. 2% of each transaction gets burned
2. 100% of Competition application fees gets burned
3. 5% from NFTs sales will be used to buy back & burn
4. 10% of Merch Items sales will be used to buy back & burn
The Troller is designed to be distributing Rewards and Burning coins with every Troller Competition
THE DOLLAR PRINTs MORE … THE TROLLER BURNs MORE
7-NFT Cross-chain
The Troller will be offering multichain support for the biggest blockchains via our joined partnership with DNFT.WORLD which is the best Bridge of NFT cross-chain Assets. So when you buy an NFT from the Troller Museum, you will have the ability to transfer it to multiple supported Wallets for different blockchains. The support will start with the Binance Chain followed by Polkadot then Cardano & finally Etherum when 2.0 is out.
8-The Troller Explosive Marketing Campaign
The Troller is preparing the Biggest Marketing Campaign ever done. We have already on boarded top 20 Influencers via The Troller Ambassadors Program reaching to millions of people around the Globe
In addition, The Troller will be present in all Major Blockchain/Crypto/NFTS Events worldwide
Here is a glimpse of the 2021 event calendar:
1-Dubai Defi Investment Summit (11/12 October)
2-The Biggest Blockchain Event of The Year with more than 10,000 attendees . Dubai Crypto Expo (13/14October) with 2 Awards Nominations
3- The Biggest NFT Event of the year, NEW YORK NFT Awards Event (01/04 November). By the way, The Troller has 5 Awards Nominations in this Event
5- Finally The Biggest European Blockchain event Hamburg Blockchance Europe (02/04 December )
For more information, please check out this Masterpiece Website -www.thetrollerart.com
What are you waiting for? Join the trollers Community today
Telegram:http://t.me/TrollercoinOfficial
Website:http://thetrollerart.com
Twitter: @TheTrollercoin
LinkedIn:https://www.linkedin.com/company/the-troller-art
Media Contact
Company Name :- The Troller Art
Email Id :- [email protected]
Company Website :-https://www.thetrollerart.com/
Source Link || West Ham strike a deal with DeFi platform YIELD App: West Ham United have signed a deal with YIELD App that will see the DeFi platform become the high-flying Premier League outfit’s ‘Official Digital Asset Wealth Management Partner’. The deal will enable YIELD App to engage with the West Ham fanbase and provide YIELD users with the opportunity to experience hospitality packages at home fixtures via regular competitions throughout the season. YIELD will also be running giveaways for exclusive merchandise until the end of June 2022. We are delighted to be partnering with pioneering FinTech company @YIELDApp . Read more below 👇 — West Ham United (@WestHam) September 29, 2021 The partnership comes just seven months after the public launch of YIELD App in February 2021 and exemplifies the growing attractiveness of digital assets to the football industry and global audiences. The YIELD App enables users to earn up to 20.5% annual interest on digital assets such as Bitcoin, Ethereum and an array of stablecoins. The platform has seen rampant growth since its February launch – 60,000 users now use YIELD and $400 million of assets have now been deposited to the app. Tim Frost, founder and CEO of YIELD App spoke positively on the deal and commented on the appeal of crypto to a global football fanbase. “This makes this partnership a great opportunity for us at YIELD App to reach a wide and varied new audience with our market-leading product as we continue to expand digital assets into the mainstream,” he said. “I look forward to welcoming new users or simply those curious about the power of digital assets to our platform, which we believe is one of the most intuitive and accessible on the market.” Chief reporter of Coin Rivet – and life-long West Ham fan – Oliver Knight also commented on the deal. Story continues He said: “It’s a great chance for YIELD to seal a partnership with a European giant like West Ham!” Crypto’s growing influence in football YIELD it was “honoured to be one of only a handful of digital asset managers selected for such a prestigious sporting partnership” and commented on the crypto industry’s growing influence in football. A number of European football clubs have signed recent partnerships with crypto firms, including Inter Milan , AC Milan , Juventus , Watford and PSG . Spain’s La Liga also penned a deal with NFT fantasy game SoRare for an NFT collection that features every La Liga player. The Spanish league also joined forces with Dapper Labs to create a series of NFT-based collectable highlights. || West Ham strike a deal with DeFi platform YIELD App: West Ham United have signed a deal with YIELD App that will see the DeFi platform become the high-flying Premier League outfit’s ‘Official Digital Asset Wealth Management Partner’. The deal will enable YIELD App to engage with the West Ham fanbase and provide YIELD users with the opportunity to experience hospitality packages at home fixtures via regular competitions throughout the season. YIELD will also be running giveaways for exclusive merchandise until the end of June 2022. We are delighted to be partnering with pioneering FinTech company @YIELDApp . Read more below 👇 — West Ham United (@WestHam) September 29, 2021 The partnership comes just seven months after the public launch of YIELD App in February 2021 and exemplifies the growing attractiveness of digital assets to the football industry and global audiences. The YIELD App enables users to earn up to 20.5% annual interest on digital assets such as Bitcoin, Ethereum and an array of stablecoins. The platform has seen rampant growth since its February launch – 60,000 users now use YIELD and $400 million of assets have now been deposited to the app. Tim Frost, founder and CEO of YIELD App spoke positively on the deal and commented on the appeal of crypto to a global football fanbase. “This makes this partnership a great opportunity for us at YIELD App to reach a wide and varied new audience with our market-leading product as we continue to expand digital assets into the mainstream,” he said. “I look forward to welcoming new users or simply those curious about the power of digital assets to our platform, which we believe is one of the most intuitive and accessible on the market.” Chief reporter of Coin Rivet – and life-long West Ham fan – Oliver Knight also commented on the deal. Story continues He said: “It’s a great chance for YIELD to seal a partnership with a European giant like West Ham!” Crypto’s growing influence in football YIELD it was “honoured to be one of only a handful of digital asset managers selected for such a prestigious sporting partnership” and commented on the crypto industry’s growing influence in football. A number of European football clubs have signed recent partnerships with crypto firms, including Inter Milan , AC Milan , Juventus , Watford and PSG . Spain’s La Liga also penned a deal with NFT fantasy game SoRare for an NFT collection that features every La Liga player. The Spanish league also joined forces with Dapper Labs to create a series of NFT-based collectable highlights. || Robinhood’s Christine Brown on How the Company Is Making Crypto More Approachable: Looking at Christine Brown’s career achievements, one would assume that she grew up interested in STEM and was a stock market prodigy. Most people would be shocked to learn that she had never independently placed a trade until about four-and-a-half years ago when she joined the fledgling trading and investing app company Robinhood. Brown joined Robinhood as a product manager back when less than 100 people were working in the company. Today, the company has grown to more than 22 million users, and Brown serves as the VP of product operations and crypto chief operating officer . Recently, I connected with Brown to learn about her phenomenal rise through the ranks at Robinhood, as well as how she is paving the way for future female leadership in finance. Growing up, Brown says, money was never discussed in her household. “I think like a lot of families, money was super taboo for us,” she says. “It wasn’t something that we talked about at the dinner table. It wasn’t something that I ever remember being in a conversation with my parents.” Related Is DeFi Rewriting Wall Street Into a Code? Brown did, however, have a unique relationship with math and technology, thanks to her father, an engineering professor. “Most of my friends’ parents would say, ‘Oh, you have to do these chores, or you have to clean your room before you go out and do these normal teenage things,” she says. “My dad would sit me down at the kitchen table with a sheet of derivatives and say, ‘You can go out when you solve all these derivatives.’” Through this unique approach, her father organically developed Brown’s problem solving and math skills. But even with that type of household influence, Brown did not focus her college studies on a STEM field. Brown says her journey into technology was a very roundabout one. Brown’s early experience with finance was very similar to those of Robinhood’s customer base. “The market was just something that felt really inaccessible and not created for me,” she says. “It meant that you had to have a lot of savings or this huge kind of wealth to invest. That just hasn’t been where I’ve been in my life or my financial journey.” Story continues However, after joining Robinhood in 2017, and successfully building their self-clearing platform, Brown gained a tremendous amount of insight into the financial market. “All of the intricacies after a trade is made, what actually happens? How do you come to actually own that share of that stock that you’ve purchased?” she says. “While I learned about all this, I discovered two critical things: First, the technology was really old and created years before I was even born.” For Brown, this archaic technology hindered innovation and did not take advantage of the new technology in the market. Secondly, she says, the entire process needed to be aligned throughout the company, as well as trusted by their customers. Brown notes that transparency and trust is sometimes taken for granted, which is a mistake. “Unlike in a free economy like ours, where we can have that fundamental trust, there are a lot of places in the world where you might not wholly believe in the government’s transparency or in the entity supporting the market,” she says. Related Is Crypto Only Worsening the Gender Gap? As she learned more about the nuts and bolts of the finance industry, Brown became very interested in crypto. “Crypto feels like an alternative, which solves both of those two problems of the outdated technology and the transparency side of things,” Brown says. “When there was an opportunity to step in and really support a crypto business, I was excited to take the challenge and immediately fell in love.” According to Brown, crypto is creating a more democratic financial system. “Crypto was really developed to provide everyone a secure decentralized currency, and at its core, it is all about equality and access,” she says. “That principle really resonated with me and supports Robinhood’s founding mantra to democratize investment access for all. For me, Robinhood isn’t trying to reach the crypto expert insider; we already have their attention. Instead, we are trying to reach the investors who are curious or even maybe a little skeptical of crypto. You don’t have to have an in-depth understanding of every single facet of crypto to get started with us.” For women investors who often feel unwelcome in these traditional financial spaces, Robinhood’s crypto platform is a safe space. “I was fortunate in terms of my education and my work opportunities, and even with that, the stock market didn’t feel reachable to me,” Brown says. “In general, the research shows that women face real systemic barriers to investing. Women feel less empowered to invest , whether it’s in the traditional stock market or in crypto. So, for crypto, the barrier of entry is even higher because it’s pitched as this new cutting-edge technology.” Instead of dismissing crypto because ‘it’s new,’ Brown’s approach is to flip it around as a positive. Crypto is new for everyone, so it’s actually a more level playing field. “Robinhood introduces women to crypto in a way that doesn’t fit a kind of ‘tech bro’ or ‘Bitcoin bro’ culture.” Related Making the Case for Investing in the Pet Economy Unlike some other complicated crypto platforms, Brown describes Robinhood’s product as more intuitive and customer-centric in terms of product design and learning tools: “We are building our product every day to fit the needs of the everyday investor and not institutional traders. I think you can see that in some of the recent launches or releases that we’ve had. For example, recently we announced recurring investments, which lets a user choose the amount, choose a timeframe and set up automated investments over time.” This type of feature coupled with all of their educational resources demystifies and simplifies the process and “makes the barrier to entry, a little bit lower,” Brown says. Robinhood’s focus to develop and create products that cater to the female investor starts within the leadership team. “The crypto leadership team has a strong set of women across all of our functional groups, from our first product lead to our first finance lead to our designer to engineering managers and to myself,” she says. “We have this powerful internal group of women leaders who bring their perspectives to the creation and development of our products every step of the way.” Before her Robinhood tenure, she got to know many different types of tech companies, from small start-ups to very large and well-known global brands. For Brown, her gender did not impact her experience or opportunities at Robinhood. In order to succeed at Robinhood, she says, the winning formula is to have the skills to “break down problems to their fundamental parts and solve them. From there, you realize that gender is not a component part to success here. I have felt incredibly supported and have had an amazing peer group throughout my time at Robinhood.” Related Meme-Stock Investors Want a Level Financial Playing Field—DeFi Can Provide It retail investors “I would say that being a woman in tech, I’ve had experiences prior to Robinhood that were difficult to navigate,” Brown continues. “At one point, I went back to school and got my master’s degree in computer science. I remember distinctly that we had to introduce ourselves online in one class. I had to scroll through over 50 introductions before I came to a woman’s name. When you don’t see people like yourself in an environment, it sometimes feels like you don’t belong or you’re going to be pigeonholed to be the UI designer during a group project versus taking on difficult technical implementations. At Robinhood, I really haven’t experienced any of that, which I love.” When asked what advice she would give to her younger self as she tackled the derivatives her father gave her before playtime, Brown says, “I would tell myself to find great mentors and leaders that have a vision that you’re excited about and who will invest in you, and then, when you have the opportunity, to gladly do the same thing for others.” The post Robinhood’s Christine Brown on How the Company Is Making Crypto More Approachable appeared first on Worth . || Robinhood’s Christine Brown on How the Company Is Making Crypto More Approachable: Looking at Christine Brown’s career achievements, one would assume that she grew up interested in STEM and was a stock market prodigy. Most people would be shocked to learn that she had never independently placed a trade until about four-and-a-half years ago when she joined the fledgling trading and investing app company Robinhood. Brown joined Robinhood as a product manager back when less than 100 people were working in the company. Today, the company has grown to more than 22 million users, and Brown serves as the VP of product operations and crypto chief operating officer . Recently, I connected with Brown to learn about her phenomenal rise through the ranks at Robinhood, as well as how she is paving the way for future female leadership in finance. Growing up, Brown says, money was never discussed in her household. “I think like a lot of families, money was super taboo for us,” she says. “It wasn’t something that we talked about at the dinner table. It wasn’t something that I ever remember being in a conversation with my parents.” Related Is DeFi Rewriting Wall Street Into a Code? Brown did, however, have a unique relationship with math and technology, thanks to her father, an engineering professor. “Most of my friends’ parents would say, ‘Oh, you have to do these chores, or you have to clean your room before you go out and do these normal teenage things,” she says. “My dad would sit me down at the kitchen table with a sheet of derivatives and say, ‘You can go out when you solve all these derivatives.’” Through this unique approach, her father organically developed Brown’s problem solving and math skills. But even with that type of household influence, Brown did not focus her college studies on a STEM field. Brown says her journey into technology was a very roundabout one. Brown’s early experience with finance was very similar to those of Robinhood’s customer base. “The market was just something that felt really inaccessible and not created for me,” she says. “It meant that you had to have a lot of savings or this huge kind of wealth to invest. That just hasn’t been where I’ve been in my life or my financial journey.” Story continues However, after joining Robinhood in 2017, and successfully building their self-clearing platform, Brown gained a tremendous amount of insight into the financial market. “All of the intricacies after a trade is made, what actually happens? How do you come to actually own that share of that stock that you’ve purchased?” she says. “While I learned about all this, I discovered two critical things: First, the technology was really old and created years before I was even born.” For Brown, this archaic technology hindered innovation and did not take advantage of the new technology in the market. Secondly, she says, the entire process needed to be aligned throughout the company, as well as trusted by their customers. Brown notes that transparency and trust is sometimes taken for granted, which is a mistake. “Unlike in a free economy like ours, where we can have that fundamental trust, there are a lot of places in the world where you might not wholly believe in the government’s transparency or in the entity supporting the market,” she says. Related Is Crypto Only Worsening the Gender Gap? As she learned more about the nuts and bolts of the finance industry, Brown became very interested in crypto. “Crypto feels like an alternative, which solves both of those two problems of the outdated technology and the transparency side of things,” Brown says. “When there was an opportunity to step in and really support a crypto business, I was excited to take the challenge and immediately fell in love.” According to Brown, crypto is creating a more democratic financial system. “Crypto was really developed to provide everyone a secure decentralized currency, and at its core, it is all about equality and access,” she says. “That principle really resonated with me and supports Robinhood’s founding mantra to democratize investment access for all. For me, Robinhood isn’t trying to reach the crypto expert insider; we already have their attention. Instead, we are trying to reach the investors who are curious or even maybe a little skeptical of crypto. You don’t have to have an in-depth understanding of every single facet of crypto to get started with us.” For women investors who often feel unwelcome in these traditional financial spaces, Robinhood’s crypto platform is a safe space. “I was fortunate in terms of my education and my work opportunities, and even with that, the stock market didn’t feel reachable to me,” Brown says. “In general, the research shows that women face real systemic barriers to investing. Women feel less empowered to invest , whether it’s in the traditional stock market or in crypto. So, for crypto, the barrier of entry is even higher because it’s pitched as this new cutting-edge technology.” Instead of dismissing crypto because ‘it’s new,’ Brown’s approach is to flip it around as a positive. Crypto is new for everyone, so it’s actually a more level playing field. “Robinhood introduces women to crypto in a way that doesn’t fit a kind of ‘tech bro’ or ‘Bitcoin bro’ culture.” Related Making the Case for Investing in the Pet Economy Unlike some other complicated crypto platforms, Brown describes Robinhood’s product as more intuitive and customer-centric in terms of product design and learning tools: “We are building our product every day to fit the needs of the everyday investor and not institutional traders. I think you can see that in some of the recent launches or releases that we’ve had. For example, recently we announced recurring investments, which lets a user choose the amount, choose a timeframe and set up automated investments over time.” This type of feature coupled with all of their educational resources demystifies and simplifies the process and “makes the barrier to entry, a little bit lower,” Brown says. Robinhood’s focus to develop and create products that cater to the female investor starts within the leadership team. “The crypto leadership team has a strong set of women across all of our functional groups, from our first product lead to our first finance lead to our designer to engineering managers and to myself,” she says. “We have this powerful internal group of women leaders who bring their perspectives to the creation and development of our products every step of the way.” Before her Robinhood tenure, she got to know many different types of tech companies, from small start-ups to very large and well-known global brands. For Brown, her gender did not impact her experience or opportunities at Robinhood. In order to succeed at Robinhood, she says, the winning formula is to have the skills to “break down problems to their fundamental parts and solve them. From there, you realize that gender is not a component part to success here. I have felt incredibly supported and have had an amazing peer group throughout my time at Robinhood.” Related Meme-Stock Investors Want a Level Financial Playing Field—DeFi Can Provide It retail investors “I would say that being a woman in tech, I’ve had experiences prior to Robinhood that were difficult to navigate,” Brown continues. “At one point, I went back to school and got my master’s degree in computer science. I remember distinctly that we had to introduce ourselves online in one class. I had to scroll through over 50 introductions before I came to a woman’s name. When you don’t see people like yourself in an environment, it sometimes feels like you don’t belong or you’re going to be pigeonholed to be the UI designer during a group project versus taking on difficult technical implementations. At Robinhood, I really haven’t experienced any of that, which I love.” When asked what advice she would give to her younger self as she tackled the derivatives her father gave her before playtime, Brown says, “I would tell myself to find great mentors and leaders that have a vision that you’re excited about and who will invest in you, and then, when you have the opportunity, to gladly do the same thing for others.” The post Robinhood’s Christine Brown on How the Company Is Making Crypto More Approachable appeared first on Worth . || HLTH Network Announces Launch in Avalanche Ecosystem: HLTH Network Is Using Avalanche, the Open-Source Platform for Launching Decentralized Applications, to Deploy Its New Line of Products on an Interoperable, Highly-Scalable Platform
LONDON, UK / ACCESSWIRE / September 29, 2021 /As of today, theHLTH.networkis now using the cutting-edgeAvalanche(AVAX) platform to launch the base layer protocol for global health data and the accompanying line of products. At the beginning of Phase II, HLTH.network's rapid growth led the team to make the switch to the groundbreaking new smart contract platform. Their goals are to deploy their new ecosystem with the speed and efficiency required to become the global health data sharing solution.
The primary reason for the decision was Avalanche's use of Ethereum Virtual Machine (EVM). Considering market developments, the use of EVM allows new projects to easily move from Ethereum to Avalanche with limited friction and downtime. The speed and scalability of the Avalanche platform will allow HLTH.network to continue revolutionizing the ever-expanding healthcare industry. By the estimate of Ava Labs, they are capable of processing around 4,500 transactions per second. This is compared to 7 transactions per second for Bitcoin and 14 for Ethereum. In the $10T and growing healthcare industry, this is the scale that HLTH will need to keep pace.
Avalanche also provides the tools to build a diverse array of decentralized applications (dapps) necessary for the HLTH ecosystem to function as intended. This, along with purpose-built, custom blockchains, creates a perfect match between HLTH and Avalanche. The HTLH team will now be free to innovate and initiate highly ambitious programs without hesitation.
The healthcare data industry has a number of issues. Patient data is often mishandled or monetized without authorization from the patient. It is difficult to transmit and exchange information across various entities due to the independent nature of healthcare providers and different country's jurisdictions. Interoperability is difficult because data is stored and used within many different types of systems. Information gets trapped or becomes unusable. It is often difficult to verify data once it has managed to cross over into these differing systems.
HLTH Network was launched by renowned researchers, including Harvard Professor George Church. It is the world's first blockchain-powered genomics marketplace. The HLTH team has been building and researching for over three years and is now ready to bring the project to a global level. They are now offering multiple health data-sharing solutions, including e-commerce, AI, precision medicine, and genomic NFTs.
About Avalanche (AVAX)
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications with private or public blockchain networks. Avalanche gives you complete control on both the network and application layers-helping you build anything you can imagine. The Avalanche (AVAX) token is the native token of the Avalanche platform and is used to secure the network through staking, pay for fees, and provide a basic unit of account between the multiple subnetworks created on the Avalanche platform.
About HLTH.network
HLTH.network will be the world's first base layer protocol alongside aggregating all health data into one world repository to increase accessibility, usability, interoperability, and clinical research on a global scale. Integrating this repository with the blockchain gives users sovereign ownership over their data and increases transaction efficiency. The blockchain is transparent, secure, and functions across jurisdictions, creating a more fair data-sharing environment. The HLTH ecosystem contains a vast amount of products that will appeal to professionals across the industry.
The data marketplace promotes fine-grained sharing of genetic and healthcare data. In the Analytics marketplace, researchers can analyze the data in the data marketplace using bioinformatics pipelines; with the marketplace accommodating third-party analytics and AI algorithms. DNA and health data can be traded as NFTs to support research regarding complex diseases through the world's first genome NFT marketplace. Finally, a Precision Medicine e-commerce platform allows organizations to offer and exchange products, apps, and services in the precision medicine vertical, from genetic tests, health insurance, data analytics licenses, nutraceuticals, diabetes apps, and other items.
Furthermore, HLTH Media's global news service covers next-generation tokenized healthcare. They focus on innovations, people, policies, and innovations. Moreover, as a core component of the healthcare ecosystem, HLTH Capital will solve the world's most pressing healthcare challenges by pushing the boundaries of science and technology. Specifically: Venture Capital, New markets, Network Grants, and Crypto Economics. HLTH Foundation's main objective is to promote adoption, improve partnerships, ensure stakeholder accountability, and help grow global token-based health communities, especially within emerging healthcare systems.
Visit the HLTH.network Website:HLTH.network
Join the HLTHTelegram Community
Follow HLTH onTwitter
Join theReddit Community
Follow HLTH onLinkedIn
For further information please [email protected]
SOURCE:HLTH Network
View source version on accesswire.com:https://www.accesswire.com/666081/HLTH-Network-Announces-Launch-in-Avalanche-Ecosystem
[Social Media Buzz]
None available.
|
48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05, 3854.79, 3859.58, 3864.42, 3847.18, 3761.56, 3896.38, 3903.94, 3911.48, 3901.13, 3963.31, 3951.60, 3905.23, 3909.16, 3906.72, 3924.37, 3960.91, 4048.73, 4025.23, 4032.51, 4071.19, 4087.48, 4029.33, 4023.97, 4035.83, 4022.17, 3963.07, 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33.
|
[Bitcoin Technical Analysis for 2019-05-21]
Volume: 25127245056, RSI (14-day): 68.04, 50-day EMA: 6089.81, 200-day EMA: 5191.36
[Wider Market Context]
Gold Price: 1272.00, Gold RSI: 41.82
Oil Price: 62.99, Oil RSI: 53.88
[Recent News (last 7 days)]
Knowing the developers: an analysis of Bitcoin Core: Often when we think of open-source software we think of a landscape with hundreds or even thousands of developers all freely working on a project. While it is true that with open-source anyone can write code and submit proposals, most of it works entirely off a merit-based system. It may not be surprising to some, but many popular public blockchain projects intended to eventually be open for all are being built by only a few people.
With the rising popularity of public blockchains like Bitcoin and Ethereum, it is useful to know who the developers of these projects actually are, who they work for (if anyone), and an overall analysis of the progress of what is currently taking place in terms of development.
Join Genesis nowand continue reading,Knowing the developers: an analysis of Bitcoin Core! || Knowing the developers: an analysis of Bitcoin Core: Often when we think of open-source software we think of a landscape with hundreds or even thousands of developers all freely working on a project. While it is true that with open-source anyone can write code and submit proposals, most of it works entirely off a merit-based system. It may not be surprising to some, but many popular public blockchain projects intended to eventually be open for all are being built by only a few people. With the rising popularity of public blockchains like Bitcoin and Ethereum, it is useful to know who the developers of these projects actually are, who they work for (if anyone), and an overall analysis of the progress of what is currently taking place in terms of development. Join Genesis now and continue reading, Knowing the developers: an analysis of Bitcoin Core ! View comments || Knowing the developers: an analysis of Bitcoin Core: Often when we think of open-source software we think of a landscape with hundreds or even thousands of developers all freely working on a project. While it is true that with open-source anyone can write code and submit proposals, most of it works entirely off a merit-based system. It may not be surprising to some, but many popular public blockchain projects intended to eventually be open for all are being built by only a few people.
With the rising popularity of public blockchains like Bitcoin and Ethereum, it is useful to know who the developers of these projects actually are, who they work for (if anyone), and an overall analysis of the progress of what is currently taking place in terms of development.
Join Genesis nowand continue reading,Knowing the developers: an analysis of Bitcoin Core! || 'You don't necessarily need the bitcoin ETF anymore' says CoinList cofounder: The SEC on Mondaydelayed its rulingon a proposed bitcoin ETF (exchange-traded fund) from the investment firm VanEck.
It is the third time a decision on the VanEck SolidX Bitcoin Trust has been delayed: VanEck first proposed the investment product in 2018, then withdrew it in January of this year amid the government shutdown; in March the SEC delayed its decision, and on Monday it again delayed its decision. The agency has similarly delayed its decision on a bitcoin ETF from Bitwise Asset Management.
The approval of a bitcoin ETF is seen by some as crucial for bringing institutional credibility to bitcoin investing.
“You don’t necessarily need” the bitcoin ETF
But Andy Bromberg, cofounder of CoinList, which vets and lists cryptocurrency token sales or ICOs (initial coin offerings), says the bitcoin ETF is no longer crucial to bitcoin’s growth anyway.
“I’m not sure the bitcoin ETF matters as much anymore,” Bromberg told Yahoo Finance on Monday before the SEC had announced its postponement. (He also correctly predicted, as many in the crypto community did, that the SEC would either reject the ETF or delay its decision.) “We’re increasingly seeing that retail brokerages are going to offer bitcoin to their clients. Once you see that, once you see this widespread adoption, you don’t necessarily need the ETF anymore.”
Despite Bromberg’s view, there are those who see the continued delay as a sign that government powers like the SEC still view bitcoin and other cryptocurrencies in an unfriendly light.
Bitcoin’s recent price hike
And despite ongoing anxiety around the bitcoin ETF approval, the price of bitcoin is up 48% in the past 30 days, buoyed by news about institutions like JPMorgan and Fidelity appearing to embrace crypto trading.
Bromberg puts it simply: “When there’s an excitement about the space, when things are happening, the price tends to go up. And it tends to go down when there’s a lull in the space.”
Over the past month, there has been a flood of news about crypto, more of it positive than negative.
The SEC’s new deadline for a decision on the VanEck bitcoin ETF is Aug. 19. It can delay its decision one more time, until October.
—
Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @readDanwrite.
Read more:
JPMorgan blockchain chief: Why we launched our own cryptocurrency
CoinList cofounder: Crypto will be 'quiet' in 2019
Crypto pioneer Jed McCaleb: 'Most financial institutions are not going to use bitcoin'
Exclusive: SEC quietly widens its crackdown on ICOs
What crypto investment firms are telling clients during a bear market
Exclusive: Coinbase cuts staff || 'You don't necessarily need the bitcoin ETF anymore' says CoinList cofounder: The SEC on Monday delayed its ruling on a proposed bitcoin ETF (exchange-traded fund) from the investment firm VanEck. It is the third time a decision on the VanEck SolidX Bitcoin Trust has been delayed: VanEck first proposed the investment product in 2018, then withdrew it in January of this year amid the government shutdown; in March the SEC delayed its decision, and on Monday it again delayed its decision. The agency has similarly delayed its decision on a bitcoin ETF from Bitwise Asset Management. The approval of a bitcoin ETF is seen by some as crucial for bringing institutional credibility to bitcoin investing. “You don’t necessarily need” the bitcoin ETF But Andy Bromberg, cofounder of CoinList, which vets and lists cryptocurrency token sales or ICOs (initial coin offerings), says the bitcoin ETF is no longer crucial to bitcoin’s growth anyway. “I’m not sure the bitcoin ETF matters as much anymore,” Bromberg told Yahoo Finance on Monday before the SEC had announced its postponement. (He also correctly predicted, as many in the crypto community did, that the SEC would either reject the ETF or delay its decision.) “We’re increasingly seeing that retail brokerages are going to offer bitcoin to their clients. Once you see that, once you see this widespread adoption, you don’t necessarily need the ETF anymore.” A exchange for cryptocurrencies is seen in Bydgozcz, Poland on March 8, 2019. (Photo by Jaap Arriens/NurPhoto via Getty Images) Despite Bromberg’s view, there are those who see the continued delay as a sign that government powers like the SEC still view bitcoin and other cryptocurrencies in an unfriendly light. Bitcoin’s recent price hike And despite ongoing anxiety around the bitcoin ETF approval, the price of bitcoin is up 48% in the past 30 days, buoyed by news about institutions like JPMorgan and Fidelity appearing to embrace crypto trading. Bromberg puts it simply: “When there’s an excitement about the space, when things are happening, the price tends to go up. And it tends to go down when there’s a lull in the space.” Over the past month, there has been a flood of news about crypto, more of it positive than negative. Story continues The SEC’s new deadline for a decision on the VanEck bitcoin ETF is Aug. 19. It can delay its decision one more time, until October. — Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @ readDanwrite . Read more: JPMorgan blockchain chief: Why we launched our own cryptocurrency CoinList cofounder: Crypto will be 'quiet' in 2019 Crypto pioneer Jed McCaleb: 'Most financial institutions are not going to use bitcoin' Exclusive: SEC quietly widens its crackdown on ICOs What crypto investment firms are telling clients during a bear market Exclusive: Coinbase cuts staff || NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills: NYSE Arca has formally applied to the Securities and Exchange Commission (SEC) for a rule change that would allow it to list shares in a proposed bitcoin investment trust. The United States Bitcoin and Treasury Investment Trust, managed by Wilshire Phoenix Funds, would invest exclusively in bitcoin and short-term U.S. Treasury securities, according to a filing made by the exchange late Monday. Coinbases custody arm would act as the custodian for the investment trusts bitcoin, the filing said. Working through Coinbase, the trust has obtained up to $200 million of insurance coverage against theft from its hot and cold wallets from a syndicate of industry-leading insurers that are highly rated by AM Best. SEC Postpones Decision on Bitwise, VanEck Bitcoin ETF Proposals This investment vehicle is a separate effort from the bitcoin exchange-traded fund (ETF) that NYSE Arca and Bitwise are seeking SEC approval to list. Wilshire filed a prospectus for the vehicle in January, but Mondays filing formally kicks off the regulatory approval process. The SEC now has 45 days to approve, reject or delay the proposed rule change, and up to 90 days to make a final decision, according to the filing. Monday also saw the SEC delay a decision on a proposed exchange-traded fund (ETF), kicking forward a final determination on that proposed product to as late as October. Treasury bond image via Shutterstock. Related Stories What Coinbase Needs to Learn from the Neutrino Scandal The SEC Is Now Reviewing 2 Bitcoin ETF Proposals NYSE Arca Filing Kicks Off Countdown for New Bitcoin ETF || NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills: NYSE Arca has formally applied to the Securities and Exchange Commission (SEC) for a rule change that would allow it to list shares in a proposed bitcoin investment trust.
The United States Bitcoin and Treasury Investment Trust, managed by Wilshire Phoenix Funds, would invest exclusively in bitcoin and short-term U.S. Treasury securities, according to afilingmade by the exchange late Monday.
Coinbase’s custody arm would act as the custodian for the investment trust’s bitcoin, the filing said. Working through Coinbase, the trust has obtained up to $200 million of insurance coverage against theft from its hot and cold wallets from “a syndicate of industry-leading insurers that are highly rated by AM Best.”
SEC Postpones Decision on Bitwise, VanEck Bitcoin ETF Proposals
This investment vehicle is a separate effort from the bitcoin exchange-traded fund (ETF) that NYSE Arca and Bitwise are seeking SEC approval to list.
Wilshire filed aprospectusfor the vehicle in January, but Monday’s filing formally kicks off the regulatory approval process. The SEC now has 45 days to approve, reject or delay the proposed rule change, and up to 90 days to make a final decision, according to the filing.
Monday also saw the SECdelay a decisionon a proposed exchange-traded fund (ETF), kicking forward a final determination on that proposed product to as late as October.
Treasury bondimage via Shutterstock.
• What Coinbase Needs to Learn from the Neutrino Scandal
• The SEC Is Now Reviewing 2 Bitcoin ETF Proposals
• NYSE Arca Filing Kicks Off Countdown for New Bitcoin ETF || NYSE Arca Seeks Rule Change to List ETF Backed by Bitcoin and T-Bills: NYSE Arca has formally applied to the Securities and Exchange Commission (SEC) for a rule change that would allow it to list shares in a proposed bitcoin investment trust.
The United States Bitcoin and Treasury Investment Trust, managed by Wilshire Phoenix Funds, would invest exclusively in bitcoin and short-term U.S. Treasury securities, according to afilingmade by the exchange late Monday.
Coinbase’s custody arm would act as the custodian for the investment trust’s bitcoin, the filing said. Working through Coinbase, the trust has obtained up to $200 million of insurance coverage against theft from its hot and cold wallets from “a syndicate of industry-leading insurers that are highly rated by AM Best.”
SEC Postpones Decision on Bitwise, VanEck Bitcoin ETF Proposals
This investment vehicle is a separate effort from the bitcoin exchange-traded fund (ETF) that NYSE Arca and Bitwise are seeking SEC approval to list.
Wilshire filed aprospectusfor the vehicle in January, but Monday’s filing formally kicks off the regulatory approval process. The SEC now has 45 days to approve, reject or delay the proposed rule change, and up to 90 days to make a final decision, according to the filing.
Monday also saw the SECdelay a decisionon a proposed exchange-traded fund (ETF), kicking forward a final determination on that proposed product to as late as October.
Treasury bondimage via Shutterstock.
• What Coinbase Needs to Learn from the Neutrino Scandal
• The SEC Is Now Reviewing 2 Bitcoin ETF Proposals
• NYSE Arca Filing Kicks Off Countdown for New Bitcoin ETF || Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform ‘Forcefield’: Dutch bank ABN AMRO announced that it is launching a blockchain inventory tracking platform dubbed Forcefield in a press release published on May 17. Per the announcement, the platform is an Internet of Things solution that allows the monitoring of physical trade inventories with sensors and near-field communication chips. Forcefield was developed over the past year as a stand-alone product and became an independent company following a successful proof-of-concept that was conducted with consulting firm Accenture . The bank claims that the system can lead to more secure physical handling processes and a reduction of costs in the management of commodities that are used as collateral for loans . ABN AMRO Managing Director of Trade and Commodity Finance Karin Kersten said that the platform will strengthen the commodity trading supply chain : “Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.” Lastly, the announcement notes that — besides ABN AMRO — Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have signed a Memorandum of Understanding to launch Forcefield. As Cointelegraph reported earlier today, ABN AMRO abandoned its plans to launch a custodial bitcoin ( BTC ) wallet dubbed “Wallie” because of risk concerns. An ABN AMRO press officer said that the bank “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.” Related Articles: UK-Based Global Funds Network Calastone Switches Entire System to Blockchain Dutch Bank ABN AMRO Abandons Wallie Custodial Bitcoin Wallet Citing Risk Concerns Luxury Fashion Brand Alyx to Use Iota’s DLT for Supply Chain Tracking Direct Descendant of Italian Banking Dynasty Medici to Launch Blockchain-Friendly Bank || Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform ‘Forcefield’: DutchbankABN AMRO announced that it is launching ablockchaininventory tracking platform dubbed Forcefield in a press releasepublishedon May 17.
Per the announcement, the platform is anInternet of Thingssolution that allows the monitoring of physical trade inventories with sensors andnear-field communicationchips.
Forcefield was developed over the past year as a stand-alone product and became an independent company following a successfulproof-of-conceptthat was conducted with consulting firmAccenture.
The bank claims that the system can lead to more secure physical handling processes and a reduction of costs in the management of commodities that are used as collateral forloans.
ABN AMRO Managing Director of Trade and Commodity Finance Karin Kersten said that the platform will strengthen the commodity tradingsupply chain:
“Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.”
Lastly, the announcement notes that — besides ABN AMRO — Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have signed a Memorandum of Understanding to launch Forcefield.
As Cointelegraphreportedearlier today, ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC)walletdubbed “Wallie” because of risk concerns. An ABN AMRO press officer said that the bank “concluded thatcryptocurrenciesbecause of their unregulated nature are at the moment too risky assets for our clients to invest in.”
• UK-Based Global Funds Network Calastone Switches Entire System to Blockchain
• Dutch Bank ABN AMRO Abandons Wallie Custodial Bitcoin Wallet Citing Risk Concerns
• Luxury Fashion Brand Alyx to Use Iota’s DLT for Supply Chain Tracking
• Direct Descendant of Italian Banking Dynasty Medici to Launch Blockchain-Friendly Bank || Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested: 1. The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
2. If we fail to break the $8,400 level, we can expect to see a retest of $7,400 and potentially even a deeper dive into the $6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand.
3. The overall market structure is incredibly bullish on high time frames, but the immediate market structure on the four-hour and hourly candles could see some volatility as weaker hands get shaken from their positions.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information onBitcoin MagazineandBTC Incsites do not necessarily reflect the opinion ofBTC Incand should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested: 1. The market is seeing a current rejection of the weekly level outlined in 2018’s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit.
2. If we fail to break the $8,400 level, we can expect to see a retest of $7,400 and potentially even a deeper dive into the $6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand.
3. The overall market structure is incredibly bullish on high time frames, but the immediate market structure on the four-hour and hourly candles could see some volatility as weaker hands get shaken from their positions.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information onBitcoin MagazineandBTC Incsites do not necessarily reflect the opinion ofBTC Incand should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared onBitcoin Magazine. || Bitcoin Price Analysis: Strong Selling With Weekly Level Getting Tested: Price Analysis Video.jpg Summary: The market is seeing a current rejection of the weekly level outlined in 2018s bull market. The zone between $8,300 and $8,400 has a strong point of interest in the previous bear market and we are currently seeing high levels of supply surface as people take profit. If we fail to break the $8,400 level, we can expect to see a retest of $7,400 and potentially even a deeper dive into the $6,800s as this represents another macro, weekly level and has yet to see a very strong test of demand. The overall market structure is incredibly bullish on high time frames, but the immediate market structure on the four-hour and hourly candles could see some volatility as weaker hands get shaken from their positions. Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results. This article originally appeared on Bitcoin Magazine . || REMX ETF: Someone’s Betting Big on a Rare Earth, Strategic Metals: This article was originally published onETFTrends.com.
ETFs are an easy way to gain broad exposure to comprehensive and niche markets, and one ETF that tracks rare earth and strategic metal miners was under the microscope of some large investors on Monday.
On Monday, theVanEck Vectors Rare Earth/Strategic Metals ETF (REMX) , which is comprised of global companies involved in producing refining and recycling rare earth and strategic metals and minerals, jumped almost 7% - over 37 times its average daily volume.
What is interesting about the rise in REMX is the lack of broad strength in the rare earth metals miners category to justify the rally.
REMX was trading at a 6.2% premium to its underlying holdings. Looking at its portfolio, most of underlying components were trading in the red with Bushveld Minerals, which makes up 4.6% of the ETF, down as much as 11.5%. On the other hand, CIA de Ferro Ligas da Bahi, which accounts for 4.0% of the ETF, stood out, rising 4.1%.
ETFs try to reflect the performance of a basket of securities, and an ETF's price tries to more-or-less reflect the price of net asset value or underlying holdings. However, in some cases, an ETF can trade at a steep discount or premium to its underlying holdings or NAV.
In today's case, REMX is trading at a 6.2% premium to its NAV, or in other words, the ETF is overpriced when compared to its net holdings.
This is not too surprising given the action in the ETF on Monday, with 2.8 million shares or 37 times its daily average changing hands. Moreover, REMX has a 76.9% tilt toward small-caps and a 13.3% position in micro-caps, which suggests that its underlying components are relatively small and less liquid than large-cap-related peers. The lower liquidity in smaller components may make it harder for Authorized Participants to arbitrage the difference away and bring back the ETF's price to reflect its NAV.
Looking at the premium or the price discrepancy between the ETF and the broader rare earth space, one or some large investors may also be trying to use the ETF to secure shares of one of the underlying small-cap components found in REMX.
Instead of buying up large amounts of shares on the secondary market and negatively affecting the price of a small-cap company, some large investors may look to an ETF to indirectly gain exposure to a small-cap company share, which can be garnered through an ETF's in-kind creation/redemption process.
For more information on the miners space, visit ourmetals & mining category.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• Vans, Nike Among 170 Footwear Companies Concerned About Tariffs
• Bitcoin, Stablecoin, Blockchain, Enterprise Ledger … WTF?
• So Many Retirement Idiots
• Columbia Threadneedle Makes Changes to its ETF Line Up
• Walmart Looks Into Expanding Home Office To Attract Talent
READ MORE AT ETFTRENDS.COM > || REMX ETF: Someone’s Betting Big on a Rare Earth, Strategic Metals: This article was originally published on ETFTrends.com. ETFs are an easy way to gain broad exposure to comprehensive and niche markets, and one ETF that tracks rare earth and strategic metal miners was under the microscope of some large investors on Monday. On Monday, the VanEck Vectors Rare Earth/Strategic Metals ETF ( REMX ) , which is comprised of global companies involved in producing refining and recycling rare earth and strategic metals and minerals, jumped almost 7% - over 37 times its average daily volume. What is interesting about the rise in REMX is the lack of broad strength in the rare earth metals miners category to justify the rally. REMX was trading at a 6.2% premium to its underlying holdings. Looking at its portfolio, most of underlying components were trading in the red with Bushveld Minerals, which makes up 4.6% of the ETF, down as much as 11.5%. On the other hand, CIA de Ferro Ligas da Bahi, which accounts for 4.0% of the ETF, stood out, rising 4.1%. ETFs try to reflect the performance of a basket of securities, and an ETF's price tries to more-or-less reflect the price of net asset value or underlying holdings. However, in some cases, an ETF can trade at a steep discount or premium to its underlying holdings or NAV. In today's case, REMX is trading at a 6.2% premium to its NAV, or in other words, the ETF is overpriced when compared to its net holdings. This is not too surprising given the action in the ETF on Monday, with 2.8 million shares or 37 times its daily average changing hands. Moreover, REMX has a 76.9% tilt toward small-caps and a 13.3% position in micro-caps, which suggests that its underlying components are relatively small and less liquid than large-cap-related peers. The lower liquidity in smaller components may make it harder for Authorized Participants to arbitrage the difference away and bring back the ETF's price to reflect its NAV. Looking at the premium or the price discrepancy between the ETF and the broader rare earth space, one or some large investors may also be trying to use the ETF to secure shares of one of the underlying small-cap components found in REMX. Story continues Instead of buying up large amounts of shares on the secondary market and negatively affecting the price of a small-cap company, some large investors may look to an ETF to indirectly gain exposure to a small-cap company share, which can be garnered through an ETF's in-kind creation/redemption process. For more information on the miners space, visit our metals & mining category . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs Vans, Nike Among 170 Footwear Companies Concerned About Tariffs Bitcoin, Stablecoin, Blockchain, Enterprise Ledger … WTF? So Many Retirement Idiots Columbia Threadneedle Makes Changes to its ETF Line Up Walmart Looks Into Expanding Home Office To Attract Talent READ MORE AT ETFTRENDS.COM > || This is what's causing the latest bitcoin price surge: The price of bitcoin is up 48% in the past 30 days.
Wondering what to make of the recent upswing? The ongoing U.S.-China trade war and a forthcomingcyclical halvingin 2020 are two big reasons for the current rally, according to bitcoin bull Tom Lee, managing partner at Fundstrat Global Advisors.
With volatility in global equities, cryptocurrency investors are looking to bitcoin (BTC-USD) as a safe haven investment, Lee toldYahoo Finance’s On the Move.“Interestingly,” he said, “in periods where people have been worried about markets, or macro risks, or policy, or geopolitical, we've seen bitcoin rally.”
Bitcoin at the moment is truly acting like “digital gold,” offering an investment that avoids exposure to markets impacted by trade uncertainty, Lee said.
In addition to a bump from China trade concerns, bitcoin is also approaching a cyclical milestone. Every four years, the bitcoin blockchain — the decentralized payment rail that records all bitcoin transaction — undergoes ahalvingin which the reward for “miners” who record transactions on the blockchain gets cut in half as a means of limiting the creation of new bitcoins.
Historically, the halving of the mining reward has been a catalyst for the price of bitcoin as supply tightens.
“It's exactly one year from today,” Lee said. “And bitcoin has historically staged a pretty big rally into the halving, because you're really cutting supplies. So $9 million of day-to-day is sold by miners. It's going to drop to $4.5 million on the halving date.”
As for where the bitcoin price is headed next, Lee sees an upward trend: “You know, it's easy for the market to absorb $4.5 million, so bitcoin should drift up dramatically. And you know, if you look at break evens, you know, bitcoin price to break even should you know — should be around $14,000 now. So I think that's why we've had this big rally.”
Bitcoin recently cracked the $8,000 level for the first time in over a year, doubling its gains. But the current level is still a far cry from theDecember 2017 all-time highof nearly $20,000.
Yvette Killian is a producer for Yahoo Finance’s On The Move.
Read the latest financial and business news from Yahoo Finance
'We are not seeing any evidence of tightening in credit conditions': analyst
All signs suggest more stock buybacks at Berkshire Hathaway
CBS has a ‘white problem’: former executive
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. || This is what's causing the latest bitcoin price surge: The price of bitcoin is up 48% in the past 30 days. Wondering what to make of the recent upswing? The ongoing U.S.-China trade war and a forthcoming cyclical halving in 2020 are two big reasons for the current rally, according to bitcoin bull Tom Lee, managing partner at Fundstrat Global Advisors. Digital gold? With volatility in global equities, cryptocurrency investors are looking to bitcoin ( BTC-USD ) as a safe haven investment, Lee told Yahoo Finances On the Move. Interestingly, he said, in periods where people have been worried about markets, or macro risks, or policy, or geopolitical, we've seen bitcoin rally. Bitcoin at the moment is truly acting like digital gold, offering an investment that avoids exposure to markets impacted by trade uncertainty, Lee said. Golden Bitcoins 2020 bitcoin mining halving In addition to a bump from China trade concerns, bitcoin is also approaching a cyclical milestone. Every four years, the bitcoin blockchain the decentralized payment rail that records all bitcoin transaction undergoes a halving in which the reward for miners who record transactions on the blockchain gets cut in half as a means of limiting the creation of new bitcoins. Historically, the halving of the mining reward has been a catalyst for the price of bitcoin as supply tightens. It's exactly one year from today, Lee said. And bitcoin has historically staged a pretty big rally into the halving, because you're really cutting supplies. So $9 million of day-to-day is sold by miners. It's going to drop to $4.5 million on the halving date. As for where the bitcoin price is headed next, Lee sees an upward trend: You know, it's easy for the market to absorb $4.5 million, so bitcoin should drift up dramatically. And you know, if you look at break evens, you know, bitcoin price to break even should you know should be around $14,000 now. So I think that's why we've had this big rally. Bitcoin recently cracked the $8,000 level for the first time in over a year, doubling its gains. But the current level is still a far cry from the December 2017 all-time high of nearly $20,000. Story continues Yvette Killian is a producer for Yahoo Finances On The Move. Read the latest financial and business news from Yahoo Finance 'We are not seeing any evidence of tightening in credit conditions': analyst All signs suggest more stock buybacks at Berkshire Hathaway CBS has a white problem: former executive Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , SmartNews , LinkedIn , YouTube , and reddit . || ‘The Dollar Is Going to Self Destruct’: Talking Bitcoin With Ron Paul: Ron Paul Dr. Ron Paul was into sound money before it was cool. Before he became an initiate in the Austrian school of economics, he served as a flight surgeon in the United States Airforce and as a private practice OBGYN in Texas. Proselytized by the works of Ludwig von Mises and Ayn Rand, Paul decided to run for Congress in the ’70s following the termination of the Bretton Woods agreement — an international pact that was the dollar's final, albeit tentative, tie to the gold standard. Nixon’s decision to withdraw from this agreement would have lasting consequences on U.S. monetary policy and Dr. Paul launched his political career as a crusade against these changes and the danger he saw in the fiat economy that they created. In his on-again-off-again career as a politician — which included Texas Congressional Representative terms from 1976 to 1977, 1979 to 1985 and 1997 to 2013 as well as presidential runs in 2008 and 2012 — the godfather of the modern right-wing Libertarian movement made a name for himself with his zealous advocacy of the gold standard and his uncompromising critique of the Federal Reserve and the hazards of its monetary policy. As a fledgling congressman, his position on the House Banking Committee gave him a platform to disseminate his Austrian ideals. Today, his 2009 bestseller End the Fed and his 2012 presidential run can be seen as career capstones which also encapsulated the core tenets of his political philosophy: liberty, revolution and sound money. It’s not shocking, then, that Ron Paul is privy to Bitcoin. He and his son, former presidential candidate and Kentucky Senator Rand Paul, accept bitcoin for their political foundation. Dr. Paul attended this year’s Consensus conference as a guest of the Digital Asset Policy Network (DAPNet), a cryptocurrency policy and lobbying non-proft led by veteran campaign manager Jesse Benton and Bitcoin Center Founder Nick Spanos. During the conference, Bitcoin Magazine sat down with Dr. Paul to discuss his views on bitcoin as a disruptive and sovereign asset. Our conversation showed that gold bugs have more in kind with bitcoiners than not (and it’s also a good reminder that bitcoin is not age specific — not every old bull is a salty no-coiner à la Warren Buffet). Story continues When did you first learn about bitcoin and what were your initial reservations with it? There was no one time where I read an article and it struck me. I just heard a little about it, but I didn’t pay too much attention to it. And then I finally got interested enough to watch what it was doing in the marketplace — I love to watch markets — and, you know, down to $0 up to $20,000, that was sort of fascinating. What does this mean? I’m still trying to figure out what the endpoint is. So that got me interested, and then I looked at the technology and I’m not a computer person. If I had to explain blockchain technology, I wouldn’t do well. I’m interested in the issue of alternative currencies, I’m interested in what happens when the market crashes and I’m interested in preserving an environment where people can have alternative ideas that might help solve the problems we have. I think that’s what bitcoin offers: an alternative. I want a free marketplace. I’ve heard you mention free markets in relation to bitcoin, in an interview with CoinDesk , for instance. I want to ask you about Congressman Sherman’s remarks on a ban of cryptocurrencies. What do you think this signals for Congress? Do you think we’re going to see hostility? There will be hostility but it will be more dignified. They will work behind the scenes and put in roadblocks if they can. The more successful that cryptos are, the more the government will get involved. There are people like Sherman, but they won’t be talking like that. I don’t think that he has the clout since he’s over the top. They’re not [going to] all of a sudden pass this; I don’t even think he’ll introduce a bill. It won’t be a movement, it just got everyone’s attention. Do you think Congress is paying more attention to these things than it’s letting on? Because we’ve seen some incompetency from Congress when it comes to technical topics. No, I don’t think there are many [people in Congress] who are more knowledgeable than I am and [they’re] much less interested in the principles of the marketplace. And they’re less in agreement that big problems lie ahead, so they have less interest in Bitcoin. I don’t think that if you did a poll for Congress about whether to ban it or tax it, they probably haven’t thought it through. Republicans I would think would tend more to be very tolerant, but lovers of big government like Brad Sherman — they know what is going on. His reaction, his emotions are his belief, because he can see what could happen to the Federal Reserve’s monopoly over the monetary system. You can’t allow people to talk about using alternative currencies. Usually, we punish people for that. To your point toward the end there, it seems like Sherman has thought it through. Because if you listen to his argument, he basically says cryptocurrency poses a threat to the dollar’s dominance and the U.S.’s international commerce. That tells you a lot. He’s speaking for the deep state establishment, military people and everyone else in the banking system. He’s representing their position that “You don’t mess with the dollar.” But I don’t worry about that because the dollar is going to self-destruct. Yeah, I want to touch on that. In End the Fed , you speak of the dollar like a ticking time bomb just waiting to go off. What do you think could accelerate it and do you see crypto acting as a sort of hedge as we’ve seen with gold and silver at times of market volatility? I would think so, but someone else needs to answer that question. I just want to make sure that there’s allowed to be a hedge. In our country, for a lot of years, we weren’t allowed to own gold as a hedge. I think that there are a lot of time bombs. We have difficulty figuring out what our foreign policy is. You know, the on-again-off-again with Syria and North Korea, Iran. The John Boltons and Abrahams of the world and the senators that are wild — as long as they are in charge, a bad accident can happen or a bad judgement made. That could change everything. That could change the dollar system; it could change the stock market. In End the Fed , you talk about a financial crisis that is worse than in 2008 to 2009. Do you think that we’re starting to see the foundations shake? Is the writing on the wall? I think so, but it’s been there a long time. I decided that this trend was established with our announcement that we no longer could honor the dollar. Which was really an announcement of bankruptcy, and it’s been steadily building up the problem. And the trust in the dollar has allowed the bubble to get bigger. It’s held together for a long time and that’s just going to make the crash worse. I’m glad you mentioned the word “bubble” because that gets thrown around a lot in this industry. What would you say about the volatility of bitcoin when taken in kind with the devaluation of the dollar through inflation? There’s going to be volatility. The dollar is going to be volatile. You have the supply and demand of the dollar: how many people really want to use it versus how fast they’re printing the money. A lot of people look at prices in terms of supply and demand but they don’t look at the purchasing power of the dollar, which is hard to calculate. The thing that I realized in 1971 was that, since Nixon took us off the gold standard, this is a different world. Now, we have the digital currencies and I think they’ll follow the same economic laws, but there is going to be a subjective element to it. You can’t deny that there was some subjectivity when bitcoin hit $20,000. But does that mean it’s worthless? No, I don’t think so — things do that. This is new, so it’s going to have ups and downs. If we see a threat to it, when someone comes along and says, “We need a law to ban cryptocurrencies to get rid of this uncertainty.” That to me is going to be around and it’s going to be a lot worse. Do you think that the best way to regulate this is to not regulate it at all? Or do you think that there’s a way to let these bitcoin and blockchain companies grow organically while providing investor protections? I believe in regulation and that it has to be strict, but who are the regulators? Ever since the Depression, we’ve had hundreds of thousands of rules and regulations regulating the financial system and yet we still had 2009. It didn’t do any good. And then when they decided that they need to save the system, they went hog wild rewarding the people who had already been ripping us off: the mortgage companies. And the people who lost their mortgages didn’t get rescued. I want to return to gold really quickly. Have you seen Grayscale’s Drop Gold campaign ? It is trying to make gold obsolete and replace it with bitcoin, which it says is a digital alternative. Well, they’re missing the whole point. If it’s obsolete, the market will declare it obsolete. But in a crisis, even if people are using bitcoin in a crisis, gold is going to be used. I’d think that you’d be a very wealthy person if you had a bag of gold coins in Venezuela. Bitcoin has gone on an insane uptrend recently while the DOW, S&P and other traditional markets are trending downward. Do you think that it’s a little bit early to say this shows a decoupling from traditional markets? Yes, I think it’s too early to tell. I don’t think anybody knows. It’s hard to say, but there’s obviously enough confidence in bitcoin for people to go and buy it. But did you have one million buyers or 15 buyers? That could be pretty important. Last question: Do you own any bitcoin? Do I own any bitcoin? No. We accept bitcoin at our foundation, but we immediately convert it because we need to pay our bills. This article originally appeared on Bitcoin Magazine . || ‘The Dollar Is Going to Self Destruct’: Talking Bitcoin With Ron Paul: Dr. Ron Paul was into sound money before it was cool.
Before he became an initiate in the Austrian school of economics, he served as a flight surgeon in the United States Airforce and as a private practice OBGYN in Texas. Proselytized by the works of Ludwig von Mises and Ayn Rand, Paul decided to run for Congress in the ’70s following the termination of theBretton Woods agreement— an international pact that was the dollar's final, albeit tentative, tie to the gold standard.
Nixon’s decision to withdraw from this agreement would have lasting consequences on U.S. monetary policy and Dr. Paul launched his political career as a crusade against these changes and the danger he saw in the fiat economy that they created. In his on-again-off-again career as a politician — which included Texas Congressional Representative terms from 1976 to 1977, 1979 to 1985 and 1997 to 2013 as well as presidential runs in 2008 and 2012 — the godfather of the modern right-wing Libertarian movement made a name for himself with his zealous advocacy of the gold standard and his uncompromising critique of the Federal Reserve and the hazards of its monetary policy.
As a fledgling congressman, his position on the House Banking Committee gave him a platform to disseminate his Austrian ideals. Today, his 2009 bestsellerEnd the Fedand his 2012 presidential run can be seen as career capstones which also encapsulated the core tenets of his political philosophy: liberty, revolution and sound money.
It’s not shocking, then, that Ron Paul is privy to Bitcoin. He and his son, former presidential candidate and Kentucky Senator Rand Paul,accept bitcoinfor their political foundation.
Dr. Paul attended this year’s Consensus conference as a guest of the Digital Asset Policy Network (DAPNet), a cryptocurrency policy and lobbying non-proft led by veteran campaign manager Jesse Benton and Bitcoin Center Founder Nick Spanos. During the conference,Bitcoin Magazinesat down with Dr. Paul to discuss his views on bitcoin as a disruptive and sovereign asset. Our conversation showed that gold bugs have more in kind with bitcoiners than not (and it’s also a good reminder that bitcoin is not age specific — not every old bull is a salty no-coinerà laWarren Buffet).
When did you first learn about bitcoin and what were your initial reservations with it?
There was no one time where I read an article and it struck me. I just heard a little about it, but I didn’t pay too much attention to it. And then I finally got interested enough to watch what it was doing in the marketplace — I love to watch markets — and, you know, down to $0 up to $20,000, that was sort of fascinating. What does this mean? I’m still trying to figure out what the endpoint is.
So that got me interested, and then I looked at the technology and I’m not a computer person. If I had to explain blockchain technology, I wouldn’t do well. I’m interested in the issue of alternative currencies, I’m interested in what happens when the market crashes and I’m interested in preserving an environment where people can have alternative ideas that might help solve the problems we have. I think that’s what bitcoin offers: an alternative. I want a free marketplace.
I’ve heard you mention free markets in relation to bitcoin, in an interview withCoinDesk, for instance. I want to ask you aboutCongressman Sherman’s remarkson a ban of cryptocurrencies. What do you think this signals for Congress? Do you think we’re going to see hostility?
There will be hostility but it will be more dignified. They will work behind the scenes and put in roadblocks if they can. The more successful that cryptos are, the more the government will get involved. There are people like Sherman, but they won’t be talking like that. I don’t think that he has the clout since he’s over the top. They’re not [going to] all of a sudden pass this; I don’t even think he’ll introduce a bill. It won’t be a movement, it just got everyone’s attention.
Do you think Congress is paying more attention to these things than it’s letting on? Because we’ve seen some incompetency from Congress when it comes to technical topics.
No, I don’t think there are many [people in Congress] who are more knowledgeable than I am and [they’re] much less interested in the principles of the marketplace. And they’re less in agreement that big problems lie ahead, so they have less interest in Bitcoin. I don’t think that if you did a poll for Congress about whether to ban it or tax it, they probably haven’t thought it through. Republicans I would think would tend more to be very tolerant, but lovers of big government like Brad Sherman — they know what is going on. His reaction, his emotions are his belief, because he can see what could happen to the Federal Reserve’s monopoly over the monetary system. You can’t allow people to talk about using alternative currencies. Usually, we punish people for that.
To your point toward the end there, it seems like Sherman has thought it through. Because if you listen to his argument, he basically says cryptocurrency poses a threat to the dollar’s dominance and the U.S.’s international commerce.
That tells you a lot. He’s speaking for the deep state establishment, military people and everyone else in the banking system. He’s representing their position that “You don’t mess with the dollar.” But I don’t worry about that because the dollar is going to self-destruct.
Yeah, I want to touch on that. InEnd the Fed,you speak of the dollar like a ticking time bomb just waiting to go off. What do you think could accelerate it and do you see crypto acting as a sort of hedge as we’ve seen with gold and silver at times of market volatility?
I would think so, but someone else needs to answer that question. I just want to make sure that there’s allowed to be a hedge. In our country, for a lot of years, we weren’t allowed to own gold as a hedge. I think that there are a lot of time bombs. We have difficulty figuring out what our foreign policy is. You know, the on-again-off-again with Syria and North Korea, Iran.
The John Boltons and Abrahams of the world and the senators that are wild — as long as they are in charge, a bad accident can happen or a bad judgement made. That could change everything. That could change the dollar system; it could change the stock market.
InEnd the Fed,you talk about a financial crisis that is worse than in 2008 to 2009. Do you think that we’re starting to see the foundations shake? Is the writing on the wall?
I think so, but it’s been there a long time. I decided that this trend was established with our announcement that we no longer could honor the dollar. Which was really an announcement of bankruptcy, and it’s been steadily building up the problem. And the trust in the dollar has allowed the bubble to get bigger. It’s held together for a long time and that’s just going to make the crash worse.
I’m glad you mentioned the word “bubble” because that gets thrown around a lot in this industry. What would you say about the volatility of bitcoin when taken in kind with the devaluation of the dollar through inflation?
There’s going to be volatility. The dollar is going to be volatile. You have the supply and demand of the dollar: how many people really want to use it versus how fast they’re printing the money. A lot of people look at prices in terms of supply and demand but they don’t look at the purchasing power of the dollar, which is hard to calculate. The thing that I realized in 1971 was that, since Nixon took us off the gold standard, this is a different world. Now, we have the digital currencies and I think they’ll follow the same economic laws, but there is going to be a subjective element to it. You can’t deny that there was some subjectivity when bitcoin hit $20,000. But does that mean it’s worthless? No, I don’t think so — things do that. This is new, so it’s going to have ups and downs.
If we see a threat to it, when someone comes along and says, “We need a law to ban cryptocurrencies to get rid of this uncertainty.” That to me is going to be around and it’s going to be a lot worse.
Do you think that the best way to regulate this is to not regulate it at all? Or do you think that there’s a way to let these bitcoin and blockchain companies grow organically while providing investor protections?
I believe in regulation and that it has to be strict, but who are the regulators? Ever since the Depression, we’ve had hundreds of thousands of rules and regulations regulating the financial system and yet we still had 2009. It didn’t do any good. And then when they decided that they need to save the system, they went hog wild rewarding the people who had already been ripping us off: the mortgage companies. And the people who lost their mortgages didn’t get rescued.
I want to return to gold really quickly. Have you seen Grayscale’sDrop Gold campaign? It is trying to make gold obsolete and replace it with bitcoin, which it says is a digital alternative.
Well, they’re missing the whole point. If it’s obsolete, the market will declare it obsolete. But in a crisis, even if people are using bitcoin in a crisis, gold is going to be used. I’d think that you’d be a very wealthy person if you had a bag of gold coins in Venezuela.
Bitcoin has gone on an insane uptrend recently while the DOW, S&P and other traditional markets are trending downward. Do you think that it’s a little bit early to say this shows a decoupling from traditional markets?
Yes, I think it’s too early to tell. I don’t think anybody knows. It’s hard to say, but there’s obviously enough confidence in bitcoin for people to go and buy it. But did you have one million buyers or 15 buyers? That could be pretty important.
Last question: Do you own any bitcoin?
Do I own any bitcoin? No. We accept bitcoin at our foundation, but we immediately convert it because we need to pay our bills.
This article originally appeared onBitcoin Magazine. || ‘The Dollar Is Going to Self Destruct’: Talking Bitcoin With Ron Paul: Dr. Ron Paul was into sound money before it was cool.
Before he became an initiate in the Austrian school of economics, he served as a flight surgeon in the United States Airforce and as a private practice OBGYN in Texas. Proselytized by the works of Ludwig von Mises and Ayn Rand, Paul decided to run for Congress in the ’70s following the termination of theBretton Woods agreement— an international pact that was the dollar's final, albeit tentative, tie to the gold standard.
Nixon’s decision to withdraw from this agreement would have lasting consequences on U.S. monetary policy and Dr. Paul launched his political career as a crusade against these changes and the danger he saw in the fiat economy that they created. In his on-again-off-again career as a politician — which included Texas Congressional Representative terms from 1976 to 1977, 1979 to 1985 and 1997 to 2013 as well as presidential runs in 2008 and 2012 — the godfather of the modern right-wing Libertarian movement made a name for himself with his zealous advocacy of the gold standard and his uncompromising critique of the Federal Reserve and the hazards of its monetary policy.
As a fledgling congressman, his position on the House Banking Committee gave him a platform to disseminate his Austrian ideals. Today, his 2009 bestsellerEnd the Fedand his 2012 presidential run can be seen as career capstones which also encapsulated the core tenets of his political philosophy: liberty, revolution and sound money.
It’s not shocking, then, that Ron Paul is privy to Bitcoin. He and his son, former presidential candidate and Kentucky Senator Rand Paul,accept bitcoinfor their political foundation.
Dr. Paul attended this year’s Consensus conference as a guest of the Digital Asset Policy Network (DAPNet), a cryptocurrency policy and lobbying non-proft led by veteran campaign manager Jesse Benton and Bitcoin Center Founder Nick Spanos. During the conference,Bitcoin Magazinesat down with Dr. Paul to discuss his views on bitcoin as a disruptive and sovereign asset. Our conversation showed that gold bugs have more in kind with bitcoiners than not (and it’s also a good reminder that bitcoin is not age specific — not every old bull is a salty no-coinerà laWarren Buffet).
When did you first learn about bitcoin and what were your initial reservations with it?
There was no one time where I read an article and it struck me. I just heard a little about it, but I didn’t pay too much attention to it. And then I finally got interested enough to watch what it was doing in the marketplace — I love to watch markets — and, you know, down to $0 up to $20,000, that was sort of fascinating. What does this mean? I’m still trying to figure out what the endpoint is.
So that got me interested, and then I looked at the technology and I’m not a computer person. If I had to explain blockchain technology, I wouldn’t do well. I’m interested in the issue of alternative currencies, I’m interested in what happens when the market crashes and I’m interested in preserving an environment where people can have alternative ideas that might help solve the problems we have. I think that’s what bitcoin offers: an alternative. I want a free marketplace.
I’ve heard you mention free markets in relation to bitcoin, in an interview withCoinDesk, for instance. I want to ask you aboutCongressman Sherman’s remarkson a ban of cryptocurrencies. What do you think this signals for Congress? Do you think we’re going to see hostility?
There will be hostility but it will be more dignified. They will work behind the scenes and put in roadblocks if they can. The more successful that cryptos are, the more the government will get involved. There are people like Sherman, but they won’t be talking like that. I don’t think that he has the clout since he’s over the top. They’re not [going to] all of a sudden pass this; I don’t even think he’ll introduce a bill. It won’t be a movement, it just got everyone’s attention.
Do you think Congress is paying more attention to these things than it’s letting on? Because we’ve seen some incompetency from Congress when it comes to technical topics.
No, I don’t think there are many [people in Congress] who are more knowledgeable than I am and [they’re] much less interested in the principles of the marketplace. And they’re less in agreement that big problems lie ahead, so they have less interest in Bitcoin. I don’t think that if you did a poll for Congress about whether to ban it or tax it, they probably haven’t thought it through. Republicans I would think would tend more to be very tolerant, but lovers of big government like Brad Sherman — they know what is going on. His reaction, his emotions are his belief, because he can see what could happen to the Federal Reserve’s monopoly over the monetary system. You can’t allow people to talk about using alternative currencies. Usually, we punish people for that.
To your point toward the end there, it seems like Sherman has thought it through. Because if you listen to his argument, he basically says cryptocurrency poses a threat to the dollar’s dominance and the U.S.’s international commerce.
That tells you a lot. He’s speaking for the deep state establishment, military people and everyone else in the banking system. He’s representing their position that “You don’t mess with the dollar.” But I don’t worry about that because the dollar is going to self-destruct.
Yeah, I want to touch on that. InEnd the Fed,you speak of the dollar like a ticking time bomb just waiting to go off. What do you think could accelerate it and do you see crypto acting as a sort of hedge as we’ve seen with gold and silver at times of market volatility?
I would think so, but someone else needs to answer that question. I just want to make sure that there’s allowed to be a hedge. In our country, for a lot of years, we weren’t allowed to own gold as a hedge. I think that there are a lot of time bombs. We have difficulty figuring out what our foreign policy is. You know, the on-again-off-again with Syria and North Korea, Iran.
The John Boltons and Abrahams of the world and the senators that are wild — as long as they are in charge, a bad accident can happen or a bad judgement made. That could change everything. That could change the dollar system; it could change the stock market.
InEnd the Fed,you talk about a financial crisis that is worse than in 2008 to 2009. Do you think that we’re starting to see the foundations shake? Is the writing on the wall?
I think so, but it’s been there a long time. I decided that this trend was established with our announcement that we no longer could honor the dollar. Which was really an announcement of bankruptcy, and it’s been steadily building up the problem. And the trust in the dollar has allowed the bubble to get bigger. It’s held together for a long time and that’s just going to make the crash worse.
I’m glad you mentioned the word “bubble” because that gets thrown around a lot in this industry. What would you say about the volatility of bitcoin when taken in kind with the devaluation of the dollar through inflation?
There’s going to be volatility. The dollar is going to be volatile. You have the supply and demand of the dollar: how many people really want to use it versus how fast they’re printing the money. A lot of people look at prices in terms of supply and demand but they don’t look at the purchasing power of the dollar, which is hard to calculate. The thing that I realized in 1971 was that, since Nixon took us off the gold standard, this is a different world. Now, we have the digital currencies and I think they’ll follow the same economic laws, but there is going to be a subjective element to it. You can’t deny that there was some subjectivity when bitcoin hit $20,000. But does that mean it’s worthless? No, I don’t think so — things do that. This is new, so it’s going to have ups and downs.
If we see a threat to it, when someone comes along and says, “We need a law to ban cryptocurrencies to get rid of this uncertainty.” That to me is going to be around and it’s going to be a lot worse.
Do you think that the best way to regulate this is to not regulate it at all? Or do you think that there’s a way to let these bitcoin and blockchain companies grow organically while providing investor protections?
I believe in regulation and that it has to be strict, but who are the regulators? Ever since the Depression, we’ve had hundreds of thousands of rules and regulations regulating the financial system and yet we still had 2009. It didn’t do any good. And then when they decided that they need to save the system, they went hog wild rewarding the people who had already been ripping us off: the mortgage companies. And the people who lost their mortgages didn’t get rescued.
I want to return to gold really quickly. Have you seen Grayscale’sDrop Gold campaign? It is trying to make gold obsolete and replace it with bitcoin, which it says is a digital alternative.
Well, they’re missing the whole point. If it’s obsolete, the market will declare it obsolete. But in a crisis, even if people are using bitcoin in a crisis, gold is going to be used. I’d think that you’d be a very wealthy person if you had a bag of gold coins in Venezuela.
Bitcoin has gone on an insane uptrend recently while the DOW, S&P and other traditional markets are trending downward. Do you think that it’s a little bit early to say this shows a decoupling from traditional markets?
Yes, I think it’s too early to tell. I don’t think anybody knows. It’s hard to say, but there’s obviously enough confidence in bitcoin for people to go and buy it. But did you have one million buyers or 15 buyers? That could be pretty important.
Last question: Do you own any bitcoin?
Do I own any bitcoin? No. We accept bitcoin at our foundation, but we immediately convert it because we need to pay our bills.
This article originally appeared onBitcoin Magazine.
[Social Media Buzz]
@binance 1 btc=1 btc || #Doviz
-------------------
#USD : 6.0465
#EUR : 6.7485
#GBP : 7.7029
--------------------------------------
#BTC
-------------------
#Gobaba : 53728.52
#BtcTurk : 48750.00
#Koinim : 48749.99
#Paribu : 48750.20
#Koineks : 48850.00 || @Quark_Chain #QuarkChain #QKC #Blockchain #BTC #ETH #blockchaintechnology #sharding || @BitHostOfficial #BIH is having #Trivia #ContestAlert
When 25-05-2019 8 PM GMT where https://t.co/BxnWAQNoMu … …
It will be about a mixture of #sport...
|
7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27, 6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94, 4347.11, 3880.76, 4009.97, 3779.13, 3820.72, 4257.42, 4278.85, 4017.27, 4214.67, 4139.88, 3894.13, 3956.89, 3753.99, 3521.10, 3419.94, 3476.11, 3614.23, 3502.66, 3424.59, 3486.95, 3313.68, 3242.48, 3236.76, 3252.84, 3545.86, 3696.06, 3745.95, 4134.44, 3896.54, 4014.18, 3998.98, 4078.60, 3815.49, 3857.30, 3654.83, 3923.92, 3820.41, 3865.95, 3742.70, 3843.52, 3943.41, 3836.74, 3857.72, 3845.19, 4076.63, 4025.25, 4030.85, 4035.30, 3678.92, 3687.37, 3661.30, 3552.95, 3706.05, 3630.68, 3655.01, 3678.56, 3657.84, 3728.57, 3601.01, 3576.03, 3604.58, 3585.12, 3600.87.
|
[Bitcoin Technical Analysis for 2019-01-24]
Volume: 5262869046, RSI (14-day): 43.44, 50-day EMA: 3924.34, 200-day EMA: 5414.65
[Wider Market Context]
Gold Price: 1279.10, Gold RSI: 54.27
Oil Price: 53.13, Oil RSI: 57.45
[Recent News (last 7 days)]
Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 23: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Adena Friedman, president and CEO of Nasdaq Inc., believes that cryptocurrencies will have an important role to play in the future , if they can integrate into the economy and find greater practical utility. Clarity on regulations and governance can provide the necessary boost to the nascent asset class. One country that could be at the forefront of retail adoption of cryptocurrencies is Japan. Currently, most transactions in Japan involve paper bills and metal coins, however, the nation is attempting a shift towards a cashless society. The top banks in Japan are working on the development of blockchain-based payment networks that can be operational in time for the Summer Olympics in Tokyo by 2020. If successful, the third largest economy of the world could bring about a change that will force other economies around the world to take notice. Several smaller countries are also trying to gain leadership in this space. Georgia has migrated most of its land registry to blockchain and the tax system might soon follow. The country also subsidizes local crypto companies via various means, such as discounted electricity rates, tax-free zones and land at nominal prices. Georgia hopes to beat the other crypto-friendly nations like Malta and Bermuda and become an international leader in crypto. While the fundamental factors are improving by the day, the price is not following suit. However, a Bloomberg analyst expects Bitcoin ( BTC ) to rally in the short term, based on a study of technical indicators. What does our study forecast? Lets find out. BTC/USD The volatility in Bitcoin ( BTC ) has shrunk over the past few days. This period of low volatility will eventually lead to a range expansion. The longer the time spent in a tight range, the stronger will be the breakout or breakdown from it. Story continues BTC It is difficult to predict the direction of the break. During the previous period of low volatility from mid-September to mid-November 2018, the attempt to break out on Oct. 15 failed. After that, the BTC/USD pair broke down on Nov. 14, resulting in a quick drop from $6,480.54 to $3,620.26 within a short span of time. The important resistance to watch on the upside is the downtrend line, and above it the $4,255 mark. A break out of these levels will signal a probable trend reversal. On the other hand, a breakdown of $3,236.09 will resume the downtrend. The next support on the downside is the psychological level of $3,000. We shall wait for an upside range expansion before recommending a long position. XRP/USD Ripple ( XRP ) bounced from the area of $0.30550 on Jan. 22. This shows demand at lower levels. However, the failure of the bulls to break above the downtrend line and the moving averages means that buying dries up at higher levels. The down-sloping moving averages and the RSI below the 50 level suggest that supply exceeds demand. XRP The balance might tilt in favor of the bulls if the XRP/USD pair sustains above the moving averages. That would increase the possibility of a rally to $0.4. Based on that, we suggest long positions on a close above $0.336, with a stop loss of $0.305. Conversely, if the price turns down from the downtrend line and breaks below $0.305, a drop to $0.27795 will be likely. ETH/USD Ethereum ( ETH ) dipped below the support of $116.3 again on Jan. 22, but the bears could not capitalize on the breakdown. They could not force the price to the next lower support of $100. This shows that there is buying at lower levels. ETH Now, if the ETH/USD pair breaks out of the moving averages and scales above $134.5, it will indicate strength. If the price doesnt drop below $116.3 again within the next couple of days, we might suggest long positions with an allocation of about 30 percent of the usual size. The remaining positions can be added once the price is above $134.5. On the other hand, if the cryptocurrency fails to rise above the moving averages, the bears will again attempt to break the support at $116.3 on a closing (UTC time frame) basis. BCH/USD The bulls havent been able to push Bitcoin Cash ( BCH ) above $141 since breaking down of it on Jan. 10. On the downside, $121 has been acting as a strong support. Though the bears had broken below this level during intraday trading, they havent been able to close (UTC time frame) below this support in the past few days. BCH We expect the bulls to attempt to break above $141. If they are successful, the BCH/USD pair can rise to $177.3, and above it to $239. We might suggest a long position above $141. Until then, we remain neutral on the coin. If the bears defend $141, the cryptocurrency will remain stuck in the tight range of $120$141. EOS/USD EOS bounced off the support at $2.3093 on Jan. 22, but the bulls havent been able to push the price above $2.5840. EOS If the price breaks out of $2.5840, the EOS/USD pair can rally to the next overhead resistance at $3.2081. We might suggest a long position if the price sustains above $2.5840. However, if the bulls fail to scale $2.5840, the cryptocurrency might extend its stay in the tight range of $2.3093$2.5840. A breakdown of $2.1733 will open the door for a decline to $1.7746, and below it to $1.55. We couldnt find a tradeable setup at the current level. XLM/USD Stellar ( XLM ) has gradually declined close to the yearly low of $0.09285498. Both moving averages are sloping down, and the RSI is in the negative territory, which shows that the sellers are in command. XLM If the bears sink the price to new yearly lows, the downtrend will resume. However, if the bulls defend the support at $0.09285498, the XLM/USD pair might bounce to the downtrend line. A break out of this overhead resistance can result in a consolidation between $0.09285498 and $0.13427050. As the short-term trend is down, we shall wait for a trend reversal before recommending a trade. LTC/USD Litecoin ( LTC ) has been trading between $29.349 and $33 since Jan. 12. Both moving averages are flat, and the RSI is close to 50 levels. This suggests a balance between the buyers and the sellers. LTC The next directional move will start on a breakout or breakdown of this tight range. A breakdown could result in a drop to $27.701, and below it to $23.090. On the other hand, a breakout can carry the LTC/USD pair to $36.428 and above it to $40.784. Therefore, we suggest traders protect their long positions with a stop loss of $27.5. TRX/USD Though Tron ( TRX ) has been consolidating inside the range of $0.0183$0.02815521; the uptrending moving averages point to a probable break out of this range. TRX If the TRX/USD pair breaks out and closes (UTC time frame) above $0.02815521, it can rally to $0.03801042, and after that to $0.04. Therefore, we suggest long positions on a close (UTC time frame) above $0.02815521, with a stop loss at $0.023. Conversely, if the bulls fail to scale above $0.02815521, the cryptocurrency will continue to trade inside the range. In such a situation, we shall wait for the price to correct to $0.0183 before suggesting a trade. BSV/USD Though Bitcoin SV (BSV) slipped below $74.022 during intraday trading on Jan. 19 and Jan. 22, the close (UTC time frame) was above that level. We believe a close (UTC time frame) below $72 can plunge the pair to $65.031, and beyond that to $57. BSV The price is below both the moving averages and the 20-day EMA is sloping down. The RSI is also in the negative zone. All these indicators suggest that the sellers have the upper hand. The BSV/USD pair will show signs of strength if the price sustains above the 50-day SMA. We shall wait for the range to expand to the upside before recommending any trades. ADA/USD Cardano ( ADA ) bounced off the 50-day SMA on Jan. 22, but the bulls are struggling to push it above the 20-day EMA. ADA Both moving averages are flat, and the RSI is at the midpoint. This points to a consolidation in the near term. The ADA/USD pair might remain stuck between $0.040055 and $0.048331 for the next few days. It will turn negative if it slumps below $0.036815. We shall wait for a reliable buy setup to form before suggesting a trade. The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView . Related Articles: Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 21 Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16 Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14 Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 18 || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 23: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
Adena Friedman, president and CEO of Nasdaq Inc., believes that cryptocurrencies will have an important role to play in thefuture, if they can integrate into the economy and find greater practical utility. Clarity on regulations and governance can provide the necessary boost to the nascent asset class.
One country that could be at the forefront of retail adoption of cryptocurrencies is Japan. Currently, most transactions in Japan involvepaper billsand metal coins, however, the nation is attempting a shift towards a cashless society.
The top banks in Japan are working on the development of blockchain-based payment networks that can be operational in time for the Summer Olympics in Tokyo by 2020. If successful, the third largest economy of the world could bring about a change that will force other economies around the world to take notice.
Several smaller countries are also trying to gain leadership in this space. Georgia has migrated most of itsland registryto blockchain and the tax system might soon follow.
The country also subsidizes local crypto companies via various means, such as discounted electricity rates, tax-free zones and land at nominal prices. Georgia hopes to beat the other crypto-friendly nations like Malta and Bermuda and become an international leader in crypto.
While the fundamental factors are improving by the day, the price is not following suit. However, a Bloomberg analyst expects Bitcoin (BTC) to rally in the short term, based on astudyof technical indicators. What does our study forecast? Let’s find out.
The volatility in Bitcoin (BTC) has shrunk over the past few days. This period of low volatility will eventually lead to a range expansion. The longer the time spent in a tight range, the stronger will be the breakout or breakdown from it.
It is difficult to predict the direction of the break. During the previous period of low volatility from mid-September to mid-November 2018, the attempt to break out on Oct. 15 failed. After that, theBTC/USDpair broke down on Nov. 14, resulting in a quick drop from $6,480.54 to $3,620.26 within a short span of time.
The important resistance to watch on the upside is the downtrend line, and above it the $4,255 mark. A break out of these levels will signal a probable trend reversal.
On the other hand, a breakdown of $3,236.09 will resume the downtrend. The next support on the downside is the psychological level of $3,000. We shall wait for an upside range expansion before recommending a long position.
Ripple (XRP) bounced from the area of $0.30550 on Jan. 22. This shows demand at lower levels. However, the failure of the bulls to break above the downtrend line and the moving averages means that buying dries up at higher levels. The down-sloping moving averages and the RSI below the 50 level suggest that supply exceeds demand.
The balance might tilt in favor of the bulls if theXRP/USDpair sustains above the moving averages. That would increase the possibility of a rally to $0.4. Based on that, we suggest long positions on a close above $0.336, with a stop loss of $0.305.
Conversely, if the price turns down from the downtrend line and breaks below $0.305, a drop to $0.27795 will be likely.
Ethereum (ETH) dipped below the support of $116.3 again on Jan. 22, but the bears could not capitalize on the breakdown. They could not force the price to the next lower support of $100. This shows that there is buying at lower levels.
Now, if theETH/USDpair breaks out of the moving averages and scales above $134.5, it will indicate strength. If the price doesn’t drop below $116.3 again within the next couple of days, we might suggest long positions with an allocation of about 30 percent of the usual size. The remaining positions can be added once the price is above $134.5.
On the other hand, if the cryptocurrency fails to rise above the moving averages, the bears will again attempt to break the support at $116.3 on a closing (UTC time frame) basis.
The bulls haven’t been able to push Bitcoin Cash (BCH) above $141 since breaking down of it on Jan. 10. On the downside, $121 has been acting as a strong support. Though the bears had broken below this level during intraday trading, they haven’t been able to close (UTC time frame) below this support in the past few days.
We expect the bulls to attempt to break above $141. If they are successful, theBCH/USDpair can rise to $177.3, and above it to $239. We might suggest a long position above $141. Until then, we remain neutral on the coin.
If the bears defend $141, the cryptocurrency will remain stuck in the tight range of $120–$141.
EOSbounced off the support at $2.3093 on Jan. 22, but the bulls haven’t been able to push the price above $2.5840.
If the price breaks out of $2.5840, theEOS/USDpair can rally to the next overhead resistance at $3.2081. We might suggest a long position if the price sustains above $2.5840.
However, if the bulls fail to scale $2.5840, the cryptocurrency might extend its stay in the tight range of $2.3093–$2.5840. A breakdown of $2.1733 will open the door for a decline to $1.7746, and below it to $1.55. We couldn’t find a tradeable setup at the current level.
Stellar (XLM) has gradually declined close to the yearly low of $0.09285498. Both moving averages are sloping down, and the RSI is in the negative territory, which shows that the sellers are in command.
If the bears sink the price to new yearly lows, the downtrend will resume. However, if the bulls defend the support at $0.09285498, theXLM/USDpair might bounce to the downtrend line. A break out of this overhead resistance can result in a consolidation between $0.09285498 and $0.13427050.
As the short-term trend is down, we shall wait for a trend reversal before recommending a trade.
Litecoin (LTC) has been trading between $29.349 and $33 since Jan. 12. Both moving averages are flat, and the RSI is close to 50 levels. This suggests a balance between the buyers and the sellers.
The next directional move will start on a breakout or breakdown of this tight range. A breakdown could result in a drop to $27.701, and below it to $23.090.
On the other hand, a breakout can carry theLTC/USDpair to $36.428 and above it to $40.784. Therefore, we suggest traders protect their long positions with a stop loss of $27.5.
Though Tron (TRX) has been consolidating inside the range of $0.0183–$0.02815521; the uptrending moving averages point to a probable break out of this range.
If theTRX/USDpair breaks out and closes (UTC time frame) above $0.02815521, it can rally to $0.03801042, and after that to $0.04. Therefore, we suggest long positions on a close (UTC time frame) above $0.02815521, with a stop loss at $0.023.
Conversely, if the bulls fail to scale above $0.02815521, the cryptocurrency will continue to trade inside the range. In such a situation, we shall wait for the price to correct to $0.0183 before suggesting a trade.
Though Bitcoin SV (BSV) slipped below $74.022 during intraday trading on Jan. 19 and Jan. 22, the close (UTC time frame) was above that level. We believe a close (UTC time frame) below $72 can plunge the pair to $65.031, and beyond that to $57.
The price is below both the moving averages and the 20-day EMA is sloping down. The RSI is also in the negative zone. All these indicators suggest that the sellers have the upper hand.
TheBSV/USDpair will show signs of strength if the price sustains above the 50-day SMA. We shall wait for the range to expand to the upside before recommending any trades.
Cardano (ADA) bounced off the 50-day SMA on Jan. 22, but the bulls are struggling to push it above the 20-day EMA.
Both moving averages are flat, and the RSI is at the midpoint. This points to a consolidation in the near term. TheADA/USDpair might remain stuck between $0.040055 and $0.048331 for the next few days. It will turn negative if it slumps below $0.036815.
We shall wait for a reliable buy setup to form before suggesting a trade.
The market data is provided by theHitBTCexchange. The charts for the analysis are provided byTradingView.
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 21
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 18 || Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 23: The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
Adena Friedman, president and CEO of Nasdaq Inc., believes that cryptocurrencies will have an important role to play in thefuture, if they can integrate into the economy and find greater practical utility. Clarity on regulations and governance can provide the necessary boost to the nascent asset class.
One country that could be at the forefront of retail adoption of cryptocurrencies is Japan. Currently, most transactions in Japan involvepaper billsand metal coins, however, the nation is attempting a shift towards a cashless society.
The top banks in Japan are working on the development of blockchain-based payment networks that can be operational in time for the Summer Olympics in Tokyo by 2020. If successful, the third largest economy of the world could bring about a change that will force other economies around the world to take notice.
Several smaller countries are also trying to gain leadership in this space. Georgia has migrated most of itsland registryto blockchain and the tax system might soon follow.
The country also subsidizes local crypto companies via various means, such as discounted electricity rates, tax-free zones and land at nominal prices. Georgia hopes to beat the other crypto-friendly nations like Malta and Bermuda and become an international leader in crypto.
While the fundamental factors are improving by the day, the price is not following suit. However, a Bloomberg analyst expects Bitcoin (BTC) to rally in the short term, based on astudyof technical indicators. What does our study forecast? Let’s find out.
The volatility in Bitcoin (BTC) has shrunk over the past few days. This period of low volatility will eventually lead to a range expansion. The longer the time spent in a tight range, the stronger will be the breakout or breakdown from it.
It is difficult to predict the direction of the break. During the previous period of low volatility from mid-September to mid-November 2018, the attempt to break out on Oct. 15 failed. After that, theBTC/USDpair broke down on Nov. 14, resulting in a quick drop from $6,480.54 to $3,620.26 within a short span of time.
The important resistance to watch on the upside is the downtrend line, and above it the $4,255 mark. A break out of these levels will signal a probable trend reversal.
On the other hand, a breakdown of $3,236.09 will resume the downtrend. The next support on the downside is the psychological level of $3,000. We shall wait for an upside range expansion before recommending a long position.
Ripple (XRP) bounced from the area of $0.30550 on Jan. 22. This shows demand at lower levels. However, the failure of the bulls to break above the downtrend line and the moving averages means that buying dries up at higher levels. The down-sloping moving averages and the RSI below the 50 level suggest that supply exceeds demand.
The balance might tilt in favor of the bulls if theXRP/USDpair sustains above the moving averages. That would increase the possibility of a rally to $0.4. Based on that, we suggest long positions on a close above $0.336, with a stop loss of $0.305.
Conversely, if the price turns down from the downtrend line and breaks below $0.305, a drop to $0.27795 will be likely.
Ethereum (ETH) dipped below the support of $116.3 again on Jan. 22, but the bears could not capitalize on the breakdown. They could not force the price to the next lower support of $100. This shows that there is buying at lower levels.
Now, if theETH/USDpair breaks out of the moving averages and scales above $134.5, it will indicate strength. If the price doesn’t drop below $116.3 again within the next couple of days, we might suggest long positions with an allocation of about 30 percent of the usual size. The remaining positions can be added once the price is above $134.5.
On the other hand, if the cryptocurrency fails to rise above the moving averages, the bears will again attempt to break the support at $116.3 on a closing (UTC time frame) basis.
The bulls haven’t been able to push Bitcoin Cash (BCH) above $141 since breaking down of it on Jan. 10. On the downside, $121 has been acting as a strong support. Though the bears had broken below this level during intraday trading, they haven’t been able to close (UTC time frame) below this support in the past few days.
We expect the bulls to attempt to break above $141. If they are successful, theBCH/USDpair can rise to $177.3, and above it to $239. We might suggest a long position above $141. Until then, we remain neutral on the coin.
If the bears defend $141, the cryptocurrency will remain stuck in the tight range of $120–$141.
EOSbounced off the support at $2.3093 on Jan. 22, but the bulls haven’t been able to push the price above $2.5840.
If the price breaks out of $2.5840, theEOS/USDpair can rally to the next overhead resistance at $3.2081. We might suggest a long position if the price sustains above $2.5840.
However, if the bulls fail to scale $2.5840, the cryptocurrency might extend its stay in the tight range of $2.3093–$2.5840. A breakdown of $2.1733 will open the door for a decline to $1.7746, and below it to $1.55. We couldn’t find a tradeable setup at the current level.
Stellar (XLM) has gradually declined close to the yearly low of $0.09285498. Both moving averages are sloping down, and the RSI is in the negative territory, which shows that the sellers are in command.
If the bears sink the price to new yearly lows, the downtrend will resume. However, if the bulls defend the support at $0.09285498, theXLM/USDpair might bounce to the downtrend line. A break out of this overhead resistance can result in a consolidation between $0.09285498 and $0.13427050.
As the short-term trend is down, we shall wait for a trend reversal before recommending a trade.
Litecoin (LTC) has been trading between $29.349 and $33 since Jan. 12. Both moving averages are flat, and the RSI is close to 50 levels. This suggests a balance between the buyers and the sellers.
The next directional move will start on a breakout or breakdown of this tight range. A breakdown could result in a drop to $27.701, and below it to $23.090.
On the other hand, a breakout can carry theLTC/USDpair to $36.428 and above it to $40.784. Therefore, we suggest traders protect their long positions with a stop loss of $27.5.
Though Tron (TRX) has been consolidating inside the range of $0.0183–$0.02815521; the uptrending moving averages point to a probable break out of this range.
If theTRX/USDpair breaks out and closes (UTC time frame) above $0.02815521, it can rally to $0.03801042, and after that to $0.04. Therefore, we suggest long positions on a close (UTC time frame) above $0.02815521, with a stop loss at $0.023.
Conversely, if the bulls fail to scale above $0.02815521, the cryptocurrency will continue to trade inside the range. In such a situation, we shall wait for the price to correct to $0.0183 before suggesting a trade.
Though Bitcoin SV (BSV) slipped below $74.022 during intraday trading on Jan. 19 and Jan. 22, the close (UTC time frame) was above that level. We believe a close (UTC time frame) below $72 can plunge the pair to $65.031, and beyond that to $57.
The price is below both the moving averages and the 20-day EMA is sloping down. The RSI is also in the negative zone. All these indicators suggest that the sellers have the upper hand.
TheBSV/USDpair will show signs of strength if the price sustains above the 50-day SMA. We shall wait for the range to expand to the upside before recommending any trades.
Cardano (ADA) bounced off the 50-day SMA on Jan. 22, but the bulls are struggling to push it above the 20-day EMA.
Both moving averages are flat, and the RSI is at the midpoint. This points to a consolidation in the near term. TheADA/USDpair might remain stuck between $0.040055 and $0.048331 for the next few days. It will turn negative if it slumps below $0.036815.
We shall wait for a reliable buy setup to form before suggesting a trade.
The market data is provided by theHitBTCexchange. The charts for the analysis are provided byTradingView.
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 21
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 16
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 14
• Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, TRON, Bitcoin SV, Cardano: Price Analysis, Jan. 18 || Samsung Galaxy S10 Bitcoin Wallet Leaked by Insider: Is it Official?: samsung galaxy s cryptocurrency crypto bitcoin By CCN.com : BGR, a U.S.-based technology publication, reported that a Samsung insider leaked images of the new Galaxy S10 model equipped with a native Bitcoin wallet. The Galaxy S10 has not yet been released to the public, but Samsung reportedly distributed the model to accessory makers and merchants. Galaxy S10 with a Crypto Wallet? According to Gregory Blake, who released several screenshots of a suspected Galaxy S10 prototype, the new model of the South Korean mobile phone manufacturing giant has an integrated feature called “Samsung Blockchain KeyStore” that enables users to have full control over their private keys and crypto funds. Once the Blockchain KeyStore is authenticated and enabled on the device, users are able to begin sending and receiving cryptocurrency using the native crypto wallet on the mobile phone. Read the full story on CCN.com . || Samsung Galaxy S10 Bitcoin Wallet Leaked by Insider: Is it Official?: ByCCN.com: BGR, a U.S.-based technology publication, reported that a Samsung insider leaked images of the new Galaxy S10 model equipped with a native Bitcoin wallet.
The Galaxy S10 has not yet been released to the public, but Samsung reportedly distributed the model to accessory makers and merchants.
According to Gregory Blake, who released several screenshots of a suspected Galaxy S10 prototype, the new model of the South Korean mobile phone manufacturing giant has an integrated feature called “Samsung Blockchain KeyStore” that enables users to have full control over their private keys and crypto funds.
Once the Blockchain KeyStore is authenticated and enabled on the device, users are able to begin sending and receiving cryptocurrency using the native crypto wallet on the mobile phone.
Read the full story onCCN.com
. || Samsung Galaxy S10 Bitcoin Wallet Leaked by Insider: Is it Official?: ByCCN.com: BGR, a U.S.-based technology publication, reported that a Samsung insider leaked images of the new Galaxy S10 model equipped with a native Bitcoin wallet.
The Galaxy S10 has not yet been released to the public, but Samsung reportedly distributed the model to accessory makers and merchants.
According to Gregory Blake, who released several screenshots of a suspected Galaxy S10 prototype, the new model of the South Korean mobile phone manufacturing giant has an integrated feature called “Samsung Blockchain KeyStore” that enables users to have full control over their private keys and crypto funds.
Once the Blockchain KeyStore is authenticated and enabled on the device, users are able to begin sending and receiving cryptocurrency using the native crypto wallet on the mobile phone.
Read the full story onCCN.com
. || Chicago Exchange Withdraws Proposal to List Van Eck Bitcoin ETF. Van Eck Blames the Government Shutdown: The Chicago Board of Exchange has withdrawn a proposed rule change that would have allowed the listing and trading of a Bitcoin-backed exchange traded fund.
The BZX Exchange, an equities exchange operated by the CBOE, proposed last June a rule change to list a newBitcoin ETFoffered by Van Eck Securities and SolidX Management. On Wednesday, BZXfiled a noticewith the Securities and Exchange Commission that it had withdrawn the proposal on Tuesday, without offering an explanation for the action.
On CNBC, Jan Van Eck, CEO of the ETF provider,attributed the moveto the government shutdown, which haslimitedthe SEC’s operations to staff managing emergency situations. VanEck and SolidX had been discussing the agency’s concerns about a Bitcoin-backed ETF, given Bitcoin is an asset traded on exchanges over which the SEC has no authority.
“The SEC is affected by the shutdown. We were engaged in discussions with the SEC about issues of custody and the market manipulation of prices,” Van Eck said. “And that had to stop. So instead of trying to slip through or something, we had the application pulled. We will refile and re-engage in discussions when the SEC gets going again.”
When CNBC’s Bob Pisani noted that “you faced the prospect they would have turned you down anyhow” because of the agency’s concerns, Van Eck said, “Absolutely. We think we have solid answers to those and we need to demonstrate that clearly. But we obviously can’t have meetings while they’re shut down.”
Last year, the SECrejected several attemptsto list Bitcoin-backed ETFs, including those from ProShares, GraniteShares and the Winklevoss twins, citing concerns about the potential for exposing their investors to fraud and market manipulation. || Chicago Exchange Withdraws Proposal to List Van Eck Bitcoin ETF. Van Eck Blames the Government Shutdown: The Chicago Board of Exchange has withdrawn a proposed rule change that would have allowed the listing and trading of a Bitcoin-backed exchange traded fund.
The BZX Exchange, an equities exchange operated by the CBOE, proposed last June a rule change to list a newBitcoin ETFoffered by Van Eck Securities and SolidX Management. On Wednesday, BZXfiled a noticewith the Securities and Exchange Commission that it had withdrawn the proposal on Tuesday, without offering an explanation for the action.
On CNBC, Jan Van Eck, CEO of the ETF provider,attributed the moveto the government shutdown, which haslimitedthe SEC’s operations to staff managing emergency situations. VanEck and SolidX had been discussing the agency’s concerns about a Bitcoin-backed ETF, given Bitcoin is an asset traded on exchanges over which the SEC has no authority.
“The SEC is affected by the shutdown. We were engaged in discussions with the SEC about issues of custody and the market manipulation of prices,” Van Eck said. “And that had to stop. So instead of trying to slip through or something, we had the application pulled. We will refile and re-engage in discussions when the SEC gets going again.”
When CNBC’s Bob Pisani noted that “you faced the prospect they would have turned you down anyhow” because of the agency’s concerns, Van Eck said, “Absolutely. We think we have solid answers to those and we need to demonstrate that clearly. But we obviously can’t have meetings while they’re shut down.”
Last year, the SECrejected several attemptsto list Bitcoin-backed ETFs, including those from ProShares, GraniteShares and the Winklevoss twins, citing concerns about the potential for exposing their investors to fraud and market manipulation. || Chicago Exchange Withdraws Proposal to List Van Eck Bitcoin ETF. Van Eck Blames the Government Shutdown: The Chicago Board of Exchange has withdrawn a proposed rule change that would have allowed the listing and trading of a Bitcoin-backed exchange traded fund. The BZX Exchange, an equities exchange operated by the CBOE, proposed last June a rule change to list a new Bitcoin ETF offered by Van Eck Securities and SolidX Management. On Wednesday, BZX filed a notice with the Securities and Exchange Commission that it had withdrawn the proposal on Tuesday, without offering an explanation for the action. On CNBC, Jan Van Eck, CEO of the ETF provider, attributed the move to the government shutdown, which has limited the SECs operations to staff managing emergency situations. VanEck and SolidX had been discussing the agencys concerns about a Bitcoin-backed ETF, given Bitcoin is an asset traded on exchanges over which the SEC has no authority. The SEC is affected by the shutdown. We were engaged in discussions with the SEC about issues of custody and the market manipulation of prices, Van Eck said. And that had to stop. So instead of trying to slip through or something, we had the application pulled. We will refile and re-engage in discussions when the SEC gets going again. When CNBCs Bob Pisani noted that you faced the prospect they would have turned you down anyhow because of the agencys concerns, Van Eck said, Absolutely. We think we have solid answers to those and we need to demonstrate that clearly. But we obviously cant have meetings while theyre shut down. Last year, the SEC rejected several attempts to list Bitcoin-backed ETFs, including those from ProShares, GraniteShares and the Winklevoss twins, citing concerns about the potential for exposing their investors to fraud and market manipulation. || Crypto Custodian Backed By Andreessen Horowitz and PayPal Co-Founder Launches: The Anchorage cryptocurrency custodian for institutional investors launched following a $17 million funding round led by venture fund Andreessen Horowitz , a press release states Wednesday, Jan. 23. According to the announcement, PayPal co-founder Max Levchin’s SciFi VC, venture company Khosla Ventures, Mark McCombe of investment firm Blackrock, and others also took part in the series A funding round. The developers claim they intended to make a custodian that would be more secure than cold storage in order to better support institutional investments, along with enabling active on-chain participation. Anchorage claims to be based on the principles of easy access to assets, voting, auditing proof of existence, and quick transactions . Anchorage believes that large scale investments in digital assets, such as those from institutional players, will bring new growth to the blockchain space. As Cointelegraph has previously reported, Andreessen Horowitz is actively investing in crypto startups. In November, the California -based fund participated in a $15 million funding round for Dapper Labs, developer of the world’s most-used blockchain app CryptoKitties . Andreessen Horowitz also took part in the Series E equity financing round of U.S. crypto exchange and wallet provider Coinbase , which plans to use the $300 million raised to “accelerate” the adoption of cryptocurrencies. Some experts in fintech and the crypto sphere have predicted increased interest in the crypto space from institutional investors this year. Henri Arslanian, the Asia fintech and crypto leader of PricewaterhouseCoopers Hong Kong , said that he thinks “there’s a lot of exciting things that the crypto ecosystem is looking forward to in 2019.” Arslanian explained that he expects the next year to be different from 2018 because of increased regulatory clarity. Conversely, unnamed sources told Bloomberg earlier this month that Wall Street’s crypto plans are largely on hold, as cryptocurrency values have continued to fall into the new year. According to sources familiar with Goldman Sachs’ crypto business, the firm’s crypto activities have been too slow to be noticeable, and the company’s crypto non-derivative funds have attracted only 20 clients so far. Related Articles: US Crypto Exchange Launches Spot Trading for Institutional Investors Coinbase Adds Tax Support Resources for US Customers, Including TurboTax Integration JPMorgan Chase Analysts: Bitcoin Price Could Sink Even Further, Crypto Values Unproven US: Bill Exempting Non-Custodial Crypto Services From Certain Laws Reintroduced to Congress || Crypto Custodian Backed By Andreessen Horowitz and PayPal Co-Founder Launches: The Anchorage cryptocurrency custodian for institutional investors launched following a $17 million funding round led by venture fund Andreessen Horowitz , a press release states Wednesday, Jan. 23. According to the announcement, PayPal co-founder Max Levchin’s SciFi VC, venture company Khosla Ventures, Mark McCombe of investment firm Blackrock, and others also took part in the series A funding round. The developers claim they intended to make a custodian that would be more secure than cold storage in order to better support institutional investments, along with enabling active on-chain participation. Anchorage claims to be based on the principles of easy access to assets, voting, auditing proof of existence, and quick transactions . Anchorage believes that large scale investments in digital assets, such as those from institutional players, will bring new growth to the blockchain space. As Cointelegraph has previously reported, Andreessen Horowitz is actively investing in crypto startups. In November, the California -based fund participated in a $15 million funding round for Dapper Labs, developer of the world’s most-used blockchain app CryptoKitties . Andreessen Horowitz also took part in the Series E equity financing round of U.S. crypto exchange and wallet provider Coinbase , which plans to use the $300 million raised to “accelerate” the adoption of cryptocurrencies. Some experts in fintech and the crypto sphere have predicted increased interest in the crypto space from institutional investors this year. Henri Arslanian, the Asia fintech and crypto leader of PricewaterhouseCoopers Hong Kong , said that he thinks “there’s a lot of exciting things that the crypto ecosystem is looking forward to in 2019.” Arslanian explained that he expects the next year to be different from 2018 because of increased regulatory clarity. Conversely, unnamed sources told Bloomberg earlier this month that Wall Street’s crypto plans are largely on hold, as cryptocurrency values have continued to fall into the new year. According to sources familiar with Goldman Sachs’ crypto business, the firm’s crypto activities have been too slow to be noticeable, and the company’s crypto non-derivative funds have attracted only 20 clients so far. Related Articles: US Crypto Exchange Launches Spot Trading for Institutional Investors Coinbase Adds Tax Support Resources for US Customers, Including TurboTax Integration JPMorgan Chase Analysts: Bitcoin Price Could Sink Even Further, Crypto Values Unproven US: Bill Exempting Non-Custodial Crypto Services From Certain Laws Reintroduced to Congress || Most US Investing Pros are Waiting on a Bitcoin ETF Before Buying Crypto: ByCCN.com: Cboe BZX Exchange has officiallywithdrawn their Bitcoin Exchange Traded Fund application. Filed last June, the official withdrawal of the application came in on January 22. A letter published on the SEC’s website makes the news official.
SEC deputy secretary Eduardo Aleman writes that the Cboe BZX Exchange rescinded its request for a rule change. The change would have allowed it to list shares of the VanEck SolidX Bitcoin Trust.
According to VanEck (video below, starts at 10:45), the US government shutdown led to the application's withdrawal.
Read the full story onCCN.com
. || Most US Investing Pros are Waiting on a Bitcoin ETF Before Buying Crypto: bitcoin etf By CCN.com : Cboe BZX Exchange has officially withdrawn their Bitcoin Exchange Traded Fund application . Filed last June, the official withdrawal of the application came in on January 22. A letter published on the SEC’s website makes the news official. SEC deputy secretary Eduardo Aleman writes that the Cboe BZX Exchange rescinded its request for a rule change. The change would have allowed it to list shares of the VanEck SolidX Bitcoin Trust. According to VanEck (video below, starts at 10:45), the US government shutdown led to the application's withdrawal. Bitcoin ETF Application Yanked Read the full story on CCN.com . || Most US Investing Pros are Waiting on a Bitcoin ETF Before Buying Crypto: ByCCN.com: Cboe BZX Exchange has officiallywithdrawn their Bitcoin Exchange Traded Fund application. Filed last June, the official withdrawal of the application came in on January 22. A letter published on the SEC’s website makes the news official.
SEC deputy secretary Eduardo Aleman writes that the Cboe BZX Exchange rescinded its request for a rule change. The change would have allowed it to list shares of the VanEck SolidX Bitcoin Trust.
According to VanEck (video below, starts at 10:45), the US government shutdown led to the application's withdrawal.
Read the full story onCCN.com
. || Bitcoin Cash Keeps Shining as Wider Crypto Market Turns Red: ByCCN.com: Bitcoin Cash posted the most gains out of the top 10 cryptocurrencies. Ethereum lost nearly 2%, XRP and Bitcoin over 1%, and Bitcoin SV continues to threaten an exit from the top 10. Thus is the state of the crypto market on late Wednesday afternoon.
Inyesterday’s market round-up, we reported thatBitcoinhad risen almost 1% over the 24-hour period. Over the past day, however, the grandfather crypto has lost that near 1% and dropped by around 1.10%. A daily high of almost $3,670 led to a price at press time of $3,595. Bitcoin may be walking down the steps to its notable bottom of $3,100 or a bit lower.
[caption id="attachment_159090" align="aligncenter" width="1006"]
Bitcoin traded within a comfortable (for crypto) range of $80 over the day, with a high of almost $3,670 and a press-time price of $3,595.[/caption]
TheTrue Strength Indicatoron Bitcoin was as low as -26, a sign that sell pressure is winning today. A sentimental cryptocurrency if there ever was one,negative sentimentsexpressed around Bitcoin at Davos are probably not helping matters in this bear market. CCN alsonotesthat a “zero” price figure for Bitcoin is virtually impossible.
Read the full story onCCN.com
. || Bitcoin Cash Keeps Shining as Wider Crypto Market Turns Red: ByCCN.com: Bitcoin Cash posted the most gains out of the top 10 cryptocurrencies. Ethereum lost nearly 2%, XRP and Bitcoin over 1%, and Bitcoin SV continues to threaten an exit from the top 10. Thus is the state of the crypto market on late Wednesday afternoon.
Inyesterday’s market round-up, we reported thatBitcoinhad risen almost 1% over the 24-hour period. Over the past day, however, the grandfather crypto has lost that near 1% and dropped by around 1.10%. A daily high of almost $3,670 led to a price at press time of $3,595. Bitcoin may be walking down the steps to its notable bottom of $3,100 or a bit lower.
[caption id="attachment_159090" align="aligncenter" width="1006"]
Bitcoin traded within a comfortable (for crypto) range of $80 over the day, with a high of almost $3,670 and a press-time price of $3,595.[/caption]
TheTrue Strength Indicatoron Bitcoin was as low as -26, a sign that sell pressure is winning today. A sentimental cryptocurrency if there ever was one,negative sentimentsexpressed around Bitcoin at Davos are probably not helping matters in this bear market. CCN alsonotesthat a “zero” price figure for Bitcoin is virtually impossible.
Read the full story onCCN.com
. || Bitcoin Cash Keeps Shining as Wider Crypto Market Turns Red: bitcoin cash crypto market blood moon By CCN.com : Bitcoin Cash posted the most gains out of the top 10 cryptocurrencies. Ethereum lost nearly 2%, XRP and Bitcoin over 1%, and Bitcoin SV continues to threaten an exit from the top 10. Thus is the state of the crypto market on late Wednesday afternoon. Bitcoin Price Slips Toward $3,500 In yesterdays market round-up , we reported that Bitcoin had risen almost 1% over the 24-hour period. Over the past day, however, the grandfather crypto has lost that near 1% and dropped by around 1.10%. A daily high of almost $3,670 led to a price at press time of $3,595. Bitcoin may be walking down the steps to its notable bottom of $3,100 or a bit lower. [caption id="attachment_159090" align="aligncenter" width="1006"] Bitcoin traded within a comfortable (for crypto) range of $80 over the day, with a high of almost $3,670 and a press-time price of $3,595.[/caption] The True Strength Indicator on Bitcoin was as low as -26, a sign that sell pressure is winning today. A sentimental cryptocurrency if there ever was one, negative sentiments expressed around Bitcoin at Davos are probably not helping matters in this bear market. CCN also notes that a zero price figure for Bitcoin is virtually impossible. Read the full story on CCN.com . View comments || Cboe pulls its long-awaited bitcoin ETF application amid a government shutdown: Cboe Global Markets pulls its application for what would be the first-ever bitcoin exchange traded fund, or ETF. An approval by the SEC would allow VanEck and SolidX Partners to list a fund on Cboe’s BZX exchange. VanEck’s founder and CEO, Jan Van Eck, tells CNBC they plan to refile but can’t answer many of the SEC’s questions until the government reopens. Hopes for a bitcoin exchange traded fund are being dashed, for now. Cboe Global Markets pulled its application on Wednesday for what would be the first-ever bitcoin exchange traded fund, or ETF, according to a filing with the Securities and Exchange Commission. The SEC's approval is needed before VanEck and SolidX partners would be able to list their fund on Cboe's BZX exchange. Bitcoin advocates have been eagerly awaiting the approval of a bitcoin ETF, which many say would usher in new buyers to the struggling asset class. The world's largest cryptocurrency is down more than 80 percent from its high reached during the retail-driven frenzy in 2017, and was down 1 percent, near $3,540, on Wednesday. The SEC rejected a second attempt by Cameron Winklevoss and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of a separate bitcoin ETF this summer. The financial watchdog cited concerns over investor protection, fraud and manipulation of bitcoin, especially since much of the trading is done in unregulated offshore markets. SEC Chairman Jay Clayton said in November he needed to see better market surveillance and custody for cryptocurrencies before being "comfortable" with a bitcoin ETF. VanEck's founder and CEO, Jan Van Eck, told CNBC on Wednesday that it is ready to answer many of the SEC's questions. But in order to make its case "clearly and convincingly to the regulators" it needs the government to reopen. "We were trying to do that but we obviously can't have meetings when they're shut down," VanEck told CNBC's " ETF Edge ." "Instead of trying to slip through or something, we just had the application pulled." Story continues The ETF approval process, and other SEC applications for things like initial public offerings, remain on hold as Democrats in Congress and President Donald Trump are locked in a stalemate over funding for a border wall. The agency has staff "available to respond to emergency situations involving market integrity and investor protection, including law enforcement," but most other functions are closed, the agency said on its website. VanEck told CNBC the group will refile and re-engage in bitcoin ETF discussions "when the SEC gets going again." More From CNBC CBOE pulls bitcoin ETF filing American and other airlines are set to report earnings. Here's how to play it These stock markets are outperforming the U.S. this year || Cboe pulls its long-awaited bitcoin ETF application amid a government shutdown: • Cboe Global Markets pulls its application for what would be the first-ever bitcoin exchange traded fund, or ETF.
• An approval by the SEC would allow VanEck and SolidX Partners to list a fund on Cboe’s BZX exchange.
• VanEck’s founder and CEO, Jan Van Eck, tells CNBC they plan to refile but can’t answer many of the SEC’s questions until the government reopens.
Hopes for a bitcoin exchange traded fund are being dashed, for now.
Cboe Global Markets pulled its application on Wednesday for what would be the first-ever bitcoin exchange traded fund, or ETF, according to a filing with the Securities and Exchange Commission. The SEC's approval is needed before VanEck and SolidX partners would be able to list their fund on Cboe's BZX exchange.
Bitcoin advocates have been eagerly awaiting the approval of a bitcoin ETF, which many say would usher in new buyers to the struggling asset class. The world's largest cryptocurrency is down more than 80 percent from its high reached during the retail-driven frenzy in 2017, and was down 1 percent, near $3,540, on Wednesday.
The SEC rejected a second attempt by Cameron Winklevoss and Tyler Winklevoss, founders of crypto exchange Gemini, to list shares of a separate bitcoin ETF this summer. The financial watchdog cited concerns over investor protection, fraud and manipulation of bitcoin, especially since much of the trading is done in unregulated offshore markets.
SEC Chairman Jay Clayton said in November he needed to see better market surveillance and custody for cryptocurrencies before being "comfortable" with a bitcoin ETF.
VanEck's founder and CEO, Jan Van Eck, told CNBC on Wednesday that it is ready to answer many of the SEC's questions. But in order to make its case "clearly and convincingly to the regulators" it needs the government to reopen.
"We were trying to do that but we obviously can't have meetings when they're shut down," VanEck told CNBC's " ETF Edge ." "Instead of trying to slip through or something, we just had the application pulled."
The ETF approval process, and other SEC applications for things like initial public offerings, remain on hold as Democrats in Congress and President Donald Trump are locked in a stalemate over funding for a border wall.
The agency has staff "available to respond to emergency situations involving market integrity and investor protection, including law enforcement," but most other functions are closed, the agency said on its website.
VanEck told CNBC the group will refile and re-engage in bitcoin ETF discussions "when the SEC gets going again."
More From CNBC
• CBOE pulls bitcoin ETF filing
• American and other airlines are set to report earnings. Here's how to play it
• These stock markets are outperforming the U.S. this year || US Crypto Exchange Launches Spot Trading for Institutional Investors: Chicago-based, licensedcrypto exchangeSeed CX has launched spot trading for institutionalinvestors, according to an official press releasepublishedon Wednesday, Jan. 23.
Spot trading is the purchase or sale of a currency, financial instrument or commodity for immediate delivery. Spot contracts can include the physical delivery of the the instrument, commodity or currency.
Per the announcement, Seed CX has introduced spot trading for the Bitcoin (BTC) toU.S. dollarpair, while Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) pairs will be added later this month. Furthermore, Seed CX is planning to expand its fiat pairs to theeuroandJapaneseyen later in Q1 2019.
Additionally, the company announced it will offer a market for digital asset derivatives regulated by theUnited StatesCommodities and Futures Trading Commission (CFTC).
The U.S. exchange also claims to use a model with zero fees to deposit and withdraw fiat or digital assets. All dollar deposits are reportedly held in regulated U.S. banks and protected by the Federal Deposit Insurance Corporation.
Edward Woodford, co-founder and CEO of Seed CX, claims that the exchange has already received positive feedback on the feature from its customers and expects to attract institutional investment.
Earlier this month Seed CXlauncheda digital assetwalletsolution with on-chain settlement for institutional investors. The project was developed together with its settlement subsidiary, Zero Hash — a crypto and fiat currency custodian providing on-chain settlement services that reportedly hasFinCEN’sregulatory approval to operate as a money transmitter in 25 states.
• Coinbase Adds Tax Support Resources for US Customers, Including TurboTax Integration
• Crypto Custodian Backed By Andreessen Horowitz and PayPal Co-Founder Launches
• JPMorgan Chase Analysts: Bitcoin Price Could Sink Even Further, Crypto Values Unproven
• Coinbase Adds Cross-Border Wire Transfers for High-Volume Customers in Europe, Asia
[Social Media Buzz]
TOP OFFER: 20 FREE SPINS ON REGISTRATION. NO DEPOSIT. #casino #bonus #freespins #nodeposit #win #slots #tat #bitcoin. Claim here:
http://ow.ly/itR650kgk6a pic.twitter.com/Gz67jDL3cx || „Why you should still HODL Bitcoin! RT NEWS“: http://youtu.be/R4J8p_qleow?a чрез @YouTube || #PGC #ICO #フィリピン #フィリピングローバルコイン #jpgc #仮想通貨 #ノアコイン #Bitcoin #J-PGChttps://hibikiten.hatenablog.com/entry/2018/10/11/120000 … || Together with @CryptoGirlDini / @vergecurrency we are going to the @SummitParis next week!
...
|
3599.77, 3602.46, 3583.97, 3470.45, 3448.12, 3486.18, 3457.79, 3487.95, 3521.06, 3464.01
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61, 281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38, 264.08, 265.68, 261.55, 258.51, 257.98, 211.08, 226.68, 235.35, 232.57, 230.39, 228.17, 210.49, 221.61, 225.83, 224.77, 231.40, 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48.
|
[Bitcoin Technical Analysis for 2015-09-10]
Volume: 21215500, RSI (14-day): 49.44, 50-day EMA: 246.00, 200-day EMA: 255.40
[Wider Market Context]
Gold Price: 1109.50, Gold RSI: 42.99
Oil Price: 45.92, Oil RSI: 52.39
[Recent News (last 7 days)]
Investors Look To China For Bargain Buys: August was a messy month for Chinese share markets, but many believe that Beijing's plans to modernize financial markets and shift toward a consumer-focused economy will be enough to turn things around in the future. For that reason, some investors are picking through the Chinese market's rubble andlooking for bargain buys.
Who Stands To Gain
While commodities are still considered too risky, investors are turning to promising sectors like insurance and consumer goods which are expected to weather the economic storm.China Taiping Insurance Holdings Co.(OTC:CTIHY) lost 35 percent following the yuan's devaluation, but the company's growth in recent years suggests that its financials are solid. Firms like liquor retailer Kweichow Moutia Co., maintain high profit margins, but the recent crash has stripped more than 20 percent from their share values.
Related Link:Why China Isn't Killing Alibaba
Location, Location, Location
Many investors are looking to blue chip stocks traded on American exchanges but headquartered in China for a good deal.
China Mobile(NYSE:CHL), has long been considered a good buy as the company's position as China's largest network provider and its partnership withApple Inc.(NASDAQ:AAPL) have given it a leg up over other telecoms. However, the company's shares have fallen 8.5 percent over the past month as uncertainty in China persists.
Worth The Risk?
While investing in China now could be a profitable decision, many are still wary of taking positions at such an uncertain crossroads. While Chinese officials have promised to make the nation's markets more approachable to Western investors, their tactics to restore balance to share markets have been questionable.
Limits on buying and selling coupled with government led efforts to inflate prices have made China's share markets arisky bet for outsiders.
Others worry that the nation's economy is doomed to continue declining despite lawmakers' best efforts, something that would weigh on even the country's strongest firms.
See more from Benzinga
• Phone Carriers Hoping To Profit From New iPhone
• AXA Interested In Bitcoin's Potential
• IBM Uses Tennis To Demonstrate Its Dominance In Data
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Investors Look To China For Bargain Buys: August was a messy month for Chinese share markets, but many believe that Beijing's plans to modernize financial markets and shift toward a consumer-focused economy will be enough to turn things around in the future. For that reason, some investors are picking through the Chinese market's rubble and looking for bargain buys . Who Stands To Gain While commodities are still considered too risky, investors are turning to promising sectors like insurance and consumer goods which are expected to weather the economic storm. China Taiping Insurance Holdings Co. (OTC: CTIHY ) lost 35 percent following the yuan's devaluation, but the company's growth in recent years suggests that its financials are solid. Firms like liquor retailer Kweichow Moutia Co., maintain high profit margins, but the recent crash has stripped more than 20 percent from their share values. Related Link: Why China Isn't Killing Alibaba Location, Location, Location Many investors are looking to blue chip stocks traded on American exchanges but headquartered in China for a good deal. China Mobile (NYSE: CHL ), has long been considered a good buy as the company's position as China's largest network provider and its partnership with Apple Inc. (NASDAQ: AAPL ) have given it a leg up over other telecoms. However, the company's shares have fallen 8.5 percent over the past month as uncertainty in China persists. Worth The Risk? While investing in China now could be a profitable decision, many are still wary of taking positions at such an uncertain crossroads. While Chinese officials have promised to make the nation's markets more approachable to Western investors, their tactics to restore balance to share markets have been questionable. Limits on buying and selling coupled with government led efforts to inflate prices have made China's share markets a risky bet for outsiders . Others worry that the nation's economy is doomed to continue declining despite lawmakers' best efforts, something that would weigh on even the country's strongest firms. Story continues See more from Benzinga Phone Carriers Hoping To Profit From New iPhone AXA Interested In Bitcoin's Potential IBM Uses Tennis To Demonstrate Its Dominance In Data © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Phone Carriers Hoping To Profit From New iPhone: WithApple Inc.(NASDAQ:AAPL) expected to unveil its latest iPhone model on Wednesday, many are already beginning to speculate as to how the new handset will be received by customers. However, it isn't just Apple that will benefit from the highly anticipated phone.
Carriers likeAT&T Inc.(NYSE:ATT) andSprint Corp(NYSE:S) are also expected to receive a boost as customers look to upgrade their phones by switching providers or signing on for a new plan.
New Ways To Pay
While a new iPhone used to set U.S. customers back by about $200, the new iPhone is expected to be heavily marketed forinstallment and leasing plans. By offering customers the potential to upgrade their phone without a large initial investment, U.S. carriers are hoping to attract more customers. A price war between companies like AT&T,T-Mobile US Inc(NYSE:TMUS),Verizon Communications Inc(NYSE:VZ) and Sprint has made it increasingly difficult for companies to get, and keep customers.
Related Link:The iPhone Generates More Revenue Than Google, eBay And Facebook Combined
Getting A Phone
The new iPhone is expected to be a big hit for companies like Sprint and T-Mobile which are offering leasing plans. For between $22 and $27 per month, customers can lease a new iPhone for two years. The deal means that they can upgrade to the latest and greatest smartphone more often, something that has appealed to many in the rapidly changing tech space. Others like Sprint are calling for customers to switch providers by offering the phone for $200 when signing up for a new contract.
All of the U.S.' big name carriers allow users to upgrade to the new phone by paying in monthly installments until the cost of the device has been paid off.
Biggest Winners
While the big name carriers are all offering some sort of deal that includes a shiny new iPhone, many analysts believe that the biggest winners from the new iPhone release will be Sprint and T-Mobile because they are offering leasing plans. The leasing option is a relatively new offering that Sprint rolled out when the iPhone 6 came out.
The idea of getting a new phone every two years and avoiding a huge initial investment has appealed to U.S. consumers and could become even more popular once the iPhone arrives.
See more from Benzinga
• Apple Aims To Read Your Mind
• Is Europe The New Home For Bitcoin?
• iBusiness, iPrograms: Apple Stretches Its Legs
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Phone Carriers Hoping To Profit From New iPhone: With Apple Inc. (NASDAQ: AAPL ) expected to unveil its latest iPhone model on Wednesday, many are already beginning to speculate as to how the new handset will be received by customers. However, it isn't just Apple that will benefit from the highly anticipated phone. Carriers like AT&T Inc. (NYSE: ATT ) and Sprint Corp (NYSE: S ) are also expected to receive a boost as customers look to upgrade their phones by switching providers or signing on for a new plan. New Ways To Pay While a new iPhone used to set U.S. customers back by about $200, the new iPhone is expected to be heavily marketed for installment and leasing plans . By offering customers the potential to upgrade their phone without a large initial investment, U.S. carriers are hoping to attract more customers. A price war between companies like AT&T, T-Mobile US Inc (NYSE: TMUS ), Verizon Communications Inc (NYSE: VZ ) and Sprint has made it increasingly difficult for companies to get, and keep customers. Related Link: The iPhone Generates More Revenue Than Google, eBay And Facebook Combined Getting A Phone The new iPhone is expected to be a big hit for companies like Sprint and T-Mobile which are offering leasing plans. For between $22 and $27 per month, customers can lease a new iPhone for two years. The deal means that they can upgrade to the latest and greatest smartphone more often, something that has appealed to many in the rapidly changing tech space. Others like Sprint are calling for customers to switch providers by offering the phone for $200 when signing up for a new contract. All of the U.S.' big name carriers allow users to upgrade to the new phone by paying in monthly installments until the cost of the device has been paid off. Biggest Winners While the big name carriers are all offering some sort of deal that includes a shiny new iPhone, many analysts believe that the biggest winners from the new iPhone release will be Sprint and T-Mobile because they are offering leasing plans. The leasing option is a relatively new offering that Sprint rolled out when the iPhone 6 came out. Story continues The idea of getting a new phone every two years and avoiding a huge initial investment has appealed to U.S. consumers and could become even more popular once the iPhone arrives. See more from Benzinga Apple Aims To Read Your Mind Is Europe The New Home For Bitcoin? iBusiness, iPrograms: Apple Stretches Its Legs © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AXA Interested In Bitcoin's Potential: Paris-based investment banking firm AXA may begin using bitcoin in order to streamline the remittance market.
The firm is not the first to see the potential benefits of using cryptocurrencies to send payments around the world, butcommentsfrom AXA Strategic Ventures (the bank's $223 million fund) suggest that it could become the first major financial institution to back bitcoin's entry into the remittance market.
Worldwide Payments
One of the major benefits that cryptocurrency enthusiasts have been quick to point out is the potential that digital currencies have for sending cross border payments. This is especially true when it comes to sending money to countries with an underdeveloped financial sector where much of the population is unbanked. In such regions, the only existing options are money-transfer services likeThe Western Union Company(NYSE:WU), which charge a large fee. Sending bitcoin payments would carry a much lesser fee and could provide a new option to expats working abroad and sending money to their families at home.
Related Link:Did Barclays Start The Bitcoin Bull Run?
AXA In Talks
AXA's Minh Q Tran said the company would like to further explore how bitcoin would function in the remittance market and that the firm is currently in talks with bitcoin-based remittance firms that are hoping to break into the industry. So far, AXA has yet to fund any cryptocurrency-related startups, but many expect that will come in the future.
Other Uses
Much likeBarclays(NYSE:BCS) and Citibank, AXA is also interested in exploring bitcoin's potential in other capacities within the financial space.
Blockchain, the ledger-like technology that bitcoin runs on, has been touted as a viable way to facilitate many different transactions, something that several banks are looking into. AXA has said it is interested to learn how blockchain might improve transactions in real estate, intellectual property and insurance.
See more from Benzinga
• IBM Uses Tennis To Demonstrate Its Dominance In Data
• WeedLife Steps Up To Fill Marijuana Advertising Gap
• As Consumers Get Smarter, So Do Barcodes
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AXA Interested In Bitcoin's Potential: Paris-based investment banking firm AXA may begin using bitcoin in order to streamline the remittance market.
The firm is not the first to see the potential benefits of using cryptocurrencies to send payments around the world, butcommentsfrom AXA Strategic Ventures (the bank's $223 million fund) suggest that it could become the first major financial institution to back bitcoin's entry into the remittance market.
Worldwide Payments
One of the major benefits that cryptocurrency enthusiasts have been quick to point out is the potential that digital currencies have for sending cross border payments. This is especially true when it comes to sending money to countries with an underdeveloped financial sector where much of the population is unbanked. In such regions, the only existing options are money-transfer services likeThe Western Union Company(NYSE:WU), which charge a large fee. Sending bitcoin payments would carry a much lesser fee and could provide a new option to expats working abroad and sending money to their families at home.
Related Link:Did Barclays Start The Bitcoin Bull Run?
AXA In Talks
AXA's Minh Q Tran said the company would like to further explore how bitcoin would function in the remittance market and that the firm is currently in talks with bitcoin-based remittance firms that are hoping to break into the industry. So far, AXA has yet to fund any cryptocurrency-related startups, but many expect that will come in the future.
Other Uses
Much likeBarclays(NYSE:BCS) and Citibank, AXA is also interested in exploring bitcoin's potential in other capacities within the financial space.
Blockchain, the ledger-like technology that bitcoin runs on, has been touted as a viable way to facilitate many different transactions, something that several banks are looking into. AXA has said it is interested to learn how blockchain might improve transactions in real estate, intellectual property and insurance.
See more from Benzinga
• IBM Uses Tennis To Demonstrate Its Dominance In Data
• WeedLife Steps Up To Fill Marijuana Advertising Gap
• As Consumers Get Smarter, So Do Barcodes
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || AXA Interested In Bitcoin's Potential: Paris-based investment banking firm AXA may begin using bitcoin in order to streamline the remittance market. The firm is not the first to see the potential benefits of using cryptocurrencies to send payments around the world, but comments from AXA Strategic Ventures (the bank's $223 million fund) suggest that it could become the first major financial institution to back bitcoin's entry into the remittance market. Worldwide Payments One of the major benefits that cryptocurrency enthusiasts have been quick to point out is the potential that digital currencies have for sending cross border payments. This is especially true when it comes to sending money to countries with an underdeveloped financial sector where much of the population is unbanked. In such regions, the only existing options are money-transfer services like The Western Union Company (NYSE: WU ), which charge a large fee. Sending bitcoin payments would carry a much lesser fee and could provide a new option to expats working abroad and sending money to their families at home. Related Link: Did Barclays Start The Bitcoin Bull Run? AXA In Talks AXA's Minh Q Tran said the company would like to further explore how bitcoin would function in the remittance market and that the firm is currently in talks with bitcoin-based remittance firms that are hoping to break into the industry. So far, AXA has yet to fund any cryptocurrency-related startups, but many expect that will come in the future. Other Uses Much like Barclays (NYSE: BCS ) and Citibank, AXA is also interested in exploring bitcoin's potential in other capacities within the financial space. Blockchain, the ledger-like technology that bitcoin runs on, has been touted as a viable way to facilitate many different transactions, something that several banks are looking into. AXA has said it is interested to learn how blockchain might improve transactions in real estate, intellectual property and insurance. See more from Benzinga IBM Uses Tennis To Demonstrate Its Dominance In Data WeedLife Steps Up To Fill Marijuana Advertising Gap As Consumers Get Smarter, So Do Barcodes © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || WeedLife Steps Up To Fill Marijuana Advertising Gap: The marijuana industry has grown exponentially over the past decade as more and more states legalize the drug for both medicinal and recreational use. However, cannabis-based firms are extremely limited when it comes to getting their names out there as state and federal laws prohibit most forms of advertising. Companies like Google Inc (NASDAQ: GOOG ) and Yahoo! Inc. (NASDAQ: YHOO ) are reluctant to engage with marijuana-related firms, leaving very few options for a pot company trying to get noticed. Advertising regulations for marijuana firms are stricter than that of tobacco and alcohol, making it difficult for dispensaries to reach their target audiences. Related Link: Surprised? Marijuana Use On The Rise At College Campuses Working Together The WeedLife Network is hoping to fill that gap by opening its network to allow legal marijuana advertising. WeedLife Network is a collection of over 40 different websites and apps for marijuana businesses and consumers that generates over 4.5 million page views each month. The company hopes that by expanding its network to include marijuana-based advertisers, it will help propel the industry further by giving cannabis startups the tools they need to reach their customers. The Google Of Marijuana WeedLife Network co-founder Shawn Tapp said he hopes this new offering will draw in new businesses who are struggling to gain exposure. Tapp said that WeedLife will "aim to be the industry's replacement for Google's AdWords." The network will give businesses an easy way to reach their target audience as it already encompasses businesses and consumers interested in the marijuana industry. See more from Benzinga Apple Aims To Read Your Mind Is Europe The New Home For Bitcoin? U.S. Tech Firms Hope To Have A Say In New EU Digital Market Rules © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || WeedLife Steps Up To Fill Marijuana Advertising Gap: The marijuana industry has grown exponentially over the past decade as more and more states legalize the drug for both medicinal and recreational use. However, cannabis-based firms are extremely limited when it comes to getting their names out there as state and federal laws prohibit most forms of advertising.
Companies likeGoogle Inc(NASDAQ:GOOG) andYahoo! Inc.(NASDAQ:YHOO) are reluctant to engage with marijuana-related firms, leaving very few options for a pot company trying to get noticed. Advertising regulations for marijuana firms are stricter than that of tobacco and alcohol, making it difficult for dispensaries to reach their target audiences.
Related Link:Surprised? Marijuana Use On The Rise At College Campuses
Working Together
TheWeedLife Networkis hoping to fill that gap by opening its network to allow legal marijuana advertising. WeedLife Network is a collection of over 40 different websites and apps for marijuana businesses and consumers that generates over 4.5 million page views each month.
The company hopes that by expanding its network to include marijuana-based advertisers, it will help propel the industry further by giving cannabis startups the tools they need to reach their customers.
The Google Of Marijuana
WeedLife Network co-founder Shawn Tapp said he hopes this new offering will draw in new businesses who are struggling to gain exposure. Tapp said that WeedLife will "aim to be the industry's replacement for Google's AdWords." The network will give businesses an easy way to reach their target audience as it already encompasses businesses and consumers interested in the marijuana industry.
See more from Benzinga
• Apple Aims To Read Your Mind
• Is Europe The New Home For Bitcoin?
• U.S. Tech Firms Hope To Have A Say In New EU Digital Market Rules
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Europe The New Home For Bitcoin?: The tech sector has grown exponentially over the past decade, and most of that innovation has come from the United States. Industry giants likeGoogle Inc(NASDAQ:GOOG),Microsoft Corporation(NASDAQ:MSFT) andApple Inc.(NASDAQ:AAPL) were all born on American soil.
However, as financial technology emerges, some experts arepredictingthat it will be Europe which pulls ahead in that sector.
Cryptocurrency Friendly
Cryptocurrencies like bitcoin are still a relatively new development in the fintech sector, but many believe that blockchain, the ledger like system that powers bitcoin, will be one of the most important innovations of the decade. Despite that, the general public has been hesitant to embrace cryptocurrencies after the coins' reputations were marred by several high-profile scams.
Many believe that the only way to gain mainstream approval is by laying out regulations that govern cryptocurrencies in order to protect consumer interests.
Regulations That Work
Critics say that regulations undermine the reason bitcoin was developed — to create a decentralized financial system free from traditional barriers. With this in mind, many U.S. states have begun to crack down on bitcoin businesses in hopes of making the industry more streamlined and safer to use. However, in New York, a new rule requiring firms in the industry to apply for bitcoin licenses led to the shutdown of 15 bitcoin companies, which opted to take their businesses elsewhere rather than complying with the new rules.
Progressive Regulation
In Europe, the response by regulators has been vastly different. Many major cities like London have expressed a need for bitcoin regulation, but have worked together with major industry players in order to create a set of rules that helps the industry continue to grow and develop. For that reason, many believe that cryptocurrency-based firms will make their homes in Europe rather than the US.
See more from Benzinga
• The Sharing Economy Sparks A New Class Of Startups
• Is The Soda Industry Doomed?
• Bitcoin Firms Could Join Forces To Promote Adoption
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Europe The New Home For Bitcoin?: The tech sector has grown exponentially over the past decade, and most of that innovation has come from the United States. Industry giants like Google Inc (NASDAQ: GOOG ), Microsoft Corporation (NASDAQ: MSFT ) and Apple Inc. (NASDAQ: AAPL ) were all born on American soil. However, as financial technology emerges, some experts are predicting that it will be Europe which pulls ahead in that sector. Cryptocurrency Friendly Cryptocurrencies like bitcoin are still a relatively new development in the fintech sector, but many believe that blockchain, the ledger like system that powers bitcoin, will be one of the most important innovations of the decade. Despite that, the general public has been hesitant to embrace cryptocurrencies after the coins' reputations were marred by several high-profile scams. Many believe that the only way to gain mainstream approval is by laying out regulations that govern cryptocurrencies in order to protect consumer interests. Regulations That Work Critics say that regulations undermine the reason bitcoin was developed — to create a decentralized financial system free from traditional barriers. With this in mind, many U.S. states have begun to crack down on bitcoin businesses in hopes of making the industry more streamlined and safer to use. However, in New York, a new rule requiring firms in the industry to apply for bitcoin licenses led to the shutdown of 15 bitcoin companies, which opted to take their businesses elsewhere rather than complying with the new rules. Progressive Regulation In Europe, the response by regulators has been vastly different. Many major cities like London have expressed a need for bitcoin regulation, but have worked together with major industry players in order to create a set of rules that helps the industry continue to grow and develop. For that reason, many believe that cryptocurrency-based firms will make their homes in Europe rather than the US. See more from Benzinga The Sharing Economy Sparks A New Class Of Startups Is The Soda Industry Doomed? Bitcoin Firms Could Join Forces To Promote Adoption © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Is Europe The New Home For Bitcoin?: The tech sector has grown exponentially over the past decade, and most of that innovation has come from the United States. Industry giants likeGoogle Inc(NASDAQ:GOOG),Microsoft Corporation(NASDAQ:MSFT) andApple Inc.(NASDAQ:AAPL) were all born on American soil.
However, as financial technology emerges, some experts arepredictingthat it will be Europe which pulls ahead in that sector.
Cryptocurrency Friendly
Cryptocurrencies like bitcoin are still a relatively new development in the fintech sector, but many believe that blockchain, the ledger like system that powers bitcoin, will be one of the most important innovations of the decade. Despite that, the general public has been hesitant to embrace cryptocurrencies after the coins' reputations were marred by several high-profile scams.
Many believe that the only way to gain mainstream approval is by laying out regulations that govern cryptocurrencies in order to protect consumer interests.
Regulations That Work
Critics say that regulations undermine the reason bitcoin was developed — to create a decentralized financial system free from traditional barriers. With this in mind, many U.S. states have begun to crack down on bitcoin businesses in hopes of making the industry more streamlined and safer to use. However, in New York, a new rule requiring firms in the industry to apply for bitcoin licenses led to the shutdown of 15 bitcoin companies, which opted to take their businesses elsewhere rather than complying with the new rules.
Progressive Regulation
In Europe, the response by regulators has been vastly different. Many major cities like London have expressed a need for bitcoin regulation, but have worked together with major industry players in order to create a set of rules that helps the industry continue to grow and develop. For that reason, many believe that cryptocurrency-based firms will make their homes in Europe rather than the US.
See more from Benzinga
• The Sharing Economy Sparks A New Class Of Startups
• Is The Soda Industry Doomed?
• Bitcoin Firms Could Join Forces To Promote Adoption
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || May the force be with you: 2 Star Wars trades: Disney's(NYSE: DIS)stock may have had a rough time recently, but "Fast Money" traders see an opportunity.
Trader Guy Adami said that with the stock down more than 20 percent in the last couple of weeks, the valuation is reasonable. He also has faith the CEOBob Igerwill "figure it out."
"I understand the problems they are having on the cable sides of things, but I also think he's one of the best managers out there. You've got to give him the benefit of the doubt. If the market stabilizes in any way, it goes to $110," he said on Friday.
Trader Steve Grasso is long Disney. "I do believe it's going to work its way up and I do believe they [Disney] are the king of content."
He also said that Netflix(NASDAQ: NFLX)too could benefit from its deal with Disney. "The Netflix deal with Disney kicks in 2016, so they're going to get Star Wars, Marvel and superheroes. There's a lot of content that is going to save both stocks," he said.
Read MoreWhy it might not be time to dump Disney shares
Trader Brian Kelley said that Disney is a place to buy when the market gets stronger. "You have a great risk-to-reward ratio. You could get it up to $115. Disney is where you look when the market starts to rip," he said.
Disclosures:
STEVE GRASSO
Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long MAT, MCD His kids own EFA, EFG, EWJ, IJR, SPY.
BRIAN KELLY
Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Ruble, Yen, Yuan, US Treasuries.
GUY ADAMI
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || May the force be with you: 2 Star Wars trades: Disney's (NYSE: DIS) stock may have had a rough time recently, but " Fast Money " traders see an opportunity. Trader Guy Adami said that with the stock down more than 20 percent in the last couple of weeks, the valuation is reasonable. He also has faith the CEO Bob Iger will "figure it out." "I understand the problems they are having on the cable sides of things, but I also think he's one of the best managers out there. You've got to give him the benefit of the doubt. If the market stabilizes in any way, it goes to $110," he said on Friday. Trader Steve Grasso is long Disney. "I do believe it's going to work its way up and I do believe they [Disney] are the king of content." He also said that Netflix (NASDAQ: NFLX) too could benefit from its deal with Disney. "The Netflix deal with Disney kicks in 2016, so they're going to get Star Wars, Marvel and superheroes. There's a lot of content that is going to save both stocks," he said. Read More Why it might not be time to dump Disney shares Trader Brian Kelley said that Disney is a place to buy when the market gets stronger. "You have a great risk-to-reward ratio. You could get it up to $115. Disney is where you look when the market starts to rip," he said. Disclosures: STEVE GRASSO Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long MAT, MCD His kids own EFA, EFG, EWJ, IJR, SPY. BRIAN KELLY Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Ruble, Yen, Yuan, US Treasuries. GUY ADAMI Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments
[Social Media Buzz]
#RDD / #BTC on the exchanges:
Cryptsy: 0.00000004
Bittrex: 0.00000005
Average $1.0E-5 per #reddcoin
03:00:02 || Bitcoin Price Update: $ 240.00 via @Flutter_HQ source @CoinMKTCap #bitcoin || Current price: 211.6€ $BTCEUR $btc #bitcoin 2015-09-10 07:00:03 CEST || Current price: 238.9$ $BTCUSD $btc #bitcoin 2015-09-10 16:00:02 EDT || 1 #bitcoin = $4050.00 MXN | $240.038420372 USD #BitAPeso | 1 USD = 16.872299MXN http://www.bitapeso.com || Current price: 212.87€ $BTCEUR $btc #bitcoin 2015-09-10 13:...
|
240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75.
|
[Bitcoin Technical Analysis for 2017-01-27]
Volume: 125594000, RSI (14-day): 54.28, 50-day EMA: 872.18, 200-day EMA: 730.76
[Wider Market Context]
Gold Price: 1188.10, Gold RSI: 50.28
Oil Price: 53.17, Oil RSI: 54.55
[Recent News (last 7 days)]
The Market In 5 Minutes: Alibaba Beats, Verizon Disappoints: Macro Focus
Futures for the Dow Jones Industrial Average gained 4 points to 19,739.00, while the Standard & Poor’s 500 index futures fell 0.25 points to 2,261.75. Futures for the Nasdaq 100 index rose 2.50 points to 5,065.75.
Oil prices traded higher as Brent crude futures gained 0.05 percent to trade at $55.26 per barrel, while US WTI crude futures also rose 0.17 percent to trade at $52.84 a barrel.
Redbook Reports US Retail Sales for First 3 Weeks of Jan. Up 0.5% YoY
• The Markit PMI manufacturing data for January is schedule for release at 9:45 a.m. ET.
• Data on existing home sales for December will be released at 10:00 a.m. ET.
• The Richmond Fed manufacturing index for January is schedule for release at 10:00 a.m. ET.
• The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
• The Treasury will also auction 2-year notes at 1:00 p.m. ET.
BZ News Desk Focus
• Lockheed Martin(NYSE:LMT) Reports Q4 EPS $3.25 vs. Est. $3.06, Rev. $13.75B vs. Est. $13.03B
• Johnson & Johnson(NYSE:JNJ) Q4 EPS $1.58 vs $1.56 Est, Revenue $18.1B vs $18.3B Est
• Verizon(NYSE:VZ) Reports Q4 EPS $0.86 vs. Est. $0.89, Rev. $32.3B vs. Est. $32.08B
• Yahoo(NASDAQ:YHOO) Reports Q4 Adj. EPS $0.25 vs $0.21 Est., Sales $1.469B vs $1.38B Est.
• Alibaba(NYSE:BABA) Q3 EPS $1.30 vs $1.13 Est, Revenue $7.67B vs $7.33B Est
• Kimberly-Clark(NYSE:KMB) Reports Q4 EPS $1.45 vs. Est. $1.42, Rev. $4.5B vs. Est. $4.55B
Sell-Side's Most Noteworthy Calls
• Barclays downgradedApple(NASDAQ:AAPL) from Outperform to Equal-Weight.
• Oppenheimer downgradedEnergous(NASDAQ:WATT) to Perform.
• Citi upgradedTableau Software(NYSE:DATA) to Buy.
• Cowen upgradedMosaic(NYSE:MOS) to Market Perform.
• Berenberg started coverage onDeere(NYSE:DE) at Sell.
Deal Talk
U.S. District Judge John D. Bates blocked the proposed $34 billion merger betweenAetna(NYSE:AET) andHumana(NYSE:HUM) due to antitrust issues. Bates said the DoJ proved that a merger of the healthcare companies would pose a threat to competition.
Yahoo confirmed in its Q4 earnings release that the acquisition by Verizon will close in Q2 2017. Yahoo said the "opportunities ahead with Verizon look bright."
Federal-Mogul(NASDAQ:FDML) andIcahn Enterprises(NASDAQ:IEP) announced that Icahn Enterprises has completed its acquisition of Federal-Mogul for $10.00 per share in cash. Icahn increased his tender offer for Federal Mogul to $10.00 from $9.25 per share on January 3.
In The News
President Donald Trump started hisfirst full workdayat the White House focused on the economy, trade and jobs, withdrawing from the TPP agreement and promising to tax firms that move operations overseas.
Bitcoin was trending over the past few weeks after surpassing the $1,000 threshold, hitting an all-time high, and later plummeting 20 percent in just a few hours. While aware of its existence, many readers still don't know what Bitcoin is exactly, how it works and what cryptocurrencies imply. Let’s take a look at cryptocurrenciesgoing into 2017.
Blogosphere
Soccer and theProblem of Superstar CEOs: "What does Alex Ferguson have in common with some of Britain's top CEOs?The Manchester United manager famously wrung the last drops out of a weak squad. But when he handed the team over to a successor it struggled.It's something investors in some of the U.K.'s biggest companies will recognize: the newbie fails to deliver the stellar returns their long-standing predecessor produced year after year."
Trending
BABA AAPL YHOO JNJ QCOM VZ DD HMNY WATT LMT ZION GPRO
See more from Benzinga
• The Market In 5 Minutes: McDonald's, Halliburton Ramp Up Q4 Earnings Season
• The Market In 5 Minutes: Trump Inauguration Takes Center Stage
• The Market In 5 Minutes: Netflix & Chill
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Market In 5 Minutes: Alibaba Beats, Verizon Disappoints: Macro Focus Futures for the Dow Jones Industrial Average gained 4 points to 19,739.00, while the Standard & Poor’s 500 index futures fell 0.25 points to 2,261.75. Futures for the Nasdaq 100 index rose 2.50 points to 5,065.75. Oil prices traded higher as Brent crude futures gained 0.05 percent to trade at $55.26 per barrel, while US WTI crude futures also rose 0.17 percent to trade at $52.84 a barrel. Redbook Reports US Retail Sales for First 3 Weeks of Jan. Up 0.5% YoY The Markit PMI manufacturing data for January is schedule for release at 9:45 a.m. ET. Data on existing home sales for December will be released at 10:00 a.m. ET. The Richmond Fed manufacturing index for January is schedule for release at 10:00 a.m. ET. The Treasury is set to auction 4-week bills at 11:30 a.m. ET. The Treasury will also auction 2-year notes at 1:00 p.m. ET. BZ News Desk Focus Lockheed Martin (NYSE: LMT ) Reports Q4 EPS $3.25 vs. Est. $3.06, Rev. $13.75B vs. Est. $13.03B Johnson & Johnson (NYSE: JNJ ) Q4 EPS $1.58 vs $1.56 Est, Revenue $18.1B vs $18.3B Est Verizon (NYSE: VZ ) Reports Q4 EPS $0.86 vs. Est. $0.89, Rev. $32.3B vs. Est. $32.08B Yahoo (NASDAQ: YHOO ) Reports Q4 Adj. EPS $0.25 vs $0.21 Est., Sales $1.469B vs $1.38B Est. Alibaba (NYSE: BABA ) Q3 EPS $1.30 vs $1.13 Est, Revenue $7.67B vs $7.33B Est Kimberly-Clark (NYSE: KMB ) Reports Q4 EPS $1.45 vs. Est. $1.42, Rev. $4.5B vs. Est. $4.55B Sell-Side's Most Noteworthy Calls Barclays downgraded Apple (NASDAQ: AAPL ) from Outperform to Equal-Weight. Oppenheimer downgraded Energous (NASDAQ: WATT ) to Perform. Citi upgraded Tableau Software (NYSE: DATA ) to Buy. Cowen upgraded Mosaic (NYSE: MOS ) to Market Perform. Berenberg started coverage on Deere (NYSE: DE ) at Sell. Deal Talk U.S. District Judge John D. Bates blocked the proposed $34 billion merger between Aetna (NYSE: AET ) and Humana (NYSE: HUM ) due to antitrust issues. Bates said the DoJ proved that a merger of the healthcare companies would pose a threat to competition. Yahoo confirmed in its Q4 earnings release that the acquisition by Verizon will close in Q2 2017. Yahoo said the "opportunities ahead with Verizon look bright." Federal-Mogul (NASDAQ: FDML ) and Icahn Enterprises (NASDAQ: IEP ) announced that Icahn Enterprises has completed its acquisition of Federal-Mogul for $10.00 per share in cash. Icahn increased his tender offer for Federal Mogul to $10.00 from $9.25 per share on January 3. In The News President Donald Trump started his first full workday at the White House focused on the economy, trade and jobs, withdrawing from the TPP agreement and promising to tax firms that move operations overseas. Story continues Bitcoin was trending over the past few weeks after surpassing the $1,000 threshold, hitting an all-time high, and later plummeting 20 percent in just a few hours. While aware of its existence, many readers still don't know what Bitcoin is exactly, how it works and what cryptocurrencies imply. Let’s take a look at cryptocurrencies going into 2017 . Blogosphere Soccer and the Problem of Superstar CEOs : "What does Alex Ferguson have in common with some of Britain's top CEOs?The Manchester United manager famously wrung the last drops out of a weak squad. But when he handed the team over to a successor it struggled.It's something investors in some of the U.K.'s biggest companies will recognize: the newbie fails to deliver the stellar returns their long-standing predecessor produced year after year." Trending BABA AAPL YHOO JNJ QCOM VZ DD HMNY WATT LMT ZION GPRO See more from Benzinga The Market In 5 Minutes: McDonald's, Halliburton Ramp Up Q4 Earnings Season The Market In 5 Minutes: Trump Inauguration Takes Center Stage The Market In 5 Minutes: Netflix & Chill © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || 5 Trends That Venture Capitalists Will Have Their Eye On In 2017: With every new year comes a tide of new and exciting technologies looking to carve out their own niche in the fabric of society. Whether these innovations, and the companies behind them, actually succeed depends on a lot of factors. One of the main driving forces behind innovation is finding capital to grow the business behind the technology. With that in mind, here are five of the hottest trends in tech that smart venture capitalists will be keeping an eye out for in 2017. Augmented and virtual reality While 2016 saw the rapid introduction and growth of AR and VR devices and apps, expect 2017 to have even more offerings as companies refine and expand their implementation of the technology. The application of the technology has so far been monopolized by the videogame and entertainment sectors. However, savvy investors are eagerly anticipating the expansion of virtual and augmented reality other fields. When this happens, the way consumers interact with this technology will change as new companies and peripherals begin to compete for a growing market. Take Cimagine , a crowdfunded startup that combines augmented reality with e-commerce. Investors should be on the lookout for peripheral companies making use of this technology. Advertising tech An ongoing puzzle that marketing firms and digital content providers continue to struggle with is how to get their advertisements in front of the right eyeballs at the right time and through the right medium. Enter ad tech, which aims to solve that question in the shifting sands of digital media and consumer habits. And while the current digital ad market is currently dominated by the likes of Facebook Inc (NASDAQ: FB ) and Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ), startups like Ubimo and Shopial are trying to make it easier for others to get in on the action. Investors who can find a firm with an innovative framework to tackle the extremely complex problem of effectively monetizing digital advertising will have a stake in field that will only see growing demand in the future. Story continues Cybersecurity and Defense Given the current political and corporate climate surrounding unauthorized access to sensitive digital information like credit card data or personal records, expect 2017 to be a big year for companies developing new ways to safeguard against cyber attackers. Investors should be on the lookout for innovations that aim to simplify data networkslike CyberX in order to more easily detect and halt malware infiltration and hacking attempts before they breach a companys system. It could also pay to be aware of advances in software in development to counteract the hazard of losing important data to ransomware. The pace of cybersecurity R&D and innovation is faster than at any time in history and the advancements are considerable, said cybersecurity advisor Ron Moritz, noting that venture capital investment in cybersecurity has increased from $1 billion in 2011 to over $4 billion in 2016. Artificial Intelligence Nothing quite screams future tech like Artificial intelligence. But as a the prospect of thinking machines has evolved from sci-fi to fact, the scope of the technology within the real world has also changed drastically. As a result, artificial intelligence can be viewed as more of a catchall term to indicate how well a computer can adapt to, and function, in a variety of tasks conventionally performed by humans. Whats interesting about AI is how broadly applicable it is across industries. Technology companies like Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ) and Amazon.com (NASDAQ: AMZN ), use AI, but so does Zebra (a medical company) and BillGuard (a fintech company) to the technology behind self-driving cars. Decentralized Banking Databases As more of the worlds banking activity occurs over the Internet, and cryptocurrency earns greater prominence, ensuring the record and security of those digital transactions has become a global economic concern. Because of this, companies like the Bitcoin banking company Blockchain and equity marketplace EquityX have surged as leaders in secure and intuitive online banking. The technology behind these companies that manage and secure ledgers of online transactions is still being refined. The demand for advancements in the database process will only grow as investors and individuals continue to traffic into digital banking. To get a full breakdown of startups in these fields, check out OurCrowd. See more from Benzinga Avoid The Student Loan Crisis Facing Retirees Akorn Cracks Open A Buy Rating With Vetr As Price Rises, Vetr Bumps Philip Morris Down To A Buy © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 5 Trends That Venture Capitalists Will Have Their Eye On In 2017: With every new year comes a tide ofnew and excitingtechnologies looking to carve out their own niche in the fabric of society.
Whether these innovations, and the companies behind them, actually succeed depends on a lot of factors. One of the main driving forces behind innovation is finding capital to grow the business behind the technology. With that in mind, here are five of the hottest trends in tech that smart venture capitalists will be keeping an eye out for in 2017.
Augmented and virtual reality
While 2016 saw the rapid introduction and growth of AR and VR devices and apps, expect 2017 to have even more offerings as companies refine and expand their implementation of the technology.
The application of the technology has so far been monopolized by the videogame and entertainment sectors. However, savvy investors are eagerly anticipating the expansion of virtual and augmented reality other fields. When this happens, the way consumers interact with this technology will change as new companies and peripherals begin to compete for a growing market. TakeCimagine, a crowdfunded startup that combines augmented reality with e-commerce.
Investors should be on the lookout for peripheral companies making use of this technology.
Advertising tech
An ongoing puzzle that marketing firms and digital content providers continue to struggle with is how to get their advertisements in front of the right eyeballs at the right time and through the right medium.
Enter ad tech, which aims to solve that question in the shifting sands of digital media and consumer habits. And while the current digital ad market is currently dominated by the likes ofFacebook Inc(NASDAQ:FB) andAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL), startups likeUbimoandShopialare trying to make it easier for others to get in on the action.
Investors who can find a firm with an innovative framework to tackle the extremely complex problem of effectively monetizing digital advertising will have a stake in field that will only see growing demand in the future.
Cybersecurity and Defense
Given the current political and corporate climate surrounding unauthorized access to sensitive digital information like credit card data or personal records, expect 2017 to be a big year for companies developing new ways to safeguard against cyber attackers.
Investors should be on the lookout for innovations that aim to simplify data networks—likeCyberX—in order to more easily detect and halt malware infiltration and hacking attempts before they breach a company’s system. It could also pay to be aware of advances in software in development to counteract the hazard of losing important data to ransomware.
“The pace of cybersecurity R&D and innovation is faster than at any time in history and the advancements are considerable,” said cybersecurity advisor Ron Moritz, noting that venture capital investment in cybersecurity has increased from $1 billion in 2011 to over $4 billion in 2016.
Artificial Intelligence
Nothing quite screams “future tech” like Artificial intelligence. But as a the prospect of thinking machines has evolved from sci-fi to fact, the scope of the technology within the real world has also changed drastically.
As a result, artificial intelligence can be viewed as more of a catchall term to indicate how well a computer can adapt to, and function, in a variety of tasks conventionally performed by humans. What’s interesting about AI is how broadly applicable it is across industries. Technology companies likeAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL) andAmazon.com(NASDAQ:AMZN), use AI, but so doesZebra(a medical company) and BillGuard (a fintech company) to the technology behind self-driving cars.
Decentralized Banking Databases
As more of the world’s banking activity occurs over the Internet, and cryptocurrency earns greater prominence, ensuring the record and security of those digital transactions has become a global economic concern.
Because of this, companies like the Bitcoin banking company Blockchain and equity marketplace EquityX have surged as leaders in secure and intuitive online banking. The technology behind these companies that manage and secure ledgers of online transactions is still being refined. The demand for advancements in the database process will only grow as investors and individuals continue to traffic into digital banking.
To get a full breakdown of startups in these fields, check out OurCrowd.
See more from Benzinga
• Avoid The Student Loan Crisis Facing Retirees
• Akorn Cracks Open A Buy Rating With Vetr
• As Price Rises, Vetr Bumps Philip Morris Down To A Buy
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Amex is moving on from Costco: Amex Acquisitions (BII) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . In its Q4 and full-year 2016 earnings release , Amex announced results that fell short of analyst expectations, but still pointed in a promising direction. Any upward trend is critical for Amex, which has struggled in a number of key areas over the past several quarters — largely as a result of the sale of its Costco co-branded card portfolio last year. Costco was a big part of Amex’s business, and the sale has forced it to look to new segments and innovative ideas to remain competitive. Amex needs to find ways to improve its billed-business performance. In Q4, both revenue and billed business decreased on a yearly basis, by 4% and 3% respectively. Excluding Costco, and on a constant currency basis, those figures improve to 6% and 7%, respectively, but the data still illustrates just how striking the impact of the Costco loss has been on the company. For context, Costco comprised 8% of Amex’s nearly $1 trillion in billed business in 2015, leaving the company with a roughly $80 billion dollar deficit that it will be forced to make up for with new initiatives. Amex has been focusing on a number of things, including engaging existing customers, growing its acceptance network through small-business partnerships, and spreading awareness of that growing network. Most important, though, could be the firm’s customer acquisition initiatives. Amex is finding ways to fill the hole created by the Costco sale. The firm increased marketing and promotions expenditure annually, likely as part of a move to attract this population. Amex is doubling down on customer acquisition efforts. For Amex, the Costco portfolio represented over 11 million cards, many of whom were likely held by users that would not have otherwise owned an Amex product. And though the firm worked to maintain as many of these cardholders as possible by offering them other products, it’s unclear how successful those efforts were. It has been trying to fill the void with new customers. Those efforts seem to be working. Amex added 1.6 million US cardholders in Q4 2016 without Costco, leading to a quarterly average for the year that’s relatively consistent with past trends, though it’s worth noting that a strong credit appetite should have propelled the firm further than it did. In the firm’s earnings call, Amex Executive Vice Present Jeff Campbell noted that the firm has effectively replaced Costco as a “distribution channel” with its own “proprietary activities.” And those customers aren’t substantially different from the past customers that the network has acquired, according to Campbell, which means that we could see continuity in the firm’s spending and engagement trends as it grows its base — a good sign for the firm as it moves away from Costco. Story continues American Express is just one part of the broader payments ecosystem, which has grown to include processors, merchants, acquirers, and more. John Heggestuen, director of research at BI Intelligence , Business Insider’s premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider The new era of payment processing will change everything Credit cards are going the way of fax machines THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem View comments || Amex is moving on from Costco: (BII)This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
In its Q4 and full-year 2016earnings release, Amex announced results that fell short of analyst expectations, but still pointed in a promising direction.
Any upward trend is critical for Amex, which has struggled in a number of key areas over the past several quarters — largely as a result of the sale of its Costco co-branded card portfolio last year. Costco was a big part of Amex’s business, and the sale has forced it to look to new segments and innovative ideas to remain competitive.
Amex needs to find ways to improve its billed-business performance. In Q4, both revenue and billed business decreased on a yearly basis, by 4% and 3% respectively. Excluding Costco, and on a constant currency basis, those figures improve to 6% and 7%, respectively, but the data still illustrates just how striking the impact of the Costco loss has been on the company. For context, Costco comprised 8% of Amex’s nearly $1 trillion in billed business in 2015, leaving the company with a roughly $80 billion dollar deficit that it will be forced to make up for with new initiatives.
Amex has been focusing on a number of things, including engaging existing customers, growing its acceptance network through small-business partnerships, and spreading awareness of that growing network. Most important, though, could be the firm’s customer acquisition initiatives.
Amex is finding ways to fill the hole created by the Costco sale. The firm increased marketing and promotions expenditure annually, likely as part of a move to attract this population.
• Amex is doubling down on customer acquisition efforts.For Amex, the Costco portfolio represented over 11 million cards, many of whom were likely held by users that would not have otherwise owned an Amex product. And though the firm worked to maintain as many of these cardholders as possible by offering them other products, it’s unclear how successful those efforts were. It has been trying to fill the void with new customers.
• Those efforts seem to be working.Amex added 1.6 million US cardholders in Q4 2016 without Costco, leading to a quarterly average for the year that’s relatively consistent with past trends, though it’s worth noting that a strong credit appetite should have propelled the firm further than it did. In the firm’s earnings call, Amex Executive Vice Present Jeff Campbell noted that the firm has effectively replaced Costco as a “distribution channel” with its own “proprietary activities.” And those customers aren’t substantially different from the past customers that the network has acquired,accordingto Campbell, which means that we could see continuity in the firm’s spending and engagement trends as it grows its base — a good sign for the firm as it moves away from Costco.
American Express is just one part of the broader payments ecosystem, which has grown to include processors, merchants, acquirers, and more.
John Heggestuen, director of research atBI Intelligence, Business Insider’s premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• The new era of payment processing will change everything
• Credit cards are going the way of fax machines
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem || Bitcoin is shrugging off some big news of out of China: (Photographers in front of a mock bitcoin ATM in 2014 during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin is little changed at $924 a coin as of 7:26 a.m. ET.
Monday's flat session comes despite some big news out of China. According to Reuters, the country's three largest bitcoin exchanges announced plans to begincharging a flat feeof 0.2% for each transaction. Releases fromBTCC,Huobi, andOkCoinreportedly said the fees were being implemented to "further curb market manipulation and extreme volatility."
Bitcoin has had a wild start to 2017. The cryptocurrency rallied by more than 20% in the opening days of 2017 amid huge interest from China, which accounts fornearly 100% of trading. In fact, data fromCryptocomparefound, "In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars."
The early gains vanished in a matter of days, however, as bitcoin tumbled 35% on concerns that China was going to crack down on trading, with Beijing having announced it had beguninvestigating bitcoin exchangesin Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues.
But bitcoin has managed to work its way off support in the $750 area, and it is trying to break out of resistance in the $880/$920 area that has defined trade for the past week.
Monday's announcement could reduce some of the market volatility, as bitcoin traders in China won't be allowed to buy and sell without paying the new transaction fee.
(Investing.com)
NOW WATCH:Here's how to use one of the many apps to buy and trade bitcoin
More From Business Insider
• Here's how to use one of the many apps to buy and trade bitcoin
• One country dominates the global bitcoin market
• Bitcoin is soaring || Bitcoin is shrugging off some big news of out of China: (Photographers in front of a mock bitcoin ATM in 2014 during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin is little changed at $924 a coin as of 7:26 a.m. ET.
Monday's flat session comes despite some big news out of China. According to Reuters, the country's three largest bitcoin exchanges announced plans to begincharging a flat feeof 0.2% for each transaction. Releases fromBTCC,Huobi, andOkCoinreportedly said the fees were being implemented to "further curb market manipulation and extreme volatility."
Bitcoin has had a wild start to 2017. The cryptocurrency rallied by more than 20% in the opening days of 2017 amid huge interest from China, which accounts fornearly 100% of trading. In fact, data fromCryptocomparefound, "In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars."
The early gains vanished in a matter of days, however, as bitcoin tumbled 35% on concerns that China was going to crack down on trading, with Beijing having announced it had beguninvestigating bitcoin exchangesin Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues.
But bitcoin has managed to work its way off support in the $750 area, and it is trying to break out of resistance in the $880/$920 area that has defined trade for the past week.
Monday's announcement could reduce some of the market volatility, as bitcoin traders in China won't be allowed to buy and sell without paying the new transaction fee.
(Investing.com)
NOW WATCH:Here's how to use one of the many apps to buy and trade bitcoin
More From Business Insider
• Here's how to use one of the many apps to buy and trade bitcoin
• One country dominates the global bitcoin market
• Bitcoin is soaring || Bitcoin is shrugging off some big news of out of China: bitcoin atm (Photographers in front of a mock bitcoin ATM in 2014 during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip) Bitcoin is little changed at $924 a coin as of 7:26 a.m. ET. Monday's flat session comes despite some big news out of China. According to Reuters, the country's three largest bitcoin exchanges announced plans to begin charging a flat fee of 0.2% for each transaction. Releases from BTCC , Huobi , and OkCoin reportedly said the fees were being implemented to "further curb market manipulation and extreme volatility." Bitcoin has had a wild start to 2017. The cryptocurrency rallied by more than 20% in the opening days of 2017 amid huge interest from China, which accounts for nearly 100% of trading . In fact, data from Cryptocompare found, "In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars." The early gains vanished in a matter of days, however, as bitcoin tumbled 35% on concerns that China was going to crack down on trading, with Beijing having announced it had begun investigating bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues. But bitcoin has managed to work its way off support in the $750 area, and it is trying to break out of resistance in the $880/$920 area that has defined trade for the past week. Monday's announcement could reduce some of the market volatility, as bitcoin traders in China won't be allowed to buy and sell without paying the new transaction fee. Bitcoin (Investing.com) NOW WATCH: Here's how to use one of the many apps to buy and trade bitcoin More From Business Insider Here's how to use one of the many apps to buy and trade bitcoin One country dominates the global bitcoin market Bitcoin is soaring View comments || Giuliani as Trump's cybersecurity adviser is an unfunny joke: I had just finishedhacking the Gibsonwhen I heard the news: Rudy Giuliani, the guy who said he was gonnasolve cybersecurity, had just beennamed Trump's cyber adviser. I hopped onto our hacker mafia's government-proof encrypted chat app to make sure everyone knew that we were in real trouble. When I got no response from Mr. Robot or Anonymous, I got my rollerblades on and got out of my mom's basement as fast as possible.
I dialed our ringleader with a secret, anti-authority encrypted phone app while hacking all the traffic lights between here and his mom's basement as I raced over. When he picked up I blurted, "Stop hacking baby monitors and trying to crash the stock market!"
He yelled, "What?!" I realized I'd forgotten to take my balaclava off! I shouted that Big Rudy was the new hacker sheriff in town, and all us hackers were gonna have to go underground. Tears spilled down the front of my ninja costume as I wobbled on my 'blades, telling him our days of taking out the internet for lulz and raking in piles of Bitcoin from ransomed AOL accounts was over.
In reality, we have plenty of reasons to worry. Before Rudy Giuliani was named Donald Trump's official presidential cybersecurity adviser, the former New York City mayor had made a number of things crystal clear about his intentions toward hackers and the cybersecurity industry. For one, he'd been pretty up front about the fact that he got into cybersecurity dealmakingfor the money. Giuliani was emphatic over many years and at every opportunity that he was going to be the guy to "solve cybersecurity."
Hacking, he said on several occasions, waslike cancer. It was the worst word he could think of to call information security research. And finally, he never wavered from his belief that hackers were not onlylike the mafia, but that they could never, ever be trusted -- especially "reformed" hackers. Giuliani always made sure that people knew he couldn't be fooled by that principle of the justice system.
All his talk of hackers as permanent criminals spreading cancer has no doubt bolstered the beliefs of conservatives in Trump's extreme right pocket, who didn't need help imagining pedophiles and lawless balaclava-wearing basement dwellers (or Asians in faraway hives). Like most things we've seen come out of Trump's surreal fright show, Giuliani's working hard to encourage that people and press wallow in these manipulative, lurid fantasies.
That's why most hackers and infosec professionals found it all kinds of disturbing that Trump will be using Giuliani as his go-to for advice on all things cyber. It's not just that hecounts one of his qualifications as the fact that he's given over 300 speecheson how everyone's ignoring the scourge of hacking. Giuliani's not great at following advice when it comes to security. When he was advised against moving New York City's emergency services into the World Trade Center because it wasn't a good call, he did it anyway. Right before 9/11.
It didn't make anyone in the infosec sectors feel better when Giuliani announced he would be forming a cybersecurity team for the president-elect. Rudy isn't exactly a team player when it comes to computer-security matters. When the NYPD commissioner built a "computer statistics" system for crime, Giuliani did the equivalent of having him banished -- forcing him out -- toprevent credit going to anyone but Giuliani.
According to the Trump transition team'sofficial announcement, Rudy's team will advise the leader of the free world on issues "concerning private sector cybersecurity problems and emerging solutions developing in the private sector."
Things only got worse when, the minute the announcement was made, infosec denizens didimpromptu security assessmentsof Gulianisecurity.com and Gulianipartners.com. Both servers were described as having sat for years with theequivalent of a "hack me" sign on them-- meaning that both were likely hacked long ago. Thelaundry listof years-old unpatched vulnerabilities, nearly two dozen active exploits, andoverall security failureswas astonishing.
Team Giuliani didn't respond to all the public attention around the nearly-comic website security failings of both sites. By January 14th, both Gulianisecurity.com and Gulianipartners.com suddenly failed to resolve in DNS, making both sites unavailable to the public. But, as of this writing, the server addresses remained (just visit http://209.238.99.227/), showing that whoever attempted to pull the sites only removed the DNS entry -- but left Giuliani's vulnerable servers online.
Whether or not Giuliani manages those servers himself is beside the point: This is the worst possible resume anyone in this position could have. It's embarrassing and avoidable and displays a blatant disregard for even the most basic cybersecurity practices. It is the behavior of someone who carelessly believes he is an exception to the rules everyone else must live by. It sends a terrible message to an industry struggling for both legitimacy and a voice with regard to US policy, and in every way possible.
Giuliani has been interested in cybersecurity sincehe read an FBI report in 2003predicting a hacking crimewave, and instantly decided he needed to build a business around it. That business was Giuliani Partners, a security consulting company. His naming to Trump's post comes one week after Giuliani Partners announced itsnew partnership with Blackberry. The recently released Blackberry Secure platform will provide the underlying software for Giuliani Partners' cybersecurity-consulting product, whatever that will be.
Under these auspices, the future of cybersecurity policy looks dark. Given how much Giuliani hates hackers and believes he's the king of cops, we can probably expect to see the cyber version of "stop and frisk" coming out of Trump's inevitably opportunistic Giuliani-led Cybersecurity Working Group.
It's clear the new powers-that-be don't think very highly of hackers and hacking. Nor do they understand the subtleties of how hackers are actually the entire underpinning of infosec, let alone how important it is to this sector that someone like Giuliani models even the most basic website security. By Giuliani saying stupid things about infosec while pretending entire hacking communities didn't just call out his own cybersecurity as literally the worst possible ever, he's a complete hypocrite for even stepping into the ring. And if there's anything that gets exposed faster and louder than an anti-gay senator on Grindr, it's hypocrisy in security.
This is a business and culture that believes the teeny-tiniest details really matter and has witnessed firsthand that one careless step can topple businesses and ruin lives. Unlike Rudy Giuliani, the people in cybersecurity have dedicated everything to giving a shit about getting things right.
So if Giuliani and his sideshow of opportunists want to think of hackers as some kind of criminal cancer, they're doomed from the start. Thought pieces by armchair infosec pundits cantry to tell usGiuliani should be taken seriously in this role all they want. But I can't think of doing anything worse for the future of cybersecurity right now.
Images: Craig F. Walker/The Boston Globe via Getty Images (Lead image); United Artists/Getty Images (Hackers movie still); REUTERS/Mike Segar (Giuliani and Trump). || Giuliani as Trump's cybersecurity adviser is an unfunny joke: I had just finished hacking the Gibson when I heard the news: Rudy Giuliani, the guy who said he was gonna solve cybersecurity , had just been named Trump's cyber adviser . I hopped onto our hacker mafia's government-proof encrypted chat app to make sure everyone knew that we were in real trouble. When I got no response from Mr. Robot or Anonymous, I got my rollerblades on and got out of my mom's basement as fast as possible. I dialed our ringleader with a secret, anti-authority encrypted phone app while hacking all the traffic lights between here and his mom's basement as I raced over. When he picked up I blurted, "Stop hacking baby monitors and trying to crash the stock market!" He yelled, "What?!" I realized I'd forgotten to take my balaclava off! I shouted that Big Rudy was the new hacker sheriff in town, and all us hackers were gonna have to go underground. Tears spilled down the front of my ninja costume as I wobbled on my 'blades, telling him our days of taking out the internet for lulz and raking in piles of Bitcoin from ransomed AOL accounts was over. In reality, we have plenty of reasons to worry. Before Rudy Giuliani was named Donald Trump's official presidential cybersecurity adviser, the former New York City mayor had made a number of things crystal clear about his intentions toward hackers and the cybersecurity industry. For one, he'd been pretty up front about the fact that he got into cybersecurity dealmaking for the money . Giuliani was emphatic over many years and at every opportunity that he was going to be the guy to " solve cybersecurity. " Hacking, he said on several occasions, was like cancer . It was the worst word he could think of to call information security research. And finally, he never wavered from his belief that hackers were not only like the mafia , but that they could never, ever be trusted -- especially "reformed" hackers. Giuliani always made sure that people knew he couldn't be fooled by that principle of the justice system. Story continues All his talk of hackers as permanent criminals spreading cancer has no doubt bolstered the beliefs of conservatives in Trump's extreme right pocket, who didn't need help imagining pedophiles and lawless balaclava-wearing basement dwellers (or Asians in faraway hives). Like most things we've seen come out of Trump's surreal fright show, Giuliani's working hard to encourage that people and press wallow in these manipulative, lurid fantasies. That's why most hackers and infosec professionals found it all kinds of disturbing that Trump will be using Giuliani as his go-to for advice on all things cyber. It's not just that he counts one of his qualifications as the fact that he's given over 300 speeches on how everyone's ignoring the scourge of hacking. Giuliani's not great at following advice when it comes to security. When he was advised against moving New York City's emergency services into the World Trade Center because it wasn't a good call, he did it anyway. Right before 9/11. It didn't make anyone in the infosec sectors feel better when Giuliani announced he would be forming a cybersecurity team for the president-elect. Rudy isn't exactly a team player when it comes to computer-security matters. When the NYPD commissioner built a "computer statistics" system for crime, Giuliani did the equivalent of having him banished -- forcing him out -- to prevent credit going to anyone but Giuliani . According to the Trump transition team's official announcement , Rudy's team will advise the leader of the free world on issues "concerning private sector cybersecurity problems and emerging solutions developing in the private sector." Things only got worse when, the minute the announcement was made, infosec denizens did impromptu security assessments of Gulianisecurity.com and Gulianipartners.com. Both servers were described as having sat for years with the equivalent of a "hack me" sign on them -- meaning that both were likely hacked long ago. The laundry list of years-old unpatched vulnerabilities, nearly two dozen active exploits, and overall security failures was astonishing. Team Giuliani didn't respond to all the public attention around the nearly-comic website security failings of both sites. By January 14th, both Gulianisecurity.com and Gulianipartners.com suddenly failed to resolve in DNS, making both sites unavailable to the public. But, as of this writing, the server addresses remained (just visit http://209.238.99.227/), showing that whoever attempted to pull the sites only removed the DNS entry -- but left Giuliani's vulnerable servers online. Whether or not Giuliani manages those servers himself is beside the point: This is the worst possible resume anyone in this position could have. It's embarrassing and avoidable and displays a blatant disregard for even the most basic cybersecurity practices. It is the behavior of someone who carelessly believes he is an exception to the rules everyone else must live by. It sends a terrible message to an industry struggling for both legitimacy and a voice with regard to US policy, and in every way possible. Giuliani has been interested in cybersecurity since he read an FBI report in 2003 predicting a hacking crimewave, and instantly decided he needed to build a business around it. That business was Giuliani Partners, a security consulting company. His naming to Trump's post comes one week after Giuliani Partners announced its new partnership with Blackberry . The recently released Blackberry Secure platform will provide the underlying software for Giuliani Partners' cybersecurity-consulting product, whatever that will be. Under these auspices, the future of cybersecurity policy looks dark. Given how much Giuliani hates hackers and believes he's the king of cops, we can probably expect to see the cyber version of "stop and frisk" coming out of Trump's inevitably opportunistic Giuliani-led Cybersecurity Working Group. It's clear the new powers-that-be don't think very highly of hackers and hacking. Nor do they understand the subtleties of how hackers are actually the entire underpinning of infosec, let alone how important it is to this sector that someone like Giuliani models even the most basic website security. By Giuliani saying stupid things about infosec while pretending entire hacking communities didn't just call out his own cybersecurity as literally the worst possible ever, he's a complete hypocrite for even stepping into the ring. And if there's anything that gets exposed faster and louder than an anti-gay senator on Grindr, it's hypocrisy in security. This is a business and culture that believes the teeny-tiniest details really matter and has witnessed firsthand that one careless step can topple businesses and ruin lives. Unlike Rudy Giuliani, the people in cybersecurity have dedicated everything to giving a shit about getting things right. So if Giuliani and his sideshow of opportunists want to think of hackers as some kind of criminal cancer, they're doomed from the start. Thought pieces by armchair infosec pundits can try to tell us Giuliani should be taken seriously in this role all they want. But I can't think of doing anything worse for the future of cybersecurity right now. Images: Craig F. Walker/The Boston Globe via Getty Images (Lead image); United Artists/Getty Images (Hackers movie still); REUTERS/Mike Segar (Giuliani and Trump). || Bill Gates' Stock Portfolio: - By Ben Reynolds (Published Jan. 20 by Bob Ciura) Bill Gates ( Trades , Portfolio ) is the richest man in the world. The Bill & Melinda Gates Foundation has a massive $18.5 billion endowment. Warning! GuruFocus has detected 4 Warning Sign with BRK.A. Click here to check it out. BRK.A 15-Year Financial Data The intrinsic value of BRK.A Peter Lynch Chart of BRK.A That kind of wealth is something of which the vast majority of us can only dream. However, there is one similarity between the everyday investor and the wealthiest person on the planet: We're all looking for good stocks to buy and hold for the long term. Gates is a personal friend of Warren Buffett ( Trades , Portfolio ) so it's no surprise to see the Bill & Melinda Gates Foundation take a similar approach to investing as the Oracle of Omaha. You can see Buffett's top 20 high-yield dividend stocks analyzed here. The Bill & Melinda Gates Foundation owns several highly profitable companies with sustainable competitive advantages. Many of the stocks also pay dividends to shareholders and grow their dividend payouts over time. Without further ado, here are the top 16 stocks held by the Bill & Melinda Gates Foundation. No. 1: Berkshire Hathaway Dividend yield: N/A. Percentage of Gates' portfolio: 58%. Price-earnings (P/E) ratio: 17. Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B) stock takes up the majority of Gates' investment portfolio, and it is easy to see why. It's safe to say the money is in good hands. Berkshire, under Buffett's stewardship, grew from a struggling textile manufacturer into one of the largest conglomerates in the world. Since Berkshire's current management team took the helm 51 years ago, the company's per-share book value rose from $19 to $155,501, a rate of 19.2% compounded annually. Today, Berkshire is a global giant. It owns and operates dozens of businesses with a hand in nearly every major industry including insurance, railroads, energy, finance, manufacturing and retailing. Story continues A breakdown of Berkshire's various operating segments is as follows: Sales and Services (51% of revenue). Insurance Premiums (20% of revenue). Railroad, Utilities, and Energy (19% of revenue). Interest, Dividend, and Other Investment Income (2% of revenue). Financial Product Sales (3% of revenue). Investment and Derivatives (5% of revenue). In Berkshire's annual letters to shareholders, Buffett typically evaluates the company's performance in terms of book value. Book value is an accounting metric that measures a company's assets minus its liabilities. The resulting difference is a company's book value. This is a proxy for the intrinsic value of a firm, which Buffett believes to be the most important financial metric. Over the past five years, Berkshire has done a great job growing assets faster than liabilities, which builds shareholder wealth. BRKA Growth Source: 2015 Annual Report, page 36 Berkshire doesn't pay a dividend to shareholders. Buffett and his partner Charlie Munger (Trades, Portfolio) have always contended that they can create wealth at a higher rate than the dividend would provide to shareholders. There are few managers who can say that and get away with it, but Buffett and Munger might be the only two who can. While Berkshire stock may not be attractive for investors who want dividend income, there are few companies that have a track record nearly as successful as Berkshire. No. 2: Waste Management Dividend yield: 2.4%. Percentage of Gates' portfolio: 6.5%. P/E ratio: 27. Waste Management Inc. ( WM ) is the embodiment of a company with a wide economic moat. It operates in waste removal and recycling services. This is a highly concentrated industry with only a few companies controlling the majority of the market. Waste Management services many different industry groups, which are organized as follows: Collection (55% of revenue). Landfill (19% of revenue). Transfer (9% of revenue). Recycling (8% of revenue). Other (9% of revenue). The company is performing well. Over the first three quarters of 2016, revenue and earnings per share increased 3.6% and 8.8%. Waste Management operates in a stable and necessary industry. Waste removal is extremely capital intensive and is subject to significant regulatory oversight. These competitive advantages allow Waste Management to generate steady profits even when the U.S. economy enters recession. WM Essential Source: JPMorgan Industrials Conference presentation, page 14 Waste Management's high margins and consistent cash flow put the company in a strong financial position. It has reduced its debt significantly in the past several years. WM Debt Source: JPMorgan Industrials Conference presentation, page 17 With less debt to worry about, there is more cash flow left over each year. It uses this cash flow to invest in the business and for shareholder cash returns. WM Capital Allocation Source: JP Morgan Industrials Conference presentation, page On Dec. 15, the company raised its dividend by 4% and added $750 million to its share repurchase program. Waste Management is a Dividend Achiever. Dividend Achievers are companies that have raised dividends for 10 years or more. You can see the entire list of all 272 Dividend Achievers here. For its part, Waste Management has increased its dividend for 14 consecutive years. The stock currently has a 2.5% dividend yield. Waste Management isn't a cheap stock. Its share price has soared over the past several years. But it still has an above-average dividend yield, and the company is growing. No. 3: Canadian National Railway Dividend yield: 1.6%. Percentage of Gates' portfolio: 6.1%. P/E ratio: 20. Canadian National Railway ( CNI ) is the only transcontinental railway in North America. It has a massive network, which includes more than 19,000 miles that spans Canada and the U.S. CNI Network Source: Investor Presentation, page 7 The company offers a full range of services including rail, intermodal, trucking, warehousing and distribution. Canadian National has an excellent business. From 2011 to 2015, it grew revenue and adjusted earnings per share at a 9% and 16% compound annual rate. It generated this growth from executing a number of operational strategies. First, it placed focus on improving productivity. CNI Productivity Source: Investor Presentation, page 9 This has allowed the company to boost volumes and revenue. Furthermore, Canadian National produces industry-leading margins, thanks to its lean cost structure. CNI Cost Source: Investor Presentation, page 12 One factor negatively impacting the company right now is that it is exposed to commodities, specifically coal. Coal revenue declined 32% in the third quarter, year over year. Moreover, revenue for energy and mining fell 13% and 20% last quarter. That being said, the company's diverse customer base and operational excellence more than offset the declines in its commodity-based segments. Canadian National's operating expenses declined 7% last quarter. Operating ratio reached a record 53.3% last quarter. Free cash flow over the first three quarters of 2016 remained steady with the same nine-month period in 2015. The company expects to post flat adjusted earnings per share in 2016. This in itself would be a notable accomplishment given the steep declines in oil and coal shipments. With its hefty margins, Canadian National generates significant cash flow, and its shareholder-friendly management actively deploys this cash flow to investors. Dividends per share have nearly doubled in that same five-year period. The company is one of the best dividend growth stocks in Canada. Canadian National certainly isn't a flashy business. Railroads may be overlooked by many investors for being boring, but Canadian National's shareholder returns prove that boring can be beautiful. No. 4: Caterpillar Dividend yield: 3.3%. Percentage of Gates' portfolio: 5.4%. P/E ratio: 31 (forward P/E ratio). Caterpillar ( CAT ) is a strong brand with a dominant industry position. It manufactures heavy machinery, mostly to the construction and mining sectors. 2016 was a year to forget for Caterpillar. The sharp downturn in precious metals prices weighed heavily on demand for heavy machinery. For example, Caterpillar's earnings per share fell by nearly half in the third quarter. CAT Third Quarter Source: Credit Suisse Industrials Conference presentation, page 4 Separately Caterpillar is being negatively impacted by slowing growth in emerging markets and the strong U.S. dollar. As a result, full-year revenue is expected to decline 29% in 2016. These headwinds are expected to persist in 2017 although there is potential for a recovery. CAT Forecast Source: Credit Suisse Industrials Conference presentation, page 7 Fortunately, there may be a light at the end of the tunnel. There are hopes that Caterpillar will return to growth in 2017. One catalyst could be a renewed emphasis on fiscal stimulus in the U.S. The incoming administration may pursue policies to stimulate the U.S. economy. This could include more infrastructure spending and perhaps a push for more lax regulations on the energy and mining industries, which are among Caterpillar's biggest customers. Separately higher commodity prices would be a major boost. In the meantime, investors are paid well to wait for Caterpillar's turnaround to materialize, and the company enjoys economies of scale. This provides it with the financial flexibility to cut costs so that it can maintain its dividend. Caterpillar forecasts over $1 billion in cost savings this year alone, mostly in manufacturing and headcount reductions. The company may not raise its dividend until economic conditions improve, but its solid 3.3% dividend yield is secure. No. 5: Walmart Stores Dividend yield: 3%. Percentage of Gates' portfolio: 4.5%. P/E ratio: 15. Walmart is another great example of a company with durable competitive advantages. It is the largest retailer in the world with annual revenue of approximately $500 billion. The company came to dominate the retail industry by keeping a laserlike focus on reducing costs everywhere, particularly in supply chain and distribution. This allowed Walmart to offer consistently lower prices than its competitors ever could. In turn, it steadily devoured market share until it became the giant it is today. Walmart's growth has slowed over the past year. The company is investing billions to pay higher wages, and renovate its stores. This will limit Walmart's earnings growth. As a result, some might assume Walmart's best days are behind it. After all, a behemoth as large as Walmart will naturally have difficulty continuing to grow at a rapid pace. But there are still growth catalysts for the company to look forward to, specifically in e-commerce and small stores. Walmart acquired Jet.com for $3 billion to boost its e-commerce business, especially in emerging markets like China. WMT Jet Source: Investor Community Meeting presentation, page 4 E-commerce revenue growth accelerated throughout the year. In the third fiscal quarter, e-commerce sales increased 20.6% year over year. Domestic growth is starting to pick up again, thanks to e-commerce and also Walmart's small-store franchise. The company's Neighborhood Markets small-store banner grew comparable sales by 5.2% last quarter, well above the 1.2% companywide growth rate. Walmart remains highly profitable and very resistant to recessions. Consumers tend to scale down to discount retail when times are tight, which is why Walmart continued to grow, even during the Great Recession. This allows Walmart to pay a solid 3% dividend yield and raise its dividend each year like clockwork. Walmart has raised its dividend for 43 years in a row. Its long history of dividend growth qualifies Walmart as a Dividend Aristocrat, a group of companies in the Standard & Poor's 500 that have raised dividends for at least 25 consecutive years. You can see the entire list of all 50 Dividend Aristocrats here. The stock has an appealing P/E ratio of 14. No. 6: Ecolab Dividend yield: 1.3%. Percentage of Gates' portfolio: 2.9%. P/E ratio: 32. Ecolab ( ECL ) is a commercial cleaning products firm. It operates in three segments: Global Industrial (36% of revenue). Global Institutional (35% of revenue). Global Energy (23% of revenue). Other (6% of revenue). The Other category includes pest elimination and equipment care. The Global Industrial group provides water treatment, cleaning and sanitation services to large industrial firms. The industrial customer base is made up primarily of food and beverage, manufacturing, chemical and mining companies. The Global Institutional business services specialized products and services to the foodservice, hospitality, lodging, health care and retail industries. This segment manufactures products for things like laundry and housekeeping. The Global Energy segment holds the company's Nalco brand. Nalco provides chemical and water treatment services to the oil and gas industry. Going forward, Ecolab is focusing on international growth. Expanding in new markets has been a core priority for the company in recent years. Nearly half the company's revenue comes from outside the U.S. One of the best aspects of Ecolab's business is its consistency. Providing cleaning products and services is a steady business. Customers need Ecolab's services, regardless of the condition of the U.S. economy. This means Ecolab is a recession-resistant business. In fact, the company grew earnings per share each year from 2007 to 2010. It didn't skip a beat, even during the worst recession since the Great Depression. Its reliable earnings growth allows the company to raise its dividend each year. In fact, Ecolab has paid a dividend for 80 years without interruption. It raises its dividend regularly. The company recently passed along a 6% dividend increase, marking its 25th consecutive year of dividend increases. Ecolab qualifies as a Dividend Aristocrat. The stock has a dividend yield of just 1.2%, which is on the low side. Its valuation is a bit high with a P/E ratio above 30. Investors may want to wait for a better buying opportunity, but Ecolab is a high-quality company. It is the largest operator in its industry, which provides competitive advantages. No. 7: FedEx Dividend yield: 0.9%. Percentage of Gates' portfolio: 2.9%. P/E ratio: 27. FedEx ( FDX ) is yet another example of a company with a strong economic moat. It operates in global logistics, essentially an oligopoly. It would be extremely difficult financially for a company to build out a fleet large enough to compete on the scale of FedEx. FedEx generates more than $50 billion in annual revenue. It has more than 400,000 employees and services more than 220 nations and territories around the world. The company has a diversified business model. It operates the following four segments: Express (52% of revenue). Ground (33% of revenue). Freight (12% of revenue). Services (3% of revenue). FedEx maintains a modest outlook for the global economy going forward. Economic growth is expected to be weak but remain positive. One growth catalyst that will help fuel future growth is FedEx's booming ground business, thanks to e-commerce. FDX Ground Source: Roadshow Presentation, page 8 FedEx notes the e-commerce market is growing at a 16% annual rate. Plus the company has captured additional revenue market share gains in ground shipping for 17 consecutive years. In addition, the company is countering sluggish global economic growth by cutting costs. Margins are up consistently over the past several years. FDX Margins Source: Roadshow Presentation, page 5 One downside for FedEx is that it has a very low dividend yield of less than 1%. It yields less than half the 2% average yield in the S&P 500. The company helps make up for this with dividend growth. For example, it raised its dividend by 60% in 2016. While FedEx might not be an appealing stock to income investors, it is a high-quality company with a strong business model. Earnings per share are expected to rise 21% in fiscal 2016. With this kind of earnings growth, FedEx stock can generate more than satisfactory returns, even without a significant dividend yield. No. 8: Crown Castle International Dividend yield: 4.3%. Percentage of Gates' portfolio: 2.7%. P/E ratio: 17. Crown Castle International Corp. ( CCI ) is a real estate investment trust (REIT). It provides infrastructure assets to wireless communications carriers. It has approximately 40,000 towers and 26,500 route miles of fiber supporting small cells. The company operates in an appealing area because wireless communications is a growth industry. U.S. consumers can't do without their smartphones, and Crown Castle is one of the companies reaping the benefits. Crown Castle has been investing additional capital in its infrastructure in several major U.S. markets. One example is Chicago. CCI Chicago Source: 3Q Earnings presentation, page 4 This investment across the U.S. was done to accommodate higher demand for wireless services, and the investment has paid off with strong growth rates. It is enjoying higher occupancy and rising rents as well. Revenue and adjusted funds from operation (FFO) increased 6% and 17% in the third quarter. Management has an optimistic forecast for the next two years based on strong growth for the wireless industry. Higher leasing rates and price increases should fuel solid growth in 2016 and 2017. Revenue is expected to increase 7% in 2016 and 3% in 2017. Adjusted FFO is expected to grow 10% this year and 6% in 2017. One consideration for investors going forward is the risk of rising interest rates. REITs like Crown Castle rely heavily on debt financing. When interest rates rise, so too does the cost of capital. This could inhibit the company's growth in future quarters. Still, the company operates in an industry with healthy fundamentals. It should be able to continue growing above its cost of capital and create wealth for shareholders. Crown Castle is a strong stock for dividends and dividend growth. Its current yield exceeds 4%, and it recently raised its dividend by 7%. No. 9: United Parcel Service Dividend yield: 2.7%. Percentage of Gates' portfolio: 2.7%. P/E ratio: 21. The global logistics industry is dominated by three companies. FedEx is one, and so is UPS. In fact, UPS is the industry leader; its market capitalization is $100 billion, which is double FedEx's market cap. Like FedEx, UPS is benefiting from e-commerce. UPS' domestic package revenue increased 4.8% in the third quarter year over year. This drove 3.6% earnings per share growth for the period. Another emerging growth catalyst for UPS is international growth. UPS International Source: R.W. Baird 2016 Industrials Conference, page 9 UPS is growing international revenue and a rapid pace, and it has significantly improved margins in its overseas operations. For example, UPS' international segment now represents 28% of its operating profit, up from just 6% in 2000. Lastly, UPS plans to grow through acquisitions. The company recently acquired Marken, a supply chain solutions provider to the life sciences industry. UPS Marken Source: R.W. Baird 2016 Industrials Conference, page 5 The acquisition further diversifies UPS' customer base by expanding its presence in health care and pharmaceutical logistics. One concern for investors in 2017 is the risk of global recession. UPS is widely viewed as an economic bellwether. Global uncertainty levels rose as 2016 drew to a close. If the economy enters recession in 2017 or beyond, it would significant affect UPS. Barring a global recession, UPS has a positive outlook. UPS stock is reasonably valued and has a solid dividend. The stock has a P/E ratio of 20. It is cheaper than the S&P 500, which has an average P/E ratio of 26. UPS stock has a 2.7% dividend yield. This is a big advantage over main rival FedEx, which has a much smaller dividend yield. UPS has a long history of paying consistent dividends. It has either increased or maintained its cash dividend for 47 years. Its dividend has risen more than fourfold since 2000. No. 10: Coca-Cola FEMSA SAB Dividend yield: 3%. Percentage of Gates' portfolio: 2.5%. P/E ratio: 28. Coca-Cola FEMSA ( KOF ) produces, markets and distributes Coca-Cola ( KO ) beverages. It offers the full line of sparkling and still beverages. It sells its products through distribution centers and retailers in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina and the Philippines. Coca-Cola FEMSA is the largest franchise bottler in the world. The stock is an excellent way to gain exposure to two appealing emerging markets: Latin America and South Asia. KOF Markets Source: Investor Kit presentation, page 2 These markets are growing at high rates for the company. Over the first nine months of 2016, total revenue and operating cash flow rose 7.8% and 6.6%. Revenue growth was driven largely by price increases. Coca-Cola FEMSA is in a strong financial position with low levels of debt and positive free cash flow. In addition, carrying the Coca-Cola brand allows it to generate high margins and enjoy pricing power. KOF Financials Source: Investor Kit presentation, page 23 This allows the company to consistently raise its dividend each year. One risk factor on which investors should keep an eye going forward is a potential change in consumer preferences. Coca-Cola FEMSA sells and distributes water and noncarbonated beverages, but more than 75% of the company's annual sales come from carbonated soft drinks. The emerging markets are high-growth economies with expanding middle classes. Citizens are enjoying rising standards of living. Once these markets become more mature, there could be a risk of consumers changing their dietary habits. Soda sales have declined in the U.S. for more than a decade. Coca-Cola's growth is struggling from this trend, which could become a challenge for Coca-Cola FEMSA moving forward. That being said, Coca-Cola FEMSA is still firmly in high-growth mode. No. 11: Grupo Televisa SAB Dividend Yield: 0.5%. Percentage of Bill Gates (Trades, Portfolio)' Portfolio: 2.3%. P/E ratio: 31 (Forward P/E). Grupo Televisa SAB (TV) is a diversified media conglomerate. In all, Televisa operates 26 pay-TV brands and television networks, cable operators and over-the-top services in over 50 countries. In the U.S., it operates Univision. In addition, Televisa owns a majority interest in Sky, a satellite television provider in Mexico, the Dominican Republic and Central America. Televisa also has operations in magazine publishing, radio broadcasting, professional sports, live entertainment, film production and gaming. It operates four business segments: Content (36% of revenue). Sky (22% of revenue). Cable (33% of revenue). Other (9% of revenue). The company is enjoying strong growth, thanks largely to high economic growth in Mexico and several Latin American markets. In 2015, net sales and segment operating income increased 9.9% and 10.6%. Growth has continued in 2016. Net sales and segment operating income rose 6.6% and 4.1% in the third quarter. The company's strongest businesses are Sky, Cable and Other, each of which posted double-digit revenue growth in the third quarter. Content segment revenue was flat in the third quarter although it did see 20% growth in network subscription revenue. However, this was offset by declines in advertising and licensing. The licensing business was affected by difficult comparisons. For example, licensing revenue fell 10% last quarter for Univision, since the comparable 2015 quarter included a major soccer tournament in Mexico. Televisa is a strong brand and has a fundamental advantage, thanks to its geographic focus. As a result, it is a compelling growth stock, for investors interested in international diversification. While it does not pay much of a dividend to shareholders, Televisa's return potential is still significant, thanks to its rapid growth. No. 12: Walgreens Boots Alliance Dividend yield: 1.8%. Percentage of Gates' portfolio: 1.5%. P/E ratio: 22. It is no surprise to see Walgreens Boots Alliance (WBA) on the list of Gates' holdings because it is an industry giant. Walgreens Boots Alliance came together in the $9 billion merger of Walgreens and Alliance Boots in 2014. The merger was a great move for the two companies. Walgreens is the biggest pharmacy operator in the U.S., and Alliance Boots was a top European pharmacy and distributor. When the two joined forces, it allowed the combined company to reach a global scale. Walgreens Boots now has three separate businesses, each of which are very large: Retail Pharmacy USA ($83.8 billion in annual sales, 70% of revenue). Retail Pharmacy International ($13.3 billion in annual sales, 11% of revenue). Pharmaceutical Wholesale ($22.6 billion in annual sales, 19% of revenue). The company performed well in fiscal 2016. Revenue and earnings per share, adjusted for currency and non-recurring costs, increased 16% and 18%. It is off to a good start in fiscal 2017 as well, thanks largely to the U.S. retail pharmacy operation. That segment posted 2.5% growth in pharmacy sales and 3% prescription growth in the 2017 first fiscal quarter. Going forward, Walgreens Boots intends to invest more in its beauty departments to help drive higher traffic. WBA Pharmacy Source: Q1 2017 Earnings presentation, page 8 There could be more transformational deals in the near future. The company has a pending deal to acquire fierce competitor Rite Aid Corp. (RAD) for $17 billion. Walgreens Boots has a below-average dividend yield, and the P/E ratio significantly exceeds the retail industry average. One of Buffett's favorite sayings is that price is what you pay, value is what you get. Walgreens Boots enjoys several competitive advantages, high profit margins and a strong brand. These qualities make it a valuable stock to own as part of a dividend growth portfolio. No. 13: Liberty Global Group Dividend yield: N/A. Percentage of Gates' portfolio: 1%. P/E ratio: 23. Liberty Global (LBTYA) is the largest international television and Internet provider. In all, the company operates in 30 countries and generates more than $20 billion in annual revenue. The company and its various subsidiaries provide service to 29 million customers. Its core brand in Europe is Virgin Media. It also has the Ziggo, Unitymedia, Telenet and UPC brands. Liberty Global is split up into two businesses, which are Liberty Global Group and LiLAC. Liberty Global includes its European operations, and LiLAC houses its Latin America and Caribbean business. Each segment - Liberty Global Group and LiLAC - have three share classes each. This share class corresponds to the Liberty Global Group. The European economy is on shaky ground broadly speaking with weak economic growth and the uncertainty presented by the Brexit vote. But television and Internet is a growth industry because of the low levels of market penetration. There are still many parts of Europe with untapped growth potential. In turn, Liberty Global is rapidly adding customers. LBTYK Customer Source: Q3 Earnings Presentation, page 5 Year-to-date additions rose 50% through the third quarter. As far as future growth is concerned, there is plenty of runway left. Liberty expects to add more than 5 million new households from 2016 to 2018. This aggressive expansion will require significant capital investment. The company plans to spend $2 billion over the next two years to build up its customer base, but the payoff is growth. LBTYK Europe Source: Q3 Earnings Presentation, page 15 Liberty Global realized growth in revenue and cash flow over the first three quarters of 2016. Growth accelerated as the year went by with the fourth quarter expected to be the highest-growth period for the year. The company is investing large amounts of capital. There will be little cash flow to spare over the next two years, which is why the stock does not pay a dividend. Investors looking for income may want to select a different telecom stock that pays dividends, and there are many to choose from. But Liberty Global could conceivably start paying a dividend at some point in the not-too-distant future, once its aggressive expansion period ends. In the meantime, the stock is reasonably valued and could generate double-digit earnings growth. Revenue is growing at a high rate, and Liberty Global will use more than $2 billion to buy back stock next year. This earnings growth means investors can earn satisfactory returns moving forward even without the benefit of a dividend. No. 14: AutoNation Dividend yield: N/A. Percentage of Gates' portfolio: 0.5%. P/E ratio: 13. AutoNation Inc. (AN) is America's largest automotive retailer. It owns and operates over 360 new vehicle franchises in 16 states. The company operates five segments: AN Segments Source: 2015 Annual Report, page 5 AutoNation has been successful growing the business over the past five years. From 2011 to 2015, sales and earnings per share increased by 8.5% and 15% per year. The company has benefited greatly from a strong operating environment. Auto sales are near a record, driven by attractive product offerings, access to affordable credit thanks to low interest rates and lower fuel prices. The market climate is supportive of auto sales, which is why new and used vehicle sales both increased 9% for AutoNation in 2015. Going forward, the company is in the process of rolling out its Brand Extension strategy. This involves further expanding its stand-alone preowned vehicle sales and service centers, branded parts and accessories, branded collision centers and its auto auction businesses. To help accomplish this, AutoNation recently announced the acquisition of three Premium Luxury franchises, one collision center and three Premium Luxury franchise add points. The assets acquired hold combined annual revenue potential of at least $430 million. Separately, the company is building its digital channel platform AutoNation Express. Digital channel sales now account for nearly 30% of vehicle sales. AutoNation does not pay a dividend, but it does return cash to shareholders through stock buybacks. The company has $316 million left on its current share price authorization, which amounts to approximately 6% of its market capitalization. All things being equal, AutoNation's buybacks will boost earnings per share by an additional 6% over the next year. The stock is cheap at a P/E ratio of 13. As a result, the combination of earnings growth and expansion of the valuation multiple, could lead to double-digit annualized returns going forward. No. 15: Liberty LiLAC Group Dividend yield: N/A. Percentage of Gates' portfolio: 0.16%. P/E ratio: 23. This share class corresponds to Liberty Global's LiLAC (LILAK) operating segment. LiLAC includes Liberty Global's Latin America and Caribbean businesses under the brands VTR, Flow, Liberty, Mas Movil and BTC. These are currently a small part of the overall business. LiLAC represents approximately 13% of Liberty Global's total annual revenue, but there is a lot of growth potential up ahead. LiLAC is poised to become a much bigger part of the company going forward as a result of the 2016 acquisition of Cable & Wireless Communications. The $7.4 billion deal added more than 10 million new customers in Latin America and the Caribbean. The CWC acquisition presents cost synergy opportunities. LILAC Synergies Source: Q3 Earnings Presentation, page 12 As a result, LiLAC's year-to-date revenue and operating cash flow doubled year over year through the third quarter. Another growth catalyst for LiLAC is to increase bundling of services. Nearly half of LiLAC's customers purchase only one service. The company will seek to expand on this moving forward. LILAC Bundling Source: Investor relations Bundling services is lucrative for telecommunications providers, which is why the practice is so common in the U.S. Liberty Global has a much higher percentage of triple-play customers in Europe, and it has served the company well. Like Liberty Global, LiLAC uses its cash flow to reinvest in the business and support its balance sheet. It does not pay a dividend. That being said, LiLAC also offers investors attractive return potential, from its future revenue and earnings growth. The company expects to increase operating cash flow by 7% to 9% each year over the next few years. No. 16: Arcos Dorados Holdings Dividend yield: N/A. Percentage of Gates' portfolio: 0.1%. P/E ratio: 18. Last but not least is Arcos Dorados (ARCO). Investors might not immediately recognize Arcos Dorados by its name, but they will certainly understand its business. Arcos Dorados is a holding company. Collectively, it is the largest McDonald's (MCD) franchisee in the world in terms of number of restaurants. It has the exclusive right to own and operate McDonald's restaurants in 20 Latin American and Caribbean countries and territories. In all, it operates or franchises over 2,100 McDonald's restaurants. Its geographic split is as follows: Brazil (45% of revenue). South Latin America Division (28% of revenue). Caribbean (14% of revenue). North Latin America Division (13% of revenue). Many of the countries in which Arcos Dorados operates are emerging markets. For example, sales in South Latin America and the Caribbean rose 24% and 27.6% through the first nine months of 2016. One downside for Arcos Dorados investors is that the stock does not pay a dividend. This might seem like a deal breaker since McDonald's itself is a legendary dividend stock. The upside for Arcos Dorados is that it is growing much faster than McDonald's. For example, on a constant-currency basis, revenue rose 15.3% in the third quarter. Some of this growth was due to aggressive new restaurant openings. In the past four reported quarters, Arcos Dorados opened 33 new restaurants and 133 Dessert Centers. Comparable-restaurant sales, a key metric for restaurant chains that measures growth at locations open at least one year, increased 11.3% last quarter. Double-digit comparable sales growth is virtually unheard of in the U.S. Overall adjusted EBITDA grew 24% last quarter. ARCO EBITDA Source: Q3 Results, page 3 A key factor boosting EBITDA is that, even with sales growing at a rapid pace, Arcos Dorados kept general and administrative costs flat. This indicates the company is doing a very good job boosting productivity. Disclosure: I am not long any of the stocks mentioned in this article. Start a free seven-day trial of Premium Membership to GuruFocus. This article first appeared on GuruFocus . Warning! GuruFocus has detected 4 Warning Sign with BRK.A. Click here to check it out. BRK.A 15-Year Financial Data The intrinsic value of BRK.A Peter Lynch Chart of BRK.A || Bill Gates' Stock Portfolio: - By Ben Reynolds
(Published Jan. 20 by Bob Ciura)
Bill Gates(Trades,Portfolio) is the richest man in the world. The Bill & Melinda Gates Foundation has a massive $18.5 billion endowment.
• Warning! GuruFocus has detected 4 Warning Sign with BRK.A. Click here to check it out.
• BRK.A 15-Year Financial Data
• The intrinsic value of BRK.A
• Peter Lynch Chart of BRK.A
That kind of wealth is something of which the vast majority of us can only dream. However, there is one similarity between the everyday investor and the wealthiest person on the planet: We're all looking for good stocks to buy and hold for the long term.
Gates is a personal friend ofWarren Buffett(Trades,Portfolio) so it's no surprise to see the Bill & Melinda Gates Foundation take a similar approach to investing as the Oracle of Omaha.
You can see Buffett's top 20 high-yield dividend stocks analyzed here.
The Bill & Melinda Gates Foundation owns several highly profitable companies with sustainable competitive advantages. Many of the stocks also pay dividends to shareholders and grow their dividend payouts over time.
Without further ado, here are the top 16 stocks held by the Bill & Melinda Gates Foundation.
No. 1: Berkshire Hathaway
• Dividend yield:N/A.
• Percentage of Gates' portfolio:58%.
• Price-earnings (P/E) ratio:17.
Berkshire Hathaway Inc.(NYSE:BRK.A)(NYSE:BRK.B) stock takes up the majority of Gates' investment portfolio, and it is easy to see why. It's safe to say the money is in good hands.
Berkshire, under Buffett's stewardship, grew from a struggling textile manufacturer into one of the largest conglomerates in the world.
Since Berkshire's current management team took the helm 51 years ago, the company's per-share book value rose from $19 to $155,501, a rate of 19.2% compounded annually.
Today, Berkshire is a global giant. It owns and operates dozens of businesses with a hand in nearly every major industry including insurance, railroads, energy, finance, manufacturing and retailing.
A breakdown of Berkshire's various operating segments is as follows:
• Sales and Services (51% of revenue).
• Insurance Premiums (20% of revenue).
• Railroad, Utilities, and Energy (19% of revenue).
• Interest, Dividend, and Other Investment Income (2% of revenue).
• Financial Product Sales (3% of revenue).
• Investment and Derivatives (5% of revenue).
In Berkshire's annual letters to shareholders, Buffett typically evaluates the company's performance in terms of book value. Book value is an accounting metric that measures a company's assets minus its liabilities.
The resulting difference is a company's book value. This is a proxy for the intrinsic value of a firm, which Buffett believes to be the most important financial metric.
Over the past five years, Berkshire has done a great job growing assets faster than liabilities, which builds shareholder wealth.
Source: 2015 Annual Report, page 36
Berkshire doesn't pay a dividend to shareholders. Buffett and his partner Charlie Munger (Trades, Portfolio) have always contended that they can create wealth at a higher rate than the dividend would provide to shareholders.
There are few managers who can say that and get away with it, but Buffett and Munger might be the only two who can.
While Berkshire stock may not be attractive for investors who want dividend income, there are few companies that have a track record nearly as successful as Berkshire.
No. 2: Waste Management
• Dividend yield:2.4%.
• Percentage of Gates' portfolio:6.5%.
• P/E ratio:27.
Waste Management Inc.(WM) is the embodiment of a company with a wide economic moat. It operates in waste removal and recycling services.
This is a highly concentrated industry with only a few companies controlling the majority of the market.
Waste Management services many different industry groups, which are organized as follows:
• Collection (55% of revenue).
• Landfill (19% of revenue).
• Transfer (9% of revenue).
• Recycling (8% of revenue).
• Other (9% of revenue).
The company is performing well. Over the first three quarters of 2016, revenue and earnings per share increased 3.6% and 8.8%.
Waste Management operates in a stable and necessary industry. Waste removal is extremely capital intensive and is subject to significant regulatory oversight.
These competitive advantages allow Waste Management to generate steady profits even when the U.S. economy enters recession.
Source: JPMorgan Industrials Conference presentation, page 14
Waste Management's high margins and consistent cash flow put the company in a strong financial position. It has reduced its debt significantly in the past several years.
Source: JPMorgan Industrials Conference presentation, page 17
With less debt to worry about, there is more cash flow left over each year. It uses this cash flow to invest in the business and for shareholder cash returns.
Source: JP Morgan Industrials Conference presentation, page
On Dec. 15, the company raised its dividend by 4% and added $750 million to its share repurchase program.
Waste Management is a Dividend Achiever. Dividend Achievers are companies that have raised dividends for 10 years or more.
You can see the entire list of all 272 Dividend Achievers here.
For its part, Waste Management has increased its dividend for 14 consecutive years. The stock currently has a 2.5% dividend yield.
Waste Management isn't a cheap stock. Its share price has soared over the past several years. But it still has an above-average dividend yield, and the company is growing.
No. 3: Canadian National Railway
• Dividend yield:1.6%.
• Percentage of Gates' portfolio:6.1%.
• P/E ratio:20.
Canadian National Railway(CNI) is the only transcontinental railway in North America. It has a massive network, which includes more than 19,000 miles that spans Canada and the U.S.
Source: Investor Presentation, page 7
The company offers a full range of services including rail, intermodal, trucking, warehousing and distribution.
Canadian National has an excellent business. From 2011 to 2015, it grew revenue and adjusted earnings per share at a 9% and 16% compound annual rate.
It generated this growth from executing a number of operational strategies. First, it placed focus on improving productivity.
Source: Investor Presentation, page 9
This has allowed the company to boost volumes and revenue.
Furthermore, Canadian National produces industry-leading margins, thanks to its lean cost structure.
Source: Investor Presentation, page 12
One factor negatively impacting the company right now is that it is exposed to commodities, specifically coal. Coal revenue declined 32% in the third quarter, year over year.
Moreover, revenue for energy and mining fell 13% and 20% last quarter.
That being said, the company's diverse customer base and operational excellence more than offset the declines in its commodity-based segments.
Canadian National's operating expenses declined 7% last quarter. Operating ratio reached a record 53.3% last quarter.
Free cash flow over the first three quarters of 2016 remained steady with the same nine-month period in 2015. The company expects to post flat adjusted earnings per share in 2016.
This in itself would be a notable accomplishment given the steep declines in oil and coal shipments.
With its hefty margins, Canadian National generates significant cash flow, and its shareholder-friendly management actively deploys this cash flow to investors.
Dividends per share have nearly doubled in that same five-year period. The company is one of the best dividend growth stocks in Canada.
Canadian National certainly isn't a flashy business. Railroads may be overlooked by many investors for being boring, but Canadian National's shareholder returns prove that boring can be beautiful.
No. 4: Caterpillar
• Dividend yield:3.3%.
• Percentage of Gates' portfolio:5.4%.
• P/E ratio:31 (forward P/E ratio).
Caterpillar(CAT) is a strong brand with a dominant industry position. It manufactures heavy machinery, mostly to the construction and mining sectors.
2016 was a year to forget for Caterpillar. The sharp downturn in precious metals prices weighed heavily on demand for heavy machinery. For example, Caterpillar's earnings per share fell by nearly half in the third quarter.
Source: Credit Suisse Industrials Conference presentation, page 4
Separately Caterpillar is being negatively impacted by slowing growth in emerging markets and the strong U.S. dollar. As a result, full-year revenue is expected to decline 29% in 2016.
These headwinds are expected to persist in 2017 although there is potential for a recovery.
Source: Credit Suisse Industrials Conference presentation, page 7
Fortunately, there may be a light at the end of the tunnel.
There are hopes that Caterpillar will return to growth in 2017. One catalyst could be a renewed emphasis on fiscal stimulus in the U.S.
The incoming administration may pursue policies to stimulate the U.S. economy. This could include more infrastructure spending and perhaps a push for more lax regulations on the energy and mining industries, which are among Caterpillar's biggest customers.
Separately higher commodity prices would be a major boost.
In the meantime, investors are paid well to wait for Caterpillar's turnaround to materialize, and the company enjoys economies of scale. This provides it with the financial flexibility to cut costs so that it can maintain its dividend.
Caterpillar forecasts over $1 billion in cost savings this year alone, mostly in manufacturing and headcount reductions.
The company may not raise its dividend until economic conditions improve, but its solid 3.3% dividend yield is secure.
No. 5: Walmart Stores
• Dividend yield:3%.
• Percentage of Gates' portfolio:4.5%.
• P/E ratio:15.
Walmart is another great example of a company with durable competitive advantages. It is the largest retailer in the world with annual revenue of approximately $500 billion.
The company came to dominate the retail industry by keeping a laserlike focus on reducing costs everywhere, particularly in supply chain and distribution.
This allowed Walmart to offer consistently lower prices than its competitors ever could. In turn, it steadily devoured market share until it became the giant it is today.
Walmart's growth has slowed over the past year. The company is investing billions to pay higher wages, and renovate its stores.
This will limit Walmart's earnings growth. As a result, some might assume Walmart's best days are behind it. After all, a behemoth as large as Walmart will naturally have difficulty continuing to grow at a rapid pace.
But there are still growth catalysts for the company to look forward to, specifically in e-commerce and small stores.
Walmart acquired Jet.com for $3 billion to boost its e-commerce business, especially in emerging markets like China.
Source: Investor Community Meeting presentation, page 4
E-commerce revenue growth accelerated throughout the year. In the third fiscal quarter, e-commerce sales increased 20.6% year over year.
Domestic growth is starting to pick up again, thanks to e-commerce and also Walmart's small-store franchise.
The company's Neighborhood Markets small-store banner grew comparable sales by 5.2% last quarter, well above the 1.2% companywide growth rate.
Walmart remains highly profitable and very resistant to recessions.
Consumers tend to scale down to discount retail when times are tight, which is why Walmart continued to grow, even during the Great Recession.
This allows Walmart to pay a solid 3% dividend yield and raise its dividend each year like clockwork. Walmart has raised its dividend for 43 years in a row.
Its long history of dividend growth qualifies Walmart as a Dividend Aristocrat, a group of companies in the Standard & Poor's 500 that have raised dividends for at least 25 consecutive years.
You can see the entire list of all 50 Dividend Aristocrats here.
The stock has an appealing P/E ratio of 14.
No. 6: Ecolab
• Dividend yield:1.3%.
• Percentage of Gates' portfolio:2.9%.
• P/E ratio:32.
Ecolab(ECL) is a commercial cleaning products firm. It operates in three segments:
• Global Industrial (36% of revenue).
• Global Institutional (35% of revenue).
• Global Energy (23% of revenue).
• Other (6% of revenue).
The Other category includes pest elimination and equipment care.
The Global Industrial group provides water treatment, cleaning and sanitation services to large industrial firms. The industrial customer base is made up primarily of food and beverage, manufacturing, chemical and mining companies.
The Global Institutional business services specialized products and services to the foodservice, hospitality, lodging, health care and retail industries. This segment manufactures products for things like laundry and housekeeping.
The Global Energy segment holds the company's Nalco brand. Nalco provides chemical and water treatment services to the oil and gas industry.
Going forward, Ecolab is focusing on international growth. Expanding in new markets has been a core priority for the company in recent years. Nearly half the company's revenue comes from outside the U.S.
One of the best aspects of Ecolab's business is its consistency. Providing cleaning products and services is a steady business. Customers need Ecolab's services, regardless of the condition of the U.S. economy.
This means Ecolab is a recession-resistant business. In fact, the company grew earnings per share each year from 2007 to 2010. It didn't skip a beat, even during the worst recession since the Great Depression.
Its reliable earnings growth allows the company to raise its dividend each year. In fact, Ecolab has paid a dividend for 80 years without interruption.
It raises its dividend regularly. The company recently passed along a 6% dividend increase, marking its 25th consecutive year of dividend increases.
Ecolab qualifies as a Dividend Aristocrat.
The stock has a dividend yield of just 1.2%, which is on the low side. Its valuation is a bit high with a P/E ratio above 30.
Investors may want to wait for a better buying opportunity, but Ecolab is a high-quality company. It is the largest operator in its industry, which provides competitive advantages.
No. 7: FedEx
• Dividend yield:0.9%.
• Percentage of Gates' portfolio:2.9%.
• P/E ratio:27.
FedEx(FDX) is yet another example of a company with a strong economic moat. It operates in global logistics, essentially an oligopoly.
It would be extremely difficult financially for a company to build out a fleet large enough to compete on the scale of FedEx.
FedEx generates more than $50 billion in annual revenue. It has more than 400,000 employees and services more than 220 nations and territories around the world.
The company has a diversified business model. It operates the following four segments:
• Express (52% of revenue).
• Ground (33% of revenue).
• Freight (12% of revenue).
• Services (3% of revenue).
FedEx maintains a modest outlook for the global economy going forward. Economic growth is expected to be weak but remain positive.
One growth catalyst that will help fuel future growth is FedEx's booming ground business, thanks to e-commerce.
Source: Roadshow Presentation, page 8
FedEx notes the e-commerce market is growing at a 16% annual rate. Plus the company has captured additional revenue market share gains in ground shipping for 17 consecutive years.
In addition, the company is countering sluggish global economic growth by cutting costs. Margins are up consistently over the past several years.
Source: Roadshow Presentation, page 5
One downside for FedEx is that it has a very low dividend yield of less than 1%. It yields less than half the 2% average yield in the S&P 500.
The company helps make up for this with dividend growth. For example, it raised its dividend by 60% in 2016.
While FedEx might not be an appealing stock to income investors, it is a high-quality company with a strong business model.
Earnings per share are expected to rise 21% in fiscal 2016. With this kind of earnings growth, FedEx stock can generate more than satisfactory returns, even without a significant dividend yield.
No. 8: Crown Castle International
• Dividend yield:4.3%.
• Percentage of Gates' portfolio:2.7%.
• P/E ratio:17.
Crown Castle International Corp.(CCI) is a real estate investment trust (REIT). It provides infrastructure assets to wireless communications carriers. It has approximately 40,000 towers and 26,500 route miles of fiber supporting small cells.
The company operates in an appealing area because wireless communications is a growth industry. U.S. consumers can't do without their smartphones, and Crown Castle is one of the companies reaping the benefits.
Crown Castle has been investing additional capital in its infrastructure in several major U.S. markets. One example is Chicago.
Source: 3Q Earnings presentation, page 4
This investment across the U.S. was done to accommodate higher demand for wireless services, and the investment has paid off with strong growth rates.
It is enjoying higher occupancy and rising rents as well. Revenue and adjusted funds from operation (FFO) increased 6% and 17% in the third quarter.
Management has an optimistic forecast for the next two years based on strong growth for the wireless industry. Higher leasing rates and price increases should fuel solid growth in 2016 and 2017.
Revenue is expected to increase 7% in 2016 and 3% in 2017. Adjusted FFO is expected to grow 10% this year and 6% in 2017.
One consideration for investors going forward is the risk of rising interest rates. REITs like Crown Castle rely heavily on debt financing.
When interest rates rise, so too does the cost of capital. This could inhibit the company's growth in future quarters.
Still, the company operates in an industry with healthy fundamentals. It should be able to continue growing above its cost of capital and create wealth for shareholders.
Crown Castle is a strong stock for dividends and dividend growth. Its current yield exceeds 4%, and it recently raised its dividend by 7%.
No. 9: United Parcel Service
• Dividend yield:2.7%.
• Percentage of Gates' portfolio:2.7%.
• P/E ratio:21.
The global logistics industry is dominated by three companies. FedEx is one, and so is UPS.
In fact, UPS is the industry leader; its market capitalization is $100 billion, which is double FedEx's market cap.
Like FedEx, UPS is benefiting from e-commerce. UPS' domestic package revenue increased 4.8% in the third quarter year over year. This drove 3.6% earnings per share growth for the period.
Another emerging growth catalyst for UPS is international growth.
Source: R.W. Baird 2016 Industrials Conference, page 9
UPS is growing international revenue and a rapid pace, and it has significantly improved margins in its overseas operations.
For example, UPS' international segment now represents 28% of its operating profit, up from just 6% in 2000.
Lastly, UPS plans to grow through acquisitions. The company recently acquired Marken, a supply chain solutions provider to the life sciences industry.
Source: R.W. Baird 2016 Industrials Conference, page 5
The acquisition further diversifies UPS' customer base by expanding its presence in health care and pharmaceutical logistics.
One concern for investors in 2017 is the risk of global recession. UPS is widely viewed as an economic bellwether.
Global uncertainty levels rose as 2016 drew to a close. If the economy enters recession in 2017 or beyond, it would significant affect UPS.
Barring a global recession, UPS has a positive outlook.
UPS stock is reasonably valued and has a solid dividend. The stock has a P/E ratio of 20. It is cheaper than the S&P 500, which has an average P/E ratio of 26.
UPS stock has a 2.7% dividend yield. This is a big advantage over main rival FedEx, which has a much smaller dividend yield.
UPS has a long history of paying consistent dividends. It has either increased or maintained its cash dividend for 47 years. Its dividend has risen more than fourfold since 2000.
No. 10: Coca-Cola FEMSA SAB
• Dividend yield:3%.
• Percentage of Gates' portfolio:2.5%.
• P/E ratio:28.
Coca-Cola FEMSA(KOF) produces, markets and distributesCoca-Cola(KO) beverages. It offers the full line of sparkling and still beverages.
It sells its products through distribution centers and retailers in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina and the Philippines.
Coca-Cola FEMSA is the largest franchise bottler in the world. The stock is an excellent way to gain exposure to two appealing emerging markets: Latin America and South Asia.
Source: Investor Kit presentation, page 2
These markets are growing at high rates for the company. Over the first nine months of 2016, total revenue and operating cash flow rose 7.8% and 6.6%.
Revenue growth was driven largely by price increases.
Coca-Cola FEMSA is in a strong financial position with low levels of debt and positive free cash flow. In addition, carrying the Coca-Cola brand allows it to generate high margins and enjoy pricing power.
Source: Investor Kit presentation, page 23
This allows the company to consistently raise its dividend each year.
One risk factor on which investors should keep an eye going forward is a potential change in consumer preferences. Coca-Cola FEMSA sells and distributes water and noncarbonated beverages, but more than 75% of the company's annual sales come from carbonated soft drinks.
The emerging markets are high-growth economies with expanding middle classes. Citizens are enjoying rising standards of living.
Once these markets become more mature, there could be a risk of consumers changing their dietary habits. Soda sales have declined in the U.S. for more than a decade.
Coca-Cola's growth is struggling from this trend, which could become a challenge for Coca-Cola FEMSA moving forward.
That being said, Coca-Cola FEMSA is still firmly in high-growth mode.
No. 11: Grupo Televisa SAB
• Dividend Yield:0.5%.
• Percentage of Bill Gates (Trades, Portfolio)' Portfolio:2.3%.
• P/E ratio:31 (Forward P/E).
Grupo Televisa SAB(TV) is a diversified media conglomerate. In all, Televisa operates 26 pay-TV brands and television networks, cable operators and over-the-top services in over 50 countries.
In the U.S., it operates Univision. In addition, Televisa owns a majority interest in Sky, a satellite television provider in Mexico, the Dominican Republic and Central America.
Televisa also has operations in magazine publishing, radio broadcasting, professional sports, live entertainment, film production and gaming.
It operates four business segments:
• Content (36% of revenue).
• Sky (22% of revenue).
• Cable (33% of revenue).
• Other (9% of revenue).
The company is enjoying strong growth, thanks largely to high economic growth in Mexico and several Latin American markets.
In 2015, net sales and segment operating income increased 9.9% and 10.6%.
Growth has continued in 2016. Net sales and segment operating income rose 6.6% and 4.1% in the third quarter.
The company's strongest businesses are Sky, Cable and Other, each of which posted double-digit revenue growth in the third quarter.
Content segment revenue was flat in the third quarter although it did see 20% growth in network subscription revenue. However, this was offset by declines in advertising and licensing.
The licensing business was affected by difficult comparisons. For example, licensing revenue fell 10% last quarter for Univision, since the comparable 2015 quarter included a major soccer tournament in Mexico.
Televisa is a strong brand and has a fundamental advantage, thanks to its geographic focus. As a result, it is a compelling growth stock, for investors interested in international diversification.
While it does not pay much of a dividend to shareholders, Televisa's return potential is still significant, thanks to its rapid growth.
No. 12: Walgreens Boots Alliance
• Dividend yield:1.8%.
• Percentage of Gates' portfolio:1.5%.
• P/E ratio:22.
It is no surprise to seeWalgreens Boots Alliance(WBA) on the list of Gates' holdings because it is an industry giant.
Walgreens Boots Alliance came together in the $9 billion merger of Walgreens and Alliance Boots in 2014.
The merger was a great move for the two companies. Walgreens is the biggest pharmacy operator in the U.S., and Alliance Boots was a top European pharmacy and distributor.
When the two joined forces, it allowed the combined company to reach a global scale. Walgreens Boots now has three separate businesses, each of which are very large:
• Retail Pharmacy USA ($83.8 billion in annual sales, 70% of revenue).
• Retail Pharmacy International ($13.3 billion in annual sales, 11% of revenue).
• Pharmaceutical Wholesale ($22.6 billion in annual sales, 19% of revenue).
The company performed well in fiscal 2016. Revenue and earnings per share, adjusted for currency and non-recurring costs, increased 16% and 18%.
It is off to a good start in fiscal 2017 as well, thanks largely to the U.S. retail pharmacy operation. That segment posted 2.5% growth in pharmacy sales and 3% prescription growth in the 2017 first fiscal quarter.
Going forward, Walgreens Boots intends to invest more in its beauty departments to help drive higher traffic.
Source: Q1 2017 Earnings presentation, page 8
There could be more transformational deals in the near future. The company has a pending deal to acquire fierce competitorRite Aid Corp.(RAD) for $17 billion.
Walgreens Boots has a below-average dividend yield, and the P/E ratio significantly exceeds the retail industry average.
One of Buffett's favorite sayings is that price is what you pay, value is what you get. Walgreens Boots enjoys several competitive advantages, high profit margins and a strong brand.
These qualities make it a valuable stock to own as part of a dividend growth portfolio.
No. 13: Liberty Global Group
• Dividend yield:N/A.
• Percentage of Gates' portfolio:1%.
• P/E ratio:23.
Liberty Global(LBTYA) is the largest international television and Internet provider. In all, the company operates in 30 countries and generates more than $20 billion in annual revenue.
The company and its various subsidiaries provide service to 29 million customers.
Its core brand in Europe is Virgin Media. It also has the Ziggo, Unitymedia, Telenet and UPC brands.
Liberty Global is split up into two businesses, which are Liberty Global Group and LiLAC. Liberty Global includes its European operations, and LiLAC houses its Latin America and Caribbean business.
Each segment - Liberty Global Group and LiLAC - have three share classes each. This share class corresponds to the Liberty Global Group.
The European economy is on shaky ground broadly speaking with weak economic growth and the uncertainty presented by the Brexit vote.
But television and Internet is a growth industry because of the low levels of market penetration. There are still many parts of Europe with untapped growth potential.
In turn, Liberty Global is rapidly adding customers.
Source: Q3 Earnings Presentation, page 5
Year-to-date additions rose 50% through the third quarter.
As far as future growth is concerned, there is plenty of runway left. Liberty expects to add more than 5 million new households from 2016 to 2018.
This aggressive expansion will require significant capital investment. The company plans to spend $2 billion over the next two years to build up its customer base, but the payoff is growth.
Source: Q3 Earnings Presentation, page 15
Liberty Global realized growth in revenue and cash flow over the first three quarters of 2016. Growth accelerated as the year went by with the fourth quarter expected to be the highest-growth period for the year.
The company is investing large amounts of capital. There will be little cash flow to spare over the next two years, which is why the stock does not pay a dividend.
Investors looking for income may want to select a different telecom stock that pays dividends, and there are many to choose from.
But Liberty Global could conceivably start paying a dividend at some point in the not-too-distant future, once its aggressive expansion period ends.
In the meantime, the stock is reasonably valued and could generate double-digit earnings growth. Revenue is growing at a high rate, and Liberty Global will use more than $2 billion to buy back stock next year.
This earnings growth means investors can earn satisfactory returns moving forward even without the benefit of a dividend.
No. 14: AutoNation
• Dividend yield:N/A.
• Percentage of Gates' portfolio:0.5%.
• P/E ratio:13.
AutoNation Inc.(AN) is America's largest automotive retailer. It owns and operates over 360 new vehicle franchises in 16 states.
The company operates five segments:
Source: 2015 Annual Report, page 5
AutoNation has been successful growing the business over the past five years. From 2011 to 2015, sales and earnings per share increased by 8.5% and 15% per year.
The company has benefited greatly from a strong operating environment. Auto sales are near a record, driven by attractive product offerings, access to affordable credit thanks to low interest rates and lower fuel prices.
The market climate is supportive of auto sales, which is why new and used vehicle sales both increased 9% for AutoNation in 2015.
Going forward, the company is in the process of rolling out its Brand Extension strategy. This involves further expanding its stand-alone preowned vehicle sales and service centers, branded parts and accessories, branded collision centers and its auto auction businesses.
To help accomplish this, AutoNation recently announced the acquisition of three Premium Luxury franchises, one collision center and three Premium Luxury franchise add points.
The assets acquired hold combined annual revenue potential of at least $430 million.
Separately, the company is building its digital channel platform AutoNation Express. Digital channel sales now account for nearly 30% of vehicle sales.
AutoNation does not pay a dividend, but it does return cash to shareholders through stock buybacks. The company has $316 million left on its current share price authorization, which amounts to approximately 6% of its market capitalization.
All things being equal, AutoNation's buybacks will boost earnings per share by an additional 6% over the next year.
The stock is cheap at a P/E ratio of 13.
As a result, the combination of earnings growth and expansion of the valuation multiple, could lead to double-digit annualized returns going forward.
No. 15: Liberty LiLAC Group
• Dividend yield:N/A.
• Percentage of Gates' portfolio:0.16%.
• P/E ratio:23.
This share class corresponds to Liberty Global'sLiLAC(LILAK) operating segment. LiLAC includes Liberty Global's Latin America and Caribbean businesses under the brands VTR, Flow, Liberty, Mas Movil and BTC.
These are currently a small part of the overall business. LiLAC represents approximately 13% of Liberty Global's total annual revenue, but there is a lot of growth potential up ahead.
LiLAC is poised to become a much bigger part of the company going forward as a result of the 2016 acquisition of Cable & Wireless Communications. The $7.4 billion deal added more than 10 million new customers in Latin America and the Caribbean.
The CWC acquisition presents cost synergy opportunities.
Source: Q3 Earnings Presentation, page 12
As a result, LiLAC's year-to-date revenue and operating cash flow doubled year over year through the third quarter.
Another growth catalyst for LiLAC is to increase bundling of services. Nearly half of LiLAC's customers purchase only one service. The company will seek to expand on this moving forward.
Source: Investor relations
Bundling services is lucrative for telecommunications providers, which is why the practice is so common in the U.S.
Liberty Global has a much higher percentage of triple-play customers in Europe, and it has served the company well.
Like Liberty Global, LiLAC uses its cash flow to reinvest in the business and support its balance sheet. It does not pay a dividend.
That being said, LiLAC also offers investors attractive return potential, from its future revenue and earnings growth.
The company expects to increase operating cash flow by 7% to 9% each year over the next few years.
No. 16: Arcos Dorados Holdings
• Dividend yield:N/A.
• Percentage of Gates' portfolio:0.1%.
• P/E ratio:18.
Last but not least isArcos Dorados(ARCO). Investors might not immediately recognize Arcos Dorados by its name, but they will certainly understand its business.
Arcos Dorados is a holding company. Collectively, it is the largestMcDonald's(MCD) franchisee in the world in terms of number of restaurants.
It has the exclusive right to own and operate McDonald's restaurants in 20 Latin American and Caribbean countries and territories. In all, it operates or franchises over 2,100 McDonald's restaurants.
Its geographic split is as follows:
• Brazil (45% of revenue).
• South Latin America Division (28% of revenue).
• Caribbean (14% of revenue).
• North Latin America Division (13% of revenue).
Many of the countries in which Arcos Dorados operates are emerging markets. For example, sales in South Latin America and the Caribbean rose 24% and 27.6% through the first nine months of 2016.
One downside for Arcos Dorados investors is that the stock does not pay a dividend. This might seem like a deal breaker since McDonald's itself is a legendary dividend stock.
The upside for Arcos Dorados is that it is growing much faster than McDonald's. For example, on a constant-currency basis, revenue rose 15.3% in the third quarter.
Some of this growth was due to aggressive new restaurant openings. In the past four reported quarters, Arcos Dorados opened 33 new restaurants and 133 Dessert Centers.
Comparable-restaurant sales, a key metric for restaurant chains that measures growth at locations open at least one year, increased 11.3% last quarter.
Double-digit comparable sales growth is virtually unheard of in the U.S.
Overall adjusted EBITDA grew 24% last quarter.
Source: Q3 Results, page 3
A key factor boosting EBITDA is that, even with sales growing at a rapid pace, Arcos Dorados kept general and administrative costs flat. This indicates the company is doing a very good job boosting productivity.
Disclosure:I am not long any of the stocks mentioned in this article.
Start a free seven-day trial of Premium Membership to GuruFocus.
This article first appeared onGuruFocus.
• Warning! GuruFocus has detected 4 Warning Sign with BRK.A. Click here to check it out.
• BRK.A 15-Year Financial Data
• The intrinsic value of BRK.A
• Peter Lynch Chart of BRK.A || Costco has become a major driver of Citi's business: CC Sales (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . Citigroup's acquisition of Costco's co-branded credit card portfolio from Amex in June 2016 continues to pay off. In its Q4 2016 earnings release, Citi posted 8% overall revenue growth on a constant-currency basis. The Costco portfolio appears to be a major driver of Citi’s overall growth right now. Costco cards are still driving massive spending. The customer base, which likely totals roughly 12 million, saw over $52 billion in purchase sales in its first six months, and over $6 billion in loan growth, according to the firm's earnings call. That’s really strong performance — for context, Amex saw roughly $80 billion in Costco billed business in 2015, which puts Citi’s annual run rate roughly $24 billion ahead of the Amex card. That’s propelling growth in Citi’s US branded cards business. Citi’s branded cards earned $2.2 billion in revenue in Q4 2016, posting 15% growth year-over-year (YoY). Without Costco, that growth rate dips to 2%, showing the massive impact that the portfolio acquisition continues to have on Citi’s business. And growth in branded cards revenue is one of the major drivers of Citi overall. Citi’s other segments aren’t performing this strongly — retail banking revenue was down 4% YoY, and retail services remained flat. Growth in branded cards, which was driven by Costco, reflects just how pivotal the portfolio is to Citis’ results. And while that’s good in the short term, the rewards rat race we’re seeing could pose some problems for the bank moving forward. Costco has given Citigroup immense growth in the months since acquisition. But it’s also leading to rising costs — operational expenses, for example, rose 6% YoY in Q4, largely reflecting expenditure on the Costco portfolio. The firm will have to “overcome promotional balances” in order to maintain success. And though Costco feels “well-positioned” to do so, keeping an eye out for the bank’s branded cards and other new investments will be key. That’s particularly true in light of stiff rewards competition, which is raising expenses for card networks but providing sometimes limited returns. Story continues The Costco and Citigroup relationship is just one part of the broader payments ecosystem, which has grown to include vendors, merchants, acquirers, processors, and more. John Heggestuen, director of research at BI Intelligence , Business Insider’s premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings , and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider European acquirer Worldpay is piloting a phone-based mobile point-of-sale platform Samsung Pay expands beyond the Galaxy in India Amazon's new Prime Reload program rewards users but challenges banks || Costco has become a major driver of Citi's business: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
Citigroup's acquisition of Costco's co-branded credit card portfolio from Amex in June 2016 continues to pay off.
In its Q4 2016 earnings release, Citi posted8%overall revenue growth on a constant-currency basis.
The Costco portfolio appears to be a major driver of Citi’s overall growth right now.
• Costco cards are still driving massive spending. The customer base, which likely totals roughly 12 million, saw over$52 billionin purchase sales in its first six months, and over $6 billion in loan growth, according to the firm's earnings call. That’s really strong performance — for context, Amex saw roughly $80 billion in Costco billed business in 2015, which puts Citi’s annual run rate roughly $24 billion ahead of the Amex card.
• That’s propelling growth in Citi’s US branded cards business. Citi’s branded cards earned $2.2 billion in revenue in Q4 2016, posting 15% growth year-over-year (YoY). Without Costco, that growth rate dips to 2%, showing the massive impact that the portfolio acquisition continues to have on Citi’s business.
• And growth in branded cards revenue is one of the major drivers of Citi overall. Citi’s other segments aren’t performing this strongly — retail banking revenue was down 4% YoY, and retail services remained flat. Growth in branded cards, which was driven by Costco, reflects just how pivotal the portfolio is to Citis’ results.
And while that’s good in the short term, the rewards rat race we’re seeing could pose some problems for the bank moving forward. Costco has given Citigroup immense growth in the months since acquisition. But it’s also leading to rising costs — operational expenses, for example, rose 6% YoY in Q4, largely reflecting expenditure on the Costco portfolio.
The firm will have to “overcome promotional balances” in order to maintain success. And though Costco feels “well-positioned” to do so, keeping an eye out for the bank’s branded cards and other new investments will be key. That’s particularly true in light of stiff rewards competition, which is raising expenses for card networks but providing sometimes limited returns.
The Costco and Citigroup relationship is just one part of the broader payments ecosystem, which has grown to include vendors, merchants, acquirers, processors, and more.
John Heggestuen, director of research atBI Intelligence, Business Insider’s premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding theirmobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• European acquirer Worldpay is piloting a phone-based mobile point-of-sale platform
• Samsung Pay expands beyond the Galaxy in India
• Amazon's new Prime Reload program rewards users but challenges banks
[Social Media Buzz]
Sunday January 29th @ 8:00 PM EST - #NFL Pro Bowl 1 BTC Guaranteed - 25 mBTC + 1 mBTC Buyin pic.twitter.com/ZYG6BR9VkI http://btf.st/Nitrogen pic.twitter.com/RmFxQyZHRM || #Bitcoin
Ultima: R$ 2880.00 Alta: R$ 2895.00 Baixa: R$ 2829.99
Fonte: Foxbit || 1 KOBO = 0.00000212 BTC
= 0.0020 USD
= 0.6300 NGN
= 0.0270 ZAR
= 0.2074 KES
#Kobocoin 2017-01-27 14:00 || $912.60 #bitfinex;
$914.07 #bitstamp;
$902.39 #btce;
$914.76 #GDAX;
$911.86 #gemini;
$914.00 #itBit;
#bitcoin news: http://bit.ly/1...
|
921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6308.52, 6334.73, 6580.63, 6423.76, 6506.07, 6308.53, 6488.76, 6376.71, 6534.88, 6719.96, 6763.19, 6707.26, 6884.64, 7096.28, 7047.16, 6978.23, 7037.58, 7193.25, 7272.72, 7260.06, 7361.66, 6792.83, 6529.17, 6467.07, 6225.98, 6300.86, 6329.70, 6321.20, 6351.80, 6517.31, 6512.71, 6543.20, 6517.18, 6281.20, 6371.30, 6398.54, 6519.67, 6734.95, 6721.98, 6710.63, 6595.41, 6446.47, 6495.00, 6676.75, 6644.13, 6601.96, 6625.56, 6589.62, 6556.10, 6502.59, 6576.69, 6622.48, 6588.31, 6602.95, 6652.23, 6642.64, 6585.53, 6256.24, 6274.58, 6285.99, 6290.93, 6596.54, 6596.11, 6544.43, 6476.71, 6465.41, 6489.19, 6482.35, 6487.16, 6475.74, 6495.84, 6476.29, 6474.75, 6480.38, 6486.39, 6332.63, 6334.27, 6317.61, 6377.78, 6388.44, 6361.26, 6376.13, 6419.66, 6461.01, 6530.14, 6453.72, 6385.62, 6409.22, 6411.27, 6371.27.
|
[Bitcoin Technical Analysis for 2018-11-12]
Volume: 4295770000, RSI (14-day): 44.08, 50-day EMA: 6482.85, 200-day EMA: 7031.94
[Wider Market Context]
Gold Price: 1201.30, Gold RSI: 40.78
Oil Price: 59.93, Oil RSI: 19.24
[Recent News (last 7 days)]
Binance CEO: Market Still in Good Position — Real Crypto Volume 2x Larger Than Reported Stats: In an interview onCNBC Crypto Trader hosted by Ran Neuner, Binance CEO Changpeng Zhao (CZ) stated that the crypto market and Binance are still in a good position even after nearly a year of downward price movement.
Over the past 11 months, the cryptocurrency market has lost more than 70 percent of its valuation amidst the fourth biggest correction in its 10-year history.
CZ stated that the volume ofBinanceis down nearly 90 percent since January due to the correction and partially because of the high level of stabilityBitcoin(BTC) has demonstrated over the past three months.
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business,” CZ said.
But, with a steady increase in the number of active users and BTC deposits, Binance is still recording decent volume and maintaining a healthy business.
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”
Cryptocurrency market data providers like CoinMarketCap, CryptoCompare, and CoinCap report the daily trading volume of major cryptocurrencies and theentire crypto marketbased on the volumes recorded by exchanges like Binance.
Earlier this year, several research firms including TABB Group, an international research company, reported that the over-the-counter (OTC) market, where large institutional investors tend to trade, is at leasttwo times largerthan the cryptocurrency exchange market.
Eric Wall, a cryptocurrency researcher,saidat the time:
“Just read an estimate from the TABB Group (in a $5,000 report) that OTC crypto markets exceed exchange volumes by 2-3x. That would mean 1 to 1.5 million BTC is traded OTC daily. Strange it’s not visible on the blockchain, which shows a meager 100,000 a day.”
CZ noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges and as such, the actual trading volume of the crypto market is twice the size of the current volume. As of November, the daily trading volume of the crypto market is estimated to be around $11.7 billion, down quite substantially from January. Still, if the OTC market is about the same size as the cryptocurrency exchange market, the real volume of the crypto market adds up to around $23.4 billion.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes.”
In the months to come, with several positive developments down the line such asBakkt, CZ noted that a catalyst could trigger the market to move. While it is hard to predict, he emphasized a rally will likely happen “sooner or later, something will trigger it.”
Featured Image from Shutterstock
The postBinance CEO: Market Still in Good Position — Real Crypto Volume 2x Larger Than Reported Statsappeared first onCCN. || Binance CEO: Market Still in Good Position Real Crypto Volume 2x Larger Than Reported Stats: binance cryptocurrency exchange In an interview on CNBC Crypto Trader hosted by Ran Neuner , Binance CEO Changpeng Zhao (CZ) stated that the crypto market and Binance are still in a good position even after nearly a year of downward price movement. Binance Maintaining Healthy Business Over the past 11 months, the cryptocurrency market has lost more than 70 percent of its valuation amidst the fourth biggest correction in its 10-year history. CZ stated that the volume of Binance is down nearly 90 percent since January due to the correction and partially because of the high level of stability Bitcoin (BTC) has demonstrated over the past three months. Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, were still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business, CZ said. But, with a steady increase in the number of active users and BTC deposits, Binance is still recording decent volume and maintaining a healthy business. Right now we are still signing up a steady amount of new users every day so from what we are seeing, its very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange. Actual Volume of Crypto is 2x the Reported Volume Binance Zhao Changpeng Sequoia Cryptocurrency market data providers like CoinMarketCap, CryptoCompare, and CoinCap report the daily trading volume of major cryptocurrencies and the entire crypto market based on the volumes recorded by exchanges like Binance. Earlier this year, several research firms including TABB Group, an international research company, reported that the over-the-counter (OTC) market, where large institutional investors tend to trade, is at least two times larger than the cryptocurrency exchange market. Eric Wall, a cryptocurrency researcher, said at the time: Just read an estimate from the TABB Group (in a $5,000 report) that OTC crypto markets exceed exchange volumes by 2-3x. That would mean 1 to 1.5 million BTC is traded OTC daily. Strange its not visible on the blockchain, which shows a meager 100,000 a day. CZ noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges and as such, the actual trading volume of the crypto market is twice the size of the current volume. As of November, the daily trading volume of the crypto market is estimated to be around $11.7 billion, down quite substantially from January. Still, if the OTC market is about the same size as the cryptocurrency exchange market, the real volume of the crypto market adds up to around $23.4 billion. Story continues What Ive heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But were not heading to that business, so we dont know the real volumes. In the months to come, with several positive developments down the line such as Bakkt , CZ noted that a catalyst could trigger the market to move. While it is hard to predict, he emphasized a rally will likely happen sooner or later, something will trigger it. Featured Image from Shutterstock The post Binance CEO: Market Still in Good Position Real Crypto Volume 2x Larger Than Reported Stats appeared first on CCN . View comments || Crypto Market Stable as Bitcoin Stabilizes at $6,350, Decentraland Surges 10%: bitcoin price us dollar Over the last 24 hours, the Bitcoin price has remained fairly stable in the $6,300 region with its volume stagnant at around $3.7 billion. Stellar (XLM) has increased by nearly six percent as the anticipation towards the potential listing of XLM by Coinbase, the world’s largest fiat-to-crypto exchange, continues to intensify. The rest of the market has struggled to initiate an upward movement, which was expected given that trading activity in the cryptocurrency exchange market tends to subside during the weekend. While the valuation of the crypto market increased slightly from $211 billion to $213 billion on Saturday, it has fallen back down to $212 billion, as Ripple (XRP), Litecoin (LTC), Monero (XMR) and several other cryptocurrencies recorded a minor decline in value in the range of 0.5 percent to 2 percent. Big Accounts Sending Bitcoin From Exchanges to Wallets As Whale Alert and cryptocurrency trader The Crypto Monk reported , tens of millions of dollars worth of Bitcoin have been moved from cryptocurrency exchanges to wallets over the past week. “Just in case you haven’t noticed yet, tens of millions of dollars in BTC have been transferred from exchanges to unknown wallets.” It is possible that whales, or big investors, have started to move funds from exchanges to non-custodial wallets to avoid selling the dominant cryptocurrency in a low price range. But, it is also a possibility that the growing fear towards the U.S. government’s crackdown on exchanges, as seen in the case of EtherDelta, led large Bitcoin holders to move funds to wallets they can exercise full control over. Despite an overall increase in volume and the general positive sentiment in the market, technical indicators show a bearish short-term movement for BTC. “Managed to crawl back into the range. A close around $6,350 today would not only be a weekly retest of demand but also a daily retest of the trading range. A move below support today would spell trouble so it’s definitely a close to watch,” said technical analyst Don Alt, suggesting that if BTC drops below the $6,350 mark, it could trigger a further drop into the $6,200 region. Story continues Decentraland Surges 10 Percent Possibly due to increasing property sales on its virtual reality world powered by the Ethereum blockchain, Decentraland, the 63rd largest cryptocurrency in the market, increased by more than 10 percent in value. The rise in the price of Decentraland follows yet another high profile property sale in its virtual reality world for more than $100,000. In the past month, MANA, the native cryptocurrency of Decentraland, has risen from $0.067 to $0.098, by more than 46 percent. The strong performance of MANA and several other tokens like Maker comes during a period in which the U.S. Securities and Exchange Commission (SEC) is investigating into various token sales to evaluate whether tokens can be considered as securities under existing regulatory frameworks. The post Crypto Market Stable as Bitcoin Stabilizes at $6,350, Decentraland Surges 10% appeared first on CCN . || Crypto Market Stable as Bitcoin Stabilizes at $6,350, Decentraland Surges 10%: bitcoin price us dollar Over the last 24 hours, the Bitcoin price has remained fairly stable in the $6,300 region with its volume stagnant at around $3.7 billion. Stellar (XLM) has increased by nearly six percent as the anticipation towards the potential listing of XLM by Coinbase, the world’s largest fiat-to-crypto exchange, continues to intensify. The rest of the market has struggled to initiate an upward movement, which was expected given that trading activity in the cryptocurrency exchange market tends to subside during the weekend. While the valuation of the crypto market increased slightly from $211 billion to $213 billion on Saturday, it has fallen back down to $212 billion, as Ripple (XRP), Litecoin (LTC), Monero (XMR) and several other cryptocurrencies recorded a minor decline in value in the range of 0.5 percent to 2 percent. Big Accounts Sending Bitcoin From Exchanges to Wallets As Whale Alert and cryptocurrency trader The Crypto Monk reported , tens of millions of dollars worth of Bitcoin have been moved from cryptocurrency exchanges to wallets over the past week. “Just in case you haven’t noticed yet, tens of millions of dollars in BTC have been transferred from exchanges to unknown wallets.” It is possible that whales, or big investors, have started to move funds from exchanges to non-custodial wallets to avoid selling the dominant cryptocurrency in a low price range. But, it is also a possibility that the growing fear towards the U.S. government’s crackdown on exchanges, as seen in the case of EtherDelta, led large Bitcoin holders to move funds to wallets they can exercise full control over. Despite an overall increase in volume and the general positive sentiment in the market, technical indicators show a bearish short-term movement for BTC. “Managed to crawl back into the range. A close around $6,350 today would not only be a weekly retest of demand but also a daily retest of the trading range. A move below support today would spell trouble so it’s definitely a close to watch,” said technical analyst Don Alt, suggesting that if BTC drops below the $6,350 mark, it could trigger a further drop into the $6,200 region. Story continues Decentraland Surges 10 Percent Possibly due to increasing property sales on its virtual reality world powered by the Ethereum blockchain, Decentraland, the 63rd largest cryptocurrency in the market, increased by more than 10 percent in value. The rise in the price of Decentraland follows yet another high profile property sale in its virtual reality world for more than $100,000. In the past month, MANA, the native cryptocurrency of Decentraland, has risen from $0.067 to $0.098, by more than 46 percent. The strong performance of MANA and several other tokens like Maker comes during a period in which the U.S. Securities and Exchange Commission (SEC) is investigating into various token sales to evaluate whether tokens can be considered as securities under existing regulatory frameworks. The post Crypto Market Stable as Bitcoin Stabilizes at $6,350, Decentraland Surges 10% appeared first on CCN . || Crypto Market Stable as Bitcoin Stabilizes at $6,350, Decentraland Surges 10%: bitcoin price us dollar Over the last 24 hours, the Bitcoin price has remained fairly stable in the $6,300 region with its volume stagnant at around $3.7 billion. Stellar (XLM) has increased by nearly six percent as the anticipation towards the potential listing of XLM by Coinbase, the world’s largest fiat-to-crypto exchange, continues to intensify. The rest of the market has struggled to initiate an upward movement, which was expected given that trading activity in the cryptocurrency exchange market tends to subside during the weekend. While the valuation of the crypto market increased slightly from $211 billion to $213 billion on Saturday, it has fallen back down to $212 billion, as Ripple (XRP), Litecoin (LTC), Monero (XMR) and several other cryptocurrencies recorded a minor decline in value in the range of 0.5 percent to 2 percent. Big Accounts Sending Bitcoin From Exchanges to Wallets As Whale Alert and cryptocurrency trader The Crypto Monk reported , tens of millions of dollars worth of Bitcoin have been moved from cryptocurrency exchanges to wallets over the past week. “Just in case you haven’t noticed yet, tens of millions of dollars in BTC have been transferred from exchanges to unknown wallets.” It is possible that whales, or big investors, have started to move funds from exchanges to non-custodial wallets to avoid selling the dominant cryptocurrency in a low price range. But, it is also a possibility that the growing fear towards the U.S. government’s crackdown on exchanges, as seen in the case of EtherDelta, led large Bitcoin holders to move funds to wallets they can exercise full control over. Despite an overall increase in volume and the general positive sentiment in the market, technical indicators show a bearish short-term movement for BTC. “Managed to crawl back into the range. A close around $6,350 today would not only be a weekly retest of demand but also a daily retest of the trading range. A move below support today would spell trouble so it’s definitely a close to watch,” said technical analyst Don Alt, suggesting that if BTC drops below the $6,350 mark, it could trigger a further drop into the $6,200 region. Story continues Decentraland Surges 10 Percent Possibly due to increasing property sales on its virtual reality world powered by the Ethereum blockchain, Decentraland, the 63rd largest cryptocurrency in the market, increased by more than 10 percent in value. The rise in the price of Decentraland follows yet another high profile property sale in its virtual reality world for more than $100,000. In the past month, MANA, the native cryptocurrency of Decentraland, has risen from $0.067 to $0.098, by more than 46 percent. The strong performance of MANA and several other tokens like Maker comes during a period in which the U.S. Securities and Exchange Commission (SEC) is investigating into various token sales to evaluate whether tokens can be considered as securities under existing regulatory frameworks. The post Crypto Market Stable as Bitcoin Stabilizes at $6,350, Decentraland Surges 10% appeared first on CCN . || Why Costco Is Up 27% in 2018: Healthy economic growth has helped lift the business prospects for many retailers this year as fears of a retailing apocalypse have subsided. The nation's biggest chains, in fact, are reporting some of the best customer-traffic figures they've seen in years, even as consumers shift more spending toward the online sales channel. Costco (NASDAQ: COST) has benefited from those positive industry trends. However, the warehouse retailing giant's business is outperforming rivals like Walmart (NYSE: WMT) and Target (NYSE: TGT) , which helps explain why the stock has jumped 27% so far in 2018, compared to a 2% uptick in the broader market. Zooming out a bit, Costco is up about 91% over the past five years to trounce the S&P 500 's 56% gain and the 30% increase that both Walmart and Target have achieved. A customer browses through a warehouse aisle. Image source: Getty Images. Starting soft The foundations for Costco's unusually strong returns were set by low initial expectations. The company's fiscal 2017 was weak, after all, with comparable-store sales slowing to below 4% . Before that, comps had been chugging along at between 6% and 7% as the chain soaked up market share. Sure, Walmart and Target had been growing at a 2% rate, but investors have come to expect a wider performance gap from Costco. The retailer started the year with soft membership trends, too. Renewal rates were stuck at 90% after having peaked at 91%. Executives predicted that the renewal issues were just temporary, and their conviction on that point was reflected in the fact that Costco raised its annual membership fees for the first time in over five years. The next few quarterly reports showed that management was right to have lots of confidence about this retailing business. A healthy rebound Sales in Costco's fiscal second quarter, which includes the holiday shopping period, spiked 6% in the core U.S. market, compared to 3% growth at Walmart and a 4% increase at Target. Costco's profitability far outpaced these peers , meanwhile, as its membership income protected it from the price-cutting wars that rivals engaged in. Its renewal rate ticked higher at the same time. Story continues From there, Costco has extended its leadership position in the industry. Fiscal fourth-quarter customer traffic was just below 5%, or as strong as the chain has seen in recent times. The gains put it well ahead of Walmart but below Target in terms of growth. Yet Costco's rising subscriber base, padded by a growing store base, improving renewal rates, and increased fees, has helped earnings jump. Operating income is up to $4.5 billion, or 3.2% of sales, over the last year from $4.1 billion in fiscal 2017. COST Operating Income (TTM) Chart COST Operating Income (TTM) data by YCharts . Looking ahead to fiscal 2019, Costco is predicting a challenging pricing environment as costs continue getting pushed higher by inflation and trade skirmishes. If anything, though, that situation should help the warehouse giant win even more business. Its price leadership position allows it to delay passing price increases on to customers far longer than peers. That valuable flexibility will come in handy during the upcoming holiday shopping season, and into the new fiscal year. Signs of a slowdown would show up in numbers like customer traffic, membership income, and renewal rates. Yet, with each of these metrics at or near record highs, the outlook is bright for this retailer. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Demitrios Kalogeropoulos owns shares of Costco Wholesale. The Motley Fool recommends Costco Wholesale. The Motley Fool has a disclosure policy . || Why Costco Is Up 27% in 2018: Healthy economic growth has helped lift the business prospects for many retailers this year as fears of a retailing apocalypse have subsided. The nation's biggest chains, in fact, are reporting some of the best customer-traffic figures they've seen in years, even as consumers shift more spending toward the online sales channel.
Costco(NASDAQ: COST)has benefited from those positive industry trends. However, the warehouse retailing giant's business is outperforming rivals likeWalmart(NYSE: WMT)andTarget(NYSE: TGT), which helps explain why the stock has jumped 27% so far in 2018, compared to a 2% uptick in the broader market. Zooming out a bit, Costco is up about 91% over the past five years to trounce theS&P 500's 56% gain and the 30% increase that both Walmart and Target have achieved.
Image source: Getty Images.
The foundations for Costco's unusually strong returns were set by low initial expectations. The company's fiscal 2017 was weak, after all, with comparable-store salesslowing to below 4%. Before that, comps had been chugging along at between 6% and 7% as the chain soaked up market share. Sure, Walmart and Target had been growing at a 2% rate, but investors have come to expect awider performance gapfrom Costco. The retailer started the year with soft membership trends, too. Renewal rates werestuck at 90%after having peaked at 91%.
Executives predicted that the renewal issues were just temporary, and their conviction on that point was reflected in the fact that Costco raised its annual membership fees for the first time in over five years. The next few quarterly reports showed that management was right to have lots of confidence about this retailing business.
Sales in Costco's fiscal second quarter, which includes the holiday shopping period, spiked 6% in the core U.S. market, compared to 3% growth at Walmart and a 4% increase at Target. Costco's profitabilityfar outpaced these peers, meanwhile, as its membership income protected it from the price-cutting wars that rivals engaged in. Its renewal rate ticked higher at the same time.
From there, Costco has extended its leadership position in the industry. Fiscal fourth-quarter customer traffic was just below 5%, oras strong as the chain has seenin recent times. The gains put it well ahead of Walmart but below Target in terms of growth.
Yet Costco's rising subscriber base, padded by a growing store base, improving renewal rates, and increased fees, has helped earnings jump. Operating income is up to $4.5 billion, or 3.2% of sales, over the last year from $4.1 billion in fiscal 2017.
COST Operating Income (TTM)data byYCharts.
Looking ahead to fiscal 2019, Costco is predicting a challenging pricing environment as costs continue getting pushed higher by inflation and trade skirmishes. If anything, though, that situation should help the warehouse giant win even more business. Its price leadership position allows it to delay passing price increases on to customers far longer than peers. That valuable flexibility will come in handy during the upcoming holiday shopping season, and into the new fiscal year.
Signs of a slowdown would show up in numbers like customer traffic, membership income, and renewal rates. Yet, with each of these metrics at or near record highs, the outlook is bright for this retailer.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Demitrios Kalogeropoulosowns shares of Costco Wholesale. The Motley Fool recommends Costco Wholesale. The Motley Fool has adisclosure policy. || 5 Hard-to-Believe Renewable Energy Facts: In 2000, wind and solar combined to be the source of just 0.1% of all electricity generated in the United States. No wonder renewable energy had so many critics. To be fair, wind and solar were expensive, inefficient, and hadn't done much of anything since being hyped up during the energy crisis in the 1970s. But all of that has changed now. Today, wind power is, on average, the cheapest source of electricity on a levelized cost basis in the United States. Solar power is third, just behind natural gas, and together with wind, the renewable pair is responsible for nearly 10% of total electricity production in the country. Shares of companies that have led installments, such as NextEra Energy (NYSE: NEE) and Xcel Energy (NASDAQ: XEL) , have thumped the S&P 500 in the last two decades or so as a result. Investors probably haven't missed out yet. Considering that wind and solar could provide 25% or more of America's electricity by 2030, and new opportunities are emerging in offshore wind and a next-generation geothermal technology, there could be decades of growth left in renewable energy stocks. Here are five amazing facts about how we got here, and where we might be heading. Wind turbines along a country road. Image source: Getty Images. 1. American wind power has grown 4,810% since 2000 The United States is on pace to generate 275 terawatt-hours of electricity from onshore wind power in 2018, compared to just 5.6 terawatt-hours in 2000. That amounts to a whopping 4,810% increase since the turn of the century. By comparison, the S&P 500 has gained 168% in that span with dividends (and two brutal recessions) included. Therefore, it shouldn't be surprising that some of the best-performing stocks in that span belong to businesses that went all-in on the future of wind power. NextEra Energy stock has delivered a total return (share performance plus dividends) of 1,430% in that time, growing from a ho-hum electric utility in Florida to the world's largest publicly traded utility. Even shares of Xcel Energy, which only began investing heavily in renewable energy in the last decade, have put up a total return of 477% in that period. Story continues NextEra Energy and Xcel Energy began the year with nearly 21,000 megawatts of installed wind capacity combined, or about one-quarter of the country's total. The companies have played a pivotal role in increasing wind power's share of nationwide electricity generation to nearly 7% -- enough to make it the nation's top renewable energy source , something hydropower has claimed for over 100 years -- and hope to replicate their success with solar power. While solar electricity production is about 10 years behind the trajectory of wind power, it could grow more quickly as costs continue to decline. A jar of coins overflowing. Image source: Getty Images. 2. One company's renewable energy backlog will hit 40,000 megawatts The United States exited 2017 with an estimated 115,000 megawatts of installed wind and utility-scale solar power capacity. It took decades, dozens of industry players, and tens of billions of dollars for the country to reach that level. If NextEra Energy has its way, then the next 115,000 megawatts might take significantly less effort. The company's power-generation subsidiary, NextEra Energy Resources, has plans to grow its renewable energy project backlog to 40,000 megawatts by 2020. Perhaps equally impressive is the fact that each major region of the United States is represented in the ambitious portfolio, even those considered to have relatively poor renewable energy potential, whereas today, most wind and solar energy power capacity is concentrated in only a handful of states. Considering the business' current backlog is larger than its entire operating portfolio at the end of 2011, investors don't have to guess at the appetite for wind and solar projects among American electric utilities. A satellite hovering over North America. Image source: Getty Images. 3. American ethanol helps create the biggest carbon sink on the planet When low-orbit satellites survey planet Earth for regions with the most photosynthetic activity, a measure of plant growth and carbon dioxide consumption, jungles and the occasional algal bloom in the ocean stand out as expected. But no region swipes more carbon dioxide out of the atmosphere than the American Midwest, home to America's Corn Belt. In addition to being a prolific carbon sink , the American Corn Belt is home to over 90% of the country's ethanol production and more than half of total global output. That has created problems in recent years for producers such as Archer Daniels Midland and Green Plains (NASDAQ: GPRE) , which are drowning in oversupply, but the industry is taking a lesson from the country's oil and gas boom with hopes to create a more sustainable future: exporting the excess. The United States is on track to export 1.8 billion gallons of ethanol in 2018, and it has now exported over 1 billion gallons for three consecutive years. Considering more export terminals are coming online this year and next, and nearly 1 billion gallons of ethanol production capacity remains offline, this is a trend that shows no signs of slowing . Offshore wind turbines. Image source: Getty Images. 4. Offshore wind capacity could grow to 23,375 megawatts by 2030 The United States will soon have 100,000 megawatts of onshore wind power in operation, but the technology's offshore counterpart hasn't even been able to launch from the starting block. Hindered by a lack of domestic expertise, high costs, and zoning issues, offshore wind power boasts just 30 megawatts of installed capacity in the country today. That's all about to change thanks to a helping hand from Europe. After cutting their teeth on their home continent, which hosts the overwhelming majority of offshore wind projects on the planet, European players such as Orsted are crossing the Atlantic to grab a piece of North America's incredible untapped potential. The United States could realistically generate more than twice its total electricity needs from offshore wind power in the Lower 48. Tremendous power potential, falling costs, and experience gleaned from Europe have resulted in a project pipeline of 23,375 megawatts today. Most of that could come online by 2030 and greatly improve the carbon footprint of American cities, most of which are located on or near an oceanic coast or one of the Great Lakes. The inside of a cooling tower. Image source: Getty Images. 5. Geothermal energy could replace nuclear power, with help from fracking Nuclear power is currently the nation's largest source of carbon-free power, comprising roughly 19% of the country's total electricity consumption. But it's in trouble. Atomic energy facilities simply can't compete economically with lower-priced natural gas and wind power. While some states have provided subsidies to reward nuclear power plants for providing carbon-free electricity, that can't continue indefinitely. By 2030, the country's aging fleet will be long overdue for retirement. Help could come from a completely unexpected source: geothermal energy. The U.S. Department of Energy is quietly funding the development of a novel technology called enhanced geothermal systems (EGS). By using fracking technology pioneered and perfected for use in shale oil and gas regions, it may be possible to create geothermal energy wells across the United States that can produce massive amounts of clean energy. In what can only be proof that we are indeed living in a simulation, the numbers are almost too good to be true. The United States has an estimated 100,000 megawatts of easily accessible next-generation geothermal potential -- exactly the amount of nuclear power currently operating. Geothermal is the second most efficient energy source by a mile, right behind nuclear power, and the U.S. DOE is targeting a deployment date of 2030 -- exactly when the nation will need to replace its nuclear fleet. The opportunity isn't quite ready for individual investors yet, but companies that specialize in oil and gas well optimization such as Core Laboratories and Ecolab can also tap into emerging opportunities in EGS. In fact, Core Laboratories has a dedicated EGS business today . More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Maxx Chatsko has no position in any of the stocks mentioned. The Motley Fool recommends Core Laboratories and Ecolab. The Motley Fool has a disclosure policy . || 5 Hard-to-Believe Renewable Energy Facts: In 2000, wind and solar combined to be the source of just 0.1% of all electricity generated in the United States. No wonder renewable energy had so many critics. To be fair, wind and solar were expensive, inefficient, and hadn't done much of anything since being hyped up during the energy crisis in the 1970s. But all of that has changed now.
Today, wind power is, on average, the cheapest source of electricity on a levelized cost basis in the United States. Solar power is third, just behind natural gas, and together with wind, the renewable pair is responsible for nearly 10% of total electricity production in the country. Shares of companies that have led installments, such asNextEra Energy(NYSE: NEE)andXcel Energy(NASDAQ: XEL), have thumped the S&P 500 in the last two decades or so as a result.
Investors probably haven't missed out yet. Considering that wind and solar could provide 25% or more of America's electricity by 2030, and new opportunities are emerging in offshore wind and a next-generation geothermal technology, there could be decades of growth left in renewable energy stocks. Here are five amazing facts about how we got here, and where we might be heading.
Image source: Getty Images.
The United States is on pace to generate 275 terawatt-hours of electricity from onshore wind power in 2018, compared to just 5.6 terawatt-hours in 2000. That amounts to a whopping 4,810% increase since the turn of the century. By comparison, the S&P 500 has gained 168% in that span with dividends (and two brutal recessions) included.
Therefore, it shouldn't be surprising that some of the best-performing stocks in that span belong to businesses that went all-in on the future of wind power. NextEra Energy stock has delivered a total return (share performance plus dividends) of 1,430% in that time, growing from a ho-hum electric utility in Florida to the world's largest publicly traded utility. Even shares of Xcel Energy, which only began investing heavily in renewable energy in the last decade, have put up a total return of 477% in that period.
NextEra Energy and Xcel Energy began the year with nearly 21,000 megawatts of installed wind capacity combined, or about one-quarter of the country's total. The companies have played a pivotal role in increasing wind power's share of nationwide electricity generation to nearly 7% -- enough to make it thenation's top renewable energy source, something hydropower has claimed for over 100 years -- and hope to replicate their success with solar power. While solar electricity production is about 10 years behind the trajectory of wind power, it could grow more quickly as costs continue to decline.
Image source: Getty Images.
The United States exited 2017 with an estimated 115,000 megawatts of installed wind and utility-scale solar power capacity. It took decades, dozens of industry players, and tens of billions of dollars for the country to reach that level. If NextEra Energy has its way, then the next 115,000 megawatts might take significantly less effort.
The company's power-generation subsidiary, NextEra Energy Resources, has plans to grow its renewable energy project backlog to 40,000 megawatts by 2020. Perhaps equally impressive is the fact that each major region of the United States is represented in the ambitious portfolio, even those considered to have relatively poor renewable energy potential, whereas today, most wind and solar energy power capacity is concentrated in only a handful of states. Considering the business' current backlog is larger than its entire operating portfolio at the end of 2011, investors don't have to guess at the appetite for wind and solar projects among American electric utilities.
Image source: Getty Images.
When low-orbit satellites survey planet Earth for regions with the most photosynthetic activity, a measure of plant growth and carbon dioxide consumption, jungles and the occasional algal bloom in the ocean stand out as expected. But no region swipes more carbon dioxide out of the atmosphere than the American Midwest, home to America's Corn Belt.
In addition to being aprolific carbon sink, the American Corn Belt is home to over 90% of the country's ethanol production and more than half of total global output. That has created problems in recent years for producers such asArcher Daniels MidlandandGreen Plains(NASDAQ: GPRE), which are drowning in oversupply, but the industry is taking a lesson from the country's oil and gas boom with hopes to create a more sustainable future: exporting the excess.
The United States is on track to export 1.8 billion gallons of ethanol in 2018, and it has now exported over 1 billion gallons for three consecutive years. Considering more export terminals are coming online this year and next, and nearly 1 billion gallons of ethanol production capacity remains offline, this isa trend that shows no signs of slowing.
Image source: Getty Images.
The United States will soon have 100,000 megawatts of onshore wind power in operation, but the technology's offshore counterpart hasn't even been able to launch from the starting block. Hindered by a lack of domestic expertise, high costs, and zoning issues, offshore wind power boasts just 30 megawatts of installed capacity in the country today. That's all about to change thanks to a helping hand from Europe.
After cutting their teeth on their home continent, which hosts the overwhelming majority of offshore wind projects on the planet, European players such asOrstedare crossing the Atlantic to grab a piece of North America's incredible untapped potential. The United States could realistically generate more than twice its total electricity needs from offshore wind power in the Lower 48. Tremendous power potential, falling costs, and experience gleaned from Europe have resulted in a project pipeline of 23,375 megawatts today. Most of thatcould come online by 2030and greatly improve the carbon footprint of American cities, most of which are located on or near an oceanic coast or one of the Great Lakes.
Image source: Getty Images.
Nuclear power is currently the nation's largest source of carbon-free power, comprising roughly 19% of the country's total electricity consumption. But it's in trouble. Atomic energy facilities simply can't compete economically with lower-priced natural gas and wind power. While some states have provided subsidies to reward nuclear power plants for providing carbon-free electricity, that can't continue indefinitely. By 2030, the country's aging fleet will be long overdue for retirement.
Help could come from a completely unexpected source: geothermal energy. The U.S. Department of Energy is quietly funding the development of a novel technology called enhanced geothermal systems (EGS). By using fracking technology pioneered and perfected for use in shale oil and gas regions, it may be possible to create geothermal energy wells across the United States that can produce massive amounts of clean energy.
In what can only be proof that we are indeed living in a simulation, the numbers are almost too good to be true. The United States has an estimated 100,000 megawatts of easily accessible next-generation geothermal potential -- exactly the amount of nuclear power currently operating. Geothermal is the second most efficient energy source by a mile, right behind nuclear power, and the U.S. DOE is targeting a deployment date of 2030 -- exactly when the nation will need to replace its nuclear fleet.
The opportunity isn't quite ready for individual investors yet, but companies that specialize in oil and gas well optimization such asCore LaboratoriesandEcolabcan also tap into emerging opportunities in EGS. In fact, Core Laboratories has adedicated EGS business today.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Maxx Chatskohas no position in any of the stocks mentioned. The Motley Fool recommends Core Laboratories and Ecolab. The Motley Fool has adisclosure policy. || Why This Key Boeing Supplier Expects Improvement in 2019: Spirit AeroSystems(NYSE: SPR), a key component and of late a choke point inBoeing's(NYSE: BA)sprawling international supply chain, reported a mixed third quarter typical of a company in the middle of a transition. Management's commentary on 2019 and beyond provides reason for hope the worst is in the past for this pivotal aerospace supplier.
Spirit reported third-quarter earnings of $1.70 per share, besting the $1.64 consensus, though that beat was helped by an $0.08-per-share decrease in tax rate and an unspecified benefit from recovery of legal fees. Revenue in the quarter rose 4% to $1.81 billion, but that figure was short of analysts' $1.83 billion estimate.
A Boeing 737 MAX fuselage on the assembly line. Image source: Boeing.
Spirit, maker of fuselages for Boeing's 737, as well as a range of other components for aircraft, defense, and propulsion systems,was blamed earlier this yearfor slowdowns at Boeing's 737 final assembly plant. Here's where things stand for the company now, and why management is optimistic its operations will improve going into 2019.
Company officials on a call with analysts said that Spirit has fully recovered from delays that had rippled through Boeing's 737 assembly line, though those improvements came at a cost. Spirit's operating expenses for the quarter were up 3%, to $1.6 billion, in large part due to increased employee costs and express shipping of fuselages from Spirit's facility in Wichita to Boeing's Renton, Washington, assembly site.
Spirit shipped 160 737 fuselages in the quarter, ahead of Boeing's production target of 52 aircraft per month. The company insists that it will be ready to go, assuming Boeing follows through on its plan to boost 737 production to 57 frames per month next year. Spirit says it has built a buffer into its production line and hired about 90% of the total employees needed to handle the increase, getting them in early enough to do training ahead of the ramp-up.
"With this level of preparation, we are very confident in our ability to execute a smooth rate break to 57 aircraft per month," CEO Thomas Gentile said on the call with investors.
Part of the issue Spirit has had is shifting between 737 MAX fuselages and older 737NG models, which the company says are about 35% different from the MAX. Production is currently split evenly between the two, but by next year the MAX should account for about 90% of production.
The next step is to bring down costs. Fuselage segment margins improved slightly in the third quarter, to 14.8% from 14.3% in the second quarter, as the company got on a steadier pace and was able to reduce overtime. The company expects margins to expand to around 16.5% by mid-2019, if not sooner, on higher program revenue for not just the 737 but Boeing's 787 and theAirbusA320 and A350 as well.
Interestingly, Boeing's planned boost to 57 frames per month should help Spirit's efficiency, because it will allow the company to deploy three lines, each producing 19 aircraft per month. Right now, the third line is only producing one frame every few days, causing staffing choppiness and other productivity issues.
Even if improvements do lead to a better 2019, there's no assurance those gains are sustainable. There are limits to cost cuts and efficiency gains, and with rates for the 737 program set to be renegotiated in the next few years, look for Boeing to try to step in and capture some of that added productivity via lower contract prices.
Spirit's answer to this risk, at least in part, is diversification. The company, a onetime wholly owned subsidiary of Boeing that still generates nearly three-quarters of its sales from its former parent, in May announced plansto acquire Asco Industries for $650 millionin cash. Asco, a privately held Belgium-based manufacturer, generates about half of its revenue from Airbus and another 30% from other non-Boeing customers, and would help reduce Spirit's reliance on Boeing.
Unfortunately, the Asco deal has hit some turbulence. Spirit last month pulled its transaction notice on the acquisition from the European Commission after regulators flagged issues with the merger plan.
Gentile on the call provided a little more color about the issues, saying they relate to technicalities in the way Airbus was structured when the consortium was pieced together in the 1970s. Gentile said Spirit has been "working very constructively" with Airbus on the issue, and anticipates being able to resubmit the merger notice without impacting the deal:
These issues do not involve any divestitures, nor do we anticipate they will impact the economics of the deal. We remain confident that we will close the deal, and we continue to be very enthusiastic about the strategic fit of Asco with the rest of our operations.
It's unclear whether the delay will impact the timing of the transaction, which Spirit had originally hoped to close by year's end. Any delays have the potential to ding margins in the fourth quarter or into 2019, due to higher legal fees or added interest expenses while the company awaits closing.
A drawn-out process also reduces the likelihood Spirit would seek out any further acquisitions in the near term.
Spirit is attractively priced, trading at about 14 times forward earnings, a discount both to industry leaderTransDigm's 21.7 P/E, as well as more diversified aerospace suppliers likeHoneywellandUnited Technologies. Spirit also seems to have momentum on its side, having cleared most of its 737 issues and making steady (if slow) progress on its plan to diversify.
Gentile, on the job since August 2016, has a solid plan in place and is doing a good job of both streamlining Spirit for better results today and positioning the company to be more resilient in the future. That's no small feat, given that shares of the company spent most of the period between its independence in 2006 through 2013 below its go-public price.
But given the company's continued reliance on Boeing, and the aerospace giant'srelentless push against suppliers for more favorable terms, Spirit is a risky choice for investors who want exposure to the continuing commercial-aerospace upswing. I'd prefer owning TransDigm, withits concentration of proprietary products that are hard to commoditize, or evenBoeing itself.
Spirit's doing all the right things, and the entire commercial aerospace supply chain will run smoother thanks to the company's improvements. It's just unclear that Spirit shareholders will be the primary beneficiaries when all is said and done.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Lou Whitemanowns shares of TransDigm Group. The Motley Fool owns shares of and recommends TransDigm Group. The Motley Fool has adisclosure policy. || Why This Key Boeing Supplier Expects Improvement in 2019: Spirit AeroSystems (NYSE: SPR) , a key component and of late a choke point in Boeing 's (NYSE: BA) sprawling international supply chain, reported a mixed third quarter typical of a company in the middle of a transition. Management's commentary on 2019 and beyond provides reason for hope the worst is in the past for this pivotal aerospace supplier. Spirit reported third-quarter earnings of $1.70 per share, besting the $1.64 consensus, though that beat was helped by an $0.08-per-share decrease in tax rate and an unspecified benefit from recovery of legal fees. Revenue in the quarter rose 4% to $1.81 billion, but that figure was short of analysts' $1.83 billion estimate. Boeing 737 max fuselage on the assembly line A Boeing 737 MAX fuselage on the assembly line. Image source: Boeing. Spirit, maker of fuselages for Boeing's 737, as well as a range of other components for aircraft, defense, and propulsion systems, was blamed earlier this year for slowdowns at Boeing's 737 final assembly plant. Here's where things stand for the company now, and why management is optimistic its operations will improve going into 2019. Getting up to speed Company officials on a call with analysts said that Spirit has fully recovered from delays that had rippled through Boeing's 737 assembly line, though those improvements came at a cost. Spirit's operating expenses for the quarter were up 3%, to $1.6 billion, in large part due to increased employee costs and express shipping of fuselages from Spirit's facility in Wichita to Boeing's Renton, Washington, assembly site. Spirit shipped 160 737 fuselages in the quarter, ahead of Boeing's production target of 52 aircraft per month. The company insists that it will be ready to go, assuming Boeing follows through on its plan to boost 737 production to 57 frames per month next year. Spirit says it has built a buffer into its production line and hired about 90% of the total employees needed to handle the increase, getting them in early enough to do training ahead of the ramp-up. Story continues "With this level of preparation, we are very confident in our ability to execute a smooth rate break to 57 aircraft per month," CEO Thomas Gentile said on the call with investors. Part of the issue Spirit has had is shifting between 737 MAX fuselages and older 737NG models, which the company says are about 35% different from the MAX. Production is currently split evenly between the two, but by next year the MAX should account for about 90% of production. The next step is to bring down costs. Fuselage segment margins improved slightly in the third quarter, to 14.8% from 14.3% in the second quarter, as the company got on a steadier pace and was able to reduce overtime. The company expects margins to expand to around 16.5% by mid-2019, if not sooner, on higher program revenue for not just the 737 but Boeing's 787 and the Airbus A320 and A350 as well. Interestingly, Boeing's planned boost to 57 frames per month should help Spirit's efficiency, because it will allow the company to deploy three lines, each producing 19 aircraft per month. Right now, the third line is only producing one frame every few days, causing staffing choppiness and other productivity issues. Boeing's in charge Even if improvements do lead to a better 2019, there's no assurance those gains are sustainable. There are limits to cost cuts and efficiency gains, and with rates for the 737 program set to be renegotiated in the next few years, look for Boeing to try to step in and capture some of that added productivity via lower contract prices. Spirit's answer to this risk, at least in part, is diversification. The company, a onetime wholly owned subsidiary of Boeing that still generates nearly three-quarters of its sales from its former parent, in May announced plans to acquire Asco Industries for $650 million in cash. Asco, a privately held Belgium-based manufacturer, generates about half of its revenue from Airbus and another 30% from other non-Boeing customers, and would help reduce Spirit's reliance on Boeing. Unfortunately, the Asco deal has hit some turbulence. Spirit last month pulled its transaction notice on the acquisition from the European Commission after regulators flagged issues with the merger plan. Gentile on the call provided a little more color about the issues, saying they relate to technicalities in the way Airbus was structured when the consortium was pieced together in the 1970s. Gentile said Spirit has been "working very constructively" with Airbus on the issue, and anticipates being able to resubmit the merger notice without impacting the deal: These issues do not involve any divestitures, nor do we anticipate they will impact the economics of the deal. We remain confident that we will close the deal, and we continue to be very enthusiastic about the strategic fit of Asco with the rest of our operations. It's unclear whether the delay will impact the timing of the transaction, which Spirit had originally hoped to close by year's end. Any delays have the potential to ding margins in the fourth quarter or into 2019, due to higher legal fees or added interest expenses while the company awaits closing. A drawn-out process also reduces the likelihood Spirit would seek out any further acquisitions in the near term. Better, but not best Spirit is attractively priced, trading at about 14 times forward earnings, a discount both to industry leader TransDigm 's 21.7 P/E, as well as more diversified aerospace suppliers like Honeywell and United Technologies . Spirit also seems to have momentum on its side, having cleared most of its 737 issues and making steady (if slow) progress on its plan to diversify. Gentile, on the job since August 2016, has a solid plan in place and is doing a good job of both streamlining Spirit for better results today and positioning the company to be more resilient in the future. That's no small feat, given that shares of the company spent most of the period between its independence in 2006 through 2013 below its go-public price. But given the company's continued reliance on Boeing, and the aerospace giant's relentless push against suppliers for more favorable terms , Spirit is a risky choice for investors who want exposure to the continuing commercial-aerospace upswing. I'd prefer owning TransDigm, with its concentration of proprietary products that are hard to commoditize , or even Boeing itself . Spirit's doing all the right things, and the entire commercial aerospace supply chain will run smoother thanks to the company's improvements. It's just unclear that Spirit shareholders will be the primary beneficiaries when all is said and done. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Lou Whiteman owns shares of TransDigm Group. The Motley Fool owns shares of and recommends TransDigm Group. The Motley Fool has a disclosure policy . || What Warren Buffett's Berkshire Buybacks Mean to You: Warren Buffett is one of the most famous investors of all time, and even at 88 years old, he's still on top of his game as the CEO of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) . Having made his fortune as a stock-picker, Buffett understands the need to get good value when you invest, and he's often held out for opportunities to pick up undervalued companies at bargain prices. Buffett has often gone against the grain, and one area in which Berkshire has lagged behind many of its peers in the corporate world is in doing share repurchases. Despite explosive growth in stock buybacks across the market, Buffett has largely been a holdout. That's what made the news that Berkshire gave in its third-quarter financial report last weekend so important, because it marked what could become a big shift in strategy for the insurance giant. Warren Buffett, with other people out of focus in the background. Image source: The Motley Fool. Berkshire's history of stock buybacks Berkshire Hathaway hasn't done many buybacks in the past. Back in 2000, when the company's shares had gone through a protracted period of underperformance, Buffett addressed the issue in his annual letter to shareholders. Despite acknowledging that buybacks were in style at the time, he said they were done primarily to pump the price of a stock. As Buffett saw it, "The shareholder who chooses to sell today, of course, is benefited by any buyer, whatever his origin or motives. But the continuing shareholder is penalized by repurchases above intrinsic value. Buying dollar bills for $1.10 is not good business for those who stick around." Yet the Oracle of Omaha acknowledged that at times, not doing buybacks was a mistake, and so he opened the door for shareholders to contact Berkshire directly if they wanted to make an offer. Then, in September 2011, Berkshire formalized its repurchase program. In a news release (opens a PDF), Berkshire set a limit of 10% above book value for buying back shares. The company also said it would always maintain at least $20 billion in cash and equivalents to consider other strategic options, essentially confirming its preference for traditional investments and acquisitions over repurchases of its own stock. Story continues Buffett then made a change to that rule just over a year later. A major shareholder's estate had a large block of shares that it wanted to sell, and Berkshire did so, spending $1.2 billion to buy back 9,200 "A" shares at roughly 1.2 times book value. Berkshire's news release (opens a PDF) confirmed the raising of its limit to a 20% premium to book value. What Berkshire did Three months ago, Berkshire made a huge change to its buyback policy . Rather than having a hard-and-fast multiple to book value, Berkshire instead gave Buffett and his team the right to do buybacks if they believe that shares are below their intrinsic value. That opened the door to a much more liberal application of repurchases, but it didn't require immediate disclosure of those moves. Only in last weekend's release of financial results did we find out what the change actually meant. Berkshire bought back more than $925 million in stock during the third quarter, all in a two-and-a-half week period in mid-August. More than 90% of the repurchases involved class B shares, with the company paying an average of $207.09 per share for the stock -- above where the shares had closed immediately before Berkshire's release of its quarterly report. That acknowledgement that $207 per share was less than Buffett's assessment of intrinsic value sent Berkshire shares soaring after the report's release. What it means for investors Some shareholders look at the buyback authorization as a " Buffett put ," believing that the stock could never go below a certain value because if it did, repurchases would lift the share back up. It's important to note that Buffett would almost certainly disagree with that assessment, as it's specifically not his intent to try to pump Berkshire's stock price. With more than $100 billion in cash on its balance sheet, though, Berkshire has had trouble finding good investment opportunities. In an environment in which overvalued securities are the norm, resorting to buying back shares could be the best way for Buffett to deploy capital right now -- unless bullish shareholders pump up Berkshire's price so high that those buybacks no longer make sense either. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger owns shares of Berkshire Hathaway (B shares). The Motley Fool recommends Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy . || What Warren Buffett's Berkshire Buybacks Mean to You: Warren Buffettis one of the most famous investors of all time, and even at 88 years old, he's still on top of his game as the CEO ofBerkshire Hathaway(NYSE: BRK-A)(NYSE: BRK-B). Having made his fortune as a stock-picker, Buffett understands the need to get good value when you invest, and he's often held out for opportunities to pick up undervalued companies at bargain prices.
Buffett has often gone against the grain, and one area in which Berkshire has lagged behind many of its peers in the corporate world is in doing share repurchases. Despite explosive growth in stock buybacks across the market, Buffett has largely been a holdout. That's what made the news that Berkshire gave in its third-quarter financial report last weekend so important, because it marked what could become a big shift in strategy for the insurance giant.
Image source: The Motley Fool.
Berkshire Hathaway hasn't done many buybacks in the past. Back in 2000, when the company's shares had gone through a protracted period of underperformance, Buffett addressed the issue in his annual letter to shareholders. Despite acknowledging that buybacks were in style at the time, he said they were done primarily to pump the price of a stock. As Buffett saw it, "The shareholder who chooses to sell today, of course, is benefited by any buyer, whatever his origin or motives. But thecontinuingshareholder is penalized by repurchases above intrinsic value. Buying dollar bills for $1.10 is not good business for those who stick around." Yet the Oracle of Omaha acknowledged that at times,notdoing buybacks was a mistake, and so he opened the door for shareholders to contact Berkshire directly if they wanted to make an offer.
Then, in September 2011, Berkshire formalized its repurchase program. In anews release(opens a PDF), Berkshire set a limit of 10% above book value for buying back shares. The company also said it would always maintain at least $20 billion in cash and equivalents to consider other strategic options, essentially confirming its preference for traditional investments and acquisitions over repurchases of its own stock.
Buffett then made a change to that rule just over a year later. A major shareholder's estate had a large block of shares that it wanted to sell, and Berkshire did so, spending $1.2 billion to buy back 9,200 "A" shares at roughly 1.2 times book value. Berkshire'snews release(opens a PDF) confirmed the raising of its limit to a 20% premium to book value.
Three months ago,Berkshire made a huge change to its buyback policy. Rather than having a hard-and-fast multiple to book value, Berkshire instead gave Buffett and his team the right to do buybacks if they believe that shares are below their intrinsic value. That opened the door to a much more liberal application of repurchases, but it didn't require immediate disclosure of those moves.
Only in last weekend's release of financial results did we find out what the change actually meant.Berkshire bought back more than $925 million in stockduring the third quarter, all in a two-and-a-half week period in mid-August. More than 90% of the repurchases involved class B shares, with the company paying an average of $207.09 per share for the stock -- above where the shares had closed immediately before Berkshire's release of its quarterly report. That acknowledgement that $207 per share was less than Buffett's assessment of intrinsic value sent Berkshire shares soaring after the report's release.
Some shareholders look at the buyback authorization as a "Buffett put," believing that the stock could never go below a certain value because if it did, repurchases would lift the share back up. It's important to note that Buffett would almost certainly disagree with that assessment, as it's specificallynothis intent to try to pump Berkshire's stock price.
With more than $100 billion in cash on its balance sheet, though, Berkshire has had trouble finding good investment opportunities. In an environment in which overvalued securities are the norm, resorting to buying back shares could be the best way for Buffett to deploy capital right now -- unless bullish shareholders pump up Berkshire's price so high that those buybacks no longer make sense either.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Dan Caplingerowns shares of Berkshire Hathaway (B shares). The Motley Fool recommends Berkshire Hathaway (B shares). The Motley Fool has adisclosure policy. || The Simple Reason These 4 Niche Energy Stocks Dropped Over 15% in October: By now, investors in offshore oil rig operators are used to being put through the wringer. Shares of major companies in the sector have been brutally hammered by the stock market over the past several years. But all that changed in 2018. During the first nine months of the year, many offshore drillers' stocks popped by more than 30%. The slump was over and it would be smooth sailing from there on out. Or would it? According to data provided by S&P Global Market Intelligence , all the major offshore rig stocks had a horrible October. Shares of Ensco (NYSE: ESV) fell 15.4% for the month, Seadrill 's (NYSE: SDRL) shares were down 17.8%, Transocean 's (NYSE: RIG) stock gave back 21.1%, and shares of Noble Corporation (NYSE: NE) fared the worst, dropping an astonishing 28.6%. Here's why October was more tricks than treats for these companies, and what investors should do now. An offshore oil rig with its lights on in open water The offshore drilling industry has underperformed the stock market over the last five years. October was no exception. Image source: Getty Images. The price isn't right When it comes to offshore oil rig operators, the price of oil rules. High oil prices make it more profitable to drill for oil offshore -- particularly in deep or ultradeep water, where drilling is more expensive and difficult. And when more companies are interested in offshore drilling, it increases demand for offshore rigs, which means rig operators can charge higher day rates, utilize more of their fleets, and make more money. When oil prices are down, on the other hand, rig operators are often among the first to feel the pinch, and they feel it the hardest. While a drilling company can refocus its operations to cheaper onshore drilling opportunities, offshore rig operators don't have that luxury. Worse, it's the deepwater and ultradeepwater rigs that command the highest day rates...and are the first to be idled when oil prices drop. During the oil price slump of 2014-2017, many rig operators' stocks lost most of their value as drilling companies abandoned offshore drilling left and right. A few didn't even survive: Atwood Oceanics was bought by Ensco at a bargain-basement price, and Seadrill went into bankruptcy protection, only emerging earlier this year. Those that did come through saw their stock prices drop by 80%...or more. Story continues Calmer seas Things seemed like they were turning the corner in late 2017, when crude oil prices started climbing. That climb continued throughout much of 2018. Both Brent crude (a benchmark for most international oil sales) and WTI crude (one for most domestic oil sales) hit three-year highs at the beginning of October. A barrel of Brent crude was trading for $85 per barrel, with WTI crude close behind at more than $75 per barrel. Unfortunately, prices fell a bit in October. The spot price of Brent crude dropped 9.5% during the month, to $74.84 per barrel. WTI crude spot prices fared even worse, falling by 10.7% to close out the month at $65.31 per barrel. Those declines may seem pretty small, but you have to realize that they made October the worst month for oil prices in more than two years. That had investors wondering if the long oil price rally was starting to sputter, and they naturally took it out on oil rig operators. Rig operators, though, weren't the only ones affected by oil-price declines. Many drillers saw their stocks fall during the month as well, and the big oilfield services companies also posted double-digit share price declines. As Cheech and Chong once observed, things are tough all over. Small potatoes In the grand scheme of things, though, this October drop barely registers for offshore rig operators. That's because the companies' shares have already tumbled so far over the last five years: SDRL Chart SDRL data by YCharts . The spike in Seadrill's stock price came when it emerged from bankruptcy after a restructuring, so what looks like a price pop is actually a drop thanks to changes in the share count. Basically, thanks to the comparatively long lead time to initiate an offshore drilling project versus an onshore drilling project -- and thanks to the many onshore opportunities available in places like the Permian Basin -- the offshore industry is still dealing with the fallout of the oil-price slump. But with U.S. onshore projects beginning to run into pipeline constraints, offshore opportunities are starting to look more attractive to drillers. Indeed, there have been recent signs that the industry is waking up from its prolonged nap. Investors just need to hope it happens before cyclical oil prices start seriously trending downward. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Bromels has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || The Simple Reason These 4 Niche Energy Stocks Dropped Over 15% in October: By now, investors in offshore oil rig operators are used to being put through the wringer. Shares of major companies in the sector have been brutally hammered by the stock market over the past several years.
But all that changed in 2018. During the first nine months of the year, many offshore drillers' stocks popped by more than 30%. The slump was over and it would be smooth sailing from there on out.
Or would it? According to data provided byS&P Global Market Intelligence, all the major offshore rig stocks had a horrible October. Shares ofEnsco(NYSE: ESV)fell 15.4% for the month,Seadrill's(NYSE: SDRL)shares were down 17.8%,Transocean's(NYSE: RIG)stock gave back 21.1%, and shares ofNoble Corporation(NYSE: NE)fared the worst, dropping an astonishing 28.6%.
Here's why October was more tricks than treats for these companies, and what investors should do now.
The offshore drilling industry has underperformed the stock market over the last five years. October was no exception. Image source: Getty Images.
When it comes to offshore oil rig operators, the price of oil rules. High oil prices make it more profitable to drill for oil offshore -- particularly in deep or ultradeep water, where drilling is more expensive and difficult. And when more companies are interested in offshore drilling, it increases demand for offshore rigs, which means rig operators can charge higher day rates, utilize more of their fleets, and make more money.
When oil prices are down, on the other hand, rig operators are often among the first to feel the pinch, and they feel it the hardest. While a drilling company can refocus its operations to cheaper onshore drilling opportunities, offshore rig operators don't have that luxury. Worse, it's the deepwater and ultradeepwater rigs that command the highest day rates...and are the first to be idled when oil prices drop.
During the oil price slump of 2014-2017, many rig operators' stocks lost most of their value as drilling companies abandoned offshore drilling left and right. A few didn't even survive: Atwood Oceanics was bought by Ensco at a bargain-basement price, and Seadrill went into bankruptcy protection,only emergingearlier this year. Those that did come through saw their stock prices drop by 80%...or more.
Things seemed like they were turning the corner in late 2017, when crude oil prices started climbing. That climb continued throughout much of 2018. Both Brent crude (a benchmark for most international oil sales) and WTI crude (one for most domestic oil sales) hit three-year highs at the beginning of October. A barrel of Brent crude was trading for $85 per barrel, with WTI crude close behind at more than $75 per barrel.
Unfortunately, prices fell a bit in October. The spot price of Brent crude dropped 9.5% during the month, to $74.84 per barrel. WTI crude spot prices fared even worse, falling by 10.7% to close out the month at $65.31 per barrel. Those declines may seem pretty small, but you have to realize that they made October the worst month for oil prices in more than two years. That had investors wondering if the long oil price rally was starting to sputter, and they naturally took it out on oil rig operators.
Rig operators, though, weren't the only ones affected by oil-price declines. Many drillers saw their stocks fall during the month as well, and the big oilfield services companies also posted double-digit share price declines. As Cheech and Chong once observed, things are tough all over.
In the grand scheme of things, though, this October drop barely registers for offshore rig operators. That's because the companies' shares have already tumbled so far over the last five years:
SDRLdata byYCharts.
The spike in Seadrill's stock price came when it emerged from bankruptcy after a restructuring, sowhat looks like a price popis actually a drop thanks to changes in the share count.
Basically, thanks to the comparatively long lead time to initiate an offshore drilling project versus an onshore drilling project -- and thanks to the many onshore opportunities available in places like the Permian Basin -- the offshore industry is still dealing with the fallout of the oil-price slump. But with U.S. onshore projects beginning to run into pipeline constraints, offshore opportunities are starting to look more attractive to drillers.
Indeed, there have beenrecent signsthat the industry is waking up from its prolonged nap. Investors just need to hope it happens before cyclical oil prices start seriously trending downward.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Bromelshas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Revolut: Lack of Investor Interest Stunting Crypto Adoption on Wall Street: Nikolay Storonsky crypto Is crypto investing the future of banking? Not in the short term, says fintech executive Nikolay Storonsky, the CEO of London-based startup Revolut, which recently began offering cryptocurrency trading. Storonsky said he had seen “no interest” so far from mainstream institutional investors — despite the fact that Wall Street powerhouses Goldman Sachs and Fidelity are building financial frameworks to enable institutional investors and retail traders to invest in the crypto market. “There is no interest from big institutional investors so far,” Storonsky said at Web Summit 2018 in Lisbon, as reported by Bloomberg. “Unless these big institutional investors and hedge funds move heavily into the crypto world, I just don’t think banks will move because they simply try to make money from their clients.” ‘Fintech Will be Very Big for Crypto’ Storonsky expects the sentiment to improve in 2019, but predicts that major banks will stay on the sidelines for some time. “Fintech will be very big in crypto for the foreseeable future,’’ he said. ‘’I just don’t think banks will catch up.’’ Despite his sobering remarks, Storonsky is a cryptocurrency enthusiast who underscored that bitcoin is “ definitely not a fraud .” In April 2018, Revolut raised $250 million, bringing its valuation to a stunning $1.7 billion. The app-based banking alternative provides a debit card that enables users to spend money in 150 currencies with no fees at a real-time exchange rate. Crypto exchanges can be complex according to @RevolutApp , where customers can now exchange any of their 24 currencies directly into #Bitcoin , #Litecoin , #Ethereum , #BitcoinCash and #XRP . Co-founder and CEO Nikolay Storonsky discusses his vision for the future of banking. pic.twitter.com/57HTZdwiSI — Mr. Blockchain (@ZeeshanMallick) November 8, 2018 Nikolay Storonsky’s bearish near-term outlook mirrored that of Larry Fink, the CEO of BlackRock — the world’s largest asset manager. Story continues Fink said BlackRock — which has $6.4 trillion in assets under management — will not launch a bitcoin ETF until the cryptocurrency industry becomes “legitimate.” And because the market is still in its infancy, Fink does not believe this will happen anytime soon. “It will ultimately have to be backed by a government,” Fink explained. “I don’t sense that any government will allow that unless they have a sense of where that money’s going.” Novogratz Predicts Huge Institutional Interest In stark contrast to the skepticism expressed by Fink and Storonsky, crypto evangelist Mike Novogratz says the future of digital assets is unlimited and poised to skyrocket over the next few months. A major impetus for this boom will be institutional investors, said Novogratz, the CEO of crypto investment firm Galaxy Digital Capital Management. Novogratz predicts that bitcoin will shake off its 2018 slump and rocket to $20,000 in 2019 — fueled by a spike in institutional investments. Bull Call: Novogratz Says Bitcoin Will See Record Highs in 2019 https://t.co/JiGEZCre5q — CCN (@CryptoCoinsNews) November 6, 2018 Novogratz, a former hedge fund manager and Goldman Sachs partner, says traditional finance will hop on the crypto bandwagon as bitcoin gains mainstream traction, as CCN has reported . “Three to six months from now, there will be an ‘all-clear’ sign for people — big institutions and pension [funds] — to start investing,” Novogratz said. “There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail.” Featured Image from Stephen McCarthy/Web Summit via Sportsfile/ Wikimedia Commons The post Revolut: Lack of Investor Interest Stunting Crypto Adoption on Wall Street appeared first on CCN . || Are These 2 Dividend Streaks About to End?: Dividend investors generally like to see the stocks they own hike their disbursements annually. It's why theDividend Aristocrat list(companies that have hiked dividends for 25 or more years) garners such attention. Investors don't like to see these dividend streaks ending -- and right nowBriggs & Stratton Corporation(NYSE: BGG)andFlowserve Corporation(NYSE: FLS)both look like they are about to let investors down in 2018.
When you look at a dividend-paying company you need to think beyond the yield. That's just a simple metric that tells what you're getting, and doesn't give you any clue about the sustainability of a dividend. And making sure those checks keep coming, and hopefully growing in line with or faster thaninflation, is a key step in the dividend stock selection process.
A quick way to cut down the list of dividend payers is to focus on those companies that have long histories of regular annual dividend hikes. Briggs' streak is at nine years and Flowserve's is at 11, enough in both cases to suggest a commitment to returning value to shareholders via consistent dividend increases.
Image source: Getty Images
The only problem is that 2018 hasn't seen an increase from either company yet. And unless they make bold ninth-inning moves, their streaks are headed for the dustbin this year.
The really worrisome part of this story, however, is that the end of a dividend streak is often the first sign that a dividend cut could be in the cards. In fact, neither company has increased its quarterly dividend since 2016, though the timing of declaration dates and payment dates allowed their annual streaks to extend into 2017. When you look at each company's financials you can clearly see why dividend investors should be paying extra attention to Briggs and Flowserve today.
Revenue at both Briggs & Stratton and Flowserve were lower in their most recent fiscal years then they were a decade earlier. In fact, the two companies have basically been treading water on the top line for a little while now. Gasoline engine and power equipment maker Briggs & Stratton has been facingdifficult market conditions in the residential lawn mower market, where a large number of its engines end up going. And fluid motion and control products maker Flowserve suffered through a long downturn in the industrial markets it serves.
The end result in both cases, however, was the same: a top line that wasn't going anywhere. If you can't grow sales, it's hard to grow your bottom line. Both companies' earnings have bounced around a fair amount over the past decade, with notable share repurchases providing support to per-share figures. However, the bigger concern is that both companies' earnings in the last fiscal year were lower than earnings per share a decade earlier. Meanwhile, the dividends at each company were heading steadily higher. Briggs has seen its payment rise by nearly 30% since 2006, and Flowserve has more than doubled its dividend payment over the past 10 years.
FLS Total Dividends Paid (TTM)data byYCharts
To make matters worse, the last year or so has been particularly difficult for both companies. Flowserve has seen loweryear-over-year earningsin four of the last six quarter. Briggs has matched that record, but has also bled red ink in three of the last four quarters. Looking at trailing-12-month numbers, neither company is covering its dividend with earnings today.
To be fair, dividends don't come out of earnings; they come out of cash flow. And there's a lot a company can do to support dividends through tough periods, including taking on additional debt. But with long-term debt at roughly 50% of Flowserve's capital structure, that's not a great idea for the cyclical company. Briggs has a little more flexibility, with long-term debt at around 25% of its capital structure, but its free cash flow is negative over the trailing 12 months, and was pretty weak in fiscal 2017 and 2018 as well. Leveraging up to raise the dividend under those conditions wouldn't be the best use of its balance sheet, particularly if it meant boosting the dividend to an unsustainable level over the long term.
Which, at the end of the day, is really why both companies have held the line on dividends for more than a year. They don't want to increase their dividends if they really can't afford to keep paying higher levels.
While that's clearly the right move for Briggs & Stratton and Flowserve, the investor takeaway is pretty clear. Each company is facing notable headwinds that they are having difficulty navigating, and the dividend decisions they are making highlight this fact. For dividend investors that's a sign that it's time to pay very close attention to these companies, because the next shoe to drop could be a dividend cut if conditions continue to get worse.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Reuben Gregg Brewerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Are These 2 Dividend Streaks About to End?: Dividend investors generally like to see the stocks they own hike their disbursements annually. It's why the Dividend Aristocrat list (companies that have hiked dividends for 25 or more years) garners such attention. Investors don't like to see these dividend streaks ending -- and right now Briggs & Stratton Corporation (NYSE: BGG) and Flowserve Corporation (NYSE: FLS) both look like they are about to let investors down in 2018. What's behind a growing dividend? When you look at a dividend-paying company you need to think beyond the yield. That's just a simple metric that tells what you're getting, and doesn't give you any clue about the sustainability of a dividend. And making sure those checks keep coming, and hopefully growing in line with or faster than inflation , is a key step in the dividend stock selection process. A quick way to cut down the list of dividend payers is to focus on those companies that have long histories of regular annual dividend hikes. Briggs' streak is at nine years and Flowserve's is at 11, enough in both cases to suggest a commitment to returning value to shareholders via consistent dividend increases. A man writing the word dividends Image source: Getty Images The only problem is that 2018 hasn't seen an increase from either company yet. And unless they make bold ninth-inning moves, their streaks are headed for the dustbin this year. The really worrisome part of this story, however, is that the end of a dividend streak is often the first sign that a dividend cut could be in the cards. In fact, neither company has increased its quarterly dividend since 2016, though the timing of declaration dates and payment dates allowed their annual streaks to extend into 2017. When you look at each company's financials you can clearly see why dividend investors should be paying extra attention to Briggs and Flowserve today. A difficult set of figures Revenue at both Briggs & Stratton and Flowserve were lower in their most recent fiscal years then they were a decade earlier. In fact, the two companies have basically been treading water on the top line for a little while now. Gasoline engine and power equipment maker Briggs & Stratton has been facing difficult market conditions in the residential lawn mower market , where a large number of its engines end up going. And fluid motion and control products maker Flowserve suffered through a long downturn in the industrial markets it serves. The end result in both cases, however, was the same: a top line that wasn't going anywhere. If you can't grow sales, it's hard to grow your bottom line. Both companies' earnings have bounced around a fair amount over the past decade, with notable share repurchases providing support to per-share figures. However, the bigger concern is that both companies' earnings in the last fiscal year were lower than earnings per share a decade earlier. Meanwhile, the dividends at each company were heading steadily higher. Briggs has seen its payment rise by nearly 30% since 2006, and Flowserve has more than doubled its dividend payment over the past 10 years. Story continues FLS Total Dividends Paid (TTM) Chart FLS Total Dividends Paid (TTM) data by YCharts To make matters worse, the last year or so has been particularly difficult for both companies. Flowserve has seen lower year-over-year earnings in four of the last six quarter. Briggs has matched that record, but has also bled red ink in three of the last four quarters. Looking at trailing-12-month numbers, neither company is covering its dividend with earnings today. To be fair, dividends don't come out of earnings; they come out of cash flow. And there's a lot a company can do to support dividends through tough periods, including taking on additional debt. But with long-term debt at roughly 50% of Flowserve's capital structure, that's not a great idea for the cyclical company. Briggs has a little more flexibility, with long-term debt at around 25% of its capital structure, but its free cash flow is negative over the trailing 12 months, and was pretty weak in fiscal 2017 and 2018 as well. Leveraging up to raise the dividend under those conditions wouldn't be the best use of its balance sheet, particularly if it meant boosting the dividend to an unsustainable level over the long term. Which, at the end of the day, is really why both companies have held the line on dividends for more than a year. They don't want to increase their dividends if they really can't afford to keep paying higher levels. Dividend investors should be wary While that's clearly the right move for Briggs & Stratton and Flowserve, the investor takeaway is pretty clear. Each company is facing notable headwinds that they are having difficulty navigating, and the dividend decisions they are making highlight this fact. For dividend investors that's a sign that it's time to pay very close attention to these companies, because the next shoe to drop could be a dividend cut if conditions continue to get worse. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . View comments || BitPay Sides with Bitcoin ABC in Bitcoin Cash Hard Fork: BitPay has joined the litany of industry heavyweights includingCoinbaseandBinancein backing the Bitcoin Cash ABC side of the upcoming Bitcoin Cash hard fork.
Without delving too much into the debate surrounding the upcoming chain split, Bitpay said ina blog post:
BitPay’s system uses the primary software implementation of Bitcoin Cash called Bitcoin ABC. Bitcoin ABC has scheduled a Bitcoin Cash protocol change via hard fork on November 15th. […] BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation.
They also recommended that users not send transactions in the time surrounding the actual hard fork, saying this could increase the risk to user funds being lost or double-spent.
During the fork, your funds held in your wallet will be safe, and you won’t be at risk of losing funds. However, we strongly recommend that you stop sending or receiving transactions from your Bitcoin Cash wallets at 10 AM EST (about two hours before the fork). During a hard fork , there is an increased risk that outgoing or incoming transactions can be lost or double-spent.
With Coinbase, Bitpay, and Binance all having announced support for one side of the split, the “Satoshi Vision” client and chain, which as a baseline raises the maximum block size to 128MB currently only truly has the support of the largest BCH mining pool, Coingecko. If the economic support of the market tends toward one version or the other, miners are likely to follow suit – individual miners, without regard to the mining pool as a whole.
Craig Wright and nChain believe they are restoring the original vision of Bitcoin and disregard all evidence to the contrary. CEO Jimmy Nguyen saidearlier this year:
Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.
Featured image from Shutterstock.
The postBitPay Sides with Bitcoin ABC in Bitcoin Cash Hard Forkappeared first onCCN. || BitPay Sides with Bitcoin ABC in Bitcoin Cash Hard Fork: BitPay has joined the litany of industry heavyweights includingCoinbaseandBinancein backing the Bitcoin Cash ABC side of the upcoming Bitcoin Cash hard fork.
Without delving too much into the debate surrounding the upcoming chain split, Bitpay said ina blog post:
BitPay’s system uses the primary software implementation of Bitcoin Cash called Bitcoin ABC. Bitcoin ABC has scheduled a Bitcoin Cash protocol change via hard fork on November 15th. […] BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation.
They also recommended that users not send transactions in the time surrounding the actual hard fork, saying this could increase the risk to user funds being lost or double-spent.
During the fork, your funds held in your wallet will be safe, and you won’t be at risk of losing funds. However, we strongly recommend that you stop sending or receiving transactions from your Bitcoin Cash wallets at 10 AM EST (about two hours before the fork). During a hard fork , there is an increased risk that outgoing or incoming transactions can be lost or double-spent.
With Coinbase, Bitpay, and Binance all having announced support for one side of the split, the “Satoshi Vision” client and chain, which as a baseline raises the maximum block size to 128MB currently only truly has the support of the largest BCH mining pool, Coingecko. If the economic support of the market tends toward one version or the other, miners are likely to follow suit – individual miners, without regard to the mining pool as a whole.
Craig Wright and nChain believe they are restoring the original vision of Bitcoin and disregard all evidence to the contrary. CEO Jimmy Nguyen saidearlier this year:
Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.
Featured image from Shutterstock.
The postBitPay Sides with Bitcoin ABC in Bitcoin Cash Hard Forkappeared first onCCN.
[Social Media Buzz]
Crypto Litmus
05:00 2018-11-12 http://cryptolitmus.com #cryptocurrency #bitcoin pic.twitter.com/7mImhfXanE || BTC,ETH,XRP
Last: 6436.04, 212.06, 0.53
High: 6497.00, 214.22, 0.53
Low: 6404.00, 210.69, 0.50
%: 0.00% , 0.01% , 0.04%
Total USDT: 24.04, 1.26, 0.02
#BTC #bitcoin #ETH #XRP #ripple #crypto #cryptocurrency #pricepic.twitter.com/w3dskn78Uc || BTC,ETH,XRP
Last: 6441.21, 212.20, 0.53
High: 6497.00, 214.22, 0.53
Low: 6404.00, 210.00, 0.50
%: 0.00% , 0.01% , 0.05%
Total USDT: 31.22, 1.40, ...
|
6359.49, 5738.35, 5648.03, 5575.55, 5554.33, 5623.54, 4871.49, 4451.87, 4602.17, 4365.94
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49.
|
[Bitcoin Technical Analysis for 2020-06-08]
Volume: 21486346312, RSI (14-day): 56.73, 50-day EMA: 9007.09, 200-day EMA: 8384.85
[Wider Market Context]
Gold Price: 1698.30, Gold RSI: 47.53
Oil Price: 38.19, Oil RSI: 64.31
[Recent News (last 7 days)]
Crypto Long & Short: Bitcoin’s Quiet Progress Is Pointing Toward a Better Future: ‘The best Sundays are for long reads and deep conversations. Recently the hosts of theLet’s Talk Bitcoin! Showgathered to discuss the systemically important “Be Your Own Bank” Bitcoin narrative and what it means around the world today.
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
The episode is sponsored byeToro.comandThe Internet of Money Vol. 3
On today’s episode of Let’s Talk Bitcoin! you’re invited to join Andreas M. Antonopoulos, Adam B. Levine, Jonathan Mohan and Stephanie Murpy for an in-depth discussion about the ups and downs, the good and the bad about being your own bank in the modern world of Bitcoin.
The powerful idea and meme at the core of Bitcoin self-sovereignty is incredibly empowering but has an unspoken element that requires persistent competence and at least for some makes it more trouble than it’s worth.
As the world reels from the response to COVID-19 and disorder seems the trend on the rise, we discuss how although Bitcoin makes it possible for anyone to be their own bank, who actuallywantsthe constant vigilance and anxiety that goes along with it? And what happens when things go wrong and there’s no-one to blame but ourselves?
See also:Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)
Related:‘Be Your Own Bank’ and the ‘Luxury of Apathy’
“…There is tremendous luxury in having institutions that at least appear to be stable over some period of time where you don’t need to worry about the details of how they work and what happens under failure conditions. That luxury is pretty concentrated in just a few places in the world and at some point you can’t afford that luxury of apathy. – Andreas M. Antonopoulos, LTB! #437
Creditsfor LTB #437 ‘Be Your Own Bank’ and the ‘Luxury of Apathy’
This episode of Let’s Talk Bitcoin features Stephanie Murphy, Jonathan Mohan, Andreas M. Antonopoulos and Adam B. Levine. Music provided by Jared Rubens, FromEther and Adam B. Levine, with editing by Jonas.
• The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider
• Decentralization and What Section 230 Really Means for Freedom of Speech || Crypto Long & Short: Bitcoin’s Quiet Progress Is Pointing Toward a Better Future: ‘The best Sundays are for long reads and deep conversations. Recently the hosts of theLet’s Talk Bitcoin! Showgathered to discuss the systemically important “Be Your Own Bank” Bitcoin narrative and what it means around the world today.
Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,IHeartRadioorRSS.
The episode is sponsored byeToro.comandThe Internet of Money Vol. 3
On today’s episode of Let’s Talk Bitcoin! you’re invited to join Andreas M. Antonopoulos, Adam B. Levine, Jonathan Mohan and Stephanie Murpy for an in-depth discussion about the ups and downs, the good and the bad about being your own bank in the modern world of Bitcoin.
The powerful idea and meme at the core of Bitcoin self-sovereignty is incredibly empowering but has an unspoken element that requires persistent competence and at least for some makes it more trouble than it’s worth.
As the world reels from the response to COVID-19 and disorder seems the trend on the rise, we discuss how although Bitcoin makes it possible for anyone to be their own bank, who actuallywantsthe constant vigilance and anxiety that goes along with it? And what happens when things go wrong and there’s no-one to blame but ourselves?
See also:Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity)
Related:‘Be Your Own Bank’ and the ‘Luxury of Apathy’
“…There is tremendous luxury in having institutions that at least appear to be stable over some period of time where you don’t need to worry about the details of how they work and what happens under failure conditions. That luxury is pretty concentrated in just a few places in the world and at some point you can’t afford that luxury of apathy. – Andreas M. Antonopoulos, LTB! #437
Creditsfor LTB #437 ‘Be Your Own Bank’ and the ‘Luxury of Apathy’
This episode of Let’s Talk Bitcoin features Stephanie Murphy, Jonathan Mohan, Andreas M. Antonopoulos and Adam B. Levine. Music provided by Jared Rubens, FromEther and Adam B. Levine, with editing by Jonas.
• The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider
• Decentralization and What Section 230 Really Means for Freedom of Speech || Crypto Long & Short: Bitcoin’s Quiet Progress Is Pointing Toward a Better Future: ‘The best Sundays are for long reads and deep conversations. Recently the hosts of the Let’s Talk Bitcoin! Show gathered to discuss the systemically important “Be Your Own Bank” Bitcoin narrative and what it means around the world today. Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , IHeartRadio or RSS . The episode is sponsored by eToro.com and The Internet of Money Vol. 3 On today’s episode of Let’s Talk Bitcoin! you’re invited to join Andreas M. Antonopoulos, Adam B. Levine, Jonathan Mohan and Stephanie Murpy for an in-depth discussion about the ups and downs, the good and the bad about being your own bank in the modern world of Bitcoin. The powerful idea and meme at the core of Bitcoin self-sovereignty is incredibly empowering but has an unspoken element that requires persistent competence and at least for some makes it more trouble than it’s worth. As the world reels from the response to COVID-19 and disorder seems the trend on the rise, we discuss how although Bitcoin makes it possible for anyone to be their own bank, who actually wants the constant vigilance and anxiety that goes along with it? And what happens when things go wrong and there’s no-one to blame but ourselves? See also: Coronavirus Impacts on Bitcoin (And the IRS’s Dumb Singularity) Related: ‘Be Your Own Bank’ and the ‘Luxury of Apathy’ “…There is tremendous luxury in having institutions that at least appear to be stable over some period of time where you don’t need to worry about the details of how they work and what happens under failure conditions. That luxury is pretty concentrated in just a few places in the world and at some point you can’t afford that luxury of apathy. – Andreas M. Antonopoulos, LTB! #437 Story continues Credits for LTB #437 ‘Be Your Own Bank’ and the ‘Luxury of Apathy’ This episode of Let’s Talk Bitcoin features Stephanie Murphy, Jonathan Mohan, Andreas M. Antonopoulos and Adam B. Levine. Music provided by Jared Rubens, FromEther and Adam B. Levine, with editing by Jonas. Related Stories The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider Decentralization and What Section 230 Really Means for Freedom of Speech || ‘Be Your Own Bank’ and the ‘Luxury of Apathy’: A recap of one of the most significant weeks in recent American political history. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Bitstamp and Ciphertrace . The Breakdown Weekly Recap looks at the key themes that shaped the week. On this week’s episode, NLW discusses: The modern significance of Tiananmen Square, and why this week’s U.S. protests show why the tools of surveillance need to be applied to states, not citizens. The importance of “narrative violations,” or fighting to see things without falling into popular but often wrong conventional wisdoms. The need to resist attempts from both the left and the right to fit today’s unrest into convenient culture-war frameworks that perpetuate each group’s power. See also: Decentralization and What Section 230 Really Means for Freedom of Speech This week on The Breakdown Monday’s Breakdown | The Power and Peril of the ‘Bitcoin Fixes This’ Meme A look at what role, if any, bitcoin has to play in remaking the world that is being protested around the U.S. (and world) this week. Tuesday’s Breakdown | Bitcoin, Cellphones and the Citizen Tools of Anti-Authoritarianism, Feat. Alex Gladstein A look at the anti-authoritarian technology stack, including where non-state money like bitcoin fits in. Related: The Revolution Will Be Retweeted: The Breakdown Weekly Recap Wednesday’s Breakdown | 5 Numbers That Tell the Story of Markets Right Now From the number of U.S. flights from Chinese carriers to S&P 500 growth in the tumultuous year of 1968, these (unexpected) numbers tell the story of today’s markets. Thursday’s Breakdown | The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider Story continues An argument that the Fed is actually highly ineffectual due to the presence of the eurodollar shadow-banking system. Friday’s Breakdown | The Biggest Realignment in the US-China Relationship Since Nixon, Feat. Graham Webster A 101-level primer on the history of the U.S.-China relationship, and why today’s bluster represents a fundamental shift. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider Decentralization and What Section 230 Really Means for Freedom of Speech || ‘Be Your Own Bank’ and the ‘Luxury of Apathy’: A recap of one of the most significant weeks in recent American political history.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byBitstampandCiphertrace.
The Breakdown Weekly Recap looks at the key themes that shaped the week. On this week’s episode, NLW discusses:
• The modern significance of Tiananmen Square, and why this week’s U.S. protests show why the tools of surveillance need to be applied to states, not citizens.
• The importance of “narrative violations,” or fighting to see things without falling into popular but often wrong conventional wisdoms.
• The need to resist attempts from both the left and the right to fit today’s unrest into convenient culture-war frameworks that perpetuate each group’s power.
See also:Decentralization and What Section 230 Really Means for Freedom of Speech
Monday’s Breakdown |The Power and Peril of the ‘Bitcoin Fixes This’ Meme
• A look at what role, if any, bitcoin has to play in remaking the world that is being protested around the U.S. (and world) this week.
Tuesday’s Breakdown |Bitcoin, Cellphones and the Citizen Tools of Anti-Authoritarianism, Feat. Alex Gladstein
• A look at the anti-authoritarian technology stack, including where non-state money like bitcoin fits in.
Related:The Revolution Will Be Retweeted: The Breakdown Weekly Recap
Wednesday’s Breakdown |5 Numbers That Tell the Story of Markets Right Now
• From the number of U.S. flights from Chinese carriers to S&P 500 growth in the tumultuous year of 1968, these (unexpected) numbers tell the story of today’s markets.
Thursday’s Breakdown |The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider
• An argument that the Fed is actually highly ineffectual due to the presence of the eurodollar shadow-banking system.
Friday’s Breakdown |The Biggest Realignment in the US-China Relationship Since Nixon, Feat. Graham Webster
• A 101-level primer on the history of the U.S.-China relationship, and why today’s bluster represents a fundamental shift.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• The Mirage of the Money Printer: Why the Fed Is More PR Than Policy, Feat. Jeffrey P. Snider
• Decentralization and What Section 230 Really Means for Freedom of Speech || How does token burning work and what are the advantages?: Many cryptocurrency projects have adopted an approach called token burning to restrict the supply of their tokens. This may conjure up images of smoke and matches, but no tokens are actually burnt in the process. They are, however, rendered unusable in the future. So, what’s the point of token burning and who does it benefit? Token burning explained When a company decides to burn tokens, it has two options. It can either purchase existing tokens from the market (known as buy-back) or it can choose to take existing currency out of circulation. This could be tokens stored elsewhere such as in a Treasury or team wallet, or it could be unallocated tokens. For example, when OKEx launched OKChain in February of this year, the exchange decided to burn the 700 million unissued OKB tokens to make it a completely deflationary currency and the first fully circulating platform token. To ‘burn’ these tokens, their signatures are sent to a black hole (or “eater”) address. This is an irretrievable public wallet that can be viewed by anyone and the coins’ status is broadcast to the blockchain. #Binance Completes 11th Quarterly $BNB Burn https://t.co/k8WrLWgLhY pic.twitter.com/w0rC02j6ii — Binance (@binance) April 18, 2020 Some companies may burn tokens as a one-off event while others, such as Binance , and OKEx hold quarterly burns . How and why companies burn tokens ultimately depends on what they’re aiming to achieve. One-off burns often occur after a fundraise is completed and tokens are leftover. They could also happen to correct a mistake. Story continues Tether, for example, accidentally created $5 billion in USDT! They had to swiftly burn these tokens so as not to destabilise the 1:1 peg with the US dollar. Regardless of the mechanism, the result is the same: the tokens are removed from circulation and can never be used again. What are the advantages of burning tokens? If asset burning is a common practice, what, apart from correcting an error or removing tokens from circulation, are the benefits of this? To start with, token burning is a deflationary mechanism usually meant to affect the token price. Just as with the Bitcoin Halving, it comes down to the laws of supply and demand. Burning tokens ,like the halving, is restricting the supply. If the demand stays the same or increases, the price will naturally go up. If the demand dwindles, the burning won’t have had much effect. Exchanges like Binance, Huobi , KuCoin, and OKEx periodically burn tokens to incentivise their holder to keep them as they become more valuable. However, while it often affects the price, most trading platforms are actively building up use cases for their tokens and additional benefits for their holders, such as the ability to pay for goods and services online in their exchange token and early access to promising IEOs. $OKB : From Mar 1, 2020 – May 31, 2020, the amount of OKB bought back and burned is 3,509,874.52 🔥 Through buy-back & burn scheme, token economy model, platform-empowered & external use cases, we'll continuously #OKBuild 💪🏻 Learn more: https://t.co/wLVd3yj4WL pic.twitter.com/Ers4vUokGJ — OKEx (@OKEx) June 3, 2020 OKB holders, for example, can access discounted trading fees, just like HT and BNB holders, but they can also participate in offers outside the OKEx platform, such as loans and tourism packages, paid for with OKB. Binance, too, allows BNB holders to use its native token to buy goods and services online and pay travel expenses, among other options. Incentives for traders may not be the only reason for token burning. Some projects, such as Ripple, carry out token burns to add a layer of security and avoid spammed transactions. What about Proof of Burn? Proof of Burn (PoB) is another use that some projects have found for token burning. They have created a consensus mechanism to verify transactions to the blockchain, based on users burning their tokens to gain mining rights. It works by restricting the number of blocks miners that can verify to match with the number of tokens they’ve burnt. This creates virtual mining fields that continue to grow as more tokens are burnt. Existing cash, whether contaminated with the #coronavirus or not, can be converted via a Proof-of-Burn system. Visit https://t.co/rr4Nise42B to begin. Do NOT burn your cash until you have a confirmation code! (A USB-powered lighter is required.) — Luke Dashjr moving2 @[email protected] (@LukeDashjr) April 1, 2020 Just as reducing the token supply, PoB will also reduce the number of miners as there is a need for fewer resources and lower competition. This leads to the obvious problem of centralisation, as too much capacity is given to large miners who can burn vast quantities of tokens at once, greatly affecting the price and supply. To avoid this dilemma, a decay rate is often used which effectively reduces the total capacity of individual miners to verify transactions. In many ways, PoB is similar to ç (PoS) as both mechanisms require miners to lock up their assets to mine. Unlike PoB though, with PoS, stakers can retrieve their coins when they stop mining. The takeaway Token burning can be extremely beneficial for holders and projects alike to reduce inflation and incentivise users to hold. The Proof of Burn mechanism continues to be problematic though, which is probably why this consensus mechanism has gained little traction so far. For more news, guides and cryptocurrency analysis, click here . || How does token burning work and what are the advantages?: Many cryptocurrency projects have adopted an approach called token burning to restrict the supply of their tokens. This may conjure up images of smoke and matches, but no tokens are actually burnt in the process. They are, however, rendered unusable in the future. So, what’s the point of token burning and who does it benefit? Token burning explained When a company decides to burn tokens, it has two options. It can either purchase existing tokens from the market (known as buy-back) or it can choose to take existing currency out of circulation. This could be tokens stored elsewhere such as in a Treasury or team wallet, or it could be unallocated tokens. For example, when OKEx launched OKChain in February of this year, the exchange decided to burn the 700 million unissued OKB tokens to make it a completely deflationary currency and the first fully circulating platform token. To ‘burn’ these tokens, their signatures are sent to a black hole (or “eater”) address. This is an irretrievable public wallet that can be viewed by anyone and the coins’ status is broadcast to the blockchain. #Binance Completes 11th Quarterly $BNB Burn https://t.co/k8WrLWgLhY pic.twitter.com/w0rC02j6ii — Binance (@binance) April 18, 2020 Some companies may burn tokens as a one-off event while others, such as Binance , and OKEx hold quarterly burns . How and why companies burn tokens ultimately depends on what they’re aiming to achieve. One-off burns often occur after a fundraise is completed and tokens are leftover. They could also happen to correct a mistake. Story continues Tether, for example, accidentally created $5 billion in USDT! They had to swiftly burn these tokens so as not to destabilise the 1:1 peg with the US dollar. Regardless of the mechanism, the result is the same: the tokens are removed from circulation and can never be used again. What are the advantages of burning tokens? If asset burning is a common practice, what, apart from correcting an error or removing tokens from circulation, are the benefits of this? To start with, token burning is a deflationary mechanism usually meant to affect the token price. Just as with the Bitcoin Halving, it comes down to the laws of supply and demand. Burning tokens ,like the halving, is restricting the supply. If the demand stays the same or increases, the price will naturally go up. If the demand dwindles, the burning won’t have had much effect. Exchanges like Binance, Huobi , KuCoin, and OKEx periodically burn tokens to incentivise their holder to keep them as they become more valuable. However, while it often affects the price, most trading platforms are actively building up use cases for their tokens and additional benefits for their holders, such as the ability to pay for goods and services online in their exchange token and early access to promising IEOs. $OKB : From Mar 1, 2020 – May 31, 2020, the amount of OKB bought back and burned is 3,509,874.52 🔥 Through buy-back & burn scheme, token economy model, platform-empowered & external use cases, we'll continuously #OKBuild 💪🏻 Learn more: https://t.co/wLVd3yj4WL pic.twitter.com/Ers4vUokGJ — OKEx (@OKEx) June 3, 2020 OKB holders, for example, can access discounted trading fees, just like HT and BNB holders, but they can also participate in offers outside the OKEx platform, such as loans and tourism packages, paid for with OKB. Binance, too, allows BNB holders to use its native token to buy goods and services online and pay travel expenses, among other options. Incentives for traders may not be the only reason for token burning. Some projects, such as Ripple, carry out token burns to add a layer of security and avoid spammed transactions. What about Proof of Burn? Proof of Burn (PoB) is another use that some projects have found for token burning. They have created a consensus mechanism to verify transactions to the blockchain, based on users burning their tokens to gain mining rights. It works by restricting the number of blocks miners that can verify to match with the number of tokens they’ve burnt. This creates virtual mining fields that continue to grow as more tokens are burnt. Existing cash, whether contaminated with the #coronavirus or not, can be converted via a Proof-of-Burn system. Visit https://t.co/rr4Nise42B to begin. Do NOT burn your cash until you have a confirmation code! (A USB-powered lighter is required.) — Luke Dashjr moving2 @[email protected] (@LukeDashjr) April 1, 2020 Just as reducing the token supply, PoB will also reduce the number of miners as there is a need for fewer resources and lower competition. This leads to the obvious problem of centralisation, as too much capacity is given to large miners who can burn vast quantities of tokens at once, greatly affecting the price and supply. To avoid this dilemma, a decay rate is often used which effectively reduces the total capacity of individual miners to verify transactions. In many ways, PoB is similar to ç (PoS) as both mechanisms require miners to lock up their assets to mine. Unlike PoB though, with PoS, stakers can retrieve their coins when they stop mining. The takeaway Token burning can be extremely beneficial for holders and projects alike to reduce inflation and incentivise users to hold. The Proof of Burn mechanism continues to be problematic though, which is probably why this consensus mechanism has gained little traction so far. For more news, guides and cryptocurrency analysis, click here . || The Crypto Daily – Movers and Shakers -07/06/20: Bitcoin rose by 0.50% on Saturday. Partially reversing a 1.74% fall from Friday, Bitcoin ended the day at $9,668.4. It was another mixed start to the day. Bitcoin fell to an early morning intraday low $9,552.6 before making a move. Steering clear of the first major support level at $9,538.6, Bitcoin rallied to a midday intraday high $9,742.3 before hitting reverse. Falling short of the first major resistance level at $9,784.0, Bitcoin slid back to sub-$9,600 levels before briefly revisiting $9,700 levels. Resistance at $9,700 ultimately pinned Bitcoin back late in the day to limit the upside on the day. The near-term bullish trend remained intact, in spite of the mixed week. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day for the majors on Saturday. Stellar’s Lumen rose by 1.64% to lead the way on the day. Cardano’s ADA (+0.40%), Ethereum (+0.81%), Monero’s XMR (+0.79%), Ripple’s XRP (+0.57%), and Tron’s TRX (+0.94%) also avoided the red. It was a bearish day for the rest of the majors. Bitcoin Cash ABC fell by 1.32% to lead the way down. Binance Coin (-0.74%), Bitcoin Cash SV (-0.28%), EOS (-0.53%), and Tezos (-0.24%) also saw red, while Litecoin ended the day flat. Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $270.22bn. In the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.58%. At the time of writing, Bitcoin’s dominance stood at 65.81%. This Morning At the time of writing, Bitcoin was down by 0.12% to $9,657.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,668.5 to a low $9,619.4. Bitcoin left the major support and resistance levels untested early on. The rest of the majors saw another mixed start to the day. Story continues Ethereum (-0.09%), Monero’s XRM (-0.19%), and Tezos (-0.13%) joined Bitcoin in the red. The rest of the majors were in the green at the time of writing, with Bitcoin Cash SV up by 0.44% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to move through to $9,760 levels to bring the first major resistance level at $9,756.27 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,742.3. Barring another broad-based crypto rally, the first major resistance level and Saturday’s high would likely limit any upside. In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,844.13 before any pullback. Failure to move through to $9,760 levels could see Bitcoin struggle on the day, however. A fall back through the morning low to sub-$9,600 levels would bring the first major support level at $9,566.57 into play. Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,464.73. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Prediction – Prices Whipsaw and Settle Lower as Rigs Decline S&P 500 Weekly Price Forecast – Stock Markets Shoot Straight Up In The Air Again for the Week U.S Mortgage Rates Tick Up as Stimulus and Stats Point to a Speedier Recovery Gold Price Prediction – Prices Drop on Strong Jobs Gains Natural Gas Price Fundamental Daily Forecast – Will Trop Storm Cristobal Hit or Miss Production Facilities? Gold Price Futures (GC) Technical Analysis – Next Major Value Zone is $1621.90 to $1582.40 || The Crypto Daily – Movers and Shakers -07/06/20: Bitcoin rose by 0.50% on Saturday. Partially reversing a 1.74% fall from Friday, Bitcoin ended the day at $9,668.4. It was another mixed start to the day. Bitcoin fell to an early morning intraday low $9,552.6 before making a move. Steering clear of the first major support level at $9,538.6, Bitcoin rallied to a midday intraday high $9,742.3 before hitting reverse. Falling short of the first major resistance level at $9,784.0, Bitcoin slid back to sub-$9,600 levels before briefly revisiting $9,700 levels. Resistance at $9,700 ultimately pinned Bitcoin back late in the day to limit the upside on the day. The near-term bullish trend remained intact, in spite of the mixed week. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day for the majors on Saturday. Stellar’s Lumen rose by 1.64% to lead the way on the day. Cardano’s ADA (+0.40%), Ethereum (+0.81%), Monero’s XMR (+0.79%), Ripple’s XRP (+0.57%), and Tron’s TRX (+0.94%) also avoided the red. It was a bearish day for the rest of the majors. Bitcoin Cash ABC fell by 1.32% to lead the way down. Binance Coin (-0.74%), Bitcoin Cash SV (-0.28%), EOS (-0.53%), and Tezos (-0.24%) also saw red, while Litecoin ended the day flat. Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $270.22bn. In the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.58%. At the time of writing, Bitcoin’s dominance stood at 65.81%. This Morning At the time of writing, Bitcoin was down by 0.12% to $9,657.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,668.5 to a low $9,619.4. Bitcoin left the major support and resistance levels untested early on. The rest of the majors saw another mixed start to the day. Story continues Ethereum (-0.09%), Monero’s XRM (-0.19%), and Tezos (-0.13%) joined Bitcoin in the red. The rest of the majors were in the green at the time of writing, with Bitcoin Cash SV up by 0.44% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to move through to $9,760 levels to bring the first major resistance level at $9,756.27 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,742.3. Barring another broad-based crypto rally, the first major resistance level and Saturday’s high would likely limit any upside. In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,844.13 before any pullback. Failure to move through to $9,760 levels could see Bitcoin struggle on the day, however. A fall back through the morning low to sub-$9,600 levels would bring the first major support level at $9,566.57 into play. Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,464.73. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Prediction – Prices Whipsaw and Settle Lower as Rigs Decline S&P 500 Weekly Price Forecast – Stock Markets Shoot Straight Up In The Air Again for the Week U.S Mortgage Rates Tick Up as Stimulus and Stats Point to a Speedier Recovery Gold Price Prediction – Prices Drop on Strong Jobs Gains Natural Gas Price Fundamental Daily Forecast – Will Trop Storm Cristobal Hit or Miss Production Facilities? Gold Price Futures (GC) Technical Analysis – Next Major Value Zone is $1621.90 to $1582.40 || The Revolution Will Be Retweeted: The Breakdown Weekly Recap: What if better behavior on blockchains could be encouraged with fun rather than value?
Josh Lee and Tony Yun ofChainapsisbuilt a staking demo at theCross-Chain Hackathonto increase network participation – essentially by distributing digital crayons. Lee and Yun createdAstroCanvas, a game that gave stakers the ability to draw tiny amounts on one large digital canvas. Stakers could receive different colors to use on the canvas if they spread their stakes across staking pools of different sizes.
“When you have a very little amount of entities controlling such a big amount of stake, it fundamentally reduces the robustness of a network,” Lee told CoinDesk.
AstroCanvas is an early experiment in encouraging active participation in crypto networks. When the hackathon came around, Lee and Yun wanted to come up with a way to encourage staking in a way that didn’t rely on fiduciary interests. Engendering lots of participation thwarts a long-standing concern with staking: large nodes can becometoo powerful.
More and more ways have been invented for people to be involved in blockchain networks and earn some kind of return. There have been a plethora of companies entering the staking space, such asStakedandvarious Tezos bakers. But the biggest moment in legitimizing staking may have been when Coinbase allowed exchange users toearn staking rewards on XTZwith just one click.
Read more:Staked Automates the Best DeFi Returns With Launch of Robo Advisor
When a giant exchange like Coinbase begins participating – it is now the world’slargest XTZ staker– it’s hard to see how a standalone operation could compete. Why not just stake in the same place where the user acquires the token? That low friction is tough to beat.
Related:A Digital Art Project Might Have an Answer to the Woes of Staking Centralization
AstroCanvas is a demo and not a live project and if Chainapsis were ever to take it live, Lee and Yun would wait until the Cosmos ecosystem is further along than it is today.
“The software is still undergoing active development,” Lee said of Cosmos. “We would like to hold off until a production-ready version has been deployed to the Cosmos Hub that has gone through thorough testing and security audits.”
So how can a network like Cosmos appeal to good-faith users to spread their delegation around in a way that doesn’t incentivize scammers?
That’s where AstroCanvas comes in, by appealing to a desire for expression and competition.
The idea takes nothing away from stakers. In fact, if anything, it should drive more business their way.
AstroCanvas took its inspiration fromthe Reddit project, /r/place, in which every redditor got the right to change the color of one pixel on a giant digital canvas once every five to 20 minutes. This led to an impressive amount of coordination among Reddit communities to stake out turf on the canvas and paint some relevant symbol on what became a gigantic work of online art.
It was laterimitated by Satoshi’s Place, a similar experiment, but this time one where each pixel costs one Satoshi, or 0.00000001 bitcoin, to change.
Read more:A Real-Time Battle Over Trashy Art Is Becoming a Big Deal for Bitcoin
So the idea behind AstroCanvas is this: Users could earn one pixel for some minimum amount of stake delegated. That pixel can be placed anywhere on the canvas, even one that’s already been taken. So let’s say you got one pixel for every ATOM token delegated on Cosmos; in that scenario, delegating 20 ATOM would earn a user 20 pixels.
But here’s the trick of AstroCanvas: each delegator only produces one color. If you need a few colors for whatever you want to draw, you’ll need to spread that stake out across a bunch of different validators.
So AstroCanvas had 16 different colors to play with. It would divide the delegation pools up into 16 tranches, based on their size, and give each tranche a color. If a user wanted several colors, she would have to delegate among pools at several different sizes to get them.
If AstroCanvas goes live, this reporter will be looking to paint 1980s Domino’s Pizza iconThe Noidon the canvas. I would welcome your support.
“All these attempts to address staking always approach it is as a financial incentive scheme,” Lee said. “Fundamentally when you’re working in a blockchain, none of these mechanisms are Sybil resistant. It’s so easy to skirt some of these financial incentive schemes.”
AstroCanvas would draw on people’s aesthetic or tribal impulses. In most cases, mid-size stakers should be roughly as good as larger stakers, so the risk of delegating to smaller validators should be minimal. Their underlying assets should not be at risk, though they could risk missing out on some rewards if a smaller staker made a mistake.
Under the hood, a wallet would get a token to spend for each stake. The token could be redeemed for changing the color of one pixel.
“Essentially, if you wanted to draw something of a different color, you would have to delegate to a specific validator,” Lee explained. “It forces you to spread out your staking across different kinds of validators.”
Chainapsis ran it in demo mode on a simulated blockchain that ran on the development firm’s own servers. If the game is ever deployed in production, it remains to be seen how popular the game would be to determine specific rules. For example, would pixel tokens replenish over time as the stake was left in place? How big would the canvas be? Could the canvas grow as the game grows?
The big threat Lee sees to the health of staking protocols is exchanges and their outsize role. Exchange wallets usually hold more tokens than almost any other wallets, and yet those coins are actually held in custody for their actual owners. Yet that didn’t stop Huobi and Binance from usingtheir STEEM tokensto support a contentious hard fork at the behest of a business ally.
“I’m very careful in seeing how much power has gone into the hands of exchanges,” Lee said. “Exchanges are just the custodians of someone else’s tokens. … The people who have been working hard are not getting financially compensated.”
Read more:Why Crypto Should Care About Justin Sun’s Steem Drama
In other words, many crypto holders already trust a lot of their tokens to exchanges. If they don’t plan to sell soon and a token offers a staking reward, it’s just easiest for the user to delegate to the exchange itself in order to earn returns on their holdings.
A product like AstroCanvas would give holders an incentive to move some of those holdings off of exchanges so they can get some different colors on their palettes. The esoteric beauty of AstroCanvas is that it doesn’t need to wipe out exchange staking (or even dramatically reduce it) to make a difference. As long as it helps to make it worthwhile for others to run validators, that’s enough to keep various chains robust.
And further, it gets more people involved in holding the token of a young network in order to produce a return. With lowertoken velocity(the speed at which a token gets sold after it is earned), that should foster more value for the underlying token, which increases the incentive for people to build on the network and increase its value further still. It’s a virtuous cycle.
“I’m a firm believer that staking is the next avenue for DeFi [decentralized finance],” Lee said. “It should be considered a part of DeFi.”
• Coinbase Extends Tezos Staking Rewards to 4 European Countries
• Staking Will Turn Ethereum Into a Functional Store of Value || The Revolution Will Be Retweeted: The Breakdown Weekly Recap: What if better behavior on blockchains could be encouraged with fun rather than value? Josh Lee and Tony Yun of Chainapsis built a staking demo at the Cross-Chain Hackathon to increase network participation – essentially by distributing digital crayons. Lee and Yun created AstroCanvas , a game that gave stakers the ability to draw tiny amounts on one large digital canvas. Stakers could receive different colors to use on the canvas if they spread their stakes across staking pools of different sizes. “When you have a very little amount of entities controlling such a big amount of stake, it fundamentally reduces the robustness of a network,” Lee told CoinDesk. AstroCanvas is an early experiment in encouraging active participation in crypto networks. When the hackathon came around, Lee and Yun wanted to come up with a way to encourage staking in a way that didn’t rely on fiduciary interests. Engendering lots of participation thwarts a long-standing concern with staking: large nodes can become too powerful . More and more ways have been invented for people to be involved in blockchain networks and earn some kind of return. There have been a plethora of companies entering the staking space, such as Staked and various Tezos bakers . But the biggest moment in legitimizing staking may have been when Coinbase allowed exchange users to earn staking rewards on XTZ with just one click. Read more: Staked Automates the Best DeFi Returns With Launch of Robo Advisor When a giant exchange like Coinbase begins participating – it is now the world’s largest XTZ staker – it’s hard to see how a standalone operation could compete. Why not just stake in the same place where the user acquires the token? That low friction is tough to beat. Related: A Digital Art Project Might Have an Answer to the Woes of Staking Centralization AstroCanvas is a demo and not a live project and if Chainapsis were ever to take it live, Lee and Yun would wait until the Cosmos ecosystem is further along than it is today. Story continues “The software is still undergoing active development,” Lee said of Cosmos. “We would like to hold off until a production-ready version has been deployed to the Cosmos Hub that has gone through thorough testing and security audits.” Art mining So how can a network like Cosmos appeal to good-faith users to spread their delegation around in a way that doesn’t incentivize scammers? That’s where AstroCanvas comes in, by appealing to a desire for expression and competition. The idea takes nothing away from stakers. In fact, if anything, it should drive more business their way. AstroCanvas took its inspiration from the Reddit project, /r/place , in which every redditor got the right to change the color of one pixel on a giant digital canvas once every five to 20 minutes. This led to an impressive amount of coordination among Reddit communities to stake out turf on the canvas and paint some relevant symbol on what became a gigantic work of online art. It was later imitated by Satoshi’s Place , a similar experiment, but this time one where each pixel costs one Satoshi, or 0.00000001 bitcoin, to change. Read more: A Real-Time Battle Over Trashy Art Is Becoming a Big Deal for Bitcoin So the idea behind AstroCanvas is this: Users could earn one pixel for some minimum amount of stake delegated. That pixel can be placed anywhere on the canvas, even one that’s already been taken. So let’s say you got one pixel for every ATOM token delegated on Cosmos; in that scenario, delegating 20 ATOM would earn a user 20 pixels. But here’s the trick of AstroCanvas: each delegator only produces one color. If you need a few colors for whatever you want to draw, you’ll need to spread that stake out across a bunch of different validators. So AstroCanvas had 16 different colors to play with. It would divide the delegation pools up into 16 tranches, based on their size, and give each tranche a color. If a user wanted several colors, she would have to delegate among pools at several different sizes to get them. If AstroCanvas goes live, this reporter will be looking to paint 1980s Domino’s Pizza icon The Noid on the canvas. I would welcome your support. It’s not all about the money “All these attempts to address staking always approach it is as a financial incentive scheme,” Lee said. “Fundamentally when you’re working in a blockchain, none of these mechanisms are Sybil resistant. It’s so easy to skirt some of these financial incentive schemes.” AstroCanvas would draw on people’s aesthetic or tribal impulses. In most cases, mid-size stakers should be roughly as good as larger stakers, so the risk of delegating to smaller validators should be minimal. Their underlying assets should not be at risk, though they could risk missing out on some rewards if a smaller staker made a mistake. Under the hood, a wallet would get a token to spend for each stake. The token could be redeemed for changing the color of one pixel. “Essentially, if you wanted to draw something of a different color, you would have to delegate to a specific validator,” Lee explained. “It forces you to spread out your staking across different kinds of validators.” Chainapsis ran it in demo mode on a simulated blockchain that ran on the development firm’s own servers. If the game is ever deployed in production, it remains to be seen how popular the game would be to determine specific rules. For example, would pixel tokens replenish over time as the stake was left in place? How big would the canvas be? Could the canvas grow as the game grows? Not your keys, not your colors The big threat Lee sees to the health of staking protocols is exchanges and their outsize role. Exchange wallets usually hold more tokens than almost any other wallets, and yet those coins are actually held in custody for their actual owners. Yet that didn’t stop Huobi and Binance from using their STEEM tokens to support a contentious hard fork at the behest of a business ally. “I’m very careful in seeing how much power has gone into the hands of exchanges,” Lee said. “Exchanges are just the custodians of someone else’s tokens. … The people who have been working hard are not getting financially compensated.” Read more: Why Crypto Should Care About Justin Sun’s Steem Drama In other words, many crypto holders already trust a lot of their tokens to exchanges. If they don’t plan to sell soon and a token offers a staking reward, it’s just easiest for the user to delegate to the exchange itself in order to earn returns on their holdings. A product like AstroCanvas would give holders an incentive to move some of those holdings off of exchanges so they can get some different colors on their palettes. The esoteric beauty of AstroCanvas is that it doesn’t need to wipe out exchange staking (or even dramatically reduce it) to make a difference. As long as it helps to make it worthwhile for others to run validators, that’s enough to keep various chains robust. And further, it gets more people involved in holding the token of a young network in order to produce a return. With lower token velocity (the speed at which a token gets sold after it is earned), that should foster more value for the underlying token, which increases the incentive for people to build on the network and increase its value further still. It’s a virtuous cycle. “I’m a firm believer that staking is the next avenue for DeFi [decentralized finance],” Lee said. “It should be considered a part of DeFi.” Related Stories Coinbase Extends Tezos Staking Rewards to 4 European Countries Staking Will Turn Ethereum Into a Functional Store of Value || A Digital Art Project Might Have an Answer to the Woes of Staking Centralization: Coinbase is getting in on the government blockchain analytics game. The behemoth cryptocurrency exchange has initiated procurement deals with the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) for a cryptocurrency investigations tool called Coinbase Analytics, according to publicly available documents. The Block first reported on the prospective deals Friday. Coinbase Analytics has close ties with Coinbases entire product ecosystem, as its Senior Product Manager collaborates with Coinbase Consumer, Coinbase Pro, and Coinbase Custody as well as Coinbases payments and crypto division, according to an undated but now closed job posting . In an emailed statement, Coinbase said its Analytics product does not and has never used any internal customer data. Coinbase Analytics data is fully sourced from online, publicly-available data, and does not include any personally-identifiable information for anyone, regardless of whether or not they use Coinbase, a spokesperson told CoinDesk. Coinbase joins a crowded field of cryptocurrency analytics companies Chainalysis, Elliptic, CipherTrace and others vying for a piece of the federal pie. Agencies from all corners of the U.S government regularly contract with crypto intel firms, inking deals for their tracing software worth millions, and sometimes stretching years. Read more: Inside Chainalysis Multimillion-Dollar Relationship With the US Government Related: Coinbase Offers US Feds New Crypto Surveillance Tools Apparently, Coinbase, who bought blockchain intelligence firm Neutrino in February 2019, is about to undercut the competition. This is the least expensive tool on the market and has the most features for the money, read a DEA May notice so heavily redacted that those features specifics are unclear. But they are unique, as the IRS notice , published in April, notes Coinbase Analytics has enhanced law enforcement sensitive capabilities that are not currently found in other tools on the market. Story continues Coinbase confirmed that it developed the Analytics product from Neutrino. It further stated that Analytics is available for financial institutions and law enforcement agencies alike, and is used in internal investigations. Its an important tool to meet our regulatory requirements and protect our customers funds, Coinbase said. The DEAs interest appears to stem in part from Coinbase Analytics pinpoint accuracy. It has some of the most conservative heuristics used in commercial blockchain tracing tools, a critical distinction in avoiding false positives, the DEA notice read. Neither the DEA or IRS disclosed the bottom-line value of their prospective deals, which federal contract websites indicate have not been finalized yet. Both agencies seek year-long contacts with Coinbase, and the DEA deal is not more than $250,000. The IRS has recently begun ramping up its activities in the cryptocurrency space, sending tax firms notices last month requesting proposals for auditing support . UPDATE: (June 6, 2020 1:58 UTC): This article has been updated to include comment from Coinbase. Related Stories Blockchain Bites: Google Validates Theta, Coinbase and BitGo Eye Crypto Prime Brokerage Bitcoin News Roundup for May 27, 2020 || A Digital Art Project Might Have an Answer to the Woes of Staking Centralization: Coinbase is getting in on the government blockchain analytics game.
The behemoth cryptocurrency exchange has initiated procurement deals with the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS) for a cryptocurrency investigations tool called “Coinbase Analytics,” according to publicly available documents.The Block first reportedon the prospective deals Friday.
Coinbase Analytics has close ties with Coinbase’s entire product ecosystem, as its Senior Product Manager “collaborates” with “Coinbase Consumer, Coinbase Pro, and Coinbase Custody as well as” Coinbase’s payments and crypto division, according to an undated but now closed jobposting.
In an emailed statement, Coinbase said its Analytics product does not and has never used any internal customer data.
“Coinbase Analytics data is fully sourced from online, publicly-available data, and does not include any personally-identifiable information for anyone, regardless of whether or not they use Coinbase,” a spokesperson told CoinDesk.
Coinbase joins a crowded field of cryptocurrency analytics companies – Chainalysis, Elliptic, CipherTrace and others – vying for a piece of the federal pie. Agencies from all corners of the U.S government regularly contract with crypto intel firms, inking deals for their tracing software worth millions, and sometimes stretching years.
Read more:Inside Chainalysis’ Multimillion-Dollar Relationship With the US Government
Related:Coinbase Offers US Feds New Crypto Surveillance Tools
Apparently, Coinbase, whobought blockchain intelligence firm Neutrinoin February 2019, is about to undercut the competition.
“This is the least expensive tool on the market and has the most features for the money,” read aDEA May noticeso heavily redacted that those features’ specifics are unclear. But they are unique, as theIRS notice, published in April, notes Coinbase Analytics has “enhanced law enforcement sensitive capabilities that are not currently found in other tools on the market.”
Coinbase confirmed that it developed the Analytics product from Neutrino. It further stated that Analytics is available for financial institutions and law enforcement agencies alike, and is used in internal investigations.
“It’s an important tool to meet our regulatory requirements and protect our customers’ funds,” Coinbase said.
The DEA’s interest appears to stem in part from Coinbase Analytics’ pinpoint accuracy. It has “some of the most conservative heuristics used in commercial blockchain tracing tools,” a “critical” distinction in avoiding false positives, the DEA notice read.
Neither the DEA or IRS disclosed the bottom-line value of their prospective deals, which federal contract websites indicate have not been finalized yet. Both agencies seek year-long contacts with Coinbase, and the DEA deal is not more than $250,000.
The IRS has recently begun ramping up its activities in the cryptocurrency space, sending tax firms notices last month requesting proposals forauditing support.
UPDATE: (June 6, 2020 1:58 UTC):This article has been updated to include comment from Coinbase.
• Blockchain Bites: Google Validates Theta, Coinbase and BitGo Eye Crypto Prime Brokerage
• Bitcoin News Roundup for May 27, 2020 || The Crypto Daily – Movers and Shakers -06/06/20: Bitcoin fell by 1.74% on Friday. Reversing a 1.17% gain from Thursday, Bitcoin ended the day at $9,620.4. It was another mixed start to the day. Bitcoin rose to a late morning intraday high $9,865.8 before hitting reverse. Falling short of the first major resistance level at $9,961.53, Bitcoin slid to a late morning low $9,624.1. Steering clear of the major support levels, Bitcoin recovered to $9,700 levels before falling to a final hour intraday low $9,620.4. In spite of the late pullback, Bitcoin steered clear of the first major support level at $9,540.43. The near-term bullish trend remained intact, in spite of Friday’s pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day for the majors on Friday. Binance Coin and EOS bucked the trend on the day, with gains of 0.97% and 3.43% respectively. It was a bearish day for the rest of the majors. Cardano’s ADA slid by 4.12% to lead the way down. Litecoin (-1.43%), Ethereum (-1.29%), Stellar’s Lumen (-2.75%), and Tezos (-2.10%) also struggled. Bitcoin Cash ABC (-0.07%), Bitcoin Cash SV (-0.44%), Monero’s XMR (-0.95%), Ripple’s XRP (-0.81%) saw relatively modest losses on the day. Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $268.23bn. At the start of the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.61%. At the time of writing, Bitcoin’s dominance stood at 65.77%. This Morning At the time of writing, Bitcoin was down by 0.24% to $9,597.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,620.4 to a low $9,552.6. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Story continues Cardano’s ADA found early support, rising by 2.08%. EOS (+0.37%), Ethereum (+0.12%), and Ripple’s XRP (+0.17%) also saw green early on. It was a bearish start to the day for the rest of the majors, however. At the time of writing, Tron’s TRX was down by 1.10% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,784.0 into play. Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,620.4. Barring a broad-based crypto rally, the first major resistance level would likely limit any upside. In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,947.6 before any pullback. Failure to move through to $9,700 levels could see Bitcoin struggle on the day. A fall back through the morning low $9,552.6 would bring the first major support level at $9,538.6 into play. Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,456.8. This article was originally posted on FX Empire More From FXEMPIRE: The Crypto Daily – Movers and Shakers -06/06/20 US Stock Market Overview – Stocks Rally Following Unexpected Jobs Gains Natural Gas Weekly Price Forecast – Natural Gas Markets Continue Sideways Action Silver Weekly Price Forecast – Silver Markets Pull Back From Major Level S&P 500 Earnings Preview – Next Week Entertainment and Retail Continue to Post Financial Results Gold Weekly Price Forecast – Gold Markets Continue to Digest Longer-Term Gains || The Crypto Daily – Movers and Shakers -06/06/20: Bitcoin fell by 1.74% on Friday. Reversing a 1.17% gain from Thursday, Bitcoin ended the day at $9,620.4. It was another mixed start to the day. Bitcoin rose to a late morning intraday high $9,865.8 before hitting reverse. Falling short of the first major resistance level at $9,961.53, Bitcoin slid to a late morning low $9,624.1. Steering clear of the major support levels, Bitcoin recovered to $9,700 levels before falling to a final hour intraday low $9,620.4. In spite of the late pullback, Bitcoin steered clear of the first major support level at $9,540.43. The near-term bullish trend remained intact, in spite of Friday’s pullback. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was another mixed day for the majors on Friday. Binance Coin and EOS bucked the trend on the day, with gains of 0.97% and 3.43% respectively. It was a bearish day for the rest of the majors. Cardano’s ADA slid by 4.12% to lead the way down. Litecoin (-1.43%), Ethereum (-1.29%), Stellar’s Lumen (-2.75%), and Tezos (-2.10%) also struggled. Bitcoin Cash ABC (-0.07%), Bitcoin Cash SV (-0.44%), Monero’s XMR (-0.95%), Ripple’s XRP (-0.81%) saw relatively modest losses on the day. Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $268.23bn. At the start of the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.61%. At the time of writing, Bitcoin’s dominance stood at 65.77%. This Morning At the time of writing, Bitcoin was down by 0.24% to $9,597.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,620.4 to a low $9,552.6. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Story continues Cardano’s ADA found early support, rising by 2.08%. EOS (+0.37%), Ethereum (+0.12%), and Ripple’s XRP (+0.17%) also saw green early on. It was a bearish start to the day for the rest of the majors, however. At the time of writing, Tron’s TRX was down by 1.10% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,784.0 into play. Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,620.4. Barring a broad-based crypto rally, the first major resistance level would likely limit any upside. In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,947.6 before any pullback. Failure to move through to $9,700 levels could see Bitcoin struggle on the day. A fall back through the morning low $9,552.6 would bring the first major support level at $9,538.6 into play. Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,456.8. This article was originally posted on FX Empire More From FXEMPIRE: The Crypto Daily – Movers and Shakers -06/06/20 US Stock Market Overview – Stocks Rally Following Unexpected Jobs Gains Natural Gas Weekly Price Forecast – Natural Gas Markets Continue Sideways Action Silver Weekly Price Forecast – Silver Markets Pull Back From Major Level S&P 500 Earnings Preview – Next Week Entertainment and Retail Continue to Post Financial Results Gold Weekly Price Forecast – Gold Markets Continue to Digest Longer-Term Gains || Coinbase Offers US Feds New Crypto Surveillance Tools: While the market expects bitcoin to be calm over the next few days, attention is now on the economy, with the U.S. looking as if it turned a corner in May. However, some observers see fundamental problems ahead. Bitcoin (BTC) was trading around $9,735 as of 20:00 UTC (4 p.m. ET), gaining 1% over the previous 24 hours. At 00:00 UTC on Friday (8:00 p.m. Thursday EDT), the world’s largest cryptocurrency by market capitalization was changing hands around $9,800 on spot exchanges like Coinbase. The price stayed around there until 10:00 UTC (6:00 a.m. EDT), when selling caused bitcoin to drop as low as $9,584. Bitcoin is now close to its 50-day and 10-day technical indicator moving averages, indicating sideways trading heading into the weekend. Read More: Bullishness Building in Bitcoin Options Market, Data Suggests The markets story of the day was the surging performance of stocks on Friday. Economic data released from the U.S. Labor Department showed May to have the largest one-month employment increase ever . That was after a record drop in April due to the coronavirus pandemic wreaking havoc on the global economy. As a result, Europe posted big gains in late trading, as the FTSE 100 of top public companies closed the day up 2.25%, thus making the week positive by 6.7% . In the United States, the S&P 500 index climbed 2.6%, closing the week in the green 5.2% . Yet the total employment number likely belies bigger economic problems ahead and the rally in equities might be short lived, said George Clayton, managing partner of Cryptanalysis Capital. Related: Market Wrap: Bitcoin Flat as Stocks Swell on Positive Jobs Report “Stocks are on Prozac,” Clayton said. “Unemployment came in better than forecast, but it’s still at 13.3%.” Some traders skeptical of traditional markets see crypto as the best investment during turbulent times. That likely has been one of the reasons for bitcoin’s continued outperformance relative to the S&P 500 year-to-date. Story continues “For the last two years, many have been anticipating a global economic crisis. 2008-2009 did not change anything in the fundamental faults of global debt, money printing and wealth distribution,” said Sweden-based over-the-counter crypto trader Henrik Kugelberg. Read More: Bloomberg’s Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible Although equities appear to be turbocharged Friday, many forget the increasing role of the U.S. Federal Reserve in traditional markets in 2020. “There seems to be no stopping this market with the Fed liquidity pump, but they can’t hold it up forever,” said Rupert Douglas, head of institutional sales at digital asset brokerage Koine. “Bitcoin still looks good to me; I would much rather hold that than equities now,” he added. “Eventually, share prices are going to follow the economy and it is not headed in a good direction,” Cryptanalysis Capital’s Clayton said. “Meanwhile the crypto ecosystem marches forward; bitcoin mines another block. The money printing and every other macro trend sets crypto up for a rally.” Other markets Digital assets on CoinDesk’s big board are mixed Friday. The second largest cryptocurrency by market capitalization, ether (ETH), is trading around $242 and slipped less than a percent in 24 hours as of 20:00 UTC (4:00 p.m. EDT). Read More: Crypto Derivatives Exchange OKEx Launches Options on Ether Cryptocurrency winners on the day include lisk (LSK) in the green 13%, eos (EOS) climbing 5% and zcash (ZEC) up 1.6%. Cryptocurrency losers Friday include decred (DCR) down 4.6%, stellar (XLM) in the red 2%. and dogecoin (DOGE) in the doghouse 1.4%. All price changes were as of 20:00 UTC (4:00 p.m. EDT). Read More: The Free Market Will Determine Cardano’s Fate In commodities, oil is making big gains, UP 5% as a barrel of crude is priced at $39.17 as of press time. Gold dropped significantly in early trading Friday and while it recovered somewhat, it’s still in the red, down 1.8% for the day. Japan’s Nikkei 225 of top companies missed the equities party by ending the day flat in the green less than a percent although up 50% from March lows . U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the 10-year in the green 6.7%. Related Stories Bullishness Building in Bitcoin Options Market, Data Suggests Bitcoin Is a Way to Repair Economic Injustice: Author Isaiah Jackson || Coinbase Offers US Feds New Crypto Surveillance Tools: While the market expects bitcoin to be calm over the next few days, attention is now on the economy, with the U.S. looking as if it turned a corner in May. However, some observers see fundamental problems ahead.
Bitcoin(BTC) was trading around $9,735 as of 20:00 UTC (4 p.m. ET), gaining 1% over the previous 24 hours.
At 00:00 UTC on Friday (8:00 p.m. Thursday EDT), the world’s largest cryptocurrency by market capitalization was changing hands around $9,800 on spot exchanges like Coinbase. The price stayed around there until 10:00 UTC (6:00 a.m. EDT), when selling caused bitcoin to drop as low as $9,584. Bitcoin is now close to its 50-day and 10-day technical indicator moving averages, indicating sideways trading heading into the weekend.
Read More:Bullishness Building in Bitcoin Options Market, Data Suggests
The markets story of the day was the surging performance of stocks on Friday. Economic data released from the U.S. Labor Department showed May to have thelargest one-month employment increase ever. That was after a record drop in April due to the coronavirus pandemic wreaking havoc on the global economy.
As a result, Europe posted big gains in late trading, as the FTSE 100 of top public companies closed the dayup 2.25%, thus making the week positive by 6.7%. In the United States, the S&P 500 indexclimbed 2.6%, closing the week in the green 5.2%.
Yet the total employment number likely belies bigger economic problems ahead and the rally in equities might be short lived, said George Clayton, managing partner of Cryptanalysis Capital.
Related:Market Wrap: Bitcoin Flat as Stocks Swell on Positive Jobs Report
“Stocks are on Prozac,” Clayton said. “Unemployment came in better than forecast, but it’s still at 13.3%.”
Some traders skeptical of traditional markets see crypto as the best investment during turbulent times. That likely has been one of the reasons for bitcoin’s continued outperformance relative to the S&P 500 year-to-date.
“For the last two years, many have been anticipating a global economic crisis. 2008-2009 did not change anything in the fundamental faults of global debt, money printing and wealth distribution,” said Sweden-based over-the-counter crypto trader Henrik Kugelberg.
Read More:Bloomberg’s Pie-in-the-Sky Bitcoin Call Looks Directionally Defensible
Although equities appear to be turbocharged Friday, many forget the increasing role of the U.S. Federal Reserve in traditional markets in 2020.
“There seems to be no stopping this market with the Fed liquidity pump, but they can’t hold it up forever,” said Rupert Douglas, head of institutional sales at digital asset brokerage Koine. “Bitcoin still looks good to me; I would much rather hold that than equities now,” he added.
“Eventually, share prices are going to follow the economy and it is not headed in a good direction,” Cryptanalysis Capital’s Clayton said. “Meanwhile the crypto ecosystem marches forward; bitcoin mines another block. The money printing and every other macro trend sets crypto up for a rally.”
Digital assets on CoinDesk’s big board are mixed Friday. The second largest cryptocurrency by market capitalization,ether(ETH), is trading around $242 and slipped less than a percent in 24 hours as of 20:00 UTC (4:00 p.m. EDT).
Read More:Crypto Derivatives Exchange OKEx Launches Options on Ether
Cryptocurrency winners on the day includelisk(LSK) in the green 13%,eos(EOS) climbing 5% andzcash(ZEC) up 1.6%. Cryptocurrency losers Friday includedecred(DCR) down 4.6%,stellar(XLM) in the red 2%. anddogecoin(DOGE) in the doghouse 1.4%. All price changes were as of 20:00 UTC (4:00 p.m. EDT).
Read More:The Free Market Will Determine Cardano’s Fate
In commodities, oil is making big gains, UP 5% as a barrel of crude is priced at $39.17 as of press time. Gold dropped significantly in early trading Friday and while it recovered somewhat, it’s still in the red, down 1.8% for the day.
Japan’s Nikkei 225 of top companies missed the equities party by ending the day flat in the green less than a percentalthough up 50% from March lows.
U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the 10-year in the green 6.7%.
• Bullishness Building in Bitcoin Options Market, Data Suggests
• Bitcoin Is a Way to Repair Economic Injustice: Author Isaiah Jackson || Market Wrap: Bitcoin Flat as Stocks Swell on Positive Jobs Report: How one of the world’s most important geopolitical relationships came to be what it is in 2020. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Bitstamp and Ciphertrace . The U.S.-China relationship has an outsized impact on global economics and politics. As that relationship comes even more into focus in the wake of COVID-19, this episode provides a historical primer. See also: The Geopolitical Implications of a Too-Strong Dollar, Feat. Brent Johnson Graham Webster is editor-in-chief of the Stanford–New America DigiChina Project at the Stanford University Cyber Policy Center. He’s also a China digital economy fellow at the New America think tank. In this episode, Webster explains: Why the relationship with the U.S. has been at the forefront of Chinese policy since the People’s Republic of China was formed, but has flitted in and out of America’s focus. Why the first most significant period in the U.S.-China relationship came between the late 1960s and 1970s, as the U.S.-China relationship normalized. How Tiananmen Square undermined but didn’t destroy the relationship. Why George W. Bush came into office with an intention to focus on China but got distracted in the wake of 9/11. Why China has spent the last decade becoming increasingly illiberal. How the rise of social media contributed to the shift. Why China and U.S. policy is as much a reflection of domestic self-identity in both countries as it is a bilateral political question. Why China’s human rights abuses present such a challenge. How COVID-19 changes the relationship. Related: The Biggest Realignment in the US-China Relationship Since Nixon, Feat. Graham Webster Find our guest online: Twitter: gwbstr Website: DigiChina Related Stories Bitcoin News Roundup for June 4, 2020 5 Numbers That Tell the Story of Markets Right Now || Market Wrap: Bitcoin Flat as Stocks Swell on Positive Jobs Report: How one of the world’s most important geopolitical relationships came to be what it is in 2020. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Bitstamp and Ciphertrace . The U.S.-China relationship has an outsized impact on global economics and politics. As that relationship comes even more into focus in the wake of COVID-19, this episode provides a historical primer. See also: The Geopolitical Implications of a Too-Strong Dollar, Feat. Brent Johnson Graham Webster is editor-in-chief of the Stanford–New America DigiChina Project at the Stanford University Cyber Policy Center. He’s also a China digital economy fellow at the New America think tank. In this episode, Webster explains: Why the relationship with the U.S. has been at the forefront of Chinese policy since the People’s Republic of China was formed, but has flitted in and out of America’s focus. Why the first most significant period in the U.S.-China relationship came between the late 1960s and 1970s, as the U.S.-China relationship normalized. How Tiananmen Square undermined but didn’t destroy the relationship. Why George W. Bush came into office with an intention to focus on China but got distracted in the wake of 9/11. Why China has spent the last decade becoming increasingly illiberal. How the rise of social media contributed to the shift. Why China and U.S. policy is as much a reflection of domestic self-identity in both countries as it is a bilateral political question. Why China’s human rights abuses present such a challenge. How COVID-19 changes the relationship. Related: The Biggest Realignment in the US-China Relationship Since Nixon, Feat. Graham Webster Find our guest online: Twitter: gwbstr Website: DigiChina Related Stories Bitcoin News Roundup for June 4, 2020 5 Numbers That Tell the Story of Markets Right Now || Market Wrap: Bitcoin Flat as Stocks Swell on Positive Jobs Report: How one of the world’s most important geopolitical relationships came to be what it is in 2020. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Bitstamp and Ciphertrace . The U.S.-China relationship has an outsized impact on global economics and politics. As that relationship comes even more into focus in the wake of COVID-19, this episode provides a historical primer. See also: The Geopolitical Implications of a Too-Strong Dollar, Feat. Brent Johnson Graham Webster is editor-in-chief of the Stanford–New America DigiChina Project at the Stanford University Cyber Policy Center. He’s also a China digital economy fellow at the New America think tank. In this episode, Webster explains: Why the relationship with the U.S. has been at the forefront of Chinese policy since the People’s Republic of China was formed, but has flitted in and out of America’s focus. Why the first most significant period in the U.S.-China relationship came between the late 1960s and 1970s, as the U.S.-China relationship normalized. How Tiananmen Square undermined but didn’t destroy the relationship. Why George W. Bush came into office with an intention to focus on China but got distracted in the wake of 9/11. Why China has spent the last decade becoming increasingly illiberal. How the rise of social media contributed to the shift. Why China and U.S. policy is as much a reflection of domestic self-identity in both countries as it is a bilateral political question. Why China’s human rights abuses present such a challenge. How COVID-19 changes the relationship. Related: The Biggest Realignment in the US-China Relationship Since Nixon, Feat. Graham Webster Find our guest online: Twitter: gwbstr Website: DigiChina Related Stories Bitcoin News Roundup for June 4, 2020 5 Numbers That Tell the Story of Markets Right Now
[Social Media Buzz]
None available.
|
9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67.
|
[Bitcoin Technical Analysis for 2019-08-01]
Volume: 17165337858, RSI (14-day): 51.70, 50-day EMA: 10029.38, 200-day EMA: 7652.29
[Wider Market Context]
Gold Price: 1420.90, Gold RSI: 59.43
Oil Price: 53.95, Oil RSI: 38.90
[Recent News (last 7 days)]
NBA is going crypto, launching blockchain souvenirs from the maker of CryptoKitties: The NBA is putting its biggest dunks on a blockchain.
The league, along with the NBA Players Association, announced on Wednesday the coming launch of NBA Top Shot, a home for blockchain-based digital collectibles.
The idea is for fans to buy and trade unique digital video clips that commemorate “in-game moments from the NBA season, such as a Kevin Durant 3-point shot or Joel Embiid dunk,” the NBA says in a press release.
To put this product in context: The whole value proposition ofblockchain, the decentralized peer-to-peer technology that came about with bitcoin in 2009, is as a place to record transactions on a public, immutable, tamper-proof ledger. Bitcoin runs on its own blockchain; ether, a rival cryptocurrency, runs on the Ethereum blockchain. NBA Top Shot will run on a blockchain. Dapper Labs and the NBA aren’t saying yet exactly which blockchain, but it’s likely to be Ethereum, the home of CryptoKitties.
Each video clip will be labeled with a number to mark it as distinct, much like when you purchase a print or signed piece of art and it is labeled with how many there are in supply.
Top Shot also promises a gamification element, where fans can compete head-to-head by building a roster and pitting their digital collections against each other, fantasy-style.
Much has been made about the uses of blockchain for sports memorabilia, since souvenirs or autographed items must be authenticated. As CoinDesk research director Nolan Bauerle put itat Yahoo Finance’s crypto summit last year, blockchain-based collectibles are “the extension of that anti-counterfeit quality of all of these coins. So this is really the beginning of what we’re going to see—I think, anyway—for sports memorabilia, for the authentication of game-worn jerseys, and cards, and all kinds of other stuff.”
But success here is hardly guaranteed—participation isn’t even guaranteed.
Major League Baseballlaunched a blockchain collectibles game last yearwith game developer Lucid Sight called MLB Crypto Baseball. It has not, so far, been an obvious hit. If you search Twitter for mentions of the product, most are complaints. It is also far from easy to use, since participants have to first buy the cryptocurrency ether.
The NBA’s product comes from Dapper Labs, maker of the mega-popular Ethereum game CryptoKitties.At its peak, the digital kittens in CryptoKitties were so popular they were selling for tens of thousands of dollars, and trading activity was clogging the entire Ethereum network.
Dapper Labs CEO Roham Gharegozlou acknowledges the possible pitfalls. “We want to give basketball fans something that they’ve never seen before, but also something that is immediately familiar and they want to actually play with... You might want that play because you love LeBron, you might love the team he’s currently on, or you might need that moment to play in the Top Shot game.”
Gharegozlou also points to the NBA’s huge social media following as something that can boost awareness of the game. “They’re going to be very engaged with us in helping make sure that this experience is authentic to the fan, and not just a crypto experience.”
Although this is the NBA’s first league-wide foray into blockchain, theSacramento Kings last year launched an Ethereum mining operationto donate crypto to a local community charity. “We know blockchain is going to revolutionize the world,” Kings CTO Ryan Montoya told Yahoo Finance last June.
Now, one year later, the league office appears to agree. Adrienne O’Keeffe, NBA’s head of consumer products and gaming, says, “We are always exploring new ways to engage with fans around the world. We saw this partnership with Dapper Labs as an opportunity to expand our gaming presence while also creating a new and innovative platform that will allow fans to collect and own specific in-game moments.”
A spokesperson for the NBPA touts, “Nothing like this has existed before for NBA fans and we are excited to see how they engage with it."
Will fans actually engage?
—
Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @readDanwrite.
Read more:
NBA’s Sacramento Kings are now mining crypto for charity
Major League Baseball is going crypto
Blockstack CEO on Libra: ‘We have already done what Facebook is trying to do’
Tron founder Justin Sun posts public apology over Buffett lunch
Cryptocurrency CEO who paid $4.6M for lunch with Buffett: 'It might be unrealistic'
Exclusive: SEC quietly widens its crackdown on ICOs
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit. || NBA launches blockchain collectibles: The NBA is putting its biggest dunks on a blockchain. The league, along with the NBA Players Association, announced on Wednesday the coming launch of NBA Top Shot, a home for blockchain-based digital collectibles. The idea is for fans to buy and trade unique digital video clips that commemorate in-game moments from the NBA season, such as a Kevin Durant 3-point shot or Joel Embiid dunk, the NBA says in a press release. To put this product in context: The whole value proposition of blockchain , the decentralized peer-to-peer technology that came about with bitcoin in 2009, is as a place to record transactions on a public, immutable, tamper-proof ledger. Bitcoin runs on its own blockchain; ether, a rival cryptocurrency, runs on the Ethereum blockchain. NBA Top Shot will run on a blockchain. Dapper Labs and the NBA arent saying yet exactly which blockchain, but its likely to be Ethereum, the home of CryptoKitties. Each video clip will be labeled with a number to mark it as distinct, much like when you purchase a print or signed piece of art and it is labeled with how many there are in supply. Top Shot also promises a gamification element, where fans can compete head-to-head by building a roster and pitting their digital collections against each other, fantasy-style. Landing page for NBA Top Shot blockchain game (via Dapper Labs) Much has been made about the uses of blockchain for sports memorabilia, since souvenirs or autographed items must be authenticated. As CoinDesk research director Nolan Bauerle put it at Yahoo Finances crypto summit last year , blockchain-based collectibles are the extension of that anti-counterfeit quality of all of these coins. So this is really the beginning of what were going to seeI think, anywayfor sports memorabilia, for the authentication of game-worn jerseys, and cards, and all kinds of other stuff. But success here is hardly guaranteedparticipation isnt even guaranteed. Major League Baseball launched a blockchain collectibles game last year with game developer Lucid Sight called MLB Crypto Baseball. It has not, so far, been an obvious hit. If you search Twitter for mentions of the product, most are complaints. It is also far from easy to use, since participants have to first buy the cryptocurrency ether. Story continues The NBAs product comes from Dapper Labs, maker of the mega-popular Ethereum game CryptoKitties. At its peak , the digital kittens in CryptoKitties were so popular they were selling for tens of thousands of dollars, and trading activity was clogging the entire Ethereum network. Dapper Labs CEO Roham Gharegozlou acknowledges the possible pitfalls. We want to give basketball fans something that theyve never seen before, but also something that is immediately familiar and they want to actually play with... You might want that play because you love LeBron, you might love the team hes currently on, or you might need that moment to play in the Top Shot game. Gharegozlou also points to the NBAs huge social media following as something that can boost awareness of the game. Theyre going to be very engaged with us in helping make sure that this experience is authentic to the fan, and not just a crypto experience. Although this is the NBAs first league-wide foray into blockchain, the Sacramento Kings last year launched an Ethereum mining operation to donate crypto to a local community charity. We know blockchain is going to revolutionize the world, Kings CTO Ryan Montoya told Yahoo Finance last June. Now, one year later, the league office appears to agree. Adrienne OKeeffe, NBAs head of consumer products and gaming, says, We are always exploring new ways to engage with fans around the world. We saw this partnership with Dapper Labs as an opportunity to expand our gaming presence while also creating a new and innovative platform that will allow fans to collect and own specific in-game moments. A spokesperson for the NBPA touts, Nothing like this has existed before for NBA fans and we are excited to see how they engage with it." Will fans actually engage? Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter at @ readDanwrite . Read more: NBAs Sacramento Kings are now mining crypto for charity Major League Baseball is going crypto Blockstack CEO on Libra: We have already done what Facebook is trying to do Tron founder Justin Sun posts public apology over Buffett lunch Cryptocurrency CEO who paid $4.6M for lunch with Buffett: 'It might be unrealistic' Exclusive: SEC quietly widens its crackdown on ICOs Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit . || Fed cuts interest rates for the first time since the birth of Bitcoin: The Federal Reserve is cutting interest rates for the first time since the 2008 financial crisis, the year the bitcoin whitepaper was released. In a much anticipated, live-streamed announcement today, Fed chair Jerome Powell said it is cutting the interest rate by 25 basis points, or 0.25%. In a statement , the Fed pointed out that the U.S. economy has seen steady growth, with the unemployment rate remaining low and household spending increasing from earlier in the year. The agency also noted that inflation is running below 2 percent. However, the agency still decided to cut the interest rate “ in light of the implications of global developments for the economic outlook as well as muted inflation pressures.” With this cut, the Fed hopes to sustain the expansion of economic activity, although it also cautions that uncertainties remain about this outlook. Join Genesis now and continue reading, Fed cuts interest rates for the first time since the birth of Bitcoin ! || Fed cuts interest rates for the first time since the birth of Bitcoin: The Federal Reserve is cutting interest rates for the first time since the 2008 financial crisis, the year the bitcoin whitepaper was released.
In a much anticipated, live-streamed announcement today, Fed chair Jerome Powell said it is cutting the interest rate by 25 basis points, or 0.25%.In a statement, the Fed pointed out that the U.S. economy has seen steady growth, with the unemployment rate remaining low and household spending increasing from earlier in the year. The agency also noted that inflation is running below 2 percent.
However, the agency still decided to cut the interest rate “in light of the implications of global developments for the economic outlook as well as muted inflation pressures.”
With this cut, the Fed hopes to sustain the expansion of economic activity, although it also cautions that uncertainties remain about this outlook.
Join Genesis nowand continue reading,Fed cuts interest rates for the first time since the birth of Bitcoin! || Fed cuts interest rates for the first time since the birth of Bitcoin: The Federal Reserve is cutting interest rates for the first time since the 2008 financial crisis, the year the bitcoin whitepaper was released.
In a much anticipated, live-streamed announcement today, Fed chair Jerome Powell said it is cutting the interest rate by 25 basis points, or 0.25%.In a statement, the Fed pointed out that the U.S. economy has seen steady growth, with the unemployment rate remaining low and household spending increasing from earlier in the year. The agency also noted that inflation is running below 2 percent.
However, the agency still decided to cut the interest rate “in light of the implications of global developments for the economic outlook as well as muted inflation pressures.”
With this cut, the Fed hopes to sustain the expansion of economic activity, although it also cautions that uncertainties remain about this outlook.
Join Genesis nowand continue reading,Fed cuts interest rates for the first time since the birth of Bitcoin! || Bitcoin Rally Is Around the Corner Based on This Volatility Indicator: Bitcoinhas been relatively quiet ever since it posted its 2019 high of $13,880 on June 26. From that point, the market has been on a steady pullback with a few short-lived rallies. Experienced traders would call the price action as “choppy,” where there are no big moves and the trend is mostly sideways.
A choppy market is not exciting for day traders because there are no wild swings to profit from. It is also boring for momentum traders and trend followers because they have to wait for the resumption of the trend.
We looked at the charts and it seems that the days of dull trading are numbered. Bitcoin appears ready to make a big move soon and it is leaning toward the side of the bulls.
The Bitcoin Historical Volatility Index (BVOL) has been on a downward spiral ever since it skyrocketed from a low of 4.38 to a high of 14.06 on the same day, June 26. That’s the same day bitcoin printed its 2019 high.
Before the index spiked by 9.68 points in a single day, it consolidated at support of 2.00 for about a month. During that period, there were several upticks in volatility but nothing compared to the June 26 ascent. Nevertheless, 2.00 is a key level for the index.
Currently, BVOL is about to drop to 2.00, which is a level where bitcoin usually reacts. Most of the time, volatility favors the bulls when the index plunges to 2.00. However, there are instances when bears win the day and the index falls further.
Read the full story on CCN.com. || Bitcoin Rally Is Around the Corner Based on This Volatility Indicator: The Bitcoin Historical Volatility Index (BVOL) is approaching a key support area where volatility and price usually spike up. | Source: Shutterstock Bitcoin has been relatively quiet ever since it posted its 2019 high of $13,880 on June 26. From that point, the market has been on a steady pullback with a few short-lived rallies. Experienced traders would call the price action as choppy, where there are no big moves and the trend is mostly sideways. A choppy market is not exciting for day traders because there are no wild swings to profit from. It is also boring for momentum traders and trend followers because they have to wait for the resumption of the trend. We looked at the charts and it seems that the days of dull trading are numbered. Bitcoin appears ready to make a big move soon and it is leaning toward the side of the bulls. The Bitcoin Historical Volatility Index Closing in on the Support The Bitcoin Historical Volatility Index (BVOL) has been on a downward spiral ever since it skyrocketed from a low of 4.38 to a high of 14.06 on the same day, June 26. Thats the same day bitcoin printed its 2019 high. Before the index spiked by 9.68 points in a single day, it consolidated at support of 2.00 for about a month. During that period, there were several upticks in volatility but nothing compared to the June 26 ascent. Nevertheless, 2.00 is a key level for the index. Bitcoin volatility Currently, BVOL is about to drop to 2.00, which is a level where bitcoin usually reacts. Most of the time, volatility favors the bulls when the index plunges to 2.00. However, there are instances when bears win the day and the index falls further. Read the full story on CCN.com . || Bitcoin Rally Is Around the Corner Based on This Volatility Indicator: Bitcoinhas been relatively quiet ever since it posted its 2019 high of $13,880 on June 26. From that point, the market has been on a steady pullback with a few short-lived rallies. Experienced traders would call the price action as “choppy,” where there are no big moves and the trend is mostly sideways.
A choppy market is not exciting for day traders because there are no wild swings to profit from. It is also boring for momentum traders and trend followers because they have to wait for the resumption of the trend.
We looked at the charts and it seems that the days of dull trading are numbered. Bitcoin appears ready to make a big move soon and it is leaning toward the side of the bulls.
The Bitcoin Historical Volatility Index (BVOL) has been on a downward spiral ever since it skyrocketed from a low of 4.38 to a high of 14.06 on the same day, June 26. That’s the same day bitcoin printed its 2019 high.
Before the index spiked by 9.68 points in a single day, it consolidated at support of 2.00 for about a month. During that period, there were several upticks in volatility but nothing compared to the June 26 ascent. Nevertheless, 2.00 is a key level for the index.
Currently, BVOL is about to drop to 2.00, which is a level where bitcoin usually reacts. Most of the time, volatility favors the bulls when the index plunges to 2.00. However, there are instances when bears win the day and the index falls further.
Read the full story on CCN.com. || Med crude-Urals diffs up in Baltic, while CPC Blend firms: MOSCOW, July 31 (Reuters) - Urals crude oil differentials firmed in northwest Europe on high demand for August cargoes of the grade, while light Caspian CPC Blend differentials also improved as lower supply and arbitrage shipments lent support.
* Urals crude oil premiums to dated Brent moved closer to record highs in northwest Europe. High demand for the grade among European refiners was reflected in a rare appearance by Sweden's Preem, which usually buys in the physical market, in the Platts window during the session.
* Greece's Hellenic Petroleum recently purchased an August cargo of CPC Blend in a tender at dated Brent minus $1.50 per barrel, traders said. The deal level was some 50 cents per barrel firmer than recent estimates. Tengizchevroil was the seller, they added.
* Quite a few CPC Blend cargoes loading in August have been fixed for journeys to northwest Europe, Asia or the United States, traders said, which limits availability of the grade in Mediterranean.
PLATTS WINDOW
* In the Platts window Preem bid for 100,000 tonnes of Urals loading from Baltic ports on Aug. 17-21 at dated Brent plus $0.75 per barrel, some 50 cents per barrel firmer than the recent estimates, but failed to find a seller.
* Trading firm Litasco bid for two Urals cargoes of 80,000 tonnes each loading from Novorossiisk on Aug. 11-15 and 13-17 at dated Brent plus $1.10 per barrel for each, in line with its bids on Tuesday. It again failed to find a seller.
* There were no bids or offers in the Platts window for CPC Blend or Azeri BTC, traders said.
NEWS
* Libya's Sharara oilfield, the country's largest, was forced to shut down after a valve in the pipeline linking it to the Zawiya oil terminal was closed late Tuesday evening, state-owned National Oil Corp (NOC) said on Wednesday.
* Oil prices rose for a fifth day on Wednesday, supported by a larger-than-expected drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time in more than a decade. (Reporting by Olga Yagova; Editing by Jan Harvey) || Med crude-Urals diffs up in Baltic, while CPC Blend firms: MOSCOW, July 31 (Reuters) - Urals crude oil differentials firmed in northwest Europe on high demand for August cargoes of the grade, while light Caspian CPC Blend differentials also improved as lower supply and arbitrage shipments lent support. * Urals crude oil premiums to dated Brent moved closer to record highs in northwest Europe. High demand for the grade among European refiners was reflected in a rare appearance by Sweden's Preem, which usually buys in the physical market, in the Platts window during the session. * Greece's Hellenic Petroleum recently purchased an August cargo of CPC Blend in a tender at dated Brent minus $1.50 per barrel, traders said. The deal level was some 50 cents per barrel firmer than recent estimates. Tengizchevroil was the seller, they added. * Quite a few CPC Blend cargoes loading in August have been fixed for journeys to northwest Europe, Asia or the United States, traders said, which limits availability of the grade in Mediterranean. PLATTS WINDOW * In the Platts window Preem bid for 100,000 tonnes of Urals loading from Baltic ports on Aug. 17-21 at dated Brent plus $0.75 per barrel, some 50 cents per barrel firmer than the recent estimates, but failed to find a seller. * Trading firm Litasco bid for two Urals cargoes of 80,000 tonnes each loading from Novorossiisk on Aug. 11-15 and 13-17 at dated Brent plus $1.10 per barrel for each, in line with its bids on Tuesday. It again failed to find a seller. * There were no bids or offers in the Platts window for CPC Blend or Azeri BTC, traders said. NEWS * Libya's Sharara oilfield, the country's largest, was forced to shut down after a valve in the pipeline linking it to the Zawiya oil terminal was closed late Tuesday evening, state-owned National Oil Corp (NOC) said on Wednesday. * Oil prices rose for a fifth day on Wednesday, supported by a larger-than-expected drop in U.S. inventories and investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time in more than a decade. (Reporting by Olga Yagova; Editing by Jan Harvey) || Litecoin Is ‘Halving’ Soon: What’s Happening and What You Should Know: A rule embedded within litecoin’s (LTC) code is set to soon reduce rewards for the miners who today ensure transaction processing on the world’s fourth-largest blockchain by total value.
Litecoin price over the last 30 days viaCoinDesk data.
In approximately five days, litecoin willundergoascheduled reward halving– a process aimed at preserving cryptocurrency’s purchasing power. The mining reward is currently set at 25 litecoins ($2,500) per block and will drop to 12.5 litecoins ($1,200) per block on Aug. 5.
With that transition, the protocol will be adding significantly fewer litecoins to the market after Aug. 5.
Related:Bitcoin Price on Track to Post First Monthly Loss Since January
The halving, therefore, sounds similar to interest rate hikes and other measures initiated by central banks across the globe when combating high inflation, so investors may feel tempted to snap up litecoins while heading into the event.
However, while the cryptocurrency may pick up a bid in the next couple of days, big gains look unlikely with the price action of the last six months suggesting that an impending supply cut has already been priced in by savvy traders.
Litecoin, which traded at $30 on Jan. 1, ended the first quarter at $61, representing a 100 percent gain. That was LTC’s best first-quarter performance on record, as reported by CoinDesk on March 31.
More importantly, the cryptocurrency eked out stellar gains in the first three months of this year despite the flat action in bitcoin, the leading cryptocurrency.
Related:Golden Cross Provides Glimmer of Hope for Bitcoin Price Revival
Essentially, LTC broke into a bull market well before bitcoin confirmed a bearish-to-bullish trend change with a big move above key resistance at $4,236 on April 2. Prices went on to hit highs above $140 in June before falling back to $80 earlier this month.
Litecoin’s non-price metrics have also risen sharply since mid-December, hitting new record highs several times over the last couple of months. For instance, hashrate or computing power dedicated to mining rose to 523.81 TH/s on July 14, up 258 percent from the low of 146.21 TH/s seen in December 2018, according tobitinfocharts.com.
Litecoin leading the broader market higher with 100 percent gains in the first quarter followed by a rise to highs above $145 in June. Yet, the recent drop to $80 is reminiscent of the price action seen in months ahead of the previous reward halving, which took place on Aug. 25, 2015.
Back then, prices bottomed out at $1.12 in January and peaked at $8.72 in July before falling back to $2.55 by Aug. 25.
More importantly, following the reward halving, prices remained trapped largely in a narrow range of $2.5 to $5.5 before picking a strong bid in April 2017.
If history is a guide, then LTC may trade in a sideways manner post next week’s reward halving, unless BTC makes a move toward the record high of $20,000.
The mining profitability will likely drop by 50 percent along with block rewards, as mining difficulty – a measure of how hard it is to maintain and add to the blockchain – seldom adjusts immediately. So, some miners may shift to other blockchains, leading to a drop in the hashrate.
The computing power, however, may tick higher over the coming months, as the drop in the inflation rate to 4 percent from the current 8.4 percent per year will likely bode well for LTC’s price. That would compensate for the slide in the mining profitability.
It is worth noting that the hashrate had dropped by 15 percent around the previous halving before rebounding in the next two weeks, according to Binance Research.
Disclosure:The author holds no cryptocurrency assets at the time of writing.
Litecoin imagevia Shutterstock;charts byTrading View
• Bitcoin Faces Sub-$9K Price Move as Bear Trend Strengthens
• Bull Case for Bitcoin Weakest Since February, Price Indicator Says || Litecoin Is ‘Halving’ Soon: What’s Happening and What You Should Know: A rule embedded within litecoin’s (LTC) code is set to soon reduce rewards for the miners who today ensure transaction processing on the world’s fourth-largest blockchain by total value. Litecoin price over the last 30 days via CoinDesk data . In approximately five days, litecoin will undergo a scheduled reward halving – a process aimed at preserving cryptocurrency’s purchasing power. The mining reward is currently set at 25 litecoins ($2,500) per block and will drop to 12.5 litecoins ($1,200) per block on Aug. 5. With that transition, the protocol will be adding significantly fewer litecoins to the market after Aug. 5. Related: Bitcoin Price on Track to Post First Monthly Loss Since January The halving, therefore, sounds similar to interest rate hikes and other measures initiated by central banks across the globe when combating high inflation, so investors may feel tempted to snap up litecoins while heading into the event. However, while the cryptocurrency may pick up a bid in the next couple of days, big gains look unlikely with the price action of the last six months suggesting that an impending supply cut has already been priced in by savvy traders. LTC doubled in value in the first quarter Litecoin, which traded at $30 on Jan. 1, ended the first quarter at $61, representing a 100 percent gain. That was LTC’s best first-quarter performance on record, as reported by CoinDesk on March 31. More importantly, the cryptocurrency eked out stellar gains in the first three months of this year despite the flat action in bitcoin, the leading cryptocurrency. Related: Golden Cross Provides Glimmer of Hope for Bitcoin Price Revival Essentially, LTC broke into a bull market well before bitcoin confirmed a bearish-to-bullish trend change with a big move above key resistance at $4,236 on April 2. Prices went on to hit highs above $140 in June before falling back to $80 earlier this month. Litecoin’s non-price metrics have also risen sharply since mid-December, hitting new record highs several times over the last couple of months. For instance, hashrate or computing power dedicated to mining rose to 523.81 TH/s on July 14, up 258 percent from the low of 146.21 TH/s seen in December 2018, according to bitinfocharts.com . Story continues History repeating itself Litecoin leading the broader market higher with 100 percent gains in the first quarter followed by a rise to highs above $145 in June. Yet, the recent drop to $80 is reminiscent of the price action seen in months ahead of the previous reward halving, which took place on Aug. 25, 2015. Back then, prices bottomed out at $1.12 in January and peaked at $8.72 in July before falling back to $2.55 by Aug. 25. More importantly, following the reward halving, prices remained trapped largely in a narrow range of $2.5 to $5.5 before picking a strong bid in April 2017. If history is a guide, then LTC may trade in a sideways manner post next week’s reward halving, unless BTC makes a move toward the record high of $20,000. Miner participation may drop after halving The mining profitability will likely drop by 50 percent along with block rewards, as mining difficulty – a measure of how hard it is to maintain and add to the blockchain – seldom adjusts immediately. So, some miners may shift to other blockchains, leading to a drop in the hashrate. The computing power, however, may tick higher over the coming months, as the drop in the inflation rate to 4 percent from the current 8.4 percent per year will likely bode well for LTC’s price. That would compensate for the slide in the mining profitability. It is worth noting that the hashrate had dropped by 15 percent around the previous halving before rebounding in the next two weeks, according to Binance Research. Disclosure: The author holds no cryptocurrency assets at the time of writing. Litecoin image via Shutterstock; charts by Trading View Related Stories Bitcoin Faces Sub-$9K Price Move as Bear Trend Strengthens Bull Case for Bitcoin Weakest Since February, Price Indicator Says || Microstrategy Inc (MSTR) Q2 2019 Earnings Call Transcript: Image source: The Motley Fool.
Microstrategy Inc(NASDAQ: MSTR)Q2 2019 Earnings CallJul 30, 2019,5:00 p.m. ET
• Prepared Remarks
• Questions and Answers
• Call Participants
Operator
Good afternoon, ladies and gentlemen, and welcome to the MicroStrategy Q2 2019 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mr. Michael Saylor, Chairman, President and CEO. Sir, you may now begin your conference.
Michael Saylor--Chairman, President and CEO
Hello. This is Michael Saylor. I'm the Chairman, President and CEO of MicroStrategy. I'd like to welcome all of you today to today's conference call regarding our 2019 second quarter financial results. I'm here with our Chief Operating Officer and CFO, Phong Le. First, I'd like to pass the floor to Phong, who's going to read the Safe Harbor statement and make some comments on our results for the second quarter.
Phong Le--Chief Operating Officer & Chief Financial Officer
Thank you, Michael, and good evening, everyone. Various remarks that we may make about our future expectations, plans and prospects may constitute forward-looking statements for the purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our most recent quarterly report on Form 10-Q filed with the SEC. These statements reflect our views only as of today and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause the company's views to change. While the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so. Also during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliation schedule showing GAAP versus non-GAAP results are available in the Form 10-Q we filed with the SEC after the close of market today and in our press release that was also issued today, which is located on our website at www.microstrategy.com. We are generally pleased with our performance in the second quarter, which demonstrate continued progress executing on our strategic objectives.
MicroStrategy 2019 is driving demand for our software, a redesigned and repackage MicroStrategy Cloud Enterprise product that's showing initial signs of success and our proactive enterprise support offering is increasing customer engagement. Internally our executive team, employees and departments are as tightly aligned as we've ever been. The consolidation our competitive environment needs will be the largest independent business intelligence platform company in the world. We believe this is an advantage for customers who want open BI platforms that are not tied to a particular enterprise software stack. As a reminder, MicroStrategy 2019 has a modern, open enterprise platform that provides customers who want the most powerful flexible enterprise analytics and mobility platform on the market. New innovations in MicroStrategy 2019 like Federated Analytics and HyperIntelligence, address some of the most pressing analytics problems facing enterprises.
For example, HyperIntelligence solves the key problems faced in many enterprises. How to get actionable insights into the hands of knowledge workers with minimal friction, with the productivity tools they already use to do their jobs. HyperIntelligence card on the web, in mobile, and on Microsoft Outlook provides real-time answers with existing workflows. HyperIntelligence allows entire workforces to access curated secure government data in seconds and make actionable trusted decisions with this data. We saw strong demand for HyperIntelligence during the quarter, highlighted by 50 HyperIntelligence deals. As a reminder, purchasing HyperIntelligence and Federated Analytics requires upgrading the MicroStrategy 2019.
Through the end of the second quarter more than 400 customers have already upgraded to MicroStrategy 2019 and we have a targeted program in place to upgrade most remaining customers over the next 6 to 12 months. Before I review our financial performance in detail, I'd like to provide some high-level takeaways for investors. One, total revenues increased 0.4% year-over-year on a constant currency basis. This is our first constant currency total revenues increase in nine quarters. Two, we delivered 7.5% year-over-year product license revenue growth on a constant currency basis against a challenging comp.
This is the third consecutive quarter of year-over-year constant currency product license growth and reflects the momentum in our business and the positive impact of MicroStrategy 2019. We are pleased with our product license performance and believe that we are on track to achieve our goal of product license growth for the full year of 2019. Product support revenues increased 1.9% year-over-year on a constant currency basis. We continue to have industry-leading maintenance renewal rates and we're finding that our efforts to upgrade our customers and provide them proactive enterprise support are increasing customer engagement and satisfaction. Other services revenues declined 9.5% year-over-year on a constant currency basis.
This is a less strategic lower-margin business for us. It will typically lag product license revenue performance by several quarters. Looking ahead, we are optimistic that other services revenue performance will improve in the second half of the year. We're delivering on our target of leveraging our operating cost structure, which was essentially flat year-over-year. We're pleased with the cost discipline and productivity improvements we are driving across the business even as we continue to make targeted investments to drive future growth. Finally, the recently announced changes to our senior management team are designed to deliver even better performance over time.
As you can see from our second quarter performance, the changes were not made in reaction to our financial results for the quarter, which were solid. Rather, we believe a flat and more streamlined go-to-market leadership will enable us to be more responsive to market trends and drive further productivity improvements across our sales organization. I've been intimately involved in the day-to-day operations of the go-to-market team as COO over the past year. I'm looking forward to focusing on that role in bringing the sales and services closer together full-time going forward. We've begun a national search process for a new CFO. Our priority in the CFO is one that has experience in a finance leadership role in a public B2B company, a proven track record of driving profitable growth as a hands-on business partner that is equally comfortable with employees, customers and investors.
While that search is ongoing, I will continue to serve as CFO. Turning to our financial results in more detail. Total product licenses revenue were $20.1 million in Q2 2019, a $0.8 million or a 4.3% increase year-over-year. Foreign currency effects negatively impacted product licenses revenue by $0.6 million or 3%. Product support revenues were $73.0 million in Q2 2019, a 0.9% decrease year-over-year with foreign currency effects negatively impacting such revenues by $2.1 million or 2.8%. Overall, we continue to see strong customer renewal rates which reflect the value customers generate from MicroStrategy products. We continue to anticipate product support revenues to generate growth for the full year on a constant currency basis. Deferred revenues at June 30, 2019 were $181.0 million. This is essentially flat year-over-year and it's a best deferred revenue performance in five quarters.
As expected, we have resolved the previously discussed issues related to the move to a new quoting system. Other services revenues were $17.5 million in Q2 2019, a 12.5% decrease year-over-year with foreign currency effects negatively impacting such revenues by $0.6 million or 3.3%. As mentioned earlier, we would expect improved performance from other services revenue over time due to consistent growth in product license revenues and focus on engaging our customers. Turning to costs. Total operating expenses of $97.2 million were essentially flat year-over-year and down 2.4% quarter-over-quarter. While we continue to make material investments in our product development efforts, we are driving meaningful efficiency improvements in our sales and marketing spend. We believe there are additional opportunities to drive further leverage, which will be a key focus in the second half of 2019. Our operating loss for Q2 2019 was $4.8 million compared to $1.8 million in the prior year period.
We had net income of $20.4 million in Q2 2019 and diluted income per share of $1.98 with net interest income of $3.0 million and other income net of $29.4 million. Net income was positively impacted by the sale of the Voice.com domain name for $30 million in cash, which results in a $21.8 million gain, net of tax and minor transaction costs. This was an opportunistic transaction to monetize a long-held non-core asset. We have more than a dozen of buckactive and powerful domain names and are open to leveraging these domain names in equity or other strategic transactions with well-funded parties to generate value for shareholders.
Excluding the impact from the gain on the Voice.com domain name sale, non-GAAP net loss was $1.4 million or $0.14 per share. During the quarter we did not repurchase any shares under our existing buyback authorization. In the prior two quarters, we repurchased approximately $160 million of stock. This is well in excess of what we had anticipated being able to repurchase in such a short period of time. We believe buybacks can be a useful way to opportunistically generate value for shareholders. However, it is just one component as we evaluate our broader long-term capital allocation strategy.
And we continue to believe keeping a substantial cash balance on the balance sheet is prudent. To be clear it's our intention to consistently be profitable and generate cash flow on an annual basis. Before I turn the call back to Michael Saylor, I want to finish by reiterating that we're generally pleased with the performance of the business in the first half of 2019. Customer interest in MicroStrategy 2019 has been strong and we're excited about our opportunity to continue driving product license revenue growth. With our increased focus on generating leverage from our cost structure, we're optimistic about our ability to deliver improved profitability increase cash flow over time. Now, I'd like to turn it back to Michael Saylor.
Michael Saylor--Chairman, President and CEO
Thank you, Phong. I'd like to touch on a few areas of interest. I'm incredibly excited about where we are as we move into the second half of 2019. On the marketing front, our HyperIntelligence and our federated analytics messaging and messages are resonating really well with customers and partners and prospects. I feel like they have repositioned the company from being a legacy enterprise platform vendor to being a modern analytics and intelligence architecture. And so they're helping us a lot with new business development as well as recruiting morale. It's really been a big shot in the arm for our existing customers as they work to build excitement for MicroStrategy deployments within their enterprises. And they allow us to work really, really effectively with other tools like PowerBI and Tableau and Excel and the like as well as a lot of the data science platforms like Jupiter and SDKs like Xcode and Swift etc. So activating the analyst community, the data scientist community and the software application developer community is a big part of MicroStrategy's enterprise platform strategy.
And MicroStrategy 2019 really dramatically upgraded our ability to do this. We really started hammering on these messages the beginning of the year. We've now got enough feedback from the market to have a high comfort level that they are working and they are the right decisions. Following the Tableau acquisition by Salesforce, there are now five major full stack vendors in the business intelligence space: SAP, IBM, Oracle, Salesforce and Microsoft. The market needs and it desires an independent intelligence platform vendor. MicroStrategy is now the leading independent platform in this space and we have good support from the analyst community and a strong set of assets offer the market. I think if you move around the industry, you see Oracle's got a commitment to their database and they've got a very hostile relationship with both Microsoft -- antagonistic relationship with Microsoft and with Amazon and with SAP and with Salesforce.
So they're not terribly enthusiastic about supporting AWS or Azure or the SAP architecture, the Salesforce architecture and that's been the case for a while. SAP following their acquisition of Business Objects has promoted their own database HANA, their own application architecture. And they have consistently focused the investments of Business Objects toward the SAP architecture and it has weakened in the merchant business intelligence space as a result of that. IBM is probably even a bigger example. IBM when they acquired Cognos put it into a division and focused it on an operating and a very narrow scope. And consequently it's very difficult for someone in the Cognos BI division to support the Amazon Cloud, the Microsoft Cloud or the applications from SAP and Oracle. It's also been difficult for them to migrate into the AI space, because that mission is claimed by Watson, which is a different part of IBM, and it's difficult for them to migrate into the mobile space for similar reasons. So, one of the dangers of being a division of a conglomerate is your capital budget and your aspirations are constrained by the strategic plan of the CEO that is juggling many, many other priorities.
So, although, it might be a rational thing for Oracle to favor their own database over Hadoop or big data, and I might be rational for SAP to favor their own apps and their own database. And it might be rational for IBM to favor their own stacks of technology. It isn't in the best interest of the customer, who likes choice. With Tableau was before this acquisition pretty strong competitor. But now that they're part of the Salesforce stack, it's going to change the dynamics, and it's going to change the incentives. And clearly what's in the best interest of Salesforce is not necessarily in the best interest of SAP, and you can't imagine as much enthusiasm supporting SAP, Microsoft, Oracle and IBM coming out of the Tableau technology organization following the acquisition as before the acquisition. That leaves Microsoft. Then Microsoft itself is a full stack vendor. And Power BI.
I suppose is emerging as probably the more notable competitor for us, but even as Microsoft is probably the lowest cost and the most ubiquitous of the full stack vendors, they are still a full stack. And if you commit to a Microsoft power BI, ironically you're precluded from running on Windows in your own data center and you're precluded from running on LINX. And you're going to be precluded from running on Amazon's AWS, which is the of course the leading public cloud provider. And so, all of these things create an interesting vendor lock-in dilemma. Now vendor lock-in is something no CIO wants, and in a world where the largest vendors are selling you your application functionality, all your software components, all your hardware components, all your networking and literally the electricity to operate these things via a term license, big corporations are literally purchasing their oxygen from a single vendor if they lock in to a big stock. And they don't -- unlike the world where you bought enterprise software deploying your data center on a perpetual license, they don't have the option to go off of maintenance and switch vendors over a three- year time period. If they have a dispute with a vendor, they need to do something different or if they have a financial problem.
A dispute with a major stock vendor in the cloud results in immediate bill with no negotiating leverage. And if you don't pay the bill, they can literally turn off your business. So, that creates an interesting dynamic. Any reasonable IT executive, we prefer to have more than one source for something so critical. And we've noticed that the public cloud migration, in the public cloud business in general, has accelerated for us when we delivered MicroStrategy on Azure along with MicroStrategy on AWS, having parity between the two and having a choice between the two is a big deal. And I believe actually that the arrival of Azure as a credible alternative to AWS probably has accelerated the overall industry migration from data centers to the public cloud, perhaps to the benefit of Amazon as well as to the benefit of Microsoft.
Because there's only one supply, it's very difficult for a reasonable executive to put all their business eggs in that basket. Everyone's going to want to have more than one choice. One of our key value propositions to customers is that, when you deploy MicroStrategy applications on AWS, if you were to deploy dozens of applications to 10,000 users in an AWS environment and if you decided or found out that you could purchase the same software and hardware services from Microsoft at half price, you could turn off the application on a Monday night at midnight and turn it on in Azure or switch from Amazon to Microsoft within minutes, without a service loss. So the ability to move seamlessly between the environments is a big benefit that MicroStrategy offers. You won't see a similar benefit from the full stack vendors; they're not really in that situation. So, I think, that we're well positioned as an independent platform.
The world's not ready to trust all of their mission-critical operations to one cloud vendor. They're probably not ready to trust them all to two cloud vendors, but the world is interested in being able to integrate multiple data sources, multiple applications and multiple platform environments in order to deploy mission-critical apps. And MicroStrategy is offering that. We've been delivering the MicroStrategy cloud platform on Azure and AWS in 2019. And as the market shifts toward these public cloud deployments at an increasing rate, our timing is good. Our messaging is resonating and we're starting to see a deal activity pick up as a result of this. So I believe that these developments in the market are auspicious for us and I believe that we will continue to build momentum based upon them. With regard to sales activity and sales execution, I'm excited about our management changes and the combination of our sales and our services leadership under Phong Le. It's always been our plan for him to take on increasing amounts of responsibility at the firm and we're committed to precise very hands-on execution in order to serve our customers and grow our business.
So a single leader of all the sales and the services operation is going to aid us in achieving that objective. To that effect, we pursued a number of business initiatives in the past quarter to improve our sales results. We have simplified and streamlined our licensing terms, we've introduced a new rationalized product catalog, we've implemented universal order forms, we've streamlined a set of international price books, we've streamlined and improved our education offerings, we have upgraded and streamlined our support offerings, we have created more competitive consulting pricing and easier to sell competitive software -- easier to sell consulting packages. We have improved the sales compensation schemes with regard to consulting in order to drive more sales focus on consulting. We have improved our services compensation schemes in order to better integrate our support initiatives and incentivize them in the right way.
We've made some major systems upgrades to our sales organization and our sales systems in order to make things faster and quicker and more transparent and precise and we've reorganized our sales operations teams in order to be more efficient and hire more rapid and increase the quality of the work we're doing. So there are very hands-on things that are touching every person in sales and services and touching our corporate systems, but I have confidence that they're all going to result in improvements in our sales process, as we move forward. In the area of services, our enterprise support program is beginning to take hold and impacting hundreds of accounts. We delivered on the order of 1,000 enterprise support projects in the past year.
There were proactive activities to improve the deployments of our customers and the environment our customers are working with. We expect to assist about 500 or more of our customers with platform upgrades this year via the enterprise support program. So this is a broad-based proactive engagement to elevate our level of enterprise support to a place that is above and beyond what traditional vendors in our space would deliver. We're very proud of it. We think it's a great investment in the business and will yield long-term dividends for us. We're about through the first year or a-year-and-a-quarter of this. It's a three-year plan and I expect that we'll continue to enhance our technique, our effectiveness and our coverage for the next 24 months as the organization grows and becomes more sophisticated.
We upgraded and overhauled our 2019 education courses and certifications and we're publishing them all online and using this to drive value and demand for our education passes. We're really excited about that initiative as well. We're going to be focused upon delivering more and better education for all of our customers and all of our partners. And if we combine this with our focus upon providing more and better support and by providing more competitive and more comprehensive consulting offerings, you can see that we're really committed to improving the services that we're bringing to the market. I'm really enthusiastic about an emerging version of -- emerging area of services, which is our cloud environment business.
We have streamlined and overhauled our cloud offerings. So now that we're offering cloud environments and production and non-production nodes throughout our customer base and we're offering tailored cloud support packages and we're doing this on both Azure and AWS. This allows our customers to ask for a very particular cloud environment that meets their needs. We're offering them with a standardized set of administration and maintenance and optimization services for their cloud environment. But we're also offering them a package of customization and integration services so that they can implement a hybrid cloud if they like or they can integrate into their other databases. We've really seen a dramatic increase in the interest and the demand for us to begin to host and manage cloud environments for customers. I think it's a great underappreciated story at MicroStrategy.
And as we move forward, I think the combination of a stronger MicroStrategy Cloud platform combined with stronger sort of cloud environment offerings and more effective sales and marketing in the cloud is going to help us to grow that business. And so that's another exciting area for the firm. Shifting to technology, a few tech notes. I think we're making great progress improving our federated analytics connectors and our HyperIntelligence apps. These are really opening up a lot of new opportunities with our customers and partners. As I said, they're really repositioning us in a good light. And they converted a lot of discussions from a head-to-head competition to a coopetition embrace and extend dynamic. I think that will continue. I mean, we seem to be taking a leadership position in the industry with regard to supporting all of the tools on the front end, all of the database on the back end, all of the platforms that you might want to deploy on in the middle of an architecture.
Our overall tech strategy is to focus upon AWS and Azure parity with regard to the cloud. We focus upon iOS and Android parity with regard to our mobile features. We work hard to develop Mac and Windows parity with regard to desktop and workstation features and to focus upon Chromium HTML support for the Chrome and Edge browser family. To be able to offer support for all of these various interfaces and platforms gives us I think a leg up, and it's exactly what large enterprises are looking for. We will deliver some notable improvements in stability, scalability, portability and usability for their platform in the coming few quarters.
We're really focused on getting the basics right and delivering solid value for our customers. So, we've been doing some exciting things, like integrating, SSO, directly into various parts of our apps. And working hard to eliminate clicks, unnecessary friction, and then find ways to put more full tolerance right into the platform, so as to make the administration and the deployment of our product that much easier. A final note on the Voice.com sale. I think there's an emerging awareness that crypto assets or digital assets are real. There's never going to be more than 21 million Bitcoin in the world. And as people start to think about that and the fact that they can't be inflated and that's a limit, it gives value to that cryptocurrency argument. I think if we consider the domain as an asset class, once upon a time people thought that that Voice.tv or Voice.bu or a Voice dot something else would matter and it turns out a doesn't, Voice.com matters and we have pretty good evidence here that the difference between Voice.com and Voice.io or Voice.it or Voice.net was $30 million.
That's the difference because that's what we sold it for. If it had been an open auction with multiple various bidders, it might have been more. So, when you go on Google and you Google something like voice, you get 2.4 billion hits. If you Google Nike you get 2 billion hits. The value of a great name especially a dotcom name is amazing because it catapults you above 2 billion other pages. Anybody that ever saw an ad that said Voice.com on it would remember immediately how to find that brand. And so these things are great. They're great assets for branding a network, or branding a mobile app, or branding a consumer application and we own -- we literally own hope in the English language. I mean how would you like to own hope?
We own Hope.com H-O-P-E. It's a noun, it's verb, it's a name. You could use it to brand all sorts of things. We own Emma and Usher and Strategy and Speaker. We own Michael, we own William. Most of these generate multiple billion hits if you type into the Google Search machine. And a strategy -- and I will get you billions of hits. So, I have a belief that at some point -- sometime in the future, we'll find well-endowed well-capitalized companies that wish to rebrand themselves or wish to rebrand the product or a service with a really compelling name and when they do, then we'll monetize some of these other assets. Until then we're very patient with regard to these investments. And just like with the other things we're doing in our business, we take the long view and we just focus upon making sure that we provide value to the customer. So, with that, I want to thank everybody for your support and I think we'll go ahead and open the floor for questions from the analysts.
Operator
[Operator Instructions] Your first question comes from the line of Hamed Khorsand from BWS Financial. Your line is now open.
Hamed Khorsand--BWS. Financial -- Analyst
Could you first-off talk about the headcount reduction in sales and marketing and how that actually does not impact any kind of future revenue growth potential?
Phong Le--Chief Operating Officer & Chief Financial Officer
Hi Hamed, it's Phong. It's a good question. As you probably noted over the last couple of years, we added quite a few headcount to sales and marketing. In some cases, these were overlay folks in the sales teams. In some cases, these are adding to regions that were sort of growth regions in the second and third world countries. And in some cases, these were marketing heads to further some of our digital marketing work and some of our business development.
And I think what we observed over the last year or so is that they were not adding the level of revenue or productivity that we expected or needed. And so we're able to reduce them while still increasing revenue and overall productivity. And we looked at each of those very closely and worked very closely with our field teams to make sure we're making the right decisions. But ultimately for the kind of growth we need, there's still a lot of room in the headcount we have. And so, I don't think headcount is really the lever to grow. I think its more productivity out of our existing high-performance reps.
Hamed Khorsand--BWS. Financial -- Analyst
Okay. And then, could you just talk about this, HyperIntelligence? I mean last quarter you were talking about having in dozens now you're talking about 50. How fast can you get these customers upgraded this year, as far as those 500 that you're targeting?
Phong Le--Chief Operating Officer & Chief Financial Officer
Yeah. So, there's a couple of sort of things in that question there. First just in terms of our upgrade activity, we've had pretty good traction. We had entered the year knowing that we wanted to upgrade the vast majority of our enterprise customers, by the middle of 2020. And we're on pace for that. Upgrading the customers is going to result in potential upsell. And as you mentioned, we did about 30 revenue-generating HyperIntelligence deals in Q1. And we saw about 50 this quarter. And we expect to continue to accelerate that. And the nice thing is, as customers take 2019. They tend to get a demo or proof-of-concept of HyperIntelligence. And we find everyone that does that demo of proof-of-concept is instantly, enamored with the product.
And then, it's a matter of them figuring out, what are the right use cases for HyperIntelligence. And so there's a bit of a snowball effect, as we see certain customers have certain use cases, where we will share it with other prospects and customers. And we continue to see a lot of good traction. The other nice thing about HyperIntelligence that Mike talked about a little bit is, it's really a new product widget and it positions us as an innovative BI Company again.
So our sales people get excited about it, our customers get excited about it. It creates this aura of innovation in the company. And then our marketing folks get excited about it. And our prospects get excited about it. So, it still continues to go really well. And we add product features every quarter, right? We launched HyperIntelligence in Q4, as a web-based product. In Q1, we added a mobile capability. And now in Q2 we've added an, Outlook-based capabilities. So we're able to continue to add, feature functionality every quarter.
Hamed Khorsand--BWS. Financial -- Analyst
Okay. And then, as far as the customers that have upgraded so far this year .What are you seeing as far as incremental revenue coming from them? Are they broadening the usage within the work force?
Phong Le--Chief Operating Officer & Chief Financial Officer
Yeah. I think when we see customers upgrade, they tend to do so with the expectation, that they're either going to increase their footprint of MicroStrategy at the current enterprise that they're in. Or they increase the usage of additional tools, like our mobility tools, Library and Dossier or HyperIntelligence or Federated Analytics. We haven't published. And we're not going to report on sort of the incremental revenue that comes from customers upgrading. But we're seeing a positive trend there. And of course you can imagine its not immediate revenue right like a customer may upgrade to MicroStrategy 2019 in Q1, which then initiates the sales cycle, which are typical sales cycles six to 12 months.
Hamed Khorsand--BWS. Financial -- Analyst
Okay, thank you.
Operator
Your second question comes from the line of Tyler Radke. Your line is now open.
Tyler Radke--Citi -- Analyst
Thank you. Good afternoon. Did you talk about the contribution from HyperIntelligence in the quarter? I know you talked about 50 deals that included that. But just give us a sense on the magnitude of the revenue contribution?
Phong Le--Chief Operating Officer & Chief Financial Officer
Yeah Tyler it's a good question. We're not yet prepared to break out revenue associated with HyperIntelligence. I would say it's not a significantly material amount or product license revenue yet. It's a noticeable contribution. And more so than just a specific, set of revenue coming from HyperIntelligence is the fact that a customer is interested in, buying more overall licenses of MicroStrategy at which they attach HyperIntelligence.So HyperIntelligence is creating, like as I mentioned, sort of an aura of innovation and confidence in MicroStrategy the product overall. Also, I'm not sure we'll ever really be able to break out product-specific revenue on things like HyperIntelligence or Frederated Analytics.
As you probably know we tend to sell the products together. And then discount them together. So it's hard to break out product revenue contribution from any particular product.
Tyler Radke--Citi -- Analyst
Great and then maybe a question for Michael, You talked about how the acquisition of Tableau by Sales force is kind of creating an opportunity. Have you seen any signs thus far either changes in win rates or just anything competitively, that gives you that confidence, or any other color that you've seen along the competitive front that gives you more confidence there would be great?
Michael Saylor--Chairman, President and CEO
Recently, as recently as about a year and half ago, the usual suspects were Tableau and Click and they were the hot cool newcomers spending huge amounts of money with new technology. And as soon as Click got taken private, we noticed that they lost a step. And a year after that privatization, the consensus across our entire sales organization is Click is not nearly so competitive or aggressive, anymore nor are they being taken seriously. They've got an enormous brain drain of sales, marketing and technology talent and kind of the energy has fled out of it. Tableau's acquisition with Salesforce is a newer thing and it won't -- it's not even yet closed, I assume. So if we look out a year from now, I think that we'll be in a position to give you some concrete takeaways from that. But it's already having an impact on analyst perceptions and customer perceptions. Everybody's got to just go through the calculation of what does this mean for support for the Salesforce Cloud versus the AWS Cloud versus the Azure Cloud.
And they are different very different culture. Salesforce of course famous -- has been very successful, with a very famous slogan that they ran for 20 years in advertising, and it was no software like they don't ship it, you can't buy it, you can't download it. There is none. And Tableau is almost diametrically opposed success, which is they created a very nice piece of software running on a PC workstation for an analyst, who is fatigued from Excel and wanted to download something, pay for it with a credit card and build something cooler. So there is two different technical strategies there. And then how is that going to morph into the future, nobody knows but a lot of uncertainty. We don't have so much uncertainty about what generally happens with acquisitions, because I've now seen about 100 of them and I've seen what happened to Essbase and Brio and Information Advantage and STG and Cognos and Excelsior and Crystal Reports and BusinessObjects. And the general thing that happens is that the very, very passionate committed founding executive team typically goes off somewhere else to do the next thing, whatever that next thing might be, and the organization starts getting run in a more corporate fashion and that -- there are some examples where that works well. But in the event, where there are conflicting tools that do the same thing, and Oracle ended up buying nine conflicting BI tools and IBM had a host of conflicting BI tools etc.
When that happens, they have to pick who they're going to invest in, who they're not going to invest in, and then they start to emphasize fusion-type projects and integration projects. And all of that complete -- creates a lot of uncertainty for the customer, and a lot of conflicts across the sales organization. And the result is that normally, the momentum of the particular platform slows down, and they get more drag and turbulence. So I think after seeing the entire story play out about 100 times, you can reasonably predict how this one will play out. By the way, like one could argue SAP made some money off of BusinessObjects by merchandising BusinessObjects to their installed base. And then IBM for a while, merchandised Cognos. And Oracle for a while merchandised OBIE. And so for a while there's a good financial impact. But then, once you get past that initial push which is good for financially for the organization, you tend to have a lot of drag and then a lot of the innovation leaves the platform. The one thing that's essential I think to stay viable and vital in this business is you have to be able to shed your skin every five to seven years and rearchitect and rebuild. And for a while that was you have to support three-tier windows. And then, it was you have to rebuild for Linux. And then it was you have to throw away the desktop and support the web.
And then it was you have to throw -- you have to build a new skin for mobile. And after that, it was now you have to rebuild the platform for AWS and then it became you have to rebuild a platform for AWS and Azure. And next it will be Docker, right? And these things go on. If you have the ability to direct a huge amount of capital into your R&D function and if you don't have any religious constraints that prevent you from pursuing a certain idea like -- a religious constraint for example is IBM is in no way shape or form interested and supporting a competing company's AI platform. They want to support Watson or Oracle doesn't want to support Amazon's AWS. So when you have those kind of constraints religiously and then are dogmatically and then you have capital constraints, you tend to not want to rearchitect the product, you tend to get run as a cash cow.
And if you get run as a cash cow, then whatever you evolve to be at the point of the acquisition is pretty much what you're locked into for the next 20 years. If you're lucky enough to be a perfect complete product at the point of acquisition and maybe are OK. But if the market is evolving dynamically, then the success rate of those things is less.
I think it's quite possible and likely that Salesforce will turn this into a success for Salesforce, while at the same time it won't be an ideal situation for a customer of Tableau that wanted an independent enterprise intelligence tool. So that's what I think about this in particular. And my forecast is really based upon observing how all of the similar companies in this space performed in the years following the acquisitions.
Tyler Radke--Citi -- Analyst
Great. I appreciate the perspective. And if I could just ask one more for Phong. Maybe talk a little bit more about your expectations for the back half of this year. I think obviously nice to see kind of the first quarter of growth on growth in a while here. Comps are easier in the second half of this year. What are you thinking in terms of overall license revenue or license revenue growth and overall revenue growth as we get to the second half? Thank you.
Phong Le--Chief Operating Officer & Chief Financial Officer
Yes. Thanks, Tyler. As I mentioned in my prepared remarks, I think we saw a reasonably good product license revenue growth on a constant currency basis in the first half of the year and we'd like to see that continued trend in the second half of the year. I think our support business has been chugging along and it's been consistently growing in that 1% to 2% range on a constant currency basis. And I think that's a good run rate for that business given our product license revenue growth.
I think on a services basis that's been an area of decline as we refocused that business. And I think with some of the actions that Mike had mentioned around more competitive rates and some consolidating and rebranding and repackaging of our services business, we should start to see that business turn around. And our goal as I mentioned before is to continue to streamline the business and cut some costs and generate some positive operating margin. So my expectation is the second half of the year is more of the same with the first half if not better.
Tyler Radke--Citi -- Analyst
Thank you.
Operator
[Operator Instructions] We have a follow-up question from Hamed Khorsand. Your line is now open.
Hamed Khorsand--BWS. Financial -- Analyst
Hey, just want to understand your -- as far as your confidence here in the business, what are you seeing in the pipeline of bookings that's giving you this kind of confidence? And you're talking about Click and Tableau, but are you picking any of the people from there, or are you taking advantage of the sales flip-up? And could you just provide a little bit more of a granular color toward that commentary you're making on the call?
Phong Le--Chief Operating Officer & Chief Financial Officer
Yes, Hamed. I mean first of all just from a pure pipeline perspective, I think Marge has been here for about a year now half of which she has been able to leverage the success in the 2019 platform and a lot of the operational changes she's put in place to the marketing team and the business development team. And so, we are seeing a material increase in our pipeline and further increase quality of the pipeline and in our ability of the sales team to convert the pipeline.
As far as our observation, vis-a-vis competitors like Click, I think it's less so that we're seeing more and more wins against some of our competitors, but we are seeing fewer of those competitors in the marketplace and so that gives us some more strength. That said, PowerBI and Tableau continued to be very strong competitors and we go give them more and more. So the competitive environment, I wouldn't say is getting stronger or weaker. It's about the same. And as far as Mike's comments about the consolidation in the marketplace, I think those are more longer-term views into where this business may go over time.
Hamed Khorsand--BWS. Financial -- Analyst
Okay. My last question is this voice.com sale, was this just a onetime event? Are you looking to liquidate your entire portfolio now, or is it just purely from a solicitation standpoint of someone coming to you?
Michael Saylor--Chairman, President and CEO
We're opportunistic on these sorts of transactions. We certainly would never be in a rush. We held some of these domains for 20 years and we're prepared to hold them for many more years until we find someone that values them more than we value them. So, I think we're willing to enter into strategic transactions if we find the right partner, if we think it's a worthwhile endeavor but we're in no hurry.
Hamed Khorsand--BWS. Financial -- Analyst
All right. Thank you
Operator
Ladies and gentlemen, I'm showing no further questions at this time. I would now like to turn the conference back to Mr. Michael Saylor. Sir, you may proceed.
Michael Saylor--Chairman, President and CEO
Well I'd like to thank everybody for their support. We appreciate it. We're looking forward to the third quarter and we'll speak to you all again in 12 weeks. Enjoy the rest of your summer.
Operator
[Operator Closing Remarks]
Duration: 53 minutes
Michael Saylor--Chairman, President and CEO
Phong Le--Chief Operating Officer & Chief Financial Officer
Hamed Khorsand--BWS. Financial -- Analyst
Tyler Radke--Citi -- Analyst
More MSTR analysis
All earnings call transcripts
More From The Motley Fool
• 10 Best Stocks to Buy Today
• The $16,728 Social Security Bonus You Cannot Afford to Miss
• 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own)
• What Is an ETF?
• 5 Recession-Proof Stocks
• How to Beat the Market
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see ourTerms and Conditionsfor additional details, including our Obligatory Capitalized Disclaimers of Liability.
Motley Fool Transcribershas no position in any of the stocks mentioned. The Motley Fool recommends MicroStrategy. The Motley Fool has adisclosure policy. || Microstrategy Inc (MSTR) Q2 2019 Earnings Call Transcript: Logo of jester cap with thought bubble. Image source: The Motley Fool. Microstrategy Inc (NASDAQ: MSTR) Q2 2019 Earnings Call Jul 30, 2019 , 5:00 p.m. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good afternoon, ladies and gentlemen, and welcome to the MicroStrategy Q2 2019 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mr. Michael Saylor, Chairman, President and CEO. Sir, you may now begin your conference. Michael Saylor -- Chairman, President and CEO Hello. This is Michael Saylor. I'm the Chairman, President and CEO of MicroStrategy. I'd like to welcome all of you today to today's conference call regarding our 2019 second quarter financial results. I'm here with our Chief Operating Officer and CFO, Phong Le. First, I'd like to pass the floor to Phong, who's going to read the Safe Harbor statement and make some comments on our results for the second quarter. Phong Le -- Chief Operating Officer & Chief Financial Officer Thank you, Michael, and good evening, everyone. Various remarks that we may make about our future expectations, plans and prospects may constitute forward-looking statements for the purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our most recent quarterly report on Form 10-Q filed with the SEC. These statements reflect our views only as of today and should not be relied upon as representing our views as of any subsequent date. We anticipate that subsequent events and developments may cause the company's views to change. While the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so. Also during the course of today's call, we will refer to certain non-GAAP financial measures. Reconciliation schedule showing GAAP versus non-GAAP results are available in the Form 10-Q we filed with the SEC after the close of market today and in our press release that was also issued today, which is located on our website at www.microstrategy.com. We are generally pleased with our performance in the second quarter, which demonstrate continued progress executing on our strategic objectives. Story continues MicroStrategy 2019 is driving demand for our software, a redesigned and repackage MicroStrategy Cloud Enterprise product that's showing initial signs of success and our proactive enterprise support offering is increasing customer engagement. Internally our executive team, employees and departments are as tightly aligned as we've ever been. The consolidation our competitive environment needs will be the largest independent business intelligence platform company in the world. We believe this is an advantage for customers who want open BI platforms that are not tied to a particular enterprise software stack. As a reminder, MicroStrategy 2019 has a modern, open enterprise platform that provides customers who want the most powerful flexible enterprise analytics and mobility platform on the market. New innovations in MicroStrategy 2019 like Federated Analytics and HyperIntelligence, address some of the most pressing analytics problems facing enterprises. For example, HyperIntelligence solves the key problems faced in many enterprises. How to get actionable insights into the hands of knowledge workers with minimal friction, with the productivity tools they already use to do their jobs. HyperIntelligence card on the web, in mobile, and on Microsoft Outlook provides real-time answers with existing workflows. HyperIntelligence allows entire workforces to access curated secure government data in seconds and make actionable trusted decisions with this data. We saw strong demand for HyperIntelligence during the quarter, highlighted by 50 HyperIntelligence deals. As a reminder, purchasing HyperIntelligence and Federated Analytics requires upgrading the MicroStrategy 2019. Through the end of the second quarter more than 400 customers have already upgraded to MicroStrategy 2019 and we have a targeted program in place to upgrade most remaining customers over the next 6 to 12 months. Before I review our financial performance in detail, I'd like to provide some high-level takeaways for investors. One, total revenues increased 0.4% year-over-year on a constant currency basis. This is our first constant currency total revenues increase in nine quarters. Two, we delivered 7.5% year-over-year product license revenue growth on a constant currency basis against a challenging comp. This is the third consecutive quarter of year-over-year constant currency product license growth and reflects the momentum in our business and the positive impact of MicroStrategy 2019. We are pleased with our product license performance and believe that we are on track to achieve our goal of product license growth for the full year of 2019. Product support revenues increased 1.9% year-over-year on a constant currency basis. We continue to have industry-leading maintenance renewal rates and we're finding that our efforts to upgrade our customers and provide them proactive enterprise support are increasing customer engagement and satisfaction. Other services revenues declined 9.5% year-over-year on a constant currency basis. This is a less strategic lower-margin business for us. It will typically lag product license revenue performance by several quarters. Looking ahead, we are optimistic that other services revenue performance will improve in the second half of the year. We're delivering on our target of leveraging our operating cost structure, which was essentially flat year-over-year. We're pleased with the cost discipline and productivity improvements we are driving across the business even as we continue to make targeted investments to drive future growth. Finally, the recently announced changes to our senior management team are designed to deliver even better performance over time. As you can see from our second quarter performance, the changes were not made in reaction to our financial results for the quarter, which were solid. Rather, we believe a flat and more streamlined go-to-market leadership will enable us to be more responsive to market trends and drive further productivity improvements across our sales organization. I've been intimately involved in the day-to-day operations of the go-to-market team as COO over the past year. I'm looking forward to focusing on that role in bringing the sales and services closer together full-time going forward. We've begun a national search process for a new CFO. Our priority in the CFO is one that has experience in a finance leadership role in a public B2B company, a proven track record of driving profitable growth as a hands-on business partner that is equally comfortable with employees, customers and investors. While that search is ongoing, I will continue to serve as CFO. Turning to our financial results in more detail. Total product licenses revenue were $20.1 million in Q2 2019, a $0.8 million or a 4.3% increase year-over-year. Foreign currency effects negatively impacted product licenses revenue by $0.6 million or 3%. Product support revenues were $73.0 million in Q2 2019, a 0.9% decrease year-over-year with foreign currency effects negatively impacting such revenues by $2.1 million or 2.8%. Overall, we continue to see strong customer renewal rates which reflect the value customers generate from MicroStrategy products. We continue to anticipate product support revenues to generate growth for the full year on a constant currency basis. Deferred revenues at June 30, 2019 were $181.0 million. This is essentially flat year-over-year and it's a best deferred revenue performance in five quarters. As expected, we have resolved the previously discussed issues related to the move to a new quoting system. Other services revenues were $17.5 million in Q2 2019, a 12.5% decrease year-over-year with foreign currency effects negatively impacting such revenues by $0.6 million or 3.3%. As mentioned earlier, we would expect improved performance from other services revenue over time due to consistent growth in product license revenues and focus on engaging our customers. Turning to costs. Total operating expenses of $97.2 million were essentially flat year-over-year and down 2.4% quarter-over-quarter. While we continue to make material investments in our product development efforts, we are driving meaningful efficiency improvements in our sales and marketing spend. We believe there are additional opportunities to drive further leverage, which will be a key focus in the second half of 2019. Our operating loss for Q2 2019 was $4.8 million compared to $1.8 million in the prior year period. We had net income of $20.4 million in Q2 2019 and diluted income per share of $1.98 with net interest income of $3.0 million and other income net of $29.4 million. Net income was positively impacted by the sale of the Voice.com domain name for $30 million in cash, which results in a $21.8 million gain, net of tax and minor transaction costs. This was an opportunistic transaction to monetize a long-held non-core asset. We have more than a dozen of buckactive and powerful domain names and are open to leveraging these domain names in equity or other strategic transactions with well-funded parties to generate value for shareholders. Excluding the impact from the gain on the Voice.com domain name sale, non-GAAP net loss was $1.4 million or $0.14 per share. During the quarter we did not repurchase any shares under our existing buyback authorization. In the prior two quarters, we repurchased approximately $160 million of stock. This is well in excess of what we had anticipated being able to repurchase in such a short period of time. We believe buybacks can be a useful way to opportunistically generate value for shareholders. However, it is just one component as we evaluate our broader long-term capital allocation strategy. And we continue to believe keeping a substantial cash balance on the balance sheet is prudent. To be clear it's our intention to consistently be profitable and generate cash flow on an annual basis. Before I turn the call back to Michael Saylor, I want to finish by reiterating that we're generally pleased with the performance of the business in the first half of 2019. Customer interest in MicroStrategy 2019 has been strong and we're excited about our opportunity to continue driving product license revenue growth. With our increased focus on generating leverage from our cost structure, we're optimistic about our ability to deliver improved profitability increase cash flow over time. Now, I'd like to turn it back to Michael Saylor. Michael Saylor -- Chairman, President and CEO Thank you, Phong. I'd like to touch on a few areas of interest. I'm incredibly excited about where we are as we move into the second half of 2019. On the marketing front, our HyperIntelligence and our federated analytics messaging and messages are resonating really well with customers and partners and prospects. I feel like they have repositioned the company from being a legacy enterprise platform vendor to being a modern analytics and intelligence architecture. And so they're helping us a lot with new business development as well as recruiting morale. It's really been a big shot in the arm for our existing customers as they work to build excitement for MicroStrategy deployments within their enterprises. And they allow us to work really, really effectively with other tools like PowerBI and Tableau and Excel and the like as well as a lot of the data science platforms like Jupiter and SDKs like Xcode and Swift etc. So activating the analyst community, the data scientist community and the software application developer community is a big part of MicroStrategy's enterprise platform strategy. And MicroStrategy 2019 really dramatically upgraded our ability to do this. We really started hammering on these messages the beginning of the year. We've now got enough feedback from the market to have a high comfort level that they are working and they are the right decisions. Following the Tableau acquisition by Salesforce, there are now five major full stack vendors in the business intelligence space: SAP, IBM, Oracle, Salesforce and Microsoft. The market needs and it desires an independent intelligence platform vendor. MicroStrategy is now the leading independent platform in this space and we have good support from the analyst community and a strong set of assets offer the market. I think if you move around the industry, you see Oracle's got a commitment to their database and they've got a very hostile relationship with both Microsoft -- antagonistic relationship with Microsoft and with Amazon and with SAP and with Salesforce. So they're not terribly enthusiastic about supporting AWS or Azure or the SAP architecture, the Salesforce architecture and that's been the case for a while. SAP following their acquisition of Business Objects has promoted their own database HANA, their own application architecture. And they have consistently focused the investments of Business Objects toward the SAP architecture and it has weakened in the merchant business intelligence space as a result of that. IBM is probably even a bigger example. IBM when they acquired Cognos put it into a division and focused it on an operating and a very narrow scope. And consequently it's very difficult for someone in the Cognos BI division to support the Amazon Cloud, the Microsoft Cloud or the applications from SAP and Oracle. It's also been difficult for them to migrate into the AI space, because that mission is claimed by Watson, which is a different part of IBM, and it's difficult for them to migrate into the mobile space for similar reasons. So, one of the dangers of being a division of a conglomerate is your capital budget and your aspirations are constrained by the strategic plan of the CEO that is juggling many, many other priorities. So, although, it might be a rational thing for Oracle to favor their own database over Hadoop or big data, and I might be rational for SAP to favor their own apps and their own database. And it might be rational for IBM to favor their own stacks of technology. It isn't in the best interest of the customer, who likes choice. With Tableau was before this acquisition pretty strong competitor. But now that they're part of the Salesforce stack, it's going to change the dynamics, and it's going to change the incentives. And clearly what's in the best interest of Salesforce is not necessarily in the best interest of SAP, and you can't imagine as much enthusiasm supporting SAP, Microsoft, Oracle and IBM coming out of the Tableau technology organization following the acquisition as before the acquisition. That leaves Microsoft. Then Microsoft itself is a full stack vendor. And Power BI. I suppose is emerging as probably the more notable competitor for us, but even as Microsoft is probably the lowest cost and the most ubiquitous of the full stack vendors, they are still a full stack. And if you commit to a Microsoft power BI, ironically you're precluded from running on Windows in your own data center and you're precluded from running on LINX. And you're going to be precluded from running on Amazon's AWS, which is the of course the leading public cloud provider. And so, all of these things create an interesting vendor lock-in dilemma. Now vendor lock-in is something no CIO wants, and in a world where the largest vendors are selling you your application functionality, all your software components, all your hardware components, all your networking and literally the electricity to operate these things via a term license, big corporations are literally purchasing their oxygen from a single vendor if they lock in to a big stock. And they don't -- unlike the world where you bought enterprise software deploying your data center on a perpetual license, they don't have the option to go off of maintenance and switch vendors over a three- year time period. If they have a dispute with a vendor, they need to do something different or if they have a financial problem. A dispute with a major stock vendor in the cloud results in immediate bill with no negotiating leverage. And if you don't pay the bill, they can literally turn off your business. So, that creates an interesting dynamic. Any reasonable IT executive, we prefer to have more than one source for something so critical. And we've noticed that the public cloud migration, in the public cloud business in general, has accelerated for us when we delivered MicroStrategy on Azure along with MicroStrategy on AWS, having parity between the two and having a choice between the two is a big deal. And I believe actually that the arrival of Azure as a credible alternative to AWS probably has accelerated the overall industry migration from data centers to the public cloud, perhaps to the benefit of Amazon as well as to the benefit of Microsoft. Because there's only one supply, it's very difficult for a reasonable executive to put all their business eggs in that basket. Everyone's going to want to have more than one choice. One of our key value propositions to customers is that, when you deploy MicroStrategy applications on AWS, if you were to deploy dozens of applications to 10,000 users in an AWS environment and if you decided or found out that you could purchase the same software and hardware services from Microsoft at half price, you could turn off the application on a Monday night at midnight and turn it on in Azure or switch from Amazon to Microsoft within minutes, without a service loss. So the ability to move seamlessly between the environments is a big benefit that MicroStrategy offers. You won't see a similar benefit from the full stack vendors; they're not really in that situation. So, I think, that we're well positioned as an independent platform. The world's not ready to trust all of their mission-critical operations to one cloud vendor. They're probably not ready to trust them all to two cloud vendors, but the world is interested in being able to integrate multiple data sources, multiple applications and multiple platform environments in order to deploy mission-critical apps. And MicroStrategy is offering that. We've been delivering the MicroStrategy cloud platform on Azure and AWS in 2019. And as the market shifts toward these public cloud deployments at an increasing rate, our timing is good. Our messaging is resonating and we're starting to see a deal activity pick up as a result of this. So I believe that these developments in the market are auspicious for us and I believe that we will continue to build momentum based upon them. With regard to sales activity and sales execution, I'm excited about our management changes and the combination of our sales and our services leadership under Phong Le. It's always been our plan for him to take on increasing amounts of responsibility at the firm and we're committed to precise very hands-on execution in order to serve our customers and grow our business. So a single leader of all the sales and the services operation is going to aid us in achieving that objective. To that effect, we pursued a number of business initiatives in the past quarter to improve our sales results. We have simplified and streamlined our licensing terms, we've introduced a new rationalized product catalog, we've implemented universal order forms, we've streamlined a set of international price books, we've streamlined and improved our education offerings, we have upgraded and streamlined our support offerings, we have created more competitive consulting pricing and easier to sell competitive software -- easier to sell consulting packages. We have improved the sales compensation schemes with regard to consulting in order to drive more sales focus on consulting. We have improved our services compensation schemes in order to better integrate our support initiatives and incentivize them in the right way. We've made some major systems upgrades to our sales organization and our sales systems in order to make things faster and quicker and more transparent and precise and we've reorganized our sales operations teams in order to be more efficient and hire more rapid and increase the quality of the work we're doing. So there are very hands-on things that are touching every person in sales and services and touching our corporate systems, but I have confidence that they're all going to result in improvements in our sales process, as we move forward. In the area of services, our enterprise support program is beginning to take hold and impacting hundreds of accounts. We delivered on the order of 1,000 enterprise support projects in the past year. There were proactive activities to improve the deployments of our customers and the environment our customers are working with. We expect to assist about 500 or more of our customers with platform upgrades this year via the enterprise support program. So this is a broad-based proactive engagement to elevate our level of enterprise support to a place that is above and beyond what traditional vendors in our space would deliver. We're very proud of it. We think it's a great investment in the business and will yield long-term dividends for us. We're about through the first year or a-year-and-a-quarter of this. It's a three-year plan and I expect that we'll continue to enhance our technique, our effectiveness and our coverage for the next 24 months as the organization grows and becomes more sophisticated. We upgraded and overhauled our 2019 education courses and certifications and we're publishing them all online and using this to drive value and demand for our education passes. We're really excited about that initiative as well. We're going to be focused upon delivering more and better education for all of our customers and all of our partners. And if we combine this with our focus upon providing more and better support and by providing more competitive and more comprehensive consulting offerings, you can see that we're really committed to improving the services that we're bringing to the market. I'm really enthusiastic about an emerging version of -- emerging area of services, which is our cloud environment business. We have streamlined and overhauled our cloud offerings. So now that we're offering cloud environments and production and non-production nodes throughout our customer base and we're offering tailored cloud support packages and we're doing this on both Azure and AWS. This allows our customers to ask for a very particular cloud environment that meets their needs. We're offering them with a standardized set of administration and maintenance and optimization services for their cloud environment. But we're also offering them a package of customization and integration services so that they can implement a hybrid cloud if they like or they can integrate into their other databases. We've really seen a dramatic increase in the interest and the demand for us to begin to host and manage cloud environments for customers. I think it's a great underappreciated story at MicroStrategy. And as we move forward, I think the combination of a stronger MicroStrategy Cloud platform combined with stronger sort of cloud environment offerings and more effective sales and marketing in the cloud is going to help us to grow that business. And so that's another exciting area for the firm. Shifting to technology, a few tech notes. I think we're making great progress improving our federated analytics connectors and our HyperIntelligence apps. These are really opening up a lot of new opportunities with our customers and partners. As I said, they're really repositioning us in a good light. And they converted a lot of discussions from a head-to-head competition to a coopetition embrace and extend dynamic. I think that will continue. I mean, we seem to be taking a leadership position in the industry with regard to supporting all of the tools on the front end, all of the database on the back end, all of the platforms that you might want to deploy on in the middle of an architecture. Our overall tech strategy is to focus upon AWS and Azure parity with regard to the cloud. We focus upon iOS and Android parity with regard to our mobile features. We work hard to develop Mac and Windows parity with regard to desktop and workstation features and to focus upon Chromium HTML support for the Chrome and Edge browser family. To be able to offer support for all of these various interfaces and platforms gives us I think a leg up, and it's exactly what large enterprises are looking for. We will deliver some notable improvements in stability, scalability, portability and usability for their platform in the coming few quarters. We're really focused on getting the basics right and delivering solid value for our customers. So, we've been doing some exciting things, like integrating, SSO, directly into various parts of our apps. And working hard to eliminate clicks, unnecessary friction, and then find ways to put more full tolerance right into the platform, so as to make the administration and the deployment of our product that much easier. A final note on the Voice.com sale. I think there's an emerging awareness that crypto assets or digital assets are real. There's never going to be more than 21 million Bitcoin in the world. And as people start to think about that and the fact that they can't be inflated and that's a limit, it gives value to that cryptocurrency argument. I think if we consider the domain as an asset class, once upon a time people thought that that Voice.tv or Voice.bu or a Voice dot something else would matter and it turns out a doesn't, Voice.com matters and we have pretty good evidence here that the difference between Voice.com and Voice.io or Voice.it or Voice.net was $30 million. That's the difference because that's what we sold it for. If it had been an open auction with multiple various bidders, it might have been more. So, when you go on Google and you Google something like voice, you get 2.4 billion hits. If you Google Nike you get 2 billion hits. The value of a great name especially a dotcom name is amazing because it catapults you above 2 billion other pages. Anybody that ever saw an ad that said Voice.com on it would remember immediately how to find that brand. And so these things are great. They're great assets for branding a network, or branding a mobile app, or branding a consumer application and we own -- we literally own hope in the English language. I mean how would you like to own hope? We own Hope.com H-O-P-E. It's a noun, it's verb, it's a name. You could use it to brand all sorts of things. We own Emma and Usher and Strategy and Speaker. We own Michael, we own William. Most of these generate multiple billion hits if you type into the Google Search machine. And a strategy -- and I will get you billions of hits. So, I have a belief that at some point -- sometime in the future, we'll find well-endowed well-capitalized companies that wish to rebrand themselves or wish to rebrand the product or a service with a really compelling name and when they do, then we'll monetize some of these other assets. Until then we're very patient with regard to these investments. And just like with the other things we're doing in our business, we take the long view and we just focus upon making sure that we provide value to the customer. So, with that, I want to thank everybody for your support and I think we'll go ahead and open the floor for questions from the analysts. Questions and Answers: Operator [Operator Instructions] Your first question comes from the line of Hamed Khorsand from BWS Financial. Your line is now open. Hamed Khorsand -- BWS. Financial -- Analyst Could you first-off talk about the headcount reduction in sales and marketing and how that actually does not impact any kind of future revenue growth potential? Phong Le -- Chief Operating Officer & Chief Financial Officer Hi Hamed, it's Phong. It's a good question. As you probably noted over the last couple of years, we added quite a few headcount to sales and marketing. In some cases, these were overlay folks in the sales teams. In some cases, these are adding to regions that were sort of growth regions in the second and third world countries. And in some cases, these were marketing heads to further some of our digital marketing work and some of our business development. And I think what we observed over the last year or so is that they were not adding the level of revenue or productivity that we expected or needed. And so we're able to reduce them while still increasing revenue and overall productivity. And we looked at each of those very closely and worked very closely with our field teams to make sure we're making the right decisions. But ultimately for the kind of growth we need, there's still a lot of room in the headcount we have. And so, I don't think headcount is really the lever to grow. I think its more productivity out of our existing high-performance reps. Hamed Khorsand -- BWS. Financial -- Analyst Okay. And then, could you just talk about this, HyperIntelligence? I mean last quarter you were talking about having in dozens now you're talking about 50. How fast can you get these customers upgraded this year, as far as those 500 that you're targeting? Phong Le -- Chief Operating Officer & Chief Financial Officer Yeah. So, there's a couple of sort of things in that question there. First just in terms of our upgrade activity, we've had pretty good traction. We had entered the year knowing that we wanted to upgrade the vast majority of our enterprise customers, by the middle of 2020. And we're on pace for that. Upgrading the customers is going to result in potential upsell. And as you mentioned, we did about 30 revenue-generating HyperIntelligence deals in Q1. And we saw about 50 this quarter. And we expect to continue to accelerate that. And the nice thing is, as customers take 2019. They tend to get a demo or proof-of-concept of HyperIntelligence. And we find everyone that does that demo of proof-of-concept is instantly, enamored with the product. And then, it's a matter of them figuring out, what are the right use cases for HyperIntelligence. And so there's a bit of a snowball effect, as we see certain customers have certain use cases, where we will share it with other prospects and customers. And we continue to see a lot of good traction. The other nice thing about HyperIntelligence that Mike talked about a little bit is, it's really a new product widget and it positions us as an innovative BI Company again. So our sales people get excited about it, our customers get excited about it. It creates this aura of innovation in the company. And then our marketing folks get excited about it. And our prospects get excited about it. So, it still continues to go really well. And we add product features every quarter, right? We launched HyperIntelligence in Q4, as a web-based product. In Q1, we added a mobile capability. And now in Q2 we've added an, Outlook-based capabilities. So we're able to continue to add, feature functionality every quarter. Hamed Khorsand -- BWS. Financial -- Analyst Okay. And then, as far as the customers that have upgraded so far this year .What are you seeing as far as incremental revenue coming from them? Are they broadening the usage within the work force? Phong Le -- Chief Operating Officer & Chief Financial Officer Yeah. I think when we see customers upgrade, they tend to do so with the expectation, that they're either going to increase their footprint of MicroStrategy at the current enterprise that they're in. Or they increase the usage of additional tools, like our mobility tools, Library and Dossier or HyperIntelligence or Federated Analytics. We haven't published. And we're not going to report on sort of the incremental revenue that comes from customers upgrading. But we're seeing a positive trend there. And of course you can imagine its not immediate revenue right like a customer may upgrade to MicroStrategy 2019 in Q1, which then initiates the sales cycle, which are typical sales cycles six to 12 months. Hamed Khorsand -- BWS. Financial -- Analyst Okay, thank you. Operator Your second question comes from the line of Tyler Radke. Your line is now open. Tyler Radke -- Citi -- Analyst Thank you. Good afternoon. Did you talk about the contribution from HyperIntelligence in the quarter? I know you talked about 50 deals that included that. But just give us a sense on the magnitude of the revenue contribution? Phong Le -- Chief Operating Officer & Chief Financial Officer Yeah Tyler it's a good question. We're not yet prepared to break out revenue associated with HyperIntelligence. I would say it's not a significantly material amount or product license revenue yet. It's a noticeable contribution. And more so than just a specific, set of revenue coming from HyperIntelligence is the fact that a customer is interested in, buying more overall licenses of MicroStrategy at which they attach HyperIntelligence.So HyperIntelligence is creating, like as I mentioned, sort of an aura of innovation and confidence in MicroStrategy the product overall. Also, I'm not sure we'll ever really be able to break out product-specific revenue on things like HyperIntelligence or Frederated Analytics. As you probably know we tend to sell the products together. And then discount them together. So it's hard to break out product revenue contribution from any particular product. Tyler Radke -- Citi -- Analyst Great and then maybe a question for Michael, You talked about how the acquisition of Tableau by Sales force is kind of creating an opportunity. Have you seen any signs thus far either changes in win rates or just anything competitively, that gives you that confidence, or any other color that you've seen along the competitive front that gives you more confidence there would be great? Michael Saylor -- Chairman, President and CEO Recently, as recently as about a year and half ago, the usual suspects were Tableau and Click and they were the hot cool newcomers spending huge amounts of money with new technology. And as soon as Click got taken private, we noticed that they lost a step. And a year after that privatization, the consensus across our entire sales organization is Click is not nearly so competitive or aggressive, anymore nor are they being taken seriously. They've got an enormous brain drain of sales, marketing and technology talent and kind of the energy has fled out of it. Tableau's acquisition with Salesforce is a newer thing and it won't -- it's not even yet closed, I assume. So if we look out a year from now, I think that we'll be in a position to give you some concrete takeaways from that. But it's already having an impact on analyst perceptions and customer perceptions. Everybody's got to just go through the calculation of what does this mean for support for the Salesforce Cloud versus the AWS Cloud versus the Azure Cloud. And they are different very different culture. Salesforce of course famous -- has been very successful, with a very famous slogan that they ran for 20 years in advertising, and it was no software like they don't ship it, you can't buy it, you can't download it. There is none. And Tableau is almost diametrically opposed success, which is they created a very nice piece of software running on a PC workstation for an analyst, who is fatigued from Excel and wanted to download something, pay for it with a credit card and build something cooler. So there is two different technical strategies there. And then how is that going to morph into the future, nobody knows but a lot of uncertainty. We don't have so much uncertainty about what generally happens with acquisitions, because I've now seen about 100 of them and I've seen what happened to Essbase and Brio and Information Advantage and STG and Cognos and Excelsior and Crystal Reports and BusinessObjects. And the general thing that happens is that the very, very passionate committed founding executive team typically goes off somewhere else to do the next thing, whatever that next thing might be, and the organization starts getting run in a more corporate fashion and that -- there are some examples where that works well. But in the event, where there are conflicting tools that do the same thing, and Oracle ended up buying nine conflicting BI tools and IBM had a host of conflicting BI tools etc. When that happens, they have to pick who they're going to invest in, who they're not going to invest in, and then they start to emphasize fusion-type projects and integration projects. And all of that complete -- creates a lot of uncertainty for the customer, and a lot of conflicts across the sales organization. And the result is that normally, the momentum of the particular platform slows down, and they get more drag and turbulence. So I think after seeing the entire story play out about 100 times, you can reasonably predict how this one will play out. By the way, like one could argue SAP made some money off of BusinessObjects by merchandising BusinessObjects to their installed base. And then IBM for a while, merchandised Cognos. And Oracle for a while merchandised OBIE. And so for a while there's a good financial impact. But then, once you get past that initial push which is good for financially for the organization, you tend to have a lot of drag and then a lot of the innovation leaves the platform. The one thing that's essential I think to stay viable and vital in this business is you have to be able to shed your skin every five to seven years and rearchitect and rebuild. And for a while that was you have to support three-tier windows. And then, it was you have to rebuild for Linux. And then it was you have to throw away the desktop and support the web. And then it was you have to throw -- you have to build a new skin for mobile. And after that, it was now you have to rebuild the platform for AWS and then it became you have to rebuild a platform for AWS and Azure. And next it will be Docker, right? And these things go on. If you have the ability to direct a huge amount of capital into your R&D function and if you don't have any religious constraints that prevent you from pursuing a certain idea like -- a religious constraint for example is IBM is in no way shape or form interested and supporting a competing company's AI platform. They want to support Watson or Oracle doesn't want to support Amazon's AWS. So when you have those kind of constraints religiously and then are dogmatically and then you have capital constraints, you tend to not want to rearchitect the product, you tend to get run as a cash cow. And if you get run as a cash cow, then whatever you evolve to be at the point of the acquisition is pretty much what you're locked into for the next 20 years. If you're lucky enough to be a perfect complete product at the point of acquisition and maybe are OK. But if the market is evolving dynamically, then the success rate of those things is less. I think it's quite possible and likely that Salesforce will turn this into a success for Salesforce, while at the same time it won't be an ideal situation for a customer of Tableau that wanted an independent enterprise intelligence tool. So that's what I think about this in particular. And my forecast is really based upon observing how all of the similar companies in this space performed in the years following the acquisitions. Tyler Radke -- Citi -- Analyst Great. I appreciate the perspective. And if I could just ask one more for Phong. Maybe talk a little bit more about your expectations for the back half of this year. I think obviously nice to see kind of the first quarter of growth on growth in a while here. Comps are easier in the second half of this year. What are you thinking in terms of overall license revenue or license revenue growth and overall revenue growth as we get to the second half? Thank you. Phong Le -- Chief Operating Officer & Chief Financial Officer Yes. Thanks, Tyler. As I mentioned in my prepared remarks, I think we saw a reasonably good product license revenue growth on a constant currency basis in the first half of the year and we'd like to see that continued trend in the second half of the year. I think our support business has been chugging along and it's been consistently growing in that 1% to 2% range on a constant currency basis. And I think that's a good run rate for that business given our product license revenue growth. I think on a services basis that's been an area of decline as we refocused that business. And I think with some of the actions that Mike had mentioned around more competitive rates and some consolidating and rebranding and repackaging of our services business, we should start to see that business turn around. And our goal as I mentioned before is to continue to streamline the business and cut some costs and generate some positive operating margin. So my expectation is the second half of the year is more of the same with the first half if not better. Tyler Radke -- Citi -- Analyst Thank you. Operator [Operator Instructions] We have a follow-up question from Hamed Khorsand. Your line is now open. Hamed Khorsand -- BWS. Financial -- Analyst Hey, just want to understand your -- as far as your confidence here in the business, what are you seeing in the pipeline of bookings that's giving you this kind of confidence? And you're talking about Click and Tableau, but are you picking any of the people from there, or are you taking advantage of the sales flip-up? And could you just provide a little bit more of a granular color toward that commentary you're making on the call? Phong Le -- Chief Operating Officer & Chief Financial Officer Yes, Hamed. I mean first of all just from a pure pipeline perspective, I think Marge has been here for about a year now half of which she has been able to leverage the success in the 2019 platform and a lot of the operational changes she's put in place to the marketing team and the business development team. And so, we are seeing a material increase in our pipeline and further increase quality of the pipeline and in our ability of the sales team to convert the pipeline. As far as our observation, vis-a-vis competitors like Click, I think it's less so that we're seeing more and more wins against some of our competitors, but we are seeing fewer of those competitors in the marketplace and so that gives us some more strength. That said, PowerBI and Tableau continued to be very strong competitors and we go give them more and more. So the competitive environment, I wouldn't say is getting stronger or weaker. It's about the same. And as far as Mike's comments about the consolidation in the marketplace, I think those are more longer-term views into where this business may go over time. Hamed Khorsand -- BWS. Financial -- Analyst Okay. My last question is this voice.com sale, was this just a onetime event? Are you looking to liquidate your entire portfolio now, or is it just purely from a solicitation standpoint of someone coming to you? Michael Saylor -- Chairman, President and CEO We're opportunistic on these sorts of transactions. We certainly would never be in a rush. We held some of these domains for 20 years and we're prepared to hold them for many more years until we find someone that values them more than we value them. So, I think we're willing to enter into strategic transactions if we find the right partner, if we think it's a worthwhile endeavor but we're in no hurry. Hamed Khorsand -- BWS. Financial -- Analyst All right. Thank you Operator Ladies and gentlemen, I'm showing no further questions at this time. I would now like to turn the conference back to Mr. Michael Saylor. Sir, you may proceed. Michael Saylor -- Chairman, President and CEO Well I'd like to thank everybody for their support. We appreciate it. We're looking forward to the third quarter and we'll speak to you all again in 12 weeks. Enjoy the rest of your summer. Operator [Operator Closing Remarks] Duration: 53 minutes Call participants: Michael Saylor -- Chairman, President and CEO Phong Le -- Chief Operating Officer & Chief Financial Officer Hamed Khorsand -- BWS. Financial -- Analyst Tyler Radke -- Citi -- Analyst More MSTR analysis All earnings call transcripts AlphaStreet Logo More From The Motley Fool 10 Best Stocks to Buy Today The $16,728 Social Security Bonus You Cannot Afford to Miss 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own) What Is an ETF? 5 Recession-Proof Stocks How to Beat the Market This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool recommends MicroStrategy. The Motley Fool has a disclosure policy . || America Hasn’t Done This in 10 Years – And It’s Fire for Bitcoin: The US Federal Reserve is expected tocut the target interest rate on Wednesdayfor the first time since the global financial crisis a decade ago. This policy shift is gasoline forbitcoin.
To cut rates, the Fed willincrease the supply of US dollars, thus cannibalizing its value.
It’s a stark reminder that fiat money can bemanipulated at willby central banks.Bitcoin cannot. Bitcoin’s total supply is hard-capped and will never increase.
While the Fed prepares to flood the market with more dollars, bitcoin isabout to get more scarcewith the upcoming halving in 2020. The flight to bitcoin in this scenario feels almost inevitable. Here are three reasons why.
Low interest rates aredesigned to encourage spending and investing, not saving.
Think about it like this. The best savings accounts in the US only offer~1.9 percent interest. If the Fed cuts, you can expect that to go lower.
Read the full story on CCN.com. || America Hasn’t Done This in 10 Years – And It’s Fire for Bitcoin: The US Federal Reserve is expected to cut the interest rate on Wednesday. It's a pivotal moment for bitcoin. | Source: Shutterstock The US Federal Reserve is expected to cut the target interest rate on Wednesday for the first time since the global financial crisis a decade ago. This policy shift is gasoline for bitcoin . To cut rates, the Fed will increase the supply of US dollars , thus cannibalizing its value. It’s a stark reminder that fiat money can be manipulated at will by central banks. Bitcoin cannot . Bitcoin’s total supply is hard-capped and will never increase. While the Fed prepares to flood the market with more dollars, bitcoin is about to get more scarce with the upcoming halving in 2020. The flight to bitcoin in this scenario feels almost inevitable. Here are three reasons why. Tomorrow, Bitcoin will experience the first Fed rate cut in its history. — Travis Kling (@Travis_Kling) July 31, 2019 1. Low interest rates cannibalize your savings Low interest rates are designed to encourage spending and investing , not saving. Think about it like this. The best savings accounts in the US only offer ~1.9 percent interest . If the Fed cuts, you can expect that to go lower. Read the full story on CCN.com . || America Hasn’t Done This in 10 Years – And It’s Fire for Bitcoin: The US Federal Reserve is expected tocut the target interest rate on Wednesdayfor the first time since the global financial crisis a decade ago. This policy shift is gasoline forbitcoin.
To cut rates, the Fed willincrease the supply of US dollars, thus cannibalizing its value.
It’s a stark reminder that fiat money can bemanipulated at willby central banks.Bitcoin cannot. Bitcoin’s total supply is hard-capped and will never increase.
While the Fed prepares to flood the market with more dollars, bitcoin isabout to get more scarcewith the upcoming halving in 2020. The flight to bitcoin in this scenario feels almost inevitable. Here are three reasons why.
Low interest rates aredesigned to encourage spending and investing, not saving.
Think about it like this. The best savings accounts in the US only offer~1.9 percent interest. If the Fed cuts, you can expect that to go lower.
Read the full story on CCN.com. || Kraken to Enable Worldwide Fiat Funding Options: The regulated spot and futures crypto exchange Kraken announced a wire service through Etana Custody that will allow users to transact in U.S. dollars, euros, Canadian dollars, British pounds, and Japanese yen from anywhere in the world.
Though the new feature is available immediately to Kraken’s Intermediate and Pro clients, across nearly 180 countries, it requires users to create an Etana Custody Wallet. Additionally, users’ bank accounts will be linked to this wallet, which will be topped off through wires that can take up to 1-5 days to process, according to acompany blog.
From there, however, the Etana wallet is instantaneously connected with a user’s Kraken account and will support free and expedient transfers.
Related:Kraken Boosts Institutional Offerings With Acquisition of Dan Held’s Interchange
Additionally, “Etana provides currency conversion for many fiat currencies. Clients can wire almost any currency to their Etana wallet, then convert to one of the five major currencies to fund their Kraken account.”
Etana supports the domestic or international withdrawal and deposit of all the currencies listed above, except for domestic transactions in Japan yen.
In June, Kraken announced it had passed the coveted $4 billion valuation mark, after a 2,000 plus participant funding round. The firm also announced that it holds over $100 million for a self-run insurance fund.
Starter accounts on Kraken must update for this feature.
Related:Coinbase Is in Talks to Launch Its Own Insurance Company
Krakenlogo via Shutterstock
• Over 2,000 Investors Back Kraken Crypto Exchange’s $13 Million Crowdfunding
• Kraken Exchange Joins Binance, ShapeShift in Delisting Bitcoin SV || Kraken to Enable Worldwide Fiat Funding Options: The regulated spot and futures crypto exchange Kraken announced a wire service through Etana Custody that will allow users to transact in U.S. dollars, euros, Canadian dollars, British pounds, and Japanese yen from anywhere in the world. Though the new feature is available immediately to Krakens Intermediate and Pro clients, across nearly 180 countries, it requires users to create an Etana Custody Wallet. Additionally, users bank accounts will be linked to this wallet, which will be topped off through wires that can take up to 1-5 days to process, according to a company blog . From there, however, the Etana wallet is instantaneously connected with a users Kraken account and will support free and expedient transfers. Related: Kraken Boosts Institutional Offerings With Acquisition of Dan Helds Interchange Additionally, Etana provides currency conversion for many fiat currencies. Clients can wire almost any currency to their Etana wallet, then convert to one of the five major currencies to fund their Kraken account. Etana supports the domestic or international withdrawal and deposit of all the currencies listed above, except for domestic transactions in Japan yen. In June, Kraken announced it had passed the coveted $4 billion valuation mark, after a 2,000 plus participant funding round. The firm also announced that it holds over $100 million for a self-run insurance fund. Starter accounts on Kraken must update for this feature. Related: Coinbase Is in Talks to Launch Its Own Insurance Company Kraken logo via Shutterstock Related Stories Over 2,000 Investors Back Kraken Crypto Exchanges $13 Million Crowdfunding Kraken Exchange Joins Binance, ShapeShift in Delisting Bitcoin SV View comments || Claim: Ethereums faltering hashrate makes it susceptible to attack: This article was updated after it was published with comments from Eric Conner, an Ethereum advocate who works at prediction market Gnosis. Ethereum mining isnt what it used to be. The second-largest cryptocurrency by market cap has struggled with its mining hashrate in 2019, according to hash analytics site, Long Hash . The hashrate remains 42 percent below what was seen during Ethereums high of 295 GH/s back in August 2018. It now hovers at around 175 GH/s. Mining hashrate for proof-of-work coins like Ethereum is an indicator of a coins security. The higher the hash number, the more difficult it becomes to sabotage the network using a 51 percent attack . Its also a figure used to measure the general health of the networkthe higher the hashrate, the more miners there are and ultimately, the more interest there is. Ethereums faltering hashrate makes it susceptible to attack That said, Eric Conner, an Ethereum advocate and who researches product at Gnosis, said that the findings were very misleading. Comparing hash rates across chain is a generally poor metric due to different algos and equipment that can be used on each, he tweeted, after this article was published. Ethereums hash is something like 4x higher than the first time it passed 200. Moreover, Conner said the proof is in the pudding: The Ethereum community decided to cut the block reward 33%. A drop in hash with that, and price down 80%, is expected. Its still extremely costly to attack, and hasnt happened. [This] article makes it sound like an easy thing to do. Still, others believe that Ethereum is suffering due to bitcoins increased market dominance , which now hovers at 65 percent. Altcoins have struggled to capture the attention of miners. Ethereums hashrate isnt the only project thats suffered in this bitcoin bull market. Bitcoin Cash and Bitcoin SVs hashrates are all substantially below previous highs. By comparison, bitcoins hashrate recently cracked a new all-time high 79.7 TH/s beating its 2018s best by a substantial 22 percent. Story continues What does this all mean for the networks security? It comes down to how much computer power, and cash, a bad actor needs to burn in order to take control of a network. With bitcoins hashrate soaring, it would cost $850,000 per hour to attack the network and take control of transactions. Ethereum, meanwhile, supposedly costs $100,000 to achieve a 51% attack. The bitcoin forks even less. Some say its a tough time to be an E-maximalist, with Ethereum currently bogged down by in-fighting . Thats totally untrue, said Conner: We arent bogged down by in-fighting. Thats sensationalist BS.
[Social Media Buzz]
Top 100 avg 24h return: -1.5±2.9%; 17 up, 83 down
$BTC -0.1% $ETH -1.3%
Best:
6.9% $THETA @Theta_Network
5.7% $JCT
5.0% $XTZ @tez0s
5.0% $XMX @XMax_io
4.9% $UUU @UNetworkHQ
Worst:
-4.9% $BCN
-5.9% $NANO
-7.0% $EGT
-8.1% $REN
-15.7% $SLV
#cryptotrading #crypto https://t.co/EePCwIFvPt || fuck bitcoin im investing in lioncash || ベーシックインカムを目的に運営されている
SwiftDemand。今なら毎日100Swiftが無料でもらえる！
1SwiftDemand = \1 で利用出来る店舗も出来ました。
#仮想通貨 $BTC #ビットコイン #BTC #暗号資産 #投資 #SwiftDemand #ベーシックインカム
https://t.co/nEZaV1NgSm...
|
10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97, 11966.41, 11862.94, 11354.02, 11523.58
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14.
|
[Bitcoin Technical Analysis for 2018-07-05]
Volume: 4999240192, RSI (14-day): 50.12, 50-day EMA: 7025.75, 200-day EMA: 8110.03
[Wider Market Context]
Gold Price: 1257.30, Gold RSI: 38.61
Oil Price: 72.94, Oil RSI: 63.35
[Recent News (last 7 days)]
How Risky Are These Data Storage Stocks?: Historically, the performance of data storage companies has been closely tied to the growth of PC shipments (or lack thereof). Seagate Technology (NASDAQ: STX) and Western Digital (NASDAQ: WDC) have a near duopoly in the hard disk drive (HDD) market, which has been steadily declining in recent years as fewer PCs are being shipped annually and new storage technology emerges. These companies are making up for lower PC demand with increased demand from enterprise customers, as cloud providers are accumulating more and more data and buying more HDDs. Data around the world is growing about 35% annually, according to market intelligence firm IDC. This far outpaces the growth in storage shipped, which only equals about 5% of data created. But there are other issues Seagate and Western Digital have to deal with, such as declining prices stemming from a very competitive market and declining hard disk shipments. These issues make it very difficult to predict where these companies will stand over the long term. A laptop computer with storage drives lying on top of the keyboard. Image source: Getty Images. The state of the storage market In recent years, lower shipments of PCs have translated to lower shipments of HDDs. The big growth opportunity for data storage companies is in solid state drives (SSDs), which are much faster and consume less power than HDDs. Global shipments of HDDs reached their peak in 2010 at 651 million and declined to 404 million in 2017, according to information gathered by Statista. Meanwhile, global shipments of SSDs are growing rapidly and are expected to overtake HDD shipments by 2021, as you can see in this table. Metric *2021 *2020 *2019 *2018 2017 2016 2015 HDD shipments 330 350 360 370 404 424.07 468.73 SSD shipments 360 320 280 235 190 140 105 Amounts in millions. Data gathered by Statista . *Estimates. Still, while shipments of HDDs are declining, Seagate and Western are seeing the total capacity shipped increase as data centers are attracted to the higher capacities and cost effectiveness of going with HDDs. Basically, data storage companies are seeing a decline in consumer demand but growing demand from enterprise for HDDs. As a result, IDC estimates that the HDD market will remain flat at $24 billion over the next few years. Story continues But eventually, the advantages that SSDs offer, such as lower power consumption and faster data retrieval, will help them win out over the clunky, slower HDDs. The SSD market is expected to grow about 15% per year through 2025, according to Grand View Research. Western Digital is much better positioned in the SSD market than main rival Seagate. In 2016, Western acquired SanDisk, the maker of NAND flash memory (the storage technology used in SSDs) that's No. 3 in market share at 15%. Western derived 52% of its revenue from HDDs in the third quarter, whereas Seagate generates over 90% of its annual revenue from HDDs. This leaves less than 10% of Seagate's revenue coming from SSDs, which exposes Seagate more than its rival to a declining HDD market. Seagate management has been content to focus primarily on serving enterprise customers in the HDD market. This is fine for now, since there is healthy HDD demand from data centers. But data centers are also gradually ramping up their buying of SSDs, since they are more efficient. As SSD technology develops and prices come down, there is a lot of uncertainty longer term as to whether Seagate will be adequately positioned if SSD adoption accelerates. Pricing uncertainty presents challenges Western Digital is clearly better positioned for SSD adoption than Seagate, but it won't be clear sailing for Western. SSD growth is a double-edged sword, since advances in flash storage technology will undoubtedly cause selling prices to rapidly decline. Lower selling prices present the biggest risk for these storage drive makers. Some of this pricing pressure stems from deep-pocketed rivals -- like Intel and Samsung, just to name two -- vying for position in the storage market. To give an idea of what investors can expect, let's look at history to see how changes in pricing have impacted Seagate's revenue. Between 2010 and 2013, Seagate's annual revenue whipsawed as the industry experienced volatile shifts in supply and demand for disk drives. In 2010, Seagate's revenue spiked 16% from an industrywide supply shortage. A year later, as companies caught up with demand, there was an oversupply, causing Seagate's revenue to decrease 4%. Flooding that damaged factories in Thailand in 2012 caused a severe shortage and a spike in selling prices, which sent Seagate's revenue soaring 36%. Over the last five years, Seagate has seen its revenue gradually dwindle, as this table shows. Metric TTM Through March 2018 2017 2016 2015 2014 2013 Revenue $10,775 $10,771 $11,160 $13,739 $13,724 $14,351 Earnings per share $4.55 $4.12 $2.26 $4.57 $5.04 $5.31 Gross margin 29% 29.5% 23.4% 27.8% 28% 27.5% Amounts in millions except per-share data. Data source: Seagate SEC filings. Years are fiscal years ending in June. EPS data is non- GAAP . TTM = trailing 12 months. Since 2013, Seagate has blamed price erosion from declining PC sales for its decline in revenue. This has hit Seagate harder than Western Digital, since Western has been more active in making acquisitions to diversify. Here's how Western Digital has fared over the last five years: Metric TTM Through March 2018 2017 2016 2015 2014 2013 Revenue $20,372 $19,093 $12,994 $14,572 $15,130 $15,351 Earnings per share $14.08 $9.19 $5.79 $7.76 $8.10 $8.51 Gross margin 36.9% 31.8% 26.4% 28.9% 28.9% 28.4% Amounts in millions except per-share data. Data source: Western Digital SEC filings. Years are fiscal years ending in June. EPS data is non- GAAP . TTM = trailing 12 months. As the table shows, Western Digital has actually managed to increase gross margin even while dealing with the same headwinds on pricing as Seagate. One way Western has been able to control costs is by acquiring component suppliers, giving it more control over more points of the supply chain. There could be more consolidation in the industry as companies seek to offset declining prices by looking for synergies with other companies to reduce costs. Storage stocks are risky The growth of data presents a big opportunity for Seagate and Western Digital, but Seagate is simply too dependent on the declining HDD market for me to have confidence it can capitalize on SSD adoption. Western's improving profitability from an effective cost-reducing strategy and diversification makes it the far less risky stock. But I would still tread carefully in the storage industry. There are too many unknowns with respect to competition and its potential impact on pricing trends, making it difficult to predict what these companies' earnings streams will look like over the long term. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || How Risky Are These Data Storage Stocks?: Historically, the performance of data storage companies has been closely tied to the growth of PC shipments (or lack thereof). Seagate Technology (NASDAQ: STX) and Western Digital (NASDAQ: WDC) have a near duopoly in the hard disk drive (HDD) market, which has been steadily declining in recent years as fewer PCs are being shipped annually and new storage technology emerges. These companies are making up for lower PC demand with increased demand from enterprise customers, as cloud providers are accumulating more and more data and buying more HDDs. Data around the world is growing about 35% annually, according to market intelligence firm IDC. This far outpaces the growth in storage shipped, which only equals about 5% of data created. But there are other issues Seagate and Western Digital have to deal with, such as declining prices stemming from a very competitive market and declining hard disk shipments. These issues make it very difficult to predict where these companies will stand over the long term. A laptop computer with storage drives lying on top of the keyboard. Image source: Getty Images. The state of the storage market In recent years, lower shipments of PCs have translated to lower shipments of HDDs. The big growth opportunity for data storage companies is in solid state drives (SSDs), which are much faster and consume less power than HDDs. Global shipments of HDDs reached their peak in 2010 at 651 million and declined to 404 million in 2017, according to information gathered by Statista. Meanwhile, global shipments of SSDs are growing rapidly and are expected to overtake HDD shipments by 2021, as you can see in this table. Metric *2021 *2020 *2019 *2018 2017 2016 2015 HDD shipments 330 350 360 370 404 424.07 468.73 SSD shipments 360 320 280 235 190 140 105 Amounts in millions. Data gathered by Statista . *Estimates. Still, while shipments of HDDs are declining, Seagate and Western are seeing the total capacity shipped increase as data centers are attracted to the higher capacities and cost effectiveness of going with HDDs. Basically, data storage companies are seeing a decline in consumer demand but growing demand from enterprise for HDDs. As a result, IDC estimates that the HDD market will remain flat at $24 billion over the next few years. Story continues But eventually, the advantages that SSDs offer, such as lower power consumption and faster data retrieval, will help them win out over the clunky, slower HDDs. The SSD market is expected to grow about 15% per year through 2025, according to Grand View Research. Western Digital is much better positioned in the SSD market than main rival Seagate. In 2016, Western acquired SanDisk, the maker of NAND flash memory (the storage technology used in SSDs) that's No. 3 in market share at 15%. Western derived 52% of its revenue from HDDs in the third quarter, whereas Seagate generates over 90% of its annual revenue from HDDs. This leaves less than 10% of Seagate's revenue coming from SSDs, which exposes Seagate more than its rival to a declining HDD market. Seagate management has been content to focus primarily on serving enterprise customers in the HDD market. This is fine for now, since there is healthy HDD demand from data centers. But data centers are also gradually ramping up their buying of SSDs, since they are more efficient. As SSD technology develops and prices come down, there is a lot of uncertainty longer term as to whether Seagate will be adequately positioned if SSD adoption accelerates. Pricing uncertainty presents challenges Western Digital is clearly better positioned for SSD adoption than Seagate, but it won't be clear sailing for Western. SSD growth is a double-edged sword, since advances in flash storage technology will undoubtedly cause selling prices to rapidly decline. Lower selling prices present the biggest risk for these storage drive makers. Some of this pricing pressure stems from deep-pocketed rivals -- like Intel and Samsung, just to name two -- vying for position in the storage market. To give an idea of what investors can expect, let's look at history to see how changes in pricing have impacted Seagate's revenue. Between 2010 and 2013, Seagate's annual revenue whipsawed as the industry experienced volatile shifts in supply and demand for disk drives. In 2010, Seagate's revenue spiked 16% from an industrywide supply shortage. A year later, as companies caught up with demand, there was an oversupply, causing Seagate's revenue to decrease 4%. Flooding that damaged factories in Thailand in 2012 caused a severe shortage and a spike in selling prices, which sent Seagate's revenue soaring 36%. Over the last five years, Seagate has seen its revenue gradually dwindle, as this table shows. Metric TTM Through March 2018 2017 2016 2015 2014 2013 Revenue $10,775 $10,771 $11,160 $13,739 $13,724 $14,351 Earnings per share $4.55 $4.12 $2.26 $4.57 $5.04 $5.31 Gross margin 29% 29.5% 23.4% 27.8% 28% 27.5% Amounts in millions except per-share data. Data source: Seagate SEC filings. Years are fiscal years ending in June. EPS data is non- GAAP . TTM = trailing 12 months. Since 2013, Seagate has blamed price erosion from declining PC sales for its decline in revenue. This has hit Seagate harder than Western Digital, since Western has been more active in making acquisitions to diversify. Here's how Western Digital has fared over the last five years: Metric TTM Through March 2018 2017 2016 2015 2014 2013 Revenue $20,372 $19,093 $12,994 $14,572 $15,130 $15,351 Earnings per share $14.08 $9.19 $5.79 $7.76 $8.10 $8.51 Gross margin 36.9% 31.8% 26.4% 28.9% 28.9% 28.4% Amounts in millions except per-share data. Data source: Western Digital SEC filings. Years are fiscal years ending in June. EPS data is non- GAAP . TTM = trailing 12 months. As the table shows, Western Digital has actually managed to increase gross margin even while dealing with the same headwinds on pricing as Seagate. One way Western has been able to control costs is by acquiring component suppliers, giving it more control over more points of the supply chain. There could be more consolidation in the industry as companies seek to offset declining prices by looking for synergies with other companies to reduce costs. Storage stocks are risky The growth of data presents a big opportunity for Seagate and Western Digital, but Seagate is simply too dependent on the declining HDD market for me to have confidence it can capitalize on SSD adoption. Western's improving profitability from an effective cost-reducing strategy and diversification makes it the far less risky stock. But I would still tread carefully in the storage industry. There are too many unknowns with respect to competition and its potential impact on pricing trends, making it difficult to predict what these companies' earnings streams will look like over the long term. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Ballard has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Will This Move Prove Costly for AMD's GPU Business?: Advanced Micro Devices (NASDAQ: AMD) has done extremely well to make a dent in the graphics card business by eating into NVIDIA 's (NASDAQ: NVDA) massive lead. But its terrific resurgence has been largely driven by demand from cryptocurrency miners. AMD's latest Vega GPUs were not powerful enough to match NVIDIA's flagship offerings, but it was able to court cryptominers, and the strategy has worked out perfectly in the short run. However, it won't be long before NVIDIA gets its edge back , thanks to its philosophy of putting gamers first. Recent revelations, though, indicate that AMD might have jeopardized its chances of giving a tough fight to NVIDIA. The chipmaker was busy pouring resources into another part of the business -- semi-custom chips -- but this move could backfire. Here's why. An AMD Radeon graphics card. Image Source: AMD. AMD makes the wrong move Forbes says it has gathered from its sources that Sony will be using AMD's Ryzen CPU and Navi GPU architecture in the PlayStation 5, which is expected to hit the market in 2020. AMD has been tied deep into the development of the next-gen Navi GPU architecture, which will be based on the 7-nanometer manufacturing process so that the next Sony console can meet its timeline. The twist in the tale, however, is that AMD has reportedly developed the Navi architecture keeping the PlayStation 5 in mind, allocating a vast majority of its resources toward this development. As a result, Vega's development was reportedly compromised and failed to match NVIDIA's offerings. AMD pulled in $2.3 billion in revenue from the enterprise, embedded, and semi-custom segment last year, almost flat from the prior-year period. At the same time, its operating income dropped nearly 46% year over year, to $154 million, because of a seasonal decline in demand for semi-custom chips. This seasonal weakness isn't surprising as demand for a new console drops after the initial launch happens. For instance, the PlayStation 4 sold 20 million units in 2016, but the number is expected to drop to 16 million this year. Not surprisingly, AMD's operating margin from this segment dropped further, to just 2.6% last quarter, as console demand kept cooling off. Story continues Betting on the wrong horse Assuming that a successful console moves around 18 million units each year and is on the market for a period of five years, AMD's market would be somewhere around 90 million units. However, last year, PCs consumed a total of 357 million GPUs (including integrated graphics cards), so this is a way bigger market. As such, spending so much time on developing a GPU for a product that will tail off after an initial spike isn't the best decision that AMD has made. Metric 2015 2016 2017 2018 PlayStation 4 sales (in millions) 17.5 20 19 16 (estimated) AMD semi-custom revenue (in $millions) $2,186 $2,300 $2,305 N/A Data source: AMD and Sony. N/A = not available AMD's semi-custom business started flatlining once the PS4 lost its novelty factor. Of course, the device brought extensive windfall gains for the company at first, because the enterprise, embedded, and semi-custom business supplied just $1.6 billion in revenue in 2013 before the PS4 hit the market. But this was at the expense of the computing and graphics business, which brought in $3.7 billion in revenue that year. The company's focus on the console segment meant that it lost sight of the GPU market. Not surprisingly, its computing and graphics revenue fell to $2 billion in 2016 due to a weak product lineup before bouncing back to $3 billion last year on the back of cryptocurrency demand. Now, AMD looks all set to lose its cryptocurrency boost , and the future of the semi-custom business seems cloudy until the next console refresh happens. Why AMD can't compete with NVIDIA Now that AMD has reportedly devoted substantial resources toward developing a console-oriented GPU, it will miss out on the high-end PC gaming hardware market. This is because the Navi architecture is expected to be of mid-range spec. This seems like a real possibility, as Navi has originally been developed for a console platform that usually has inferior specs compared to a PC. By comparison, NVIDIA is looking to push the envelope further by launching its next-generation Turing GPUs later this year . AMD's Vega cards could hardly stand against NVIDIA's two-year-old GPUs when they were launched late last year, so the green army could extend its advantage with a new set of cards. As such, AMD will be left to compete in the mid-range GPU space, thereby forgoing the fat profits it would have made in the premium segment. In fact, the company's computing and graphics segment was its primary growth driver last year as it delivered an operating profit of $147 million as compared to a $238 million loss the year before. AMD is betting on a business where its profits are shrinking instead of going for the more prolific GPU business. As such, it isn't surprising to see the company's earnings are expected to grow at a measly compound annual growth rate of just 0.40% for the next five years, as its earnings power will diminish thanks to the lower margin of the semi-custom business and the lack of a cutting-edge GPU product that'll help it compete in the high-end space against NVIDIA. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia. The Motley Fool has a disclosure policy . || Will This Move Prove Costly for AMD's GPU Business?: Advanced Micro Devices(NASDAQ: AMD)has done extremely well tomake a dent in the graphics card businessby eating intoNVIDIA's(NASDAQ: NVDA)massive lead. But its terrific resurgence has been largely driven by demand from cryptocurrency miners.
AMD's latest Vega GPUs werenot powerful enoughto match NVIDIA's flagship offerings, but it was able to court cryptominers, and the strategy has worked out perfectly in the short run. However, it won't be long before NVIDIAgets its edge back, thanks to its philosophy of putting gamers first.
Recent revelations, though, indicate that AMD might have jeopardized its chances of giving a tough fight to NVIDIA. The chipmaker was busy pouring resources into another part of the business -- semi-custom chips -- but this move could backfire. Here's why.
Image Source: AMD.
Forbessays it has gathered from its sources thatSonywill be using AMD's Ryzen CPU and Navi GPU architecture in the PlayStation 5, which is expected to hit the market in 2020. AMD has been tied deep into the development of the next-gen Navi GPU architecture, which will be based on the 7-nanometer manufacturing process so that the next Sony console can meet its timeline.
The twist in the tale, however, is that AMD has reportedly developed the Navi architecture keeping the PlayStation 5 in mind, allocating a vast majority of its resources toward this development. As a result, Vega's development was reportedly compromised and failed to match NVIDIA's offerings.
AMD pulled in $2.3 billion in revenue from the enterprise, embedded, and semi-custom segment last year, almost flat from the prior-year period. At the same time, its operating income dropped nearly 46% year over year, to $154 million, because of a seasonal decline in demand for semi-custom chips.
This seasonal weakness isn't surprising as demand for a new console drops after the initial launch happens. For instance, the PlayStation 4 sold 20 million units in 2016, but the number is expected to drop to 16 million this year. Not surprisingly, AMD's operating margin from this segment dropped further, to just 2.6% last quarter, as console demand kept cooling off.
Assuming that a successful console moves around 18 million units each year and is on the market for a period of five years, AMD's market would be somewhere around 90 million units. However, last year, PCs consumed a total of 357 million GPUs (including integrated graphics cards), so this is a way bigger market.
As such, spending so much time on developing a GPU for a product that will tail off after an initial spike isn't the best decision that AMD has made.
[{"Metric": "PlayStation 4 sales (in millions)", "2015": "17.5", "2016": "20", "2017": "19", "2018": "16 (estimated)"}, {"Metric": "AMD semi-custom revenue (in $millions)", "2015": "$2,186", "2016": "$2,300", "2017": "$2,305", "2018": "N/A"}]
Data source: AMD and Sony. N/A = not available
AMD's semi-custom business started flatlining once the PS4 lost its novelty factor. Of course, the device brought extensive windfall gains for the company at first, because the enterprise, embedded, and semi-custom business supplied just $1.6 billion in revenue in 2013 before the PS4 hit the market.
But this was at the expense of the computing and graphics business, which brought in $3.7 billion in revenue that year. The company's focus on the console segment meant that it lost sight of the GPU market. Not surprisingly, its computing and graphics revenue fell to $2 billion in 2016 due to a weak product lineup before bouncing back to $3 billion last year on the back of cryptocurrency demand.
Now, AMD looks all set tolose its cryptocurrency boost, and the future of the semi-custom business seems cloudy until the next console refresh happens.
Now that AMD has reportedly devoted substantial resources toward developing a console-oriented GPU, it will miss out on the high-end PC gaming hardware market. This is because the Navi architecture is expected to be of mid-range spec. This seems like a real possibility, as Navi has originally been developed for a console platform that usually has inferior specs compared to a PC.
By comparison, NVIDIA is looking to push the envelope further by launching its next-generationTuring GPUs later this year. AMD's Vega cards could hardly stand against NVIDIA's two-year-old GPUs when they were launched late last year, so the green army could extend its advantage with a new set of cards.
As such, AMD will be left to compete in the mid-range GPU space, thereby forgoing the fat profits it would have made in the premium segment. In fact, the company's computing and graphics segment was its primary growth driver last year as it delivered an operating profit of $147 million as compared to a $238 million loss the year before.
AMD is betting on a business where its profits are shrinking instead of going for the more prolific GPU business. As such, it isn't surprising to see the company's earnings are expected to grow at a measly compound annual growth rate of just 0.40% for the next five years, as its earnings power will diminish thanks to the lower margin of the semi-custom business and the lack of a cutting-edge GPU product that'll help it compete in the high-end space against NVIDIA.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Harsh Chauhanhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia. The Motley Fool has adisclosure policy. || General Motors Cruises on Crossover Sales While Waiting for New Pickups: General Motors (NYSE: GM) said that its U.S. sales rose 4.6% in the second quarter on strong sales of its trucks and its all-new lineup of crossover SUVs. GM no longer reports its U.S. sales results on a monthly basis. But Automotive News estimates that GM's U.S. sales rose 5.7% in June, outpacing the overall U.S. market's 5.2% gain. Year to date, GM's U.S. sales are up 4.2%. A dark red 2018 Chevrolet Traverse, a seven-passenger crossover SUV. Sales -- and prices -- of the new Chevrolet Traverse crossover are both up sharply from its predecessor's year-ago results. Image source: General Motors. How General Motors fared against rivals in June Here's how the estimated June sales results for GM compare with the figures reported by its five largest-selling rivals in the U.S. market. Automaker June 2018 U.S. Sales Change vs. June 2017 General Motors 256,976 5.7% Ford Motor Company (NYSE: F) 230,635 1.2% Toyota 209,602 3.6% Fiat Chrysler Automobiles (NYSE: FCAU) 202,264 8% Honda 146,563 4.8% Nissan 145,096 1.2% Data sources: The automakers, Automotive News . Figures for General Motors are Automotive News estimates, as GM no longer reports its U.S. sales on a monthly basis. High and low points from GM's second-quarter sales report The high points: GM's overall average transaction price (ATP) was about $35,500 in the quarter, up roughly $300 from the year-ago period. That ATP gain was helped by GM's newest crossovers, the big Chevrolet Traverse and Buick Enclave . Both are all-new models that began arriving at dealers last fall, and both are selling well. Second-quarter sales of the Traverse and Enclave rose 30% and 25.4%, respectively, versus sales of their predecessors a year ago. The new Traverse is selling at much better prices than its predecessor. GM said that its ATP was up almost $7,000 in the first half of the year, versus the year-ago period. Sales of GM's crossovers as a group rose 5.8% from a year ago. GM's big pickups, the Chevrolet Silverado and GMC Sierra, will be replaced by all-new versions for 2019 . But sales of both remained strong in the second quarter, with the Silverado and Sierra up 15.7% and 20.4%, respectively, from a year ago. GM's full-size pickup sales didn't quite outpace arch-rival Ford's in the second quarter, but they left FCA's Ram in the dust. GM sold 214,935 Silverados and Sierras in the quarter, versus 236,947 Ford F-Series and 129,575 Rams. Cadillac sales rose 3%, and that wasn't just SUVs. Sales of the big XTS sedan, a popular "black car" fleet option that was overhauled for 2018 , rose 36% in the second quarter. The well-regarded midsize CTS sedan gained 2.6% from a year ago. GM's big truck-based SUVs are nearing the ends of their model lives, but sales of these highly profitable vehicles are still strong. Sales of the group rose 22% in the second quarter. Of note: Sales of the upscale GMC Yukon were up 17.5% year-over-year. Story continues The low points: While Cadillac's sales were up in the second quarter, the brand is still struggling. Its flagship CT6 sedan is a critics' darling, but GM sold just 2,427 in the quarter, down almost 19% from a year ago. Buick sales fell 12%, hurt by one of GM's few crossover misses, the compact Envision. Sales of the made-in-China Envision fell 48% year over year. Most of GM's sedans are struggling. That's no surprise given industrywide trends favoring crossovers over traditional cars. Sales of once-popular models like the Chevrolet Cruze and Malibu and the Buick LaCrosse were all down by double-digit percentages in the quarter. Sales of the Chevrolet Camaro fell 36% to 13,588 in the second quarter. The Camaro was outsold by both of its traditional rivals, the Ford Mustang (23,264 sold) and FCA's Dodge Challenger (19,719 sold). Sales of both of GM's vaunted electrified vehicles, the Chevrolet Volt and Bolt EV, fell 19.2% and 22.6%, respectively. GM said that global sales of the Bolt were up over 35% in the second quarter, but it hadn't yet released detailed figures as of press time. A black 2019 GMC Yukon, a big, upscale truck-based SUV. Frequent updates have kept sales of GM's big SUVs strong. GMC Yukon sales rose 17.5% in the second quarter. Image source: General Motors. The upshot: GM is executing well under the circumstances There are some reasons for shareholders to be concerned -- notably the struggles of GM's upscale (and higher-margin) Buick and Cadillac brands. But there are more reasons to be encouraged: Most of GM's new crossovers are selling very well, at strong prices; full-size pickup sales were strong despite all-new models waiting in the wings; and demand has remained very strong for GM's hugely profitable big SUVs. GM executives have said that 2018 should be a year of holding steady, with the crossovers generating strong profits while the company works to launch its new pickups (and after that, all-new versions of the big SUVs.) With the first half of the year now in the books, it looks to be playing out much as they expected. We'll know more when GM reports its second-quarter earnings on July 25. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear owns shares of Ford and General Motors. The Motley Fool recommends Ford. The Motley Fool has a disclosure policy . || General Motors Cruises on Crossover Sales While Waiting for New Pickups: General Motors(NYSE: GM)said that its U.S. sales rose 4.6% in the second quarter on strong sales of its trucks and its all-new lineup of crossover SUVs.
GM no longer reports its U.S. sales results on a monthly basis. ButAutomotive Newsestimates that GM's U.S. sales rose 5.7% in June, outpacing the overall U.S. market's 5.2% gain.
Year to date, GM's U.S. sales are up 4.2%.
Sales -- and prices -- of the new Chevrolet Traverse crossover are both up sharply from its predecessor's year-ago results. Image source: General Motors.
Here's how the estimated June sales results for GM compare with the figures reported by its five largest-selling rivals in the U.S. market.
[{"Automaker": "General Motors", "June 2018 U.S. Sales": "256,976", "Change vs. June 2017": "5.7%"}, {"Automaker": "FordMotor Company(NYSE: F)", "June 2018 U.S. Sales": "230,635", "Change vs. June 2017": "1.2%"}, {"Automaker": "Toyota", "June 2018 U.S. Sales": "209,602", "Change vs. June 2017": "3.6%"}, {"Automaker": "Fiat Chrysler Automobiles(NYSE: FCAU)", "June 2018 U.S. Sales": "202,264", "Change vs. June 2017": "8%"}, {"Automaker": "Honda", "June 2018 U.S. Sales": "146,563", "Change vs. June 2017": "4.8%"}, {"Automaker": "Nissan", "June 2018 U.S. Sales": "145,096", "Change vs. June 2017": "1.2%"}]
Data sources: The automakers,Automotive News. Figures for General Motors areAutomotive Newsestimates, as GM no longer reports its U.S. sales on a monthly basis.
The high points:
• GM's overall average transaction price (ATP) was about $35,500 in the quarter, up roughly $300 from the year-ago period.
• That ATP gain was helped by GM's newest crossovers, the bigChevrolet TraverseandBuick Enclave. Both are all-new models that began arriving at dealers last fall, and both are selling well. Second-quarter sales of the Traverse and Enclave rose 30% and 25.4%, respectively, versus sales of their predecessors a year ago.
• The new Traverse is selling at much better prices than its predecessor. GM said that its ATP was up almost $7,000 in the first half of the year, versus the year-ago period.
• Sales of GM's crossovers as a group rose 5.8% from a year ago.
• GM's big pickups, the Chevrolet Silverado and GMC Sierra, will be replaced byall-new versions for 2019. But sales of both remained strong in the second quarter, with the Silverado and Sierra up 15.7% and 20.4%, respectively, from a year ago.
• GM's full-size pickup sales didn't quite outpace arch-rival Ford's in the second quarter, but they left FCA's Ram in the dust. GM sold 214,935 Silverados and Sierras in the quarter, versus 236,947 Ford F-Series and 129,575 Rams.
• Cadillac sales rose 3%, and that wasn't just SUVs. Sales of the big XTS sedan, a popular "black car" fleet option that wasoverhauled for 2018, rose 36% in the second quarter. The well-regarded midsize CTS sedan gained 2.6% from a year ago.
• GM's big truck-based SUVs are nearing the ends of their model lives, but sales of these highly profitable vehicles are still strong. Sales of the group rose 22% in the second quarter. Of note: Sales of the upscale GMC Yukon were up 17.5% year-over-year.
The low points:
• While Cadillac's sales were up in the second quarter, the brand is still struggling. Its flagship CT6 sedan is a critics' darling, but GM sold just 2,427 in the quarter, down almost 19% from a year ago.
• Buick sales fell 12%, hurt by one of GM's few crossover misses, the compact Envision. Sales of the made-in-China Envision fell 48% year over year.
• Most of GM's sedans are struggling. That's no surprise given industrywide trends favoring crossovers over traditional cars. Sales of once-popular models like the Chevrolet Cruze and Malibu and the Buick LaCrosse were all down by double-digit percentages in the quarter.
• Sales of the Chevrolet Camaro fell 36% to 13,588 in the second quarter. The Camaro was outsold by both of its traditional rivals, the Ford Mustang (23,264 sold) and FCA's Dodge Challenger (19,719 sold).
• Sales of both of GM's vaunted electrified vehicles, the Chevrolet Volt and Bolt EV, fell 19.2% and 22.6%, respectively. GM said thatglobalsales of the Bolt were up over 35% in the second quarter, but it hadn't yet released detailed figures as of press time.
Frequent updates have kept sales of GM's big SUVs strong. GMC Yukon sales rose 17.5% in the second quarter. Image source: General Motors.
There are some reasons for shareholders to be concerned -- notably the struggles of GM's upscale (and higher-margin) Buick and Cadillac brands. But there are more reasons to be encouraged: Most of GM's new crossovers are selling very well, at strong prices; full-size pickup sales were strong despite all-new models waiting in the wings; and demand has remained very strong for GM's hugely profitable big SUVs.
GM executives have said that 2018 should be a year of holding steady, with the crossovers generating strong profits while the company works to launch its new pickups (and after that, all-new versions of the big SUVs.) With the first half of the year now in the books, it looks to be playing out much as they expected.
We'll know more when GM reports its second-quarter earnings on July 25.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Rosevearowns shares of Ford and General Motors. The Motley Fool recommends Ford. The Motley Fool has adisclosure policy. || Gold Price Futures (GC) Technical Analysis – Forming Weekly Closing Price Reversal Bottom?: August Comex Goldfutures are trading higher at mid-week. The price action so-far this week has put the market in a position to post a potentially bullish closing price reversal bottom. The formation of this chart pattern will not mean the trend has turned up, but it will shift momentum to the upside if confirmed next week.
The main trend is down according to the weekly swing chart. A trade through $1238.80 will signal a resumption of the downtrend. A close over last week’s close at $1254.50 will form the weekly closing price reversal bottom. This could generate the start of a 2 to 3 week counter-trend rally.
The long-term range is $1158.40 to $1379.30. Its retracement zone is $1268.80 to $1242.80. The gold market is currently trading inside this zone. It is controlling the longer-term direction of the gold market.
On the downside are bottoms at $1230.70 and $1228.20.
Based on this week’s price action, the direction of the August Comex Gold futures contract the rest of the weekly is likely to be determined by trader reaction to last week’s close at $1254.50.
A sustained move over $1254.50 will indicate the counter-trend buying is getting stronger and/or the shorting is getting weaker. If this generates enough upside momentum then look for the rally to extend into the 50% level at $1268.80, followed by the steep downtrending Gann angle at $1279.10. The latter is the trigger point for an acceleration to the upside.
A sustained move under $1254.50 will signal that the short-sellers are still in control. This could trigger a retest of the Fibonacci level at $1242.80, followed closely by the long-term uptrending Gann angle at $1239.40. This angle essentially stopped the selling earlier this week at $1238.80. That additional $0.60 may have been “lost motion”.
If $1238.80 fails then look for the selling to extend into $1230.70 then $1228.20. The latter is the trigger point for an acceleration to the downside with the next target angle coming in at $1198.90.
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Prediction – Prices Hover Near Resistance Ahead of EIA Inventory Report
• Price of Gold Fundamental Daily Forecast – Thin Holiday Volume Breathes Life into Bear Market
• Investors Shouldn’t Overreact to Trade Dispute Issues
• AUD/USD Forex Technical Analysis – In Position to Post Weekly Closing Price Reversal Bottom
• Bitcoin for Beginners: Three Things to Know Before You Buy
• Gold Price Prediction – Prices Run into Resistance Despite Robust EU PMI Services Report || Gold Price Futures (GC) Technical Analysis – Forming Weekly Closing Price Reversal Bottom?: August Comex Gold futures are trading higher at mid-week. The price action so-far this week has put the market in a position to post a potentially bullish closing price reversal bottom. The formation of this chart pattern will not mean the trend has turned up, but it will shift momentum to the upside if confirmed next week. Weekly August Comex Gold Weekly Technical Analysis The main trend is down according to the weekly swing chart. A trade through $1238.80 will signal a resumption of the downtrend. A close over last week’s close at $1254.50 will form the weekly closing price reversal bottom. This could generate the start of a 2 to 3 week counter-trend rally. The long-term range is $1158.40 to $1379.30. Its retracement zone is $1268.80 to $1242.80. The gold market is currently trading inside this zone. It is controlling the longer-term direction of the gold market. On the downside are bottoms at $1230.70 and $1228.20. Weekly August Comex Gold (Close-Up) Weekly Technical Forecast Based on this week’s price action, the direction of the August Comex Gold futures contract the rest of the weekly is likely to be determined by trader reaction to last week’s close at $1254.50. A sustained move over $1254.50 will indicate the counter-trend buying is getting stronger and/or the shorting is getting weaker. If this generates enough upside momentum then look for the rally to extend into the 50% level at $1268.80, followed by the steep downtrending Gann angle at $1279.10. The latter is the trigger point for an acceleration to the upside. A sustained move under $1254.50 will signal that the short-sellers are still in control. This could trigger a retest of the Fibonacci level at $1242.80, followed closely by the long-term uptrending Gann angle at $1239.40. This angle essentially stopped the selling earlier this week at $1238.80. That additional $0.60 may have been “lost motion”. If $1238.80 fails then look for the selling to extend into $1230.70 then $1228.20. The latter is the trigger point for an acceleration to the downside with the next target angle coming in at $1198.90. Story continues This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Prediction – Prices Hover Near Resistance Ahead of EIA Inventory Report Price of Gold Fundamental Daily Forecast – Thin Holiday Volume Breathes Life into Bear Market Investors Shouldn’t Overreact to Trade Dispute Issues AUD/USD Forex Technical Analysis – In Position to Post Weekly Closing Price Reversal Bottom Bitcoin for Beginners: Three Things to Know Before You Buy Gold Price Prediction – Prices Run into Resistance Despite Robust EU PMI Services Report || These eight start-up founders prove you don't have to be young to win in tech: There is a myth in Silicon Valley that only the young, upstart entrepreneurs will succeed. These older founders from HuffPost's Arianna Huffington to Ethereum's Joseph Lubin prove founding past 40 is possible — if even preferable. There is a myth in Silicon Valley that only the young, upstart entrepreneurs will succeed. But eight successful founders from HuffPost's Arianna Huffington to Ethereum's Joseph Lubin prove founding past 40 is possible — if even preferable. "As a would-be entrepreneur, people have on-boarded this cultural myth that you have to be very young. Some people who are not very young may decide not to go for it, when in fact they might do extremely well," said Benjamin Jones, a professor and researcher at Northwestern University. According to a recent study led by Jones , the average founder of the fastest-growing tech start-ups was about 45, and 50-year-old entrepreneurs were about twice as likely to have a runaway business success as their 30-year-old counterparts. "If you think people innovate more successfully around products they deeply understand or know, young people are much more likely to see ideas that are consumer facing, and consumer facing for their own generation," Jones said. "What we might not be doing is getting the kind of innovations that someone with depth in a field has." Here are eight founders who threw caution to the wind and started companies past 40. Arianna Huffington, HuffPost and Thrive Global Media mogul Arianna Huffington is probably best known for her namesake online publication, HuffPost, formerly known as The Huffington Post, which she founded at age 55. But Huffington had a long career before then — and after. Prior to the endeavor, which she founded in partnership with Kenneth Lerer and future BuzzFeed founder Jonah Perretti, Huffington was a media commentator and, briefly, ran for office. After leaving the Huffington Post in 2016 , Huffington went on to found Thrive Global at about 66 years old. Story continues "I’d co-founded The Huffington Post in 2005, and by the time Thrive launched in 2016 I’d had ample time to learn from my mistakes – especially no longer buying into the delusion that burning out is simply the price you have to pay if you want to start a successful company," Huffington wrote in an email. "The other thing that becomes easier is not internalizing outside criticisms and the views of naysayers." Jim Kimsey, AOL Dot-com entrepreneur Jim Kimsey was 46 when he joined Steve Case and Marc Seriff to found America Online. The team turned a once-failing video game company, Control Video, into the giant that helped bring the internet to the masses, and which merged with media company Time Warner in a $160 billion deal at the peak of the dot-com boom in 2000. “It was a little bit of having the right team,” Case told The Washington Post in 2016 after Kimsey's death. “Jim focused, because he was older and more credible, on raising money. He helped build the board and build the investor group. I focused on the marketing and strategic partners." “Jim really played a pivotal role in taking an idea that seemed far-fetched to most venture capitalists,” he added. “Without Jim, AOL would never have happened.” Joseph Lubin, Ethereum and ConsenSys Before becoming a crypto-billionaire, Canadian entrepreneur Joseph Lubin spent years dabbling in other industries. He got his start in computer science and electrical engineering, and briefly worked a stint in the music industry down in Kingston, Jamaica. Perturbed by the imbalances in the world's financial markets which he saw firsthand on Wall Street, Lubin discovered bitcoin in 2009 and had an "ah-ha" moment that would change his entire career. "When I encountered this technology, I had that 'Bitcoin moment' that so many of us have experienced: this has the potential to change everything," Lubin wrote in a note on Medium . It took another few years before he joined Vitalik Buterin in founding Ethereum. It was 2014, and Lubin was nearing 50. "That was my Ethereal moment," Lubin wrote. Lubin went on to found blockchain production studio ConsenSys later in 2014, but prior to Ethereum's official launch. His estimated net worth was between $1 billion and $5 billion in January 2018, according to Forbes . David Duffield, PeopleSoft and Workday Serial entrepreneur David Duffield has twice founded companies past 40 — and twice succeeded. In 1987, when he was in his mid-40s, Duffield founded PeopleSoft. The HR software company gave Oracle ORCL a run for its money in the business software space until the tech giant acquired PeopleSoft in a $10 billion hostile takeover in 2005. Months later, Duffield pulled himself from the brink of retirement to co-found cloud-based financial and human resources company Workday WDAY with Aneel Bhusri. Today Workday is valued at more than $26 billion. "I think I’ve got one more in me,” Duffield told a former PeopleSoft colleague in the early days of Workday, Forbes India reported. Robert Noyce, Intel Nicknamed "the mayor of Silicon Valley," Robert Noyce was one of the forefathers of the modern semiconductor industry. He is credited as one of the inventors of the integrated circuit or silicon microchip, which both fueled the personal computer revolution and lent Silicon Valley its name. Noyce co-founded Intel in 1968 at the age of 41. Noyce was a role model for Apple founder Steve Jobs, the Christian Science Monitor reported . "Bob Noyce took me under his wing," Jobs told Leslie Berlin, author of "The Man Behind the Microchip." "I was young, in my twenties. He was in his early fifties. He tried to give me the lay of the land, give me a perspective that I could only partially understand. You can't really understand what is going on now unless you understand what came before." Noyce died in 1990. Bob Parsons, GoDaddy GoDaddy GDDY founder Bob Parsons was 47 when he founded the web hosting company in 1998. Parsons almost gave up on the project in 2001, as cash dwindled, but pushed through and found surprising success in the early 2000s. Parsons steered the company right up until it filed for an IPO in 2014. That same day Parsons stepped down from his role as executive chairman so he could "devote more time to his ventures outside of GoDaddy." The company is now worth just over $12 billion, according to FactSet. Parsons attributes much of his success in business to his time spent in the Marine Corps. ""Because of the Marine Corps, I learned how to focus. They taught me how to handle responsibility and they taught me how to carry out responsibility," Parsons told Entrepreneur.com . "They taught me discipline." Bill Porter, E-Trade Online trading pioneer Bill Porter was 40 by the time he started his first company, Commercial Electronics, in 1968. Porter sold that company to Warner Communications, but much of the technology he developed there is still in use today. Porter's big break came in 1980, when he met Bernie Newcomb at a party in Palo Alto, California, and sold him on the idea of online stock trading. Together the pair founded E-Trade in 1982, when Porter was 54. Porter still hadn't had his fill of entrepreneurship with E-Trade, and in 2000 at the age of 72, Porter founded International Securities Exchange, the first completely electronic options exchange in the country. When asked about the desire to launch a new exchange past 70, Porter told CNN in a 2000 interview that he felt the need to boost the U.S. markets' competitiveness on the world stage. When asked about his intelligence, Porter responded humbly. "You know, I think I'm fairly normal. Probably the difference is in my approach to things and just, you know, if there's something to be done, you do it," he told CNN. Porter died in 2015. Thomas Siebel, Siebel Systems After a career as an executive at major technology companies, including Oracle, Thomas Siebel struck out to start his own. At 41, he founded Siebel Systems, a customer relationship management software company acquired by Oracle for more than $5 billion in 2005. After Oracle's buyout, Siebel moved onto try his hand again at entrepreneurship. He founded energy company C3 in 2009, when he was in his late 50s. Siebel later relaunched it as C3 IoT, an internet of things-focused company that helps customers ingest and analyze data coming in from IoT sensors. In his business ventures, Siebel was said to surround himself with older, more experienced workers, much like himself. "We have a number of tried, tested and proven professionals with whom I’ve worked for many decades. Some go back to my Gain days in the 1990s, others to Siebel Systems," Siebel told Forbes in an interview . " The group I’ve traveled with has built some pretty successful companies. And I believe we’ve added another one," he said. More From CNBC Tesla stopped a 'brake and roll' test as it pushed to hit Model 3 goals Google Cloud's COO has left after less than a year Micron shares tumble after rival says a Chinese court banned chip sales || These eight start-up founders prove you don't have to be young to win in tech: There is a myth in Silicon Valley that only the young, upstart entrepreneurs will succeed. These older founders from HuffPost's Arianna Huffington to Ethereum's Joseph Lubin prove founding past 40 is possible — if even preferable. There is a myth in Silicon Valley that only the young, upstart entrepreneurs will succeed. But eight successful founders from HuffPost's Arianna Huffington to Ethereum's Joseph Lubin prove founding past 40 is possible — if even preferable. "As a would-be entrepreneur, people have on-boarded this cultural myth that you have to be very young. Some people who are not very young may decide not to go for it, when in fact they might do extremely well," said Benjamin Jones, a professor and researcher at Northwestern University. According to a recent study led by Jones , the average founder of the fastest-growing tech start-ups was about 45, and 50-year-old entrepreneurs were about twice as likely to have a runaway business success as their 30-year-old counterparts. "If you think people innovate more successfully around products they deeply understand or know, young people are much more likely to see ideas that are consumer facing, and consumer facing for their own generation," Jones said. "What we might not be doing is getting the kind of innovations that someone with depth in a field has." Here are eight founders who threw caution to the wind and started companies past 40. Arianna Huffington, HuffPost and Thrive Global Media mogul Arianna Huffington is probably best known for her namesake online publication, HuffPost, formerly known as The Huffington Post, which she founded at age 55. But Huffington had a long career before then — and after. Prior to the endeavor, which she founded in partnership with Kenneth Lerer and future BuzzFeed founder Jonah Perretti, Huffington was a media commentator and, briefly, ran for office. After leaving the Huffington Post in 2016 , Huffington went on to found Thrive Global at about 66 years old. Story continues "I’d co-founded The Huffington Post in 2005, and by the time Thrive launched in 2016 I’d had ample time to learn from my mistakes – especially no longer buying into the delusion that burning out is simply the price you have to pay if you want to start a successful company," Huffington wrote in an email. "The other thing that becomes easier is not internalizing outside criticisms and the views of naysayers." Jim Kimsey, AOL Dot-com entrepreneur Jim Kimsey was 46 when he joined Steve Case and Marc Seriff to found America Online. The team turned a once-failing video game company, Control Video, into the giant that helped bring the internet to the masses, and which merged with media company Time Warner in a $160 billion deal at the peak of the dot-com boom in 2000. “It was a little bit of having the right team,” Case told The Washington Post in 2016 after Kimsey's death. “Jim focused, because he was older and more credible, on raising money. He helped build the board and build the investor group. I focused on the marketing and strategic partners." “Jim really played a pivotal role in taking an idea that seemed far-fetched to most venture capitalists,” he added. “Without Jim, AOL would never have happened.” Joseph Lubin, Ethereum and ConsenSys Before becoming a crypto-billionaire, Canadian entrepreneur Joseph Lubin spent years dabbling in other industries. He got his start in computer science and electrical engineering, and briefly worked a stint in the music industry down in Kingston, Jamaica. Perturbed by the imbalances in the world's financial markets which he saw firsthand on Wall Street, Lubin discovered bitcoin in 2009 and had an "ah-ha" moment that would change his entire career. "When I encountered this technology, I had that 'Bitcoin moment' that so many of us have experienced: this has the potential to change everything," Lubin wrote in a note on Medium . It took another few years before he joined Vitalik Buterin in founding Ethereum. It was 2014, and Lubin was nearing 50. "That was my Ethereal moment," Lubin wrote. Lubin went on to found blockchain production studio ConsenSys later in 2014, but prior to Ethereum's official launch. His estimated net worth was between $1 billion and $5 billion in January 2018, according to Forbes . David Duffield, PeopleSoft and Workday Serial entrepreneur David Duffield has twice founded companies past 40 — and twice succeeded. In 1987, when he was in his mid-40s, Duffield founded PeopleSoft. The HR software company gave Oracle ORCL a run for its money in the business software space until the tech giant acquired PeopleSoft in a $10 billion hostile takeover in 2005. Months later, Duffield pulled himself from the brink of retirement to co-found cloud-based financial and human resources company Workday WDAY with Aneel Bhusri. Today Workday is valued at more than $26 billion. "I think I’ve got one more in me,” Duffield told a former PeopleSoft colleague in the early days of Workday, Forbes India reported. Robert Noyce, Intel Nicknamed "the mayor of Silicon Valley," Robert Noyce was one of the forefathers of the modern semiconductor industry. He is credited as one of the inventors of the integrated circuit or silicon microchip, which both fueled the personal computer revolution and lent Silicon Valley its name. Noyce co-founded Intel in 1968 at the age of 41. Noyce was a role model for Apple founder Steve Jobs, the Christian Science Monitor reported . "Bob Noyce took me under his wing," Jobs told Leslie Berlin, author of "The Man Behind the Microchip." "I was young, in my twenties. He was in his early fifties. He tried to give me the lay of the land, give me a perspective that I could only partially understand. You can't really understand what is going on now unless you understand what came before." Noyce died in 1990. Bob Parsons, GoDaddy GoDaddy GDDY founder Bob Parsons was 47 when he founded the web hosting company in 1998. Parsons almost gave up on the project in 2001, as cash dwindled, but pushed through and found surprising success in the early 2000s. Parsons steered the company right up until it filed for an IPO in 2014. That same day Parsons stepped down from his role as executive chairman so he could "devote more time to his ventures outside of GoDaddy." The company is now worth just over $12 billion, according to FactSet. Parsons attributes much of his success in business to his time spent in the Marine Corps. ""Because of the Marine Corps, I learned how to focus. They taught me how to handle responsibility and they taught me how to carry out responsibility," Parsons told Entrepreneur.com . "They taught me discipline." Bill Porter, E-Trade Online trading pioneer Bill Porter was 40 by the time he started his first company, Commercial Electronics, in 1968. Porter sold that company to Warner Communications, but much of the technology he developed there is still in use today. Porter's big break came in 1980, when he met Bernie Newcomb at a party in Palo Alto, California, and sold him on the idea of online stock trading. Together the pair founded E-Trade in 1982, when Porter was 54. Porter still hadn't had his fill of entrepreneurship with E-Trade, and in 2000 at the age of 72, Porter founded International Securities Exchange, the first completely electronic options exchange in the country. When asked about the desire to launch a new exchange past 70, Porter told CNN in a 2000 interview that he felt the need to boost the U.S. markets' competitiveness on the world stage. When asked about his intelligence, Porter responded humbly. "You know, I think I'm fairly normal. Probably the difference is in my approach to things and just, you know, if there's something to be done, you do it," he told CNN. Porter died in 2015. Thomas Siebel, Siebel Systems After a career as an executive at major technology companies, including Oracle, Thomas Siebel struck out to start his own. At 41, he founded Siebel Systems, a customer relationship management software company acquired by Oracle for more than $5 billion in 2005. After Oracle's buyout, Siebel moved onto try his hand again at entrepreneurship. He founded energy company C3 in 2009, when he was in his late 50s. Siebel later relaunched it as C3 IoT, an internet of things-focused company that helps customers ingest and analyze data coming in from IoT sensors. In his business ventures, Siebel was said to surround himself with older, more experienced workers, much like himself. "We have a number of tried, tested and proven professionals with whom I’ve worked for many decades. Some go back to my Gain days in the 1990s, others to Siebel Systems," Siebel told Forbes in an interview . " The group I’ve traveled with has built some pretty successful companies. And I believe we’ve added another one," he said. More From CNBC Tesla stopped a 'brake and roll' test as it pushed to hit Model 3 goals Google Cloud's COO has left after less than a year Micron shares tumble after rival says a Chinese court banned chip sales || 6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?: At the Building on Bitcoin conference this week, Jameson Lopp, former lead engineer at BitGo and engineer at CasaHODL, revealed that an estimated 4 million BTC are lost and 2 million BTC are stolen.
As of July 2018, a total of 6 million BTC are left inaccessible and permanently lost on the bitcoin blockchain. Given that it is not possible to hard fork the chain to recover the lost Bz, 28.5 percent of the bitcon’s fixed supply is permanently lost.
Hence, the maximum supply of BTC cannot be larger than 15 million BTC and as of current, given that 17 million BTC are in circulation, only 11 million BTC that can actually be used, sent, received, and traded exist.
Chainalysis, a cryptocurrency and blockchain analytics company, first revealed in an interview with Fortune that 3.79 million BTC are already lost on the bitcoin blockchain. That number was released in November 2017.
At the time, Kim Grauer, senior economist at Chainalysis, said that it is difficult to conclusively state that the lost bitcoin are taken into consideration by the market due to the highly speculative nature of the cryptocurrency sector. Grauer explained that in the long-term, as the fixed supply of BTC maxes out, it is possible that an increase in demand could push the price of BTC higher, creating a premium.
Grauerexplained:
“That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity. Yet the market has adapted to the actual demand and supply available – just look at exchange behavior. Furthermore, it is well known monetary policy procedure to lower or increase fiat reserves to impact exchange rates. So the answer is yes and no.”
Currently, as of July 5, 2018, the price of BTC is $6,700. The price of bitcoin is calculated based on the 17.13 million BTC figure that is supposedly circulating in the market. However, if the supply of bitcoin that is publicly displayed to the public had been 11 million, BTC would be valued at $10,300.
Similar to block halving, because the fact that millions of bitcoin are lost on the blockchain is widely recognized by investors in the global market, it is possible that the current market is demonstrating a valuation that considers the supply of bitcoin that is actually substantially smaller than the supply that is portrayed to the market.
Over the past few years, prominent investors and analysts in the cryptocurrency sector have consistently said that the price of bitcoin could reach anywhere from $100,000 to a couple million dollars because only 21 million BTC can ever exist.
If one of the main characteristics that make bitcoin a superior store of value over traditional assets such as gold is its fixed supply, the fact that only 75 percent of bitcoin are accessible should drive the value of the cryptocurrency up in the long run.
Featured image from Shutterstock.
The post6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?appeared first onCCN. || 6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?: Bitstamp Bitcoin At the Building on Bitcoin conference this week, Jameson Lopp, former lead engineer at BitGo and engineer at CasaHODL, revealed that an estimated 4 million BTC are lost and 2 million BTC are stolen. As of July 2018, a total of 6 million BTC are left inaccessible and permanently lost on the bitcoin blockchain. Given that it is not possible to hard fork the chain to recover the lost Bz, 28.5 percent of the bitcons fixed supply is permanently lost. Hence, the maximum supply of BTC cannot be larger than 15 million BTC and as of current, given that 17 million BTC are in circulation, only 11 million BTC that can actually be used, sent, received, and traded exist. Is the Current Price Inclusive of the Lost Bitcoin? Chainalysis, a cryptocurrency and blockchain analytics company, first revealed in an interview with Fortune that 3.79 million BTC are already lost on the bitcoin blockchain. That number was released in November 2017. At the time, Kim Grauer, senior economist at Chainalysis, said that it is difficult to conclusively state that the lost bitcoin are taken into consideration by the market due to the highly speculative nature of the cryptocurrency sector. Grauer explained that in the long-term, as the fixed supply of BTC maxes out, it is possible that an increase in demand could push the price of BTC higher, creating a premium. Grauer explained : That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity. Yet the market has adapted to the actual demand and supply available just look at exchange behavior. Furthermore, it is well known monetary policy procedure to lower or increase fiat reserves to impact exchange rates. So the answer is yes and no. Currently, as of July 5, 2018, the price of BTC is $6,700. The price of bitcoin is calculated based on the 17.13 million BTC figure that is supposedly circulating in the market. However, if the supply of bitcoin that is publicly displayed to the public had been 11 million, BTC would be valued at $10,300. Story continues Similar to block halving, because the fact that millions of bitcoin are lost on the blockchain is widely recognized by investors in the global market, it is possible that the current market is demonstrating a valuation that considers the supply of bitcoin that is actually substantially smaller than the supply that is portrayed to the market. There Wont be 21 Million Bitcoin Over the past few years, prominent investors and analysts in the cryptocurrency sector have consistently said that the price of bitcoin could reach anywhere from $100,000 to a couple million dollars because only 21 million BTC can ever exist. If one of the main characteristics that make bitcoin a superior store of value over traditional assets such as gold is its fixed supply, the fact that only 75 percent of bitcoin are accessible should drive the value of the cryptocurrency up in the long run. Featured image from Shutterstock. The post 6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher? appeared first on CCN . || 6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?: At the Building on Bitcoin conference this week, Jameson Lopp, former lead engineer at BitGo and engineer at CasaHODL, revealed that an estimated 4 million BTC are lost and 2 million BTC are stolen.
As of July 2018, a total of 6 million BTC are left inaccessible and permanently lost on the bitcoin blockchain. Given that it is not possible to hard fork the chain to recover the lost Bz, 28.5 percent of the bitcon’s fixed supply is permanently lost.
Hence, the maximum supply of BTC cannot be larger than 15 million BTC and as of current, given that 17 million BTC are in circulation, only 11 million BTC that can actually be used, sent, received, and traded exist.
Chainalysis, a cryptocurrency and blockchain analytics company, first revealed in an interview with Fortune that 3.79 million BTC are already lost on the bitcoin blockchain. That number was released in November 2017.
At the time, Kim Grauer, senior economist at Chainalysis, said that it is difficult to conclusively state that the lost bitcoin are taken into consideration by the market due to the highly speculative nature of the cryptocurrency sector. Grauer explained that in the long-term, as the fixed supply of BTC maxes out, it is possible that an increase in demand could push the price of BTC higher, creating a premium.
Grauerexplained:
“That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity. Yet the market has adapted to the actual demand and supply available – just look at exchange behavior. Furthermore, it is well known monetary policy procedure to lower or increase fiat reserves to impact exchange rates. So the answer is yes and no.”
Currently, as of July 5, 2018, the price of BTC is $6,700. The price of bitcoin is calculated based on the 17.13 million BTC figure that is supposedly circulating in the market. However, if the supply of bitcoin that is publicly displayed to the public had been 11 million, BTC would be valued at $10,300.
Similar to block halving, because the fact that millions of bitcoin are lost on the blockchain is widely recognized by investors in the global market, it is possible that the current market is demonstrating a valuation that considers the supply of bitcoin that is actually substantially smaller than the supply that is portrayed to the market.
Over the past few years, prominent investors and analysts in the cryptocurrency sector have consistently said that the price of bitcoin could reach anywhere from $100,000 to a couple million dollars because only 21 million BTC can ever exist.
If one of the main characteristics that make bitcoin a superior store of value over traditional assets such as gold is its fixed supply, the fact that only 75 percent of bitcoin are accessible should drive the value of the cryptocurrency up in the long run.
Featured image from Shutterstock.
The post6 Million Bitcoin is Lost or Stolen, Should the Real Value of BTC Higher?appeared first onCCN. || Ford Is Riding Its Trucks and Big SUVs to Sales Gains as Smaller Models Lag: Ford Motor Company (NYSE: F) said that its U.S. sales rose 1.2% in June, on good sales of its newest SUVs and continued strong demand for its huge-selling F-Series pickups. Year to date, Ford's sales are still down 1.8%, thanks to a weakening market for sedans and so-so results for its older SUV models. A red 2018 Ford F-250 Lariat, a big pickup truck, is shown towing a boat trailer up a mountain road. Sales of several key Ford models have lagged rivals' recently, but the all-important F-Series continues to sell in big numbers. Image source: Ford Motor Company. How Ford fared against rivals Here are the June sales results for the six largest-selling automakers in the U.S. market. The overall U.S. light-vehicle market rose 5.2% in June, according to figures from Automotive News , meaning that Ford's gain lagged the market's growth. Automaker June 2018 U.S. Sales Change vs. June 2017 General Motors (NYSE: GM) 256,976 5.7% Ford 230,635 1.2% Toyota 209,602 3.6% Fiat Chrysler Automobiles (NYSE: FCAU) 202,264 8% Honda 146,563 4.8% Nissan 145,096 1.2% Data sources: The automakers, Automotive News. Figures for General Motors are Automotive News estimates, as GM no longer reports its U.S. sales on a monthly basis. High and low points from Ford's June sales report The high points: We have to start with the F-Series, Ford's "crown jewel" and the single biggest driver of its profits. F-Series sales rose 1.7% in June from a very good year-ago result, to 79,204 sold for the month. The F-Series' average transaction price in June was a strong $46,800. Sales of Ford-brand SUVs as a group rose 8.1% in June. Key drivers: Good gains for the compact Escape (up 6.4%) and big Expedition (up 10.1%), and the new EcoSport's best monthly result yet, with 6,756 sold. Most Ford-brand cars struggled in June. A happy exception: Sales of the Mustang, which was revamped for 2018, were up 19.6% from a year ago. A 2018 Ford Mustang fastback in a dark metallic gray, on a country road. The Mustang was revamped for 2018. Sales have been good, making it one of very few bright spots in Ford's sagging car portfolio. Image source: Ford Motor Company. Story continues Ford's year-over-year sales gain came despite a drop in overall fleet sales. The Blue Oval's U.S. retail sales rose 2.9% in June. Average transaction prices were up $540 from a year ago, suggesting that Ford's incentive use remains disciplined. That's good news for profit margins. Sales of the Transit commercial van rose 25% from a year ago. While Ford's overall fleet sales were down, its sales to commercial fleets rose 6% last month. Lincoln sales rose 2.8%, on good gains for its compact MKC and large Navigator SUVs. The Navigator is all-new and reviews have been strongly positive; sales were up 68.4% in June, and its average transaction price rose a whopping $27,000. Sales of the Police Interceptor version of the Explorer rose 2.3% to 3,051 -- but sales of the police version of the Taurus sedan fell 13% to just 637. (The net result: Sales of Ford police vehicles fell by 26 units from a year ago.) Sales of the super-expensive Ford GT sports car rose 22.2%, but don't get too excited: That's 11 GTs delivered in June, versus nine in June of 2017. Year to date, Ford has delivered 67 GTs, up from 21 in the first half of last year. The not-so-high points: Ford's sedans are still struggling. Sales of Ford-brand cars as a group fell 13.2% from (fairly poor) year-ago results; Lincoln's cars were down 26.6%. Only the tiny Fiesta managed a year-over-year sales gain. Of note: After a strong debut , the Lincoln Continental is struggling. Ford sold just 546 in the U.S. in June, down 44% from a year ago. Also of note: The Lincoln MKZ is a mechanical sibling of the soon-to-be-discontinued Ford Fusion . The two are made on the same production line. Ford hasn't said anything about the MKZ's fate, but its sales are down 32.5% year to date. A black 2018 Lincoln Navigator, a large, truck-based luxury SUV with dramatic nautical-inspired styling, is shown on a country road. The huge (and hugely profitable) Lincoln Navigator is all new and much improved for 2018. Demand has been very strong. Image source: Ford Motor Company. The upshot: Mixed results still suggest good profits Ford's mixed-bag results for June followed similar results in April and May . For the second quarter, Ford's U.S. sales fell about 0.8% -- but within that result, and despite turbulence in the overall U.S. market, some profit-boosting trends remained intact for Ford. For starters, F-Series sales rose 5.5% in the quarter, and average transaction prices remained strong -- both good signs for profitability. The big and super-profitable Ford Expedition and Lincoln Navigator, both all new (and hugely improved) for 2018, continued to sell very well at strong prices. Commercial-vehicle sales remained strong, and sales of the Mustang rose 5% in the quarter. Long story short: While the U.S. new-car market is showing signs of slipping, Ford's most profitable products continued to sell well in the second quarter, at what appear to be good prices. That's a good sign for Ford's profit in North America. We'll know more when the Blue Oval reports its second-quarter earnings on July 25. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear owns shares of Ford and General Motors. The Motley Fool recommends Ford. The Motley Fool has a disclosure policy . || Ford Is Riding Its Trucks and Big SUVs to Sales Gains as Smaller Models Lag: Ford Motor Company(NYSE: F)said that its U.S. sales rose 1.2% in June, on good sales of its newest SUVs and continued strong demand for its huge-selling F-Series pickups.
Year to date, Ford's sales are still down 1.8%, thanks to a weakening market for sedans and so-so results for its older SUV models.
Sales of several key Ford models have lagged rivals' recently, but the all-important F-Series continues to sell in big numbers. Image source: Ford Motor Company.
Here are the June sales results for the six largest-selling automakers in the U.S. market. The overall U.S. light-vehicle market rose 5.2% in June, according to figures fromAutomotive News, meaning that Ford's gain lagged the market's growth.
[{"Automaker": "General Motors(NYSE: GM)", "June 2018 U.S. Sales": "256,976", "Change vs. June 2017": "5.7%"}, {"Automaker": "Ford", "June 2018 U.S. Sales": "230,635", "Change vs. June 2017": "1.2%"}, {"Automaker": "Toyota", "June 2018 U.S. Sales": "209,602", "Change vs. June 2017": "3.6%"}, {"Automaker": "Fiat Chrysler Automobiles(NYSE: FCAU)", "June 2018 U.S. Sales": "202,264", "Change vs. June 2017": "8%"}, {"Automaker": "Honda", "June 2018 U.S. Sales": "146,563", "Change vs. June 2017": "4.8%"}, {"Automaker": "Nissan", "June 2018 U.S. Sales": "145,096", "Change vs. June 2017": "1.2%"}]
Data sources: The automakers, Automotive News. Figures for General Motors areAutomotive Newsestimates, as GM no longer reports its U.S. sales on a monthly basis.
The high points:
• We have to start with the F-Series, Ford's "crown jewel" and the single biggest driver of its profits. F-Series sales rose 1.7% in June from a very good year-ago result, to 79,204 sold for the month.
• The F-Series' average transaction price in June was a strong $46,800.
• Sales of Ford-brand SUVs as a group rose 8.1% in June. Key drivers: Good gains for the compact Escape (up 6.4%) and big Expedition (up 10.1%), and the new EcoSport's best monthly result yet, with 6,756 sold.
• Most Ford-brand cars struggled in June. A happy exception: Sales of the Mustang, which was revamped for 2018, were up 19.6% from a year ago.
The Mustang was revamped for 2018. Sales have been good, making it one of very few bright spots in Ford's sagging car portfolio. Image source: Ford Motor Company.
• Ford's year-over-year sales gain came despite a drop in overall fleet sales. The Blue Oval's U.S. retail sales rose 2.9% in June. Average transaction prices were up $540 from a year ago, suggesting that Ford's incentive use remains disciplined. That's good news for profit margins.
• Sales of the Transit commercial van rose 25% from a year ago. While Ford's overall fleet sales were down, its sales to commercial fleets rose 6% last month.
• Lincoln sales rose 2.8%, on good gains for its compact MKC and large Navigator SUVs. The Navigator is all-new and reviews have been strongly positive; sales were up 68.4% in June, and its average transaction price rose a whopping $27,000.
• Sales of the Police Interceptor version of the Explorer rose 2.3% to 3,051 -- but sales of the police version of the Taurus sedan fell 13% to just 637. (The net result: Sales of Ford police vehicles fell by 26 units from a year ago.)
• Sales of the super-expensive Ford GT sports car rose 22.2%, but don't get too excited: That's 11 GTs delivered in June, versus nine in June of 2017. Year to date, Ford has delivered 67 GTs, up from 21 in the first half of last year.
The not-so-high points:
• Ford's sedans are still struggling. Sales of Ford-brand cars as a group fell 13.2% from (fairly poor) year-ago results; Lincoln's cars were down 26.6%. Only the tiny Fiesta managed a year-over-year sales gain.
• Of note: After astrong debut, the Lincoln Continental is struggling. Ford sold just 546 in the U.S. in June, down 44% from a year ago.
• Also of note: The Lincoln MKZ is a mechanical sibling of thesoon-to-be-discontinued Ford Fusion. The two are made on the same production line. Ford hasn't said anything about the MKZ's fate, but its sales are down 32.5% year to date.
The huge (and hugely profitable) Lincoln Navigator is all new and much improved for 2018. Demand has been very strong. Image source: Ford Motor Company.
Ford's mixed-bag results for June followed similar results inAprilandMay. For the second quarter, Ford's U.S. sales fell about 0.8% -- but within that result, and despite turbulence in the overall U.S. market, some profit-boosting trends remained intact for Ford.
For starters, F-Series sales rose 5.5% in the quarter, and average transaction prices remained strong -- both good signs for profitability. The big and super-profitable Ford Expedition and Lincoln Navigator, both all new (and hugely improved) for 2018, continued to sell very well at strong prices. Commercial-vehicle sales remained strong, and sales of the Mustang rose 5% in the quarter.
Long story short: While the U.S. new-car market is showing signs of slipping, Ford's most profitable products continued to sell well in the second quarter, at what appear to be good prices. That's a good sign for Ford's profit in North America. We'll know more when the Blue Oval reports its second-quarter earnings on July 25.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Rosevearowns shares of Ford and General Motors. The Motley Fool recommends Ford. The Motley Fool has adisclosure policy. || Crypto Market Cap Adds $13 Billion in 6 Hours with Bitcoin on the Rise: The cryptocurrency market cap has risen from $263 billion to $276 billion in as little as six hours with Bitcoin seeing a 1.97 percent increase over the last 24 hours with a price rise of over $350 this morning according toCoinmarketcap.com. The market cap hasn’t seen this price level since June 22, 2018, signifying an overall consolidation.
Meanwhile, Ethereum is up 1.84 percent, XRP is up 1.22 percent, Bitcoin Cash has seen a 3.09 percent increase and EOS is up 3.89 percent with the only coin seeing losses in the top ten being Cardano which is down 0.7 percent.
The biggest gains in the top 100 were seen by Ethos with a price spike of over 80 percent, with the next highest being Electroneum at 20 percent and Kyber Network at 19.8 percent.
The biggest losses among the top 100 currencies were WAX, down 12.9 percent, and Veritaseum, down 8.53 percent.
The market trend is in keeping with Fundstrat analyst Robert Sluymer’spredictionthat Bitcoin would see a price consolidation, pointing out that the $6,300 mark for Bitcoin would be an important line of resistance for the market overall.
Sluymer stated that Bitcoin hadbottomed outnear $7,000 and that if the $6,300 line held that the market would continue to build the momentum required for a significant price breakout with $7,800 being the next price hurdle for Bitcoin and the market as a whole.
“The next thing that has to happen is to see bitcoin actually rally through the downtrend,” he said. “We use the 15-day moving average. It’s very simplistic, but it’s a pretty good proxy across most markets. [$7,800] will be the next hurdle for it to get through.”
The current uptrend may not be correlated with current news events in the crypto space, as despiteBinance freezing trading temporarilyand India confirming abanking ban on cryptocurrenciesthe consolidation continues, suggesting that the trend is simply a natural progression following the relatively severe pullback seen in recent days.
However, there was also more bullish news in the space today with strict Japanese FSA consideringlaxer regulationsthat would allow classification of cryptocurrencies as a financial product which may allow crypto to gain more mainstream market exposure, along with the Maltese government passing threecryptocurrency billsto continue establishing the nation as a cryptocurrency and blockchain hub.
The next few days in the market will prove telling – if the upward momentum increases we may finally see a more sustainable price increase than that seen in December of last year when Bitcoin skyrocketed briefly to $20,000 before plunging back down to earth. A more gradual and sustainable price increase may well allow Bitcoin to develop strong lines of support that will allow the market to grow along with the new mainstream recognition and institutional investment now seen in the space.
Featured image from Shutterstock.
The postCrypto Market Cap Adds $13 Billion in 6 Hours with Bitcoin on the Riseappeared first onCCN. || Crypto Market Cap Adds $13 Billion in 6 Hours with Bitcoin on the Rise: Bitcoin price The cryptocurrency market cap has risen from $263 billion to $276 billion in as little as six hours with Bitcoin seeing a 1.97 percent increase over the last 24 hours with a price rise of over $350 this morning according to Coinmarketcap.com . The market cap hasn’t seen this price level since June 22, 2018, signifying an overall consolidation. Meanwhile, Ethereum is up 1.84 percent, XRP is up 1.22 percent, Bitcoin Cash has seen a 3.09 percent increase and EOS is up 3.89 percent with the only coin seeing losses in the top ten being Cardano which is down 0.7 percent. The biggest gains in the top 100 were seen by Ethos with a price spike of over 80 percent, with the next highest being Electroneum at 20 percent and Kyber Network at 19.8 percent. The biggest losses among the top 100 currencies were WAX, down 12.9 percent, and Veritaseum, down 8.53 percent. The market trend is in keeping with Fundstrat analyst Robert Sluymer’s prediction that Bitcoin would see a price consolidation, pointing out that the $6,300 mark for Bitcoin would be an important line of resistance for the market overall. Sluymer stated that Bitcoin had bottomed out near $7,000 and that if the $6,300 line held that the market would continue to build the momentum required for a significant price breakout with $7,800 being the next price hurdle for Bitcoin and the market as a whole. “The next thing that has to happen is to see bitcoin actually rally through the downtrend,” he said. “We use the 15-day moving average. It’s very simplistic, but it’s a pretty good proxy across most markets. [$7,800] will be the next hurdle for it to get through.” The current uptrend may not be correlated with current news events in the crypto space, as despite Binance freezing trading temporarily and India confirming a banking ban on cryptocurrencies the consolidation continues, suggesting that the trend is simply a natural progression following the relatively severe pullback seen in recent days. Story continues However, there was also more bullish news in the space today with strict Japanese FSA considering laxer regulations that would allow classification of cryptocurrencies as a financial product which may allow crypto to gain more mainstream market exposure, along with the Maltese government passing three cryptocurrency bills to continue establishing the nation as a cryptocurrency and blockchain hub. The next few days in the market will prove telling – if the upward momentum increases we may finally see a more sustainable price increase than that seen in December of last year when Bitcoin skyrocketed briefly to $20,000 before plunging back down to earth. A more gradual and sustainable price increase may well allow Bitcoin to develop strong lines of support that will allow the market to grow along with the new mainstream recognition and institutional investment now seen in the space. Featured image from Shutterstock. The post Crypto Market Cap Adds $13 Billion in 6 Hours with Bitcoin on the Rise appeared first on CCN . || Crypto Market Cap Adds $13 Billion in 6 Hours with Bitcoin on the Rise: The cryptocurrency market cap has risen from $263 billion to $276 billion in as little as six hours with Bitcoin seeing a 1.97 percent increase over the last 24 hours with a price rise of over $350 this morning according toCoinmarketcap.com. The market cap hasn’t seen this price level since June 22, 2018, signifying an overall consolidation.
Meanwhile, Ethereum is up 1.84 percent, XRP is up 1.22 percent, Bitcoin Cash has seen a 3.09 percent increase and EOS is up 3.89 percent with the only coin seeing losses in the top ten being Cardano which is down 0.7 percent.
The biggest gains in the top 100 were seen by Ethos with a price spike of over 80 percent, with the next highest being Electroneum at 20 percent and Kyber Network at 19.8 percent.
The biggest losses among the top 100 currencies were WAX, down 12.9 percent, and Veritaseum, down 8.53 percent.
The market trend is in keeping with Fundstrat analyst Robert Sluymer’spredictionthat Bitcoin would see a price consolidation, pointing out that the $6,300 mark for Bitcoin would be an important line of resistance for the market overall.
Sluymer stated that Bitcoin hadbottomed outnear $7,000 and that if the $6,300 line held that the market would continue to build the momentum required for a significant price breakout with $7,800 being the next price hurdle for Bitcoin and the market as a whole.
“The next thing that has to happen is to see bitcoin actually rally through the downtrend,” he said. “We use the 15-day moving average. It’s very simplistic, but it’s a pretty good proxy across most markets. [$7,800] will be the next hurdle for it to get through.”
The current uptrend may not be correlated with current news events in the crypto space, as despiteBinance freezing trading temporarilyand India confirming abanking ban on cryptocurrenciesthe consolidation continues, suggesting that the trend is simply a natural progression following the relatively severe pullback seen in recent days.
However, there was also more bullish news in the space today with strict Japanese FSA consideringlaxer regulationsthat would allow classification of cryptocurrencies as a financial product which may allow crypto to gain more mainstream market exposure, along with the Maltese government passing threecryptocurrency billsto continue establishing the nation as a cryptocurrency and blockchain hub.
The next few days in the market will prove telling – if the upward momentum increases we may finally see a more sustainable price increase than that seen in December of last year when Bitcoin skyrocketed briefly to $20,000 before plunging back down to earth. A more gradual and sustainable price increase may well allow Bitcoin to develop strong lines of support that will allow the market to grow along with the new mainstream recognition and institutional investment now seen in the space.
Featured image from Shutterstock.
The postCrypto Market Cap Adds $13 Billion in 6 Hours with Bitcoin on the Riseappeared first onCCN. || Cryptassist Cryptogo - Have Fun - Win Crypto: TALLIN, ESTONIA / ACCCESSWIRE / July 4, 2018 /Who hasn't heard of or played the augmented reality game Pokemon GO* that stormed the world in recent years? And what did you win besides some virtual creatures? – Nothing!
All that changes with the Cryptassist augmented reality app – CryptoGo!
CryptoGo can be downloaded and played for free. Players have the opportunity, when they are at nominated locations, to locate coins that are airdropped and use Cryptassist coins (CTA) in order to capture these coins. Players will receive one free ammunition each day and will have the option to use in-app purchases to enhance their possibilities of locating and capturing coins.
From time to time, Cryptassist will hold Premium Airdrops, where top listed coins such as Bitcoin, Ethereum, Litecoin and more will be available to be found.
CryptoGo is easy to use, fun and most importantly, potentially rewarding. CryptoGo, part of the Cryptassist ecosystem, is the perfect segue for new crypto users to be introduced to the crypto world.
To learn more about CryptoGo or the Cryptassist platform, please visit our websitewww.cryptassist.io. or download our Whitepaper athttps://www.cryptassist.io/assets/downloads/whitepaper.pdf
Join our Telegram Group:https://t.me/CryptAssistCoin
SOURCE:Cryptassist || Cryptassist Cryptogo - Have Fun - Win Crypto: TALLIN, ESTONIA / ACCCESSWIRE / July 4, 2018 / Who hasn't heard of or played the augmented reality game Pokemon GO* that stormed the world in recent years? And what did you win besides some virtual creatures? – Nothing! All that changes with the Cryptassist augmented reality app – CryptoGo! CryptoGo can be downloaded and played for free. Players have the opportunity, when they are at nominated locations, to locate coins that are airdropped and use Cryptassist coins (CTA) in order to capture these coins. Players will receive one free ammunition each day and will have the option to use in-app purchases to enhance their possibilities of locating and capturing coins. From time to time, Cryptassist will hold Premium Airdrops, where top listed coins such as Bitcoin, Ethereum, Litecoin and more will be available to be found. CryptoGo is easy to use, fun and most importantly, potentially rewarding. CryptoGo, part of the Cryptassist ecosystem, is the perfect segue for new crypto users to be introduced to the crypto world. To learn more about CryptoGo or the Cryptassist platform, please visit our website www.cryptassist.io . or download our Whitepaper at https://www.cryptassist.io/assets/downloads/whitepaper.pdf Join our Telegram Group: https://t.me/CryptAssistCoin SOURCE: Cryptassist
[Social Media Buzz]
2018/07/05（木）12:00
ビットコインの価格は727,513円だよ
https://crypto-currency-widgets.com/link/crypto.html …
#ビットコイン #bitcoin #btc $btc #価格pic.twitter.com/FzoUoRfhbK || ETXM(480,000)AIRDROP Token(280,00 TOKENS REFERRAL) #airdrop #bounty #BTC #xrp #freetoken #Crypto #ETH #NEO6 #Blockchain #ripple #trx #tron #trx #binance #freetoken #airdrops #SCToken
https://docs.google.com/forms/d/e/1FAIpQLSfIv6y3eTtLd671Jf1mZNaeFcBTKxNyBCmacRmP5cG_2EC2XQ/viewform?usp=pp_url …
Telegram refferal"@Pope231" || #BTCUSD Market #1H...
|
6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 416.44, 416.83, 417.01, 420.62, 409.55, 410.44, 413.76, 413.31, 418.09, 418.04, 416.39, 417.18, 417.95, 426.77, 424.23, 416.52, 414.82, 416.73, 417.96, 420.87, 420.90, 421.44, 424.03, 423.41, 422.74, 420.35, 419.41, 421.56, 422.48, 425.19, 423.73, 424.28, 429.71, 430.57, 427.40, 428.59, 435.51, 441.39, 449.42, 445.74, 450.28, 458.55, 461.43, 466.09, 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73.
|
[Bitcoin Technical Analysis for 2016-06-11]
Volume: 82357000, RSI (14-day): 82.47, 50-day EMA: 499.00, 200-day EMA: 426.55
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Digital Currencies Could Completely Transform Global Markets: There has been a lot of talk in recent years about Bitcoin and the potential of digital currencies. So far, very few banks and countries have made much actual progress in creating digital currencies, but Bloomberg s Christopher Langner believes that Misubishi UFJ Financial Group Inc (ADR) (NYSE: MTU )s pledge to introduce MUFG Coin could be the first drop in a wave of new digital currencies. Langner predicts that Mitsubishi UFJs move could become a trend in Japan, Brazil, China and Spain. Digital currencies will allow for cheaper, safer global transfers of cash. For capital markets, digital currencies could enable instant settlement of securities trades, which would obviate the purpose of marketplaces such as the New York Stock Exchange, Langner explained. Related Link: With The Rise Of Algorithms, Has The Finance Job Market Hit Peak Human? These new virtual currencies would likely be backed by government fiat currency, making them immune to the extreme volatility seen in the Bitcoin market. Digital currencies could pose major threats to trade intermediaries like Intercontinental Exchange Inc (NYSE: ICE ) and custodians like Bank of New York Mellon Corp (NYSE: BK ) and Euroclear . Nasdaq Inc (NASDAQ: NDAQ ) has already launched a digital-asset registry called Linq. The new registry does not yet allow digital asset trading, but Langner sees the move as a step in the right direction. Its unlikely that blockchain will send the Big Board or Swift the way of the dinosaur, he concluded. However, digital currencies certainly seem poised to upset the status quo. Disclosure: The author holds no position in the stocks mentioned. See more from Benzinga © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Digital Currencies Could Completely Transform Global Markets: There has been a lot of talk in recent years about Bitcoin and the potential of digital currencies. So far, very few banks and countries have made much actual progress in creating digital currencies, butBloomberg’s Christopher Langner believes thatMisubishi UFJ Financial Group Inc (ADR)(NYSE:MTU)’s pledge to introduce MUFG Coin could be the first drop in a wave of new digital currencies.
Langner predicts that Mitsubishi UFJ’s move could become a trend in Japan, Brazil, China and Spain.
Digital currencies will allow for cheaper, safer global transfers of cash.
“For capital markets, digital currencies could enable instant settlement of securities trades, which would obviate the purpose of marketplaces such as the New York Stock Exchange,” Langner explained.
Related Link:With The Rise Of Algorithms, Has The Finance Job Market Hit Peak Human?
These new virtual currencies would likely be backed by government fiat currency, making them immune to the extreme volatility seen in the Bitcoin market.
Digital currencies could pose major threats to trade intermediaries likeIntercontinental Exchange Inc(NYSE:ICE) and custodians likeBank of New York Mellon Corp(NYSE:BK) andEuroclear.
Nasdaq Inc(NASDAQ:NDAQ) has already launched a digital-asset registry called Linq. The new registry does not yet allow digital asset trading, but Langner sees the move as a step in the right direction.
“It’s unlikely that blockchain will send the Big Board or Swift the way of the dinosaur,” he concluded.
However, digital currencies certainly seem poised to upset the status quo.
Disclosure: The author holds no position in the stocks mentioned.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin's Novelty Is Spent: If drawing a stack of Benjamins on fast-food napkins and praying they spring to life sounds like your idea of a good time, consider the urban myth behind bitcoin -- the enigmatic digital currency that exists online, has no central bank or even a known founder. Here's what we know, at least from the fabulist perspective: Satoshi Nakamoto is said to have invented bitcoins in 2008 after he sold a vintage McDonald's paper napkin online and the buyer defrauded him out of several thousand bucks. Since then, Nakamoto has been pegged as anyone and everyone from an Irish grad student to a reclusive Hungarian American. And as the legend grows, so grows the legal tender. Today you'll find an estimated 15 million bitcoins in circulation, worth about $872 million. But putting your money into bitcoins isn't a slam dunk (even if the Sacramento Kings accept them). That's because bitcoin fever -- much like the infamous "Tulip Mania" of 17th Century Holland -- has died down. Way down. Observers say once-smitten financial reporters and publications now focus elsewhere. "Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede." [See: The 9 Best Investors of All Time .] "Much -- almost all -- of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background." But arguably, bitcoin was bound to make headlines in 2013, when European speculators sent its value through the roof. The Cyprus economic bailout drove anxious investors to bitcoins as they sought alternatives to the euro and other currencies manipulated by central bankers. Bitcoin also made waves because no one in the investment world had seen anything like it. Bitcoins are known as a "cryptocurrency," a term that appeals to the James Bond in all of us. In fact, early adopters included thieves and criminals who embraced its all-digital nature. Bitcoin's nefarious fans included Silk Road, an online black market (since shuttered) that sold drugs. A handful of anarchists embraced it, too. Story continues That said, old-fashioned cash has long been a favorite of malfeasants. For the rest of us, "the legal status of bitcoin varies from country to country," says Nicolette Kost De Sevres, senior policy advisor with DLA Piper, a global business law firm, "It is banned or restricted in some, undefined in many and explicitly allowed in others." Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp. This includes "source code repository" and the concept of "computationally impractical to reverse." Nor is a bitcoin a coin in the traditional sense. It exists as an open-source, peer-to-peer internet protocol, which may explain why the digerati have embraced it. One bitcoin evangelist is Nicolas Cary, a serial entrepreneur and co-founder of Blockchain, the world's top bitcoin software company. "The virtual currency has specific properties that make it work really nicely as a form of money," Cary says. Ask him why and he rattles off a long list: "It is counterfeit-proof, fungible, easily divisible by up to 8 decimal points, purely digital, robust against the elements -- it won't burn or get corroded in water -- and with certain digital precautions far more resilient than cash." Yes, but... "If you lose the hard drive you've stored your coins on or lose access to a hosted account, you've effectively lost your money," says Cindy McAdam, partner in Goodwin Procter's Technology and Life Sciences Group, and a former executive at Xapo, a leading bitcoin company. And it's not like those things ever happen, right? If you think you'd be better off spending bitcoins than investing in them, online retailers such as TigerDirect and Overstock.com ( OSTK ) accept the currency. You can even make donations with bitcoins at higher-ed institutions that include the University of Puget Sound. Yet you don't have to be an economics professor to describe bitcoin like this: volatile. One bitcoin is worth about $581. On Nov. 29, 2013, it hit a peak of $1,108, according to Coinbase.com, a website that tracks Bitcoin prices. Less than a month later, it had plummeted to $593 -- more than its current worth. But if you bought in at the start of last September, you'd have doubled your money and then some. It's enough to give even a stalwart market-timing enthusiast a case of virtual currency vertigo. "There is a belief that much of the 'Wild West' spike in late 2013 was driven by fraud and market manipulation," McAdam says. "The price fell dramatically in the year following that, but has basically been on an upward trend for the past 18 months." [See: The 10 Best REIT ETFs on the Market .] That includes a price bump of $130 over two weeks between late May and early June. "With the upward price movement, we should expect to see more bitcoin headlines soon," says Anthem Hayek Blanchard, founder and CEO of Anthem Vault, which has created a gold-backed digital currency, HayekGold. He predicts that "it is very likely that bitcoin prices will go higher and breach $1,000 per bitcoin." Taken one way, the recent price rebound could be interpreted as newfound stability away from the harsh media spotlight. "Some speculate the buying is coming from the Chinese market due to currency controls and a devalued yuan," says Jalak Jobanputra, a venture capitalist and founding partner of FuturePerfect Ventures in New York City. Or, it could represent the latest gyration in Bitcoin's brief, marble-in-a-bathtub history. So is now a good time to buy bitcoins? Or is it ever a good time to invest in them? "Bitcoin remains a risky investment," says William Brindise, chief trading officer at DigitalX, a software solutions company in the global digital payments industry. "If growth in demand remains roughly constant as supply growth falls, economic theory suggests the price of bitcoin should rise," Brindise says. "However that's a big if, since the factors driving demand for bitcoins remain in flux." Meanwhile, some argue that the current lack of sensationalism means that bitcoin , once an investment upstart, is settling down. "Bitcoin never went away," says Christopher Burniske, analyst and blockchain products lead at New York City's ARK Investment Management, the first public fund manager to invest in bitcoin. "Its strength can be seen in the 'up and to the right' graphs of transactional volumes, trading volumes, hashing power, number of wallets, startups, merchants, and more, all involved with bitcoin." Burniske also points to the 99bitcoins website, which tracks bitcoin obituaries in the press. The number to date: 104. He notes that while bitcoin isn't the media darling it once was, it doesn't deserve to be on death row, either. The truth, in all likelihood, sits securely in the mundane middle. [Read: Real Estate's New Land of Plenty .] "There are fewer headlines because the currency has leveled out to a degree," says John Sedunov, assistant professor of finance at the Villanova University School of Business in the Philadelphia area. "If anything, it is becoming more mainstream." More From US News & World Report 11 Stocks That Donald Trump Loves 7 Ways to Tell if a Stock Is a Good Price 8 Easy Ways to Make Money || Bitcoin's Novelty Is Spent: If drawing a stack of Benjamins on fast-food napkins and praying they spring to life sounds like your idea of a good time, consider the urban myth behind bitcoin -- the enigmatic digital currency that exists online, has no central bank or even a known founder. Here's what we know, at least from the fabulist perspective: Satoshi Nakamoto is said to have invented bitcoins in 2008 after he sold a vintage McDonald's paper napkin online and the buyer defrauded him out of several thousand bucks. Since then, Nakamoto has been pegged as anyone and everyone from an Irish grad student to a reclusive Hungarian American. And as the legend grows, so grows the legal tender. Today you'll find an estimated 15 million bitcoins in circulation, worth about $872 million. But putting your money into bitcoins isn't a slam dunk (even if the Sacramento Kings accept them). That's because bitcoin fever -- much like the infamous "Tulip Mania" of 17th Century Holland -- has died down. Way down. Observers say once-smitten financial reporters and publications now focus elsewhere. "Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede." [See: The 9 Best Investors of All Time .] "Much -- almost all -- of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background." But arguably, bitcoin was bound to make headlines in 2013, when European speculators sent its value through the roof. The Cyprus economic bailout drove anxious investors to bitcoins as they sought alternatives to the euro and other currencies manipulated by central bankers. Bitcoin also made waves because no one in the investment world had seen anything like it. Bitcoins are known as a "cryptocurrency," a term that appeals to the James Bond in all of us. In fact, early adopters included thieves and criminals who embraced its all-digital nature. Bitcoin's nefarious fans included Silk Road, an online black market (since shuttered) that sold drugs. A handful of anarchists embraced it, too. Story continues That said, old-fashioned cash has long been a favorite of malfeasants. For the rest of us, "the legal status of bitcoin varies from country to country," says Nicolette Kost De Sevres, senior policy advisor with DLA Piper, a global business law firm, "It is banned or restricted in some, undefined in many and explicitly allowed in others." Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp. This includes "source code repository" and the concept of "computationally impractical to reverse." Nor is a bitcoin a coin in the traditional sense. It exists as an open-source, peer-to-peer internet protocol, which may explain why the digerati have embraced it. One bitcoin evangelist is Nicolas Cary, a serial entrepreneur and co-founder of Blockchain, the world's top bitcoin software company. "The virtual currency has specific properties that make it work really nicely as a form of money," Cary says. Ask him why and he rattles off a long list: "It is counterfeit-proof, fungible, easily divisible by up to 8 decimal points, purely digital, robust against the elements -- it won't burn or get corroded in water -- and with certain digital precautions far more resilient than cash." Yes, but... "If you lose the hard drive you've stored your coins on or lose access to a hosted account, you've effectively lost your money," says Cindy McAdam, partner in Goodwin Procter's Technology and Life Sciences Group, and a former executive at Xapo, a leading bitcoin company. And it's not like those things ever happen, right? If you think you'd be better off spending bitcoins than investing in them, online retailers such as TigerDirect and Overstock.com ( OSTK ) accept the currency. You can even make donations with bitcoins at higher-ed institutions that include the University of Puget Sound. Yet you don't have to be an economics professor to describe bitcoin like this: volatile. One bitcoin is worth about $581. On Nov. 29, 2013, it hit a peak of $1,108, according to Coinbase.com, a website that tracks Bitcoin prices. Less than a month later, it had plummeted to $593 -- more than its current worth. But if you bought in at the start of last September, you'd have doubled your money and then some. It's enough to give even a stalwart market-timing enthusiast a case of virtual currency vertigo. "There is a belief that much of the 'Wild West' spike in late 2013 was driven by fraud and market manipulation," McAdam says. "The price fell dramatically in the year following that, but has basically been on an upward trend for the past 18 months." [See: The 10 Best REIT ETFs on the Market .] That includes a price bump of $130 over two weeks between late May and early June. "With the upward price movement, we should expect to see more bitcoin headlines soon," says Anthem Hayek Blanchard, founder and CEO of Anthem Vault, which has created a gold-backed digital currency, HayekGold. He predicts that "it is very likely that bitcoin prices will go higher and breach $1,000 per bitcoin." Taken one way, the recent price rebound could be interpreted as newfound stability away from the harsh media spotlight. "Some speculate the buying is coming from the Chinese market due to currency controls and a devalued yuan," says Jalak Jobanputra, a venture capitalist and founding partner of FuturePerfect Ventures in New York City. Or, it could represent the latest gyration in Bitcoin's brief, marble-in-a-bathtub history. So is now a good time to buy bitcoins? Or is it ever a good time to invest in them? "Bitcoin remains a risky investment," says William Brindise, chief trading officer at DigitalX, a software solutions company in the global digital payments industry. "If growth in demand remains roughly constant as supply growth falls, economic theory suggests the price of bitcoin should rise," Brindise says. "However that's a big if, since the factors driving demand for bitcoins remain in flux." Meanwhile, some argue that the current lack of sensationalism means that bitcoin , once an investment upstart, is settling down. "Bitcoin never went away," says Christopher Burniske, analyst and blockchain products lead at New York City's ARK Investment Management, the first public fund manager to invest in bitcoin. "Its strength can be seen in the 'up and to the right' graphs of transactional volumes, trading volumes, hashing power, number of wallets, startups, merchants, and more, all involved with bitcoin." Burniske also points to the 99bitcoins website, which tracks bitcoin obituaries in the press. The number to date: 104. He notes that while bitcoin isn't the media darling it once was, it doesn't deserve to be on death row, either. The truth, in all likelihood, sits securely in the mundane middle. [Read: Real Estate's New Land of Plenty .] "There are fewer headlines because the currency has leveled out to a degree," says John Sedunov, assistant professor of finance at the Villanova University School of Business in the Philadelphia area. "If anything, it is becoming more mainstream." More From US News & World Report 11 Stocks That Donald Trump Loves 7 Ways to Tell if a Stock Is a Good Price 8 Easy Ways to Make Money || Bitcoin's Novelty Is Spent: If drawing a stack of Benjamins on fast-food napkins and praying they spring to life sounds like your idea of a good time, consider the urban myth behind bitcoin -- the enigmatic digital currency that exists online, has no central bank or even a known founder. Here's what we know, at least from the fabulist perspective: Satoshi Nakamoto is said to have invented bitcoins in 2008 after he sold a vintage McDonald's paper napkin online and the buyer defrauded him out of several thousand bucks. Since then, Nakamoto has been pegged as anyone and everyone from an Irish grad student to a reclusive Hungarian American. And as the legend grows, so grows the legal tender. Today you'll find an estimated 15 million bitcoins in circulation, worth about $872 million. But putting your money into bitcoins isn't a slam dunk (even if the Sacramento Kings accept them). That's because bitcoin fever -- much like the infamous "Tulip Mania" of 17th Century Holland -- has died down. Way down. Observers say once-smitten financial reporters and publications now focus elsewhere. "Bitcoin is actually unchanged since many years ago: What is different is the focus of the media," says Peter Leeds, the author of "Penny Stocks for Dummies." In it, Leeds mentions bitcoin as an example of what he calls "an investor stampede." [See: The 9 Best Investors of All Time .] "Much -- almost all -- of bitcoin's rise in value was driven by the standard media cycle," Leeds says. "And as the story became old news, coverage levels diminished and the currency faded into the background." But arguably, bitcoin was bound to make headlines in 2013, when European speculators sent its value through the roof. The Cyprus economic bailout drove anxious investors to bitcoins as they sought alternatives to the euro and other currencies manipulated by central bankers. Bitcoin also made waves because no one in the investment world had seen anything like it. Bitcoins are known as a "cryptocurrency," a term that appeals to the James Bond in all of us. In fact, early adopters included thieves and criminals who embraced its all-digital nature. Bitcoin's nefarious fans included Silk Road, an online black market (since shuttered) that sold drugs. A handful of anarchists embraced it, too. Story continues That said, old-fashioned cash has long been a favorite of malfeasants. For the rest of us, "the legal status of bitcoin varies from country to country," says Nicolette Kost De Sevres, senior policy advisor with DLA Piper, a global business law firm, "It is banned or restricted in some, undefined in many and explicitly allowed in others." Adding to the mystery, bitcoins hinge on tongue-twisting technobabble even most Wall Street pundits can't grasp. This includes "source code repository" and the concept of "computationally impractical to reverse." Nor is a bitcoin a coin in the traditional sense. It exists as an open-source, peer-to-peer internet protocol, which may explain why the digerati have embraced it. One bitcoin evangelist is Nicolas Cary, a serial entrepreneur and co-founder of Blockchain, the world's top bitcoin software company. "The virtual currency has specific properties that make it work really nicely as a form of money," Cary says. Ask him why and he rattles off a long list: "It is counterfeit-proof, fungible, easily divisible by up to 8 decimal points, purely digital, robust against the elements -- it won't burn or get corroded in water -- and with certain digital precautions far more resilient than cash." Yes, but... "If you lose the hard drive you've stored your coins on or lose access to a hosted account, you've effectively lost your money," says Cindy McAdam, partner in Goodwin Procter's Technology and Life Sciences Group, and a former executive at Xapo, a leading bitcoin company. And it's not like those things ever happen, right? If you think you'd be better off spending bitcoins than investing in them, online retailers such as TigerDirect and Overstock.com ( OSTK ) accept the currency. You can even make donations with bitcoins at higher-ed institutions that include the University of Puget Sound. Yet you don't have to be an economics professor to describe bitcoin like this: volatile. One bitcoin is worth about $581. On Nov. 29, 2013, it hit a peak of $1,108, according to Coinbase.com, a website that tracks Bitcoin prices. Less than a month later, it had plummeted to $593 -- more than its current worth. But if you bought in at the start of last September, you'd have doubled your money and then some. It's enough to give even a stalwart market-timing enthusiast a case of virtual currency vertigo. "There is a belief that much of the 'Wild West' spike in late 2013 was driven by fraud and market manipulation," McAdam says. "The price fell dramatically in the year following that, but has basically been on an upward trend for the past 18 months." [See: The 10 Best REIT ETFs on the Market .] That includes a price bump of $130 over two weeks between late May and early June. "With the upward price movement, we should expect to see more bitcoin headlines soon," says Anthem Hayek Blanchard, founder and CEO of Anthem Vault, which has created a gold-backed digital currency, HayekGold. He predicts that "it is very likely that bitcoin prices will go higher and breach $1,000 per bitcoin." Taken one way, the recent price rebound could be interpreted as newfound stability away from the harsh media spotlight. "Some speculate the buying is coming from the Chinese market due to currency controls and a devalued yuan," says Jalak Jobanputra, a venture capitalist and founding partner of FuturePerfect Ventures in New York City. Or, it could represent the latest gyration in Bitcoin's brief, marble-in-a-bathtub history. So is now a good time to buy bitcoins? Or is it ever a good time to invest in them? "Bitcoin remains a risky investment," says William Brindise, chief trading officer at DigitalX, a software solutions company in the global digital payments industry. "If growth in demand remains roughly constant as supply growth falls, economic theory suggests the price of bitcoin should rise," Brindise says. "However that's a big if, since the factors driving demand for bitcoins remain in flux." Meanwhile, some argue that the current lack of sensationalism means that bitcoin , once an investment upstart, is settling down. "Bitcoin never went away," says Christopher Burniske, analyst and blockchain products lead at New York City's ARK Investment Management, the first public fund manager to invest in bitcoin. "Its strength can be seen in the 'up and to the right' graphs of transactional volumes, trading volumes, hashing power, number of wallets, startups, merchants, and more, all involved with bitcoin." Burniske also points to the 99bitcoins website, which tracks bitcoin obituaries in the press. The number to date: 104. He notes that while bitcoin isn't the media darling it once was, it doesn't deserve to be on death row, either. The truth, in all likelihood, sits securely in the mundane middle. [Read: Real Estate's New Land of Plenty .] "There are fewer headlines because the currency has leveled out to a degree," says John Sedunov, assistant professor of finance at the Villanova University School of Business in the Philadelphia area. "If anything, it is becoming more mainstream." More From US News & World Report 11 Stocks That Donald Trump Loves 7 Ways to Tell if a Stock Is a Good Price 8 Easy Ways to Make Money || Your first trade for Friday, June 10: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a buyer of Atlantic Alliance Partnership Corporation (AAPC (NASDAQ: AAPC) ). Dan Nathan was a seller of the Financial Select Sector SPDR Fund (XLF (Mexico Stock Exchange: XLF-MX) ). Brian Kelly was a buyer of the iShares Silver ETF (SLV (NYSE Arca: SLV) ). Guy Adami was a buyer of Raytheon (RTN (NYSE: RTN) ). Trader disclosure: On Thursday, June 9 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: GUY ADAMI is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. BRIAN KELLY is long 30 year bond Bitcoin, GLD, SLV, TLT, US Dollar UUP; he is short Copper, JJC, Yuan Short DAN NATHAN is l ong PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spred SMH long aug put spread, KO june / aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV july calls, MSFT june/july put spread, long C sept puts. TIM SEYMOUR is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday, June 10: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a buyer of Atlantic Alliance Partnership Corporation (AAPC(NASDAQ: AAPC)).
Dan Nathan was a seller of the Financial Select Sector SPDR Fund (XLF(Mexico Stock Exchange: XLF-MX)).
Brian Kelly was a buyer of the iShares Silver ETF (SLV(NYSE Arca: SLV)).
Guy Adami was a buyer of Raytheon (RTN(NYSE: RTN)).
Trader disclosure: OnThursday, June 9the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:
GUY ADAMIis long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
BRIAN KELLYis long 30 year bond Bitcoin, GLD, SLV, TLT, US Dollar UUP; he is short Copper, JJC, Yuan Short
DAN NATHAN is long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spred SMH long aug put spread, KO june / aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV july calls, MSFT june/july put spread, long C sept puts.
TIM SEYMOURis long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Traders: Here's how to play the election risk in biotech: The "Fast Money" traders evaluated the election risks for biotechnology stocks after President Barack Obama officially endorsed presumptive democratic nominee Hillary Clinton , who has been critical of drug pricing . New York billionaire and presumptive GOP nominee Donald Trump has also come out against the health care industry's pricing strategy . Trader Guy Adam says there's opportunity to get into the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) and that, if elected, the sector may not even be Clinton's main target in the early part of her presidency. "I think if Hillary gets elected she said her first 100 days is a bullseye on Wall Street. So, I think biotech will be on the backburner," he said. Trader Brian Kelly said that he thinks it's a good idea to sell biotechnology stocks now, ahead of the general election. "Probably, going into the election, it's probably more speculation and hyperbole. After the election, it's probably where you want to start looking at buying biotech," Kelly said. Trader Tim Seymour said that the "lack of clarity and lack of certainty ... are not helping here." His advice is to look for relative value. For example, Seymour said "Gilead (NASDAQ: GILD) , against a Celgene (NASDAQ: CELG) , is an interesting trade, if nothing else, based upon [the fact that] one has underperformed, one hasn't on valuation." "So make yourself essentially sector neutral, but find yourself a company that has underperformed," he said. Disclosures: GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck. Brian Kelly Brian Kelly is long 30-year bond, Bitcoin, GLD, SLV, TLT, US Dollar, UUP. He is short Copper, JJC, Yuan. DAN NATHAN Long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long Aug put spread SMH long Aug put spread, KO June/Aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV July calls, MSFT June/July put spread, long C Sept puts. Story continues TIM SEYMOUR Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance || Traders: Here's how to play the election risk in biotech: The"Fast Money"traders evaluated the election risks for biotechnology stocks after PresidentBarack Obamaofficially endorsedpresumptive democratic nomineeHillary Clinton, who has beencritical of drug pricing. New York billionaire and presumptive GOP nomineeDonald Trumphas alsocome out against the health care industry's pricing strategy.
Trader Guy Adam says there's opportunity to get into the iShares Nasdaq Biotechnology ETF(NASDAQ: IBB)and that, if elected, the sector may not even be Clinton's main target in the early part of her presidency.
"I think if Hillary gets elected — she said her first 100 days is a bullseye on Wall Street. So, I think biotech will be on the backburner," he said.
Trader Brian Kelly said that he thinks it's a good idea to sell biotechnology stocks now, ahead of the general election.
"Probably, going into the election, it's probably more speculation and hyperbole. After the election, it's probably where you want to start looking at buying biotech," Kelly said.
Trader Tim Seymour said that the "lack of clarity and lack of certainty ... are not helping here."
His advice is to look for relative value. For example, Seymour said "Gilead(NASDAQ: GILD), against a Celgene(NASDAQ: CELG), is an interesting trade, if nothing else, based upon [the fact that] one has underperformed, one hasn't on valuation."
"So make yourself essentially sector neutral, but find yourself a company that has underperformed," he said.
Disclosures:
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck.
Brian Kelly
Brian Kelly is long 30-year bond, Bitcoin, GLD, SLV, TLT, US Dollar, UUP. He is short Copper, JJC, Yuan.
DAN NATHAN
Long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long Aug put spread SMH long Aug put spread, KO June/Aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV July calls, MSFT June/July put spread, long C Sept puts.
TIM SEYMOUR
Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Thursday, June 9: The " Fast Money " traders tackled which moves they'd make when the market opens Thursday. Brian Kelly was a buyer of the iShares 20+ Treasury Bond ETF (Mexico Stock Exchange: TLT-MX) . Karen Finerman said she'd take some profits on Golar LNG Partners (NASDAQ: GMLP) . Tim Seymour was a buyer of the iShares MSCI Mexico Capped ETF (NYSE Arca: EWW) . Guy Adami was a buyer of Restoration Hardware (: ) . Trader disclosure: On June 8, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, GLD, SLD, TLT, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Thursday, June 9: The "Fast Money" traders tackled which moves they'd make when the market opens Thursday.
Brian Kelly was a buyer of the iShares 20+ Treasury Bond ETF(Mexico Stock Exchange: TLT-MX).
Karen Finerman said she'd take some profits on Golar LNG Partners(NASDAQ: GMLP).
Tim Seymour was a buyer of the iShares MSCI Mexico Capped ETF(NYSE Arca: EWW).
Guy Adami was a buyer of Restoration Hardware(: ).
Trader disclosure: On June 8, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Karen Finerman is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly is long Bitcoin, GLD, SLD, TLT, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Chamber of Digital Commerce Gathers at Federal Reserve Annual Meeting to Discuss Blockchain Technology: WASHINGTON, DC--(Marketwired - Jun 6, 2016) - The Chamber of Digital Commerce, the world's largest trade association representing the blockchain industry, helped facilitate discussions at an event hosted by the Federal Reserve, World Bank, and IMF in Washington, DC on June 1 through 3, 2016. Central banks from over 90 countries participated at the event titled "Finance in Flux: The Technological Transformation of the Financial Sector." The theme of this year's conference was on blockchain and FinTech.
In her remarks, the Chair of the Board of Governors of the Federal Reserve System, Janet Yellen, addressed heightened concerns about cybersecurity. She also said that it's undeniable that the global financial system has benefited from FinTech and encouraged central banks to do all they can to learn about financial innovations including bitcoin, blockchain and distributed ledger technologies.
Adam Ludwin, CEO of Chain, delivered the keynote address in the Board of Governors of the Federal Reserve System's Board Room."Blockchain technology will provide central bankers, regulators and policy makers with new tools to enhance the safety, soundness and capabilities of the financial markets and payments systems globally. As participants on industry blockchain networks, regulators will gain real-time transparency to measure systemic leverage and monitor compliance. And as potential operators of networks for issuing central bank digital currencies, policy makers have the opportunity to forge a payments system that will enhance security, reduce settlement times and create new possibilities for monetary policy,"said Ludwin.
Jeff Garzik, CEO of Bloq and Bitcoin Core Developer, outlined the innovative elements of blockchain technology, including trust shifting, decentralization, cryptography, immutability and others."Some of the greatest potential benefits of blockchain technology are going to be first seen and actively leveraged in emerging nations,"said Garzik.
Perianne Boring, Founder and President of the Chamber of Digital Commerce, encouraged the Federal Reserve and central banks to focus on and embrace innovation in blockchain and distributed ledger technology."We believe blockchain technologies are capable of providing the Fed and other regulators with next generation tools to fulfill their mission of monitoring the safety and soundness of the financial system more effectively,"said Boring.
The conversations with senior level directors of central banks from around the world were very encouraging and indicated a high level of interest in blockchain technology.
About the Chamber of Digital Commerce:The Chamber of Digital Commerce is the world's leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology. For more information, please visit:DigitalChamber.org.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3018127 || Chamber of Digital Commerce Gathers at Federal Reserve Annual Meeting to Discuss Blockchain Technology: WASHINGTON, DC--(Marketwired - Jun 6, 2016) - The Chamber of Digital Commerce, the world's largest trade association representing the blockchain industry, helped facilitate discussions at an event hosted by the Federal Reserve, World Bank, and IMF in Washington, DC on June 1 through 3, 2016. Central banks from over 90 countries participated at the event titled "Finance in Flux: The Technological Transformation of the Financial Sector." The theme of this year's conference was on blockchain and FinTech. In her remarks, the Chair of the Board of Governors of the Federal Reserve System, Janet Yellen, addressed heightened concerns about cybersecurity. She also said that it's undeniable that the global financial system has benefited from FinTech and encouraged central banks to do all they can to learn about financial innovations including bitcoin, blockchain and distributed ledger technologies. Adam Ludwin, CEO of Chain, delivered the keynote address in the Board of Governors of the Federal Reserve System's Board Room. "Blockchain technology will provide central bankers, regulators and policy makers with new tools to enhance the safety, soundness and capabilities of the financial markets and payments systems globally. As participants on industry blockchain networks, regulators will gain real-time transparency to measure systemic leverage and monitor compliance. And as potential operators of networks for issuing central bank digital currencies, policy makers have the opportunity to forge a payments system that will enhance security, reduce settlement times and create new possibilities for monetary policy," said Ludwin. Jeff Garzik, CEO of Bloq and Bitcoin Core Developer, outlined the innovative elements of blockchain technology, including trust shifting, decentralization, cryptography, immutability and others. "Some of the greatest potential benefits of blockchain technology are going to be first seen and actively leveraged in emerging nations," said Garzik. Story continues Perianne Boring, Founder and President of the Chamber of Digital Commerce, encouraged the Federal Reserve and central banks to focus on and embrace innovation in blockchain and distributed ledger technology. "We believe blockchain technologies are capable of providing the Fed and other regulators with next generation tools to fulfill their mission of monitoring the safety and soundness of the financial system more effectively," said Boring. The conversations with senior level directors of central banks from around the world were very encouraging and indicated a high level of interest in blockchain technology. About the Chamber of Digital Commerce: The Chamber of Digital Commerce is the world's leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology. For more information, please visit: DigitalChamber.org . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3018127 || Winklevoss digital currency exchange expands into Canada: By Gertrude Chavez-Dreyfuss
NEW YORK, June 6 (Reuters) - Gemini Trust Co, the U.S.-based bitcoin exchange founded by investors Tyler and Cameron Winklevoss, has opened trading in Canada, marking the start of an international expansion program.
In an interview late on Friday, Gemini Chief Executive Officer Tyler Winklevoss said Canadian citizens would only be able to trade bitcoin and ether on the exchange for now.
Trading bitcoin and ether against fiat currencies such as the dollar will take a few weeks, Winklevoss said, adding that no regulatory approval was needed to operate in Canada.
Winklevoss said Gemini would open another international location over the next two weeks.
Digital currencies have gained popularity among investors as major financial institutions such as Goldman Sachs Group Inc and global technology companies such as International Business Machines Corp try to unlock the potential uses and applications of these assets' underlying technology, the blockchain.
The blockchain is a database that enables a network of computers to validate, clear, settle, track, and record the ownership of assets as they are traded.
Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a public blockchain.
"We decided to open first with the bitcoin and ether order book," said Winklevoss. "We think there's great demand for that; there are a lot of people who own bitcoin, and they don't have a safe place to store them."
He added that most bitcoin and ether investors were trading on unregulated and unlicensed exchanges.
Gemini last month became the first and so far only exchange that New York state allows to trade ether, Winklevoss said.
Volume on Gemini since ether started trading on the exchange has grown steadily, he said.
"Over the last 30 days, we have traded approximately $30 million in notional value of both bitcoin and ether."
Bitcoin on Monday traded at $582.79 on the Bitstamp platform, with a market capitalization of $9.1 billion, according to crypto-currency data website coinmarketcap.com.
Ether, the second-largest digital currency behind bitcoin, last changed hands at $13.92 and had a market capitalization of about $1.1 billion.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Von Ahn) || Winklevoss digital currency exchange expands into Canada: By Gertrude Chavez-Dreyfuss NEW YORK, June 6 (Reuters) - Gemini Trust Co, the U.S.-based bitcoin exchange founded by investors Tyler and Cameron Winklevoss, has opened trading in Canada, marking the start of an international expansion program. In an interview late on Friday, Gemini Chief Executive Officer Tyler Winklevoss said Canadian citizens would only be able to trade bitcoin and ether on the exchange for now. Trading bitcoin and ether against fiat currencies such as the dollar will take a few weeks, Winklevoss said, adding that no regulatory approval was needed to operate in Canada. Winklevoss said Gemini would open another international location over the next two weeks. Digital currencies have gained popularity among investors as major financial institutions such as Goldman Sachs Group Inc and global technology companies such as International Business Machines Corp try to unlock the potential uses and applications of these assets' underlying technology, the blockchain. The blockchain is a database that enables a network of computers to validate, clear, settle, track, and record the ownership of assets as they are traded. Ether, an alternative currency that differs from bitcoin, is a token or digital asset of the Ethereum platform, a public blockchain. "We decided to open first with the bitcoin and ether order book," said Winklevoss. "We think there's great demand for that; there are a lot of people who own bitcoin, and they don't have a safe place to store them." He added that most bitcoin and ether investors were trading on unregulated and unlicensed exchanges. Gemini last month became the first and so far only exchange that New York state allows to trade ether, Winklevoss said. Volume on Gemini since ether started trading on the exchange has grown steadily, he said. "Over the last 30 days, we have traded approximately $30 million in notional value of both bitcoin and ether." Bitcoin on Monday traded at $582.79 on the Bitstamp platform, with a market capitalization of $9.1 billion, according to crypto-currency data website coinmarketcap.com. Ether, the second-largest digital currency behind bitcoin, last changed hands at $13.92 and had a market capitalization of about $1.1 billion. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Von Ahn) || We could be set for a 'brave new world' of stock trading: (Wikipedia)
Wall Street is excited about Blockchain.
Nasdaq CEO Bob Greifeld has said his companyneeds to be a "rapid applier" of the technology.Autonomous Research has called the technology a "game changer." Goldman Sachs has saidthe use of blockchain technology instock trading could result in $6 billion in industry cost savings globally.
There's no shortage of hype, but widespread implementation is still a long way away in the highly regulated financial services industry.
While the rest of Wall Street watches, the Australia Securities Exchange (ASX) is pioneering the attempt to implement blockchain technology in a large scale market.
The exchange is looking at replacing its clearing and settlement system with a blockchain solution, and will make a decision on whether to go through with the change by mid-2017.
"The securities industry is experimenting with blockchain across the post-trade market," Morgan Stanley said in a research note titled 'Blockchain - Is ASX set to shape a brave new world?'
"Within equities, the most progressed of these is the ASX-planned replacement of the central depository (CSD) with a blockchain solution. If successful, the implications could be significant across the securities value chain."
Blockchain uses computers with advanced encryption to keep track of transactions, and the use of a blockchain solution in clearing and settlement has the potential to reduce costs, save time, and cut complexity.
Goldman Sachs set out how thiscould work in a recent note.It said:
Essentially, by enforcing agreement at the time of entry, blockchain could eliminate some of the most common post-trade issues and errors, such as incorrect settlement instructions or incorrect account/order details. Today, these details are confirmed/affirmed by multiple parties (DTCC, custodians, broker/dealer, clients) and multiple times throughout the life cycle of the trade. If blockchain could be fully implemented across these parties, many of these attributes could be included in a smart contract, thus becoming a pre-trade requirement to execute an order rather than a downstream, post-trade check that requires multiple parties to agree.
The US bank said this would reduce duplications in affirming and reconciling trades, and help save the industry $6 billion globally.
There are challenges however. The size and fragmented structure of stock markets in the US and European Union could slow the adoption of blockchain technology for example, according to Morgan Stanley. There are regulatory concerns too.
This will only work on a large scale if global exchanges decide to follow suit and adopt the same standards.Without this, the market risks ending up with multiple systems with similar cost challenges as those faced today.
That means the world will be watching what happens in Australia.
"If the ASX "flicks the switch", this would increase the pace of innovation and disruption risk to the post-trade securities market,' Morgan Stanley said.
NOW WATCH:This behavior could kill your chances in a Goldman Sachs interview
More From Business Insider
• A 'game changer' technology on Wall Street could shake up stock trading
• THE BLOCKCHAIN REPORT: Why the technology behind Bitcoin is seeing widespread investment and early application across the finance industry
• A hot stock-trading startup is venturing into China || We could be set for a 'brave new world' of stock trading: Tron Legacy movie poster (Wikipedia) Wall Street is excited about Blockchain. Nasdaq CEO Bob Greifeld has said his company needs to be a "rapid applier" of the technology . Autonomous Research has called the technology a " game changer. " Goldman Sachs has said the use of blockchain technology in stock trading could result in $6 billion in industry cost savings globally . There's no shortage of hype, but widespread implementation is still a long way away in the highly regulated financial services industry. While the rest of Wall Street watches, the Australia Securities Exchange (ASX) is pioneering the attempt to implement blockchain technology in a large scale market. The exchange is looking at replacing its clearing and settlement system with a blockchain solution, and will make a decision on whether to go through with the change by mid-2017. "The securities industry is experimenting with blockchain across the post-trade market," Morgan Stanley said in a research note titled 'Blockchain - Is ASX set to shape a brave new world?' "Within equities, the most progressed of these is the ASX-planned replacement of the central depository (CSD) with a blockchain solution. If successful, the implications could be significant across the securities value chain." Blockchain uses computers with advanced encryption to keep track of transactions, and t he use of a blockchain solution in clearing and settlement has the potential to reduce costs, save time, and cut complexity. Goldman Sachs set out how this could work in a recent note. It said: Essentially, by enforcing agreement at the time of entry, blockchain could eliminate some of the most common post-trade issues and errors, such as incorrect settlement instructions or incorrect account/order details. Today, these details are confirmed/affirmed by multiple parties (DTCC, custodians, broker/dealer, clients) and multiple times throughout the life cycle of the trade. If blockchain could be fully implemented across these parties, many of these attributes could be included in a smart contract, thus becoming a pre-trade requirement to execute an order rather than a downstream, post-trade check that requires multiple parties to agree. Story continues The US bank said this would reduce duplications in affirming and reconciling trades, and help save the industry $6 billion globally. There are challenges however. The size and fragmented structure of stock markets in the US and European Union could slow the adoption of blockchain technology for example, according to Morgan Stanley. There are regulatory concerns too. This will only work on a large scale if global exchanges decide to follow suit and adopt the same standards. Without this, the market risks ending up with multiple systems with similar cost challenges as those faced today. That means the world will be watching what happens in Australia. "If the ASX "flicks the switch", this would increase the pace of innovation and disruption risk to the post-trade securities market,' Morgan Stanley said. NOW WATCH: This behavior could kill your chances in a Goldman Sachs interview More From Business Insider A 'game changer' technology on Wall Street could shake up stock trading THE BLOCKCHAIN REPORT: Why the technology behind Bitcoin is seeing widespread investment and early application across the finance industry A hot stock-trading startup is venturing into China || Your first trade for Monday, June 6: The "Fast Money" traders shares which trades they'd make on Monday.
Tim Seymour was a buyer of the iShares MSCI Emerging Markets ETF(NYSE Arca: EEM).
Steve Grasso was a buyer of Under Armour(NYSE: UA).
Brian Kelly as a buyer of the VanEck Vectors Gold Miners ETF(NYSE Arca: GDX).
Guy Adami was a buyer of United Technologies(NYSE: UTX).
Trader disclosure: On June 3, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, UA, GDX KIDS OWN: EFA, EFG, EWJ, IJR, SPY Stuart Frankel & Co Inc. and some of its Partners: CAH, PHM, TEVA, AAPL, UAL, TOL, LDP, WDR, AVP, CVX, FCX, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Monday, June 6: The " Fast Money " traders shares which trades they'd make on Monday. Tim Seymour was a buyer of the iShares MSCI Emerging Markets ETF (NYSE Arca: EEM) . Steve Grasso was a buyer of Under Armour (NYSE: UA) . Brian Kelly as a buyer of the VanEck Vectors Gold Miners ETF (NYSE Arca: GDX) . Guy Adami was a buyer of United Technologies (NYSE: UTX) . Trader disclosure: On June 3, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, UA, GDX KIDS OWN: EFA, EFG, EWJ, IJR, SPY Stuart Frankel & Co Inc. and some of its Partners: CAH, PHM, TEVA, AAPL, UAL, TOL, LDP, WDR, AVP, CVX, FCX, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD. Brian Kelly is long Bitcoin, US Dollar; he is short Australian Dollar, Euro, Hong Kong Dollar, Yuan Short. Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT. More From CNBC Top News and Analysis Latest News Video Personal Finance
[Social Media Buzz]
#HamRadioCoin #HAM $ 0.001454 (0.72 %) 0.00000250 BTC (0.00 %) || Buy #Bitcoin in the UK with a Debit/Credit Card from http://tinyurl.com/juho5oc @ 1:00 PM || Buy #Bitcoin in the UK with a Debit/Credit Card from http://tinyurl.com/juho5oc @ 9:00 PM || #UFOCoin #UFO $ 0.000017 (-24.30 %) 0.00000003 BTC (-25.00 %) || #BTC El precio actual del Bitcoin es de 583.00$ http://bit.ly/1gElIGT || #THC 0.00000017 BTC(-0.00 %) | Market Cap 34 BTC | Volume(24h) 0.04 BTC | Available Supply 198,310,033 THC ...
|
672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68, 358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78, 395.54, 415.56, 417.56, 415.48, 451.94, 435.00, 433.76, 444.18, 465.32, 454.93, 456.08, 463.62, 462.32, 442.68, 438.64, 436.57, 442.40, 454.98, 455.65, 417.27, 422.82, 422.28, 432.98, 426.62, 430.57, 434.33, 433.44, 430.01, 433.09, 431.96, 429.11, 458.05, 453.23, 447.61, 447.99, 448.43, 435.69, 432.37, 430.31, 364.33, 387.54, 382.30, 387.17, 380.15, 420.23, 410.26, 382.49, 387.49, 402.97, 391.73, 392.15, 394.97, 380.29, 379.47, 378.26, 368.77, 373.06, 374.45, 369.95, 389.59, 386.55, 376.52, 376.62, 373.45, 376.03, 381.65, 379.65, 384.26, 391.86, 407.23, 400.18.
|
[Bitcoin Technical Analysis for 2016-02-15]
Volume: 74070496, RSI (14-day): 55.13, 50-day EMA: 393.81, 200-day EMA: 348.29
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Digatrade Executes Joint-Venture with BitCarats: Exclusive Digital Asset Development & Exchange Listing Agreement
VANCOUVER, BC / ACCESSWIRE / February 10, 2016 /BITX FINANCIAL CORP (BITXF) and its 100% owned and operated digital asset-currency exchange DIGATRADE(TM) (digatrade.com) today announced the execution of an exclusive asset-backed digital currency development and platform exchange listing agreement with BitCarats Capital Inc. Under terms of the agreement Digatrade, along with BitCarats Capital, will develop Caratscoin, the world's first diamond-backed digital-asset powered by blockchain.
“Caratscoin will be the first asset-backed digital currency listed on the trading platform, an innovation that will include additional asset-backed crypto-currencies in the future," stated Brad Moynes, CEO of Digatrade. In collaboration with BitCarats Capital and financial technology partners (ANX Technologies), Caratscoin will be powered by secure blockchain technology - the world's first paired with Bitcoin as well as direct purchase via Digatrade multi-fiat currency order-book including US dollars and Euros via Visa & MasterCard, along with eCheck and Interac within Canada.
A fully integrated, custom multi-signature Caratscoin digital wallet will be developed as a comprehensive solution, not only creating the Caratscoin, but adding value through features such as industry leading security architecture and encryption algorithms. Caratscoin owners issue the coin only if all authorized parties are present, the first to use this unique service which is unprecedented in the market. This system is most secure, as no one person has the only authority to issue the coin, considering the Caratscoin is designed to significantly increase in value in direct correlation to the appreciation in value of physical diamonds held in the company vault.
BitCarats Capital CEO & Founder Colin Ferguson stated, "Carats Diamond Investment, which will provide the distinctive collection of diamonds to back BitCarats, has more than 30 years' experience in the diamond business and is the nation's first direct distributor from the world famous Argyle Diamond Mine in Western Australia. We house the country's leading collection of Natural Fancy Coloured diamonds, featuring trending colours such as red, vivid blues and champagnes." Ferguson continued, "Caratscoin will not only provide a new virtual asset-class and store of value, but also offer our investors instant payment, prepaid debit cards and the ability to transfer an asset between end users instantly, at a low cost and on a decentralized network."Caratscoin will be backed by a pool of certified, Natural Fancy Coloured diamonds, primarily featuring red, vivid blue, and champagne colours. Each diamond is certified by the Geological Institute of America, the world's leading diamond educational resource, and home to the most advanced laboratories. The diamonds are insured by Lloyd's of London and stored at a private vault at The World Trade Center, 999 Canada Place, one of the most secure buildings in Vancouver, Canada. Founded and led by BitCarats CEO Colin Ferguson, Carats Diamond Investment (carats.com) is committed to exceptional diamond education, quality and customer service, and was recently recognized by the Better Business Bureau (BBB) when Carats was awarded with their highest rating of A+ since joining the BBB 16 years ago.
More information regarding this exciting new venture will be made available as it materializes.
ABOUT DIGATRADE:
DIGATRADE is a global digital asset-currency exchange located in Vancouver, British Columbia, Canada. The Company is owned and operated 100% by Bit-X Financial Corp which is publically listed on the OTC.QB under the trading symbol BITXF. BITXF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC". Digatrade has now become a global platform offering its customers instant card-based transactions worldwide.
CORPORATE CONTACT INFORMATION:
Brad Moynes, CEOBit-X Financial CorpDigaTrade.com838 West Hastings Street, Suite 300Vancouver, BC V6C-0A6CanadaTel: +1(604) 200-0071Fax: +1(604) 200-0072www.digatrade.com
Media inquiries:[email protected]
Forward-Looking Information
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or development that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the company based on information currently available to the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the possibility of unanticipated costs and expenses. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking information whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE:Bit-X Financial Corp || Digatrade Executes Joint-Venture with BitCarats: Exclusive Digital Asset Development & Exchange Listing Agreement VANCOUVER, BC / ACCESSWIRE / February 10, 2016 / BITX FINANCIAL CORP ( BITXF ) and its 100% owned and operated digital asset-currency exchange DIGATRADE(TM) ( digatrade.com ) today announced the execution of an exclusive asset-backed digital currency development and platform exchange listing agreement with BitCarats Capital Inc. Under terms of the agreement Digatrade, along with BitCarats Capital, will develop Caratscoin, the world's first diamond-backed digital-asset powered by blockchain. Caratscoin will be the first asset-backed digital currency listed on the trading platform, an innovation that will include additional asset-backed crypto-currencies in the future," stated Brad Moynes, CEO of Digatrade. In collaboration with BitCarats Capital and financial technology partners (ANX Technologies), Caratscoin will be powered by secure blockchain technology - the world's first paired with Bitcoin as well as direct purchase via Digatrade multi-fiat currency order-book including US dollars and Euros via Visa & MasterCard, along with eCheck and Interac within Canada. A fully integrated, custom multi-signature Caratscoin digital wallet will be developed as a comprehensive solution, not only creating the Caratscoin, but adding value through features such as industry leading security architecture and encryption algorithms. Caratscoin owners issue the coin only if all authorized parties are present, the first to use this unique service which is unprecedented in the market. This system is most secure, as no one person has the only authority to issue the coin, considering the Caratscoin is designed to significantly increase in value in direct correlation to the appreciation in value of physical diamonds held in the company vault. BitCarats Capital CEO & Founder Colin Ferguson stated, "Carats Diamond Investment, which will provide the distinctive collection of diamonds to back BitCarats, has more than 30 years' experience in the diamond business and is the nation's first direct distributor from the world famous Argyle Diamond Mine in Western Australia. We house the country's leading collection of Natural Fancy Coloured diamonds, featuring trending colours such as red, vivid blues and champagnes." Ferguson continued, "Caratscoin will not only provide a new virtual asset-class and store of value, but also offer our investors instant payment, prepaid debit cards and the ability to transfer an asset between end users instantly, at a low cost and on a decentralized network." Caratscoin will be backed by a pool of certified, Natural Fancy Coloured diamonds, primarily featuring red, vivid blue, and champagne colours. Each diamond is certified by the Geological Institute of America, the world's leading diamond educational resource, and home to the most advanced laboratories. The diamonds are insured by Lloyd's of London and stored at a private vault at The World Trade Center, 999 Canada Place, one of the most secure buildings in Vancouver, Canada. Founded and led by BitCarats CEO Colin Ferguson, Carats Diamond Investment (carats.com) is committed to exceptional diamond education, quality and customer service, and was recently recognized by the Better Business Bureau (BBB) when Carats was awarded with their highest rating of A+ since joining the BBB 16 years ago. Story continues More information regarding this exciting new venture will be made available as it materializes. ABOUT DIGATRADE: DIGATRADE is a global digital asset-currency exchange located in Vancouver, British Columbia, Canada. The Company is owned and operated 100% by Bit-X Financial Corp which is publically listed on the OTC.QB under the trading symbol BITXF. BITXF is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC". Digatrade has now become a global platform offering its customers instant card-based transactions worldwide. CORPORATE CONTACT INFORMATION: Brad Moynes, CEO Bit-X Financial Corp DigaTrade.com 838 West Hastings Street, Suite 300 Vancouver, BC V6C-0A6 Canada Tel: +1(604) 200-0071 Fax: +1(604) 200-0072 www.digatrade.com Media inquiries: [email protected] Forward-Looking Information This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or development that the Company believes, expects or anticipates will or may occur in the future constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the company based on information currently available to the Company. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the possibility of unanticipated costs and expenses. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the company disclaims any intent or obligation to update any forward-looking information whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. SOURCE: Bit-X Financial Corp
[Social Media Buzz]
$410.00 #btce;
$406.52 #bitfinex;
$406.14 #coinbase;
$404.77 #bitstamp;
#bitcoin #btc || The current price of a #bitcoin is $405.00. Have a nice day! || BTCTurk 1200.0 TL BTCe 401 $ CampBx $ BitStamp 399.00 $ Cavirtex $ CEXIO 404.29 $ Bitcoin.de 359.04 € #Bitcoin #btc || Bittrex CANN/BTC Vol.:$ 473(96.69 %) Bleutrade CANN/BTC Vol.:$ 16(3.31 %) Bleutrade CANN/DOGE Vol.:$ 0(0.00 %) YoBi… pic.twitter.com/2AlsDCEen5 || $ 0.000032 (57.68 %) 0.00000008 BTC (60.00 %) #Nyancoin #NYAN via #NyanCoi...
|
407.49, 416.32, 422.37, 420.79, 437.16, 438.80, 437.75, 420.74, 424.95, 424.54
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 240.28, 243.78, 244.53, 235.98, 238.89, 238.74, 237.47, 236.43, 253.83, 254.26, 260.20, 275.67, 281.70, 273.09, 276.18, 272.72, 276.26, 274.35, 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95.
|
[Bitcoin Technical Analysis for 2015-05-19]
Volume: 14241900, RSI (14-day): 44.70, 50-day EMA: 238.80, 200-day EMA: 261.52
[Wider Market Context]
Gold Price: 1206.90, Gold RSI: 52.29
Oil Price: 57.26, Oil RSI: 49.12
[Recent News (last 7 days)]
Bitcoin Shop Makes $1.5m Strategic Investment in Spondoolies-Tech: ARLINGTON, VA--(Marketwired - May 18, 2015) -Bitcoin Shop, Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology company that engages in transaction verification services, announced today that it has invested $1.5m intoSpondoolies-Tech Ltd("Spondoolies"), a transaction verification server manufacturer. BTCS' investment in Spondoolies comes on the heels of the announcement of the intention for BTCS and Spondoolies to merge (April 28, 2015) and is serving as the first integral step of the planned merger. Together, the two companies will create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources.
Under the terms of the definitive investment agreements, BTCS purchased a 6.6 percent equity interest in Spondoolies, and received certain exclusivity rights and pricing for current and future Spondoolies' products as well as a $1m breakup fee, in case the planned merger between BTCS and Spondoolies is not consummated. The investment in Spondoolies was based on a pre-money valuation of approximately $21.2m. Based in Kiryat Gat, Israel, Spondoolies-Tech is the premier developer of Bitcoin transaction verification servers. Launched in August 2013, Spondoolies is Israeli venture backed and has shipped thousands of servers to customers around the world in the past year.
The terms of the planned merger between BTCS and Spondoolies are a merger of equals. Upon closing, the parties will equally share the dilution resulting from BTCS' April 22, 2015 $2.3m financing. Charles Allen will serve as the merged entity's CEO and Chairman and Guy Corem, Spondoolies CEO and cofounder, will serve as a board member and executive officer. Additionally, Yuval Rozen will serve as BTCS' CFO. The merger is subject to a number of conditions, including satisfactory completion of diligence and execution of definitive agreements. There can be no assurance that the conditions to closing will be satisfied or merger will be completed.
BTCS' Chairman and CEO Charles Allen, who will lead the new company, said that the planned combination of the two companies represents a new force in the evolving blockchain industry. "This is a powerful merger as the technologies of the two companies are clearly very complementary and stand to produce immense revenue growth while delivering value to customers, shareholders, and employees."
"We are excited to begin our partnership with BTCS and appreciate their support during a transformative part of our company's growth," said Spondoolies CEO, Guy Corem. "We believe this new relationship will ensure our ability to continue development and production of innovative and high quality products, targeted mainly for internal use of the merged company but also to deliver the highest quality bitcoin mining equipment for our transaction verification services."
About BTCS:BTCS is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin, and dogecoin, by searching through a selection of over 250,000 items. For more information visit:www.btcs.com
About Spondoolies-Tech:Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building bitcoin transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products.
Forward-Looking Statements:Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Bitcoin Shop Makes $1.5m Strategic Investment in Spondoolies-Tech: ARLINGTON, VA--(Marketwired - May 18, 2015) -Bitcoin Shop, Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology company that engages in transaction verification services, announced today that it has invested $1.5m intoSpondoolies-Tech Ltd("Spondoolies"), a transaction verification server manufacturer. BTCS' investment in Spondoolies comes on the heels of the announcement of the intention for BTCS and Spondoolies to merge (April 28, 2015) and is serving as the first integral step of the planned merger. Together, the two companies will create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources.
Under the terms of the definitive investment agreements, BTCS purchased a 6.6 percent equity interest in Spondoolies, and received certain exclusivity rights and pricing for current and future Spondoolies' products as well as a $1m breakup fee, in case the planned merger between BTCS and Spondoolies is not consummated. The investment in Spondoolies was based on a pre-money valuation of approximately $21.2m. Based in Kiryat Gat, Israel, Spondoolies-Tech is the premier developer of Bitcoin transaction verification servers. Launched in August 2013, Spondoolies is Israeli venture backed and has shipped thousands of servers to customers around the world in the past year.
The terms of the planned merger between BTCS and Spondoolies are a merger of equals. Upon closing, the parties will equally share the dilution resulting from BTCS' April 22, 2015 $2.3m financing. Charles Allen will serve as the merged entity's CEO and Chairman and Guy Corem, Spondoolies CEO and cofounder, will serve as a board member and executive officer. Additionally, Yuval Rozen will serve as BTCS' CFO. The merger is subject to a number of conditions, including satisfactory completion of diligence and execution of definitive agreements. There can be no assurance that the conditions to closing will be satisfied or merger will be completed.
BTCS' Chairman and CEO Charles Allen, who will lead the new company, said that the planned combination of the two companies represents a new force in the evolving blockchain industry. "This is a powerful merger as the technologies of the two companies are clearly very complementary and stand to produce immense revenue growth while delivering value to customers, shareholders, and employees."
"We are excited to begin our partnership with BTCS and appreciate their support during a transformative part of our company's growth," said Spondoolies CEO, Guy Corem. "We believe this new relationship will ensure our ability to continue development and production of innovative and high quality products, targeted mainly for internal use of the merged company but also to deliver the highest quality bitcoin mining equipment for our transaction verification services."
About BTCS:BTCS is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin, and dogecoin, by searching through a selection of over 250,000 items. For more information visit:www.btcs.com
About Spondoolies-Tech:Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building bitcoin transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products.
Forward-Looking Statements:Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Bitcoin Shop Makes $1.5m Strategic Investment in Spondoolies-Tech: ARLINGTON, VA--(Marketwired - May 18, 2015) - Bitcoin Shop, Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology company that engages in transaction verification services, announced today that it has invested $1.5m into Spondoolies-Tech Ltd ("Spondoolies"), a transaction verification server manufacturer. BTCS' investment in Spondoolies comes on the heels of the announcement of the intention for BTCS and Spondoolies to merge (April 28, 2015) and is serving as the first integral step of the planned merger. Together, the two companies will create the world's first publicly traded company to produce Bitcoin transaction verification equipment and deploy Bitcoin mining resources. Under the terms of the definitive investment agreements, BTCS purchased a 6.6 percent equity interest in Spondoolies, and received certain exclusivity rights and pricing for current and future Spondoolies' products as well as a $1m breakup fee, in case the planned merger between BTCS and Spondoolies is not consummated. The investment in Spondoolies was based on a pre-money valuation of approximately $21.2m. Based in Kiryat Gat, Israel, Spondoolies-Tech is the premier developer of Bitcoin transaction verification servers. Launched in August 2013, Spondoolies is Israeli venture backed and has shipped thousands of servers to customers around the world in the past year. The terms of the planned merger between BTCS and Spondoolies are a merger of equals. Upon closing, the parties will equally share the dilution resulting from BTCS' April 22, 2015 $2.3m financing. Charles Allen will serve as the merged entity's CEO and Chairman and Guy Corem, Spondoolies CEO and cofounder, will serve as a board member and executive officer. Additionally, Yuval Rozen will serve as BTCS' CFO. The merger is subject to a number of conditions, including satisfactory completion of diligence and execution of definitive agreements. There can be no assurance that the conditions to closing will be satisfied or merger will be completed. Story continues BTCS' Chairman and CEO Charles Allen, who will lead the new company, said that the planned combination of the two companies represents a new force in the evolving blockchain industry. "This is a powerful merger as the technologies of the two companies are clearly very complementary and stand to produce immense revenue growth while delivering value to customers, shareholders, and employees." "We are excited to begin our partnership with BTCS and appreciate their support during a transformative part of our company's growth," said Spondoolies CEO, Guy Corem. "We believe this new relationship will ensure our ability to continue development and production of innovative and high quality products, targeted mainly for internal use of the merged company but also to deliver the highest quality bitcoin mining equipment for our transaction verification services." About BTCS: BTCS is a blockchain technology company that provides transaction verification services for digital currency. BTCS is building a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. BTCS continues to actively partner and integrate with strategic digital currency technology companies who provide products or services that are complementary to its business strategy. BTCS operates its public beta site ( www.btcs.com ) where consumers can purchase products using digital currency such as bitcoin, litecoin, and dogecoin, by searching through a selection of over 250,000 items. For more information visit: www.btcs.com About Spondoolies-Tech: Founded in 2013 by a group of Israeli high-tech veterans, Spondoolies is a transaction verification server manufacturer. Spondoolies raised ten million dollars in capital from leading Israeli venture capital firms and assembled a team of leaders in the Israeli Semiconductor industry, with the goal of building the infrastructure on which digital currencies will flourish. Building bitcoin transaction verifying servers from the bottom up, Spondoolies is producing machines that are designed for efficiency and performance. During 2014, Spondoolies successfully launched five different products. Forward-Looking Statements: Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || 10 mobile payment systems you need to know: googlewallet.jpg Image: Marguerite Reardon/CNET Nearly every day I am confronted with the fact that I am a rarity, the last of a dying breed. I am someone who still regularly uses cash to make purchases. In today's society, that makes me a dinosaur. Mobile technology has driven advancements in the payments industry that are making it easier and easier to make purchases without ever opening your wallet. The plethora of options doesn't necessarily mean that everyone is on board. According to data collected by 451 Research , many users are still uneasy when it comes to mobile payments due to security concerns. Still, the technology is moving forward and more vendors are accepting mobile payments everyday. If you want to get started with mobile payments, you have to first understand all your options. Here are 12 of the top mobile payment systems available. Google Wallet One of the first major NFC-based payment systems, Google Wallet was released back in September 2011. You can use Google Wallet to make purchases online or in a store, and send money to friends and family. Some have argued that it will be overtaken by Apple Pay, but that may not be the case . In fact, Google recently acquired intellectual property (IP) from Softcard to better compete. Apple Pay Apple Pay debuted alongside the iPhone 6 in late 2014. Users with an iPhone 6 or later, or an Apple Watch, register existing credit or debit cards with the service and use it to make payments with one of those cards. To use Apple Pay, you place your device near a reader and place your finger on the fingerprint scanner to quickly make a purchase. PayPal Known as the go-to payment system for eBay, PayPal also has a pretty useful mobile app. Users can snap a picture of a credit or debit card to add it to their account and make purchases or send money straight from their phone. PayPal has integrations with Uber, Airbnb, and StubHub for convenient payments. Square Cash Square Cash is a mobile payment option that allows users to create a unique username known as a $Cashtag. According to the Square Cash website, users can tweet out their $Cashtag for donations, or use it to pay their rent. You can also use it to pay someone for their services or simply send them some money. Stripe A web and mobile payment system that is "built for developers," Stripe offers a host of tools and APIs to customize it for you or your business. Users can accept Bitcoin through Stripe. Additionally Stripe is integrated with companies such as Lyft, Instacart, and Postmates. Dwolla Dwolla is a payment network for moving money. It doesn't require a credit or debit card, rather, it connects directly to your checking account. Use an email address to transfer money for $0.25 per transaction. Or, if the transaction is $10 or less, it's free. Only one party pays the fee and you can use it to send money to people even if they don't have a Dwolla account. Story continues M-Pesa Vodafone launched M-Pesa back in 2007. It allows users to deposit or withdraw money, transfer money, and make payments with their mobile phone. The actual account for the money is stored on the user's phone, and they use secure SMS messages to send money or make payments. The transactions carry a small fee as well. Very popular in some African markets, M-Pesa is huge in Kenya where the service first launched. Venmo Connect your bank account or debit card to send payments with Venmo. According to the company's website, it's always free to receive money through Venmo and most of the time it is free to send money, depending on what credit card or debit card you're using. Sign up with Facebook or by using an email address. Lifelock Wallet After purchasing Lemon Wallet, Lifelock created the Lifelock Wallet. It acts as a cloud storage system for all the cards you'd normally see in a wallet. Your ID, insurance card, loyalty cards, and payment cards are all stored and accessed through the app. The app touts Lifelock's security protection and users can access their credit score through the app for $.99. Samsung Pay After acquiring the company LoopPay, Samsung will fold its Samsung Wallet to be replaced by Samsung Pay. A technology known as Magnetic Secure Transmission is embedded in Samsung's Galaxy S6 and S6 edge, and it allows users to pay with their phone at a standard magnetic stripe reader. The service was only recently announced and will likely launch this summer. What do you think? Do you use a mobile payment system? Why or why not? Tell us in the comments. Also see What to learn from Apple's new Apple Pay mobile payment platform The liability shift and its impact on mobile payments Are people scared of mobile payments? Why Apple Pay won't be the death of Google Wallet View comments || 10 mobile payment systems you need to know: googlewallet.jpg Image: Marguerite Reardon/CNET Nearly every day I am confronted with the fact that I am a rarity, the last of a dying breed. I am someone who still regularly uses cash to make purchases. In today's society, that makes me a dinosaur. Mobile technology has driven advancements in the payments industry that are making it easier and easier to make purchases without ever opening your wallet. The plethora of options doesn't necessarily mean that everyone is on board. According to data collected by 451 Research , many users are still uneasy when it comes to mobile payments due to security concerns. Still, the technology is moving forward and more vendors are accepting mobile payments everyday. If you want to get started with mobile payments, you have to first understand all your options. Here are 12 of the top mobile payment systems available. Google Wallet One of the first major NFC-based payment systems, Google Wallet was released back in September 2011. You can use Google Wallet to make purchases online or in a store, and send money to friends and family. Some have argued that it will be overtaken by Apple Pay, but that may not be the case . In fact, Google recently acquired intellectual property (IP) from Softcard to better compete. Apple Pay Apple Pay debuted alongside the iPhone 6 in late 2014. Users with an iPhone 6 or later, or an Apple Watch, register existing credit or debit cards with the service and use it to make payments with one of those cards. To use Apple Pay, you place your device near a reader and place your finger on the fingerprint scanner to quickly make a purchase. PayPal Known as the go-to payment system for eBay, PayPal also has a pretty useful mobile app. Users can snap a picture of a credit or debit card to add it to their account and make purchases or send money straight from their phone. PayPal has integrations with Uber, Airbnb, and StubHub for convenient payments. Square Cash Square Cash is a mobile payment option that allows users to create a unique username known as a $Cashtag. According to the Square Cash website, users can tweet out their $Cashtag for donations, or use it to pay their rent. You can also use it to pay someone for their services or simply send them some money. Stripe A web and mobile payment system that is "built for developers," Stripe offers a host of tools and APIs to customize it for you or your business. Users can accept Bitcoin through Stripe. Additionally Stripe is integrated with companies such as Lyft, Instacart, and Postmates. Dwolla Dwolla is a payment network for moving money. It doesn't require a credit or debit card, rather, it connects directly to your checking account. Use an email address to transfer money for $0.25 per transaction. Or, if the transaction is $10 or less, it's free. Only one party pays the fee and you can use it to send money to people even if they don't have a Dwolla account. Story continues M-Pesa Vodafone launched M-Pesa back in 2007. It allows users to deposit or withdraw money, transfer money, and make payments with their mobile phone. The actual account for the money is stored on the user's phone, and they use secure SMS messages to send money or make payments. The transactions carry a small fee as well. Very popular in some African markets, M-Pesa is huge in Kenya where the service first launched. Venmo Connect your bank account or debit card to send payments with Venmo. According to the company's website, it's always free to receive money through Venmo and most of the time it is free to send money, depending on what credit card or debit card you're using. Sign up with Facebook or by using an email address. Lifelock Wallet After purchasing Lemon Wallet, Lifelock created the Lifelock Wallet. It acts as a cloud storage system for all the cards you'd normally see in a wallet. Your ID, insurance card, loyalty cards, and payment cards are all stored and accessed through the app. The app touts Lifelock's security protection and users can access their credit score through the app for $.99. Samsung Pay After acquiring the company LoopPay, Samsung will fold its Samsung Wallet to be replaced by Samsung Pay. A technology known as Magnetic Secure Transmission is embedded in Samsung's Galaxy S6 and S6 edge, and it allows users to pay with their phone at a standard magnetic stripe reader. The service was only recently announced and will likely launch this summer. What do you think? Do you use a mobile payment system? Why or why not? Tell us in the comments. Also see What to learn from Apple's new Apple Pay mobile payment platform The liability shift and its impact on mobile payments Are people scared of mobile payments? Why Apple Pay won't be the death of Google Wallet View comments || 10 things in tech you need to know today: Apple CEO Tim Cook (Getty Images News) Apple CEO Tim Cook Good morning! Here's the tech news you need to know to start off the week. 1. Apple CEO Tim Cook gave a commencement speech to the graduating class of George Washington University. He talked about what it was like to work with Steve Jobs. 2. Apple has acquired GPS mapping company Coherent Navigation. The company's technology is so advanced that it claims to be able to pinpoint a user's location to within a few centimeters. 3. Carl Icahn has invested $100 million in ride-sharing company Lyft. It raised $150 million, which brings its valuation to $2.5 billion. 4. The first trailer for Aaron Sorkin's movie about Steve Jobs has been released. It shows Michael Fassbender wearing a distinctive black turtleneck jumper. 5. Tech billionaires are going to extreme lengths to get their privacy back. They're spending gobs of money for the one thing everyone else has, but probably takes for granted. 6. The New York Times thinks it may know the identity of the man who created of Bitcoin. It says that Nick Szabo could be the elusive Satoshi Nakamoto. 7. Netflix stock hit a record high on the news that it's planning on entering the Chinese market. It was up over 5% on Friday afternoon. 8. A group of employees at payments company Clinkle left the company on Friday. The company was reportedly negotiating with Apple over an acquisition. 9. Microsoft has clarified that pirates won't get Windows 10 for free. It has previously indicated that even illegally downloaded versions of Windows would be eligible for an upgrade. 10. The Chinese army has banned smartwatches. It claimed that the devices could be hacked into. NOW WATCH: Here's what happens when you drop an Apple Watch face down on cement More From Business Insider 10 things in tech you need to know today 10 things in tech you need to know today 10 things in tech you need to know today || 10 things in tech you need to know today: (Getty Images News)Apple CEO Tim Cook
Good morning! Here's the tech news you need to know to start off the week.
1.Apple CEO Tim Cook gave a commencement speechto the graduating class of George Washington University.He talked about what it was like to work with Steve Jobs.
2.Apple has acquired GPS mapping company Coherent Navigation.The company's technology is so advanced that it claims to be able to pinpoint a user's location to within a few centimeters.
3.Carl Icahn has invested $100 million in ride-sharing company Lyft.It raised $150 million, which brings its valuation to $2.5 billion.
4.The first trailer for Aaron Sorkin's movie about Steve Jobs has been released.It shows Michael Fassbender wearing a distinctive black turtleneck jumper.
5.Tech billionaires are going to extreme lengths to get their privacy back.They're spending gobs of money for the one thing everyone else has, but probably takes for granted.
6.The New York Times thinks it may know the identity of the man who created of Bitcoin.It says that Nick Szabo could be the elusive Satoshi Nakamoto.
7.Netflix stock hit a record high on the news that it's planning on entering the Chinese market.It was up over 5% on Friday afternoon.
8.A group of employees at payments company Clinkle left the company on Friday.The company was reportedly negotiating with Apple over an acquisition.
9.Microsoft has clarified that pirates won't get Windows 10 for free.It has previously indicated that even illegally downloaded versions of Windows would be eligible for an upgrade.
10.The Chinese army has banned smartwatches.It claimed that the devices could be hacked into.
NOW WATCH:Here's what happens when you drop an Apple Watch face down on cement
More From Business Insider
• 10 things in tech you need to know today
• 10 things in tech you need to know today
• 10 things in tech you need to know today || The FDA's Authority Challenged By Mallinckrodt: The American healthcare system became much more affordable with the advent of generic drugs. Many popular medications have lower-costing, alternative treatments that contain the same active ingredients as their costly brand-name rivals, which has saved the public millions in pharmaceutical costs. However, last year the U.S. Food and Drug Administration took a look at some generic treatments for attention deficit hyperactivity disorder (ADHD) and found that they weren't consistently providing the same results as the brand name drug, leading the FDA to reclassify the generics. What Happened? Last year, generic equivalents of Johnson & Johnson (NYSE: JNJ )' ADHD treatment Concerta made by Mallinckrodt PLC (NYSE: MNK ) and UCB S A (OTC: UCBJF ) were shown to have a different impact on a patient's body despite containing the same active ingredients. Because of this, the FDA changed those drugs' ratings to reflect its findings. Following the ratings change, the FDA gave each drug maker a period of six weeks to prove that their drugs were in fact equivalent to Concerta. If they could not be proven as equal, the companies were asked to voluntarily pull the drugs from the marketplace. Related Link: 5 New Biotech Developments Worth Watching Mallinckrodt Pushes Back This week that six month deadline passed, but with very little movement from Mallinckrodt. UCB officials say they have been working to meet FDA requirements, but Mallinckrodt CEO Mark Trudeau said the company has no plans to remove its drug from pharmacy shelves. Instead, Mallinckrodt filed a lawsuit challenging the FDA ruling that the drugs were not equivalent, saying that the agency encouraged patients to continue taking the generic ADHD medications if they weren't experiencing any issues. Loss Of Trust Only time will tell whether or not Mallinckrodt will be forced to make changes to its drug, but the challenge sets up an obstacle for all generic companies providing treatments in the U.S. Story continues While the FDA's inquiry into the effectiveness of the two drugs reflects the agency's role in protecting the public, some say the results are likely to diminish people's trust in the generic drug market. This is especially true as both of the two drugs deemed inadequate substitutes for Concerta are still being sold as a generic version in pharmacies across the country. Image Credit: Public Domain See more from Benzinga The Business Of Fertility Finance Nuclear Deal With Iran Still In Limbo Bitcoin Gaining Support Among Do-Gooders © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The FDA's Authority Challenged By Mallinckrodt: The American healthcare system became much more affordable with the advent of generic drugs. Many popular medications have lower-costing, alternative treatments that contain the same active ingredients as their costly brand-name rivals, which has saved the public millions in pharmaceutical costs.
However,last yearthe U.S. Food and Drug Administration took a look at some generic treatments for attention deficit hyperactivity disorder (ADHD) and found that they weren't consistently providing the same results as the brand name drug, leading the FDA to reclassify the generics.
What Happened?
Last year, generic equivalents ofJohnson & Johnson(NYSE:JNJ)' ADHD treatment Concerta made byMallinckrodt PLC(NYSE:MNK) andUCB S A(OTC:UCBJF) were shown to have a different impact on a patient's body despite containing the same active ingredients. Because of this, the FDA changed those drugs' ratings to reflect its findings.
Following the ratings change, the FDA gave each drug maker a period of six weeks to prove that their drugs were in fact equivalent to Concerta. If they could not be proven as equal, the companies were asked to voluntarily pull the drugs from the marketplace.
Related Link:5 New Biotech Developments Worth Watching
Mallinckrodt Pushes Back
This week that six month deadline passed, but with very little movement from Mallinckrodt. UCB officials say they have been working to meet FDA requirements, but Mallinckrodt CEO Mark Trudeausaidthe company has no plans to remove its drug from pharmacy shelves.
Instead, Mallinckrodt filed a lawsuit challenging the FDA ruling that the drugs were not equivalent, saying that the agency encouraged patients to continue taking the generic ADHD medications if they weren't experiencing any issues.
Loss Of Trust
Only time will tell whether or not Mallinckrodt will be forced to make changes to its drug, but the challenge sets up an obstacle for all generic companies providing treatments in the U.S.
While the FDA's inquiry into the effectiveness of the two drugs reflects the agency's role in protecting the public, some say the results are likely to diminish people's trust in the generic drug market. This is especially true as both of the two drugs deemed inadequate substitutes for Concerta are still being sold as a generic version in pharmacies across the country.
Image Credit: Public Domain
See more from Benzinga
• The Business Of Fertility Finance
• Nuclear Deal With Iran Still In Limbo
• Bitcoin Gaining Support Among Do-Gooders
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Business Of Fertility Finance: When the U.S. economy was still lagging, lenders were struggling to find new clients as Americans tightened their spending and hunkered down for the remainder of the Financial Crisis. However while the economy slowed, Americans' biological clocks continued ticking, leading to the emergence of a multi-billion dollar industry that continued to thrive long after the recession ended – fertility finance. Fertility Lenders Back in 2012 when money was tight, lenders specializing in fertility treatments began to emerge. Couples who were unable to secure traditional loans or use credit cards to pay for in vitro fertilization (IVF) treatments had the option of taking out a loan with a "fertility finance" company. Related Link: OvaScience Shares Quiet After Co. Announces AUGMENT Fertility Treatment Continues To Show Improvement Companies like NBT Bancorp Inc. (NASDAQ: NBTB ) offered hopeful couples the opportunity to take out a loan by partnering with doctors at fertility clinics who could recommend the loan service. Still A Thriving Industry Fast forward to 2015 when economic improvement has been steady and oil prices have given most households a bit of extra spending cash, and the industry is still booming. IVF treatments remain expensive at upwards of $15,000 per attempt and the number of couples requiring treatment has been steadily rising. More Candidates For IVF Women have started to put off their plans for a baby until their late 30s or early 40s, upping the risk that they won't be able to conceive and making IVF an increasingly necessary option. However, with the chances of conception through IVF just 30 percent on any given attempt, many couples require several rounds of treatment. For that reason, companies like IntergaMed Fertility offer a wide range of loan options for couples who need to pay for IVF. Related Link: HRC Fertility In Orange County Announces Outstanding IVF Success Rates Making Fertility Treatment Accessible Most insurance companies don't allow for fertility costs, making IVF an out-of-pocket expense. Fertility finance companies are looking to make fertility treatments available for couples of any income and mitigate some of the risk that the treatments won't work at all. Story continues Some companies even give couples a "money-back guarantee" in case the treatment is unsuccessful. Image Credit: Public Domain See more from Benzinga Nuclear Deal With Iran Still In Limbo Bitcoin Gaining Support Among Do-Gooders McDonald's Back In The Firing Line Over Happy Meal Ad © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Business Of Fertility Finance: When the U.S. economy was still lagging, lenders were struggling to find new clients as Americans tightened their spending and hunkered down for the remainder of the Financial Crisis. However while the economy slowed, Americans' biological clocks continued ticking, leading to the emergence of a multi-billion dollar industry that continued to thrive long after the recession ended – fertility finance. Fertility Lenders Back in 2012 when money was tight, lenders specializing in fertility treatments began to emerge. Couples who were unable to secure traditional loans or use credit cards to pay for in vitro fertilization (IVF) treatments had the option of taking out a loan with a "fertility finance" company. Related Link: OvaScience Shares Quiet After Co. Announces AUGMENT Fertility Treatment Continues To Show Improvement Companies like NBT Bancorp Inc. (NASDAQ: NBTB ) offered hopeful couples the opportunity to take out a loan by partnering with doctors at fertility clinics who could recommend the loan service. Still A Thriving Industry Fast forward to 2015 when economic improvement has been steady and oil prices have given most households a bit of extra spending cash, and the industry is still booming. IVF treatments remain expensive at upwards of $15,000 per attempt and the number of couples requiring treatment has been steadily rising. More Candidates For IVF Women have started to put off their plans for a baby until their late 30s or early 40s, upping the risk that they won't be able to conceive and making IVF an increasingly necessary option. However, with the chances of conception through IVF just 30 percent on any given attempt, many couples require several rounds of treatment. For that reason, companies like IntergaMed Fertility offer a wide range of loan options for couples who need to pay for IVF. Related Link: HRC Fertility In Orange County Announces Outstanding IVF Success Rates Making Fertility Treatment Accessible Most insurance companies don't allow for fertility costs, making IVF an out-of-pocket expense. Fertility finance companies are looking to make fertility treatments available for couples of any income and mitigate some of the risk that the treatments won't work at all. Story continues Some companies even give couples a "money-back guarantee" in case the treatment is unsuccessful. Image Credit: Public Domain See more from Benzinga Nuclear Deal With Iran Still In Limbo Bitcoin Gaining Support Among Do-Gooders McDonald's Back In The Firing Line Over Happy Meal Ad © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Social Security Depletion Coming Sooner Than Expected: While it comes as no surprise that the health of Social Security as we currently know it is less than ideal, the publicized estimates of when Social Security funds will run out are "grossly overestimated," said Baton Investing's Jim Shahen, referencing recent Dartmouth and Harvard studies. The original prediction for SS depletion has been cited by the Social Security Administration to occur in 2033. Unfortunately, the studies present compelling evidence that the insolvency will happen long before then, with 20 years from now being an unlikely longevity expectation. The studies circulate evidence that not only are the estimates misjudged, but the implications are devastating for Americans particularly baby boomers, Gen-Xers and Millennials and the errors performed by the SSA are increasing in severity. Forecasting Errors: SSA Continues To Dig Its Own Grave According to Gary King , Albert J. Weatherhead III University Professor at Harvard and researcher on these studies, forecasting errors by the SSA have been around for years, but the prevalence of these errors and their severity has grown exponentially within the last decade and a half. In fact, 90+ percent of the numbers evaluated were found to be "overwhelmed by forecast uncertainty." Related Link: Unanticipated Life Events Cost Americans .5 Trillion In Lost Savings "We show that SSA's forecasting errors were approximately unbiased until about 2000, but then began to grow quickly, with increasingly overconfident uncertainty intervals," King stated. "Moreover, the errors all turn out to be in the same potentially dangerous direction, each making the Social Security Trust Funds look healthier than they actually are." In discussing why such dangerous oversights occur, King revealed that the "SSA's actuaries hunkered down trying hard to insulate themselves from the intense political pressures," which ultimately "led them to also miss important changes in the input data such as retirees living longer lives, and drawing more benefits." Story continues Broad Implications It is important to realize why these circulated overestimates matter. These inaccurately/incompletely calculated figures are used by the SSA's Office of the Chief Actuary to evaluate policy proposals. With less-than-ideal numbers to work with, which King and his fellow researchers have shown to be consistently used as the sole basis for policy evaluations, the assessments are misguided at best and " counterfactual " at worst. "Reliance on such forecasts led policymakers and other uses of the forecasts to conclude that the Social Security Trust Funds were on firmer financial ground than actually turned out to be the case," the initial study revealed . Related Link: 3 Retirement Tips To Consider In "The Era Of Personal Responsibility" Those Who Will Be Hit Hardest Based upon the studies' conclusions, Shahen speculated that "this news hits three groups hard: Millenials [ sic. ], Baby Boomers and Generation X." Due to the minimal funds Millennials are putting aside for retirement, the inadequate savings Baby Boomers have and the unexpected extraneous expenses (taking care of aging parents, astronomical student loans and their own separate retirement funds) Gen Xers are exposed to, these three groups are heading toward practically unavoidable financial hardship. Related Link: 4 Financial Pitfalls Fooling Millennials However, Baton's CEO Phil Ash stated that although "we've all known for some time that we won't be able to count on social security" and the new data compounds the sentiment, he said, "There are three smart things you can do to make sure you have put enough money away, protect yourself, and ensure you are prepared or retirement." According to Ash, these three steps include: 1. Knowing your specific retirement needs. "Eighty-five percent of people underestimate their retirement needs," Ash explained, couple that with the underestimates purported by the SSA and that spells significant financial trouble. 2. Using a safety and growth strategy. 3. Understanding the power of better returns. In light of this recent data, Ash concludes that "while people should be concerned about how much they're saving, the real key to retirement success and what makes hundreds of thousands or even millions of dollars of difference is in the actual return you're getting on your investments. Most advisors push the conventional wisdom that an 8 percent return is good'. The fact is it's not good enough and probably won't help you reach your goals." Therefore, invest in yourself by educating yourself, take an interest in the larger financial picture and take the steps necessary to protect your future and the future of your loved ones. Image Credit: Public Domain See more from Benzinga The Cost Of Cybercrime: .1 Trillion By 2019 There's A New Robo-Advisor In Town Bitcoin 101 © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Social Security Depletion Coming Sooner Than Expected: While it comes as no surprise that the health of Social Security as we currently know it is less than ideal, the publicized estimates of when Social Security funds will run out are "grossly overestimated," said Baton Investing's Jim Shahen, referencing recent Dartmouth and Harvard studies.
The original prediction for SS depletion has been cited by the Social Security Administration to occur in 2033. Unfortunately, thestudiespresent compelling evidence that the insolvency will happen long before then, with 20 years from now being an unlikely longevity expectation.
The studies circulate evidence that not only are the estimates misjudged, but the implications are devastating for Americans – particularly baby boomers, Gen-Xers and Millennials – and the errors performed by the SSA are increasing in severity.
Forecasting Errors: SSA Continues To Dig Its Own Grave
According toGary King, Albert J. Weatherhead III University Professor at Harvard and researcher on these studies, forecasting errors by the SSA have been around for years, but the prevalence of these errors and their severity has grown exponentially within the last decade and a half. In fact,90+ percentof the numbers evaluated were found to be "overwhelmed by forecast uncertainty."
Related Link:Unanticipated Life Events Cost Americans .5 Trillion In Lost Savings
"We show that SSA's forecasting errors were approximately unbiased until about 2000, but then began to grow quickly, with increasingly overconfident uncertainty intervals," King stated. "Moreover, the errors all turn out to be in the same potentially dangerous direction, each making the Social Security Trust Funds look healthier than they actually are."
In discussing why such dangerous oversights occur, King revealed that the "SSA's actuaries hunkered down trying hard to insulate themselves from the intense political pressures," which ultimately "led them to also miss important changes in the input data such as retirees living longer lives, and drawing more benefits."
Broad Implications
It is important to realize why these circulated overestimates matter. These inaccurately/incompletely calculated figures are used by the SSA's Office of the Chief Actuary to evaluate policy proposals. With less-than-ideal numbers to work with, which King and his fellow researchers have shown to be consistently used as the sole basis for policy evaluations, the assessments are misguided at best and "counterfactual" at worst.
"Reliance on such forecasts led policymakers and other uses of the forecasts to conclude that the Social Security Trust Funds were on firmer financial ground than actually turned out to be the case," the initial studyrevealed.
Related Link: 3 Retirement Tips To Consider In "The Era Of Personal Responsibility"
Those Who Will Be Hit Hardest
Based upon the studies' conclusions, Shahen speculated that "this news hits three groups hard: Millenials [sic.], Baby Boomers and Generation X."
Due to the minimal funds Millennials are putting aside for retirement, the inadequate savings Baby Boomers have and the unexpected extraneous expenses (taking care of aging parents, astronomical student loans and their own separate retirement funds) Gen Xers are exposed to, these three groups are heading toward practically unavoidable financial hardship.
Related Link: 4 Financial Pitfalls Fooling Millennials
However, Baton's CEO Phil Ash stated that although "we've all known for some time that we won't be able to count on social security" and the new data compounds the sentiment, he said, "There are three smart things you can do to make sure you have put enough money away, protect yourself, and ensure you are prepared or retirement."
According to Ash, these three steps include:
• 1. Knowing your specific retirement needs. "Eighty-five percent of people underestimate their retirement needs," Ash explained, couple that with the underestimates purported by the SSA and that spells significant financial trouble.
• 2. Using a safety and growth strategy.
• 3. Understanding the power of better returns.
In light of this recent data, Ash concludes that "while people should be concerned about how much they're saving, the real key to retirement success – and what makes hundreds of thousands or even millions of dollars of difference – is in the actual return you're getting on your investments. Most advisors push the conventional wisdom that an 8 percent return is ‘good'. The fact is it's not good enough and probably won't help you reach your goals."
Therefore, invest in yourself by educating yourself, take an interest in the larger financial picture and take the steps necessary to protect your future and the future of your loved ones.
Image Credit: Public Domain
See more from Benzinga
• The Cost Of Cybercrime: .1 Trillion By 2019
• There's A New Robo-Advisor In Town
• Bitcoin 101
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months Development: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more
AMSTERDAM, NETHERLANDS / ACCESSWIRE / May 14, 2015 /Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.
First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.
This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.
Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt’s testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.
Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.
Just plug it in
The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt’s versatility,its developers have created a plug-in systemthat allows people to build applications and to share them with other Nxt users.
The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt’s native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in (https://www.youtube.com/watch?v=JBsKVJYbitY), an e-commerce plug-in (https://www.youtube.com/watch?v=a6lcrNh9AuI) and several others.
The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.
What it means for Nxt users
Nxt is eminently suitable for both business and non-commercial use. All of Nxt’s features can be accessed separately or in combination, using a simple but comprehensive API structure (http://85.25.198.120:7876/test).
Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.
Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.
The Nxt Foundation (http://nxtfoundation.org/) is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today [email protected].
For more information about us, please visithttp://nxt.org
Contact Info:
Name: Bas Wisselink, Nxt Foundation DirectorEmail:[email protected]: NXTPhone: +31 (0)6 13937762Video URL:https://vimeo.com/127270358
SOURCE:NXT || Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months Development: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more
AMSTERDAM, NETHERLANDS / ACCESSWIRE / May 14, 2015 /Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.
First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.
This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.
Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt’s testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.
Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.
Just plug it in
The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt’s versatility,its developers have created a plug-in systemthat allows people to build applications and to share them with other Nxt users.
The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt’s native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in (https://www.youtube.com/watch?v=JBsKVJYbitY), an e-commerce plug-in (https://www.youtube.com/watch?v=a6lcrNh9AuI) and several others.
The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.
What it means for Nxt users
Nxt is eminently suitable for both business and non-commercial use. All of Nxt’s features can be accessed separately or in combination, using a simple but comprehensive API structure (http://85.25.198.120:7876/test).
Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.
Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.
The Nxt Foundation (http://nxtfoundation.org/) is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today [email protected].
For more information about us, please visithttp://nxt.org
Contact Info:
Name: Bas Wisselink, Nxt Foundation DirectorEmail:[email protected]: NXTPhone: +31 (0)6 13937762Video URL:https://vimeo.com/127270358
SOURCE:NXT || Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months Development: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more AMSTERDAM, NETHERLANDS / ACCESSWIRE / May 14, 2015 / Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others. First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk. This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider. Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxts testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network. Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments. Story continues Just plug it in The Nxt Cryptocurrency platform is modular by design . Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxts versatility, its developers have created a plug-in system that allows people to build applications and to share them with other Nxt users. The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxts native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in ( https://www.youtube.com/watch?v=JBsKVJYbitY ), an e-commerce plug-in ( https://www.youtube.com/watch?v=a6lcrNh9AuI ) and several others. The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt. What it means for Nxt users Nxt is eminently suitable for both business and non-commercial use. All of Nxts features can be accessed separately or in combination, using a simple but comprehensive API structure ( http://85.25.198.120:7876/test ). Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions. Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation. The Nxt Foundation ( http://nxtfoundation.org/ ) is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today at [email protected] . For more information about us, please visit http://nxt.org Contact Info: Name: Bas Wisselink, Nxt Foundation Director Email: [email protected] Organization: NXT Phone: +31 (0)6 13937762 Video URL: https://vimeo.com/127270358 SOURCE: NXT || UPDATE: CoinCard, The World's First Crypto-based Credit Card Met with Strong Response at Launch: CoinCard is a bitcoin credit card unprecedented in the cryptocurrency space. The first 1 000 customers Receive Limited Edition, No Fee Cards
WALNUT, CA / ACCESSWIRE / May 14, 2015 /Cryptocurrencies are evolving as a payment type throughout the world, serving primarily as a peer-to-peer method of conducting financial transactions and as payment device. However, the role and use of cryptocurrencies as mainstream payment for goods or services, whether on- or off-line, has yet to gain widespread adoption. With the help of the Crypto Private Investors Group,CoinCard, the world's first ever crypto-based credit card will be launching in July 2015. Early adopters of cryptocurrencies will be able to pre-order a card and the first 1,000 applicants will be able to take advantage of a limited edition cardwhere all transactions fees, with exception of the annual fee, are waived. The goal of CPIG is to foster adoption of cryptocurrencies worldwide and the launch of CoinCard is a path towards fulfilling that goal.
CoinCard experienced outstanding response with more than 100 cards being reserved within the first hours of being made available.
CoinCard Basic is designed to function as a debit card. CoinCard Elite can work either as a higher utility, lower fee debit or credit card. Whether debit or credit card, both CoinCards can be used anywhere MasterCard is accepted. Like all MasterCard branded products, all insurance, warranty and affinity programs exist on the CoinCard Basic or Elite products. Provision for Visa and American Express version are currently being considered.
What distinguishes CoinCard from all other cards is that cryptocurrencies can be used to either pay down revolving balances or used as a debit card drawing on the cryptocurrency accounts of its user. Annual fees are competitive to traditional cards at $50USD for a CoinCard Basic and $100USD for CoinCard Elite. CoinCard can be used at ATMs worldwide.
If used as a debit card, CoinCard is reloadable from anywhere in the world and the user may load their card using cryptocurrencies or altcoins including Bitcoin, Paycoin and many others. Users of CoinCard Elite that have credit lines extended will be able to use their cryptocurrency to pay down their extended or revolving credit.
To obtain a reservation for a CoinCard Basic or CoinCard Elite, visithttp://ordercoincard.com/. The first 1,000 to reserve a CoinCard (500 CoinCard Basic and 500 CoinCard Elite) will receive one year free of transaction fees, excluding the annual fee.
About the Crypto Private Investor Group:
The Crypto Private Investor Group (CPIG) was formed to create and promote cryptocurrencies. Cryptocurrencies, as a whole, have the ability to create a new payment / financial consideration system. Inherent in a cryptocurrency payment system are features such as lower merchant and consumer costs, significantly greater security and the possibility of creating a single currency…a digital currency that crosses boarders throughout the world creating a global marketplace where commerce flows easily.
The CPIG will seek to quiet the maelstrom swirling around the crypto category. To undo the negative impact, outcome and perception from circumstances like Mt. Gox and those that seek to undermine the category's success through the use of negatively sensationalized press covering the category based upon conjecture versus fact.
The CPIG is impartial and coin agnostic, serving as a guiding light to the future of cryptocurrency and its utility and adoption in a global marketplace.
**CoinCard is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections.
For more information about us, please visithttp://ordercoincard.com
Contact Info:
Name: John C. CaceresEmail:[email protected]: CoinCardPhone: 802 359 7569
SOURCE:CoinCard || The semiconductor trade: 4 stocks to watch: Applied Materials(NASDAQ: AMAT)' earnings beat Thursday may provide a reason to buy into the battered semiconductor space, CNBC"Fast Money"trader Brian Kelly said.
The company-which makes technology used to manufacture chips-beat Wall Street's earnings expectations as total orders rose 11 percent year-over-year. Shares rose 2.5 percent in extended trading to more than $20 per share.
Read MoreAfter-hours buzz: El Pollo Loco, King, Party City & more
"I would be a buyer of Applied Materials here," Kelly said.
Big-name stocks in the sector, including Qualcomm(NASDAQ: QCOM)and Micron(NASDAQ: MU), have suffered this year. Trader Jon Najarian looked to stocks that have performed well while some peers struggled.
He pointed to Broadcom(NASDAQ: BRCM), which he called a "monster" as it has climbed more than 50 percent in the last year. Najarian also liked Maxim Integrated Products(NASDAQ: MXIM), which has climbed 7 percent this year.
Maxim jumped more than 4 percent Thursday on reports that Avago(NASDAQ: AVGO)has shown interest in buying it.
NXP Semiconductors(NASDAQ: NXPI)also looks to have upside despite an "incredible rise," said trader Steve Grasso. The company-which has a hand in credit card system components-has soared 34 percent higher this year.
Disclosures:
Jon Najarian
Jon Najarian is long AEP, BBY, CS, CSLT, EXXI, FEYE, GE, HFC, HSBC, HUN, HZNP, JWN, MAS, MCD, MDRX, MRVL, MW, NEE, NRG, NUGT, OAS, OC, PG, PVA, RHT, RRC, RYL, SCTY, SIMO, SIRI, SKX, SOL, SYK, TAP, TEVA, TTWO, TLT, VIX, WMB, UPS, XLI, YPF and ZIOP. He is long calls AKS, BBY, CTXS, EQT, EWJ, FB, GE, GREK, GRPN, GSK, GTI, IDTI, JWN, LNKD, MCD, MDRX, MT, MYL, NTAP, NUAN, OAS, PG, PPC, PRU, RAD, SAP, SIMO, SKX, SNDK, TAP, UPS, VALE, WFM and XLK. He is long LOCO puts. Today, he bought AEP, JWN, NUGT, UPS, JWN calls MT calls, UPS calls and LOCO puts.
Steve Grasso
Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long MCD, AXP, IBM, KO, TWTR and ZNGA. His kids own EFG, EFA, EWJ, IJR and SPY.
Karen Finerman
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long AAPL, ANTM, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, M, KORS, SUNE, URI and XBI. Her firm is short IWM, SPY, MDY. Karen Finerman is on the board of GrafTech International.
Brian Kelly
Brian Kelly is long DXGE, BTC=, BBRY, SPY puts and U.S. dollar. He is short Australian dollar, euro, yen and yuan. Today, he bought DXGE and sold short euro.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || The semiconductor trade: 4 stocks to watch: Applied Materials (NASDAQ: AMAT) ' earnings beat Thursday may provide a reason to buy into the battered semiconductor space, CNBC "Fast Money" trader Brian Kelly said. The company-which makes technology used to manufacture chips-beat Wall Street's earnings expectations as total orders rose 11 percent year-over-year. Shares rose 2.5 percent in extended trading to more than $20 per share. Read More After-hours buzz: El Pollo Loco, King, Party City & more "I would be a buyer of Applied Materials here," Kelly said. Big-name stocks in the sector, including Qualcomm (NASDAQ: QCOM) and Micron (NASDAQ: MU) , have suffered this year. Trader Jon Najarian looked to stocks that have performed well while some peers struggled. He pointed to Broadcom (NASDAQ: BRCM) , which he called a "monster" as it has climbed more than 50 percent in the last year. Najarian also liked Maxim Integrated Products (NASDAQ: MXIM) , which has climbed 7 percent this year. Maxim jumped more than 4 percent Thursday on reports that Avago (NASDAQ: AVGO) has shown interest in buying it. NXP Semiconductors (NASDAQ: NXPI) also looks to have upside despite an "incredible rise," said trader Steve Grasso. The company-which has a hand in credit card system components-has soared 34 percent higher this year. Disclosures: Jon Najarian Jon Najarian is long AEP, BBY, CS, CSLT, EXXI, FEYE, GE, HFC, HSBC, HUN, HZNP, JWN, MAS, MCD, MDRX, MRVL, MW, NEE, NRG, NUGT, OAS, OC, PG, PVA, RHT, RRC, RYL, SCTY, SIMO, SIRI, SKX, SOL, SYK, TAP, TEVA, TTWO, TLT, VIX, WMB, UPS, XLI, YPF and ZIOP. He is long calls AKS, BBY, CTXS, EQT, EWJ, FB, GE, GREK, GRPN, GSK, GTI, IDTI, JWN, LNKD, MCD, MDRX, MT, MYL, NTAP, NUAN, OAS, PG, PPC, PRU, RAD, SAP, SIMO, SKX, SNDK, TAP, UPS, VALE, WFM and XLK. He is long LOCO puts. Today, he bought AEP, JWN, NUGT, UPS, JWN calls MT calls, UPS calls and LOCO puts. Steve Grasso Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long MCD, AXP, IBM, KO, TWTR and ZNGA. His kids own EFG, EFA, EWJ, IJR and SPY. Karen Finerman Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long AAPL, ANTM, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, M, KORS, SUNE, URI and XBI. Her firm is short IWM, SPY, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly Brian Kelly is long DXGE, BTC=, BBRY, SPY puts and U.S. dollar. He is short Australian dollar, euro, yen and yuan. Today, he bought DXGE and sold short euro. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || Will Greece's Financial Woes Ever End?: Negotiations between Athens and its creditors continued to drag on this week, despite what most believed would be a bank-breaking loan repayment coming due on Tuesday.
Somehow, Greece continued to scrape by without defaulting, despite having what most expect is a nearly empty vault. Comments from both sides have indicated that a resolution is nowhere in sight, as they remain at odds regarding several fundamental aspects of Greece's bailout agreement.
Out Of Cash?
On Tuesday, Greece wasable to repayits €750 million International Monetary Fund loan, but many believe the tide is quickly rising as more payments loom on the horizon.
This week's payment was meant to put leftist leader, Prime Minister Alexis Tsipras, in the difficult position of choosing between paying the nation's wages and pensions or repaying the loan, but the Greek prime minister avoided that conundrum by using Greece's own reserve funds at the IMF to make the payment.
Related Link:No Bailout Agreement Expected For Greece, Despite Looming IMF Payments
It remains to be seen whether or not Athens has enough cash in its reserve to pay public sector wages at the end of the month, and the nation is almost surely short the €1.5 billion needed to repay further loans in June.
What Now?
The increasingly dire financial situation in Greece is likely to help move negotiations for its bailout aid forward; however, so far it seems that Tsipras is unwilling to bend to the EU's will, despite his lack of funding.
Tsipras was elected on promises to reverse austerity cuts and get a better bailout deal, and he has remained adamant in his demands for more budgetary freedom. Despite that, Greek officials have said they are optimistic about reaching an agreement to release the next installment of bailout funding by the end of May.
Related Link:UBS Outlines Grexit Scenarios
Then It's Over?
Even if Greek officials and EU policymakers come to an agreement by the end of May, Greece won't be out of hot water.
The nation's bailout program expires at the end of June, meaning that Tsipras and the Syriza government will have to work with EU officials to extend the nation's funding again, bringing on an entirely new round of negotiations.
Image Credit: Public Domain
See more from Benzinga
• The Internet Of Things Getting A Push From Intel And Samsung
• Marijuana Shortages Point To A Developing Industry
• Bitcoin Making Progress In Europe
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 19 exchange pair(s), yielding profits ranging between $0.00 and $1,085.55 #bitcoin #btc || In the last 10 mins, there were arb opps spanning 19 exchange pair(s), yielding profits ranging between $0.00 and $1,504.17 #bitcoin #btc || buysellbitco.in #bitcoin price in INR, Buy : 15069.00 INR Sell : 14599.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || Current price: 204.3€ $BTCEUR $btc #bitcoin 2015-05-19 05:00:03 CEST || BTCTurk 608...
|
234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62.
|
[Bitcoin Technical Analysis for 2015-06-06]
Volume: 11131500, RSI (14-day): 38.75, 50-day EMA: 235.12, 200-day EMA: 256.73
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claim the opposite is true . New Jobs In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index. Some say a large part of that rise can be attributed to the marijuana industry. The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana. Related Link: Marijuana Industry Blazes The Path For A New Kind Of Lawyer Access To Marijuana The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit. Still Some Concern While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in. For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home. Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area. Image Credit: Public Domain See more from Benzinga Have You Met The Bitcoin Booty Girls? AgriScience Makes Smart Soil To Improve Farming Dutch Bank Issues Europe's First Certified Climate Bond © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claimthe opposite is true.
New Jobs
In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index.Some saya large part of that rise can be attributed to the marijuana industry.
The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana.
Related Link:Marijuana Industry Blazes The Path For A New Kind Of Lawyer
Access To Marijuana
The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit.
Still Some Concern
While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in.
For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home.
Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area.
Image Credit: Public Domain
See more from Benzinga
• Have You Met The Bitcoin Booty Girls?
• AgriScience Makes Smart Soil To Improve Farming
• Dutch Bank Issues Europe's First Certified Climate Bond
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: Pixelated Bitcoin symbol made from cubes, mosaic pattern New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have been writing and rewriting those regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process. The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech. While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, told The Wall Street Journal that the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness is shared by a lot of people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns. New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out this full set of regulations released by Lawsky's department. [Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || Your first trade for Friday: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a seller of IWM (NYSE Arca: IWM) . Jon Najarian was a buyer of ARG ( ARG ) . Brian Kelly was a seller of HYG (NYSE Arca: HYG) . Dan Nathan was a buyer of LVS ( LVS ) puts. Trader disclosure: On June 4, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, T, BAC, C, DIS, F, FXI, GE, GM, GOOGL, INTC, KORS, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Jon Najarian is l ong AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARG, ARIA, CA, CBS, CTXS, DE, DRI, EBAY, ETFC, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, MU, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long puts KORS, LC. Today he bought ARG calls, MU calls, CA calls, ETFC calls, and LC puts. Dan Nathan is long LNKD July call fly, LVS July Aug Put Spread, GOOGL June/July Call Spread, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, SPY June put fly, he is short SO Aug calls. Today he sold to close TLT June call butterfly and GOOGL June call fly. Brian Kelly is long DXGE, BTC=, BBRY, U.S. Dollar, he is short Australian Dollar, he is short Canadian Dollar, he is short Yen, he is short Yuan. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a seller of IWM(NYSE Arca: IWM).
Jon Najarian was a buyer of ARG(ARG).
Brian Kelly was a seller of HYG(NYSE Arca: HYG).
Dan Nathan was a buyer of LVS(LVS)puts.
Trader disclosure: On June 4, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, T, BAC, C, DIS, F, FXI, GE, GM, GOOGL, INTC, KORS, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.Jon Najarian is long AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARG, ARIA, CA, CBS, CTXS, DE, DRI, EBAY, ETFC, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, MU, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long puts KORS, LC. Today he bought ARG calls, MU calls, CA calls, ETFC calls, and LC puts.Dan Nathan is long LNKD July call fly, LVS July Aug Put Spread, GOOGL June/July Call Spread, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, SPY June put fly, he is short SO Aug calls. Today he sold to close TLT June call butterfly and GOOGL June call fly.Brian Kelly is long DXGE, BTC=, BBRY, U.S. Dollar, he is short Australian Dollar, he is short Canadian Dollar, he is short Yen, he is short Yuan.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 5 Entrepreneurial Lessons From Uber on Its 5-Year Anniversary: Remember 2010? Justin Bieber was 16 years old and becoming a teen superstar,Breaking Badwas just getting really good, an earthquake devastated Haiti, an explosion on BP’s Deepwater Horizon offshore drilling rig caused the worst oil spill in history and Uber was just a baby.
Five years later, Bieber has grown up and so has Uber.
What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and isvalued at more than $40 billion, with some new estimates reportedly stretching as high north as$50 billion. Along the ride, Uber’s founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth$5.3 billion.
But Uber’s rise to stardom didn’t come without some prettycontroversial detoursincluding a driver beingaccused of raping a passenger in India, an executive who suggested that the ridesharing company shoulddig up personal dirt on journalists who run afoul of the companyand the transportation juggernaut is prettyregularly getting into hot water with regulators around the world.
It’s becoming clear that Kalanick has had some time to think about his maladies, though. On the eve of Uber’s five-year anniversary, hedelivered a speechto employees and drivers where he reflected on where the company has come from, what it’s been through and where it’s headed.
Related:Lyft CMO: Uber Is the Wal-Mart of Transportation. We Aren't.
Here are five takeaways from Kalanick’s speech, which, even if you aren’t sitting at the helm of a $50 billion global Goliath, are worth remembering as you launch and grow your own business.
It might be hard to believe but Uber wasn’t always such a big deal. Just five years ago, the global company was only a four-person team in San Francisco.
“We couldn’t have guessed that this would be something we would do or something in our future but here we are. For a while, Graves [Uber’s head of operations] and I, we could barely keep the lights on and our thoughts in the beginning were really about surviving and making sure we had enough rides with the number of cars we put on the system,” said Kalanick. “We needed to make sure we were surviving, much less thriving.”
Launching a company isn’t always glamorous. But tough times do not mean it’s the end of the road. Keep your head down and pushing toward what you believe in.
If you are dreaming of being the founder of the next Uber, start by zeroing in on a very specific problem that you have. Then fix that problem.
The other founder of Uber, Garrett Camp, who now serves as a chairman of the company, wanted to be able to push a button and get a ride to wherever he wanted to go, says Kalanick. “Uber didn’t begin with any grand ambitions, it began as the answer to that simple question.”
Related:Who Exactly Are Uber's Drivers?
Part of why Uber has experienced such astronomical growth is that consumers are driven by convenience and price. And for many people who need to go from point A to point B, taking a car powered by Uber is often the fastest, most reliable way to get where you need to go.
“Uber is the most affordable transportation choice. In most cities, UberX is half the cost of a taxi and when you factor in parking, insurance and maintenance, commuting with UberX is cheaper than owning a car,” says Kalanick.
For drivers, Uber is also a convenient complement to a busy life already jam packed with obligations -- and squeezed with bills. “These people tell us they drive, because they love the flexibility these jobs provide,” says Kalanick. “What other job out there can you just turn it on when you want to start and off when you want to stop -- whenever you feel like it.”
As you are looking to launch or grow your business, look to solve your customers’ problems in the most efficient and convenient way possible.
Kalanick isn’t known for being a charmer. In fact, quite the opposite. But he also seems to be willing to call out himself -- and his company -- on tone deaf behavior.
“I realize that I can come off as a somewhat fierce advocate for Uber. I also realize that some have used a different ‘A’ word to describe me,” said Kalanick in his speech. “Well, I’ll be the first to admit that I’m not perfect and neither is this company. Like everyone else, we make mistakes.”
This isn’t the first time Uber has made an effort to improve its PR.Six months ago, when Uber announced its $1.2 billion raise, it also expressed its remorse for its arrogance and committed to more sensitive behavior going forward.
Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. That’s life. But don’t think your customers didn’t notice. Fess up, apologize, learn from your mistakes and move on.
Related:Finland's Capital Wants to Do Away With Car Ownership
Uber has had to change the laws (or just flat out ignore them) in order for it to be able to expand. “We’ve faced resistance every step of the way. Nearly every time we try to set up shop in a new city, there’s a powerful industry with powerful allies who try to stop progress — you may have read about it in the news — who try at all costs to protect the status quo,” said Kalanick.
Not all companies are going to be working to rewrite city and state laws to be able to operate, but regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you can’t let that halt your momentum or efforts.
Watch Kalanick’s full remarks below:
Related:The Future of the Sharing Economy Is a World Built Like Bitcoin || 5 Entrepreneurial Lessons From Uber on Its 5-Year Anniversary: Remember 2010? Justin Bieber was 16 years old and becoming a teen superstar, Breaking Bad was just getting really good, an earthquake devastated Haiti, an explosion on BPs Deepwater Horizon offshore drilling rig caused the worst oil spill in history and Uber was just a baby. Five years later, Bieber has grown up and so has Uber. What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and is valued at more than $40 billion , with some new estimates reportedly stretching as high north as $50 billion . Along the ride, Ubers founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth $5.3 billion . But Ubers rise to stardom didnt come without some pretty controversial detours including a driver being accused of raping a passenger in India , an executive who suggested that the ridesharing company should dig up personal dirt on journalists who run afoul of the company and the transportation juggernaut is pretty regularly getting into hot water with regulators around the world . Its becoming clear that Kalanick has had some time to think about his maladies, though. On the eve of Ubers five-year anniversary, he delivered a speech to employees and drivers where he reflected on where the company has come from, what its been through and where its headed. Related: Lyft CMO: Uber Is the Wal-Mart of Transportation. We Aren't. Here are five takeaways from Kalanicks speech, which, even if you arent sitting at the helm of a $50 billion global Goliath, are worth remembering as you launch and grow your own business. 1. Even big companies start small. It might be hard to believe but Uber wasnt always such a big deal. Just five years ago, the global company was only a four-person team in San Francisco. We couldnt have guessed that this would be something we would do or something in our future but here we are. For a while, Graves [Ubers head of operations] and I, we could barely keep the lights on and our thoughts in the beginning were really about surviving and making sure we had enough rides with the number of cars we put on the system, said Kalanick. We needed to make sure we were surviving, much less thriving. Story continues Launching a company isnt always glamorous. But tough times do not mean its the end of the road. Keep your head down and pushing toward what you believe in. 2. Great businesses solve a problem. If you are dreaming of being the founder of the next Uber, start by zeroing in on a very specific problem that you have. Then fix that problem. The other founder of Uber, Garrett Camp, who now serves as a chairman of the company, wanted to be able to push a button and get a ride to wherever he wanted to go, says Kalanick. Uber didnt begin with any grand ambitions, it began as the answer to that simple question. Related: Who Exactly Are Uber's Drivers? 3. Give people a better, cheaper option. Part of why Uber has experienced such astronomical growth is that consumers are driven by convenience and price. And for many people who need to go from point A to point B, taking a car powered by Uber is often the fastest, most reliable way to get where you need to go. Uber is the most affordable transportation choice. In most cities, UberX is half the cost of a taxi and when you factor in parking, insurance and maintenance, commuting with UberX is cheaper than owning a car, says Kalanick. For drivers, Uber is also a convenient complement to a busy life already jam packed with obligations -- and squeezed with bills. These people tell us they drive, because they love the flexibility these jobs provide, says Kalanick. What other job out there can you just turn it on when you want to start and off when you want to stop -- whenever you feel like it. As you are looking to launch or grow your business, look to solve your customers problems in the most efficient and convenient way possible. 4. Admit your mistakes. Kalanick isnt known for being a charmer. In fact, quite the opposite. But he also seems to be willing to call out himself -- and his company -- on tone deaf behavior. I realize that I can come off as a somewhat fierce advocate for Uber. I also realize that some have used a different A word to describe me, said Kalanick in his speech. Well, Ill be the first to admit that Im not perfect and neither is this company. Like everyone else, we make mistakes. This isnt the first time Uber has made an effort to improve its PR. Six months ago, when Uber announced its $1.2 billion raise , it also expressed its remorse for its arrogance and committed to more sensitive behavior going forward. Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. Thats life. But dont think your customers didnt notice. Fess up, apologize, learn from your mistakes and move on. Related: Finland's Capital Wants to Do Away With Car Ownership 5. Roadblocks may slow you down but dont let them stop you. Uber has had to change the laws (or just flat out ignore them) in order for it to be able to expand. Weve faced resistance every step of the way. Nearly every time we try to set up shop in a new city, theres a powerful industry with powerful allies who try to stop progress you may have read about it in the news who try at all costs to protect the status quo, said Kalanick. Not all companies are going to be working to rewrite city and state laws to be able to operate, but regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you cant let that halt your momentum or efforts. Watch Kalanicks full remarks below: Related: The Future of the Sharing Economy Is a World Built Like Bitcoin || Dutch Bank Issues Europe's First Certified Climate Bond: ABN AMRO Bank N.V. , a bank based in the Netherlands, issued the eurozone's first ever green bond on Wednesday, shortly after the Climate Bonds Standard for Low Carbon Buildings was unveiled at an investor meeting in London. The bond represents what many hope will be a growing push to lower carbon emissions throughout Europe and is expected to be the first of many bonds issued with this certification. High Demand Investor interest in the bond caused ABN AMRO to upsize the bond deal from €350 million to €500 million ($556 million USD), making it the largest Certified Climate Bond to have been issued to date. In late May, Australia and New Zealand Banking (ADR) (OTC: ANZBY ) issued its own Certified Climate Bond for A$600 million ($464 million USD). Both bonds were well received by all types of investors, though dedicated green investors made up the majority of the interested parties. Related Link: Is Bitcoin Bad For The Environment? What Does It Mean? A Certified Climate Bond means that the bond has been evaluated by an approved verifying party that ensures that the proceeds of the bond are used to further the development of low carbon buildings. This week at the RI Europe 2015 in London, the standards dictating what projects would qualify for use of Certified Climate Bond funds were unveiled. They included new rules regarding carbon standards for commercial and residential buildings as well as upgrade projects. Interest To Continue Both ANZBY and ABN AMRO saw investors oversubscribing for their green bonds, suggesting that there is a massive market for environmentally conscious investment options. Many expect that the growing number of green investors will prompt more banks to roll out their own Certified Climate Bonds and help push forward the initiative for sustainable construction. Image Credit: Public Domain See more from Benzinga Pre-IPOs Are The New IPOs The Hemp Industry Struggles To Find Its Place New York Issues BitLicense Rules To Mixed Reviews © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Dutch Bank Issues Europe's First Certified Climate Bond: ABN AMRO Bank N.V., a bank based in the Netherlands,issuedthe eurozone's first ever green bond on Wednesday, shortly after the Climate Bonds Standard for Low Carbon Buildings was unveiled at an investor meeting in London.
The bond represents what many hope will be a growing push to lower carbon emissions throughout Europe and is expected to be the first of many bonds issued with this certification.
High Demand
Investor interest in the bond caused ABN AMRO to upsize the bond deal from €350 million to €500 million ($556 million USD), making it the largest Certified Climate Bond to have been issued to date.
In late May,Australia and New Zealand Banking (ADR)(OTC:ANZBY) issued its own Certified Climate Bond for A$600 million ($464 million USD). Both bonds were well received by all types of investors, though dedicated green investors made up the majority of the interested parties.
Related Link: Is Bitcoin Bad For The Environment?
What Does It Mean?
A Certified Climate Bond means that the bond has been evaluated by an approved verifying party that ensures that the proceeds of the bond are used to further the development of low carbon buildings.
This week at the RI Europe 2015 in London, the standards dictating what projects would qualify for use of Certified Climate Bond funds were unveiled.
They included new rules regarding carbon standards for commercial and residential buildings as well as upgrade projects.
Interest To Continue
Both ANZBY and ABN AMRO saw investors oversubscribing for their green bonds, suggesting that there is a massive market for environmentally conscious investment options.
Many expect that the growing number of green investors will prompt more banks to roll out their own Certified Climate Bonds and help push forward the initiative for sustainable construction.
Image Credit: Public Domain
See more from Benzinga
• Pre-IPOs Are The New IPOs
• The Hemp Industry Struggles To Find Its Place
• New York Issues BitLicense Rules To Mixed Reviews
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY --(Marketwired - June 04, 2015) - Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector. As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents. The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang" www.briankellycapital.com , David Berger,Founder and CEO, Digital Currency Council (DCC) , Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (OTCQX: GBTC) . Interviews: Brian Kelly Q: Investorideas.com You have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate? A: Brian Kelly, author of the book "The Bitcoin Big Bang" It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services. Q: Investorideas.com Do you see many publicly-traded stocks in play now and are you hearing of IPO's in the space? A: Brian Kelly, author of the book "The Bitcoin Big Bang" I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs. Q: Investorideas.com With the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency? A: Brian Kelly, author of the book "The Bitcoin Big Bang" A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay. David Berger Q: Investorideas.com Can you give us background on the creation of the Digital Currency Council (DCC) and why you formed it? A: David Berger , Founder and CEO, Digital Currency Council (DCC) The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts. Story continues Q: Investorideas.com With a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now? A: David Berger , Founder and CEO, Digital Currency Council (DCC) We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize. Q: Investorideas.com What do you see as the primary obstacles to the acceptance of digital currency? A: David Berger , Founder and CEO, Digital Currency Council (DCC) It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit. Q: Investorideas.com What do you see for Bitcoin within the next year and over the next 5 years? A: David Berger , Founder and CEO, Digital Currency Council (DCC) The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it. Brad Moynes Q: Investorideas.com What do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin? A: Mr. Brad Moynes, President of Bit-X Financial Corp. The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation. Q: Investorideas.com What do you think are some of the hurdles and obstacles for Bitcoin? A: Mr. Brad Moynes, President of Bit-X Financial Corp Perhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to. Q: Investorideas.com Will your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing? A: Mr. Brad Moynes, President of Bit-X Financial Corp. The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves. There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis. A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases. Michael Sonnenshein Q: Investorideas.com The Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin? A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC) Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse. In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV. In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website, www.grayscale.co Q: Investorideas.com Where does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now? A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (OTCQX: GBTC) Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally. Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better. Bios: Brian Kelly www.briankellycapital.com Brian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World." Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics. A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing. Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers. Brian provides money management services to a select clientele and consults on digital currencies. David Berger, Founder and CEO, Digital Currency Council (DCC) David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight. Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group. Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University. About BIT-X: Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC." www.bitxfin.com About The Bitcoin Investment Trust (OTCQX: GBTC) The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group. About Investorideas.com InvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology. Follow Investorideas.com on Twitter http://twitter.com/#!/Investorideas Follow Investorideas.com on Facebook http://www.facebook.com/Investorideas Sign up for free news alerts at Investorideas.com http://www.investorideas.com/Resources/Newsletter.asp Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info: http://www.investorideas.com/About/News/Clientspecifics.asp and http://www.investorideas.com/About/Disclaimer.asp BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894 . Global investors must adhere to regulations of each country. View comments || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - June 04, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector.
As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents.
The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang"www.briankellycapital.com, David Berger,Founder and CEO,Digital Currency Council (DCC), Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC).
Interviews:
Brian KellyQ: Investorideas.comYou have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services.
Q: Investorideas.comDo you see many publicly-traded stocks in play now and are you hearing of IPO's in the space?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs.
Q: Investorideas.comWith the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay.
David BergerQ: Investorideas.comCan you give us background on the creation of the Digital Currency Council (DCC) and why you formed it?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts.
Q: Investorideas.comWith a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize.
Q: Investorideas.comWhat do you see as the primary obstacles to the acceptance of digital currency?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit.
Q: Investorideas.comWhat do you see for Bitcoin within the next year and over the next 5 years?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it.
Brad MoynesQ: Investorideas.comWhat do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation.
Q: Investorideas.comWhat do you think are some of the hurdles and obstacles for Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial CorpPerhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to.
Q: Investorideas.comWill your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves.
There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis.
A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases.
Michael SonnensheinQ: Investorideas.comThe Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC)Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse.
In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP.
Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV.
In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website,www.grayscale.co
Q: Investorideas.comWhere does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC)Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally.
Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better.
Bios:Brian Kellywww.briankellycapital.comBrian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World."
Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics.
A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers.
Brian provides money management services to a select clientele and consults on digital currencies.
David Berger,Founder and CEO,Digital Currency Council (DCC)David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight.
Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group.
Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University.
About BIT-X:Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."www.bitxfin.com
About The Bitcoin Investment Trust(OTCQX: GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - June 04, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector.
As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents.
The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang"www.briankellycapital.com, David Berger,Founder and CEO,Digital Currency Council (DCC), Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC).
Interviews:
Brian KellyQ: Investorideas.comYou have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services.
Q: Investorideas.comDo you see many publicly-traded stocks in play now and are you hearing of IPO's in the space?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs.
Q: Investorideas.comWith the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay.
David BergerQ: Investorideas.comCan you give us background on the creation of the Digital Currency Council (DCC) and why you formed it?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts.
Q: Investorideas.comWith a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize.
Q: Investorideas.comWhat do you see as the primary obstacles to the acceptance of digital currency?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit.
Q: Investorideas.comWhat do you see for Bitcoin within the next year and over the next 5 years?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it.
Brad MoynesQ: Investorideas.comWhat do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation.
Q: Investorideas.comWhat do you think are some of the hurdles and obstacles for Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial CorpPerhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to.
Q: Investorideas.comWill your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves.
There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis.
A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases.
Michael SonnensheinQ: Investorideas.comThe Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC)Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse.
In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP.
Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV.
In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website,www.grayscale.co
Q: Investorideas.comWhere does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC)Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally.
Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better.
Bios:Brian Kellywww.briankellycapital.comBrian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World."
Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics.
A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers.
Brian provides money management services to a select clientele and consults on digital currencies.
David Berger,Founder and CEO,Digital Currency Council (DCC)David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight.
Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group.
Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University.
About BIT-X:Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."www.bitxfin.com
About The Bitcoin Investment Trust(OTCQX: GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || New York Issues BitLicense Rules To Mixed Reviews: On Wednesday, New York State announced new rules that will govern cryptocurrency-based businesses designed to protect consumers in the increasingly popular digital currency space. The regulations are expected to create a safer environment for consumers, but many bitcoin enthusiasts say that the government's attempt at regulation will stifle growth in the industry. BitLicense The new set of regulations require any company that deals in virtual currencies to obtain a "BitLicense" to prove that it meets the state's guidelines for safeguarding customer funds. The license can only be obtained by firms with adequate security and customer protection standards and anti-money laundering practices in place. Related Link: Should The UK Regulate Bitcoin Wallets? The Benefits Of BitLicenses A spate of high-profile scams involving bitcoin have created a sense of mistrust among the general public when it comes to using cryptocurrencies. The state's regulations could persuade more average investors to use bitcoin as they require more stringent customer protections for bitcoin-based transactions, thus creating a safer space to use the currency. Criticism Others are criticizing the new regulations, saying they are bound to stifle innovation in the cryptocurrency space. The rules say that digital currency firms must gain approval for things like product changes and taking on new controlling investors, something most firms say will waste time and money. These rules could simply add to the red tape associated with starting a new business, and will discourage entrepreneurs from entering the digital currency space. See more from Benzinga Despite Looming Payments, Athens Refuses To Be Blackmailed Manufacturing Is Getting A Technology Makeover Blockchain Could Be Used For Surveillance © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York Issues BitLicense Rules To Mixed Reviews: On Wednesday, New York Stateannouncednew rules that will govern cryptocurrency-based businesses designed to protect consumers in the increasingly popular digital currency space.
The regulations are expected to create a safer environment for consumers, but many bitcoin enthusiasts say that the government's attempt at regulation will stifle growth in the industry.
BitLicense
The new set of regulations require any company that deals in virtual currencies to obtain a "BitLicense" to prove that it meets the state's guidelines for safeguarding customer funds. The license can only be obtained by firms with adequate security and customer protection standards and anti-money laundering practices in place.
Related Link:Should The UK Regulate Bitcoin Wallets?
The Benefits Of BitLicenses
A spate of high-profile scams involving bitcoin have created a sense of mistrust among the general public when it comes to using cryptocurrencies. The state's regulations could persuade more average investors to use bitcoin as they require more stringent customer protections for bitcoin-based transactions, thus creating a safer space to use the currency.
Criticism
Others are criticizing the new regulations, saying they are bound to stifle innovation in the cryptocurrency space. The rules say that digital currency firms must gain approval for things like product changes and taking on new controlling investors, something most firms say will waste time and money. These rules could simply add to the red tape associated with starting a new business, and will discourage entrepreneurs from entering the digital currency space.
See more from Benzinga
• Despite Looming Payments, Athens Refuses To Be Blackmailed
• Manufacturing Is Getting A Technology Makeover
• Blockchain Could Be Used For Surveillance
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a licence from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, whilst failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter licence can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Centre, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programmes, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specialises in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. Story continues But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry.
The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations.
It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense."
"There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington.
The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections.
The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds.
Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked.
Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December.
Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors.
But they would not need approval from the state for every round of venture capital funding or standard software updates.
"We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky.
Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both.
Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations.
He said the group was working with other states "to ensure they do not repeat the mistakes made here."
The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment.
Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies.
The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online.
Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013.
"I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts."
(Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. Story continues But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky)
[Social Media Buzz]
Current price: 203.81€ $BTCEUR $btc #bitcoin 2015-06-06 06:00:04 CEST || Current price: 204.1€ $BTCEUR $btc #bitcoin 2015-06-06 15:00:04 CEST || Current price: 223.67$ $BTCUSD $btc #bitcoin 2015-06-06 00:00:04 EDT || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.00000006
Average $1.1E-5 per #reddcoin
19:00:01 || 1 #BTC (#Bitcoin) quotes:
$223.82/$223.98 #Bitstamp
$226.22/$227.36 #BTCe
⇢$2.24/$3.54
$224.80/$224.82 #Coinbase
⇢$0.82/$1.00 || Current price: 146.48£ $BTCGBP $btc #bitco...
|
222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 33572.12, 33897.05, 34668.55, 35287.78, 33746.00, 34235.20, 33855.33, 32877.37, 33798.01, 33520.52, 34240.19, 33155.85, 32702.03, 32822.35, 31780.73, 31421.54, 31533.07, 31796.81, 30817.83, 29807.35, 32110.69, 32313.11, 33581.55, 34292.45, 35350.19, 37337.54, 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54.
|
[Bitcoin Technical Analysis for 2021-09-28]
Volume: 30214940550, RSI (14-day): 38.70, 50-day EMA: 44803.04, 200-day EMA: 41895.90
[Wider Market Context]
Gold Price: 1735.80, Gold RSI: 36.26
Oil Price: 75.29, Oil RSI: 66.43
[Recent News (last 7 days)]
Mesa and CoinSmart Announce Neo Exchange Inc. Conditional Approval: Vancouver, British Columbia--(Newsfile Corp. - September 27, 2021) - Mesa Exploration Corp. (" Mesa " or the " Company ") and Simply Digital Technologies Inc., dba CoinSmart (" CoinSmart ") are pleased to announce that they have received conditional approval from the Neo Exchange Inc. to list the Company's common shares following the reverse takeover of Mesa by CoinSmart (the " Transaction "), subject to the satisfaction of certain listing conditions (the " Escrow Release Conditions "). Further to the Company's press release dated April 27, 2021, in connection with the private placement offering (the " Offering ") of subscription receipts for aggregate gross proceeds of C$12,642,900, CoinSmart and Eight Capital, the lead agent for the Offering, have mutually agreed to extend the escrow release deadline to October 31, 2021. About CoinSmart CoinSmart is a leading Canadian-headquartered cryptocurrency asset trading platform dedicated to providing customers with an intuitive trading platform for buying and selling digital assets, like Bitcoin and Ethereum, combined with the seamless ability to on-ramp and off-ramp fiat. Clients' security and protection is CoinSmart's primary focus. CoinSmart is registered as a money services business with the Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada and in multiple jurisdictions. CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency customer and unparalleled 24/7 omni-channel customer success/support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client's needs are met with the highest level of quality and care. For more information please visit www.CoinSmart.com . Mesa Exploration Mesa was incorporated under the Business Corporations Act (British Columbia) on December 16, 1965. Immediately prior to the closing of the Transaction, it is expected that Mesa will have no commercial operations and no assets other than cash. Mesa is a reporting issuer in the provinces of British Columbia and Alberta but is not listed on any stock exchange. Story continues Cautionary Note Regarding Forward-Looking Information This press release contains statements that constitute "forward-looking information" (" forward-looking information ") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including with respect to: the completion of the Transaction, satisfaction of certain listing conditions, the satisfaction of the Escrow Release Conditions, the receipt of all applicable shareholder and regulatory approvals for the Transaction, as applicable. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, including assumptions related to market trends and past performance of CoinSmart, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise. For further information contact: Mesa Exploration Corp. Foster Wilson, President and Chief Executive Officer p: (775) 771-5219 Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. All information provided in this press release relating to CoinSmart, including forward-looking information as it relates to CoinSmart, has been provided by management of CoinSmart and has not been independently verified by management of the Company. Completion of the Transaction is subject to a number of conditions, including but not limited to, requisite shareholder approval, requisite approval of a recognized Canadian stock exchange, regulatory and third-party approvals and the satisfaction of other closing conditions. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the applicable disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97845 || Mesa and CoinSmart Announce Neo Exchange Inc. Conditional Approval: Vancouver, British Columbia--(Newsfile Corp. - September 27, 2021) - Mesa Exploration Corp. (" Mesa " or the " Company ") and Simply Digital Technologies Inc., dba CoinSmart (" CoinSmart ") are pleased to announce that they have received conditional approval from the Neo Exchange Inc. to list the Company's common shares following the reverse takeover of Mesa by CoinSmart (the " Transaction "), subject to the satisfaction of certain listing conditions (the " Escrow Release Conditions "). Further to the Company's press release dated April 27, 2021, in connection with the private placement offering (the " Offering ") of subscription receipts for aggregate gross proceeds of C$12,642,900, CoinSmart and Eight Capital, the lead agent for the Offering, have mutually agreed to extend the escrow release deadline to October 31, 2021. About CoinSmart CoinSmart is a leading Canadian-headquartered cryptocurrency asset trading platform dedicated to providing customers with an intuitive trading platform for buying and selling digital assets, like Bitcoin and Ethereum, combined with the seamless ability to on-ramp and off-ramp fiat. Clients' security and protection is CoinSmart's primary focus. CoinSmart is registered as a money services business with the Financial Transactions and Reports Analysis Centre (FINTRAC) in Canada and in multiple jurisdictions. CoinSmart further builds on its mission to make cryptocurrency accessible by providing educational resources tailored to every level of cryptocurrency customer and unparalleled 24/7 omni-channel customer success/support. Offering instant verification, industry leading cold wallet storage, advanced charting with order book functionality and over-the-counter premium services, CoinSmart ensures every client's needs are met with the highest level of quality and care. For more information please visit www.CoinSmart.com . Mesa Exploration Mesa was incorporated under the Business Corporations Act (British Columbia) on December 16, 1965. Immediately prior to the closing of the Transaction, it is expected that Mesa will have no commercial operations and no assets other than cash. Mesa is a reporting issuer in the provinces of British Columbia and Alberta but is not listed on any stock exchange. Story continues Cautionary Note Regarding Forward-Looking Information This press release contains statements that constitute "forward-looking information" (" forward-looking information ") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including with respect to: the completion of the Transaction, satisfaction of certain listing conditions, the satisfaction of the Escrow Release Conditions, the receipt of all applicable shareholder and regulatory approvals for the Transaction, as applicable. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, including assumptions related to market trends and past performance of CoinSmart, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise. For further information contact: Mesa Exploration Corp. Foster Wilson, President and Chief Executive Officer p: (775) 771-5219 Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. All information provided in this press release relating to CoinSmart, including forward-looking information as it relates to CoinSmart, has been provided by management of CoinSmart and has not been independently verified by management of the Company. Completion of the Transaction is subject to a number of conditions, including but not limited to, requisite shareholder approval, requisite approval of a recognized Canadian stock exchange, regulatory and third-party approvals and the satisfaction of other closing conditions. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the applicable disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97845 || Asian Stocks Down Over Rising U.S. Treasury Yields, Oil Rally: By Gina Lee Investing.com – Asia Pacific stocks were mostly down on Tuesday morning, with investors digesting soaring U.S. Treasury yields that weighed on U.S. counterparts, alongside an oil rally that triggered inflationary concerns. Japan’s Nikkei 225 was down 0.68% by 9:57 PM ET (1:57 AM GMT) and South Korea’s KOSPI fell 0.82%. In Australia, the ASX 200 fell 0.87% while Hong Kong’s Hang Seng Index gained 0.60%. China’s Shanghai Composite inched down 0.11% and the Shenzhen Component was down 0.26%. The manufacturing , non-manufacturing , and Caixin manufacturing purchasing managers indexes are due on Thursday. The People’s Bank of China also pledged to safeguard the healthy development of the real estate market and protect home buyers’ rights amid China Evergrande Group's (HK:3333) ongoing debt crisis. In the U.S., shares dipped as the benchmark 10-year U.S. yield briefly topped 1.5%, a level not seen since June 2021. The two-year yield rose to its highest since March 2020 as traders increasingly priced in the prospect of a sooner-than-expected asset tapering by the U.S. Federal Reserve. “Central bankers have set out how they want to ‘normalize’ monetary policy for some time. That process could start soon. This realization has the potential to provoke some volatility in rates and equities,” AXA Investment Managers chief investment officer for core investments Chris Iggo said in a note. Fed Chairman Jerome Powell will be joined by the Bank of England’s Andrew Bailey, the Bank of Japan’s Haruhiko Kuroda, and the European Central Bank (ECB)’s Christine Lagarde at an ECB Forum on Central Banking panel on Wednesday. Lagarde will speak at the forum a day before the panel. He will also be joined by U.S. Treasury Secretary Janet Yellen to testify at a Senate Banking Committee hearing on Tuesday. The House Financial Services Committee hearing follows on Thursday. Meanwhile, Senate Republicans blocked a bill to suspend the debt ceiling into December 2022 and keep the government operating past Sep. 30. Government funding will now run out Thursday if no further action is taken, with serious economic consequences. Story continues In commodities, oil continued an upward trend as fears of a global energy crunch increase. Brent oil futures rose to their highest level in nearly three years, while WTI futures topped the $75 mark. Cryptocurrencies also clawed back their losses from the previous week’s volatility unleashed by China’s latest crackdown, with Bitcoin trading around the $43,000 mark. Related Articles Asian Stocks Down Over Rising U.S. Treasury Yields, Oil Rally Ford, SK to invest $11.4 billion to add electric F-150 plant, three battery factories Morgan Stanley Asia veteran Christianson retires - memo || Asian Stocks Down Over Rising U.S. Treasury Yields, Oil Rally: By Gina Lee Investing.com – Asia Pacific stocks were mostly down on Tuesday morning, with investors digesting soaring U.S. Treasury yields that weighed on U.S. counterparts, alongside an oil rally that triggered inflationary concerns. Japan’s Nikkei 225 was down 0.68% by 9:57 PM ET (1:57 AM GMT) and South Korea’s KOSPI fell 0.82%. In Australia, the ASX 200 fell 0.87% while Hong Kong’s Hang Seng Index gained 0.60%. China’s Shanghai Composite inched down 0.11% and the Shenzhen Component was down 0.26%. The manufacturing , non-manufacturing , and Caixin manufacturing purchasing managers indexes are due on Thursday. The People’s Bank of China also pledged to safeguard the healthy development of the real estate market and protect home buyers’ rights amid China Evergrande Group's (HK:3333) ongoing debt crisis. In the U.S., shares dipped as the benchmark 10-year U.S. yield briefly topped 1.5%, a level not seen since June 2021. The two-year yield rose to its highest since March 2020 as traders increasingly priced in the prospect of a sooner-than-expected asset tapering by the U.S. Federal Reserve. “Central bankers have set out how they want to ‘normalize’ monetary policy for some time. That process could start soon. This realization has the potential to provoke some volatility in rates and equities,” AXA Investment Managers chief investment officer for core investments Chris Iggo said in a note. Fed Chairman Jerome Powell will be joined by the Bank of England’s Andrew Bailey, the Bank of Japan’s Haruhiko Kuroda, and the European Central Bank (ECB)’s Christine Lagarde at an ECB Forum on Central Banking panel on Wednesday. Lagarde will speak at the forum a day before the panel. He will also be joined by U.S. Treasury Secretary Janet Yellen to testify at a Senate Banking Committee hearing on Tuesday. The House Financial Services Committee hearing follows on Thursday. Meanwhile, Senate Republicans blocked a bill to suspend the debt ceiling into December 2022 and keep the government operating past Sep. 30. Government funding will now run out Thursday if no further action is taken, with serious economic consequences. Story continues In commodities, oil continued an upward trend as fears of a global energy crunch increase. Brent oil futures rose to their highest level in nearly three years, while WTI futures topped the $75 mark. Cryptocurrencies also clawed back their losses from the previous week’s volatility unleashed by China’s latest crackdown, with Bitcoin trading around the $43,000 mark. Related Articles Asian Stocks Down Over Rising U.S. Treasury Yields, Oil Rally Ford, SK to invest $11.4 billion to add electric F-150 plant, three battery factories Morgan Stanley Asia veteran Christianson retires - memo || Britannia Mining Provides Update on Name Change and Reverse Split: NEW YORK, NY / ACCESSWIRE / September 27, 2021 /Britannia Mining, Inc. (the "Company"),(OTC PINK:BMIN)announced today, that the Company, which has formally acquired and merged withBullet Blockchain, LTD.("Bullet"), and has fully pivoted into the crypto mining industry - with an initial focus on Bitcoin mining - would like to provide shareholders with a status update regarding the name change and restructuring of the Company's capitalization table.
Aspreviously announced, the Company completed its merger with Bullet Blockchain ("Britannia-Bullet Merger"), to enter and compete in one of the fastest growing, emerging industries today. Prior to the merger, Bullet demonstrated its ability to meet expectations bytaking possession of 3,500 ASIC Miners to solidify its initial bitcoin mining operations, and as of recent, has also increased its anticipated ‘year-one' buildout capacity from an initial 100 megawatt facility to 200 megawatts, for a hash rate capacity of 6,000 petahash.
For further clarity, management indicated that while the Company has completed the necessary state filings to change the Company's name to Bullet Blockchain, Inc., they continue to work through the process of effectuating the reverse split and formalizing the name change to be reflected on the Company's common stock with the OTC Markets Group, Inc ("OTC Markets").
A reverse split hadlong been contemplatedby the Company, and Bullet's managementpreviously indicated its commitmentto protecting existing shareholders, during and after any restructuring that might occur at the Company. Focused on this commitment, the Britannia-Bullet Merger aims to clean up the Company's capitalization table by using a multifaceted approach to the reverse split.
As detailed in theAugust 17th, 2021, Supplemental Disclosure, the restructuring of the capitalization table will be as follows:
• First, theReverse Split: The Company will reverse split the common stock on a 1-10 (one for 10) basis; meaning that every 10 shares of common stock owned will be exchanged for 1 share of common stock (the "Reverse Split");
• Next, theRound Up: Those shareholders holdingless than4,440 shares of the Company's common stock, will berounded upto 444 shares of common stock after the Reverse Split; meaning that if at the time of the Reverse Split, any shareholder that holds between 1 and 4,440 shares of common stock, that shareholder's holdings would be adjusted up to 444 shares of the common stock (the "Round Up"); and,
• Lastly, theRoundDown: Those shareholders holding4,000,000 or moreshares of the Company's common stock will berounded downto 366 shares after the Reverse Split; meaning that if at the time of the Reverse Split, any shareholder that holds 4,000,000 or more shares of common stock, that shareholder's holdings will be adjusted down to 366 shares of the common stock (the "Round Down").
Being that it is the Company's intention to protect shareholder interest, especially the Company's smaller shareholders, management believes that the 1-10 (one for 10) reverse stock split of the Company's common stock is both moderate and responsible. Typically speaking, many reverse split often ‘reverse' smaller shareholders out of their holdings when not properly addressed. Management believes it has taken a very thoughtful approach to this and is the reason for the Round Up-so that no shareholder's holdings is extinguished, and each can continue to benefit from the potential of the Britannia-Bullet Merger. Likewise, in an effort to stave off legacy toxicity that can potentially impact shareholder confidence, the Round Down is being instituted to essentially form a more equitable environment for all of the Company's current shareholders to benefit from the potential of the Britannia-Bullet Merger.
Management carefully considered the decision to effect the Reverse Split with these unusual features and is pleased with the multifaceted approach. It is believed that restructuring the capitalization table in this fashion could do well to protect existing shareholders and offer opportunity to a new and broader range of investors while attracting interest from new potential business partners.
This is especially important as market indicators for the crypto mining space suggests that the Britannia-Bullet Merger, as lead by Mr. Imran Ellis (Founding Director of Bullet and the Company's new President and CEO), could potentially perform well. When you take into consideration that Bullet's infrastructure partners have now given the Britannia-Bullet Merger a pathway to, and through, the Company's most recently secured buildout capacity of 200 megawatts - up from Bullet'sinitial 100 megawatts- there is room and an opportunity for growth for the Company.
Management is hopeful that as it continues to work with the appropriate regulatory agencies, the Company will be able to effectuate the Reverse Split and the Company's common stock will also reflect the new name (Bullet Blockchain) on the OTC Markets' website.
About Bullet Blockchain
Bullet Blockchain, LTD. is a blockchain technology company based in the Republic of Ireland, that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and has deployed an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining - with an initial hash rate capacity of 315 petahash and 12 megawatts of electricity.
Bullet is confident that it can manage its bitcoin mining operations at a far lesser cost per kilowatt than industry competitors, therefore producing bitcoin at a lower cost with greater profit. Bullet is focused on efficiency, stability, transparency, and scalability, and plans to swiftly scale operations to 60,000 miners within the next 12 months.
About Britannia Mining
At present, Britannia Mining is identified as a natural resources development company focused on acquiring high quality mineral, mining, and other commodity-based projects. The Company has been exploring opportunities to transition its business towards the digital technology space.
For investor and general information, please [email protected].
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking.
Contact:[email protected]
SOURCE:Britannia Mining, Inc.
View source version on accesswire.com:https://www.accesswire.com/665777/Britannia-Mining-Provides-Update-on-Name-Change-and-Reverse-Split || Britannia Mining Provides Update on Name Change and Reverse Split: NEW YORK, NY / ACCESSWIRE / September 27, 2021 / Britannia Mining, Inc. (the "Company"), (OTC PINK:BMIN) announced today, that the Company, which has formally acquired and merged with Bullet Blockchain, LTD. ("Bullet"), and has fully pivoted into the crypto mining industry - with an initial focus on Bitcoin mining - would like to provide shareholders with a status update regarding the name change and restructuring of the Company's capitalization table. As previously announced , the Company completed its merger with Bullet Blockchain ("Britannia-Bullet Merger"), to enter and compete in one of the fastest growing, emerging industries today. Prior to the merger, Bullet demonstrated its ability to meet expectations by taking possession of 3,500 ASIC Miners to solidify its initial bitcoin mining operations , and as of recent, has also increased its anticipated year-one' buildout capacity from an initial 100 megawatt facility to 200 megawatts, for a hash rate capacity of 6,000 petahash. For further clarity, management indicated that while the Company has completed the necessary state filings to change the Company's name to Bullet Blockchain, Inc., they continue to work through the process of effectuating the reverse split and formalizing the name change to be reflected on the Company's common stock with the OTC Markets Group, Inc ("OTC Markets"). A reverse split had long been contemplated by the Company, and Bullet's management previously indicated its commitment to protecting existing shareholders, during and after any restructuring that might occur at the Company. Focused on this commitment, the Britannia-Bullet Merger aims to clean up the Company's capitalization table by using a multifaceted approach to the reverse split. As detailed in the August 17 th , 2021, Supplemental Disclosure , the restructuring of the capitalization table will be as follows: First, the Reverse Split : The Company will reverse split the common stock on a 1-10 (one for 10) basis; meaning that every 10 shares of common stock owned will be exchanged for 1 share of common stock (the "Reverse Split"); Next, the Round Up : Those shareholders holding less than 4,440 shares of the Company's common stock, will be rounded up to 444 shares of common stock after the Reverse Split; meaning that if at the time of the Reverse Split, any shareholder that holds between 1 and 4,440 shares of common stock, that shareholder's holdings would be adjusted up to 444 shares of the common stock (the "Round Up"); and, Lastly, the Round Down : Those shareholders holding 4,000,000 or more shares of the Company's common stock will be rounded down to 366 shares after the Reverse Split; meaning that if at the time of the Reverse Split, any shareholder that holds 4,000,000 or more shares of common stock, that shareholder's holdings will be adjusted down to 366 shares of the common stock (the "Round Down"). Story continues Being that it is the Company's intention to protect shareholder interest, especially the Company's smaller shareholders, management believes that the 1-10 (one for 10) reverse stock split of the Company's common stock is both moderate and responsible. Typically speaking, many reverse split often reverse' smaller shareholders out of their holdings when not properly addressed. Management believes it has taken a very thoughtful approach to this and is the reason for the Round Up-so that no shareholder's holdings is extinguished, and each can continue to benefit from the potential of the Britannia-Bullet Merger. Likewise, in an effort to stave off legacy toxicity that can potentially impact shareholder confidence, the Round Down is being instituted to essentially form a more equitable environment for all of the Company's current shareholders to benefit from the potential of the Britannia-Bullet Merger. Management carefully considered the decision to effect the Reverse Split with these unusual features and is pleased with the multifaceted approach. It is believed that restructuring the capitalization table in this fashion could do well to protect existing shareholders and offer opportunity to a new and broader range of investors while attracting interest from new potential business partners. This is especially important as market indicators for the crypto mining space suggests that the Britannia-Bullet Merger, as lead by Mr. Imran Ellis (Founding Director of Bullet and the Company's new President and CEO), could potentially perform well. When you take into consideration that Bullet's infrastructure partners have now given the Britannia-Bullet Merger a pathway to, and through, the Company's most recently secured buildout capacity of 200 megawatts - up from Bullet's initial 100 megawatts - there is room and an opportunity for growth for the Company. Management is hopeful that as it continues to work with the appropriate regulatory agencies, the Company will be able to effectuate the Reverse Split and the Company's common stock will also reflect the new name (Bullet Blockchain) on the OTC Markets' website. About Bullet Blockchain Bullet Blockchain, LTD. is a blockchain technology company based in the Republic of Ireland, that secures the bitcoin blockchain ledger. Bullet has secured partnerships that affords the Company access to highly coveted hardware, land, buildings, gas, generators, racks, security, etc. Bullet has secured 200 megawatts of electricity and infrastructure capacity for 6,000 petahash and has deployed an initial hardware fleet of 3,500 next generation ASIC miners-focused on bitcoin mining - with an initial hash rate capacity of 315 petahash and 12 megawatts of electricity. Bullet is confident that it can manage its bitcoin mining operations at a far lesser cost per kilowatt than industry competitors, therefore producing bitcoin at a lower cost with greater profit. Bullet is focused on efficiency, stability, transparency, and scalability, and plans to swiftly scale operations to 60,000 miners within the next 12 months. About Britannia Mining At present, Britannia Mining is identified as a natural resources development company focused on acquiring high quality mineral, mining, and other commodity-based projects. The Company has been exploring opportunities to transition its business towards the digital technology space. For investor and general information, please email [email protected] . Forward-Looking Statements Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. Contact: [email protected] SOURCE: Britannia Mining, Inc. View source version on accesswire.com: https://www.accesswire.com/665777/Britannia-Mining-Provides-Update-on-Name-Change-and-Reverse-Split || Crypto liquidity is ready to eat cross-border payments’ lunch: Every day, we see another traditional financial institution scrambling to figure out its crypto strategy, and it’s clear why. Crypto is past the tipping point of mainstream consciousness, and use cases like cross-border payments are firmly outside of the sandbox stage. Cross-border payments are one of the earliest crypto use cases for obvious reasons. Qualitatively, public blockchains and their native cryptocurrencies are global by nature and built to be secure, censorship-resistant, cheap to transact with (depending on the token) and (possibly most importantly) can settle transactions instantly 24/7/365. However, it’s taken a few years for crypto to make a significant dent in this $130 trillion a year industry that incumbents -- like money-transfer companies and big banks -- have held a monopoly on. For example, the vast majority of Western Union’s revenue comes from individual transaction fees from cross-border payments. It all comes down to crypto having the same or better level of global liquidity than fiat and readily available on-off ramps. Good news: Both these lines are trending positively. Antiquated systems favor big banks The world of traditional foreign exchange (FX) has remained fairly stagnant for years -- you can only make payments during regular banking hours, and while messages are sent via SWIFT, payments aren’t actually settled until a few days later. There are at least two distinct steps to this antiquated correspondent banking system, and as we all are painfully aware, transactions are slow, error-prone, costly and inefficient. While there are larger payment flows in corridors such as U.S.-to-Mexico, there are still costs to consumers. As you move into non G-20 currencies, it’s anybody’s guess as to when your money will arrive from one country to the next, and you’ll be paying fees anywhere from 5%-10%. This system has long served the big-money-center banks that monopolized access to liquidity among themselves, raking in trillions of dollars over the years. Story continues For years (pre-2017), crypto liquidity was limited to a handful of exchanges with a few million dollars in volume across all assets. That’s dramatically changed in the past few years. Image Credits: Asheesh Birla Ripple early on focused on the thesis that it will become cheaper to source liquidity for cross-border payments with crypto over traditional fiat if (1) crypto grows in volume around the world (measured by the level of liquidity on exchanges) and (2) you can make bigger payments with it (measured by order book size). What was a lofty vision in 2015 is now reality. On- and off-ramps are required to access crypto liquidity A key factor required to use crypto for cross-border payments is easy on- and off-ramps to move from fiat to crypto and vice versa to get access to crypto liquidity. I could once count on one hand the available methods, and today, the different venues, such as stablecoins and exchanges, for moving in and out of crypto are growing quickly. Everyone from the major money transfer companies and card networks to global crypto exchanges is taking advantage of tokenization to address this first hurdle. Fiat-backed stablecoins have emerged as one of the most popular on- and off-ramps because they ensure a relatively easy way to get access to crypto without having to immediately convert money into fiat when making a payment and therefore eliminating the conversion taxes headache and high volatility in crypto. This is evident in the growing market cap of stablecoins, which shot up to well over $100 billion in July 2021 from $4 billion in 2019. They provide access and liquidity into crypto exchanges, decentralized finance platforms and less liquid fiat-to-fiat corridors, showing the power of what tokenized assets can do. As the world trends toward tokenizing all kinds of value (fiat, crypto, identity, loans, NFTs, etc.), the more liquidity there is within the system to support moving from one asset to the next. Getting into the data Now onto the quantitative reasons -- data shows that sourcing liquidity from crypto becomes more cost-effective than fiat over time. The fundamental question is at what data point does sourcing from crypto become consistently cheaper than traditional fiat foreign exchange (FX)? Using the chart below, we can see how crypto volume, an indicator of liquidity, has grown over the past five years by using five of the top cryptocurrencies by market cap (Bitcoin, Ether, XRP, Litecoin and Bitcoin Cash) on Bitstamp as a proxy for the larger crypto market. These assets combined consistently accounted for about 85% of all crypto volume (outside of stablecoins) from 2016 to 2021. Image Credits: Asheesh Birla We specifically looked at USD and EUR monthly volume for the five tokens compared to the USD and EUR average difference in spot and implied FX rates, as well as the USD and EUR order book size from April 2016 to June 2021. Spot rate shows the immediate FX rate at that specific moment in time, while implied rate shows the FX rate achieved from bridging sending currency to destination currency with an intermediary (such as using a crypto asset as the bridge). As the years passed, the difference between the spot FX rate and the implied rate gets closer to zero, evident from the average trend line, meaning it’s becoming on par or cheaper to send payments through crypto than it is with fiat. Extrapolating the trend line further, we could forecast the trend line going past zero to a negative difference within the next two years (provided crypto volume continues to double at the current rate). It’s also worth noting other factors at play here, such as that payment providers like PayPal or Western Union charge a fee per fiat transaction (between 0.2%-1% margin). Image Credits: Asheesh Birla Over the same time period, the chart above shows how order book size is quickly increasing -- meaning there’s enough liquidity to support payments as high as $4 million total in 2021 with these five cryptocurrencies. Traditional transaction-based payments revenue will become obsolete To all the money-transfer companies that make a huge chunk of their revenue from FX transaction fees, there should be alarm bells going off when seeing this data. Here’s the reason why companies are pushing to use crypto for cross-border payments -- it’s no longer just about the qualities of blockchain and crypto that make it useful for this use case, but also that global liquidity can truly support these payments at scale. As more options are available for consumers, traditional companies will have to lower transaction fees to keep market share, which will partially mitigate the issues. To all the consumers that have previously gone to PayPal or the like to make a cross-border payment: Why stick with them when it’s cheaper, faster and just as -- if not more -- secure to use crypto? These companies will need to change their revenue models, which currently rely heavily on transaction fees, or risk becoming obsolete. While some are going in the opposite direction (i.e., PayPal has already upped its transaction fees for cross-border merchant payments in Europe, and Western Union is pushing further into digital payments to stave off competitors), the proverbial wave is already crashing down. Other services that they provide (compliance, addressing, etc.) will not save them either -- many crypto companies are already implementing robust anti-money-laundering and know your customer (AML/KYC) programs. While this data using BTC, ETH, XRP, LTC and BCH in a few corridors is a proxy for the entire market, the trend lines are directionally obvious. Crypto is above a $2 trillion market cap today -- imagine what could be possible when it’s at $5 trillion or $10 trillion. Crypto liquidity is changing the game. We’re past the “if” -- it’s now onto “when.” || Crypto liquidity is ready to eat cross-border payments’ lunch: Every day, we see another traditional financial institution scrambling to figure out its crypto strategy, and it’s clear why. Crypto is past the tipping point of mainstream consciousness, and use cases like cross-border payments are firmly outside of the sandbox stage.
Cross-border payments are one of the earliest crypto use cases for obvious reasons. Qualitatively, public blockchains and their native cryptocurrencies are global by nature and built to be secure, censorship-resistant, cheap to transact with (depending on the token) and (possibly most importantly) can settle transactions instantly 24/7/365.
However, it’s taken a few years for crypto to make a significant dent in this $130 trillion a year industry that incumbents -- like money-transfer companies and big banks -- have held a monopoly on. For example, thevast majority of Western Union’s revenuecomes from individual transaction fees from cross-border payments.
It all comes down to crypto having the same or better level of global liquidity than fiat and readily available on-off ramps. Good news: Both these lines are trending positively.
The world of traditional foreign exchange (FX) has remained fairly stagnant for years -- you can only make payments during regular banking hours, and while messages are sent via SWIFT, payments aren’t actually settled until a few days later.
There are at least two distinct steps to this antiquated correspondent banking system, and as we all are painfully aware, transactions are slow, error-prone, costly and inefficient. While there are larger payment flows in corridors such as U.S.-to-Mexico, there are still costs to consumers.
As you move into non G-20 currencies, it’s anybody’s guess as to when your money will arrive from one country to the next, and you’ll be paying fees anywhere from 5%-10%. This system has long served the big-money-center banks that monopolized access to liquidity among themselves, raking in trillions of dollars over the years.
For years (pre-2017), crypto liquidity was limited to a handful of exchanges with a few million dollars in volume across all assets. That’s dramatically changed in the past few years.
Image Credits:Asheesh Birla
Ripple early on focused on the thesis that it will become cheaper to source liquidity for cross-border payments with crypto over traditional fiat if (1) crypto grows in volume around the world (measured by the level of liquidity on exchanges) and (2) you can make bigger payments with it (measured by order book size). What was a lofty vision in 2015 is now reality.
A key factor required to use crypto for cross-border payments is easy on- and off-ramps to move from fiat to crypto and vice versa to get access to crypto liquidity. I could once count on one hand the available methods, and today, the different venues, such as stablecoins and exchanges, for moving in and out of crypto are growing quickly. Everyone from the major money transfer companies and card networks to global crypto exchanges is taking advantage of tokenization to address this first hurdle.
Fiat-backed stablecoins have emerged as one of the most popular on- and off-ramps because they ensure a relatively easy way to get access to crypto without having to immediately convert money into fiat when making a payment and therefore eliminating the conversion taxes headache and high volatility in crypto.
This is evident in the growing market cap of stablecoins, whichshot upto well over $100 billion in July 2021 from $4 billion in 2019. They provide access and liquidity into crypto exchanges, decentralized finance platforms and less liquid fiat-to-fiat corridors, showing the power of what tokenized assets can do. As the world trends toward tokenizing all kinds of value (fiat, crypto, identity, loans, NFTs, etc.), the more liquidity there is within the system to support moving from one asset to the next.
Now onto the quantitative reasons -- data shows that sourcing liquidity from crypto becomes more cost-effective than fiat over time. The fundamental question is at what data point does sourcing from crypto become consistently cheaper than traditional fiat foreign exchange (FX)?
Using the chart below, we can see how crypto volume, an indicator of liquidity, has grown over the past five years by using five of the top cryptocurrencies by market cap (Bitcoin, Ether, XRP, Litecoin and Bitcoin Cash) on Bitstamp as a proxy for the larger crypto market. These assets combined consistently accounted for about 85% of all crypto volume (outside of stablecoins) from 2016 to 2021.
Image Credits:Asheesh Birla
We specifically looked at USD and EUR monthly volume for the five tokens compared to the USD and EUR average difference in spot and implied FX rates, as well as the USD and EUR order book size from April 2016 to June 2021. Spot rate shows the immediate FX rate at that specific moment in time, while implied rate shows the FX rate achieved from bridging sending currency to destination currency with an intermediary (such as using a crypto asset as the bridge).
As the years passed, the difference between the spot FX rate and the implied rate gets closer to zero, evident from the average trend line, meaning it’s becoming on par or cheaper to send payments through crypto than it is with fiat.
Extrapolating the trend line further, we could forecast the trend line going past zero to a negative difference within the next two years (provided crypto volume continues to double at the current rate). It’s also worth noting other factors at play here, such as that payment providers like PayPal or Western Union charge a fee per fiat transaction (between 0.2%-1% margin).
Image Credits:Asheesh Birla
Over the same time period, the chart above shows how order book size is quickly increasing -- meaning there’s enough liquidity to support payments as high as $4 million total in 2021 with these five cryptocurrencies.
To all the money-transfer companies that make a huge chunk of their revenue from FX transaction fees, there should be alarm bells going off when seeing this data.
Here’s the reason why companies are pushing to use crypto for cross-border payments -- it’s no longer just about the qualities of blockchain and crypto that make it useful for this use case, but also that global liquidity can truly support these payments at scale. As more options are available for consumers, traditional companies will have to lower transaction fees to keep market share, which will partially mitigate the issues.
To all the consumers that have previously gone to PayPal or the like to make a cross-border payment: Why stick with them when it’s cheaper, faster and just as -- if not more -- secure to use crypto?
These companies will need to change their revenue models, which currently rely heavily on transaction fees, or risk becoming obsolete. While some are going in the opposite direction (i.e., PayPal has alreadyupped its transaction feesfor cross-border merchant payments in Europe, and Western Union is pushing further into digital payments to stave off competitors), the proverbial wave is already crashing down. Other services that they provide (compliance, addressing, etc.) will not save them either -- many crypto companies are already implementing robust anti-money-laundering and know your customer (AML/KYC) programs.
While this data using BTC, ETH, XRP, LTC and BCH in a few corridors is a proxy for the entire market, the trend lines are directionally obvious. Crypto is above a $2 trillion market cap today -- imagine what could be possible when it’s at $5 trillion or $10 trillion.
Crypto liquidity is changing the game. We’re past the “if” -- it’s now onto “when.” || For Crypto Traders, A Signal to Watch and a New Way to Trade: Photo by Ruben Hanssen on Unsplash March 2020 saw crypto prices fall by close to half as coronavirus fears rocked global markets. As Bitcoin (BTC) sold off, the market went into extreme backwardation [with futures trading at a large discount to spot]. Things have been equally volatile in 2021 with steep falls and upward climbs for both bitcoin and Ethereum (ETH). CME Bitcoin futures, which typically trade at a premium to the spot price, retreated amid a significant selloff in June, and largely erased the basis trade, in which a trader would buy bitcoin in the spot market today and sell long-dated futures, locking in the discrepancy between the two prices. Simply put, basis can be described as the difference between the spot price of an asset and its futures price. Basis in crypto is constantly changing. If demand is strong and the available supply is small, spot prices could rise relative to futures prices, causing the basis to strengthen. This would be a negative basis with spot price trading lower than the futures price. On the other hand, if demand is weak and a large supply is available, spot prices could fall relative to the futures price, causing the basis to weaken. The shape of the futures curve is important to hedgers and speculators, as it indicates where future prices may be headed. Typically, we see the crypto futures market in contango, where the price of a futures contract is higher than the spot price. web21om024-skew-chart_1200x800.jpg Source: skew.com The basis trade involves buying spot crypto (taking a long position) and simultaneously establishing a short position through derivatives like options or futures contracts, or vice versa. Basis may fluctuate due to changes in supply and demand, but due to the forces of arbitrage, it will converge on expiry to zero. Going long or short on a futures contract means that you can lock in the forward buying price or selling price of a futures contract on the assumption that you hold the contract until its delivery date. A futures price is based on its current spot price plus the cost of carry during the interim before delivery. The cost of carrying of a futures contract is represented by the basis. Story continues Trading Basis in Crypto BTIC allows participants to trade futures at a fixed spread to the closing underlying index level or reference rate. For CME Group crypto products, this index level is the transparent, regulated CME CF Reference Rates on Bitcoin and Ether (CME CF Bitcoin Reference Rate and Ether-Dollar Rate). BTIC transactions work when a buyer and seller agree to trade futures contracts, but instead of agreeing to a specific price, they agree to a spread, or basis, to be added to that day’s respective reference rate to determine the futures price. This basis is agreed upon before the day’s index level is known. The relationship between spot and futures prices is important for miners and long-position HODLers as it informs their hedging decisions. The basis is used to gauge the value of the hedging strategy and is also used to search for arbitrage opportunities. It is often used by traders to determine the best time to buy or sell a crypto asset, where decisions are based on whether the basis is strengthening or weakening. A wide range of other market participants may find BTIC a useful addition, including ETF providers to efficiently manage the creation or redemption process; structured product desks to effectively hedge transactions; relative value desks to more precisely trade the bitcoin basis; and institutional traders looking to transfer risk between the physical bitcoin and futures markets. See more from Benzinga Click here for options trades from Benzinga What The Debt Ceiling And Fed Tapering Could Mean For Interest Rate Markets Q&A: Exchange Leaders Discuss China's Evolving Markets, Managing Global Risks © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || For Crypto Traders, A Signal to Watch and a New Way to Trade: Photo byRuben HanssenonUnsplash
March 2020 saw crypto prices fall by close to half as coronavirus fears rocked global markets. As Bitcoin (BTC) sold off, the market went into extreme backwardation [with futures trading at a large discount to spot]. Things have been equally volatile in 2021 with steep falls and upward climbs for both bitcoin and Ethereum (ETH).
CME Bitcoin futures, which typically trade at a premium to the spot price, retreated amid a significantselloffin June, and largely erased the basis trade, in which a trader would buy bitcoin in the spot market today and sell long-dated futures, locking in the discrepancy between the two prices.
Simply put, basis can be described as the difference between the spot price of an asset and its futures price.
Basis in crypto is constantly changing. If demand is strong and the available supply is small, spot prices could rise relative to futures prices, causing the basis to strengthen. This would be a negative basis with spot price trading lower than the futures price.
On the other hand, if demand is weak and a large supply is available, spot prices could fall relative to the futures price, causing the basis to weaken. The shape of the futures curve is important to hedgers and speculators, as it indicates where future prices may be headed. Typically, we see the crypto futures market in contango, where the price of a futures contract is higher than the spot price.
Source: skew.comThe basis trade involves buying spot crypto (taking a long position) and simultaneously establishing a short position through derivatives like options or futures contracts, or vice versa. Basis may fluctuate due to changes in supply and demand, but due to the forces of arbitrage, it will converge on expiry to zero.
Going long or short on a futures contract means that you can lock in the forward buying price or selling price of a futures contract on the assumption that you hold the contract until its delivery date. A futures price is based on its current spot price plus the cost of carry during the interim before delivery. The cost of carrying of a futures contract is represented by the basis.
Trading Basis in Crypto
BTIC allows participants to trade futures at a fixed spread to the closing underlying index level or reference rate. For CME Group crypto products, this index level is the transparent, regulatedCME CF Reference Rates on Bitcoin and Ether(CME CF Bitcoin Reference Rate and Ether-Dollar Rate).
BTIC transactions work when a buyer and seller agree to trade futures contracts, but instead of agreeing to a specific price, they agree to a spread, or basis, to be added to that day’s respective reference rate to determine the futures price. This basis is agreed upon before the day’s index level is known.
The relationship between spot and futures prices is important for miners and long-position HODLers as it informs their hedging decisions. The basis is used to gauge the value of the hedging strategy and is also used to search for arbitrage opportunities. It is often used by traders to determine the best time to buy or sell a crypto asset, where decisions are based on whether the basis is strengthening or weakening.
A wide range of other market participants may find BTIC a useful addition, including ETF providers to efficiently manage the creation or redemption process; structured product desks to effectively hedge transactions; relative value desks to more precisely trade the bitcoin basis; and institutional traders looking to transfer risk between the physical bitcoin and futures markets.
See more from Benzinga
• Click here for options trades from Benzinga
• What The Debt Ceiling And Fed Tapering Could Mean For Interest Rate Markets
• Q&A: Exchange Leaders Discuss China's Evolving Markets, Managing Global Risks
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Crypto-trading hamster scampers past Bitcoin, S&P 500, and Warren Buffett: G erman hamster Mr. Goxx is running circles around the competition in the cryptocurrency arena. The rodent started out with the euro equivalent of $390 on June 12 in his exchange account, which was set up by his anonymous owner. Three months later, the hamster has managed to grow his overall asset portfolio to $498. The increase puts Mr. Goxx ahead by nearly 30%, outperforming Bitcoin , the S&P 500, and even Warren Buffett’s company Berkshire Hathaway, according to Protos . CRYPTO PLATFORMS BEGIN CUTTING OFF CHINESE USERS AFTER GOVERNMENT DECLARES TRANSACTIONS ILLEGAL “Mr. Goxx is happy to see that some of his investments finally pay off,” the hamster's owner told the outlet. (Screenshot) Mr. Goxx conducts his crypto-trading sessions from a high-tech cage in Germany , where his owner livestreams the hamster on Twitch . The hamster runs on an "intention wheel" on which he selects one of about 30 cryptocurrencies and then travels through one of two decision tunnels. His buy tunnel purchases 20 euros ($23.60) of the selected crypto, while the sell tunnel liquidates the entire position, the outlet reported. The hamster has enjoyed some success in the last month. In July, the hamster purchased $23.79 of Dogecoin and sold it for $34.80 on Thursday, netting a 46% profit. Other times, Mr. Goxx will buy a cryptocurrency and then immediately sell it, losing a few cents in the process, per the outlet. The hamster's Twitch, Reddit , and Twitter accounts insist the investments are for entertainment purposes only and should by no means be taken as serious investment advice. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER The owner also announced on Monday a new set of collectible cards based on Mr. Goxx that can now be purchased, joking that the cards could become valuable one day. Washington Examiner Videos Tags: News , Germany , Animals , Cryptocurrency , Bitcoin Original Author: Asher Notheis Original Location: Crypto-trading hamster scampers past Bitcoin, S&P 500, and Warren Buffett || Crypto-trading hamster scampers past Bitcoin, S&P 500, and Warren Buffett: G erman hamster Mr. Goxx is running circles around the competition in the cryptocurrency arena. The rodent started out with the euro equivalent of $390 on June 12 in his exchange account, which was set up by his anonymous owner. Three months later, the hamster has managed to grow his overall asset portfolio to $498. The increase puts Mr. Goxx ahead by nearly 30%, outperforming Bitcoin , the S&P 500, and even Warren Buffett’s company Berkshire Hathaway, according to Protos . CRYPTO PLATFORMS BEGIN CUTTING OFF CHINESE USERS AFTER GOVERNMENT DECLARES TRANSACTIONS ILLEGAL “Mr. Goxx is happy to see that some of his investments finally pay off,” the hamster's owner told the outlet. (Screenshot) Mr. Goxx conducts his crypto-trading sessions from a high-tech cage in Germany , where his owner livestreams the hamster on Twitch . The hamster runs on an "intention wheel" on which he selects one of about 30 cryptocurrencies and then travels through one of two decision tunnels. His buy tunnel purchases 20 euros ($23.60) of the selected crypto, while the sell tunnel liquidates the entire position, the outlet reported. The hamster has enjoyed some success in the last month. In July, the hamster purchased $23.79 of Dogecoin and sold it for $34.80 on Thursday, netting a 46% profit. Other times, Mr. Goxx will buy a cryptocurrency and then immediately sell it, losing a few cents in the process, per the outlet. The hamster's Twitch, Reddit , and Twitter accounts insist the investments are for entertainment purposes only and should by no means be taken as serious investment advice. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER The owner also announced on Monday a new set of collectible cards based on Mr. Goxx that can now be purchased, joking that the cards could become valuable one day. Washington Examiner Videos Tags: News , Germany , Animals , Cryptocurrency , Bitcoin Original Author: Asher Notheis Original Location: Crypto-trading hamster scampers past Bitcoin, S&P 500, and Warren Buffett || Crypto-trading hamster scampers past Bitcoin, S&P 500, and Warren Buffett: G erman hamster Mr. Goxx is running circles around the competition in the cryptocurrency arena. The rodent started out with the euro equivalent of $390 on June 12 in his exchange account, which was set up by his anonymous owner. Three months later, the hamster has managed to grow his overall asset portfolio to $498. The increase puts Mr. Goxx ahead by nearly 30%, outperforming Bitcoin , the S&P 500, and even Warren Buffett’s company Berkshire Hathaway, according to Protos . CRYPTO PLATFORMS BEGIN CUTTING OFF CHINESE USERS AFTER GOVERNMENT DECLARES TRANSACTIONS ILLEGAL “Mr. Goxx is happy to see that some of his investments finally pay off,” the hamster's owner told the outlet. (Screenshot) Mr. Goxx conducts his crypto-trading sessions from a high-tech cage in Germany , where his owner livestreams the hamster on Twitch . The hamster runs on an "intention wheel" on which he selects one of about 30 cryptocurrencies and then travels through one of two decision tunnels. His buy tunnel purchases 20 euros ($23.60) of the selected crypto, while the sell tunnel liquidates the entire position, the outlet reported. The hamster has enjoyed some success in the last month. In July, the hamster purchased $23.79 of Dogecoin and sold it for $34.80 on Thursday, netting a 46% profit. Other times, Mr. Goxx will buy a cryptocurrency and then immediately sell it, losing a few cents in the process, per the outlet. The hamster's Twitch, Reddit , and Twitter accounts insist the investments are for entertainment purposes only and should by no means be taken as serious investment advice. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER The owner also announced on Monday a new set of collectible cards based on Mr. Goxx that can now be purchased, joking that the cards could become valuable one day. Washington Examiner Videos Tags: News , Germany , Animals , Cryptocurrency , Bitcoin Original Author: Asher Notheis Original Location: Crypto-trading hamster scampers past Bitcoin, S&P 500, and Warren Buffett || Stock Market Today: Energy Leads, Tech Lags, As Interest Rates Keep Rising: Oil rigs Getty Images The new trading week kicked off Monday with various market sectors taking off in different directions. Cyclical and value stocks continued their recent ascent. Exxon Mobil ( XOM , +3.0%) and Halliburton ( HAL , +5.4%) helped make energy (+3.6%) the strongest sector of the day, driven by a 2.0% increase in U.S. crude oil futures to a two-month high of $75.45 per barrel. SEE MORE Hedge Funds' 25 Top Blue-Chip Stocks to Buy Now Declines in big-tech names such as Microsoft ( MSFT , -1.7%) and Nvidia ( NVDA , -1.9%) tried to pull markets in the other direction. "To oversimplify things, it comes down to the continued move higher in interest rates and the concentration of mega-cap tech stocks in the S&P 500," Michael Reinking, senior market strategist for the New York Stock Exchange, said in an afternoon note. "The value factor has underperformed the growth factor by ~15% since the middle of May. Today it is outperforming growth by almost 2%. The continued move higher in rates is at the center of this rotational activity." Indeed, the 10-year Treasury yield has jumped from about 1.3% last Wednesday to just above 1.5% earlier today, reaching its highest level since July. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. The Dow Jones Industrial Average closed with a modest 0.2% gain to 34,869. The S&P 500 slipped 0.3% to 4,443, while the tech-heavy Nasdaq Composite finished down 0.5% to 2,282. And what does the rest of the week have in store? SEE MORE The 21 Best Stocks to Buy for the Rest of 2021 "The infrastructure and spending bills will certainly be a focus for investors this week, both for the short-term impact on market dynamics but also the long-term outlook for the U.S. economy," says David Keller, chief market strategist for StockCharts.com. "From a technical perspective, the S&P 500 continues to trade around the 50-day moving average which has served as price support for much of 2021. The S&P remains in a constructive price pattern as long as it remains above the August lows around 4,360." Story continues There's also a light earnings calendar that includes reports from a few noteworthy companies, including Micron ( MU ) and Bed Bath & Beyond ( BBBY ). Other news in the stock market today: The small-cap Russell 2000 stood out from the pack, leaping 1.5% to 2,281. The rising 10-year Treasury yield also created tailwinds for bank stocks today, as higher interest rates often boost margins and profits for financial firms. Goldman Sachs ( GS , +2.3%), JPMorgan Chase ( JPM , +2.4%) and Bank of America ( BAC , +2.7%) were among the notable gainers. Altice USA ( ATUS ) slid 5.8% after Credit Suisse analysts downgraded the broadband provider to Neutral from Outperform (the equivalents of Hold and Buy, respectively). They acknowledge that ATUS is trading lower than "its likely asset value and that management's pivot from focusing on margins and stock buybacks to a more aggressive fiber overbuild and edge-out strategy could prove successful longer-term." However, they expect this "new investment strategy will take at least several quarters, if not longer, to begin bearing fruit." As such, they are moving to the sidelines. Gold futures eked out a marginal gain to settle at $1,752.00 an ounce. The CBOE Volatility Index (VIX) jumped 6.0% to 18.82. Bitcoin prices were up 1.5% over the weekend, to $43,040.80. "I don't think the market is factoring in how big the Evergrande default is," says Charlie Silver, CEO of Permission.io, a cryptocurrency-enabled provider of e-commerce permission advertising. "Evergrande is like a cockroach in your kitchen. There is never just one. The leverage in China is 3x what it is in the U.S., and it looks like there is going to be massive defaults rippling across the banking system globally. This will impact crypto significantly; the crypto market is in a wait-and-see mode." (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) stock chart for 092721 YCharts Is October Going to Be Any Easier? The volatile month of September will be behind us soon, but the volatility itself might not be. SEE MORE 10 Expensive Stocks to Steer Clear Of A research team from wealth manager Glenmeade outlines two of the near-term risks facing the markets: "Currently the government is at risk of shutdown on Sept. 30 and the debt ceiling needs to be raised by mid-October," Glenmeade says. "If the ceiling isn't raised, the U.S. could default, making it more expensive for the Treasury to borrow money and could cause a credit rating downgrade – events that both parties would want to avoid." The potential for additional market "wobble" might very well put a premium on safety plays, whether you're talking about financially stable stocks or low-volatility funds . But some investors prefer to check their shopping lists if they see volatility coming, and quick market drops can provide an opening to get already high-quality companies at slightly better prices. Take the following five stocks to buy , for instance. Each of these companies boast solid balance sheets, cash generation and other healthful financial measures, but each has also been caught up in the market's latest tantrums. Kyle Woodley was long NVDA as of this writing. SEE MORE Best Online Brokers, 2021 You may also like Dying Careers You May Want to Steer Clear Of 5 Top Dividend Aristocrats to Beef Up Your Portfolio What Is the Social Security COLA? || Stock Market Today: Energy Leads, Tech Lags, As Interest Rates Keep Rising: Oil rigs Getty Images The new trading week kicked off Monday with various market sectors taking off in different directions. Cyclical and value stocks continued their recent ascent. Exxon Mobil ( XOM , +3.0%) and Halliburton ( HAL , +5.4%) helped make energy (+3.6%) the strongest sector of the day, driven by a 2.0% increase in U.S. crude oil futures to a two-month high of $75.45 per barrel. SEE MORE Hedge Funds' 25 Top Blue-Chip Stocks to Buy Now Declines in big-tech names such as Microsoft ( MSFT , -1.7%) and Nvidia ( NVDA , -1.9%) tried to pull markets in the other direction. "To oversimplify things, it comes down to the continued move higher in interest rates and the concentration of mega-cap tech stocks in the S&P 500," Michael Reinking, senior market strategist for the New York Stock Exchange, said in an afternoon note. "The value factor has underperformed the growth factor by ~15% since the middle of May. Today it is outperforming growth by almost 2%. The continued move higher in rates is at the center of this rotational activity." Indeed, the 10-year Treasury yield has jumped from about 1.3% last Wednesday to just above 1.5% earlier today, reaching its highest level since July. Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. The Dow Jones Industrial Average closed with a modest 0.2% gain to 34,869. The S&P 500 slipped 0.3% to 4,443, while the tech-heavy Nasdaq Composite finished down 0.5% to 2,282. And what does the rest of the week have in store? SEE MORE The 21 Best Stocks to Buy for the Rest of 2021 "The infrastructure and spending bills will certainly be a focus for investors this week, both for the short-term impact on market dynamics but also the long-term outlook for the U.S. economy," says David Keller, chief market strategist for StockCharts.com. "From a technical perspective, the S&P 500 continues to trade around the 50-day moving average which has served as price support for much of 2021. The S&P remains in a constructive price pattern as long as it remains above the August lows around 4,360." Story continues There's also a light earnings calendar that includes reports from a few noteworthy companies, including Micron ( MU ) and Bed Bath & Beyond ( BBBY ). Other news in the stock market today: The small-cap Russell 2000 stood out from the pack, leaping 1.5% to 2,281. The rising 10-year Treasury yield also created tailwinds for bank stocks today, as higher interest rates often boost margins and profits for financial firms. Goldman Sachs ( GS , +2.3%), JPMorgan Chase ( JPM , +2.4%) and Bank of America ( BAC , +2.7%) were among the notable gainers. Altice USA ( ATUS ) slid 5.8% after Credit Suisse analysts downgraded the broadband provider to Neutral from Outperform (the equivalents of Hold and Buy, respectively). They acknowledge that ATUS is trading lower than "its likely asset value and that management's pivot from focusing on margins and stock buybacks to a more aggressive fiber overbuild and edge-out strategy could prove successful longer-term." However, they expect this "new investment strategy will take at least several quarters, if not longer, to begin bearing fruit." As such, they are moving to the sidelines. Gold futures eked out a marginal gain to settle at $1,752.00 an ounce. The CBOE Volatility Index (VIX) jumped 6.0% to 18.82. Bitcoin prices were up 1.5% over the weekend, to $43,040.80. "I don't think the market is factoring in how big the Evergrande default is," says Charlie Silver, CEO of Permission.io, a cryptocurrency-enabled provider of e-commerce permission advertising. "Evergrande is like a cockroach in your kitchen. There is never just one. The leverage in China is 3x what it is in the U.S., and it looks like there is going to be massive defaults rippling across the banking system globally. This will impact crypto significantly; the crypto market is in a wait-and-see mode." (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) stock chart for 092721 YCharts Is October Going to Be Any Easier? The volatile month of September will be behind us soon, but the volatility itself might not be. SEE MORE 10 Expensive Stocks to Steer Clear Of A research team from wealth manager Glenmeade outlines two of the near-term risks facing the markets: "Currently the government is at risk of shutdown on Sept. 30 and the debt ceiling needs to be raised by mid-October," Glenmeade says. "If the ceiling isn't raised, the U.S. could default, making it more expensive for the Treasury to borrow money and could cause a credit rating downgrade – events that both parties would want to avoid." The potential for additional market "wobble" might very well put a premium on safety plays, whether you're talking about financially stable stocks or low-volatility funds . But some investors prefer to check their shopping lists if they see volatility coming, and quick market drops can provide an opening to get already high-quality companies at slightly better prices. Take the following five stocks to buy , for instance. Each of these companies boast solid balance sheets, cash generation and other healthful financial measures, but each has also been caught up in the market's latest tantrums. Kyle Woodley was long NVDA as of this writing. SEE MORE Best Online Brokers, 2021 You may also like Dying Careers You May Want to Steer Clear Of 5 Top Dividend Aristocrats to Beef Up Your Portfolio What Is the Social Security COLA? || Crypto is ‘in the early stages’ of a ‘long-term upward trend’: Analyst: The vast majority of money managers remain cautious on cryptocurrency investing, despite some big name investors putting their money behind digital coins, according to one analyst. Speaking at Yahoo Finance’s All Markets Summit Plus, Fairlead Strategies founder Katie Stockton said crypto adoption still remains in the "very early stages" with limited institutional money flowing into the space. “ We're kind of at the very low end of that curve, right? That could accelerate to the upside,” she said. “That goes not just for individuals but institutions as well, especially pension funds is one source of major assets out there. Really which have not largely been deployed to cryptocurrencies now.” More than half of the world’s largest banks now have exposure to crypto, either through direct or indirect investments in projects related to digital currencies and blockchain, according to Blockdata . But more conservative wealth managers, including state and local pension funds, have largely remained on the sidelines, concerned about the price volatility and regulatory uncertainty clouding the industry. Earlier this month, two Virginia public pension funds announced they were seeking approval for a $50 million investment in a fund that buys digital tokens and cryptocurrency derivatives, becoming one of a few pension funds to publicly announce they are jumping in. “I think when we get there, we will see that greater liquidity and sort of tighter spreads, if you will, influence them in a positive way such that there will be less volatility,” said Stockton. “But we found that using the charts and the technical indicators at our disposal that the cryptocurrencies are really minding support resistance levels. So while there is expected volatility, we have ways to manage risk to navigate those short-term swings by identifying key levels, and combining them with indicators that measure things like momentum and overbought oversold readings.” Story continues Adoption among retail traders have accelerated at a faster rate, especially during the COVID-19 pandemic. The price of bitcoin alone has increased nearly 500%, from March 2020. The ease with which investors can now buy digital coins, through platforms like Coinbase ( COIN ), Paypal ( PYPL ), and Robinhood ( HOOD ), have also led to increased exposure. A recent study by the University of Chicago found that 13% of Americans traded crypto over the last 12 months, compared to 24% who invested in stocks. Regardless of adoption rates, Stockton sees a "long-term uptrend in crypto." Despite a recent sell-off triggered by China’s central bank banning all crypto transactions, and fears around the Chinese property market, Stockton said crypto assets have held on to key resistance levels, signaling support in the market. “Bitcoin has tended to outperform when they're collectively going lower and [crypto assets] do tend to remain directionally in step,” she said. “So even though you can always find sources of outperformance and underperformance, you'll find that most [coins] are all up on the same day and all down on the same day and I think that that is something that we can depend upon.” Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || Crypto is ‘in the early stages’ of a ‘long-term upward trend’: Analyst: The vast majority of money managers remain cautious on cryptocurrency investing, despite some big name investors putting their money behind digital coins, according to one analyst. Speaking at Yahoo Finance’s All Markets Summit Plus, Fairlead Strategies founder Katie Stockton said crypto adoption still remains in the "very early stages" with limited institutional money flowing into the space. “ We're kind of at the very low end of that curve, right? That could accelerate to the upside,” she said. “That goes not just for individuals but institutions as well, especially pension funds is one source of major assets out there. Really which have not largely been deployed to cryptocurrencies now.” More than half of the world’s largest banks now have exposure to crypto, either through direct or indirect investments in projects related to digital currencies and blockchain, according to Blockdata . But more conservative wealth managers, including state and local pension funds, have largely remained on the sidelines, concerned about the price volatility and regulatory uncertainty clouding the industry. Earlier this month, two Virginia public pension funds announced they were seeking approval for a $50 million investment in a fund that buys digital tokens and cryptocurrency derivatives, becoming one of a few pension funds to publicly announce they are jumping in. “I think when we get there, we will see that greater liquidity and sort of tighter spreads, if you will, influence them in a positive way such that there will be less volatility,” said Stockton. “But we found that using the charts and the technical indicators at our disposal that the cryptocurrencies are really minding support resistance levels. So while there is expected volatility, we have ways to manage risk to navigate those short-term swings by identifying key levels, and combining them with indicators that measure things like momentum and overbought oversold readings.” Story continues Adoption among retail traders have accelerated at a faster rate, especially during the COVID-19 pandemic. The price of bitcoin alone has increased nearly 500%, from March 2020. The ease with which investors can now buy digital coins, through platforms like Coinbase ( COIN ), Paypal ( PYPL ), and Robinhood ( HOOD ), have also led to increased exposure. A recent study by the University of Chicago found that 13% of Americans traded crypto over the last 12 months, compared to 24% who invested in stocks. Regardless of adoption rates, Stockton sees a "long-term uptrend in crypto." Despite a recent sell-off triggered by China’s central bank banning all crypto transactions, and fears around the Chinese property market, Stockton said crypto assets have held on to key resistance levels, signaling support in the market. “Bitcoin has tended to outperform when they're collectively going lower and [crypto assets] do tend to remain directionally in step,” she said. “So even though you can always find sources of outperformance and underperformance, you'll find that most [coins] are all up on the same day and all down on the same day and I think that that is something that we can depend upon.” Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || SEC should allow investors to 'choose their own' bitcoin exposure: Grayscale head of ETFs: The Securities and Exchange Commission (SEC) is still hesitant to approve the many applications to start a much-awaited bitcoin exchange-traded fund (ETF), and one major player in the space is calling on the SEC to give investors a choice. David LaValle, managing director and global head of ETFs at Grayscale, said the SEC should allow investors to “choose their own exposure that meets their own investment needs and their own investment thesis.” SEC Chairman Gary Gensler has expressed lukewarm enthusiasm for investment vehicles that provide exposure to crypto assets. In August, he suggested he may be more willing to support the formation of products tied to bitcoin futures (contracts that bet on the future price of bitcoin), but fretted over what he sees as a lack of investor protection in the “Wild West” of crypto. The SEC has so far rejected a number of ETF applications hoping to track the price of bitcoin itself (often referred to as a spot ETF product). LaValle said he would prefer that the SEC give its blessing to both a bitcoin futures ETF product and a bitcoin spot ETF product at the same time. “We think that the SEC should really take an equitable approach to allowing investors to choose which type of bitcoin exposure in the form of an ETF that they would like,” said LaValle at Yahoo Finance’s All Markets Summit Plus: Crypto Investing (an event sponsored by Grayscale) Monday. 'Glimmer of hope' Grayscale currently offers investor exposure to bitcoin through its Grayscale Bitcoin Trust ( GBTC ). But private placement in the trust is only available to accredited investors, which is why LaValle hopes to convert the trust to an ETF — if regulators approve it. “Bitcoin can be a little bit challenging for many investors to determine how to seek exposure or store it reliably and have a component of their investment portfolio in that asset class. I think the ETF opens up the pool to a much larger investment universe," LaValle said. Story continues Davis Polk Capital Markets Group Partner Joseph Hall told Yahoo Finance that there may be reason to be optimistic about the SEC coming around to approving bitcoin ETFs. Hall noted that the commission has turned down previous bitcoin ETF applications on the basis of market manipulation, mostly in markets abroad. One example: “wash trading,” in which a trader buys and sells a coin for the sole purpose of pumping volume and intentionally misleading the market. But Hall pointed out that manipulation would have an impact on futures markets as well, which means that any support of a bitcoin futures ETF could show a “dwindling” emphasis on the rationale the commission has used historically to deny a bitcoin spot ETF. “At least I would say there’s some glimmer of hope in the orientation that Chair Gensler seems to have here,” said Hall Monday in the same panel. Brian Cheung is a reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter @bcheungz . Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Facebook , Instagram , Flipboard , LinkedIn , YouTube , and reddit || SEC should allow investors to 'choose their own' bitcoin exposure: Grayscale head of ETFs: The Securities and Exchange Commission (SEC) is still hesitant to approve the many applications to start a much-awaited bitcoin exchange-traded fund (ETF), and one major player in the space is calling on the SEC to give investors a choice.
David LaValle, managing director and global head of ETFs at Grayscale, said the SEC should allow investors to “choose their own exposure that meets their own investment needs and their own investment thesis.”
SEC Chairman Gary Gensler has expressed lukewarm enthusiasm for investment vehicles that provide exposure to crypto assets.
In August, hesuggestedhe may be more willing to support the formation of products tied to bitcoin futures (contracts that bet on the future price of bitcoin), but fretted over what he sees as a lack of investor protection in the “Wild West” of crypto.
The SEC has so far rejected a number of ETF applications hoping to track the price of bitcoin itself (often referred to as a spot ETF product).
LaValle said he would prefer that the SEC give its blessing to both a bitcoin futures ETF product and a bitcoin spot ETF product at the same time.
“We think that the SEC should really take an equitable approach to allowing investors to choose which type of bitcoin exposure in the form of an ETF that they would like,” said LaValle at Yahoo Finance’s All Markets Summit Plus: Crypto Investing (an event sponsored by Grayscale) Monday.
Grayscale currently offers investor exposure to bitcoin through its Grayscale Bitcoin Trust (GBTC). But private placement in the trust is only available to accredited investors, which is why LaValle hopes to convert the trust to an ETF — if regulators approve it.
“Bitcoin can be a little bit challenging for many investors to determine how to seek exposure or store it reliably and have a component of their investment portfolio in that asset class. I think the ETF opens up the pool to a much larger investment universe," LaValle said.
Davis Polk Capital Markets Group Partner Joseph Hall told Yahoo Finance that there may be reason to be optimistic about the SEC coming around to approving bitcoin ETFs.
Hall noted that the commission has turned down previous bitcoin ETF applications on the basis of market manipulation, mostly in markets abroad. One example: “wash trading,” in which a trader buys and sells a coin for the sole purpose of pumping volume and intentionally misleading the market.
But Hall pointed out that manipulation would have an impact on futures markets as well, which means that any support of a bitcoin futures ETF could show a “dwindling” emphasis on the rationale the commission has used historically to deny a bitcoin spot ETF.
“At least I would say there’s some glimmer of hope in the orientation that Chair Gensler seems to have here,” said Hall Monday in the same panel.
Brian Cheung is a reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter@bcheungz.
• Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,LinkedIn,YouTube, andreddit || What do Gary Gensler’s MIT lectures reveal about future crypto regulation?: Gary Gensler, the current chairman of the Securities Exchange Commission (SEC), has had a turbulent relationship with crypto assets so far this year. But with cryptocurrency firmly off the SEC’s 2021 regulatory agenda, many are wondering what policies Gensler might be cooking up as the industry braces itself for next year. This comes as the 64-year-old seemed to threaten to flex the SEC’s muscles in tackling the industry. As it relates to cryptocurrencies, we have robust authorities @SECGov and we’re going to use them. pic.twitter.com/5arBuvEumq — Gary Gensler (@GaryGensler) September 21, 2021 Some of the crypto community assume that Gensler is a dinosaur with little or no understanding of cryptocurrencies. This, however, couldn’t be further from the truth. Before the start of his stint at the SEC, Gensler was responsible for teaching a lecture series titled Blockchain and Money at the Massachusetts Institute of Technology (MIT) in 2018-19. With the entire lecture series recently made available to the public , Coin Rivet took a deep dive to look for clues about Gensler’s regulatory ideas for the crypto industry. Inside the head of Gary Gensler In the lecture series, Gensler seeks to paint a narrative of an emergent industry transitioning from its early stages into the first real threads of an established industry. Describing the state of the the regulatory outlook for crypto assets back in 2018 he explained they were largely safe from classification as securities. “In terms of market value, probably three quarters of this space has already been determined by the Securities and Exchange Commission not to be a security,” he said. “Bitcoin’s 54%, Ether’s about 15 points or something like that. So you’re all of a sudden up to about 70 points. Story continues “So about three quarters of the market value right now is what one might call a cash, or a commodity, but not a security in this world”. This is the point at which regulations come into play and, somewhat surprisingly, he argues this is grounded in the wants of the bigger players in the crypto industry. “Sometimes, actually, institutions want to be regulated over time,” he explained. “Because it creates barriers to entry. It’s usually not in an early stage. But later on, it’s actually the incumbents that often… it creates some barriers to entry and they collect some economic rents. ICOs = Securities Governments face a very difficult decision on how to approach regulating such a promising new industry. “No government wants to shrink their tax base,” he pointed out. The absolute explosion of ICOs and NFTs throughout the year have driven forward an urgency for regulation and, amid this, ICOs seem to draw specific fire in Gensler’s lectures. “ Securities are when there is an issuer,” he said. “T his initial coin offering market is probably mostly securities. “That person raising money knows more information than the person investing, they probably always will. So you get to ‘what’s the fair exchange of information?'” And this led him to earnestly explain the position of every financial regulator: “Authorities need to decide – are you going to isolate this world, regulate it, integrate it?” More crypto news and information If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started. As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
[Social Media Buzz]
None available.
|
41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90, 7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78, 8719.96, 8659.49, 8319.47, 8574.50, 8564.02, 8742.96, 8209.00, 7707.77, 7824.23, 7822.02, 8043.95, 7954.13, 7688.08, 8000.33, 7927.71, 8145.86, 8230.92, 8693.83, 8838.38, 8994.49, 9320.35, 9081.76, 9273.52, 9527.16, 10144.56, 10701.69, 10855.37, 11011.10, 11790.92, 13016.23, 11182.81, 12407.33, 11959.37, 10817.16, 10583.13, 10801.68, 11961.27, 11215.44, 10978.46, 11208.55, 11450.85, 12285.96, 12573.81, 12156.51, 11358.66, 11815.99, 11392.38, 10256.06, 10895.09, 9477.64, 9693.80, 10666.48, 10530.73, 10767.14, 10599.11, 10343.11, 9900.77, 9811.93, 9911.84, 9870.30, 9477.68, 9552.86, 9519.15, 9607.42, 10085.63, 10399.67, 10518.17, 10821.73, 10970.18, 11805.65, 11478.17, 11941.97.
|
[Bitcoin Technical Analysis for 2019-08-07]
Volume: 22194988641, RSI (14-day): 63.84, 50-day EMA: 10298.16, 200-day EMA: 7862.63
[Wider Market Context]
Gold Price: 1507.30, Gold RSI: 81.78
Oil Price: 51.09, Oil RSI: 33.75
[Recent News (last 7 days)]
Bitcoin wallet Blockchain.com creates its own crypto exchange: Blockchain.com, a popular cryptocurrency wallet, has now branched out into offering anexchange servicecalled PIT that itclaimsis the fastest in the world. The PIT is an institutional-grade cryptocurrency trading platform that will also cater to the retail market.
The exchange will, initially, be open to more than 200 countries and offer 26 trading pairs, including the U.S. Dollar, the Euro, and the British Pound.
The PIT’s most significant selling point is its speed. The exchange boasts that it makes trades in microseconds, not milliseconds (1 millisecond is equivalent to 1,000 microseconds) and has been in the works for a year. This USP, the team hopes, will be enough to tempt users away from more established exchanges, likeBinanceandCoinbase.
“We delivered… a matching engine that could go head-to-head against any machine engine in the entire world,” it said in astatement.
Speed is a decisive factor for traders. Small delays can cause changes in price, particularly during high-frequency trading. The PIT will also be hosted at Equinix LD4, which is a low-latency data centre, based in the UK, to ensure there will be few delays for traders.
Finally, to hit the ground running, Blockchain.com says it has already made partnerships with global market makers to provide initial liquidity.
Binance CEO Changpeng Zhao was briefly the CTO at Blockchain.com before he was fired in early 2014. He went on to create Binance, the biggest crypto exchange in the world. Blockchain.com’s CTO has some serious boots to fill. || Bitcoin wallet Blockchain.com creates its own crypto exchange: Blockchain.com, a popular cryptocurrency wallet, has now branched out into offering anexchange servicecalled PIT that itclaimsis the fastest in the world. The PIT is an institutional-grade cryptocurrency trading platform that will also cater to the retail market.
The exchange will, initially, be open to more than 200 countries and offer 26 trading pairs, including the U.S. Dollar, the Euro, and the British Pound.
The PIT’s most significant selling point is its speed. The exchange boasts that it makes trades in microseconds, not milliseconds (1 millisecond is equivalent to 1,000 microseconds) and has been in the works for a year. This USP, the team hopes, will be enough to tempt users away from more established exchanges, likeBinanceandCoinbase.
“We delivered… a matching engine that could go head-to-head against any machine engine in the entire world,” it said in astatement.
Speed is a decisive factor for traders. Small delays can cause changes in price, particularly during high-frequency trading. The PIT will also be hosted at Equinix LD4, which is a low-latency data centre, based in the UK, to ensure there will be few delays for traders.
Finally, to hit the ground running, Blockchain.com says it has already made partnerships with global market makers to provide initial liquidity.
Binance CEO Changpeng Zhao was briefly the CTO at Blockchain.com before he was fired in early 2014. He went on to create Binance, the biggest crypto exchange in the world. Blockchain.com’s CTO has some serious boots to fill. || Bitcoin wallet Blockchain.com creates its own crypto exchange: Blockchain.com, a popular cryptocurrency wallet, has now branched out into offering an exchange service called PIT that it claims is the fastest in the world. The PIT is an institutional-grade cryptocurrency trading platform that will also cater to the retail market. The exchange will, initially, be open to more than 200 countries and offer 26 trading pairs, including the U.S. Dollar, the Euro, and the British Pound. The PITs most significant selling point is its speed. The exchange boasts that it makes trades in microseconds, not milliseconds (1 millisecond is equivalent to 1,000 microseconds) and has been in the works for a year. This USP, the team hopes, will be enough to tempt users away from more established exchanges, like Binance and Coinbase . We delivered
a matching engine that could go head-to-head against any machine engine in the entire world, it said in a statement . Speed is a decisive factor for traders. Small delays can cause changes in price, particularly during high-frequency trading. The PIT will also be hosted at Equinix LD4, which is a low-latency data centre, based in the UK, to ensure there will be few delays for traders. Finally, to hit the ground running, Blockchain.com says it has already made partnerships with global market makers to provide initial liquidity. Binance CEO Changpeng Zhao was briefly the CTO at Blockchain.com before he was fired in early 2014. He went on to create Binance, the biggest crypto exchange in the world. Blockchain.coms CTO has some serious boots to fill. || The bitcoin community is trying to design the “Satoshi symbol”: Thebitcoincommunity is trying its hand at design.
Discussion over which symbol should be used to represent the satoshi—the smallest unit of bitcoin, named after its inventor, Satoshi Nakamoto—has resurfaced. After a lengthy Redditdiscussionback in March, and many proposed posts since, the issue is once again back on the agenda.
Jack Dorsey, Square’s co-founder retweeted a post by Desiree Dickerson, head of operations at Lightning Labs, asking for a satoshi symbol to be crowdsourced. And, as expected the suggestions rolled in. The problem? None of them were any good.
One suggestion was an S written over as N, which was accompanied with a quickmock up:
Anotherideawas to delineate bitcoin (worth $9,580) and the satoshi (worth $0.000095) with almost indistinguishable symbols: ฿ and ₿. With the prevalence offat-fingered mistakes, this might be a recipe for disaster.
Then there was thissuggestion:
We’ll just leave that one there.
Back on Twitter, one Twitter userrecommendedthe Japanese word for Satoshi: ｻﾄｼ and anotherput forwardan S with a sword going through it. Over on Reddit, the whole debacle was parodied in the Buttcoin subreddit, with the proposed logo people seemed to enjoy the most spelling SFYL, meaning “sorry for your loss”—a term used when someone loses a huge amount of bitcoin in ascam, or aPonzi schemeor onBitMEX.
One of the most common responses was the “pointy S” that every kid learns how to draw in school butnobody has a clueto where it came from. But alas, it was deemed impractical.
Ken Shirriff, who was responsible for getting the ₿ added to Unicode, strongly recommended that the community sticks to symbols already within the existing batch of approved symbols. “While it’s fun to invent a new character for the satoshi, it would be mostly unusable and cause problems,” hetweeted. Instead, he put forward a number of options, including such radical designs as a box with two lines coming out of the top and a line with two intersecting lines.
Several members of the community suggested the lightning bolt, which is used in reference toLightning—a scaling solution for the Bitcoin network. Yet one beady-eyed watcher pointed out that was the same symbol used by the SS in Germany.
In fact, the only design that appeared to be gathering any sort of momentum was the “Sat”—a mismatch of the @ symbol, the letter S and a line. It looks likethis:
And in practice it would be spelled “$@.” It even has its ownGithub repo, and its creator has been pushing the design for over a year now.
But alas, Twitter did not take kindly to it, with one usersaying, “No offence, but that logo is really ugly.” Another simplysaid“meh.”
Many die-hard bitcoiners said that the search for a new symbol was futile. In fact,manysuggested they should just use the US dollar symbol once bitcoin becomes the world’s dominant currency. The search for a satoshi logo continues.
zz
The one saving grace in all this appears to be the bitcoin community is following a similar pattern to how it choose the B symbol. The original design for the Bitcoin “B” started life as a “BC” on a gaudy gold coin. The final design—the italicised white B in serif with two lines running through it on an orange background—was posted by a still-unknown user as his/her one and only BitcoinTalk forum post in November, 2010, and then just stuck. But it is widely disliked.
TheBitcoinsymbol.orgwebsite criticizes it as a logo, not a symbol. As such, it would suit a company better than a decentralized currency. It pointed out that there was no symbol for the B at the time—although it has since been introduced toUnicodeandvarious platforms. Instead, it recommends a “Ƀ” with a dash through the lower section.
Will the satoshi symbol be prettier and more functional, or just another tacky eyesore? || Shark Tank’s Kevin O’Leary Questions Bitcoin’s Role as ‘Safe Haven’: The debate over bitcoin’s role as a “safe haven” asset hit mainstream media on Tuesday, following reports that bitcoin’s recent price run could be attributed to Chinese capital flight.
Speaking withCNBCon Tuesday, businessman and co-host of NBC’s “Shark Tank” Kevin O’Leary and Morgan Creek Digital’s Anthony “Pomp” Pompliano took opposing sides in the conversation. Pompliano is a well-known bitcoin bull, while O’Leary played the role of skeptic.
Over the course of the conversation, Pompliano said over half of his net worth now resides in the world’s largest cryptocurrency by total value. O’Leary sought to describe the investment strategy as foolish in return.
Related:Bitcoin Price Rises Above $12K to Hit One-Month High
“In any one stock, never more than 5 percent, in any one sector, never more than 20 percent,” O’Leary said. “I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! That’s nuts!”
Responding to bitcoin’s role as a safe haven, Pompliano said the asset is negatively correlated with every other major asset class.
“[Morgan Creek Digital] has been banging the drum for over a year now saying that this is a non-correlated asymmetric asset. If you look at times of global instability like in May, where we are lobbing tariff threats and the trade wars are going on, bitcoin is up 55 percent. It’s got a negative correlation, -0.9 to S&P negative -0.8 to gold.”
O’Leary’s main point concerned alternative cryptocurrencies.
Related:Bitcoin Eyes $12K Price Hurdle as Dominance Rate Hits 28-Month High
“If this is really such a great idea, why is there really only one Vegas game working?” he asked.
Two years ago, O’Leary explained, he purchased $100 of various cryptocurrencies likebitcoin,bitcoin cash,XRP,ethereum, andstellar lumens. His holdings are down about 70 percent.
Pompliano responded by saying no exposure to the asset class was irresponsible for financial institutions, a claim he’s frequently voiced via his popular Twitter account.
CNBC’s segment on bitcoin as a safe haven was an extension of the currency discussion occurring around China. Yesterday, the United States labelled China a currency manipulator.
The U.S. announcement fell on the heels of reports between Chinese capital fleeing into alternative investments like cryptocurrencies. A recentreportby CoinDesk said between $10 and $30 million Tether daily trade volume is conducted in Moscow from mostly Chinese accounts.
Image via Kathy Hutchins /Shutterstock.
• Bitcoin’s Price Jumps Back Above $11K for the First Time In 3 Weeks
• From Ghana to the Bronx, These Teen Bitcoiners Are Building the Future || Shark Tank’s Kevin O’Leary Questions Bitcoin’s Role as ‘Safe Haven’: The debate over bitcoin’s role as a “safe haven” asset hit mainstream media on Tuesday, following reports that bitcoin’s recent price run could be attributed to Chinese capital flight.
Speaking withCNBCon Tuesday, businessman and co-host of NBC’s “Shark Tank” Kevin O’Leary and Morgan Creek Digital’s Anthony “Pomp” Pompliano took opposing sides in the conversation. Pompliano is a well-known bitcoin bull, while O’Leary played the role of skeptic.
Over the course of the conversation, Pompliano said over half of his net worth now resides in the world’s largest cryptocurrency by total value. O’Leary sought to describe the investment strategy as foolish in return.
Related:Bitcoin Price Rises Above $12K to Hit One-Month High
“In any one stock, never more than 5 percent, in any one sector, never more than 20 percent,” O’Leary said. “I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! That’s nuts!”
Responding to bitcoin’s role as a safe haven, Pompliano said the asset is negatively correlated with every other major asset class.
“[Morgan Creek Digital] has been banging the drum for over a year now saying that this is a non-correlated asymmetric asset. If you look at times of global instability like in May, where we are lobbing tariff threats and the trade wars are going on, bitcoin is up 55 percent. It’s got a negative correlation, -0.9 to S&P negative -0.8 to gold.”
O’Leary’s main point concerned alternative cryptocurrencies.
Related:Bitcoin Eyes $12K Price Hurdle as Dominance Rate Hits 28-Month High
“If this is really such a great idea, why is there really only one Vegas game working?” he asked.
Two years ago, O’Leary explained, he purchased $100 of various cryptocurrencies likebitcoin,bitcoin cash,XRP,ethereum, andstellar lumens. His holdings are down about 70 percent.
Pompliano responded by saying no exposure to the asset class was irresponsible for financial institutions, a claim he’s frequently voiced via his popular Twitter account.
CNBC’s segment on bitcoin as a safe haven was an extension of the currency discussion occurring around China. Yesterday, the United States labelled China a currency manipulator.
The U.S. announcement fell on the heels of reports between Chinese capital fleeing into alternative investments like cryptocurrencies. A recentreportby CoinDesk said between $10 and $30 million Tether daily trade volume is conducted in Moscow from mostly Chinese accounts.
Image via Kathy Hutchins /Shutterstock.
• Bitcoin’s Price Jumps Back Above $11K for the First Time In 3 Weeks
• From Ghana to the Bronx, These Teen Bitcoiners Are Building the Future || Shark Tanks Kevin OLeary Questions Bitcoins Role as Safe Haven: The debate over bitcoins role as a safe haven asset hit mainstream media on Tuesday, following reports that bitcoins recent price run could be attributed to Chinese capital flight. Speaking with CNBC on Tuesday, businessman and co-host of NBCs Shark Tank Kevin OLeary and Morgan Creek Digitals Anthony Pomp Pompliano took opposing sides in the conversation. Pompliano is a well-known bitcoin bull, while OLeary played the role of skeptic. Over the course of the conversation, Pompliano said over half of his net worth now resides in the worlds largest cryptocurrency by total value. OLeary sought to describe the investment strategy as foolish in return. Related: Bitcoin Price Rises Above $12K to Hit One-Month High In any one stock, never more than 5 percent, in any one sector, never more than 20 percent, OLeary said. I teach this stuff! You never go beyond concentrations of that nature! Fifty percent! Shame on you! Thats nuts! Responding to bitcoins role as a safe haven, Pompliano said the asset is negatively correlated with every other major asset class. [Morgan Creek Digital] has been banging the drum for over a year now saying that this is a non-correlated asymmetric asset. If you look at times of global instability like in May, where we are lobbing tariff threats and the trade wars are going on, bitcoin is up 55 percent. Its got a negative correlation, -0.9 to S&P negative -0.8 to gold. OLearys main point concerned alternative cryptocurrencies. Related: Bitcoin Eyes $12K Price Hurdle as Dominance Rate Hits 28-Month High If this is really such a great idea, why is there really only one Vegas game working? he asked. Two years ago, OLeary explained, he purchased $100 of various cryptocurrencies like bitcoin , bitcoin cash , XRP , ethereum , and stellar lumens . His holdings are down about 70 percent. Pompliano responded by saying no exposure to the asset class was irresponsible for financial institutions, a claim hes frequently voiced via his popular Twitter account. Story continues CNBCs segment on bitcoin as a safe haven was an extension of the currency discussion occurring around China. Yesterday, the United States labelled China a currency manipulator. The U.S. announcement fell on the heels of reports between Chinese capital fleeing into alternative investments like cryptocurrencies. A recent report by CoinDesk said between $10 and $30 million Tether daily trade volume is conducted in Moscow from mostly Chinese accounts. Image via Kathy Hutchins / Shutterstock. Related Stories Bitcoins Price Jumps Back Above $11K for the First Time In 3 Weeks From Ghana to the Bronx, These Teen Bitcoiners Are Building the Future || WealthStack New Wrinkle For Advisors & Fintech: Blair duQuesnay, CFA and CFP, is an investment advisor at Ritholtz Wealth Management, where she works with the firm’s clients to create sustainable financial plans and investment strategies. She is also writes the financial blog,“The Belle Curve,”and will be appearing at the“Wealth/Stack: Investing + Tech = The Future Of Advice”conference September 8-10 in Scottsdale, Arizona. Ritholtz Wealth Management is putting on the conference; the event is described as “created by advisors for advisors.”
ETF.com: Would you explain your role at Ritholtz Wealth Management (RWM)?
Blair duQuesnay:I'm a client-facing investment advisor. So I do financial plans for clients. I talk to people interested in becoming clients of the firm and then become their advisor.
I'm also a blogger. I write the blog “The Belle Curve,” and blog about financial planning topics and investing. So it's a dual role. I also serve as a member of the investment committee.
ETF.com: You're based in New Orleans. Are your clients all in the Louisiana area? Do you have a territory, or is it national?
duQuesnay:Not necessarily. I work with clients all over the country.
ETF.com: How many advisors are at the firm that are in your role, and how many people work at RWM?
duQuesnay: We have 31 employees and 17 advisors.
ETF.com: Tell me a little bit about the WealthStack conference.
duQuesnay:Wealth Stack is a new conference. We’ve done a few conferences in the past, but this is our first collaboration with Informa. And yes, this is a brand new conference by advisors for advisors.
There's a dual component though. It's also for fintech firms looking to introduce their technology to advisors. There's going to be a competition on best new financial technology inside the conference.
ETF.com What kind of fintech are we talking about?
duQuesnay:We have speakers from some of the top technology providers in the industry, such as Orion Advisor Solutions, which provides performance management software that also does billing for clients. It's also the client portal. So that's a huge one.
We have speakers from some of the custodians such as Dani Fava of TD Ameritrade.
Wealth manager firms can have a back shop like Shirl Penney's Dynasty, and it's all through one provider, or they have 10-12 different providers, and everything from performance management to marketing, email management, data collection and account aggregation. There's so many technologies out there trying to make what we do to serve clients easier and faster. And it's moving faster than we can really keep up with.
ETF.com: What’s behind the name WealthStack?
duQuesnay:There are two tracks of the conference. There's the wealth side talking about how to provide wealth management services to clients. That could be investing related, process management related, how you run your firm, and everything from succession planning to how to brand yourself on social media, to what to invest in. And then the stack side is the technology aspect of the conference, because you need your technology stack.
ETF.com: What led you into financial advising? How did you start?
duQuesnay:That's a long and winding road. I went to college to major in dance. I was a ballet dancer and ended up deciding I should probably get two majors if I were going to major in dance, and ended up really only majoring in business finance concentration. And I’ve worked in wealth management my entire career.
I was hired out of college to join a team at a brokerage firm, worked there for 5 ½ years until the financial crisis, when I was laid off. Then I joined an RIA firm in New York, where I learned financial planning and took my CFP, and it's been 10 years since. I joined Ritholtz Wealth Management over a year ago.
ETF.com: I’ve read that it's difficult for advisory firms to find younger advisors coming out of college and getting into wealth management, just finding the new generation of advisors. Do you see and hear that?
duQuesnay:Yes, I think there’s a shortage of young people. The average advisor is 59 ½. If you look at the data on how many certified financial planners are under age 40 and how many CFA [chartered financial analyst] holders are under age 40, we know that there are fewer people entering the business.
But on the flip side, what you've seen is the creation of financial planning degrees at universities. So my alma mater, University of Georgia, didn't have a financial planning degree when I was there, but they do now. They have one of the best programs in the country. Texas Tech, Kansas State, Virginia Tech are some of the top.
There are certainly people who are interested and who are going to college to get a degree in personal financial planning. But without a doubt, we need more people to enter the industry. I think when I was coming out of school, finance was very popular, but everybody wanted to be an investment banker. Today finance is very unpopular, and everybody wants to work for a tech company.
I do think it's a challenge to find young people who want to be financial advisors.
ETF.com: Let's talk about your philosophy as an advisor. You wrote a blog on why you should fire your male broker: 1) what did you want to get out of that piece; and 2) when it comes to male/female advisors, is there a significant difference?
duQuesnay:It’s really the fact that, for over the 15 years I've been an advisor, the ratio of women to men in the industry has remained steady at about 20% [women]. So we're not seeing progress there like you're seeing in other fields, such as law and medicine. Even in engineering we're seeing progress.
I was trying to point out to women who may be considering their career options that being a financial advisor is an excellent option. It's a work/life balance that you may not get in medicine or law. And what's not advertised, really, is that it's an opportunity to help people—to help people figure out how to pay for college, how to retire when they want to.
The industry is mostly portrayed as people trying to make money and trade and pick the best stocks and the winning investments. But financial planning is much more about creating goal-based plans and figuring out how people are going to meet their goals.
ETF.com: And in terms of how you get your clients, do they come to you? What is the recruitment process?
duQuesnay:Well, we're a very unique situation, because our clients are reaching out to us because they have already been reading our blogs or have seen Josh [Brown] on television or have heard Barry [Ritholtz] on Bloomberg Radio or read one of our books or have seen one of our YouTube videos. So people are reaching out to us.
They already know what we do, what our philosophy is what our business model is. So, we're in a very fortunate position as advisors, where these names are handed to us and we reach out to them, and see if they're a good fit for our firm. I wouldn't say that that's the norm in the industry by any means.
ETF.com: How many clients do you work with?
duQuesnay:I personally am working with about 35 families. An advisor at our firm will probably work with between 80 and 100 families based on the amount of time it takes to service those families. I've been at the firm just over a year, and I've added over 20 families.
But we’re a team-based approach. So the advisor is the primary relationship management contact, but if clients want to talk in more detail about their investments, they might talk to Barry Ritholtz, Michael Batnick or Ben Carlson. If they have a tax question, they’ll work with our CFO Bill Sweet. Patrick Haley is the head of our trading department; he works with clients on transactions. So they're really hiring the whole team, and the advisor is the primary relationship manager.
ETF.com: Going back to the conference, will you be on stage?
duQuesnay:Yes. I'm really excited to interview Allison Schrager on Sunday night at WealthStack. She is the author of “An Economist Walks Into a Brothel,” which is a very fascinating concept.
I’m also excited to hear about all of the conversations she had with different types of risk-takers, whether it's horse breeders or professional poker players, but also to talk to her about her primary research, which is how to fund and pay for retirement. I think that her research in that area is very fascinating.
Another can't-miss session is the breakfast clash of the ETF pundits with [ETF.com Managing Director] Dave Nadig and a variety of other people from the industry. That is going to be a fascinating breakfast conversation.
ETF.com: That'll wake everyone up, for sure.
Recommended Stories
• Hot ETF Topics From Wealth/Stack
• Hot Reads: SEC Chairman Speaks On Bitcoin
• Wealth/Stack 2019: Live Blog
• Hot Reads: 10 Best New ETFs To Buy
Permalink| © Copyright 2019ETF.com.All rights reserved || WealthStack New Wrinkle For Advisors & Fintech: Blair duQuesnay Blair duQuesnay, CFA and CFP, is an investment advisor at Ritholtz Wealth Management, where she works with the firm’s clients to create sustainable financial plans and investment strategies. She is also writes the financial blog, “The Belle Curve,” and will be appearing at the “Wealth/Stack: Investing + Tech = The Future Of Advice” conference September 8-10 in Scottsdale, Arizona. Ritholtz Wealth Management is putting on the conference; the event is described as “created by advisors for advisors.” ETF.com: Would you explain your role at Ritholtz Wealth Management (RWM)? Blair duQuesnay: I'm a client-facing investment advisor. So I do financial plans for clients. I talk to people interested in becoming clients of the firm and then become their advisor. I'm also a blogger. I write the blog “The Belle Curve,” and blog about financial planning topics and investing. So it's a dual role. I also serve as a member of the investment committee. ETF.com: You're based in New Orleans. Are your clients all in the Louisiana area? Do you have a territory, or is it national? duQuesnay: Not necessarily. I work with clients all over the country. ETF.com: How many advisors are at the firm that are in your role, and how many people work at RWM? duQuesnay : We have 31 employees and 17 advisors. ETF.com: Tell me a little bit about the WealthStack conference. duQuesnay: Wealth Stack is a new conference. We’ve done a few conferences in the past, but this is our first collaboration with Informa. And yes, this is a brand new conference by advisors for advisors. There's a dual component though. It's also for fintech firms looking to introduce their technology to advisors. There's going to be a competition on best new financial technology inside the conference. ETF.com What kind of fintech are we talking about? duQuesnay: We have speakers from some of the top technology providers in the industry, such as Orion Advisor Solutions, which provides performance management software that also does billing for clients. It's also the client portal. So that's a huge one. Story continues We have speakers from some of the custodians such as Dani Fava of TD Ameritrade. Wealth manager firms can have a back shop like Shirl Penney's Dynasty, and it's all through one provider, or they have 10-12 different providers, and everything from performance management to marketing, email management, data collection and account aggregation. There's so many technologies out there trying to make what we do to serve clients easier and faster. And it's moving faster than we can really keep up with. ETF.com: What’s behind the name WealthStack? duQuesnay: There are two tracks of the conference. There's the wealth side talking about how to provide wealth management services to clients. That could be investing related, process management related, how you run your firm, and everything from succession planning to how to brand yourself on social media, to what to invest in. And then the stack side is the technology aspect of the conference, because you need your technology stack. ETF.com: What led you into financial advising? How did you start? duQuesnay: That's a long and winding road. I went to college to major in dance. I was a ballet dancer and ended up deciding I should probably get two majors if I were going to major in dance, and ended up really only majoring in business finance concentration. And I’ve worked in wealth management my entire career. I was hired out of college to join a team at a brokerage firm, worked there for 5 ½ years until the financial crisis, when I was laid off. Then I joined an RIA firm in New York, where I learned financial planning and took my CFP, and it's been 10 years since. I joined Ritholtz Wealth Management over a year ago. ETF.com: I’ve read that it's difficult for advisory firms to find younger advisors coming out of college and getting into wealth management, just finding the new generation of advisors. Do you see and hear that? duQuesnay: Yes, I think there’s a shortage of young people. The average advisor is 59 ½. If you look at the data on how many certified financial planners are under age 40 and how many CFA [chartered financial analyst] holders are under age 40, we know that there are fewer people entering the business. But on the flip side, what you've seen is the creation of financial planning degrees at universities. So my alma mater, University of Georgia, didn't have a financial planning degree when I was there, but they do now. They have one of the best programs in the country. Texas Tech, Kansas State, Virginia Tech are some of the top. There are certainly people who are interested and who are going to college to get a degree in personal financial planning. But without a doubt, we need more people to enter the industry. I think when I was coming out of school, finance was very popular, but everybody wanted to be an investment banker. Today finance is very unpopular, and everybody wants to work for a tech company. I do think it's a challenge to find young people who want to be financial advisors. ETF.com: Let's talk about your philosophy as an advisor. You wrote a blog on why you should fire your male broker: 1) what did you want to get out of that piece; and 2) when it comes to male/female advisors, is there a significant difference? duQuesnay: It’s really the fact that, for over the 15 years I've been an advisor, the ratio of women to men in the industry has remained steady at about 20% [women]. So we're not seeing progress there like you're seeing in other fields, such as law and medicine. Even in engineering we're seeing progress. I was trying to point out to women who may be considering their career options that being a financial advisor is an excellent option. It's a work/life balance that you may not get in medicine or law. And what's not advertised, really, is that it's an opportunity to help people—to help people figure out how to pay for college, how to retire when they want to. The industry is mostly portrayed as people trying to make money and trade and pick the best stocks and the winning investments. But financial planning is much more about creating goal-based plans and figuring out how people are going to meet their goals. ETF.com: And in terms of how you get your clients, do they come to you? What is the recruitment process? duQuesnay: Well, we're a very unique situation, because our clients are reaching out to us because they have already been reading our blogs or have seen Josh [Brown] on television or have heard Barry [Ritholtz] on Bloomberg Radio or read one of our books or have seen one of our YouTube videos. So people are reaching out to us. They already know what we do, what our philosophy is what our business model is. So, we're in a very fortunate position as advisors, where these names are handed to us and we reach out to them, and see if they're a good fit for our firm. I wouldn't say that that's the norm in the industry by any means. ETF.com: How many clients do you work with? duQuesnay: I personally am working with about 35 families. An advisor at our firm will probably work with between 80 and 100 families based on the amount of time it takes to service those families. I've been at the firm just over a year, and I've added over 20 families. But we’re a team-based approach. So the advisor is the primary relationship management contact, but if clients want to talk in more detail about their investments, they might talk to Barry Ritholtz, Michael Batnick or Ben Carlson. If they have a tax question, they’ll work with our CFO Bill Sweet. Patrick Haley is the head of our trading department; he works with clients on transactions. So they're really hiring the whole team, and the advisor is the primary relationship manager. ETF.com: Going back to the conference, will you be on stage? duQuesnay: Yes. I'm really excited to interview Allison Schrager on Sunday night at WealthStack. She is the author of “An Economist Walks Into a Brothel,” which is a very fascinating concept. I’m also excited to hear about all of the conversations she had with different types of risk-takers, whether it's horse breeders or professional poker players, but also to talk to her about her primary research, which is how to fund and pay for retirement. I think that her research in that area is very fascinating. Another can't-miss session is the breakfast clash of the ETF pundits with [ETF.com Managing Director] Dave Nadig and a variety of other people from the industry. That is going to be a fascinating breakfast conversation. ETF.com: That'll wake everyone up, for sure. Recommended Stories Hot ETF Topics From Wealth/Stack Hot Reads: SEC Chairman Speaks On Bitcoin Wealth/Stack 2019: Live Blog Hot Reads: 10 Best New ETFs To Buy Permalink | © Copyright 2019 ETF.com. All rights reserved || The U.S.-China Tariff War Just Became a Currency War: Editor’s note: This article was originally published on August 5, 2019 via Legacy Research Group.
Stocks ended the day deep in the red…
Following losses on Friday, stock markets around the world headed south again today.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Stocks plunged in Asia and Europe overnight.
And in the U.S. the S&P 500 plunged 3%, its worst single-day loss since December 2018.
But it wasn’t all bad news…
Gold and bitcoin are surging.
As stocks tumbled today, bitcoin is up 8%. And gold is up 1.5%.
• 10 Generation Z Stocks to Buy Long
As I (Chris) will show you in today’s dispatch, it’s all down to the rush into “honest money” we’ve been writing about.
You see, the U.S.-China tariff war just morphed into a currency war…
On Friday, President Trump escalated his trade war against China.
He threatened to slap a 10% tariff on $300 billion of Chinese imports.
China didn’t take the threat sitting down. But it didn’t respond with a tit-for-tat tariff either.
It struck back using its currency, the yuan.
The Chinese central bank pushed down the yuan to its weakest level versus the dollar since 2008.
This is supposed to make Chinese exports more competitive. But it robs buying power from Chinese consumers.
You may think what happens to Chinese shoppers won’t affect you…
But here’s the thing…
The Chinese feds aren’t the only ones that want to devalue their currency.
The European Central Bank says it wants a weaker euro. After all, European Union exporters also want a competitive edge.
And President Trump has warned that the U.S. can play the same game… and devalue the dollar in retaliation.
In short, currency wars are like trade wars – they’re tit for tat.
That’s what makes currency wars so dangerous to your wealth…
One country devalues its currency to boost its exports. But this ignites beggar-thy-neighbor rounds of devaluations from its rivals.
That leaves holders of these currencies with less buying power. You still have the same number of dollars in your account. But they now buy less stuff.
This is what happened during the Great Depression… and it didn’t end well.
Countries devalued their currencies to gain export market share. But each devaluation triggered retaliatory devaluations by their rivals.
The result? A race to the bottom for government currencies… with no country gaining a relative advantage.
And that’s what’s in the cards again today.
It’s another reason to hold what Bill Bonner calls “honest money”…
As you’ll recall, honest money is money governments can’t fiddle with. That makes it fundamentally different from the “fake money” the feds issue. Bill…
In 1971, we started on this fake dollar standard. That’s when the feds cut off the dollar from gold. And gold is what connected the dollar to the real world of limitations.
Now, we’re seeing the return of honest money. We already know gold is honest. But I think bitcoin – where the supply is limited by an algorithm – is a reaction to the fake dollar standard, too.
It’s why here at Legacy Research, we’ve been recommending you hold both bitcoin and gold.
Which kind of honest money you prefer is up to you…
Some prefer the kind of honest money you can stub a toe on, like gold and silver. Others prefer the ease of use of the electronic kind of honest money, bitcoin.
But there’s nothing stopping you from owning both goldandbitcoin.
In fact, the two are complementary. Here’s how colleague Nick Giambruno explained it to ourCasey Reportreaders…
Bitcoin is no substitute for physical gold, nor is it a threat to gold’s value. I still think gold is the best way to preserve wealth over the long term.
But both are tools for advancing your financial freedom. In fact, I think of bitcoin as a “gateway drug” to gold. It gets people to think about the nature of money, something only few would otherwise do.
Once they take a closer look, many see the destructive nature of government currencies and central banks. That inevitably leads them to gold.
And world-renowned crypto investing expert Teeka Tiwari agrees…
Some investors may opt to buy gold to shelter their wealth. And I do recommend owning some gold. It’s the safest and most secure way to protect the value of your money.
But it’s not very convenient. You can’t just break off a piece of gold and anonymously go buy something with it. When you’re ready to buy something, you’ll need to convert your gold into some other form of currency.
But like cash, bitcoin and other cryptocurrencies are liquid. You can easily send them anywhere in the world from an app on your phone for very low fees. Best yet, when you use digital currencies, you enjoy a high degree of anonymity. So your financial privacy is secure.
If you’ve never bought bitcoin before,check out this simple, one-page guideTeeka’s team put together.
It shows you the three exchanges they recommend to buy bitcoin… four secure digital “wallets” you can use to store your bitcoin… and where you can trade it for other cryptos.
And if you’re looking to buy gold, check outThe Gold Book.
It’s 48 pages filled with everything you need to get started as a gold investor – including a four-step checklist for buying the right coins… flexible storage options… and what to look for in a gold stock.
Regards,
Chris LoweDublin, IrelandAugust 5, 2019
• 2 Toxic Pot Stocks You Should Avoid
• 10 Cyclical Stocks to Buy (or Sell) Now
• 7 Biotech ETFs That Should Remain Healthy
• 7 of the Hottest AI Stocks to Buy Now
The postThe U.S.-China Tariff War Just Became a Currency Warappeared first onInvestorPlace. || The U.S.-China Tariff War Just Became a Currency War: Editors note: This article was originally published on August 5, 2019 via Legacy Research Group. Stocks ended the day deep in the red
Following losses on Friday, stock markets around the world headed south again today. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Stocks plunged in Asia and Europe overnight. And in the U.S. the S&P 500 plunged 3%, its worst single-day loss since December 2018. But it wasnt all bad news
Gold and bitcoin are surging. As stocks tumbled today, bitcoin is up 8%. And gold is up 1.5%. 10 Generation Z Stocks to Buy Long As I (Chris) will show you in todays dispatch, its all down to the rush into honest money weve been writing about. You see, the U.S.-China tariff war just morphed into a currency war
On Friday, President Trump escalated his trade war against China. He threatened to slap a 10% tariff on $300 billion of Chinese imports. China didnt take the threat sitting down. But it didnt respond with a tit-for-tat tariff either. It struck back using its currency, the yuan. The Chinese central bank pushed down the yuan to its weakest level versus the dollar since 2008. This is supposed to make Chinese exports more competitive. But it robs buying power from Chinese consumers. You may think what happens to Chinese shoppers wont affect you
But heres the thing
The Chinese feds arent the only ones that want to devalue their currency. The European Central Bank says it wants a weaker euro. After all, European Union exporters also want a competitive edge. And President Trump has warned that the U.S. can play the same game
and devalue the dollar in retaliation. In short, currency wars are like trade wars theyre tit for tat. Thats what makes currency wars so dangerous to your wealth
One country devalues its currency to boost its exports. But this ignites beggar-thy-neighbor rounds of devaluations from its rivals. Story continues That leaves holders of these currencies with less buying power. You still have the same number of dollars in your account. But they now buy less stuff. This is what happened during the Great Depression
and it didnt end well. Countries devalued their currencies to gain export market share. But each devaluation triggered retaliatory devaluations by their rivals. The result? A race to the bottom for government currencies
with no country gaining a relative advantage. And thats whats in the cards again today. Its another reason to hold what Bill Bonner calls honest money
As youll recall , honest money is money governments cant fiddle with. That makes it fundamentally different from the fake money the feds issue. Bill
In 1971, we started on this fake dollar standard. Thats when the feds cut off the dollar from gold. And gold is what connected the dollar to the real world of limitations. Now, were seeing the return of honest money. We already know gold is honest. But I think bitcoin where the supply is limited by an algorithm is a reaction to the fake dollar standard, too. Its why here at Legacy Research, weve been recommending you hold both bitcoin and gold. Which kind of honest money you prefer is up to you
Some prefer the kind of honest money you can stub a toe on, like gold and silver. Others prefer the ease of use of the electronic kind of honest money, bitcoin. But theres nothing stopping you from owning both gold and bitcoin. In fact, the two are complementary. Heres how colleague Nick Giambruno explained it to our Casey Report readers
Bitcoin is no substitute for physical gold, nor is it a threat to golds value. I still think gold is the best way to preserve wealth over the long term. But both are tools for advancing your financial freedom. In fact, I think of bitcoin as a gateway drug to gold. It gets people to think about the nature of money, something only few would otherwise do. Once they take a closer look, many see the destructive nature of government currencies and central banks. That inevitably leads them to gold. And world-renowned crypto investing expert Teeka Tiwari agrees
Some investors may opt to buy gold to shelter their wealth. And I do recommend owning some gold. Its the safest and most secure way to protect the value of your money. But its not very convenient. You cant just break off a piece of gold and anonymously go buy something with it. When youre ready to buy something, youll need to convert your gold into some other form of currency. But like cash, bitcoin and other cryptocurrencies are liquid. You can easily send them anywhere in the world from an app on your phone for very low fees. Best yet, when you use digital currencies, you enjoy a high degree of anonymity. So your financial privacy is secure. If youve never bought bitcoin before, check out this simple, one-page guide Teekas team put together. It shows you the three exchanges they recommend to buy bitcoin
four secure digital wallets you can use to store your bitcoin
and where you can trade it for other cryptos. And if youre looking to buy gold, check out The Gold Book . Its 48 pages filled with everything you need to get started as a gold investor including a four-step checklist for buying the right coins
flexible storage options
and what to look for in a gold stock. Regards, Chris Lowe Dublin, Ireland August 5, 2019 More From InvestorPlace 2 Toxic Pot Stocks You Should Avoid 10 Cyclical Stocks to Buy (or Sell) Now 7 Biotech ETFs That Should Remain Healthy 7 of the Hottest AI Stocks to Buy Now The post The U.S.-China Tariff War Just Became a Currency War appeared first on InvestorPlace . || The City of Seoul Will Create a Cryptocurrency for Citizen Rewards: The Seoul Metropolitan Government will establish its first blockchain-based administrative services in November, according to a report in the Korean-language blockinpress . At a conference held last month and attended by city officials and representatives of the private sector, specifics of the roll out were discussed, with timelines and goals established. The meeting seemed to revive an initiative that had lost some momentum since first being announced late last year . Bitcoin versus South Korean won via CoinDesk data . Three priorities were set for completion by the November deadline. The citys blockchain points system will be introduced and residents of Seoul will receive S-coins for the use of public services. They will be able to redeem those points for rewards. Services that generate the coins include paying taxes and participating in public opinion polls. Related: Koreas Shinhan to Offer Blockchain-Based Securities Lending Seouls point system will integrated with ZeroPay , a city-government sponsored QR-code-enabled network established last December. It allows customers to pay for goods and services using their phones and does not charge merchants commissions. In addition to the S-coin, a blockchain service for submitting qualifications without paper documents is also on the list for completion by November, as is the enhancing of the Seoul Citizens Card with blockchain to enable digital authentication for the use of public services. By the end of the year Seoul would like to have its part-time workers rights program up and running. The blockchain-based system will allow part-time and temporary employees to sign simple contracts with employers, keep track of their work histories, and maintain time sheets. It will also help them properly register for the countys four major social insurance programs. The aim is to improve trust and relations between small companies and part-time workers. Other programs mentioned but not with year-end completion deadlines include smart healthcare, donation management and online certificate verification. Story continues Related: South Korea Declares Partial Regulation-Free Zone for Crypto Companies While the blockchain services will be controlled by the city, they will be operated by private enterprises. Seoul has been discussing the implementation of a blockchain strategy for some time. Mayor Park Won-soon has campaigned on a promise to implement relevant solutions for the city, and the Blockchain City Seoul Promotion Plan was announced last October. When it was introduced, 14 blockchain administrative projects and a 2022 completion date were mentioned. A total of 127.3 billion won ($105 million) was to be committed to the plan. Since then, very little has happened in terms of actual progress. The July meeting was the first tangible sign that anything material is in the works. Image via Shutterstock. Related Stories Firearm Firm Wins Patent for Integrating Blockchain into Black Box for Guns Bitcoins Largest Wallet Blockchain Just Launched Its First Crypto Exchange || The City of Seoul Will Create a Cryptocurrency for Citizen Rewards: The Seoul Metropolitan Government will establish its first blockchain-based administrative services in November, according to areportin the Korean-languageblockinpress.
At a conference held last month and attended by city officials and representatives of the private sector, specifics of the roll out were discussed, with timelines and goals established. The meeting seemed to revive an initiative that had lost some momentum since first beingannounced late last year.
Bitcoin versus South Korean won viaCoinDesk data.
Three priorities were set for completion by the November deadline. The city’s blockchain points system will be introduced and residents ofSeoulwill receive S-coins for the use of public services. They will be able to redeem those points for rewards. Services that generate the coins include paying taxes and participating in public opinion polls.
Related:Korea’s Shinhan to Offer Blockchain-Based Securities Lending
Seoul’s point system will integrated withZeroPay, a city-government sponsored QR-code-enabled network established last December. It allows customers to pay for goods and services using their phones and does not charge merchants commissions.
In addition to the S-coin, a blockchain service for submitting qualifications without paper documents is also on the list for completion by November, as is the enhancing of the Seoul Citizens Card with blockchain to enable digital authentication for the use of public services.
By the end of the year Seoul would like to have its part-time workers rights program up and running. The blockchain-based system will allow part-time and temporary employees to sign simple contracts with employers, keep track of their work histories, and maintain time sheets. It will also help them properly register for the county’s four major social insurance programs. The aim is to improve trust and relations between small companies and part-time workers.
Other programs mentioned but not with year-end completion deadlines include smart healthcare, donation management and online certificate verification.
Related:South Korea Declares Partial ‘Regulation-Free’ Zone for Crypto Companies
While the blockchain services will be controlled by the city, they will be operated by private enterprises.
Seoul has been discussing the implementation of a blockchain strategy for some time. Mayor Park Won-soon has campaigned on a promise to implement relevant solutions for the city, and the Blockchain City Seoul Promotion Plan was announced last October.
When it was introduced, 14 blockchain administrative projects and a 2022 completion date were mentioned. A total of 127.3 billion won ($105 million) was to be committed to the plan.
Since then, very little has happened in terms of actual progress. The July meeting was the first tangible sign that anything material is in the works.
Image via Shutterstock.
• Firearm Firm Wins Patent for Integrating Blockchain into ‘Black Box’ for Guns
• Bitcoin’s Largest Wallet Blockchain Just Launched Its First Crypto Exchange || Richard Heart on Bitcoin reaching $110,000, scaling, and Hex: Last week, I had the absolute pleasure of speaking to Richard Heart, Bitcoin millionaire and founder of Hex. You can watch the full video of our talk below. Despite some minor technical difficulties, eventually we were able to discuss a plurality of topics ranging from Bitcoin’s early mining history to how the coin can be adopted worldwide. And of course, we discussed his current project – Hex – and how the company aims to bring value to Bitcoin and Ethereum holders. Bitcoin’s purpose One of the topics I was keen to discuss with Richard was, of course, Bitcoin’s purpose and its use cases. To me, it started as a P2P payment network that quickly became a store of value as more and more people became HODLers. One of the most intriguing comments from the marketing guru was, when referring to blockchain technology being adopted by institutions and corporations: “People (companies) don’t need censorship resistance – no one is trying to censor their transactions. The reason why people use the blockchain? To get rich and to buy stuff on the dark net (and I hope you’re using a good mixer).” In Richard’s view, there’s little current distributed ledger technology can’t do that blockchain will improve for most corporations. To him, blockchain is over-hyped as a mystical technology that solves all database, network, security, and scalability problems. As he has so eloquently put in a previous interview: “The blockchain is a giant excel spreadsheet with some passwords and some fancy fault-tolerance transaction ordering.” The best explanation of the blockchain ever @RichardHeartWin “Giant excel spreadsheet with some passwords with some fancy fault-tolerance transaction ordering” Ahah epic. https://t.co/URywITTJR0 — Pedro Febrero (@Febrocas) August 19, 2018 In addition, we discussed Richard’s belief that there’s currently a lack of development around Bitcoin. I personally do not agree with his views on this – I’ve been writing a lot recently about new privacy features and how these could impact BTC in the near future. However, Richard claims that Bitcoin has been lacking serious development and won’t be able to properly implement any feature that could potentially add an extra layer of privacy or anonymity. Story continues The conversation then moved on to price and whether Bitcoin is a store of value. And Richard’s take was, yet again, quite interesting: “Bitcoin hasn’t seen any improvements over the last two years. Price will go higher, but SegWit might be the last interesting improvement we get. Google searches suck. Technical improvement sucks. Wallet downloads suck. Almost everything sucks. Except the regulatory environment.” Richard warned enthusiasts about the imminent failure of the SegWit2x project (he was working on the team at the time) as miners were “forced” to run upgrades at the expense of a network attack in case they didn’t follow through. Interestingly, he also believes most simple explanations about Bitcoin are wrong, especially when it comes to abstract stuff like BTC being used as money or the purpose of certain cryptos (that is, how people actually use the technology rather than what it was built for). In Richard’s eyes, for instance, exchange failures are good for Bitcoin’s price if they’re not really an on-ramp for new people to join the space, as that puts positive pressure on Bitcoin’s price. We then went on to talk about Proof-of-Work (PoW) and how it compared to other algorithms, and how security, scalability, and governance usually come hand-in-hand (we can’t improve scalability without compromising either security and/or decentralisation). Finally, and before we dived into HEX, Richard added some quite interesting thoughts about Ethereum: “I don’t think Ethereum will move into Proof-of-Stake. (…) ProgPoW could challenge the ASICs manufactures and be efficient; so why move into PoS?” What about Hex? Hex markets itself as the first high-interest savings account on the blockchain. In Richard’s view, technology is fun to talk about, but without mass adoption and people buying up something with economic value, there is no purpose. To him, Bitcoin is not private enough, it’s not used to pay taxes, and it can’t be used by peers as internet cash. Richard claims that Hex is an answer for both Bitcoin and Ethereum holders as it offers continuous gains for anyone who owns Bitcoin and for anyone who wishes to convert their ETH into Hex. He states: “Hex is the first certificate of deposit on the blockchain. Trustless interest. It pays holders instead of miners. No Mt Gox dumping on you. No inflation bug possible like Bitcoin has had. Unit bias fixed. Higher TPS. More distributed. Whale penalty which gives coins to stakers. Dishonest stakers that end their stake early or late pay honest stakers. A longer stake commit pays 20% more per year (partial years are fine). Open source. No pre-mine, no ICO, lower fees, lower inflation. “Every week you don’t claim, someone else gets your coins. Critical mass and Virality bonuses increase payouts to early stakers to cancel out the desire to keep it a secret and get more unclaimed coins. The inflation is also delayed, because it’s only paid on ended stakes, and stakes can last 50 years.” It remains to be seen whether Hex will gain more traction in the crypto space, but Richard is certainly confident in the project and its goals. Stay tuned to Coin Rivet for more interviews, news, and price analysis. The post Richard Heart on Bitcoin reaching $110,000, scaling, and Hex appeared first on Coin Rivet . || Richard Heart on Bitcoin reaching $110,000, scaling, and Hex: Last week, I had the absolute pleasure of speaking to Richard Heart, Bitcoin millionaire and founder of Hex. You can watch the full video of our talk below. Despite some minor technical difficulties, eventually we were able to discuss a plurality of topics ranging from Bitcoin’s early mining history to how the coin can be adopted worldwide. And of course, we discussed his current project – Hex – and how the company aims to bring value to Bitcoin and Ethereum holders. Bitcoin’s purpose One of the topics I was keen to discuss with Richard was, of course, Bitcoin’s purpose and its use cases. To me, it started as a P2P payment network that quickly became a store of value as more and more people became HODLers. One of the most intriguing comments from the marketing guru was, when referring to blockchain technology being adopted by institutions and corporations: “People (companies) don’t need censorship resistance – no one is trying to censor their transactions. The reason why people use the blockchain? To get rich and to buy stuff on the dark net (and I hope you’re using a good mixer).” In Richard’s view, there’s little current distributed ledger technology can’t do that blockchain will improve for most corporations. To him, blockchain is over-hyped as a mystical technology that solves all database, network, security, and scalability problems. As he has so eloquently put in a previous interview: “The blockchain is a giant excel spreadsheet with some passwords and some fancy fault-tolerance transaction ordering.” The best explanation of the blockchain ever @RichardHeartWin “Giant excel spreadsheet with some passwords with some fancy fault-tolerance transaction ordering” Ahah epic. https://t.co/URywITTJR0 — Pedro Febrero (@Febrocas) August 19, 2018 In addition, we discussed Richard’s belief that there’s currently a lack of development around Bitcoin. I personally do not agree with his views on this – I’ve been writing a lot recently about new privacy features and how these could impact BTC in the near future. However, Richard claims that Bitcoin has been lacking serious development and won’t be able to properly implement any feature that could potentially add an extra layer of privacy or anonymity. Story continues The conversation then moved on to price and whether Bitcoin is a store of value. And Richard’s take was, yet again, quite interesting: “Bitcoin hasn’t seen any improvements over the last two years. Price will go higher, but SegWit might be the last interesting improvement we get. Google searches suck. Technical improvement sucks. Wallet downloads suck. Almost everything sucks. Except the regulatory environment.” Richard warned enthusiasts about the imminent failure of the SegWit2x project (he was working on the team at the time) as miners were “forced” to run upgrades at the expense of a network attack in case they didn’t follow through. Interestingly, he also believes most simple explanations about Bitcoin are wrong, especially when it comes to abstract stuff like BTC being used as money or the purpose of certain cryptos (that is, how people actually use the technology rather than what it was built for). In Richard’s eyes, for instance, exchange failures are good for Bitcoin’s price if they’re not really an on-ramp for new people to join the space, as that puts positive pressure on Bitcoin’s price. We then went on to talk about Proof-of-Work (PoW) and how it compared to other algorithms, and how security, scalability, and governance usually come hand-in-hand (we can’t improve scalability without compromising either security and/or decentralisation). Finally, and before we dived into HEX, Richard added some quite interesting thoughts about Ethereum: “I don’t think Ethereum will move into Proof-of-Stake. (…) ProgPoW could challenge the ASICs manufactures and be efficient; so why move into PoS?” What about Hex? Hex markets itself as the first high-interest savings account on the blockchain. In Richard’s view, technology is fun to talk about, but without mass adoption and people buying up something with economic value, there is no purpose. To him, Bitcoin is not private enough, it’s not used to pay taxes, and it can’t be used by peers as internet cash. Richard claims that Hex is an answer for both Bitcoin and Ethereum holders as it offers continuous gains for anyone who owns Bitcoin and for anyone who wishes to convert their ETH into Hex. He states: “Hex is the first certificate of deposit on the blockchain. Trustless interest. It pays holders instead of miners. No Mt Gox dumping on you. No inflation bug possible like Bitcoin has had. Unit bias fixed. Higher TPS. More distributed. Whale penalty which gives coins to stakers. Dishonest stakers that end their stake early or late pay honest stakers. A longer stake commit pays 20% more per year (partial years are fine). Open source. No pre-mine, no ICO, lower fees, lower inflation. “Every week you don’t claim, someone else gets your coins. Critical mass and Virality bonuses increase payouts to early stakers to cancel out the desire to keep it a secret and get more unclaimed coins. The inflation is also delayed, because it’s only paid on ended stakes, and stakes can last 50 years.” It remains to be seen whether Hex will gain more traction in the crypto space, but Richard is certainly confident in the project and its goals. Stay tuned to Coin Rivet for more interviews, news, and price analysis. The post Richard Heart on Bitcoin reaching $110,000, scaling, and Hex appeared first on Coin Rivet . || Richard Heart on Bitcoin reaching $110,000, scaling, and Hex: Last week, I had the absolute pleasure of speaking to Richard Heart, Bitcoin millionaire and founder of Hex. You can watch the full video of our talk below. Despite some minor technical difficulties, eventually we were able to discuss a plurality of topics ranging from Bitcoin’s early mining history to how the coin can be adopted worldwide. And of course, we discussed his current project – Hex – and how the company aims to bring value to Bitcoin and Ethereum holders. Bitcoin’s purpose One of the topics I was keen to discuss with Richard was, of course, Bitcoin’s purpose and its use cases. To me, it started as a P2P payment network that quickly became a store of value as more and more people became HODLers. One of the most intriguing comments from the marketing guru was, when referring to blockchain technology being adopted by institutions and corporations: “People (companies) don’t need censorship resistance – no one is trying to censor their transactions. The reason why people use the blockchain? To get rich and to buy stuff on the dark net (and I hope you’re using a good mixer).” In Richard’s view, there’s little current distributed ledger technology can’t do that blockchain will improve for most corporations. To him, blockchain is over-hyped as a mystical technology that solves all database, network, security, and scalability problems. As he has so eloquently put in a previous interview: “The blockchain is a giant excel spreadsheet with some passwords and some fancy fault-tolerance transaction ordering.” The best explanation of the blockchain ever @RichardHeartWin “Giant excel spreadsheet with some passwords with some fancy fault-tolerance transaction ordering” Ahah epic. https://t.co/URywITTJR0 — Pedro Febrero (@Febrocas) August 19, 2018 In addition, we discussed Richard’s belief that there’s currently a lack of development around Bitcoin. I personally do not agree with his views on this – I’ve been writing a lot recently about new privacy features and how these could impact BTC in the near future. However, Richard claims that Bitcoin has been lacking serious development and won’t be able to properly implement any feature that could potentially add an extra layer of privacy or anonymity. Story continues The conversation then moved on to price and whether Bitcoin is a store of value. And Richard’s take was, yet again, quite interesting: “Bitcoin hasn’t seen any improvements over the last two years. Price will go higher, but SegWit might be the last interesting improvement we get. Google searches suck. Technical improvement sucks. Wallet downloads suck. Almost everything sucks. Except the regulatory environment.” Richard warned enthusiasts about the imminent failure of the SegWit2x project (he was working on the team at the time) as miners were “forced” to run upgrades at the expense of a network attack in case they didn’t follow through. Interestingly, he also believes most simple explanations about Bitcoin are wrong, especially when it comes to abstract stuff like BTC being used as money or the purpose of certain cryptos (that is, how people actually use the technology rather than what it was built for). In Richard’s eyes, for instance, exchange failures are good for Bitcoin’s price if they’re not really an on-ramp for new people to join the space, as that puts positive pressure on Bitcoin’s price. We then went on to talk about Proof-of-Work (PoW) and how it compared to other algorithms, and how security, scalability, and governance usually come hand-in-hand (we can’t improve scalability without compromising either security and/or decentralisation). Finally, and before we dived into HEX, Richard added some quite interesting thoughts about Ethereum: “I don’t think Ethereum will move into Proof-of-Stake. (…) ProgPoW could challenge the ASICs manufactures and be efficient; so why move into PoS?” What about Hex? Hex markets itself as the first high-interest savings account on the blockchain. In Richard’s view, technology is fun to talk about, but without mass adoption and people buying up something with economic value, there is no purpose. To him, Bitcoin is not private enough, it’s not used to pay taxes, and it can’t be used by peers as internet cash. Richard claims that Hex is an answer for both Bitcoin and Ethereum holders as it offers continuous gains for anyone who owns Bitcoin and for anyone who wishes to convert their ETH into Hex. He states: “Hex is the first certificate of deposit on the blockchain. Trustless interest. It pays holders instead of miners. No Mt Gox dumping on you. No inflation bug possible like Bitcoin has had. Unit bias fixed. Higher TPS. More distributed. Whale penalty which gives coins to stakers. Dishonest stakers that end their stake early or late pay honest stakers. A longer stake commit pays 20% more per year (partial years are fine). Open source. No pre-mine, no ICO, lower fees, lower inflation. “Every week you don’t claim, someone else gets your coins. Critical mass and Virality bonuses increase payouts to early stakers to cancel out the desire to keep it a secret and get more unclaimed coins. The inflation is also delayed, because it’s only paid on ended stakes, and stakes can last 50 years.” It remains to be seen whether Hex will gain more traction in the crypto space, but Richard is certainly confident in the project and its goals. Stay tuned to Coin Rivet for more interviews, news, and price analysis. The post Richard Heart on Bitcoin reaching $110,000, scaling, and Hex appeared first on Coin Rivet . || tZERO Patents Tech for Recording Trades on Public Blockchains: Security token trading platform tZERO has been awarded a patent for a way of recording trading data on public blockchains.
The company, a subsidiary of retail giant Overstock,announcedTuesday that thepatentfor its new tech, dubbed “Time Ordered Merkle Epoch (TOME) methodology,” had been awarded by the U.S. Patent and Trademark Office.
The firm explains:
Related:Walmart Wants to Patent a Stablecoin That Looks a Lot Like Facebook Libra
The technology will allow tZERO to record trades as hashes anchored on a public blockchain, verify previous trades and keep an immutable record of the transactions on its platform, according to the announcement.
The method, tZERO CEO Saum Noursalehi said, “can be used in our suite of products, as well as licensed to companies across various industries that are seeking to maintain a tamper-proof and auditable record of time-series-based data.”
It can also link the settlement of tokenized securities on a public blockchain with legacy trading systems and anchor data about the resulting on-chain settlements into public blockchains, the company said.
Related:Overstock to Pay Shareholders a Dividend in tZERO-Listed ‘Digital Securities’
“For example, off-chain trade data and on-chain settlement data occurring on an Ethereum mainnet can be combined and anchored into the Bitcoin blockchain for added resiliency, security and transparency,” tZERO explained.
TZERO,launchedfor trading in January, is designed as an alternative trading system (ATS), a limited version of a securities exchange to trading tokenized private equity. It started with its native equity token, tZERO Preferred (TZEROP), with ambitions to be an issuance platform for other companies that want to tokenize their securities.
So far, the second token that was madeavailableon the platform is Overstock’s own digital stock, the Digital Voting Series A-1 Preferred Stock, previously known as Blockchain Voting Series A Preferred Stock, or OSTKP — an early blockchain experiment by Overstock issued back in 2016.
The platform has so far seenmeager trading volumes, as only the accredited investors could register and only one token has been available to trade. However, this month, the lock-up period for TZEROP tokens (issued under Regulation D) expires, at which point retail investors will be allowed access to the asset.
Overstock CEO Patrick Byrne previously told CoinDesk heexpected to see a boostin trading activity on tZERO after that point.
On August 8, Overstock will conduct a Q2earnings callwhere the Overstock and tZERO leadership will share the company’s current state and future plans.
The company has previouslywon a similar patentoutlining how it could merge legacy trading systems with cryptocurrencies and digital asset tech.
Overstock CEO Patrick Byrne image via CoinDesk archives
• Crypto Exchanges Are Benefiting from Algorithmic Trading: Here’s How
• Coinbase Releases New Data Tools for ‘First-Time’ Crypto Investors || Overstock’s tZERO wins patent to settle tokenized securities on a public blockchain: Security token trading platform tZERO, a subsidiary of retail giant Overstock, has received a patent for technology that enables settlement of tokenized securities on a public blockchain. Announcing the news on Tuesday, tZERO said that the technology, Time Ordered Merkle Epoch (TOME), can help record trade data and the resulting on-chain settlement data into public blockchain ledgers. Giving an example, the firm said, off-chain trade data and on-chain settlement data occurring on an Ethereum mainnet can be combined and anchored into the Bitcoin blockchain for “added resiliency, security and transparency.” TOME will also help the platform produce an auditable and immutable record of those transactions. “It can be used in our suite of products, as well as licensed to companies across various industries that are seeking to maintain a tamper-proof and auditable record of time-series-based data,” said tZERO CEO Saum Noursalehi. Earlier this year, tZERO also won a patent for a “Crypto Integration Platform” for merging legacy trading systems with cryptocurrencies. || Overstock’s tZERO wins patent to settle tokenized securities on a public blockchain: Security token trading platform tZERO, a subsidiary of retail giant Overstock, has received a patent for technology that enables settlement of tokenized securities on a public blockchain.
Announcing the news on Tuesday, tZEROsaidthat the technology, Time Ordered Merkle Epoch (TOME), can help record trade data and the resulting on-chain settlement data into public blockchain ledgers.
Giving an example, the firm said, off-chain trade data and on-chain settlement data occurring on an Ethereum mainnet can be combined and anchored into the Bitcoin blockchain for “added resiliency, security and transparency.”
TOME will also help the platform produce an auditable and immutable record of those transactions. “It can be used in our suite of products, as well as licensed to companies across various industries that are seeking to maintain a tamper-proof and auditable record of time-series-based data,” said tZERO CEO Saum Noursalehi.Earlier this year, tZERO alsowona patent for a “Crypto Integration Platform” for merging legacy trading systems with cryptocurrencies. || 3 Keys to Investing in Next-Gen Healthcare Stocks: Picture a bizarre clothing store for a moment …
Source: Shutterstock
You walk in. An employee sizes you up and asks you if there’s anything in particular you’re looking for. After learning that you’re a size “large” and that you’d like some new dress shirts, the employee takes you to a table covered with them. All of the shirts are the same size. All XL, extra-large.
“Strange,” you think, and go to another table covered with shirts. All the shirts are the same size. All XL.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
“Stranger,” you think, and go to another table covered with shirts. Once again, all the shirts are the same size. All XL.
Sensing your confusion, the employee explains the store’s “one size fits all” policy. The owners know people come in many shapes and sizes, but XL is the only size of clothes they can get from their suppliers.
You walk out of the “one size fits all” store, thinking it’s one of the most ridiculous things you’ve ever seen.
A “one size fits all” clothing store isn’t much different than America’s healthcare system.
Lacking the resources to treat us as individuals — with different genetic makeups, different diets, and living in different environments — doctors frequently resort to treating patients with “one size fits all” procedures and medicines. And since most doctors rush patients in and out of the office to boost profits, the pressure to use sub-par, “one size fits all” treatments is massive.
Don’t get me wrong: Our approach to health and medicine is light years ahead of where it was in the 1800s. Bloodletting is no longer a “go to” move for doctors.
However, many of the decisions made by today’s healthcare professionals will look medieval when compared to the treatments of the near future. They simply don’t take into account that every case is different — that we are all unique. Take the drug commercials you see on television … which go on to list lots of horrible side effects of popular drugs (which don’t work for everyone who takes them).
Soon, we’ll say goodbye to those types of treatments. That’s because the age of customized, “precision” healthcare is getting started. The result will be a massively improved healthcare system … and some of thebiggest wealth building opportunities of your life.
In today’s essay, I’ll describe the three key innovations that will take us into the age of precision medicine.Investors will want to pay attention. In America, we spend $3.5 trillion — about 18% of GDP — on healthcare. When something big happens in healthcare, it creates giant ripple effects in the economy that enrich those who know what’s happening.
Every cell in your body has a set of genetic instructions that dictate what you look like, what your athletic abilities are, what your mental abilities are, what diseases you’re likely to get, and dozens of other key things that make you YOU.
This set of instructions is called your genome. Determining exactly what your genome says is a process called genome sequencing.
In 2003, an international research organization called The Human Genome Project sequenced a human genome for the first time. The project’s price tag was an enormous $3 billion.
Thanks to incredible advances in computing power, that same sequencing can be performed today for less than $1,000. And in a few years the price will be as low as a dinner for two.
Genome sequencing is a critical part of precision medicine because it allows medical professionals to get an incredibly detailed analysis of who you are. As a result of this information, doctors can recommend treatments that are right for you.
Sixteen years ago, getting this kind of detailed information was prohibitively expensive. But now that costs are down more than 99% and poised to go down even more, genome sequencing is about to go mainstream.
Genetic testing will become part of regular medical care … just like taking your pulse and your blood pressure. It’s going to usher in an era of much more effective healthcare. In large part to innovation #2 …
It’s one thing to have lots of information. It’s an entirely different — and more valuable — thing to be able to analyze that information and use it to make quality decisions.
This is where digital patient records come in.
Genome sequencing will produce vast amounts of information that will need to be stored and analyzed. Just as the processing power of our computers has increased by leaps and bounds since 2003, our ability to collect and store information has increased as well. This continued growth is a key part of precision medicine. That’s because genome sequencing is going to generate astupendousamount of information.
It is predicted that the amount of storage capacity for all human genome data will increase to 40 exabytes by 2025. To put that into perspective, experts believe all videos on YouTube will require 1-2 exabytes of storage and Twitter will require .001 to .017 exabytes.
As for analyzing all that data, we come to Innovation #3 …
As you can guess, we’re not going to sift through some of the world’s largest data sets with a pen and paper in hand.
We’re going to use artificial intelligence (AI) to perform advanced data analysis. AI programs will sift through data to identify treatments that work for patients with specific genetic conditions.
These programs will be able to do more “thinking” in one minute than millions of doctors could do in a decade. It’s going to revolutionize healthcare.
In fact, I believe that within the next 30 years, AI will know how various combinations of molecules will affect patients on the individual level. We’ll have giant databases of patients and their genetic makeups … and we’ll be able to test new drugs with computer simulations. The time it takes to devise, test, and produce new life-saving drugs will be massively condensed. Plus, the cost of doing it all will plummet.
We’ll have vast databases of human genomes and the ability to create and test new customized treatments in seconds. It could easily become the most valuable technology on the planet. Again, this is many years away, but I believe it’s going to happen.
One size fits all
Thanks to the technological limitations of the past, our healthcare system is based on treatments that are not tailored to your genetic makeup. We’re using “shotgun” approaches instead of targeted approaches.
However, thanks to cheap and widespread genome sequencing, digital record keeping, and artificial intelligence, we’re about to enter an amazing era of precision, personalized medicine.
Over the next 20 years, the healthcare system we know and don’t love will change dramatically. We’ll look back at some of today’s treatments as medieval.
Remember: In America, we spend $3.5 trillion — about 18% of GDP — on healthcare. When something big happens in the industry, it creates giant ripple effects. That’s why the precision medicine revolution isone of the greatest wealth building opportunities of your life.
The opportunities are not in the old school big pharma names like Johnson & Johnson. They are in precision medicine and the technologies that will enable it.
Everything from digital records company Cerner (NASDAQ:Cern) to gene testing pioneer Illumina (NASDAQ:ILMN) to contract research services firm IQVIA Holdings (NYSE:IQV) will take the lead in the future of precision medicine.
And keep an eye on the IPO market here as well. We’ll see waves of early stage companies going public … many with the potential to not only revolutionize medicine, butrevolutionize your net worthas well.
Matthew McCall is the founder and president of Penn Financial Group, an investment advisory firm, as well as the editor of Investment Opportunities and Early Stage Investor. He has dedicated his career to getting investors into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA), +1,044% in Tesla (TSLA), +611% in Liquefied Natural Gas Limited (LNGLY), +324% in Bitcoin Services (BTSC), just to name a few. If you’re interested in making triple-digit gains from the world’s biggest investment trends BEFORE anyone else,click here to learn more about Matt McCall and his investments strategy today.
• 2 Toxic Pot Stocks You Should Avoid
• 9 Retail Stocks Goldman Sachs Says Are Ready to Rip
• 7 Services Stocks to Buy for the Rest of 2019
• 6 Stocks to Buy and 1 to Sell Based on Insider Trading
The post3 Keys to Investing in Next-Gen Healthcare Stocksappeared first onInvestorPlace.
[Social Media Buzz]
The 1 Bitcoin Show- The truth machine has been invented and it is called BTC! BitPiggys,... From @TechBalt
https://t.co/rhNO0jsKg5 || Precio de bitcoin podría alcanzar
USD 100.000 a finales de 2021 - https://t.co/LYU2kf75gh - #Tecnología #fronteraresumen .. https://t.co/jrWRTWXrEY || @joboscotty @jtanskan @VitalikButerin @hugofirefreire @tokenstate omg It actually worked lol I got 3.07 #BTC! crazy shit || @khalifazada @SamuelPatt @maxkeiser No they don't. See Bitcoin LN. No one uses it. || Son...
|
11966.41, 11862.94, 11354.02, 11523.58, 11382.62, 10895.83, 10051.70, 10311.55, 10374.34, 10231.74
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 236.33, 240.28, 243.78, 244.53, 235.98, 238.89, 238.74, 237.47, 236.43, 253.83, 254.26, 260.20, 275.67, 281.70, 273.09, 276.18, 272.72, 276.26, 274.35, 289.61, 291.76, 296.38, 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13.
|
[Bitcoin Technical Analysis for 2015-05-18]
Volume: 16780300, RSI (14-day): 45.93, 50-day EMA: 239.08, 200-day EMA: 261.82
[Wider Market Context]
Gold Price: 1227.80, Gold RSI: 61.38
Oil Price: 59.43, Oil RSI: 58.93
[Recent News (last 7 days)]
The FDA's Authority Challenged By Mallinckrodt: The American healthcare system became much more affordable with the advent of generic drugs. Many popular medications have lower-costing, alternative treatments that contain the same active ingredients as their costly brand-name rivals, which has saved the public millions in pharmaceutical costs. However, last year the U.S. Food and Drug Administration took a look at some generic treatments for attention deficit hyperactivity disorder (ADHD) and found that they weren't consistently providing the same results as the brand name drug, leading the FDA to reclassify the generics. What Happened? Last year, generic equivalents of Johnson & Johnson (NYSE: JNJ )' ADHD treatment Concerta made by Mallinckrodt PLC (NYSE: MNK ) and UCB S A (OTC: UCBJF ) were shown to have a different impact on a patient's body despite containing the same active ingredients. Because of this, the FDA changed those drugs' ratings to reflect its findings. Following the ratings change, the FDA gave each drug maker a period of six weeks to prove that their drugs were in fact equivalent to Concerta. If they could not be proven as equal, the companies were asked to voluntarily pull the drugs from the marketplace. Related Link: 5 New Biotech Developments Worth Watching Mallinckrodt Pushes Back This week that six month deadline passed, but with very little movement from Mallinckrodt. UCB officials say they have been working to meet FDA requirements, but Mallinckrodt CEO Mark Trudeau said the company has no plans to remove its drug from pharmacy shelves. Instead, Mallinckrodt filed a lawsuit challenging the FDA ruling that the drugs were not equivalent, saying that the agency encouraged patients to continue taking the generic ADHD medications if they weren't experiencing any issues. Loss Of Trust Only time will tell whether or not Mallinckrodt will be forced to make changes to its drug, but the challenge sets up an obstacle for all generic companies providing treatments in the U.S. Story continues While the FDA's inquiry into the effectiveness of the two drugs reflects the agency's role in protecting the public, some say the results are likely to diminish people's trust in the generic drug market. This is especially true as both of the two drugs deemed inadequate substitutes for Concerta are still being sold as a generic version in pharmacies across the country. Image Credit: Public Domain See more from Benzinga The Business Of Fertility Finance Nuclear Deal With Iran Still In Limbo Bitcoin Gaining Support Among Do-Gooders © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The FDA's Authority Challenged By Mallinckrodt: The American healthcare system became much more affordable with the advent of generic drugs. Many popular medications have lower-costing, alternative treatments that contain the same active ingredients as their costly brand-name rivals, which has saved the public millions in pharmaceutical costs.
However,last yearthe U.S. Food and Drug Administration took a look at some generic treatments for attention deficit hyperactivity disorder (ADHD) and found that they weren't consistently providing the same results as the brand name drug, leading the FDA to reclassify the generics.
What Happened?
Last year, generic equivalents ofJohnson & Johnson(NYSE:JNJ)' ADHD treatment Concerta made byMallinckrodt PLC(NYSE:MNK) andUCB S A(OTC:UCBJF) were shown to have a different impact on a patient's body despite containing the same active ingredients. Because of this, the FDA changed those drugs' ratings to reflect its findings.
Following the ratings change, the FDA gave each drug maker a period of six weeks to prove that their drugs were in fact equivalent to Concerta. If they could not be proven as equal, the companies were asked to voluntarily pull the drugs from the marketplace.
Related Link:5 New Biotech Developments Worth Watching
Mallinckrodt Pushes Back
This week that six month deadline passed, but with very little movement from Mallinckrodt. UCB officials say they have been working to meet FDA requirements, but Mallinckrodt CEO Mark Trudeausaidthe company has no plans to remove its drug from pharmacy shelves.
Instead, Mallinckrodt filed a lawsuit challenging the FDA ruling that the drugs were not equivalent, saying that the agency encouraged patients to continue taking the generic ADHD medications if they weren't experiencing any issues.
Loss Of Trust
Only time will tell whether or not Mallinckrodt will be forced to make changes to its drug, but the challenge sets up an obstacle for all generic companies providing treatments in the U.S.
While the FDA's inquiry into the effectiveness of the two drugs reflects the agency's role in protecting the public, some say the results are likely to diminish people's trust in the generic drug market. This is especially true as both of the two drugs deemed inadequate substitutes for Concerta are still being sold as a generic version in pharmacies across the country.
Image Credit: Public Domain
See more from Benzinga
• The Business Of Fertility Finance
• Nuclear Deal With Iran Still In Limbo
• Bitcoin Gaining Support Among Do-Gooders
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Business Of Fertility Finance: When the U.S. economy was still lagging, lenders were struggling to find new clients as Americans tightened their spending and hunkered down for the remainder of the Financial Crisis. However while the economy slowed, Americans' biological clocks continued ticking, leading to the emergence of a multi-billion dollar industry that continued to thrive long after the recession ended – fertility finance. Fertility Lenders Back in 2012 when money was tight, lenders specializing in fertility treatments began to emerge. Couples who were unable to secure traditional loans or use credit cards to pay for in vitro fertilization (IVF) treatments had the option of taking out a loan with a "fertility finance" company. Related Link: OvaScience Shares Quiet After Co. Announces AUGMENT Fertility Treatment Continues To Show Improvement Companies like NBT Bancorp Inc. (NASDAQ: NBTB ) offered hopeful couples the opportunity to take out a loan by partnering with doctors at fertility clinics who could recommend the loan service. Still A Thriving Industry Fast forward to 2015 when economic improvement has been steady and oil prices have given most households a bit of extra spending cash, and the industry is still booming. IVF treatments remain expensive at upwards of $15,000 per attempt and the number of couples requiring treatment has been steadily rising. More Candidates For IVF Women have started to put off their plans for a baby until their late 30s or early 40s, upping the risk that they won't be able to conceive and making IVF an increasingly necessary option. However, with the chances of conception through IVF just 30 percent on any given attempt, many couples require several rounds of treatment. For that reason, companies like IntergaMed Fertility offer a wide range of loan options for couples who need to pay for IVF. Related Link: HRC Fertility In Orange County Announces Outstanding IVF Success Rates Making Fertility Treatment Accessible Most insurance companies don't allow for fertility costs, making IVF an out-of-pocket expense. Fertility finance companies are looking to make fertility treatments available for couples of any income and mitigate some of the risk that the treatments won't work at all. Story continues Some companies even give couples a "money-back guarantee" in case the treatment is unsuccessful. Image Credit: Public Domain See more from Benzinga Nuclear Deal With Iran Still In Limbo Bitcoin Gaining Support Among Do-Gooders McDonald's Back In The Firing Line Over Happy Meal Ad © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Business Of Fertility Finance: When the U.S. economy was still lagging, lenders were struggling to find new clients as Americans tightened their spending and hunkered down for the remainder of the Financial Crisis. However while the economy slowed, Americans' biological clocks continued ticking, leading to the emergence of a multi-billion dollar industry that continued to thrive long after the recession ended – fertility finance. Fertility Lenders Back in 2012 when money was tight, lenders specializing in fertility treatments began to emerge. Couples who were unable to secure traditional loans or use credit cards to pay for in vitro fertilization (IVF) treatments had the option of taking out a loan with a "fertility finance" company. Related Link: OvaScience Shares Quiet After Co. Announces AUGMENT Fertility Treatment Continues To Show Improvement Companies like NBT Bancorp Inc. (NASDAQ: NBTB ) offered hopeful couples the opportunity to take out a loan by partnering with doctors at fertility clinics who could recommend the loan service. Still A Thriving Industry Fast forward to 2015 when economic improvement has been steady and oil prices have given most households a bit of extra spending cash, and the industry is still booming. IVF treatments remain expensive at upwards of $15,000 per attempt and the number of couples requiring treatment has been steadily rising. More Candidates For IVF Women have started to put off their plans for a baby until their late 30s or early 40s, upping the risk that they won't be able to conceive and making IVF an increasingly necessary option. However, with the chances of conception through IVF just 30 percent on any given attempt, many couples require several rounds of treatment. For that reason, companies like IntergaMed Fertility offer a wide range of loan options for couples who need to pay for IVF. Related Link: HRC Fertility In Orange County Announces Outstanding IVF Success Rates Making Fertility Treatment Accessible Most insurance companies don't allow for fertility costs, making IVF an out-of-pocket expense. Fertility finance companies are looking to make fertility treatments available for couples of any income and mitigate some of the risk that the treatments won't work at all. Story continues Some companies even give couples a "money-back guarantee" in case the treatment is unsuccessful. Image Credit: Public Domain See more from Benzinga Nuclear Deal With Iran Still In Limbo Bitcoin Gaining Support Among Do-Gooders McDonald's Back In The Firing Line Over Happy Meal Ad © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Social Security Depletion Coming Sooner Than Expected: While it comes as no surprise that the health of Social Security as we currently know it is less than ideal, the publicized estimates of when Social Security funds will run out are "grossly overestimated," said Baton Investing's Jim Shahen, referencing recent Dartmouth and Harvard studies. The original prediction for SS depletion has been cited by the Social Security Administration to occur in 2033. Unfortunately, the studies present compelling evidence that the insolvency will happen long before then, with 20 years from now being an unlikely longevity expectation. The studies circulate evidence that not only are the estimates misjudged, but the implications are devastating for Americans particularly baby boomers, Gen-Xers and Millennials and the errors performed by the SSA are increasing in severity. Forecasting Errors: SSA Continues To Dig Its Own Grave According to Gary King , Albert J. Weatherhead III University Professor at Harvard and researcher on these studies, forecasting errors by the SSA have been around for years, but the prevalence of these errors and their severity has grown exponentially within the last decade and a half. In fact, 90+ percent of the numbers evaluated were found to be "overwhelmed by forecast uncertainty." Related Link: Unanticipated Life Events Cost Americans .5 Trillion In Lost Savings "We show that SSA's forecasting errors were approximately unbiased until about 2000, but then began to grow quickly, with increasingly overconfident uncertainty intervals," King stated. "Moreover, the errors all turn out to be in the same potentially dangerous direction, each making the Social Security Trust Funds look healthier than they actually are." In discussing why such dangerous oversights occur, King revealed that the "SSA's actuaries hunkered down trying hard to insulate themselves from the intense political pressures," which ultimately "led them to also miss important changes in the input data such as retirees living longer lives, and drawing more benefits." Story continues Broad Implications It is important to realize why these circulated overestimates matter. These inaccurately/incompletely calculated figures are used by the SSA's Office of the Chief Actuary to evaluate policy proposals. With less-than-ideal numbers to work with, which King and his fellow researchers have shown to be consistently used as the sole basis for policy evaluations, the assessments are misguided at best and " counterfactual " at worst. "Reliance on such forecasts led policymakers and other uses of the forecasts to conclude that the Social Security Trust Funds were on firmer financial ground than actually turned out to be the case," the initial study revealed . Related Link: 3 Retirement Tips To Consider In "The Era Of Personal Responsibility" Those Who Will Be Hit Hardest Based upon the studies' conclusions, Shahen speculated that "this news hits three groups hard: Millenials [ sic. ], Baby Boomers and Generation X." Due to the minimal funds Millennials are putting aside for retirement, the inadequate savings Baby Boomers have and the unexpected extraneous expenses (taking care of aging parents, astronomical student loans and their own separate retirement funds) Gen Xers are exposed to, these three groups are heading toward practically unavoidable financial hardship. Related Link: 4 Financial Pitfalls Fooling Millennials However, Baton's CEO Phil Ash stated that although "we've all known for some time that we won't be able to count on social security" and the new data compounds the sentiment, he said, "There are three smart things you can do to make sure you have put enough money away, protect yourself, and ensure you are prepared or retirement." According to Ash, these three steps include: 1. Knowing your specific retirement needs. "Eighty-five percent of people underestimate their retirement needs," Ash explained, couple that with the underestimates purported by the SSA and that spells significant financial trouble. 2. Using a safety and growth strategy. 3. Understanding the power of better returns. In light of this recent data, Ash concludes that "while people should be concerned about how much they're saving, the real key to retirement success and what makes hundreds of thousands or even millions of dollars of difference is in the actual return you're getting on your investments. Most advisors push the conventional wisdom that an 8 percent return is good'. The fact is it's not good enough and probably won't help you reach your goals." Therefore, invest in yourself by educating yourself, take an interest in the larger financial picture and take the steps necessary to protect your future and the future of your loved ones. Image Credit: Public Domain See more from Benzinga The Cost Of Cybercrime: .1 Trillion By 2019 There's A New Robo-Advisor In Town Bitcoin 101 © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Social Security Depletion Coming Sooner Than Expected: While it comes as no surprise that the health of Social Security as we currently know it is less than ideal, the publicized estimates of when Social Security funds will run out are "grossly overestimated," said Baton Investing's Jim Shahen, referencing recent Dartmouth and Harvard studies.
The original prediction for SS depletion has been cited by the Social Security Administration to occur in 2033. Unfortunately, thestudiespresent compelling evidence that the insolvency will happen long before then, with 20 years from now being an unlikely longevity expectation.
The studies circulate evidence that not only are the estimates misjudged, but the implications are devastating for Americans – particularly baby boomers, Gen-Xers and Millennials – and the errors performed by the SSA are increasing in severity.
Forecasting Errors: SSA Continues To Dig Its Own Grave
According toGary King, Albert J. Weatherhead III University Professor at Harvard and researcher on these studies, forecasting errors by the SSA have been around for years, but the prevalence of these errors and their severity has grown exponentially within the last decade and a half. In fact,90+ percentof the numbers evaluated were found to be "overwhelmed by forecast uncertainty."
Related Link:Unanticipated Life Events Cost Americans .5 Trillion In Lost Savings
"We show that SSA's forecasting errors were approximately unbiased until about 2000, but then began to grow quickly, with increasingly overconfident uncertainty intervals," King stated. "Moreover, the errors all turn out to be in the same potentially dangerous direction, each making the Social Security Trust Funds look healthier than they actually are."
In discussing why such dangerous oversights occur, King revealed that the "SSA's actuaries hunkered down trying hard to insulate themselves from the intense political pressures," which ultimately "led them to also miss important changes in the input data such as retirees living longer lives, and drawing more benefits."
Broad Implications
It is important to realize why these circulated overestimates matter. These inaccurately/incompletely calculated figures are used by the SSA's Office of the Chief Actuary to evaluate policy proposals. With less-than-ideal numbers to work with, which King and his fellow researchers have shown to be consistently used as the sole basis for policy evaluations, the assessments are misguided at best and "counterfactual" at worst.
"Reliance on such forecasts led policymakers and other uses of the forecasts to conclude that the Social Security Trust Funds were on firmer financial ground than actually turned out to be the case," the initial studyrevealed.
Related Link: 3 Retirement Tips To Consider In "The Era Of Personal Responsibility"
Those Who Will Be Hit Hardest
Based upon the studies' conclusions, Shahen speculated that "this news hits three groups hard: Millenials [sic.], Baby Boomers and Generation X."
Due to the minimal funds Millennials are putting aside for retirement, the inadequate savings Baby Boomers have and the unexpected extraneous expenses (taking care of aging parents, astronomical student loans and their own separate retirement funds) Gen Xers are exposed to, these three groups are heading toward practically unavoidable financial hardship.
Related Link: 4 Financial Pitfalls Fooling Millennials
However, Baton's CEO Phil Ash stated that although "we've all known for some time that we won't be able to count on social security" and the new data compounds the sentiment, he said, "There are three smart things you can do to make sure you have put enough money away, protect yourself, and ensure you are prepared or retirement."
According to Ash, these three steps include:
• 1. Knowing your specific retirement needs. "Eighty-five percent of people underestimate their retirement needs," Ash explained, couple that with the underestimates purported by the SSA and that spells significant financial trouble.
• 2. Using a safety and growth strategy.
• 3. Understanding the power of better returns.
In light of this recent data, Ash concludes that "while people should be concerned about how much they're saving, the real key to retirement success – and what makes hundreds of thousands or even millions of dollars of difference – is in the actual return you're getting on your investments. Most advisors push the conventional wisdom that an 8 percent return is ‘good'. The fact is it's not good enough and probably won't help you reach your goals."
Therefore, invest in yourself by educating yourself, take an interest in the larger financial picture and take the steps necessary to protect your future and the future of your loved ones.
Image Credit: Public Domain
See more from Benzinga
• The Cost Of Cybercrime: .1 Trillion By 2019
• There's A New Robo-Advisor In Town
• Bitcoin 101
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months Development: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more
AMSTERDAM, NETHERLANDS / ACCESSWIRE / May 14, 2015 /Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.
First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.
This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.
Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt’s testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.
Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.
Just plug it in
The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt’s versatility,its developers have created a plug-in systemthat allows people to build applications and to share them with other Nxt users.
The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt’s native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in (https://www.youtube.com/watch?v=JBsKVJYbitY), an e-commerce plug-in (https://www.youtube.com/watch?v=a6lcrNh9AuI) and several others.
The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.
What it means for Nxt users
Nxt is eminently suitable for both business and non-commercial use. All of Nxt’s features can be accessed separately or in combination, using a simple but comprehensive API structure (http://85.25.198.120:7876/test).
Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.
Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.
The Nxt Foundation (http://nxtfoundation.org/) is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today [email protected].
For more information about us, please visithttp://nxt.org
Contact Info:
Name: Bas Wisselink, Nxt Foundation DirectorEmail:[email protected]: NXTPhone: +31 (0)6 13937762Video URL:https://vimeo.com/127270358
SOURCE:NXT || Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months Development: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more
AMSTERDAM, NETHERLANDS / ACCESSWIRE / May 14, 2015 /Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others.
First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk.
This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider.
Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxt’s testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network.
Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments.
Just plug it in
The Nxt Cryptocurrency platform is modular by design. Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxt’s versatility,its developers have created a plug-in systemthat allows people to build applications and to share them with other Nxt users.
The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxt’s native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in (https://www.youtube.com/watch?v=JBsKVJYbitY), an e-commerce plug-in (https://www.youtube.com/watch?v=a6lcrNh9AuI) and several others.
The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt.
What it means for Nxt users
Nxt is eminently suitable for both business and non-commercial use. All of Nxt’s features can be accessed separately or in combination, using a simple but comprehensive API structure (http://85.25.198.120:7876/test).
Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions.
Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation.
The Nxt Foundation (http://nxtfoundation.org/) is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today [email protected].
For more information about us, please visithttp://nxt.org
Contact Info:
Name: Bas Wisselink, Nxt Foundation DirectorEmail:[email protected]: NXTPhone: +31 (0)6 13937762Video URL:https://vimeo.com/127270358
SOURCE:NXT || Nxt: The Original Bitcoin 2.0 Platform With Smart Contracts, Decentralized Crowdfunding, Open Source and 18 Months Development: With over 18 months of development, The non-profit Nxt Foundation is pleased to announce many disruptive business and financial applications of Nxt's blockchain technology: including trustless smart contracts, decentralized crowdfunding, a strong open source ethos and more AMSTERDAM, NETHERLANDS / ACCESSWIRE / May 14, 2015 / Nxt is different. While there are many players in the cryptocurrency 2.0 field, Nxt has several key elements that set it apart from the others. First and foremost, Nxt is a self-sufficient system. Many other projects depend on a blockchain implemented and maintained by an external party, usually Bitcoin. Nxt is a complete and self-contained system in itself. As any business owner knows, being dependent on a third party for an essential part of their business model introduces unnecessary risk. This is why Nxt chose not to piggyback on an external blockchain over which it has no control, but has built all of its features onto its own blockchain. This also means that Nxt developers can quickly and easily create new features while maintaining a coherent system, without needing to consult with an external blockchain provider. Secondly, Nxt has a solid and secure track record. The Nxt blockchain has been in continuous operation and use for 18 months, proving to be a stable system that can scale to handle an increasing load. Additionally, new features have been added on an incremental release basis after thorough evaluation on Nxts testnet. Many applications have already been built on top of Nxt, using its diverse features to create decentralised companies and software and to leverage the benefits of its strong community and network. Thirdly, Nxt is open source and free! Nxt is not under development by a central authority. This may at first appear to be a weakness, but a glance at the extremely successful operating system Linux shows that central development is not needed to create a valuable and working architecture. Nxt has seen fast and dedicated development since its inception and is continuing to evolve with the input of many talented coders. As there is no barrier to entry to the Nxt ecosystem, it is a perfect environment for blue-sky crypto developments. Story continues Just plug it in The Nxt Cryptocurrency platform is modular by design . Nxt uses a variety of different transaction types that can be combined to perform more complex functions. In order to take full advantage of Nxts versatility, its developers have created a plug-in system that allows people to build applications and to share them with other Nxt users. The plug-in system will go live with the release of version 1.5 of the Nxt Reference Software (NRS), Nxts native client. This release will also introduce blockchain Voting and Enhanced Multisignature Transactions (Phasing) to the Nxt core functionality. Developers on the Nxt Testnet are already experimenting with use cases, such as a crowdfunding plug-in ( https://www.youtube.com/watch?v=JBsKVJYbitY ), an e-commerce plug-in ( https://www.youtube.com/watch?v=a6lcrNh9AuI ) and several others. The plug-in system is an example of the philosophy of flexibility and versatility that is at the heart of Nxt. What it means for Nxt users Nxt is eminently suitable for both business and non-commercial use. All of Nxts features can be accessed separately or in combination, using a simple but comprehensive API structure ( http://85.25.198.120:7876/test ). Nxt is fast, with an average block time of around 90 seconds. It is powerful, giving users access to such diverse features as asset creation and trading, separate currencies, data transfer and storage, blockchain voting and multisignature transactions. Nxt is easy to build for, and those who want more information about how to use Nxt, or who need support on the more technical aspects of the Nxt systems, can contact the Nxt Foundation. The Nxt Foundation ( http://nxtfoundation.org/ ) is a non-profit organisation which can answer questions on Nxt, offer support, and connect businesses with the developers and advisors they need to take advantage of the unprecedented opportunities offered by the Nxt platform. Contact Nxt Foundation today at [email protected] . For more information about us, please visit http://nxt.org Contact Info: Name: Bas Wisselink, Nxt Foundation Director Email: [email protected] Organization: NXT Phone: +31 (0)6 13937762 Video URL: https://vimeo.com/127270358 SOURCE: NXT || UPDATE: CoinCard, The World's First Crypto-based Credit Card Met with Strong Response at Launch: CoinCard is a bitcoin credit card unprecedented in the cryptocurrency space. The first 1 000 customers Receive Limited Edition, No Fee Cards
WALNUT, CA / ACCESSWIRE / May 14, 2015 /Cryptocurrencies are evolving as a payment type throughout the world, serving primarily as a peer-to-peer method of conducting financial transactions and as payment device. However, the role and use of cryptocurrencies as mainstream payment for goods or services, whether on- or off-line, has yet to gain widespread adoption. With the help of the Crypto Private Investors Group,CoinCard, the world's first ever crypto-based credit card will be launching in July 2015. Early adopters of cryptocurrencies will be able to pre-order a card and the first 1,000 applicants will be able to take advantage of a limited edition cardwhere all transactions fees, with exception of the annual fee, are waived. The goal of CPIG is to foster adoption of cryptocurrencies worldwide and the launch of CoinCard is a path towards fulfilling that goal.
CoinCard experienced outstanding response with more than 100 cards being reserved within the first hours of being made available.
CoinCard Basic is designed to function as a debit card. CoinCard Elite can work either as a higher utility, lower fee debit or credit card. Whether debit or credit card, both CoinCards can be used anywhere MasterCard is accepted. Like all MasterCard branded products, all insurance, warranty and affinity programs exist on the CoinCard Basic or Elite products. Provision for Visa and American Express version are currently being considered.
What distinguishes CoinCard from all other cards is that cryptocurrencies can be used to either pay down revolving balances or used as a debit card drawing on the cryptocurrency accounts of its user. Annual fees are competitive to traditional cards at $50USD for a CoinCard Basic and $100USD for CoinCard Elite. CoinCard can be used at ATMs worldwide.
If used as a debit card, CoinCard is reloadable from anywhere in the world and the user may load their card using cryptocurrencies or altcoins including Bitcoin, Paycoin and many others. Users of CoinCard Elite that have credit lines extended will be able to use their cryptocurrency to pay down their extended or revolving credit.
To obtain a reservation for a CoinCard Basic or CoinCard Elite, visithttp://ordercoincard.com/. The first 1,000 to reserve a CoinCard (500 CoinCard Basic and 500 CoinCard Elite) will receive one year free of transaction fees, excluding the annual fee.
About the Crypto Private Investor Group:
The Crypto Private Investor Group (CPIG) was formed to create and promote cryptocurrencies. Cryptocurrencies, as a whole, have the ability to create a new payment / financial consideration system. Inherent in a cryptocurrency payment system are features such as lower merchant and consumer costs, significantly greater security and the possibility of creating a single currency…a digital currency that crosses boarders throughout the world creating a global marketplace where commerce flows easily.
The CPIG will seek to quiet the maelstrom swirling around the crypto category. To undo the negative impact, outcome and perception from circumstances like Mt. Gox and those that seek to undermine the category's success through the use of negatively sensationalized press covering the category based upon conjecture versus fact.
The CPIG is impartial and coin agnostic, serving as a guiding light to the future of cryptocurrency and its utility and adoption in a global marketplace.
**CoinCard is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections.
For more information about us, please visithttp://ordercoincard.com
Contact Info:
Name: John C. CaceresEmail:[email protected]: CoinCardPhone: 802 359 7569
SOURCE:CoinCard || The semiconductor trade: 4 stocks to watch: Applied Materials(NASDAQ: AMAT)' earnings beat Thursday may provide a reason to buy into the battered semiconductor space, CNBC"Fast Money"trader Brian Kelly said.
The company-which makes technology used to manufacture chips-beat Wall Street's earnings expectations as total orders rose 11 percent year-over-year. Shares rose 2.5 percent in extended trading to more than $20 per share.
Read MoreAfter-hours buzz: El Pollo Loco, King, Party City & more
"I would be a buyer of Applied Materials here," Kelly said.
Big-name stocks in the sector, including Qualcomm(NASDAQ: QCOM)and Micron(NASDAQ: MU), have suffered this year. Trader Jon Najarian looked to stocks that have performed well while some peers struggled.
He pointed to Broadcom(NASDAQ: BRCM), which he called a "monster" as it has climbed more than 50 percent in the last year. Najarian also liked Maxim Integrated Products(NASDAQ: MXIM), which has climbed 7 percent this year.
Maxim jumped more than 4 percent Thursday on reports that Avago(NASDAQ: AVGO)has shown interest in buying it.
NXP Semiconductors(NASDAQ: NXPI)also looks to have upside despite an "incredible rise," said trader Steve Grasso. The company-which has a hand in credit card system components-has soared 34 percent higher this year.
Disclosures:
Jon Najarian
Jon Najarian is long AEP, BBY, CS, CSLT, EXXI, FEYE, GE, HFC, HSBC, HUN, HZNP, JWN, MAS, MCD, MDRX, MRVL, MW, NEE, NRG, NUGT, OAS, OC, PG, PVA, RHT, RRC, RYL, SCTY, SIMO, SIRI, SKX, SOL, SYK, TAP, TEVA, TTWO, TLT, VIX, WMB, UPS, XLI, YPF and ZIOP. He is long calls AKS, BBY, CTXS, EQT, EWJ, FB, GE, GREK, GRPN, GSK, GTI, IDTI, JWN, LNKD, MCD, MDRX, MT, MYL, NTAP, NUAN, OAS, PG, PPC, PRU, RAD, SAP, SIMO, SKX, SNDK, TAP, UPS, VALE, WFM and XLK. He is long LOCO puts. Today, he bought AEP, JWN, NUGT, UPS, JWN calls MT calls, UPS calls and LOCO puts.
Steve Grasso
Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long MCD, AXP, IBM, KO, TWTR and ZNGA. His kids own EFG, EFA, EWJ, IJR and SPY.
Karen Finerman
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long AAPL, ANTM, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, M, KORS, SUNE, URI and XBI. Her firm is short IWM, SPY, MDY. Karen Finerman is on the board of GrafTech International.
Brian Kelly
Brian Kelly is long DXGE, BTC=, BBRY, SPY puts and U.S. dollar. He is short Australian dollar, euro, yen and yuan. Today, he bought DXGE and sold short euro.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || The semiconductor trade: 4 stocks to watch: Applied Materials (NASDAQ: AMAT) ' earnings beat Thursday may provide a reason to buy into the battered semiconductor space, CNBC "Fast Money" trader Brian Kelly said. The company-which makes technology used to manufacture chips-beat Wall Street's earnings expectations as total orders rose 11 percent year-over-year. Shares rose 2.5 percent in extended trading to more than $20 per share. Read More After-hours buzz: El Pollo Loco, King, Party City & more "I would be a buyer of Applied Materials here," Kelly said. Big-name stocks in the sector, including Qualcomm (NASDAQ: QCOM) and Micron (NASDAQ: MU) , have suffered this year. Trader Jon Najarian looked to stocks that have performed well while some peers struggled. He pointed to Broadcom (NASDAQ: BRCM) , which he called a "monster" as it has climbed more than 50 percent in the last year. Najarian also liked Maxim Integrated Products (NASDAQ: MXIM) , which has climbed 7 percent this year. Maxim jumped more than 4 percent Thursday on reports that Avago (NASDAQ: AVGO) has shown interest in buying it. NXP Semiconductors (NASDAQ: NXPI) also looks to have upside despite an "incredible rise," said trader Steve Grasso. The company-which has a hand in credit card system components-has soared 34 percent higher this year. Disclosures: Jon Najarian Jon Najarian is long AEP, BBY, CS, CSLT, EXXI, FEYE, GE, HFC, HSBC, HUN, HZNP, JWN, MAS, MCD, MDRX, MRVL, MW, NEE, NRG, NUGT, OAS, OC, PG, PVA, RHT, RRC, RYL, SCTY, SIMO, SIRI, SKX, SOL, SYK, TAP, TEVA, TTWO, TLT, VIX, WMB, UPS, XLI, YPF and ZIOP. He is long calls AKS, BBY, CTXS, EQT, EWJ, FB, GE, GREK, GRPN, GSK, GTI, IDTI, JWN, LNKD, MCD, MDRX, MT, MYL, NTAP, NUAN, OAS, PG, PPC, PRU, RAD, SAP, SIMO, SKX, SNDK, TAP, UPS, VALE, WFM and XLK. He is long LOCO puts. Today, he bought AEP, JWN, NUGT, UPS, JWN calls MT calls, UPS calls and LOCO puts. Steve Grasso Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long MCD, AXP, IBM, KO, TWTR and ZNGA. His kids own EFG, EFA, EWJ, IJR and SPY. Karen Finerman Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short SPY. Her firm is long AAPL, ANTM, BAC, C, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, M, KORS, SUNE, URI and XBI. Her firm is short IWM, SPY, MDY. Karen Finerman is on the board of GrafTech International. Brian Kelly Brian Kelly is long DXGE, BTC=, BBRY, SPY puts and U.S. dollar. He is short Australian dollar, euro, yen and yuan. Today, he bought DXGE and sold short euro. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || Will Greece's Financial Woes Ever End?: Negotiations between Athens and its creditors continued to drag on this week, despite what most believed would be a bank-breaking loan repayment coming due on Tuesday.
Somehow, Greece continued to scrape by without defaulting, despite having what most expect is a nearly empty vault. Comments from both sides have indicated that a resolution is nowhere in sight, as they remain at odds regarding several fundamental aspects of Greece's bailout agreement.
Out Of Cash?
On Tuesday, Greece wasable to repayits €750 million International Monetary Fund loan, but many believe the tide is quickly rising as more payments loom on the horizon.
This week's payment was meant to put leftist leader, Prime Minister Alexis Tsipras, in the difficult position of choosing between paying the nation's wages and pensions or repaying the loan, but the Greek prime minister avoided that conundrum by using Greece's own reserve funds at the IMF to make the payment.
Related Link:No Bailout Agreement Expected For Greece, Despite Looming IMF Payments
It remains to be seen whether or not Athens has enough cash in its reserve to pay public sector wages at the end of the month, and the nation is almost surely short the €1.5 billion needed to repay further loans in June.
What Now?
The increasingly dire financial situation in Greece is likely to help move negotiations for its bailout aid forward; however, so far it seems that Tsipras is unwilling to bend to the EU's will, despite his lack of funding.
Tsipras was elected on promises to reverse austerity cuts and get a better bailout deal, and he has remained adamant in his demands for more budgetary freedom. Despite that, Greek officials have said they are optimistic about reaching an agreement to release the next installment of bailout funding by the end of May.
Related Link:UBS Outlines Grexit Scenarios
Then It's Over?
Even if Greek officials and EU policymakers come to an agreement by the end of May, Greece won't be out of hot water.
The nation's bailout program expires at the end of June, meaning that Tsipras and the Syriza government will have to work with EU officials to extend the nation's funding again, bringing on an entirely new round of negotiations.
Image Credit: Public Domain
See more from Benzinga
• The Internet Of Things Getting A Push From Intel And Samsung
• Marijuana Shortages Point To A Developing Industry
• Bitcoin Making Progress In Europe
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Will Greece's Financial Woes Ever End?: Negotiations between Athens and its creditors continued to drag on this week, despite what most believed would be a bank-breaking loan repayment coming due on Tuesday. Somehow, Greece continued to scrape by without defaulting, despite having what most expect is a nearly empty vault. Comments from both sides have indicated that a resolution is nowhere in sight, as they remain at odds regarding several fundamental aspects of Greece's bailout agreement. Out Of Cash? On Tuesday, Greece was able to repay its 750 million International Monetary Fund loan, but many believe the tide is quickly rising as more payments loom on the horizon. This week's payment was meant to put leftist leader, Prime Minister Alexis Tsipras, in the difficult position of choosing between paying the nation's wages and pensions or repaying the loan, but the Greek prime minister avoided that conundrum by using Greece's own reserve funds at the IMF to make the payment. Related Link: No Bailout Agreement Expected For Greece, Despite Looming IMF Payments It remains to be seen whether or not Athens has enough cash in its reserve to pay public sector wages at the end of the month, and the nation is almost surely short the 1.5 billion needed to repay further loans in June. What Now? The increasingly dire financial situation in Greece is likely to help move negotiations for its bailout aid forward; however, so far it seems that Tsipras is unwilling to bend to the EU's will, despite his lack of funding. Tsipras was elected on promises to reverse austerity cuts and get a better bailout deal, and he has remained adamant in his demands for more budgetary freedom. Despite that, Greek officials have said they are optimistic about reaching an agreement to release the next installment of bailout funding by the end of May. Related Link: UBS Outlines Grexit Scenarios Then It's Over? Even if Greek officials and EU policymakers come to an agreement by the end of May, Greece won't be out of hot water. Story continues The nation's bailout program expires at the end of June, meaning that Tsipras and the Syriza government will have to work with EU officials to extend the nation's funding again, bringing on an entirely new round of negotiations. Image Credit: Public Domain See more from Benzinga The Internet Of Things Getting A Push From Intel And Samsung Marijuana Shortages Point To A Developing Industry Bitcoin Making Progress In Europe © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Making Progress In Europe: Despite several setbacks, thebitcoinindustry is continuing to grow across the world as people in more countries take notice of the digital currency's benefits.
While the cryptocurrency is still far from becoming a mainstream payment method, European regulators are beginning to follow in the footsteps of the Bank of England by planning ahead and evaluating how to integrate the cryptocurrency into the region's financial system.
EBA Review
On Monday, the European Banking Association issued areportdetailing its findings on the use of cryptocurrencies.
The report stated that, although bitcoin still has a long way to go before it can be considered a viable currency, digital currencies are an important issue worth paying attention to in the future.
Related Link:NASDAQ Interested In Blockchain
Blockchain As A Viable Opportunity
The EBA acknowledged that despite bitcoin's volatility and security concerns, the technology that powers it could be applied to several different industries to improve their operations.
The report commended blockchain's ability to make processes faster and simpler, saying that it would be useful in fields like IT and contract law.
More Bitcoin Exposure
Shortly after the EBA's release, bitcoin platform Coinify announced that it was expanding throughout the eurozone to allow 34 European countries to buy and sell bitcoins.
Coinify is using the Single Euro Payments Area, or the bloc's payment integration scheme, in order to carry out the expansion.
Related Link: ItBit Became The First Cryptocurrency Exchange To Receive A Banking License
Making Europe Part Of The Digital Payment Revolution
Coinify's expansion is expected to put Europe in a position to take advantage of the growing popularity of digital currencies. Coinify's Chief Financial Officer Christian Visti Larsen said the company's next round of funding is expected to raise enough money "to make sure that Europe will be playing a leading role in this new payment space."
Image Credit: Public Domain
See more from Benzinga
• Is The Shale Oil Market Recovering?
• Working From Home Could Become Even Easier
• The Rise Of Cyber Insurance
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Making Progress In Europe: Despite several setbacks, thebitcoinindustry is continuing to grow across the world as people in more countries take notice of the digital currency's benefits.
While the cryptocurrency is still far from becoming a mainstream payment method, European regulators are beginning to follow in the footsteps of the Bank of England by planning ahead and evaluating how to integrate the cryptocurrency into the region's financial system.
EBA Review
On Monday, the European Banking Association issued areportdetailing its findings on the use of cryptocurrencies.
The report stated that, although bitcoin still has a long way to go before it can be considered a viable currency, digital currencies are an important issue worth paying attention to in the future.
Related Link:NASDAQ Interested In Blockchain
Blockchain As A Viable Opportunity
The EBA acknowledged that despite bitcoin's volatility and security concerns, the technology that powers it could be applied to several different industries to improve their operations.
The report commended blockchain's ability to make processes faster and simpler, saying that it would be useful in fields like IT and contract law.
More Bitcoin Exposure
Shortly after the EBA's release, bitcoin platform Coinify announced that it was expanding throughout the eurozone to allow 34 European countries to buy and sell bitcoins.
Coinify is using the Single Euro Payments Area, or the bloc's payment integration scheme, in order to carry out the expansion.
Related Link: ItBit Became The First Cryptocurrency Exchange To Receive A Banking License
Making Europe Part Of The Digital Payment Revolution
Coinify's expansion is expected to put Europe in a position to take advantage of the growing popularity of digital currencies. Coinify's Chief Financial Officer Christian Visti Larsen said the company's next round of funding is expected to raise enough money "to make sure that Europe will be playing a leading role in this new payment space."
Image Credit: Public Domain
See more from Benzinga
• Is The Shale Oil Market Recovering?
• Working From Home Could Become Even Easier
• The Rise Of Cyber Insurance
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Making Progress In Europe: Despite several setbacks, the bitcoin industry is continuing to grow across the world as people in more countries take notice of the digital currency's benefits. While the cryptocurrency is still far from becoming a mainstream payment method, European regulators are beginning to follow in the footsteps of the Bank of England by planning ahead and evaluating how to integrate the cryptocurrency into the region's financial system. EBA Review On Monday, the European Banking Association issued a report detailing its findings on the use of cryptocurrencies. The report stated that, although bitcoin still has a long way to go before it can be considered a viable currency, digital currencies are an important issue worth paying attention to in the future. Related Link: NASDAQ Interested In Blockchain Blockchain As A Viable Opportunity The EBA acknowledged that despite bitcoin's volatility and security concerns, the technology that powers it could be applied to several different industries to improve their operations. The report commended blockchain's ability to make processes faster and simpler, saying that it would be useful in fields like IT and contract law. More Bitcoin Exposure Shortly after the EBA's release, bitcoin platform Coinify announced that it was expanding throughout the eurozone to allow 34 European countries to buy and sell bitcoins. Coinify is using the Single Euro Payments Area, or the bloc's payment integration scheme, in order to carry out the expansion. Related Link: ItBit Became The First Cryptocurrency Exchange To Receive A Banking License Making Europe Part Of The Digital Payment Revolution Coinify's expansion is expected to put Europe in a position to take advantage of the growing popularity of digital currencies. Coinify's Chief Financial Officer Christian Visti Larsen said the company's next round of funding is expected to raise enough money "to make sure that Europe will be playing a leading role in this new payment space." Story continues Image Credit: Public Domain See more from Benzinga Is The Shale Oil Market Recovering? Working From Home Could Become Even Easier The Rise Of Cyber Insurance © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Microelectronics Results From the Bitcoins Conference in New York: MONARCH BAY, CA / ACCESSWIRE / May 13, 2015 /Microelectronics Technology Company (MELY) is pleased to report results after attending and exhibiting at the Bitcoins Conference in New York City.
BTC Pool Party, on behalf of Microelectronics Technology Company, was an active participant in the Bitcoins Conference in New York this past April 27th – 29th. Additionally, BTC Pool Party was a Sponsor for the Event and participated with an exhibit during the Conference.
The attendance for the 2015 conference was approximately 1,300 participants, individuals and companies representing all aspects of the Bitcoin community; this attendance number was similar to the conference held in 2014. Majority of the conference participants stopped at the BTC Pool Party exhibit to learn more about the transparency of the pool, the technology on which it is based, and to learn how the Company is solidifying its position in the Bitcoin community.
Microelectronics increased its recognition throughout the participants of the conference and developed strong alliances with manufacturers and developers of the new chip technology. The Company has entered into active communication with those manufacturers and developers invested in supplying the Company with an increase in mining production.
"The Company is also pleased to be asked to assist in the advancement of 'friends of the pool initiative,' where the goal is to create an alliance of companies working together to support and promote our industry," stated President Brett Everett. "This is a strategic time for Microelectronics and BTC Pool Party growth."
The primary goal of BTC Pool Party was to attract other miners to the pool. Many large miners as well as independent miners expressed interest in BTC Pool Party. There is a significant list of potential miners interested in joining BTC Pool Party. Several have been in communication with the Company to schedule testing of their specific miners on the pool.
The company continues to develop and improve the BTCPOOLPARTY mining pool with the introduction of more detailed stats of the mining operations available as the Company moves forward.https://www.btcpoolparty.com/
https://www.facebook.com/btcpoolparty
Additional photos and videos can be viewed at the company's Facebook page:
https://www.facebook.com/MELYPK.
Forward-Looking Statements:
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth-in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.
CONTACT:
For further Information:Microelectronics Technology Company
President:Mr. Brett Everett888-681-9777 ext. [email protected]
SOURCE:Microelectronics Technology Company || Microelectronics Results From the Bitcoins Conference in New York: MONARCH BAY, CA / ACCESSWIRE / May 13, 2015 /Microelectronics Technology Company (MELY) is pleased to report results after attending and exhibiting at the Bitcoins Conference in New York City.
BTC Pool Party, on behalf of Microelectronics Technology Company, was an active participant in the Bitcoins Conference in New York this past April 27th – 29th. Additionally, BTC Pool Party was a Sponsor for the Event and participated with an exhibit during the Conference.
The attendance for the 2015 conference was approximately 1,300 participants, individuals and companies representing all aspects of the Bitcoin community; this attendance number was similar to the conference held in 2014. Majority of the conference participants stopped at the BTC Pool Party exhibit to learn more about the transparency of the pool, the technology on which it is based, and to learn how the Company is solidifying its position in the Bitcoin community.
Microelectronics increased its recognition throughout the participants of the conference and developed strong alliances with manufacturers and developers of the new chip technology. The Company has entered into active communication with those manufacturers and developers invested in supplying the Company with an increase in mining production.
"The Company is also pleased to be asked to assist in the advancement of 'friends of the pool initiative,' where the goal is to create an alliance of companies working together to support and promote our industry," stated President Brett Everett. "This is a strategic time for Microelectronics and BTC Pool Party growth."
The primary goal of BTC Pool Party was to attract other miners to the pool. Many large miners as well as independent miners expressed interest in BTC Pool Party. There is a significant list of potential miners interested in joining BTC Pool Party. Several have been in communication with the Company to schedule testing of their specific miners on the pool.
The company continues to develop and improve the BTCPOOLPARTY mining pool with the introduction of more detailed stats of the mining operations available as the Company moves forward.https://www.btcpoolparty.com/
https://www.facebook.com/btcpoolparty
Additional photos and videos can be viewed at the company's Facebook page:
https://www.facebook.com/MELYPK.
Forward-Looking Statements:
This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital.
Additional considerations and risk factors are set forth-in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements.
CONTACT:
For further Information:Microelectronics Technology Company
President:Mr. Brett Everett888-681-9777 ext. [email protected]
SOURCE:Microelectronics Technology Company || Microelectronics Results From the Bitcoins Conference in New York: MONARCH BAY, CA / ACCESSWIRE / May 13, 2015 / Microelectronics Technology Company ( MELY ) is pleased to report results after attending and exhibiting at the Bitcoins Conference in New York City. BTC Pool Party, on behalf of Microelectronics Technology Company, was an active participant in the Bitcoins Conference in New York this past April 27th – 29th. Additionally, BTC Pool Party was a Sponsor for the Event and participated with an exhibit during the Conference. The attendance for the 2015 conference was approximately 1,300 participants, individuals and companies representing all aspects of the Bitcoin community; this attendance number was similar to the conference held in 2014. Majority of the conference participants stopped at the BTC Pool Party exhibit to learn more about the transparency of the pool, the technology on which it is based, and to learn how the Company is solidifying its position in the Bitcoin community. Microelectronics increased its recognition throughout the participants of the conference and developed strong alliances with manufacturers and developers of the new chip technology. The Company has entered into active communication with those manufacturers and developers invested in supplying the Company with an increase in mining production. "The Company is also pleased to be asked to assist in the advancement of 'friends of the pool initiative,' where the goal is to create an alliance of companies working together to support and promote our industry," stated President Brett Everett. "This is a strategic time for Microelectronics and BTC Pool Party growth." The primary goal of BTC Pool Party was to attract other miners to the pool. Many large miners as well as independent miners expressed interest in BTC Pool Party. There is a significant list of potential miners interested in joining BTC Pool Party. Several have been in communication with the Company to schedule testing of their specific miners on the pool. The company continues to develop and improve the BTCPOOLPARTY mining pool with the introduction of more detailed stats of the mining operations available as the Company moves forward. https://www.btcpoolparty.com/ https://www.facebook.com/btcpoolparty Additional photos and videos can be viewed at the company's Facebook page: https://www.facebook.com/MELYPK . Forward-Looking Statements: This news release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey Company progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the Company at this time, actual results may differ materially and are subject to risk and uncertainties. Factors that may cause actual results to differ include without limitation: dependence on key personnel and suppliers; MELY's ability to commercialize its technology; ability to defend intellectual property; material and component costs; competition; economic conditions; consumer demand and product acceptance, and availability of growth capital. Story continues Additional considerations and risk factors are set forth-in reports filed on Form 8-K and 10-K with the SEC and other filings. Readers are cautioned not to place undue reliance upon these forward-looking statements; historical information is not an indicator of future performance. The Company undertakes no obligation to update publicly any forward-looking statements. CONTACT: For further Information: Microelectronics Technology Company President: Mr. Brett Everett 888-681-9777 ext. 5 [email protected] www.melypk.com SOURCE: Microelectronics Technology Company View comments
[Social Media Buzz]
buysellbitco.in #bitcoin price in INR, Buy : 15263.00 INR Sell : 14788.00 INR. Buy and sell bitcoin in #India using #buysellbitcoin || In the last 10 mins, there were arb opps spanning 20 exchange pair(s), yielding profits ranging between $0.00 and $1,649.66 #bitcoin #btc || $235.77 at 05:00 UTC [24h Range: $234.15 - $237.00 Volume: 2884 BTC] || LIVE: Profit = $1,020.55 (1.31 %). BUY B328.71 @ $237.20 (#Bitfinex). SELL @ $238.00 (#HitBTC) #bitcoin #btc - http://www.projectcoin.org || One Bitcoi...
|
231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84, 63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05, 61452.23, 61125.68, 61527.48, 63326.99, 67566.83, 66971.83, 64995.23, 64949.96, 64155.94, 64469.53, 65466.84, 63557.87, 60161.25, 60368.01, 56942.14, 58119.58, 59697.20, 58730.48, 56289.29, 57569.07, 56280.43, 57274.68, 53569.77, 54815.08, 57248.46, 57806.57, 57005.43, 57229.83, 56477.82, 53598.25, 49200.70, 49368.85, 50582.62, 50700.09, 50504.80, 47672.12, 47243.30.
|
[Bitcoin Technical Analysis for 2021-12-10]
Volume: 30966005122, RSI (14-day): 29.78, 50-day EMA: 55843.69, 200-day EMA: 50048.93
[Wider Market Context]
Gold Price: 1782.90, Gold RSI: 45.65
Oil Price: 71.67, Oil RSI: 44.52
[Recent News (last 7 days)]
First Mover Asia: Bitcoin Falls Below $49K as Trading Volume Weakens, Altcoins See Red: Good morning. Here’s what’s happening this morning:
Market moves:Bitcoin fell as U.S. stocks sagged and the U.S. dollar strengthened.
Technician’s take:Buying activity remains weak, which reduces the chance of a significant price rise into January.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $48,123 -4.7%
Ether (ETH): $4,183 -5.3%
S&P 500: $4,667 -0.7%
Dow Jones Industrial Average: $35,754 -0.0001%
Nasdaq: $15,517 -1.7%
Gold: $1,775 -0.4%
Bitcoin fell toward $48,000 on Thursday, sliding nearly 5% after hovering over $50,000 for much of the previous two days.
Trading volume of the No.1 cryptocurrency by market capitalization across major centralized exchanges, however, continued to drop.
The majority of the crypto market was also in red: Ether was down by more than 5% to around $4,000. The bearish market performance occurred as U.S. stocksfelland the dollar index (DXY), which tracks the greenback’s value against major fiat currencies, rose by 0.28%.
As CoinDesk reported, a strengthened U.S. dollarbrings downside pressureon bitcoin’s prices.
“The long-term bull case remains for bitcoin, but everything in the short-term seems bearish,” Edward Moya, senior market analyst at Oanda, said in an email. “Bitcoin will need to overcome growing expectations for a stronger dollar, an extended altcoin season and short-term bearishness for risk assets as Omicron derails reopening momentum.”
Bitcoin Drops Below $50K; Support Between $43K-$45K
Bitcoin (BTC) continued to struggle below the $50,000 resistance level.
The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
The cryptocurrency is down about 4% over the past 24 hours, although support around the 200-day moving average (currently at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. That reduces the chance of a significant price increase heading into January, especially given the loss of upsidemomentumon the weekly and monthly charts.
3 p.m. HKT/SGT (7 a.m. UTC): U.K. trade balance (Oct.)
3 p.m. HKT/SGT (7 a.m. UTC): U.K. industrial production (Oct. YoY/MoM)
3 p.m. HKT/SGT (7 a.m. UTC): Germany consumer price index (Nov. YoY/MoM)
9:30 p.m. HKT/SGT (1:30 p.m. UTC): U.S. consumer price index (Nov. YoY/MoM)
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
Crypto CEOs Defend Industry as Congress Weighs Regulation, Terraform Labs Co-founder and CEO Do Kwon on Future Plans
“First Mover” hosts spoke with CoinDesk’s managing editor for global policy and regulation, Nikhilesh De, on the key takeaways from Wednesday’s hearing where House Financial Services Committee members questioned crypto executives. Terraform Labs co-founder and CEO Do Kwon was named ranked in the top 10 of CoinDesk’s Most Influential list this year. Kwon explained the plans for his company. Plus, “First Mover” covered market insights from Ava Labs President John Wu and the latest development from the Polygon network.
Bitcoin Hashrate Approaches Full Recovery From China Crackdown:Mining difficulty is likely to increase this weekend as capacity recovers, but given the recent record-high bitcoin prices, that won’t discourage miners.
Polygon Acquires Ethereum Scaling Startup Mir for $400M in MATIC:The Ethereum scaling network is undertaking another big-budget buy.
Meta’s WhatsApp to Trial Novi Digital Wallet: The move comes two months after Novi’s first pilot launched.
Crypto Derivative Firm Paradigm Raises $35M From Jump Capital, Alameda Ventures, Others:More than 25 investors participated in the round, including Dragonfly Capital, Digital Currency Group and Vectr Fintech Partners.
Pantone ‘Color of the Year’ Gets the NFT Treatment:Tezos nabbed Ubisoft yesterday, now Pantone. How will XTZ react?
Bitcoin’s Lost Coins Are Worth the Price:And the network’s core principles are invaluable.
The Three Types of Crypto Investors:Advisors should know the different types of clients they’ll encounter who might want to invest in crypto and understand their particular goals and needs.
CoinDesk Most Influential 2021:50 people who defined the year in crypto.
Most Influential 2021: Elon Musk:The impresario runs hot and cold on crypto, confusing fans and detractors alike. But his market influence is undeniable.
Addressing Clients’ Fear, Uncertainty and Doubt (FUD) About Bitcoin:Why three popular investor fears about bitcoin are overblown.
Today’s crypto explainer:What Is a Bitcoin Futures ETF?
Other voices:Why have prices of cryptocurrencies, such as bitcoin, fallen—again?(The Economist) || First Mover Asia: Bitcoin Falls Below $49K as Trading Volume Weakens, Altcoins See Red: Good morning. Here’s what’s happening this morning: Market moves: Bitcoin fell as U.S. stocks sagged and the U.S. dollar strengthened. Technician’s take: Buying activity remains weak, which reduces the chance of a significant price rise into January. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin ( BTC ): $48,123 -4.7% Ether ( ETH ): $4,183 -5.3% Markets S&P 500: $4,667 -0.7% Dow Jones Industrial Average: $35,754 -0.0001% Nasdaq: $15,517 -1.7% Gold: $1,775 -0.4% Market moves Bitcoin fell toward $48,000 on Thursday, sliding nearly 5% after hovering over $50,000 for much of the previous two days. Trading volume of the No.1 cryptocurrency by market capitalization across major centralized exchanges, however, continued to drop. Credit: CoinDesk/CryptoCompare The majority of the crypto market was also in red: Ether was down by more than 5% to around $4,000. The bearish market performance occurred as U.S. stocks fell and the dollar index (DXY), which tracks the greenback’s value against major fiat currencies, rose by 0.28%. As CoinDesk reported, a strengthened U.S. dollar brings downside pressure on bitcoin’s prices. “The long-term bull case remains for bitcoin, but everything in the short-term seems bearish,” Edward Moya, senior market analyst at Oanda, said in an email. “Bitcoin will need to overcome growing expectations for a stronger dollar, an extended altcoin season and short-term bearishness for risk assets as Omicron derails reopening momentum.” Technician’s take Bitcoin Drops Below $50K; Support Between $43K-$45K Bitcoin's four-hour price chart shows support/resistance levels with RSI in second panel (Damanick Dantes/CoinDesk, TradingView) Bitcoin (BTC) continued to struggle below the $50,000 resistance level. The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000. The cryptocurrency is down about 4% over the past 24 hours, although support around the 200-day moving average (currently at $46,500) could stabilize the current pullback. BTC buying activity remains weak despite several oversold signals on the charts. That reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts. Story continues Important events 3 p.m. HKT/SGT (7 a.m. UTC): U.K. trade balance (Oct.) 3 p.m. HKT/SGT (7 a.m. UTC): U.K. industrial production (Oct. YoY/MoM) 3 p.m. HKT/SGT (7 a.m. UTC): Germany consumer price index (Nov. YoY/MoM) 9:30 p.m. HKT/SGT (1:30 p.m. UTC): U.S. consumer price index (Nov. YoY/MoM) CoinDesk TV In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV: Crypto CEOs Defend Industry as Congress Weighs Regulation, Terraform Labs Co-founder and CEO Do Kwon on Future Plans “First Mover” hosts spoke with CoinDesk’s managing editor for global policy and regulation, Nikhilesh De, on the key takeaways from Wednesday’s hearing where House Financial Services Committee members questioned crypto executives. Terraform Labs co-founder and CEO Do Kwon was named ranked in the top 10 of CoinDesk’s Most Influential list this year. Kwon explained the plans for his company. Plus, “First Mover” covered market insights from Ava Labs President John Wu and the latest development from the Polygon network. Latest headlines Bitcoin Hashrate Approaches Full Recovery From China Crackdown: Mining difficulty is likely to increase this weekend as capacity recovers, but given the recent record-high bitcoin prices, that won’t discourage miners. Polygon Acquires Ethereum Scaling Startup Mir for $400M in MATIC: The Ethereum scaling network is undertaking another big-budget buy. Meta’s WhatsApp to Trial Novi Digital Wallet : The move comes two months after Novi’s first pilot launched. Crypto Derivative Firm Paradigm Raises $35M From Jump Capital, Alameda Ventures, Others: More than 25 investors participated in the round, including Dragonfly Capital, Digital Currency Group and Vectr Fintech Partners. Pantone ‘Color of the Year’ Gets the NFT Treatment: Tezos nabbed Ubisoft yesterday, now Pantone. How will XTZ react? Longer reads Bitcoin’s Lost Coins Are Worth the Price: And the network’s core principles are invaluable. The Three Types of Crypto Investors: Advisors should know the different types of clients they’ll encounter who might want to invest in crypto and understand their particular goals and needs. CoinDesk Most Influential 2021: 50 people who defined the year in crypto. Most Influential 2021: Elon Musk: The impresario runs hot and cold on crypto, confusing fans and detractors alike. But his market influence is undeniable. Addressing Clients’ Fear, Uncertainty and Doubt (FUD) About Bitcoin: Why three popular investor fears about bitcoin are overblown. Today’s crypto explainer: What Is a Bitcoin Futures ETF? Other voices: Why have prices of cryptocurrencies, such as bitcoin, fallen—again? (The Economist) || First Mover Asia: Bitcoin Falls Below $49K as Trading Volume Weakens, Altcoins See Red: Good morning. Here’s what’s happening this morning:
Market moves:Bitcoin fell as U.S. stocks sagged and the U.S. dollar strengthened.
Technician’s take:Buying activity remains weak, which reduces the chance of a significant price rise into January.
Catch the latest episodesofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $48,123 -4.7%
Ether (ETH): $4,183 -5.3%
S&P 500: $4,667 -0.7%
Dow Jones Industrial Average: $35,754 -0.0001%
Nasdaq: $15,517 -1.7%
Gold: $1,775 -0.4%
Bitcoin fell toward $48,000 on Thursday, sliding nearly 5% after hovering over $50,000 for much of the previous two days.
Trading volume of the No.1 cryptocurrency by market capitalization across major centralized exchanges, however, continued to drop.
The majority of the crypto market was also in red: Ether was down by more than 5% to around $4,000. The bearish market performance occurred as U.S. stocksfelland the dollar index (DXY), which tracks the greenback’s value against major fiat currencies, rose by 0.28%.
As CoinDesk reported, a strengthened U.S. dollarbrings downside pressureon bitcoin’s prices.
“The long-term bull case remains for bitcoin, but everything in the short-term seems bearish,” Edward Moya, senior market analyst at Oanda, said in an email. “Bitcoin will need to overcome growing expectations for a stronger dollar, an extended altcoin season and short-term bearishness for risk assets as Omicron derails reopening momentum.”
Bitcoin Drops Below $50K; Support Between $43K-$45K
Bitcoin (BTC) continued to struggle below the $50,000 resistance level.
The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
The cryptocurrency is down about 4% over the past 24 hours, although support around the 200-day moving average (currently at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. That reduces the chance of a significant price increase heading into January, especially given the loss of upsidemomentumon the weekly and monthly charts.
3 p.m. HKT/SGT (7 a.m. UTC): U.K. trade balance (Oct.)
3 p.m. HKT/SGT (7 a.m. UTC): U.K. industrial production (Oct. YoY/MoM)
3 p.m. HKT/SGT (7 a.m. UTC): Germany consumer price index (Nov. YoY/MoM)
9:30 p.m. HKT/SGT (1:30 p.m. UTC): U.S. consumer price index (Nov. YoY/MoM)
In case you missed it, here are the most recent episodes of“First Mover”onCoinDesk TV:
Crypto CEOs Defend Industry as Congress Weighs Regulation, Terraform Labs Co-founder and CEO Do Kwon on Future Plans
“First Mover” hosts spoke with CoinDesk’s managing editor for global policy and regulation, Nikhilesh De, on the key takeaways from Wednesday’s hearing where House Financial Services Committee members questioned crypto executives. Terraform Labs co-founder and CEO Do Kwon was named ranked in the top 10 of CoinDesk’s Most Influential list this year. Kwon explained the plans for his company. Plus, “First Mover” covered market insights from Ava Labs President John Wu and the latest development from the Polygon network.
Bitcoin Hashrate Approaches Full Recovery From China Crackdown:Mining difficulty is likely to increase this weekend as capacity recovers, but given the recent record-high bitcoin prices, that won’t discourage miners.
Polygon Acquires Ethereum Scaling Startup Mir for $400M in MATIC:The Ethereum scaling network is undertaking another big-budget buy.
Meta’s WhatsApp to Trial Novi Digital Wallet: The move comes two months after Novi’s first pilot launched.
Crypto Derivative Firm Paradigm Raises $35M From Jump Capital, Alameda Ventures, Others:More than 25 investors participated in the round, including Dragonfly Capital, Digital Currency Group and Vectr Fintech Partners.
Pantone ‘Color of the Year’ Gets the NFT Treatment:Tezos nabbed Ubisoft yesterday, now Pantone. How will XTZ react?
Bitcoin’s Lost Coins Are Worth the Price:And the network’s core principles are invaluable.
The Three Types of Crypto Investors:Advisors should know the different types of clients they’ll encounter who might want to invest in crypto and understand their particular goals and needs.
CoinDesk Most Influential 2021:50 people who defined the year in crypto.
Most Influential 2021: Elon Musk:The impresario runs hot and cold on crypto, confusing fans and detractors alike. But his market influence is undeniable.
Addressing Clients’ Fear, Uncertainty and Doubt (FUD) About Bitcoin:Why three popular investor fears about bitcoin are overblown.
Today’s crypto explainer:What Is a Bitcoin Futures ETF?
Other voices:Why have prices of cryptocurrencies, such as bitcoin, fallen—again?(The Economist) || WealthPLAN Partners, LLC Buys FT Cboe Vest Fund of Buffer ETFs, AdvisorShares Q Dynamic Growth ...: Investment companyWealthPLAN Partners, LLC(Current Portfolio) buys FT Cboe Vest Fund of Buffer ETFs, AdvisorShares Q Dynamic Growth ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Horizon Kinetics Inflation Beneficiaries ETF, Invesco S&P 500 Downside Hedged ETF, sells Hartford Multifactor Developed Markets (ex-US) ETF, FT Cboe Vest U.S. Equity Deep Buffer ETF - Decembe, FT Cboe Vest U.S. Equity Deep Buffer ETF - Februar, McDonald's Corp, Automatic Data Processing Inc during the 3-months ended 2021Q3, according to the most recent filings of the investment company, WealthPLAN Partners, LLC. As of 2021Q3, WealthPLAN Partners, LLC owns 366 stocks with a total value of $1.4 billion. These are the details of the buys and sells.
• New Purchases:BUFR, QPX, GBIL, INFL, PHDG, PII, SRLN, APD, COWZ, DJUL, FOCT, IWD, GE, TIP, IWB, PEG, IWS, OPER, PSMM, TLH, VEA, VOE, EJAN, ZTS, AVGO, PM, UPS, LPX, DD, COP, BHP, ICVT, NXTG, LIN, JCI,
• Added Positions:AGOX, VTI, PJUL, DGRO, FTLS, PNC, CVX, IVW, ISRG, JNJ, IEMG, GGG, EFG, SCHF, SPAB, IVE, BKH, CHRW, O, SWK, VBK, MSM, MDT, IUSB, IWF, VWO, MO, SYY, WPC, SCHP, SPLG, SPY, AMZN, CASY, BABA, BSV, EMLP, ESGU, FALN, IWM, JNK, VO, VTIP, VTV, ABT, ADM, BA, LLY, NEE, HPQ, MDLZ, MRK, MSFT, PEP, TSLA, SPOT, BYND, AGG, BSEP, EFV, EYLD, FTSM, IJH, IJR, IUSG, IYW, USHY, USMV, ADBE, ADSK, CAT, CSCO, STZ, XOM, SPGI, NVR, ROP, TXN, V, NCLH, SONO, CIBR, DEM, DTH, EMB, FPX, GDX, GOVT, IWN, LQD, NYF, PAUG, PBND, SCHA, SCHG, VUG, XLF, T, AMD, AEP, AZPN, BAC, BKE, CSX, CCL, CMCSA, DE, FISV, HD, HON, MKC, NFLX, SEEL, NKE, PAYX, PENN, PRU, QCOM, RCL, SHW, SBUX, TMO, TSN, UNP, UNH, WERN, YUM, DAL, MSCI, GM, ABBV, GPP, PYPL, DOW, AGGY, AOA, IGSB, FEM, FEX, HYG, ISTB, IWO, MDY, MUB, PBP, PFF, PJUN, QUAL, RPV, RSP, SCHE, SLV, SLYV, SPTM, SPYG, SPYV, USIG, VOO, VRIG, XBI,
• Reduced Positions:RODM, DDEC, DFEB, MCD, ADP, MNA, PGX, XLK, MOAT, XLV, IBB, CINF, DIAL, FSK, LOW, NUE, DHR, MA, NVDA, GOOG, CFR, BRSP, BIV, ARCC, TGT, QQQ, XSOE, FVD, LUV, EJUL, FDL, BDX, JPST, MINT, JPM, MT, ARKK, CSM, REGL, QYLD, DGRW, PJAN, DNL, PCEF, IDV, IXG, MBB, OUSA, MMM, PAVM, NOW, COST, CHI, CMA, BXC, SPDW, NOBL, MKL, F, DUK, PRF, KO, BMY, SCHJ, SCHX, ORCL, SPEM, VEU, VTWO, VYM, XLE, BP, XLU, AMGN, ALB, VZ, SQFT, IGIB, SWCH, SQ, DIA, IVR, DVY, WM, FAD, WMT, NEM, HYLB, RTX, IDEV, SO, IEFA, ITOT, CRM, RDS.A, PFE, OKE,
• Sold Out:SNAP, PODD, REM, MTUM, MORT, FLRN, MRNA, CGC, VEEV, VER, ALK, GPRE, MAR, ILMN, GS, ETN, DVN, ALL, PSEC,
• Warning! GuruFocus has detected 7 Warning Signs with ROG. Click here to check it out.
• AGOX 15-Year Financial Data
• The intrinsic value of AGOX
• Peter Lynch Chart of AGOX
For the details of WealthPLAN Partners, LLC's stock buys and sells,go tohttps://www.gurufocus.com/guru/wealthplan+partners%2C+llc/current-portfolio/portfolio
These are the top 5 holdings of WealthPLAN Partners, LLC
1. Apple Inc (AAPL) - 608,512 shares, 7.22% of the total portfolio. Shares added by 0.79%
2. Vanguard Total Stock Market ETF (VTI) - 216,687 shares, 3.59% of the total portfolio. Shares added by 11.63%
3. iShares Core Dividend Growth ETF (DGRO) - 652,569 shares, 2.45% of the total portfolio. Shares added by 8.90%
4. Quadratic Interest Rate Volatility And Inflation H (IVOL) - 1,285,832 shares, 2.40% of the total portfolio. Shares added by 0.65%
5. Berkshire Hathaway Inc (BRK.B) - 120,780 shares, 2.38% of the total portfolio. Shares added by 0.20%
New Purchase: FT Cboe Vest Fund of Buffer ETFs (BUFR)
WealthPLAN Partners, LLC initiated holding in FT Cboe Vest Fund of Buffer ETFs. The purchase prices were between $22.68 and $23.38, with an estimated average price of $23.13. The stock is now traded at around $23.740000. The impact to a portfolio due to this purchase was 1.81%. The holding were 1,098,729 shares as of 2021-09-30.
New Purchase: AdvisorShares Q Dynamic Growth ETF (QPX)
WealthPLAN Partners, LLC initiated holding in AdvisorShares Q Dynamic Growth ETF. The purchase prices were between $27.86 and $29.69, with an estimated average price of $28.83. The stock is now traded at around $30.280000. The impact to a portfolio due to this purchase was 1.36%. The holding were 643,637 shares as of 2021-09-30.
New Purchase: Goldman Sachs Access Treasury 0-1 Year ETF (GBIL)
WealthPLAN Partners, LLC initiated holding in Goldman Sachs Access Treasury 0-1 Year ETF. The purchase prices were between $100.08 and $100.11, with an estimated average price of $100.1. The stock is now traded at around $100.040000. The impact to a portfolio due to this purchase was 1.28%. The holding were 184,075 shares as of 2021-09-30.
New Purchase: Horizon Kinetics Inflation Beneficiaries ETF (INFL)
WealthPLAN Partners, LLC initiated holding in Horizon Kinetics Inflation Beneficiaries ETF. The purchase prices were between $28.57 and $30.47, with an estimated average price of $29.84. The stock is now traded at around $30.260000. The impact to a portfolio due to this purchase was 0.65%. The holding were 308,460 shares as of 2021-09-30.
New Purchase: Invesco S&P 500 Downside Hedged ETF (PHDG)
WealthPLAN Partners, LLC initiated holding in Invesco S&P 500 Downside Hedged ETF. The purchase prices were between $35.35 and $37.03, with an estimated average price of $36.24. The stock is now traded at around $37.970000. The impact to a portfolio due to this purchase was 0.64%. The holding were 243,026 shares as of 2021-09-30.
New Purchase: Polaris Inc (PII)
WealthPLAN Partners, LLC initiated holding in Polaris Inc. The purchase prices were between $115.3 and $139, with an estimated average price of $127.11. The stock is now traded at around $108.130000. The impact to a portfolio due to this purchase was 0.58%. The holding were 74,957 shares as of 2021-09-30.
Added: Adaptive Alpha Opportunities ETF (AGOX)
WealthPLAN Partners, LLC added to a holding in Adaptive Alpha Opportunities ETF by 31.03%. The purchase prices were between $24.42 and $26.19, with an estimated average price of $25.54. The stock is now traded at around $25.350000. The impact to a portfolio due to this purchase was 0.37%. The holding were 894,441 shares as of 2021-09-30.
Added: Innovator U.S. Equity Power Buffer ETF - July (PJUL)
WealthPLAN Partners, LLC added to a holding in Innovator U.S. Equity Power Buffer ETF - July by 279.55%. The purchase prices were between $29.41 and $30.17, with an estimated average price of $29.9. The stock is now traded at around $30.538800. The impact to a portfolio due to this purchase was 0.21%. The holding were 135,778 shares as of 2021-09-30.
Added: PNC Financial Services Group Inc (PNC)
WealthPLAN Partners, LLC added to a holding in PNC Financial Services Group Inc by 500.74%. The purchase prices were between $177.8 and $200.2, with an estimated average price of $188.99. The stock is now traded at around $200.730000. The impact to a portfolio due to this purchase was 0.19%. The holding were 16,214 shares as of 2021-09-30.
Added: Intuitive Surgical Inc (ISRG)
WealthPLAN Partners, LLC added to a holding in Intuitive Surgical Inc by 209.61%. The purchase prices were between $309.15 and $360.85, with an estimated average price of $335.78. The stock is now traded at around $340.340000. The impact to a portfolio due to this purchase was 0.14%. The holding were 25,227 shares as of 2021-09-30.
Added: BTC iShares MSCI EAFE Growth ETF (EFG)
WealthPLAN Partners, LLC added to a holding in BTC iShares MSCI EAFE Growth ETF by 25.52%. The purchase prices were between $105.79 and $113.94, with an estimated average price of $110.09. The stock is now traded at around $109.800000. The impact to a portfolio due to this purchase was 0.09%. The holding were 58,586 shares as of 2021-09-30.
Added: Vanguard Small Cap Growth ETF (VBK)
WealthPLAN Partners, LLC added to a holding in Vanguard Small Cap Growth ETF by 79.35%. The purchase prices were between $273.51 and $297.22, with an estimated average price of $286.13. The stock is now traded at around $278.070000. The impact to a portfolio due to this purchase was 0.06%. The holding were 6,521 shares as of 2021-09-30.
Sold Out: Snap Inc (SNAP)
WealthPLAN Partners, LLC sold out a holding in Snap Inc. The sale prices were between $59.31 and $83.11, with an estimated average price of $72.23.
Sold Out: VanEck Mortgage REIT Income ETF (MORT)
WealthPLAN Partners, LLC sold out a holding in VanEck Mortgage REIT Income ETF. The sale prices were between $17.94 and $19.25, with an estimated average price of $18.64.
Sold Out: Canopy Growth Corp (CGC)
WealthPLAN Partners, LLC sold out a holding in Canopy Growth Corp. The sale prices were between $13.52 and $23.95, with an estimated average price of $17.98.
Sold Out: Alaska Air Group Inc (ALK)
WealthPLAN Partners, LLC sold out a holding in Alaska Air Group Inc. The sale prices were between $52.83 and $61.43, with an estimated average price of $57.67.
Sold Out: Green Plains Inc (GPRE)
WealthPLAN Partners, LLC sold out a holding in Green Plains Inc. The sale prices were between $30.83 and $38.25, with an estimated average price of $34.3.
Sold Out: Moderna Inc (MRNA)
WealthPLAN Partners, LLC sold out a holding in Moderna Inc. The sale prices were between $221.9 and $484.47, with an estimated average price of $367.49.
Reduced: Hartford Multifactor Developed Markets (ex-US) ETF (RODM)
WealthPLAN Partners, LLC reduced to a holding in Hartford Multifactor Developed Markets (ex-US) ETF by 54.76%. The sale prices were between $30.1 and $31.87, with an estimated average price of $31.13. The stock is now traded at around $30.130000. The impact to a portfolio due to this sale was -1.05%. WealthPLAN Partners, LLC still held 367,861 shares as of 2021-09-30.
Reduced: FT Cboe Vest U.S. Equity Deep Buffer ETF - Decembe (DDEC)
WealthPLAN Partners, LLC reduced to a holding in FT Cboe Vest U.S. Equity Deep Buffer ETF - Decembe by 67.44%. The sale prices were between $31.8 and $32.23, with an estimated average price of $32.09. The stock is now traded at around $32.455100. The impact to a portfolio due to this sale was -0.79%. WealthPLAN Partners, LLC still held 158,484 shares as of 2021-09-30.
Here is the complete portfolio of WealthPLAN Partners, LLC. Also check out:1. WealthPLAN Partners, LLC's Undervalued Stocks2. WealthPLAN Partners, LLC's Top Growth Companies, and3. WealthPLAN Partners, LLC's High Yield stocks4. Stocks that WealthPLAN Partners, LLC keeps buyingThis article first appeared onGuruFocus. || WealthPLAN Partners, LLC Buys FT Cboe Vest Fund of Buffer ETFs, AdvisorShares Q Dynamic Growth ...: Investment company WealthPLAN Partners, LLC ( Current Portfolio ) buys FT Cboe Vest Fund of Buffer ETFs, AdvisorShares Q Dynamic Growth ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Horizon Kinetics Inflation Beneficiaries ETF, Invesco S&P 500 Downside Hedged ETF, sells Hartford Multifactor Developed Markets (ex-US) ETF, FT Cboe Vest U.S. Equity Deep Buffer ETF - Decembe, FT Cboe Vest U.S. Equity Deep Buffer ETF - Februar, McDonald's Corp, Automatic Data Processing Inc during the 3-months ended 2021Q3, according to the most recent filings of the investment company, WealthPLAN Partners, LLC. As of 2021Q3, WealthPLAN Partners, LLC owns 366 stocks with a total value of $1.4 billion. These are the details of the buys and sells. New Purchases: BUFR, QPX, GBIL, INFL, PHDG, PII, SRLN, APD, COWZ, DJUL, FOCT, IWD, GE, TIP, IWB, PEG, IWS, OPER, PSMM, TLH, VEA, VOE, EJAN, ZTS, AVGO, PM, UPS, LPX, DD, COP, BHP, ICVT, NXTG, LIN, JCI, Added Positions: AGOX, VTI, PJUL, DGRO, FTLS, PNC, CVX, IVW, ISRG, JNJ, IEMG, GGG, EFG, SCHF, SPAB, IVE, BKH, CHRW, O, SWK, VBK, MSM, MDT, IUSB, IWF, VWO, MO, SYY, WPC, SCHP, SPLG, SPY, AMZN, CASY, BABA, BSV, EMLP, ESGU, FALN, IWM, JNK, VO, VTIP, VTV, ABT, ADM, BA, LLY, NEE, HPQ, MDLZ, MRK, MSFT, PEP, TSLA, SPOT, BYND, AGG, BSEP, EFV, EYLD, FTSM, IJH, IJR, IUSG, IYW, USHY, USMV, ADBE, ADSK, CAT, CSCO, STZ, XOM, SPGI, NVR, ROP, TXN, V, NCLH, SONO, CIBR, DEM, DTH, EMB, FPX, GDX, GOVT, IWN, LQD, NYF, PAUG, PBND, SCHA, SCHG, VUG, XLF, T, AMD, AEP, AZPN, BAC, BKE, CSX, CCL, CMCSA, DE, FISV, HD, HON, MKC, NFLX, SEEL, NKE, PAYX, PENN, PRU, QCOM, RCL, SHW, SBUX, TMO, TSN, UNP, UNH, WERN, YUM, DAL, MSCI, GM, ABBV, GPP, PYPL, DOW, AGGY, AOA, IGSB, FEM, FEX, HYG, ISTB, IWO, MDY, MUB, PBP, PFF, PJUN, QUAL, RPV, RSP, SCHE, SLV, SLYV, SPTM, SPYG, SPYV, USIG, VOO, VRIG, XBI, Reduced Positions: RODM, DDEC, DFEB, MCD, ADP, MNA, PGX, XLK, MOAT, XLV, IBB, CINF, DIAL, FSK, LOW, NUE, DHR, MA, NVDA, GOOG, CFR, BRSP, BIV, ARCC, TGT, QQQ, XSOE, FVD, LUV, EJUL, FDL, BDX, JPST, MINT, JPM, MT, ARKK, CSM, REGL, QYLD, DGRW, PJAN, DNL, PCEF, IDV, IXG, MBB, OUSA, MMM, PAVM, NOW, COST, CHI, CMA, BXC, SPDW, NOBL, MKL, F, DUK, PRF, KO, BMY, SCHJ, SCHX, ORCL, SPEM, VEU, VTWO, VYM, XLE, BP, XLU, AMGN, ALB, VZ, SQFT, IGIB, SWCH, SQ, DIA, IVR, DVY, WM, FAD, WMT, NEM, HYLB, RTX, IDEV, SO, IEFA, ITOT, CRM, RDS.A, PFE, OKE, Sold Out: SNAP, PODD, REM, MTUM, MORT, FLRN, MRNA, CGC, VEEV, VER, ALK, GPRE, MAR, ILMN, GS, ETN, DVN, ALL, PSEC, Story continues Warning! GuruFocus has detected 7 Warning Signs with ROG. Click here to check it out. AGOX 15-Year Financial Data The intrinsic value of AGOX Peter Lynch Chart of AGOX For the details of WealthPLAN Partners, LLC's stock buys and sells, go to https://www.gurufocus.com/guru/wealthplan+partners%2C+llc/current-portfolio/portfolio These are the top 5 holdings of WealthPLAN Partners, LLC Apple Inc ( AAPL ) - 608,512 shares, 7.22% of the total portfolio. Shares added by 0.79% Vanguard Total Stock Market ETF ( VTI ) - 216,687 shares, 3.59% of the total portfolio. Shares added by 11.63% iShares Core Dividend Growth ETF ( DGRO ) - 652,569 shares, 2.45% of the total portfolio. Shares added by 8.90% Quadratic Interest Rate Volatility And Inflation H (IVOL) - 1,285,832 shares, 2.40% of the total portfolio. Shares added by 0.65% Berkshire Hathaway Inc (BRK.B) - 120,780 shares, 2.38% of the total portfolio. Shares added by 0.20% New Purchase: FT Cboe Vest Fund of Buffer ETFs (BUFR) WealthPLAN Partners, LLC initiated holding in FT Cboe Vest Fund of Buffer ETFs. The purchase prices were between $22.68 and $23.38, with an estimated average price of $23.13. The stock is now traded at around $23.740000. The impact to a portfolio due to this purchase was 1.81%. The holding were 1,098,729 shares as of 2021-09-30. New Purchase: AdvisorShares Q Dynamic Growth ETF (QPX) WealthPLAN Partners, LLC initiated holding in AdvisorShares Q Dynamic Growth ETF. The purchase prices were between $27.86 and $29.69, with an estimated average price of $28.83. The stock is now traded at around $30.280000. The impact to a portfolio due to this purchase was 1.36%. The holding were 643,637 shares as of 2021-09-30. New Purchase: Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) WealthPLAN Partners, LLC initiated holding in Goldman Sachs Access Treasury 0-1 Year ETF. The purchase prices were between $100.08 and $100.11, with an estimated average price of $100.1. The stock is now traded at around $100.040000. The impact to a portfolio due to this purchase was 1.28%. The holding were 184,075 shares as of 2021-09-30. New Purchase: Horizon Kinetics Inflation Beneficiaries ETF (INFL) WealthPLAN Partners, LLC initiated holding in Horizon Kinetics Inflation Beneficiaries ETF. The purchase prices were between $28.57 and $30.47, with an estimated average price of $29.84. The stock is now traded at around $30.260000. The impact to a portfolio due to this purchase was 0.65%. The holding were 308,460 shares as of 2021-09-30. New Purchase: Invesco S&P 500 Downside Hedged ETF (PHDG) WealthPLAN Partners, LLC initiated holding in Invesco S&P 500 Downside Hedged ETF. The purchase prices were between $35.35 and $37.03, with an estimated average price of $36.24. The stock is now traded at around $37.970000. The impact to a portfolio due to this purchase was 0.64%. The holding were 243,026 shares as of 2021-09-30. New Purchase: Polaris Inc (PII) WealthPLAN Partners, LLC initiated holding in Polaris Inc. The purchase prices were between $115.3 and $139, with an estimated average price of $127.11. The stock is now traded at around $108.130000. The impact to a portfolio due to this purchase was 0.58%. The holding were 74,957 shares as of 2021-09-30. Added: Adaptive Alpha Opportunities ETF (AGOX) WealthPLAN Partners, LLC added to a holding in Adaptive Alpha Opportunities ETF by 31.03%. The purchase prices were between $24.42 and $26.19, with an estimated average price of $25.54. The stock is now traded at around $25.350000. The impact to a portfolio due to this purchase was 0.37%. The holding were 894,441 shares as of 2021-09-30. Added: Innovator U.S. Equity Power Buffer ETF - July (PJUL) WealthPLAN Partners, LLC added to a holding in Innovator U.S. Equity Power Buffer ETF - July by 279.55%. The purchase prices were between $29.41 and $30.17, with an estimated average price of $29.9. The stock is now traded at around $30.538800. The impact to a portfolio due to this purchase was 0.21%. The holding were 135,778 shares as of 2021-09-30. Added: PNC Financial Services Group Inc (PNC) WealthPLAN Partners, LLC added to a holding in PNC Financial Services Group Inc by 500.74%. The purchase prices were between $177.8 and $200.2, with an estimated average price of $188.99. The stock is now traded at around $200.730000. The impact to a portfolio due to this purchase was 0.19%. The holding were 16,214 shares as of 2021-09-30. Added: Intuitive Surgical Inc (ISRG) WealthPLAN Partners, LLC added to a holding in Intuitive Surgical Inc by 209.61%. The purchase prices were between $309.15 and $360.85, with an estimated average price of $335.78. The stock is now traded at around $340.340000. The impact to a portfolio due to this purchase was 0.14%. The holding were 25,227 shares as of 2021-09-30. Added: BTC iShares MSCI EAFE Growth ETF (EFG) WealthPLAN Partners, LLC added to a holding in BTC iShares MSCI EAFE Growth ETF by 25.52%. The purchase prices were between $105.79 and $113.94, with an estimated average price of $110.09. The stock is now traded at around $109.800000. The impact to a portfolio due to this purchase was 0.09%. The holding were 58,586 shares as of 2021-09-30. Added: Vanguard Small Cap Growth ETF (VBK) WealthPLAN Partners, LLC added to a holding in Vanguard Small Cap Growth ETF by 79.35%. The purchase prices were between $273.51 and $297.22, with an estimated average price of $286.13. The stock is now traded at around $278.070000. The impact to a portfolio due to this purchase was 0.06%. The holding were 6,521 shares as of 2021-09-30. Sold Out: Snap Inc (SNAP) WealthPLAN Partners, LLC sold out a holding in Snap Inc. The sale prices were between $59.31 and $83.11, with an estimated average price of $72.23. Sold Out: VanEck Mortgage REIT Income ETF (MORT) WealthPLAN Partners, LLC sold out a holding in VanEck Mortgage REIT Income ETF. The sale prices were between $17.94 and $19.25, with an estimated average price of $18.64. Sold Out: Canopy Growth Corp (CGC) WealthPLAN Partners, LLC sold out a holding in Canopy Growth Corp. The sale prices were between $13.52 and $23.95, with an estimated average price of $17.98. Sold Out: Alaska Air Group Inc (ALK) WealthPLAN Partners, LLC sold out a holding in Alaska Air Group Inc. The sale prices were between $52.83 and $61.43, with an estimated average price of $57.67. Sold Out: Green Plains Inc (GPRE) WealthPLAN Partners, LLC sold out a holding in Green Plains Inc. The sale prices were between $30.83 and $38.25, with an estimated average price of $34.3. Sold Out: Moderna Inc (MRNA) WealthPLAN Partners, LLC sold out a holding in Moderna Inc. The sale prices were between $221.9 and $484.47, with an estimated average price of $367.49. Reduced: Hartford Multifactor Developed Markets (ex-US) ETF (RODM) WealthPLAN Partners, LLC reduced to a holding in Hartford Multifactor Developed Markets (ex-US) ETF by 54.76%. The sale prices were between $30.1 and $31.87, with an estimated average price of $31.13. The stock is now traded at around $30.130000. The impact to a portfolio due to this sale was -1.05%. WealthPLAN Partners, LLC still held 367,861 shares as of 2021-09-30. Reduced: FT Cboe Vest U.S. Equity Deep Buffer ETF - Decembe (DDEC) WealthPLAN Partners, LLC reduced to a holding in FT Cboe Vest U.S. Equity Deep Buffer ETF - Decembe by 67.44%. The sale prices were between $31.8 and $32.23, with an estimated average price of $32.09. The stock is now traded at around $32.455100. The impact to a portfolio due to this sale was -0.79%. WealthPLAN Partners, LLC still held 158,484 shares as of 2021-09-30. Here is the complete portfolio of WealthPLAN Partners, LLC. Also check out: 1. WealthPLAN Partners, LLC's Undervalued Stocks 2. WealthPLAN Partners, LLC's Top Growth Companies, and 3. WealthPLAN Partners, LLC's High Yield stocks 4. Stocks that WealthPLAN Partners, LLC keeps buyingThis article first appeared on GuruFocus . || Codebase Announces Stock Option Grant: VANCOUVER, BC / ACCESSWIRE / December 9, 2021 / Codebase Ventures Inc. ("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that it has issued a total of 12,275,000 options pursuant to its incentive stock option plan ("Plan") to management, employees and consultants. Each option entitles the holder to subscribe for one common share of the Company for $0.12 for up to a period of 5 years, subject to the terms of the Plan. About Codebase Ventures Inc. Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow's standards. We support those innovators and help take their ideas to market. For further information, please contact: George Tsafalas - Ivy Lu Investor Relations Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150 E-mail: [email protected] Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward Looking Statements Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates", "may" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws. Story continues SOURCE: Codebase Ventures Inc. View source version on accesswire.com: https://www.accesswire.com/676899/Codebase-Announces-Stock-Option-Grant || Codebase Announces Stock Option Grant: VANCOUVER, BC / ACCESSWIRE / December 9, 2021 / Codebase Ventures Inc.("Codebase" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is pleased to announce that it has issued a total of 12,275,000 options pursuant to its incentive stock option plan ("Plan") to management, employees and consultants. Each option entitles the holder to subscribe for one common share of the Company for $0.12 for up to a period of 5 years, subject to the terms of the Plan.
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow's standards. We support those innovators and help take their ideas to market.
For further information, please contact:
George Tsafalas - Ivy LuInvestor RelationsTelephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150E-mail:[email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates", "may" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE:Codebase Ventures Inc.
View source version on accesswire.com:https://www.accesswire.com/676899/Codebase-Announces-Stock-Option-Grant || Non-Fungible Tokens Popularity Leads to First Ever NFT Exchange Traded Fund from Defiance ETFs: Amid a growing interest in NFTs and asoaring market, Defiance ETFs recently launched The Defiance Digital Revolution ETF (“NFTZ”), the first NFT-focused exchange traded fund.
Crypto Trading:Why Knowing the Difference Between ETFs and Futures-Based ETFs Is KeyFind:10 Cheap Cryptocurrencies To Buy
Trading in NFTs climbed to $10.7 billion in the third quarter of 2021, an increase of more than 700% from the previous quarter, according to a report by blockchain analytics firm DappRadar.
Sylvia Jablonski, CIO and co-founder at Defiance ETFs, told GOBankingRates that the company launched the fund as NFTs are “challenging paradigms of ownership, property and value.”
“They are releasing creativity into the virtual world as a cooperative venture between creators and inventors,” she said. The virtual sky is the limit for NFTs, and we wanted to provide investors with access to the theme in a simple and transparent way.”
Jablonski explained that an investor can buy or create an NFT direct — similar to Bitcoin — with digital wallets, crypto and such, but this takes some expertise and level of technical understanding. “Buying an ETF in a trading account is a very seamless process for most investors. So having one with access to the digital world of blockchain technology and NFTs is a great addition to the crypto-related marketplace,” she continued. “NFTs are taking over the universe. Who would have thought that[Beeple’s] “The First 5,000 Days” would have sold for $70 million this year. We’ve seen weeks of NFT trading surpassing equity trading on various platforms.”
With the build out of the metaverse poised to be a multi trillion-dollar opportunity, comes a parallel investment opportunity with NFTs, she said. Indeed, metaverse virtual real estate, for example — anew big winner in the crypto world, as GOBankingRates previously reported — recorded more than $100 million in NFT land sales in a week in early December, according to DappRadar data.
The Metaverse:What You Should Consider Before Investing in a Virtual SpaceCrypto Trend:Wine & Whiskey NFTs
In general, NFTs are a massive opportunity, because they represent a cultural revolution. They are a store of digital value on a blockchain. That sounds like crypto, but it is unique in that NFTs are the first asset class stored digitally that can represent a physical asset, a moment in time, a piece of art, a song, a photograph, Jablonski explained.
“They create this circular economy where both creators and investors can determine the future of an artwork — this is the evolution of the internet. It’s part of Web 3.0. Web2 was social media and sharing economy, now Web3 is blockchain technology,” she said.
She added that as NFT activity takes place on the Ethereum marketplace, you can program commerce on it, “so the term starving artists hopefully doesn’t exist.”
“The artist can build a lifelong royalty on his or her art and cut out the middle man. It is also participatory,” she added. “There are groups and chats and people taking pride in a project, determining its future path and outcome, it’s a circular economy.”
While investors can buy NFTs, trade them or enjoy the benefits they bring — unlocking an experience, for example — investors who might want an “easier” approach can gain exposure through an ETF.
The fund seeks to track total return performance of the BITA NFT and Blockchain Select Index, which include equity securities of global publicly listed companies with relevant thematic exposure to the NFT, blockchain and cryptocurrency ecosystems, according to the fund’s prospectus.
“NFTZ is testament to our vision of the revolutionary potential for growth in crypto and digital asset related securities, and our commitment to offering exposure to the dynamic and disruptive NFT space. NFTZ seeks to track an index of a portfolio of publicly listed companies with relevant thematic exposure to the NFT, blockchain and cryptocurrency ecosystems,” the fund’s prospectus stated.
Explore:NFT-Based Video Game Helps Gamers Earn Crypto While Playing OnlineNFT Art:What It Is and Where To Buy
There are two eligibility routes for inclusion in the fund. First, a thematic revenue exposure — companies who derive revenue from Crypto Asset Management & Trading; Crypto Banking, Payments and Services; Crypto Mining; Crypto Mining Hardware; or Blockchain Technology. In addition, NFTs — companies who disclose that they offer services for the issuance, creation and commercialization of NFTs; or Companies involved in investment or funding in internal and external projects targeting the issuance, creation and commercialization of NFTs.
Top holdingsinclude Silvergate, Playboy Group and Cloudfare.
More From GOBankingRates
• The 5 Fastest Ways To Become Rich, According To Experts
• 21 Items That Are Always Cheaper at Costco
• 6 Legit Ways To Score Free Money Online
• Should You Refinance Now With the Low Mortgage Rates?
This article originally appeared onGOBankingRates.com:Non-Fungible Tokens Popularity Leads to First Ever NFT Exchange Traded Fund from Defiance ETFs || Non-Fungible Tokens Popularity Leads to First Ever NFT Exchange Traded Fund from Defiance ETFs: dem10 / iStock.com Amid a growing interest in NFTs and a soaring market , Defiance ETFs recently launched The Defiance Digital Revolution ETF (NFTZ), the first NFT-focused exchange traded fund. Crypto Trading: Why Knowing the Difference Between ETFs and Futures-Based ETFs Is Key Find: 10 Cheap Cryptocurrencies To Buy Trading in NFTs climbed to $10.7 billion in the third quarter of 2021, an increase of more than 700% from the previous quarter, according to a report by blockchain analytics firm DappRadar. Sylvia Jablonski, CIO and co-founder at Defiance ETFs, told GOBankingRates that the company launched the fund as NFTs are challenging paradigms of ownership, property and value. They are releasing creativity into the virtual world as a cooperative venture between creators and inventors, she said. The virtual sky is the limit for NFTs, and we wanted to provide investors with access to the theme in a simple and transparent way. Jablonski explained that an investor can buy or create an NFT direct similar to Bitcoin with digital wallets, crypto and such, but this takes some expertise and level of technical understanding. Buying an ETF in a trading account is a very seamless process for most investors. So having one with access to the digital world of blockchain technology and NFTs is a great addition to the crypto-related marketplace, she continued. NFTs are taking over the universe. Who would have thought that [Beeples] The First 5,000 Days would have sold for $70 million this year . Weve seen weeks of NFT trading surpassing equity trading on various platforms. With the build out of the metaverse poised to be a multi trillion-dollar opportunity, comes a parallel investment opportunity with NFTs, she said. Indeed, metaverse virtual real estate, for example a new big winner in the crypto world , as GOBankingRates previously reported recorded more than $100 million in NFT land sales in a week in early December, according to DappRadar data. Story continues The Metaverse: What You Should Consider Before Investing in a Virtual Space Crypto Trend: Wine & Whiskey NFTs In general, NFTs are a massive opportunity, because they represent a cultural revolution. They are a store of digital value on a blockchain. That sounds like crypto, but it is unique in that NFTs are the first asset class stored digitally that can represent a physical asset, a moment in time, a piece of art, a song, a photograph, Jablonski explained. They create this circular economy where both creators and investors can determine the future of an artwork this is the evolution of the internet. Its part of Web 3.0. Web2 was social media and sharing economy, now Web3 is blockchain technology, she said. She added that as NFT activity takes place on the Ethereum marketplace, you can program commerce on it, so the term starving artists hopefully doesnt exist. The artist can build a lifelong royalty on his or her art and cut out the middle man. It is also participatory, she added. There are groups and chats and people taking pride in a project, determining its future path and outcome, its a circular economy. While investors can buy NFTs, trade them or enjoy the benefits they bring unlocking an experience, for example investors who might want an easier approach can gain exposure through an ETF. The fund seeks to track total return performance of the BITA NFT and Blockchain Select Index, which include equity securities of global publicly listed companies with relevant thematic exposure to the NFT, blockchain and cryptocurrency ecosystems, according to the funds prospectus. NFTZ is testament to our vision of the revolutionary potential for growth in crypto and digital asset related securities, and our commitment to offering exposure to the dynamic and disruptive NFT space. NFTZ seeks to track an index of a portfolio of publicly listed companies with relevant thematic exposure to the NFT, blockchain and cryptocurrency ecosystems, the funds prospectus stated. Explore: NFT-Based Video Game Helps Gamers Earn Crypto While Playing Online NFT Art: What It Is and Where To Buy There are two eligibility routes for inclusion in the fund. First, a thematic revenue exposure companies who derive revenue from Crypto Asset Management & Trading; Crypto Banking, Payments and Services; Crypto Mining; Crypto Mining Hardware; or Blockchain Technology. In addition, NFTs companies who disclose that they offer services for the issuance, creation and commercialization of NFTs; or Companies involved in investment or funding in internal and external projects targeting the issuance, creation and commercialization of NFTs. Top holdings include Silvergate , Playboy Group and Cloudfare. More From GOBankingRates The 5 Fastest Ways To Become Rich, According To Experts 21 Items That Are Always Cheaper at Costco 6 Legit Ways To Score Free Money Online Should You Refinance Now With the Low Mortgage Rates? This article originally appeared on GOBankingRates.com : Non-Fungible Tokens Popularity Leads to First Ever NFT Exchange Traded Fund from Defiance ETFs || Most Influential 40: Michael Saylor: Michael Saylor has probably spent more on bitcoin at this point than anyone else – and he’s still buying. The CEO of MicroStrategy, a publicly traded business software company that now operates more like an unregistered bitcoin exchange-traded fund (ETF), started his BTC binge with the firm’s cash reserves in 2020 and hasn’t stopped. Sometimes he buys the dip, sometimes at peaks, a sort of institutional-grade dollar cost averaging. To date, MicroStrategy has bought 122,478 BTC (worth about $6 billion), and Saylor is still on the market. Obviously, Saylor has unique views on bitcoin. In addition to being the world’s most secure digital asset (not a currency), bitcoin is “energy,” a creative life force, he says. Fiat, by comparison, is a dead end. The Complete List: CoinDesk’s Most Influential 2021 (Kevin Ross/CoinDesk) || Most Influential 40: Michael Saylor: Michael Saylor has probably spent more on bitcoin at this point than anyone else – and he’s still buying. The CEO of MicroStrategy, a publicly traded business software company that now operates more like an unregistered bitcoin exchange-traded fund (ETF), started his BTC binge with the firm’s cash reserves in 2020 and hasn’t stopped. Sometimes he buys the dip, sometimes at peaks, a sort of institutional-grade dollar cost averaging. To date, MicroStrategy has bought122,478 BTC(worth about $6 billion), and Saylor is still on the market.
Obviously, Saylor has unique views on bitcoin. In addition to being the world’s most secure digital asset (not a currency), bitcoin is“energy,”a creative life force, he says. Fiat, by comparison, is a dead end.
The Complete List:CoinDesk’s Most Influential 2021 || Market Wrap: Bitcoin Dips as China’s Evergrande Defaults, Altcoin Outperformance Could Fade: Most cryptocurrencies traded lower on Thursday after Fitch Ratings labeled China’s Evergrande Group as an official defaulter. Equities also drifted lower as traders appeared to be concerned about the risk of a global slump resulting from China’s credit woes. Bitcoin dipped below $50,000 and was down about 4% over the past 24 hours. One standout, however, was XRP, which was up about 3% over the same period. Meanwhile, analysts are trying to make sense of the dispersion among crypto returns over the past month. For example, bitcoin’s market share relative to the overall crypto market share, or the BTC dominance ratio, fell to its lowest level since September, as shown in the chart above. The decline in BTC’s dominance ratio reflects the recent outperformance of alternative cryptocurrencies (altcoins). “Any sustained period when the share of BTC’s market cap fell below 40% was in January-March and April-June periods in 2018,” Alex Kuptsikevich, an analyst at FxPro , wrote in an email to CoinDesk. “After that, the BTC domination has recovered with altcoins’ deeper crash, called later the crypto winter,” Kuptsikevich wrote. The potential recovery in BTC’s relative market share could indicate a lower appetite for risk among investors. Latest Prices Bitcoin (BTC): $47,764, -6.0% Ether (ETH): $4,134, -6.6% S&P 500: -0.7% Gold: $1,776, -0.4% 10-year Treasury yield closed at 1.492% For now, analysts are monitoring the correlation between bitcoin and equities, which can reflect investor sentiment toward speculative assets. “As of recent weeks, bitcoin has surfaced more like a risk asset – correlations against U.S. equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of research at Stack Funds , a crypto investment firm, wrote in a report on Thursday. “However, crypto assets did not see the same rebound that U.S. equities had earlier this week,” Neo wrote. Crypto fund inflows slow Investors pulled $40 million from crypto investment products during the sell-off last Friday, which contributed to lower inflows totaling $184 million last week. “Bitcoin [investment products] saw inflows totaling US$145m last week although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters,” James Butterfill, an investment strategist at CoinShares, wrote in a report earlier this week. The majority of fund outflows in bitcoin and several alternative cryptocurrencies (altcoins) occurred during the latter half of last week, suggesting that investors are sensitive to sudden price swings. Story continues Still, investors are finding opportunities in the altcoin market. For example, Solana products saw continued inflows totaling $4.6 million for the week, seemingly unaffected by the recent price jitters, according to CoinShares. Solana’s SOL token is down about 19% over the past week, compared with a 12% drop in BTC and a 5% drop in ETH over the same period. Crypto asset flows (CoinShares) Altcoin roundup Polygon acquires Ethereum scaling startup Mir for $400 million in $MATIC tokens: On Thursday, Polygon announced a $400 million acquisition of Mir, a project focusing on zero-knowledge proofs , CoinDesk’s Andrew Thurman reported . The announcement was made at Polygon’s “zk day” virtual event by co-founders Mihailo Bjelic, Jaynti Kanani and Sandeep Nailwal. In August, Polygon cut a $250 million check to merge with Hermez Network, another “zero-knowledge” scaling tool, using a token swap. With the purchases, Polygon is aiming to become a multipurpose scaling product for Ethereum – a big strategy shift from being an Ethereum competitor before. Coinbase offers access to DeFi yields with DAI and Compound: Cryptocurrency exchange Coinbase says it is opening up decentralized finance (DeFi) to customers who want a slice of high yields earned from lending and borrowing crypto assets, CoinDesk’s Ian Allison reported . Coinbase will start with DAI, a stablecoin pegged to the U.S. dollar, which will be deposited in DeFi lending platform Compound. In October, Compound returned a variable annual percentage yield (APY) rate for supplying DAI that fluctuated between 2.83% and 5.39%, according to a Coinbase blog post. DeFi platform Slingshot raises $15 million in a funding round led by Ribbit Capital: Slingshot, a service that allows users to trade directly from their wallets while aggregating liquidity across a range of decentralized exchanges, has raised $15 million in a funding round led by Ribbit Capital, CoinDesk’s Ian Allison reported . Firms like Slingshot favor a kind of on-chain “liquidity search engine” that finds the most efficient path for any trade, resulting in better prices for users, according to Clinton Bembry, the startup’s CEO. Slingshot raised $3.1 million in a seed funding round in October 2020, meaning it has now raised $18.1 million. Relevant News MicroStrategy Says It Bought 1,434 Bitcoins Since Nov. 29 Wallet Maker Ledger Launches Crypto-Linked Debit Card for US and EU Customers Bitcoin Hashrate Approaches Full Recovery From China Crackdown Meta’s WhatsApp to Trial Novi Digital Wallet Other markets All the digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): None Notable losers: Polygon (MATIC), -13.7% EOS (EOS), -10.5% View comments || Market Wrap: Bitcoin Dips as China’s Evergrande Defaults, Altcoin Outperformance Could Fade: Most cryptocurrencies traded lower on Thursday after Fitch Ratings labeled China’s Evergrande Group as an official defaulter. Equities also drifted lower as traders appeared to be concerned about the risk of a global slump resulting from China’s credit woes. Bitcoin dipped below $50,000 and was down about 4% over the past 24 hours. One standout, however, was XRP, which was up about 3% over the same period. Meanwhile, analysts are trying to make sense of the dispersion among crypto returns over the past month. For example, bitcoin’s market share relative to the overall crypto market share, or the BTC dominance ratio, fell to its lowest level since September, as shown in the chart above. The decline in BTC’s dominance ratio reflects the recent outperformance of alternative cryptocurrencies (altcoins). “Any sustained period when the share of BTC’s market cap fell below 40% was in January-March and April-June periods in 2018,” Alex Kuptsikevich, an analyst at FxPro , wrote in an email to CoinDesk. “After that, the BTC domination has recovered with altcoins’ deeper crash, called later the crypto winter,” Kuptsikevich wrote. The potential recovery in BTC’s relative market share could indicate a lower appetite for risk among investors. Latest Prices Bitcoin (BTC): $47,764, -6.0% Ether (ETH): $4,134, -6.6% S&P 500: -0.7% Gold: $1,776, -0.4% 10-year Treasury yield closed at 1.492% For now, analysts are monitoring the correlation between bitcoin and equities, which can reflect investor sentiment toward speculative assets. “As of recent weeks, bitcoin has surfaced more like a risk asset – correlations against U.S. equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of research at Stack Funds , a crypto investment firm, wrote in a report on Thursday. “However, crypto assets did not see the same rebound that U.S. equities had earlier this week,” Neo wrote. Crypto fund inflows slow Investors pulled $40 million from crypto investment products during the sell-off last Friday, which contributed to lower inflows totaling $184 million last week. “Bitcoin [investment products] saw inflows totaling US$145m last week although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters,” James Butterfill, an investment strategist at CoinShares, wrote in a report earlier this week. The majority of fund outflows in bitcoin and several alternative cryptocurrencies (altcoins) occurred during the latter half of last week, suggesting that investors are sensitive to sudden price swings. Story continues Still, investors are finding opportunities in the altcoin market. For example, Solana products saw continued inflows totaling $4.6 million for the week, seemingly unaffected by the recent price jitters, according to CoinShares. Solana’s SOL token is down about 19% over the past week, compared with a 12% drop in BTC and a 5% drop in ETH over the same period. Crypto asset flows (CoinShares) Altcoin roundup Polygon acquires Ethereum scaling startup Mir for $400 million in $MATIC tokens: On Thursday, Polygon announced a $400 million acquisition of Mir, a project focusing on zero-knowledge proofs , CoinDesk’s Andrew Thurman reported . The announcement was made at Polygon’s “zk day” virtual event by co-founders Mihailo Bjelic, Jaynti Kanani and Sandeep Nailwal. In August, Polygon cut a $250 million check to merge with Hermez Network, another “zero-knowledge” scaling tool, using a token swap. With the purchases, Polygon is aiming to become a multipurpose scaling product for Ethereum – a big strategy shift from being an Ethereum competitor before. Coinbase offers access to DeFi yields with DAI and Compound: Cryptocurrency exchange Coinbase says it is opening up decentralized finance (DeFi) to customers who want a slice of high yields earned from lending and borrowing crypto assets, CoinDesk’s Ian Allison reported . Coinbase will start with DAI, a stablecoin pegged to the U.S. dollar, which will be deposited in DeFi lending platform Compound. In October, Compound returned a variable annual percentage yield (APY) rate for supplying DAI that fluctuated between 2.83% and 5.39%, according to a Coinbase blog post. DeFi platform Slingshot raises $15 million in a funding round led by Ribbit Capital: Slingshot, a service that allows users to trade directly from their wallets while aggregating liquidity across a range of decentralized exchanges, has raised $15 million in a funding round led by Ribbit Capital, CoinDesk’s Ian Allison reported . Firms like Slingshot favor a kind of on-chain “liquidity search engine” that finds the most efficient path for any trade, resulting in better prices for users, according to Clinton Bembry, the startup’s CEO. Slingshot raised $3.1 million in a seed funding round in October 2020, meaning it has now raised $18.1 million. Relevant News MicroStrategy Says It Bought 1,434 Bitcoins Since Nov. 29 Wallet Maker Ledger Launches Crypto-Linked Debit Card for US and EU Customers Bitcoin Hashrate Approaches Full Recovery From China Crackdown Meta’s WhatsApp to Trial Novi Digital Wallet Other markets All the digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): None Notable losers: Polygon (MATIC), -13.7% EOS (EOS), -10.5% View comments || Market Wrap: Bitcoin Dips as China’s Evergrande Defaults, Altcoin Outperformance Could Fade: Most cryptocurrencies traded lower on Thursday after Fitch Ratings labeled China’s Evergrande Group as an official defaulter. Equities also drifted lower as traders appeared to be concerned about the risk of a global slump resulting from China’s credit woes. Bitcoin dipped below $50,000 and was down about 4% over the past 24 hours. One standout, however, was XRP, which was up about 3% over the same period. Meanwhile, analysts are trying to make sense of the dispersion among crypto returns over the past month. For example, bitcoin’s market share relative to the overall crypto market share, or the BTC dominance ratio, fell to its lowest level since September, as shown in the chart above. The decline in BTC’s dominance ratio reflects the recent outperformance of alternative cryptocurrencies (altcoins). “Any sustained period when the share of BTC’s market cap fell below 40% was in January-March and April-June periods in 2018,” Alex Kuptsikevich, an analyst at FxPro , wrote in an email to CoinDesk. “After that, the BTC domination has recovered with altcoins’ deeper crash, called later the crypto winter,” Kuptsikevich wrote. The potential recovery in BTC’s relative market share could indicate a lower appetite for risk among investors. Latest Prices Bitcoin (BTC): $47,764, -6.0% Ether (ETH): $4,134, -6.6% S&P 500: -0.7% Gold: $1,776, -0.4% 10-year Treasury yield closed at 1.492% For now, analysts are monitoring the correlation between bitcoin and equities, which can reflect investor sentiment toward speculative assets. “As of recent weeks, bitcoin has surfaced more like a risk asset – correlations against U.S. equities spike above 0.6 the past few days alongside the sell-off in technology stocks last Friday,” Lennard Neo, head of research at Stack Funds , a crypto investment firm, wrote in a report on Thursday. “However, crypto assets did not see the same rebound that U.S. equities had earlier this week,” Neo wrote. Crypto fund inflows slow Investors pulled $40 million from crypto investment products during the sell-off last Friday, which contributed to lower inflows totaling $184 million last week. “Bitcoin [investment products] saw inflows totaling US$145m last week although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters,” James Butterfill, an investment strategist at CoinShares, wrote in a report earlier this week. The majority of fund outflows in bitcoin and several alternative cryptocurrencies (altcoins) occurred during the latter half of last week, suggesting that investors are sensitive to sudden price swings. Story continues Still, investors are finding opportunities in the altcoin market. For example, Solana products saw continued inflows totaling $4.6 million for the week, seemingly unaffected by the recent price jitters, according to CoinShares. Solana’s SOL token is down about 19% over the past week, compared with a 12% drop in BTC and a 5% drop in ETH over the same period. Crypto asset flows (CoinShares) Altcoin roundup Polygon acquires Ethereum scaling startup Mir for $400 million in $MATIC tokens: On Thursday, Polygon announced a $400 million acquisition of Mir, a project focusing on zero-knowledge proofs , CoinDesk’s Andrew Thurman reported . The announcement was made at Polygon’s “zk day” virtual event by co-founders Mihailo Bjelic, Jaynti Kanani and Sandeep Nailwal. In August, Polygon cut a $250 million check to merge with Hermez Network, another “zero-knowledge” scaling tool, using a token swap. With the purchases, Polygon is aiming to become a multipurpose scaling product for Ethereum – a big strategy shift from being an Ethereum competitor before. Coinbase offers access to DeFi yields with DAI and Compound: Cryptocurrency exchange Coinbase says it is opening up decentralized finance (DeFi) to customers who want a slice of high yields earned from lending and borrowing crypto assets, CoinDesk’s Ian Allison reported . Coinbase will start with DAI, a stablecoin pegged to the U.S. dollar, which will be deposited in DeFi lending platform Compound. In October, Compound returned a variable annual percentage yield (APY) rate for supplying DAI that fluctuated between 2.83% and 5.39%, according to a Coinbase blog post. DeFi platform Slingshot raises $15 million in a funding round led by Ribbit Capital: Slingshot, a service that allows users to trade directly from their wallets while aggregating liquidity across a range of decentralized exchanges, has raised $15 million in a funding round led by Ribbit Capital, CoinDesk’s Ian Allison reported . Firms like Slingshot favor a kind of on-chain “liquidity search engine” that finds the most efficient path for any trade, resulting in better prices for users, according to Clinton Bembry, the startup’s CEO. Slingshot raised $3.1 million in a seed funding round in October 2020, meaning it has now raised $18.1 million. Relevant News MicroStrategy Says It Bought 1,434 Bitcoins Since Nov. 29 Wallet Maker Ledger Launches Crypto-Linked Debit Card for US and EU Customers Bitcoin Hashrate Approaches Full Recovery From China Crackdown Meta’s WhatsApp to Trial Novi Digital Wallet Other markets All the digital assets in the CoinDesk 20 ended the day lower. Notable winners as of 21:00 UTC (4:00 p.m. ET): None Notable losers: Polygon (MATIC), -13.7% EOS (EOS), -10.5% View comments || LV chairman quits as members block Bain takeover: The chairman of LV= has quit after members of Britain's oldest mutually-owned life insurer failed to back a controversial £530m takeover bid by a US private equity firm.
Alan Cook said that he will stand down next year after following the failure to win support from 75pc of voting members for the takeover by Bain, which was founded by Republican senator Mitt Romney.
LV= is now holding talks with rival Royal London about a tie-up instead.
The company only secured support for the deal from 69pc of members who voted, meaning the transaction failed as LV= needed to convince three-quarters of them to accept the offer.
Around 1.2m policyholders were eligible to vote, but only 15pc took part in the ballot in a sign of widespread apathy. Members were set to receive £100 each if the deal succeeded.
The result comes after a prolonged campaign against the transaction by a vocal group of members and politicians, who did not want the mutual falling into the hands of private equity.
LV= has faced criticism in recent weeks for a perceived lack of transparency regarding details of the sale. Members were expected to foot a £43m bill for City firms working on the sale, details of which the mutual insurer was accused of burying on its website.
The business said that it will now seriously consider a proposal for a deal with Royal London, in a marked change of tone after it previously attacked overtures from its fellow mutual.
Mark Hartigan, the chief executive of LV=, even accused rival Royal London of “lobbing a grenade” into deal talks as his board sought to seal the agreement with Bain.
A spokesman for LV= confirmed it received an unsolicited preliminary merger proposal from Royal London on Wednesday, which is at an early stage and is subject to discussion.
He added: “The proposal, which is on a substantively different structure to the offer received during the process in 2020, now includes the possibility of continued mutuality and is conditional on exclusive discussions.”
A spokesman for Royal London said: "Royal London can confirm that it has offered to enter into immediate and exclusive discussions with LV= to agree a mutual merger that will offer LV= customers the opportunity to have their life savings protected and invested by a mutual."
It's time to wrap up the blog, thank you for following us! We shall see you again next week, but before you go check out some of the most recent stories from the business team:
• Fears of market sell-off rise as Covid winners start to lag
• North Sea oil project put on hold after Shell pulls out
• Santander ordered to pay banker €68m for cancelling job offer
• Marks & Spencer hungry for more as it eyes the rest of Ocado
• Getty Images comes back to the stock market with $4.8bn listing
Bitcoin remains on track for its fourth consecutive weekly decline.
It briefly bounced after the latest report on US inflation, but it fell again amid the negative sentiment that has recently gripped digital-asset markets.
The largest cryptocurrency has long been touted as an inflation hedge, in part because of its fixed supply.
Bitcoin turned lower after initially rising as much as 4.4pc to $50,101. The coin has been bouncing around the $50,000 level since a weekend flash crash that saw it tumble as much as 21pc on Saturday.
"Given what happened last weekend, some leveraged traders are thinking twice about holding positions into this weekend," said Edward Moya at OANDA.
"Some traders are anticipating a sideways market until the FOMC policy decision on Wednesday, so hesitancy to hold over the weekend might grow. Hodlers will likely remain unfazed and feel mostly confident as need for inflation hedges will grow given the widespread rising pricing trends. "
Hilton Food Group has snapped up Dutch smoked salmon producer Foppen in a €90m (£77m) deal.
It's the latest in a string of acquisitions this year for the FTSE 250 food producer and packaging business.
It will allow Hilton, which processes meat for the likes of Tesco, to enter the US market for the first time.
The Huntingdon-based group also confirmed it plans to raise £75m through an equity placing in order to part-fund the deal.
Shares dropped 5.3pc to £11.32.
The FTSE 100 index slipped for a third straight session on Friday after data pointed to stalling economic growth in the UK, even before the emergence of the Omicron coronavirus variant, but ended their second week in the black.
The benchmark FTSE 100 index eased 0.4pc pressured by the healthcare sector after heavyweight drugmaker AstraZeneca fell 2pc on the back of a price target cut by Berenberg.
The main index clocked its biggest weekly gain in eight months, boosted by a strong recovery in mining stocks.
"We're seeing a flight to safety with defensive names like British American Tobacco on the front foot," Justin McQueen, market analyst at DailyFX, told Reuters.
"The sort of news around Omicron and the government announcing its plan B and suggestions around plan C does put the final nail in the coffin for a rate rise next week."
In geopolitical news, the UK has signed a trilateral agreement with Norway and the European Union on fishing catch limits for 2022 for six jointly managed fish stocks in the North Sea.
The UK has agreed catch levels that provide fishing opportunities estimated to be worth around £190m to the UK fishing industry, based on historic landing prices.
The three countries stressed their committment to the sustainable management of North Sea cod, haddock, plaice, whiting, herring and saithe to ensure the long-term viability of these stocks.
Things are moving fast this afternoon for LV, which confirmed it has received an unsolicited proposal from Royal London.A spokesman said:
"The proposal, which is on a substantively different structure to the offer received during the process in 2020, now includes the possibility of continued mutuality and is conditional on exclusive discussions.
Good afternoon everyone, this isGiulia Bottarotaking over fromJames Warringtonuntil the end of the day.
LV's rival Royal London is wasting no time and has already offered to enter "immediate and exclusive discussions" for a potential merger.
The tie-up would "offer LV= customers the opportunity to have their life savings protected and invested by a mutual" and LV members could have the option to become members of Royal London.
It stressed that the current proposal is different from the bid made in 2020.
Alan Cook, chairman of LV, said the insurer was “committed to finding a solution to the challenges presented by a declining with-profits membership base”.
But he said he would step down as soon as the company had found an alternative proposal for raising funds.
Bain Capitalsaid it “respected” the outcome of the vote.
Our proposal for LV was deemed to be the best for members, enabling LV to grow, reduce its debt and maintain its proud heritage.
The collapse of asset manager Archegos highlighted a number of flaws across British banks, according to a damning new verdict from regulators.
In a letter to chief executives, the Financial Conduct Authority and Prudential Regulation Authority said they’d found “a number of significant cross-firm deficiencies” following a review into the saga.
They identified weaknesses in the overall management of risk across business units, ineffective and inconsistent margining approaches and an absence of comprehensive limit frameworks.
The regulators said firms should carry out a systematic review of equity finance businesses and their risk management practices and report back with detailed plans for remediation.
Ahead of Ocado's trading update next week,Laura Onitahas dug into speculation that Marks & Spencer could be plotting a full buyout of the online grocer.
When Marks & Spencer agreed to pay £750m for half of Ocado’s grocery website, chief executive Tim Steiner joked that “if anything, we should have charged them more”.
Read Laura's full story here
US stocks have pushed higher after in-line inflation data spurred bets the Federal Reserve won’t have to accelerate plans to tighten monetary policy.
The S&P 500 gained 0.5pc, while the Dow Jones and Nasdaq added 0.4pc as the headline CPI rate came in at 6.8pc, as expected, which is the highest since 1982.
Investors had been looking forward to the inflation report and a meeting of the Federal Reserve next week for clues on the pace of tapering and interest rate increases, after Chairman Jerome Powell said the central bank should consider withdrawing stimulus at a faster pace.
Britain is importing less from the EU than from the rest of the world by the biggest margin since Brexit, partly due to a drop in cars being bought from the continent, writesLouis Ashworth.
Imports from the EU fell 1.1pc – or £0.4bn – during October, while Britons consumed more goods from other overseas countries.
Activist investor Elliott Advisors has confirmed it's one of the top five shareholders in Taylor Wimpey, suggesting the housebuilder could be its next FTSE target.
In a letter issued today, Elliott said the size of its investment reflected its conviction in the "substantial upside potential at Taylor Wimpey, which we believe is readily achievable".
But it called for a "transparent and thorough" process to find a new chief executive to "remedy its long-term underperformance and regain credibility with investors".
It comes after the company announced boss Pete Redfern was stepping down after 14 years at the helm.
Speculation has been mounting that Elliott was behind the departure and that Taylor Wimpey could become an acquisition target.
Shares in FirstGroup have jumped as much as 9pc, more than clawing back their losses after a cautious trading update on Thursday.
The travel operator dropped after it said the omicron variant had already hit passenger numbers and warned the new work from home order would harm commuter trips.
IT's the biggest mover during an otherwise quiet day on the markets. The FTSE 100 is now broadly flat, with British American Tobacco leading gains.
The pound has edged up against the dollar after fresh data showed US inflation hit a near-four decade high, though it's still only just above its 2021 low.
The dollar shed some of its gains after the consumer price index rose 6.8pc from November 2020. The inflation gauge also stood higher than expected at 0.8pc above October.
The pound gained as much as 0.1pc against the dollar to touch $1.323. Against the euro it was up 0.05pc at 85.34p.
Jai Malhiat JP Morgan also reckons the latest CPI data has cleared the way for Fed action next week.
Today’s rise in US inflation was broadly expected but it does confirm that price pressures continue to build but also broaden out. With inflation having been comfortably above 2pc for nine straight months, the Fed’s requirement on inflation has almost certainly been met.
A breakdown of the inflation figures show energy costs are the major driving force behind US inflation, reflecting a trend seen across Europe.
Energy prices rose 3.5pc in November as the supply crunch continues to roil markets. Excluding the volatile food and energy components, so- called core prices rose 0.5pc from the prior month.
Robert Alsterat Close Brothers Asset Management says surging US inflation will pile pressure on the Fed to act.
Inflation has broadened out across the CPI basket, putting greater pressure on the Fed to address the so-called ‘transitory’ factors that are keeping prices high.
Taxpayer-backed NatWest is to become the first UK bank to be sentenced for money laundering at a court hearing on Monday following a landmark case brought by the City watchdog.
Lucy Burtonreports:
The company, formerly called the Royal Bank of Scotland, pleaded guilty to three money laundering offences earlier this year after failing to stop a gold dealer from transferring large cash deposits that should have been flagged as suspicious.
The Turkish lira is continuing to slide despite three interventions by the country's central bank, according to Bloomberg.
Investors have been dumping the currency after the central bank, under pressure from President Recep Tayyip Erdogan, slashed interest rates, in an unorthodox attempt to stop price inflation that has dramatically backfired.
The currency has weakened 38pc since late September. Meanwhile, inflation climbed above 21pc in November, reaching a three-year high.
Turkey's central bank on Friday it sold foreign exchange because of “unhealthy” price formations but its latest move failed to arrest the lira’s free fall.
While the currency rebounded briefly, it slid back closer to 14 per dollar.
Usually it's a boon to have your product make a prominent appearance in a much-hyped film. For Peloton, it appears to have had the opposite effect.
The popular exercise bike crops up in And Just Like That – the newly-release reboot of Sex and the City. Unfortunately for Peloton, a character dies after using it.
This was picked up by analysts at BMO, who noted that "although unlikely to impact sales, it does question whether Peloton is losing degrees of control over its storytelling, perhaps its greatest achievement to date".
Shares in the Peloton have slid 3.3pc in premarket trading.
It's more likely, though, that this is down to a bearish note from Credit Suisse, which cut the stock after warning the lockdown favourite will continue to struggle as the economy reopens.
Wall Street's major indices are pointing to a higher open this afternoon as investors turn their attention to new inflation data.
Official figures due later today are expected to show US consumer prices rose 6.8pc in November compared with a year ago, in what would be its highest level since 1982.
Any increase on this would likely bolster the case for a faster tapering of bond purchases and bring forward expectations for interest rate hikes at the Fed's meeting next week.
Futures tracking the S&P 500 and Nasdaq both rose 0.4pc, while the Dow Jones was up 0.3pc.
The UK's top fraud prosecutor has been dealt an embarrassing blow after judges overturned an oil executive’s conviction as part of a sprawling bribery suit that it dedicated years to investigating.
Bloomberghas the details:
A London appeals court quashed Ziad Akle’s conviction on Friday, in a ruling that criticises the Serious Fraud Office (SFO) for its relations with a US fixer and for not disclosing key documents. Akle was found guilty of bribing senior Iraqi public officials to secure lucrative oil projects last year.
A Madrid court has ordered Santander to compensate Italian banker Andrea Orcel to the tune of €68m (£58m) for withdrawing an offer to become its chief executive almost two years ago.
A judge ruled the Spanish bank's offer to Mr Orcel, who is now the boss of UniCredit, stands as a valid contract and as such the bank broke it when it decided not to go ahead with the appointment in 2019.
It's a major victory in a two-year dispute for the banker, although Santander can appeal the decision.
Mr Orcel had asked for €76m as he claimed he also lost millions in deferred compensation from his former employer UBS and years of prospective salary at Santander.
In more Shell-related news, shareholders in the oil giant look set to approve the relocation of its headquarters to London from the Netherlands as part of an overhaul of the business.
Shell chairman Andrew Mackenzie said that of the proxy vote gathered so far – which represents about 58pc of outstanding Shell shares – 99.8pc approved the move.
Online and in-person voting is ongoing, and the final tally will be announced later.
The HQ move comes as Shell looks to convince investors, governments and environmental groups that it can transition away from fossil fuels amid the transition to net zero.
The company will also scrap its dual listing and drop "Royal Dutch" from its name as part of the overhaul.
The proposal requires approval from 75pc of shareholders before the board meets to give final approval, which is expected early in 2022.
Getty Images will rejoin public markets after a more than decade-long hiatus after agreeing to list through a $4.8bn (£3.6bn) blank-cheque deal.
The stock and news photo provider will merger with a special purpose acquisition company (Spac) called CC Capital and Neuberger Berman, with a total equity investment totalling $1.2bn.
Chief executive Craig Peters said Getty had initially favoured a traditional IPO before opting for the increasingly-popular Spac route.
Getty, which was founded 26 years ago, was taken private by the buyout firm Hellman & Friedman in a $2.4bn deal in 2008.
Hellman & Friedman sold a controlling stake in the company to private equity firm Carlyle Group through a $3.3bn deal in 2012. The Getty family subsequently took control of the company in 2018, acquiring Carlyle’s stake.
The boss of Ovo Energy has cast doubts over the Government's decision to temporarily nationalise rival Bulb, adding to mounting criticism of the handling of the energy crisis.
Ministers last month appointed a special administrator for Bulb, rescuing it from collapse at a cost of £1.7bn to taxpayers. Industry officials have since questioned the move, saying cheaper options were available.
Stephen Fitzpatrick, chief executive of Ovo – which is the UK's second largest supplier – told Bloomberg: "It's a bit of a mystery. There were very workable solutions on the table."
A surge in wholesale gas prices has pushed more than two dozen energy suppliers out of business in recent months.
Some suppliers have blamed the energy price cap for the collapses, while regulator Ofgem is now also under pressure to account for its role in the crisis.
Anglo American has said it will invest a further $700m (£530m) into its Woodsmith fertiliser miner, though said it needed more time how to develop it.
The FTSE 100 group snapped up the project in Teesside in 2020 as previous developer Sirius Minerals teetered on the brink of collapse.
Since then, Anglo has slowed development and instead been reviewing the project to determine the final design, cost and time frame.
In an update today Anglo said it will pump more money in and aims to complete work on the budget, schedule and design by the end of next year.
Mark Cutifani, chief executive of Anglo American, said:
We are very happy with the high quality and exciting potential of Woodsmith, with the scale and quality of the polyhalite orebody pointing to a first-quarter operating cost position and strong margins.
ICYMI –Simon Foyreports on the businesses that plan to keep their offices open despite new Covid curbs.
Major employers have vowed to keep their offices open to staff and continue with face to face meetings as a City backlash mounts against Boris Johnson's work from home guidance.
Read Simon's full story here
Inflation expectations have surged to their highest level since August 2019 as price rises continue to filter through to consumers.
The 12-month median expectation rose to 3.2pc in November from 2.7pc in August, according to the latest Bank of England figures.
The 0.5 percentage point increase is the largest since 2016.
For the following 12 months, expectations rose to 2.4pc from 2.2pc, while the five-year forecast climbed to 0.1 percentage point to 3pc.
While fresh curbs to stem the spread of the omicron variant have dampened expectations of a Bank interest rate rise next week, 60pc of respondents said they expect rates to rise over the next year. That's the most since 2017.
Natural gas prices have pushed higher this morning, extending weekly gains amid continued fears over a winter supply crisis.
While shipments from suppliers including Russia remain stable, there's little extra gas being pumped to help top up quickly depleting inventories.
European storage sites are currently only 64pc full – a level more typically seen in January.
Benchmark Dutch prices rose 0.7pc and are on track for a sixth straight week of gains – the longest run of weekly advances since the record price surge in October. The UK equivalent pushed up 2.3pc.
Another day, another Twitter outing for Elon Musk, who paired a disclosure on more Tesla share sales with a joke tweet about quitting his jobs.
The world's richest person offloaded another $936m (£730m) worth of shares, taking his total disposals to about $11.8bn in stock over five weeks.
He's about two-thirds of the way through selling 10pc of his stake – a move made after he polled his social media followers on the matter.
A few hours later, Mr Musk took to Twitter to quip he'd found a new calling.
He wrote: "Thinking of quitting my jobs & becoming an influencer full-time,” before asking his 66m followers what they thought of the idea.
Sterling has slid to within touching distance of its 2021 low as lacklustre economic growth figures compounded expectations that the Bank of England will hold back on raising interest rates.
The UK economy grew by just 0.1pc in October – meaning it's still 0.5pc smaller than in February 2020 – in a worrying sign that growth was faltering even before the emergence of the omicron variant.
The disappointing figures will fuel dovish expectations for the Bank of England interest rate decision next week. Traders had already been pushing back bets of a rate hike to February amid the spread of the new strain and tighter Covid rules.
The pound fell 0.1pc to $1.3200, not far from Wednesday's 2021 low of $1.3162. Against the euro it was flat at 85.43p.
James Smith, research director at the Resolution Foundation, says disappointing GDP growth has dashed hopes this would all be over by Christmas.
Heathrow has issued a bleak outlook this morning, saying passenger numbers are likely to reach barely half of pre-Covid levels next year as the pandemic continues to hammer travel.
The airport said passenger numbers are likely to reach 45m in 2022. That compares to a record 81m in 2019, when it ranked as Europe's busiest hub.
The travel sector's fragile recovery suffered a fresh setback with the reintroduction of travel curbs and testing regimes to stem the spread of the omicron variant.
Heathrow said it's seen high levels of cancellation among business travellers concerned about getting stuck overseas.
Traffic in November fell 60pc from pre-pandemic levels despite the reopening of the US travel corridor – a move that was hailed as a major step forward in the recovery.
The airport warned international travel won't reach 2019 levels until all restrictions are removed and passengers are satisfied there's no risk of new curbs being imposed – something it said was "likely to be several years away".
The FTSE 100 has dropped for its third straight session, with investors rattled by GDP figures showing economic growth was stalling even before the omicron variant hit.
The blue-chip index is down 0.2pc after new data showed the economy grew just 0.1pc in October – well below expectations.
Oil majors fell on lower crude prices, withShelldropping as much as 0.7pc ahead of shareholder vote to approve a plan to get rid of the oil and gas company's dual share structure and move its headquarters to London from The Hague.
Base metal miners capped some of the losses on the commodity-heavy FTSE 100 index, helped by low inventories and monetary policy easing by top consumer China.
Primark ownerABFgained 0.5pc following a bullish update on shopper numbers.
The FTSE 250 fell 0.3pc, with asset managerAshmoreleading losses after a downgrade by Goldman Sachs.
Primark has said it’s still attracting floods of shoppers at its stores despite the emergence of the omicron variant and stricter mask-wearing rules.
Associated British Foods, which owns the discount fashion chain, said it hasn’t seen any drop in footfall, with sales and margin growth ahead of expectations at the start of the financial year.
The company said it had managed to use its position as a major customer for its suppliers to overcome some of the squeezes on global supply chains, so has most of the products it needs for Christmas.
While tougher restrictions have had an impact on trading at its stores in the Netherlands, Germany and Austria, the Primark owner remained bullish on the outlook, saying sales between December and April would be “significantly better” than last year.
Shares rose 0.6pc following the update.
Octopus Energy has secured a $300m (£227m) investment to help fund the transition away from fossil fuels, marking a major boost for the company amid an escalating energy crisis.
The British firm, which offers green electricity services to over 3m domestic customers, has received the backing from the Canada Pension Plan Investment Board.
It follows a $600m investment from Al Gore’s Generation Investment Management and takes Octopus’ valuation to around $5bn.
Greg Jackson, chief executive of Octopus Energy, said:
Innovating new ways to accelerate investment into the renewable energy revolution is vital to delivering governments’ net zero goals and the CPP Investments-Octopus partnership is globally significant, paving the way to billions of dollars of investment in the UK and globally. Make no mistake – this partnership is huge.
Here's some more from my colleagueLouis Ashworthon expectations for the Bank of England meeting next week:
The Bank of England is expected to back away from an interest rate rise this month despite surging inflation, as fears grow that "Plan B" restrictions will spark an economic slowdown.
The FTSE 100 has slumped at the open after new figures showed sluggish economic growth in October.
The blue-chip index dropped 0.3pc to 7,298 points.
Dean Turnerat UBS says the GDP number will give the Bank of England "further cause for hesitation ahead of the interest rate setting meeting next week".
In our view, renewed restrictions will not have a material impact on the economy, so we expect policymakers to stick with their hawkish tone, highlighting the need for rate rises at some point.
Yael Selfin, chief economist at KPMG, also thinks the Bank will hold rates, but reckons omicron and inflation are the bigger deciding factors.
Today’s release is unlikely to provide a material shift to the Bank of England’s decision next week, where the key consideration will be the effect of the omicron variant on growth and inflation heading into the new year.
Kitty Ussher, chief economist at the Institute of Directors, said:
Economic growth would have fallen in October if it were not for the return of face-to-face appointments in the NHS and the ramping up of vaccination activity, both of which had a noticeable positive impact on the service sector.
ChancellorRishi Sunakinsists the UK economy is still in track, despite October's sluggish growth.
We’ve always acknowledged there could be bumps on our road to recovery, but the early actions we have taken, our ongoing £400bn economic support package and our vaccine programme mean we are well placed to keep our economy on track.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, points out that sharp growth in the health sector is doing a lot of the heavy lifting in October's GDP figures.
He adds: "Many firms were struggling even pre-omicron."
Paul Dales, chief UK economist at Capital Economics, said:
The disappointing 0.1pc month on month rise in GDP in October suggests that the economy had slowed to a crawl even before the omicron Covid-19 variant was discovered in late November.
Grant Fitzner, ONS chief economist, said:
While GDP growth slowed in October the UK health sector again grew strongly while second-hand car sales and employment agencies also boosted the economy.
The lacklustre GDP figures will come as a major blow to hopes for the post-pandemic recovery.
A breakdown by sector shows the services sector bounced back strongly, albeit with a slight easing off for restaurants after the summer boom.
But supply chain troubles were the real issue, with material shortages hampering output for housebuilder and infrastructure work in particular.
Good morning.
We start the day with some rather disappointing data showing the the UK economy grew by only 0.1pc in October.
That's well below forecasts of 0.4pc and means the economy is still 0.5pc smaller than it was in February 2020, just before the pandemic hit.
The figures mark the period before the emergence of omicron, with the services sector still booming after reopening.
But the ONS pointed to supply chain troubles as the biggest drag, with manufacturing flat and construction output falling.
1)Business must convince Treasury they need more help, says Kwasi KwartengJanuary could reach 'pinch point' if Plan B drags on past Christmas, but Rishi Sunk has no plans to revive furlough scheme
2)New Covid curbs will force Tube bailout, says Sadiq KhanThe mayor of London blames Boris Johnson for wrecking the finances of TfL
3)Germany's Siemens drops HS2 legal challenge to target £500m signalling contractCourt documents claimed that Hitachi and Alstom’s subsidiary, Bombardier, had failed to meet some technical requirements
4)UK’s biggest rail operator Go-Ahead to suspend shares after ‘serious errors’ in accountsA Labour MP has called for the former FTSE 250 company bosses to hand back their bonuses
5)Rishi Sunak’s tax cut plans wrecked by omicron restrictions, experts warnInstitute for Fiscal Studies says that Boris Johnson’s hastily imposed rules will hit growth and make tax cuts difficult to implement
Asian markets opened mostly lower on Friday, following a weak lead from Wall Street and as investors awaited a key US inflation report due later in the day.
Hong Kong's Hang Seng Index was down 0.27 percent to 24,188.24 while Tokyo's benchmark Nikkei 225 index fell 0.57 percent.
Shanghai also slipped, while Seoul, Taipei, Singapore and Wellington were all down slightly, as was Singapore.
Investors were also concerned about the debt crisis in China's property sector, with two major Chinese property firms defaulting on $1.6 billion worth of bonds to overseas creditors. || LV chairman quits as members block Bain takeover: Bain Capital LV insurer - Russell Hart / Alamy Stock Photo The chairman of LV= has quit after members of Britain's oldest mutually-owned life insurer failed to back a controversial £530m takeover bid by a US private equity firm. Alan Cook said that he will stand down next year after following the failure to win support from 75pc of voting members for the takeover by Bain, which was founded by Republican senator Mitt Romney. LV= is now holding talks with rival Royal London about a tie-up instead. The company only secured support for the deal from 69pc of members who voted, meaning the transaction failed as LV= needed to convince three-quarters of them to accept the offer. Around 1.2m policyholders were eligible to vote, but only 15pc took part in the ballot in a sign of widespread apathy. Members were set to receive £100 each if the deal succeeded. The result comes after a prolonged campaign against the transaction by a vocal group of members and politicians, who did not want the mutual falling into the hands of private equity. LV= has faced criticism in recent weeks for a perceived lack of transparency regarding details of the sale. Members were expected to foot a £43m bill for City firms working on the sale, details of which the mutual insurer was accused of burying on its website. The business said that it will now seriously consider a proposal for a deal with Royal London, in a marked change of tone after it previously attacked overtures from its fellow mutual. Mark Hartigan, the chief executive of LV=, even accused rival Royal London of “lobbing a grenade” into deal talks as his board sought to seal the agreement with Bain. A spokesman for LV= confirmed it received an unsolicited preliminary merger proposal from Royal London on Wednesday, which is at an early stage and is subject to discussion. He added: “The proposal, which is on a substantively different structure to the offer received during the process in 2020, now includes the possibility of continued mutuality and is conditional on exclusive discussions.” Story continues A spokesman for Royal London said: "Royal London can confirm that it has offered to enter into immediate and exclusive discussions with LV= to agree a mutual merger that will offer LV= customers the opportunity to have their life savings protected and invested by a mutual." 06:12 PM Wrapping up It's time to wrap up the blog, thank you for following us! We shall see you again next week, but before you go check out some of the most recent stories from the business team: Fears of market sell-off rise as Covid winners start to lag North Sea oil project put on hold after Shell pulls out Santander ordered to pay banker €68m for cancelling job offer Marks & Spencer hungry for more as it eyes the rest of Ocado Getty Images comes back to the stock market with $4.8bn listing 06:05 PM Bitcoin on track for fourth consecutive weekly decline Bitcoin remains on track for its fourth consecutive weekly decline. It briefly bounced after the latest report on US inflation, but it fell again amid the negative sentiment that has recently gripped digital-asset markets. The largest cryptocurrency has long been touted as an inflation hedge, in part because of its fixed supply. Bitcoin turned lower after initially rising as much as 4.4pc to $50,101. The coin has been bouncing around the $50,000 level since a weekend flash crash that saw it tumble as much as 21pc on Saturday. "Given what happened last weekend, some leveraged traders are thinking twice about holding positions into this weekend," said Edward Moya at OANDA. "Some traders are anticipating a sideways market until the FOMC policy decision on Wednesday, so hesitancy to hold over the weekend might grow. Hodlers will likely remain unfazed and feel mostly confident as need for inflation hedges will grow given the widespread rising pricing trends. " 05:44 PM Hilton Food snaps up Dutch smoked salmon producer for €90m Hilton Food Group has snapped up Dutch smoked salmon producer Foppen in a €90m (£77m) deal. It's the latest in a string of acquisitions this year for the FTSE 250 food producer and packaging business. It will allow Hilton, which processes meat for the likes of Tesco, to enter the US market for the first time. The Huntingdon-based group also confirmed it plans to raise £75m through an equity placing in order to part-fund the deal. Shares dropped 5.3pc to £11.32. 05:22 PM FTSE 100 slips for third day in a row The FTSE 100 index slipped for a third straight session on Friday after data pointed to stalling economic growth in the UK, even before the emergence of the Omicron coronavirus variant, but ended their second week in the black. The benchmark FTSE 100 index eased 0.4pc pressured by the healthcare sector after heavyweight drugmaker AstraZeneca fell 2pc on the back of a price target cut by Berenberg. The main index clocked its biggest weekly gain in eight months, boosted by a strong recovery in mining stocks. "We're seeing a flight to safety with defensive names like British American Tobacco on the front foot," Justin McQueen, market analyst at DailyFX, told Reuters. "The sort of news around Omicron and the government announcing its plan B and suggestions around plan C does put the final nail in the coffin for a rate rise next week." 04:59 PM UK, Norway and EU agree on fishing catch limits In geopolitical news, the UK has signed a trilateral agreement with Norway and the European Union on fishing catch limits for 2022 for six jointly managed fish stocks in the North Sea. The UK has agreed catch levels that provide fishing opportunities estimated to be worth around £190m to the UK fishing industry, based on historic landing prices. The three countries stressed their committment to the sustainable management of North Sea cod, haddock, plaice, whiting, herring and saithe to ensure the long-term viability of these stocks. north sea uk europe norway fishing agreement - Hussenot, Pierre/Getty Images 04:39 PM LV responds to Royal London approach Things are moving fast this afternoon for LV, which confirmed it has received an unsolicited proposal from Royal London. A spokesman said: "The proposal, which is on a substantively different structure to the offer received during the process in 2020, now includes the possibility of continued mutuality and is conditional on exclusive discussions. "The outline proposal from Royal London is at an early stage and is subject to discussion, due diligence and detailed negotiation of financial and other terms. There can be no certainty that a transaction will be agreed. "The Board will consider this proposal seriously and undertakes to update members as soon as practicable. In evaluating the Royal London proposal, the Board will continue to have regard to members and stakeholders best interests.” 04:18 PM Royal London ready to swoop in for LV Good afternoon everyone, this is Giulia Bottaro taking over from James Warrington until the end of the day. LV's rival Royal London is wasting no time and has already offered to enter "immediate and exclusive discussions" for a potential merger. The tie-up would "offer LV= customers the opportunity to have their life savings protected and invested by a mutual" and LV members could have the option to become members of Royal London. It stressed that the current proposal is different from the bid made in 2020. 03:59 PM LV and Bain respond after takeover foiled Alan Cook , chairman of LV, said the insurer was “committed to finding a solution to the challenges presented by a declining with-profits membership base”. But he said he would step down as soon as the company had found an alternative proposal for raising funds. Bain Capital said it “respected” the outcome of the vote. Our proposal for LV was deemed to be the best for members, enabling LV to grow, reduce its debt and maintain its proud heritage. It remains crucial that members are looked after and protected. We have always wanted LV to flourish and become a leading company in the sector that offers more consumer choice and creates more jobs. 03:34 PM Archegos scandal revealed risk flaws at banks, say regulators The collapse of asset manager Archegos highlighted a number of flaws across British banks, according to a damning new verdict from regulators. In a letter to chief executives, the Financial Conduct Authority and Prudential Regulation Authority said they’d found “a number of significant cross-firm deficiencies” following a review into the saga. They identified weaknesses in the overall management of risk across business units, ineffective and inconsistent margining approaches and an absence of comprehensive limit frameworks. The regulators said firms should carry out a systematic review of equity finance businesses and their risk management practices and report back with detailed plans for remediation. Read our joint Dear CEO letter on global equity finance businesses. https://t.co/ZpgFPlFfPf — Financial Conduct Authority (@TheFCA) December 10, 2021 03:18 PM M&S hungry for more as it eyes up the rest of Ocado Ocado M&S takeover - Hollie Adams/Bloomberg Ahead of Ocado's trading update next week, Laura Onita has dug into speculation that Marks & Spencer could be plotting a full buyout of the online grocer. When Marks & Spencer agreed to pay £750m for half of Ocado’s grocery website, chief executive Tim Steiner joked that “if anything, we should have charged them more”. Steve Rowe, his counterpart at M&S, had taken an “incredibly smart risk”, Steiner added in 2019. The move has increasingly been seen as a “stroke of genius” within retail circles, according to one senior industry adviser. It marks a swift change in tune: just two years ago the 137-year-old retailer was accused of gambling investors’ money to sell groceries online. Coupled with a shift online during the pandemic, the performance has given rise to speculation that M&S might want to gobble up Ocado’s other half. Read Laura's full story here 03:02 PM Wall Street rises as US inflation meets expectations US stocks have pushed higher after in-line inflation data spurred bets the Federal Reserve won’t have to accelerate plans to tighten monetary policy. The S&P 500 gained 0.5pc, while the Dow Jones and Nasdaq added 0.4pc as the headline CPI rate came in at 6.8pc, as expected, which is the highest since 1982. Investors had been looking forward to the inflation report and a meeting of the Federal Reserve next week for clues on the pace of tapering and interest rate increases, after Chairman Jerome Powell said the central bank should consider withdrawing stimulus at a faster pace. 02:56 PM Car shortages drag down Britain's EU imports Britain is importing less from the EU than from the rest of the world by the biggest margin since Brexit, partly due to a drop in cars being bought from the continent, writes Louis Ashworth . Imports from the EU fell 1.1pc – or £0.4bn – during October, while Britons consumed more goods from other overseas countries. It was the 10th consecutive month that imports from non-EU countries outstripped those from Europe, with the gap growing to £3.4bn. A global shortage in semiconductors, the microchips used in modern vehicles, cut the number of cars imported into the UK. Meanwhile, the energy crisis forced Britain to bring in an extra £1bn of gas from Norway, which is not part of the EU. British exports continued to plateau, having recovered from a post-Brexit knock at the start of the year. Services exports remain about a fifth below pre-pandemic peaks. 02:49 PM Activist Elliott reveals major Taylor Wimpey stake Activist investor Elliott Advisors has confirmed it's one of the top five shareholders in Taylor Wimpey, suggesting the housebuilder could be its next FTSE target. In a letter issued today, Elliott said the size of its investment reflected its conviction in the "substantial upside potential at Taylor Wimpey, which we believe is readily achievable". But it called for a "transparent and thorough" process to find a new chief executive to "remedy its long-term underperformance and regain credibility with investors". It comes after the company announced boss Pete Redfern was stepping down after 14 years at the helm. Speculation has been mounting that Elliott was behind the departure and that Taylor Wimpey could become an acquisition target. 02:35 PM FirstGroup shares jump as it claws back losses Shares in FirstGroup have jumped as much as 9pc, more than clawing back their losses after a cautious trading update on Thursday. The travel operator dropped after it said the omicron variant had already hit passenger numbers and warned the new work from home order would harm commuter trips. IT's the biggest mover during an otherwise quiet day on the markets. The FTSE 100 is now broadly flat, with British American Tobacco leading gains. 02:23 PM Pounds pushes higher against dollar after US data The pound has edged up against the dollar after fresh data showed US inflation hit a near-four decade high, though it's still only just above its 2021 low. The dollar shed some of its gains after the consumer price index rose 6.8pc from November 2020. The inflation gauge also stood higher than expected at 0.8pc above October. The pound gained as much as 0.1pc against the dollar to touch $1.323. Against the euro it was up 0.05pc at 85.34p. 02:14 PM Expert reaction: Fed requirements 'almost certainly' met Jai Malhi at JP Morgan also reckons the latest CPI data has cleared the way for Fed action next week. Today’s rise in US inflation was broadly expected but it does confirm that price pressures continue to build but also broaden out. With inflation having been comfortably above 2pc for nine straight months, the Fed’s requirement on inflation has almost certainly been met. The strong recovery in the US labour market has helped to keep demand elevated, while supply disruptions are still biting. While higher energy prices are grabbing the attention in the headline numbers, the imbalance between demand and supply means that underneath the surface both non-energy goods and services prices are also driving the increase in inflation. With this hurdle cleared, the market will turn its attention to the Fed next week. Expectations have built that the Fed will decide to speed up the pace of its asset purchase taper and stop buying new bonds in the spring, rather than the summer – this release won’t deter them from speeding up that process, allowing the central bank to raise rates earlier next year if required. 02:01 PM Energy costs fuel inflation A breakdown of the inflation figures show energy costs are the major driving force behind US inflation, reflecting a trend seen across Europe. Energy prices rose 3.5pc in November as the supply crunch continues to roil markets. Excluding the volatile food and energy components, so- called core prices rose 0.5pc from the prior month. 🇺🇸"More #inflation heat" in November 🔥 #CPI +0.8% (broad-based) 🟡Core CPI +0.5% ⛽️Energy +3.5% 🍲Food +0.7% ⬆️Goods +1.4% 🚗New cars +1.1% ⤴️Used cars +2.5% 👕Apparel 1.3% ⬆️Services +0.4% 🏠Shelter +0.5%⚠️ ⤴️Car rental +3.1% ⤴️Airfare 4.7% 💉Medical care +0.2% pic.twitter.com/6cEqUtrYfo — Gregory Daco (@GregDaco) December 10, 2021 01:49 PM Expert reaction: Fed isn't afraid to be more hawkish Robert Alster at Close Brothers Asset Management says surging US inflation will pile pressure on the Fed to act. Inflation has broadened out across the CPI basket, putting greater pressure on the Fed to address the so-called ‘transitory’ factors that are keeping prices high. While the cost of living is going up and up, all support measures have expired and no new ones have been introduced, which will likely dent consumer confidence. And rising rental equivalent costs continue to spiral in the background, indicating longer-term inflationary problems. In this pressure cooker, the Fed isn’t afraid to be more hawkish. Powell has already made it clear that there’s a strong chance of accelerating tightening measures, which could mean quickly tapering purchases to facilitate an interest rate hike down the line. But the global economy is at a serious juncture thanks to the emergence of the omicron variant this month. Only time will tell what the impact will be, and how far it will upset the Fed’s plans in the new year. 01:29 PM NatWest to be sentenced for money laundering NatWest money laundering - Luke MacGregor/Bloomberg Taxpayer-backed NatWest is to become the first UK bank to be sentenced for money laundering at a court hearing on Monday following a landmark case brought by the City watchdog. Lucy Burton reports: The company, formerly called the Royal Bank of Scotland, pleaded guilty to three money laundering offences earlier this year after failing to stop a gold dealer from transferring large cash deposits that should have been flagged as suspicious. A judge will decide the level of fine for the high-profile criminal action on Monday. The sentencing is expected to result in a penalty of up to £340m. The bank has already booked a £294m litigation charge during its third quarter, which included provisions for the anticipated fine. Alison Rose, NatWest chief executive, said: “We deeply regret that NatWest failed to adequately monitor and therefore prevent money laundering by one of our customers between 2012 and 2016... In the years since this case, we have invested significant resources and continue to enhance our efforts to effectively combat financial crime.” 01:15 PM Turkish lira continues to slide as Erdogan's gambit backfires The Turkish lira is continuing to slide despite three interventions by the country's central bank, according to Bloomberg. Investors have been dumping the currency after the central bank, under pressure from President Recep Tayyip Erdogan, slashed interest rates, in an unorthodox attempt to stop price inflation that has dramatically backfired. The currency has weakened 38pc since late September. Meanwhile, inflation climbed above 21pc in November, reaching a three-year high. Turkey's central bank on Friday it sold foreign exchange because of “unhealthy” price formations but its latest move failed to arrest the lira’s free fall. While the currency rebounded briefly, it slid back closer to 14 per dollar. 12:35 PM Peloton falls amid Sex and the City cameo A Peloton bike crops up in Sex and the City sequel And Just Like That - Warner Bros Usually it's a boon to have your product make a prominent appearance in a much-hyped film. For Peloton, it appears to have had the opposite effect. The popular exercise bike crops up in And Just Like That – the newly-release reboot of Sex and the City. Unfortunately for Peloton, a character dies after using it. This was picked up by analysts at BMO, who noted that "although unlikely to impact sales, it does question whether Peloton is losing degrees of control over its storytelling, perhaps its greatest achievement to date". Shares in the Peloton have slid 3.3pc in premarket trading. It's more likely, though, that this is down to a bearish note from Credit Suisse, which cut the stock after warning the lockdown favourite will continue to struggle as the economy reopens. 12:15 PM Wall Street set to rise ahead of inflation data Wall Street's major indices are pointing to a higher open this afternoon as investors turn their attention to new inflation data. Official figures due later today are expected to show US consumer prices rose 6.8pc in November compared with a year ago, in what would be its highest level since 1982. Any increase on this would likely bolster the case for a faster tapering of bond purchases and bring forward expectations for interest rate hikes at the Fed's meeting next week. Futures tracking the S&P 500 and Nasdaq both rose 0.4pc, while the Dow Jones was up 0.3pc. 12:01 PM Serious Fraud Office slammed over Unaoil bribery case The UK's top fraud prosecutor has been dealt an embarrassing blow after judges overturned an oil executive’s conviction as part of a sprawling bribery suit that it dedicated years to investigating. Bloomberg has the details: A London appeals court quashed Ziad Akle’s conviction on Friday, in a ruling that criticises the Serious Fraud Office (SFO) for its relations with a US fixer and for not disclosing key documents. Akle was found guilty of bribing senior Iraqi public officials to secure lucrative oil projects last year. The refusal to provide key documents in the case “was a serious failure by the SFO to comply with their duty,” the London judges said in the ruling. “That failure was particularly regrettable given that some of the documents had a clear potential to embarrass the SFO in their prosecution of this case.” The judges said they didn’t suggest any SFO official “deliberately sought to cover anything up.” 11:38 AM Santander ordered to pay £58m to top banker over job offer Santander bank Andrea Orcel - Jason Alden/Bloomberg A Madrid court has ordered Santander to compensate Italian banker Andrea Orcel to the tune of €68m (£58m) for withdrawing an offer to become its chief executive almost two years ago. A judge ruled the Spanish bank's offer to Mr Orcel, who is now the boss of UniCredit, stands as a valid contract and as such the bank broke it when it decided not to go ahead with the appointment in 2019. It's a major victory in a two-year dispute for the banker, although Santander can appeal the decision. Mr Orcel had asked for €76m as he claimed he also lost millions in deferred compensation from his former employer UBS and years of prospective salary at Santander. 11:22 AM Shell investors set to back UK move Shell London HQ Netherlands - AP Photo/Richard Drew, File In more Shell-related news, shareholders in the oil giant look set to approve the relocation of its headquarters to London from the Netherlands as part of an overhaul of the business. Shell chairman Andrew Mackenzie said that of the proxy vote gathered so far – which represents about 58pc of outstanding Shell shares – 99.8pc approved the move. Online and in-person voting is ongoing, and the final tally will be announced later. The HQ move comes as Shell looks to convince investors, governments and environmental groups that it can transition away from fossil fuels amid the transition to net zero. The company will also scrap its dual listing and drop "Royal Dutch" from its name as part of the overhaul. The proposal requires approval from 75pc of shareholders before the board meets to give final approval, which is expected early in 2022. 11:07 AM Getty Images to list in £3.6bn Spac deal Getty Images will rejoin public markets after a more than decade-long hiatus after agreeing to list through a $4.8bn (£3.6bn) blank-cheque deal. The stock and news photo provider will merger with a special purpose acquisition company (Spac) called CC Capital and Neuberger Berman, with a total equity investment totalling $1.2bn. Chief executive Craig Peters said Getty had initially favoured a traditional IPO before opting for the increasingly-popular Spac route. Getty, which was founded 26 years ago, was taken private by the buyout firm Hellman & Friedman in a $2.4bn deal in 2008. Hellman & Friedman sold a controlling stake in the company to private equity firm Carlyle Group through a $3.3bn deal in 2012. The Getty family subsequently took control of the company in 2018, acquiring Carlyle’s stake. 10:37 AM Ovo Energy boss casts doubts over Bulb bailout The boss of Ovo Energy has cast doubts over the Government's decision to temporarily nationalise rival Bulb, adding to mounting criticism of the handling of the energy crisis. Ministers last month appointed a special administrator for Bulb, rescuing it from collapse at a cost of £1.7bn to taxpayers. Industry officials have since questioned the move, saying cheaper options were available. Stephen Fitzpatrick, chief executive of Ovo – which is the UK's second largest supplier – told Bloomberg: "It's a bit of a mystery. There were very workable solutions on the table." A surge in wholesale gas prices has pushed more than two dozen energy suppliers out of business in recent months. Some suppliers have blamed the energy price cap for the collapses, while regulator Ofgem is now also under pressure to account for its role in the crisis. 10:22 AM Anglo American to pump another £530m into fertiliser mine Woodsmith mine fertiliser Anglo American Anglo American has said it will invest a further $700m (£530m) into its Woodsmith fertiliser miner, though said it needed more time how to develop it. The FTSE 100 group snapped up the project in Teesside in 2020 as previous developer Sirius Minerals teetered on the brink of collapse. Since then, Anglo has slowed development and instead been reviewing the project to determine the final design, cost and time frame. In an update today Anglo said it will pump more money in and aims to complete work on the budget, schedule and design by the end of next year. Mark Cutifani, chief executive of Anglo American, said: We are very happy with the high quality and exciting potential of Woodsmith, with the scale and quality of the polyhalite orebody pointing to a first-quarter operating cost position and strong margins. This is a very long-life asset and we are going to take the necessary time to get every aspect of the design right to match our long term vision and value aspirations. 10:04 AM Bosses challenge Boris Johnson’s home working plea ICYMI – Simon Foy reports on the businesses that plan to keep their offices open despite new Covid curbs. Major employers have vowed to keep their offices open to staff and continue with face to face meetings as a City backlash mounts against Boris Johnson's work from home guidance. PwC, KPMG, JP Morgan and Deutsche Bank are among businesses that do not intend to close their buildings down, despite the Prime Minister's recommendation that staff should work remotely where possible to limit the spread of the omicron Covid variant. Kevin Ellis, the chairman of PwC, said the benefits of in-person meetings cannot be replicated at home, particularly at what is a busy time for deals. Meanwhile lawyers said they had been inundated with requests for guidance from companies seeking to work around the rules, and corporate lobby groups used a call with Kwasi Kwarteng, the Business Secretary, to demand clarity over how long restrictions are to last. A source close to PwC, which employs about 22,000 people in the UK, said its premises will remain open for “essential purposes”. Managers are asking employees to use “personal judgment” as some work is more effective in the office. Staff will have to liaise with their team leaders to determine what activities are deemed essential, the source added. Read Simon's full story here 09:53 AM UK inflation expectations climb Inflation expectations have surged to their highest level since August 2019 as price rises continue to filter through to consumers. The 12-month median expectation rose to 3.2pc in November from 2.7pc in August, according to the latest Bank of England figures. The 0.5 percentage point increase is the largest since 2016. For the following 12 months, expectations rose to 2.4pc from 2.2pc, while the five-year forecast climbed to 0.1 percentage point to 3pc. While fresh curbs to stem the spread of the omicron variant have dampened expectations of a Bank interest rate rise next week, 60pc of respondents said they expect rates to rise over the next year. That's the most since 2017. 09:42 AM Gas prices extend gains on supply fears Natural gas prices have pushed higher this morning, extending weekly gains amid continued fears over a winter supply crisis. While shipments from suppliers including Russia remain stable, there's little extra gas being pumped to help top up quickly depleting inventories. European storage sites are currently only 64pc full – a level more typically seen in January. Benchmark Dutch prices rose 0.7pc and are on track for a sixth straight week of gains – the longest run of weekly advances since the record price surge in October. The UK equivalent pushed up 2.3pc. 09:28 AM Elon Musk jokes about becoming an influencer as he sells more Tesla shares Elon Musk Tesla - REUTERS/Aly Song/File Photo Another day, another Twitter outing for Elon Musk, who paired a disclosure on more Tesla share sales with a joke tweet about quitting his jobs. The world's richest person offloaded another $936m (£730m) worth of shares, taking his total disposals to about $11.8bn in stock over five weeks. He's about two-thirds of the way through selling 10pc of his stake – a move made after he polled his social media followers on the matter. A few hours later, Mr Musk took to Twitter to quip he'd found a new calling. He wrote: "Thinking of quitting my jobs & becoming an influencer full-time,” before asking his 66m followers what they thought of the idea. thinking of quitting my jobs & becoming an influencer full-time wdyt — Elon Musk (@elonmusk) December 10, 2021 09:16 AM Pound nears 2021 low on GDP hit Sterling has slid to within touching distance of its 2021 low as lacklustre economic growth figures compounded expectations that the Bank of England will hold back on raising interest rates. The UK economy grew by just 0.1pc in October – meaning it's still 0.5pc smaller than in February 2020 – in a worrying sign that growth was faltering even before the emergence of the omicron variant. The disappointing figures will fuel dovish expectations for the Bank of England interest rate decision next week. Traders had already been pushing back bets of a rate hike to February amid the spread of the new strain and tighter Covid rules. The pound fell 0.1pc to $1.3200, not far from Wednesday's 2021 low of $1.3162. Against the euro it was flat at 85.43p. 09:04 AM Expert reaction: Further economic support may be needed James Smith , research director at the Resolution Foundation, says disappointing GDP growth has dashed hopes this would all be over by Christmas. Weak growth in October and the more recent emergence of Omicron mean hopes that either the health or economic pain of this crisis would be all over by Christmas have been dashed: reaction from RF's @JamesSmithRF to this morning's GDP data: https://t.co/50gQqEIlSK pic.twitter.com/4fovud0mGi — Resolution Foundation (@resfoundation) December 10, 2021 08:54 AM Heathrow warns omicron will hammer travel rebound Heathrow Airport travel Covid omicron - Jason Alden/Bloomberg Heathrow has issued a bleak outlook this morning, saying passenger numbers are likely to reach barely half of pre-Covid levels next year as the pandemic continues to hammer travel. The airport said passenger numbers are likely to reach 45m in 2022. That compares to a record 81m in 2019, when it ranked as Europe's busiest hub. The travel sector's fragile recovery suffered a fresh setback with the reintroduction of travel curbs and testing regimes to stem the spread of the omicron variant. Heathrow said it's seen high levels of cancellation among business travellers concerned about getting stuck overseas. Traffic in November fell 60pc from pre-pandemic levels despite the reopening of the US travel corridor – a move that was hailed as a major step forward in the recovery. The airport warned international travel won't reach 2019 levels until all restrictions are removed and passengers are satisfied there's no risk of new curbs being imposed – something it said was "likely to be several years away". 08:42 AM FTSE risers and fallers The FTSE 100 has dropped for its third straight session, with investors rattled by GDP figures showing economic growth was stalling even before the omicron variant hit. The blue-chip index is down 0.2pc after new data showed the economy grew just 0.1pc in October – well below expectations. Oil majors fell on lower crude prices, with Shell dropping as much as 0.7pc ahead of shareholder vote to approve a plan to get rid of the oil and gas company's dual share structure and move its headquarters to London from The Hague. Base metal miners capped some of the losses on the commodity-heavy FTSE 100 index, helped by low inventories and monetary policy easing by top consumer China. Primark owner ABF gained 0.5pc following a bullish update on shopper numbers. The FTSE 250 fell 0.3pc, with asset manager Ashmore leading losses after a downgrade by Goldman Sachs. 08:36 AM Primark enjoys shopper boost despite omicron Primark ABF - Hollie Adams/Getty Images Primark has said it’s still attracting floods of shoppers at its stores despite the emergence of the omicron variant and stricter mask-wearing rules. Associated British Foods, which owns the discount fashion chain, said it hasn’t seen any drop in footfall, with sales and margin growth ahead of expectations at the start of the financial year. The company said it had managed to use its position as a major customer for its suppliers to overcome some of the squeezes on global supply chains, so has most of the products it needs for Christmas. While tougher restrictions have had an impact on trading at its stores in the Netherlands, Germany and Austria, the Primark owner remained bullish on the outlook, saying sales between December and April would be “significantly better” than last year. Shares rose 0.6pc following the update. 08:24 AM Octopus secures £227m cash boost for green energy push Octopus Energy investment $300m - Leon Neal/PA Wire Octopus Energy has secured a $300m (£227m) investment to help fund the transition away from fossil fuels, marking a major boost for the company amid an escalating energy crisis. The British firm, which offers green electricity services to over 3m domestic customers, has received the backing from the Canada Pension Plan Investment Board. It follows a $600m investment from Al Gore’s Generation Investment Management and takes Octopus’ valuation to around $5bn. Greg Jackson, chief executive of Octopus Energy, said: Innovating new ways to accelerate investment into the renewable energy revolution is vital to delivering governments’ net zero goals and the CPP Investments-Octopus partnership is globally significant, paving the way to billions of dollars of investment in the UK and globally. Make no mistake – this partnership is huge. 08:05 AM Bank of England set to hold fire on rate rise Here's some more from my colleague Louis Ashworth on expectations for the Bank of England meeting next week: The Bank of England is expected to back away from an interest rate rise this month despite surging inflation, as fears grow that "Plan B" restrictions will spark an economic slowdown. Economists are predicting that the Bank's Monetary Policy Committee (MPC) will take no action when it meets on Thursday because of concerns that an increase would pile further pressure on the economy in the wake of new rules to tackle the omicron variant. Traders have also cut their bets on a rise, with foreign exchange positioning implying a 36pc chance of an increase in rates from their current all-time low of 0.1pc. It comes after inflation spiked to 4.2pc in October, its highest level in a decade, and the Bank's deputy governor Ben Broadbent said that price rises are likely to climb "comfortably" above 5pc next year. The Bank's target is 2pc. Out of nine economists to issue updated forecasts in the wake of the new restrictions, just two expect the MPC will increase the Bank Rate to 0.25pc this month. 08:02 AM FTSE 100 slumps The FTSE 100 has slumped at the open after new figures showed sluggish economic growth in October. The blue-chip index dropped 0.3pc to 7,298 points. 07:55 AM What will this mean for the Bank of England? Dean Turner at UBS says the GDP number will give the Bank of England "further cause for hesitation ahead of the interest rate setting meeting next week". In our view, renewed restrictions will not have a material impact on the economy, so we expect policymakers to stick with their hawkish tone, highlighting the need for rate rises at some point. However, notwithstanding the current inflation backdrop, it is increasingly likely that the Bank of England will err on the side of caution next week and leave rates on hold. Looking ahead, and assuming the labour market remains strong, a hike could be on the cards as early as February. Yael Selfin , chief economist at KPMG, also thinks the Bank will hold rates, but reckons omicron and inflation are the bigger deciding factors. Today’s release is unlikely to provide a material shift to the Bank of England’s decision next week, where the key consideration will be the effect of the omicron variant on growth and inflation heading into the new year. Given the uncertainty around the shape and evolution of the government’s restrictions and their impact on household spending, we expect the MPC to unanimously hold off raising rates until February. 07:46 AM IoD: NHS activity keeps contraction at bay Kitty Ussher , chief economist at the Institute of Directors, said: Economic growth would have fallen in October if it were not for the return of face-to-face appointments in the NHS and the ramping up of vaccination activity, both of which had a noticeable positive impact on the service sector. Underneath this, manufacturing output was flat, with evidence coming through that while demand remains strong, production is being hampered by difficulties sourcing supplies. Meanwhile consumers, who had enjoyed the opening of hospitality venues in the late summer, in October switched back to shopping – and booking holidays. Looking forwards, we expect a strong showing for the retail sector over Christmas, but hampered by concerns over travel and hospitality as we get to grips with the implications of the omicron variant on consumer demand. 07:43 AM Rishi Sunak: We said there could be bumps in the road Chancellor Rishi Sunak insists the UK economy is still in track, despite October's sluggish growth. We’ve always acknowledged there could be bumps on our road to recovery, but the early actions we have taken, our ongoing £400bn economic support package and our vaccine programme mean we are well placed to keep our economy on track. We have still been recovering quicker than expected, with more employees on payrolls than ever before and redundancies remaining low. 07:39 AM Expert reaction: Health sector props up economy Samuel Tombs , chief UK economist at Pantheon Macroeconomics, points out that sharp growth in the health sector is doing a lot of the heavy lifting in October's GDP figures. He adds: "Many firms were struggling even pre-omicron." GDP in October was only close to its pre-Covid level because output in the health sector has increased by 16.5% since then. Private non-distribution services output still was 2.6% below its January 2020 level and rose by just 0.2% m/m - many firms were struggling even pre-Omicron — Samuel Tombs (@samueltombs) December 10, 2021 07:33 AM Expert reaction: Plan B could spark contraction Paul Dales , chief UK economist at Capital Economics, said: The disappointing 0.1pc month on month rise in GDP in October suggests that the economy had slowed to a crawl even before the omicron Covid-19 variant was discovered in late November. Early evidence suggests growth in November might have been a bit better. Nonetheless, at such low rates of growth, the government’s “Plan B” Covid-19 restrictions could be the difference between the economy growing or contracting in December [...] We estimate that the “Plan B” Covid restrictions may reduce GDP by 0.0-0.5pc in December. That means it is touch-and-go whether the economy will grow or contract this month. Against that background, we doubt the Bank of England will raise interest rates next Thursday. 07:31 AM ONS reaction Grant Fitzner , ONS chief economist, said: While GDP growth slowed in October the UK health sector again grew strongly while second-hand car sales and employment agencies also boosted the economy. Taken as a whole, the dominant services sector reached its pre-pandemic level for the first time in 20 months. These gains were offset by a drop in restaurants, which fell back after a strong summer, and reduced oil extraction and gas use. Construction also saw its biggest drop since April last year, with notable falls in housebuilding and infrastructure work, partly driven by shortages in raw materials. 07:26 AM Supply troubles weigh The lacklustre GDP figures will come as a major blow to hopes for the post-pandemic recovery. A breakdown by sector shows the services sector bounced back strongly, albeit with a slight easing off for restaurants after the summer boom. But supply chain troubles were the real issue, with material shortages hampering output for housebuilder and infrastructure work in particular. GDP grew 0.1% in October and is 0.5% below its pre-pandemic (Feb 2020) peak: ▪️ services grew 0.4% and are back to their pre-pandemic peak ▪️ manufacturing was flat (2.5% below pre-pandemic peak) ▪️ construction fell 1.8% (2.8% below pre-pandemic peak) ➡️ https://t.co/gvAvx2fxQI pic.twitter.com/5FHHZlbuvk — Office for National Statistics (ONS) (@ONS) December 10, 2021 07:22 AM GDP growth slows to a crawl Good morning. We start the day with some rather disappointing data showing the the UK economy grew by only 0.1pc in October. That's well below forecasts of 0.4pc and means the economy is still 0.5pc smaller than it was in February 2020, just before the pandemic hit. The figures mark the period before the emergence of omicron, with the services sector still booming after reopening. But the ONS pointed to supply chain troubles as the biggest drag, with manufacturing flat and construction output falling. 5 things to start your day 1) Business must convince Treasury they need more help, says Kwasi Kwarteng January could reach 'pinch point' if Plan B drags on past Christmas, but Rishi Sunk has no plans to revive furlough scheme 2) New Covid curbs will force Tube bailout, says Sadiq Khan The mayor of London blames Boris Johnson for wrecking the finances of TfL 3) Germany's Siemens drops HS2 legal challenge to target £500m signalling contract Court documents claimed that Hitachi and Alstom’s subsidiary, Bombardier, had failed to meet some technical requirements 4) UK’s biggest rail operator Go-Ahead to suspend shares after ‘serious errors’ in accounts A Labour MP has called for the former FTSE 250 company bosses to hand back their bonuses 5) Rishi Sunak’s tax cut plans wrecked by omicron restrictions, experts warn Institute for Fiscal Studies says that Boris Johnson’s hastily imposed rules will hit growth and make tax cuts difficult to implement What happened overnight Asian markets opened mostly lower on Friday, following a weak lead from Wall Street and as investors awaited a key US inflation report due later in the day. Hong Kong's Hang Seng Index was down 0.27 percent to 24,188.24 while Tokyo's benchmark Nikkei 225 index fell 0.57 percent. Shanghai also slipped, while Seoul, Taipei, Singapore and Wellington were all down slightly, as was Singapore. Investors were also concerned about the debt crisis in China's property sector, with two major Chinese property firms defaulting on $1.6 billion worth of bonds to overseas creditors. || Most Influential 40: President Xi Jinping: This year Bitcoin took a serious hit to its hashrate, the measure of electricity going to secure the distributed network, when the Chinese Communist Party decided to ban cryptocurrency trading, mining and related activities. That had the immediate effect of cutting out about two-thirds of the machines making Bitcoin hum, but the network withstood the assault. Perhaps Chinese President Xi Jingping’s biggest influence on the crypto industry is showinghow little swaya nation may have.
Xi is no ordinary CCP head. He has taken moves to distance China from the Western capitalistic enterprise, strengthen the nation’s economy and potentially install himself as a lifelong autocrat. While China has effectively banished alocal crypto mining industry, the government has turned to blockchain as one prong of its digital“Belt and Road”global infrastructure endeavor. Further, its experimental digital yuan, a central bank digital currency is already ageopolitical force.
The Complete List:CoinDesk’s Most Influential 2021 || Most Influential 40: President Xi Jinping: This year Bitcoin took a serious hit to its hashrate, the measure of electricity going to secure the distributed network, when the Chinese Communist Party decided to ban cryptocurrency trading, mining and related activities. That had the immediate effect of cutting out about two-thirds of the machines making Bitcoin hum, but the network withstood the assault. Perhaps Chinese President Xi Jingping’s biggest influence on the crypto industry is showing how little sway a nation may have. Xi is no ordinary CCP head. He has taken moves to distance China from the Western capitalistic enterprise, strengthen the nation’s economy and potentially install himself as a lifelong autocrat. While China has effectively banished a local crypto mining industry , the government has turned to blockchain as one prong of its digital “Belt and Road” global infrastructure endeavor. Further, its experimental digital yuan, a central bank digital currency is already a geopolitical force . The Complete List: CoinDesk’s Most Influential 2021 (Kevin Ross/CoinDesk) || Most Influential 2021: Gary Gensler: When Gary Gensler came to the Securities and Exchange Commission (SEC), he had the reputation of a regulator who had reformed U.S. law to address novel financial products once before.
In 2009, Gensler was given the task of wrangling the then out-of-control derivatives market after the crash in 2008 and the Great Financial Crisis. Twelve years later, he heads an agency overseeing a financial system shaped by that crisis and in the midst of a raging pandemic that has changed how retail customers interact with the system. And again Gensler is tasked with addressing a class of novel financial products.
This article is part of CoinDesk’s Most Influential 2021 series. The portrait here was created bySkygolpeand is available for auction atKnown Origin. The artist is donating 20% of the sale toChildren International.
The former Commodity Futures Trading Commission (CFTC) chair also enjoyed the reputation of being well versed in cryptocurrency issues, having lectured on the subject at a small school in Massachusetts called MIT, where he called the burgeoning asset class and technology stack a “catalyst for change.”
Gensler isn’t the first or only regulator with a crypto background – former Acting Comptroller of the CurrencyBrian Brookscame from Coinbase, former Acting Financial Crimes Enforcement Network (FinCEN) DirectorMichael Mosierhas enjoyed a stint at Chainalysis and current LabCFTC DirectorJason Somensattocame from decentralized exchange 0x.
But the excitement for Gensler, who would lead one of the most influential federal regulators from a business perspective, was palpable. He couldwithdrawthe SEC’s lawsuit against Ripple Labs,approvethe U.S.’ first bitcoin exchange-traded fund (ETF) and provide clarity for businesses hoping to launch and trade a crypto token compliant with federal law without having to endure the SEC’s expensive and time-consuming registration process.
That’s what the industry hoped, at least.
“Markets – and technology – are always changing. Our rules have to change along with them,” Genslertold the Senate Banking Committeeduring his confirmation hearing. “In my current role as a professor at MIT, I research and teach on the intersection of technology and finance. I believe financial technology can be a powerful force for good – but only if we continue to harness the core values of the SEC in service of investors, issuers and the public.”
Read More:SEC Chair Gensler: A Ban on Crypto Would Be ‘Up to Congress’
Under his watch, the SEC has approved the first bitcoin-exposed ETF – butonly bitcoin futures ETFs, and not any funds exposed to the cryptocurrency directly.Bitcoin mutual fundsnow trade in the U.S., but the SEC has sternly opposed similar products exposed to other cryptocurrencies, like ether. And still, like 2017, and 2018, 2019 and 2020, the SEC has yet to formalize much of the guidance the agency has long promised explicitly describing how it will apply longstanding laws to the digital asset sector.
Bid on the NFT auctionhere.
Still, Gensler’s impact on the crypto industry cannot be understated. He’scalled on Congressto take specific actions to clarify crypto regulations and discusses his views fairly frequently at various public events. Much of what he’s said resembles predecessor Jay Clayton’s views on digital assets in the U.S., though Gensler has the advantage of all the work the SEC conducted under Clayton to inform some of his public statements. Regulatory clarity – which Clayton similarly hinted at but did not provide – may still be forthcoming, though it remains an open question as to how exactly this will look.
An SEC spokesperson did not return multiple requests for an interview or statement from Gensler.
“I don’t know how it’s going to evolve but I think it’s not going to evolve well outside the tenets of public policy, and I’m speaking about investor protection, but it’s also guarding against illicit activity ... anti money laundering and sanctions and the like, tax compliance,” Gensler said at theDigital Asset Compliance & Market Integrity Summit(DACOM). “I think that institutional investors want to see more progress made.”
Gensler is well prepared for his current role. He’s been a banker, Senate staffer, and a Treasury official as well his roles at MIT and the CFTC. All this to say, Gensler may be the rare regulator with firsthand experience in all aspects of the industry he oversees.
Gensler began his career in financial services at Goldman Sachs, working in mergers and acquisitions, trading and finance and other roles. He later became one of, if not the, youngest partner at Goldman in 1987. He’s served in the U.S. Treasury Department, heading up domestic finance and financial markets teams, worked on the staff of former Sen. Paul Sarbanes (D-Md.) and chaired the CFTC in the wake of the Great Financial Crisis.
“I have spent my entire professional career in and around the financial markets – in the private sector, in state and federal government and now in academia. And I believe our markets are the finest in the world,” he said inhis opening statementduring his SEC confirmation hearing.
He’s also a family man. He raised three daughters alone after his wife died from cancer in 2006.
“Before I close, I do want to introduce and thank my three daughters, Isabelle, who’s here with me in Maryland over there, and her older sisters Anna and Lee, who are watching remotely. They are the lights of my life, and I wouldn’t be here today without their love and support,” Gensler said during his SEC hearing.
Gensler similarly introduced his children to the Senate Agriculture Committee12 years ago, when he was nominated to run the CFTC.
It is perhaps his experience at the CFTC that provides the clearest picture of how he might approach his remaining term at the SEC. At the CFTC,Gensler was responsiblefor implementing theDodd-Frank Act, which heavily reigned in some types of derivatives trading. He also led the agency as it tamped down onLIBOR manipulation, when major banks misrepresented their borrowing costs as part of a profit-boosting scheme.
Before Gensler, the SEC has offered dribs and drabs of guidance that has often been confusing or unclear. In 2019, it offered a “plain English” framework that has not been mentioned since. Former Director of Corporation Finance William Hinman famously introduced the concept of “sufficiently decentralized” as a yardstick of whether a token issuer might fall in the SEC’s purview or not. Once again, the regulator has not followed up on this in any meaningful way.
This gives Gensler some fairly easy areas to weigh in and leave a mark. And the chair has recognized this. Inprepared testimonybefore the Senate Banking Committee, Gensler said “large parts” of the crypto industry are not operating within existing regulatory frameworks, and there is insufficient consumer protection. SEC staffers are therefore looking at, in Gensler’s words:
“The offer and sale of crypto tokens, crypto trading and lending platforms, stable value coins, investment vehicles providing exposure to crypto assets or crypto derivatives [and] custody of crypto assets.”
Gensler has framed this conversation as one of investor protection, echoing much of the broader U.S. regulatory sector.
Traders using unregulated exchanges, or transacting with tokens that are less than transparent about their backing or governance, may be at risk.
“I think where we are right now, is we don’t have sufficient investor protection in this space, this $2.6 trillion asset class, this worldwide asset class,” Gensler said recently DACOM. “I think that new technologies do not become persistent if they stay outside of the public policy framework. And this is an investment asset class and needs investor protection or people will be hurt and trust will be undermined.”
Gensler has also homed in on exchanges as entities that could or should fall under the SEC’s purview, explicitly saying he believes platforms like Coinbase should register with the agency.
No crypto exchange is currently regulated at the federal level (FinCEN registration doesn’t count), a point of ire for both Gensler and the industry, though for different reasons. Gensler has spoken about the need for a federal framework that can protect consumers, while exchanges want a more streamlined regulatory registration and compliance process.
Gensler’s argument does have merit. Crypto trading platforms famously slow down or stop working altogether during moments of high market volatility. While this appears to be a result of technical issues, some industry participants believe exchanges are incentivized not to fix this – by halting trading, would-be sellers are unable to do so, which could stabilize the price. A regulatory regime mandating uptime could be one solution that would allow investors to cash out on demand.
The two approaches are different, but Gensler’s suggestions for how Congress can regulate cryptocould address both of these viewpoints.
Bid on the NFT auctionhere.
“Absent clear investor protection obligations on these platforms, the investing public is left vulnerable. Unfortunately, this asset class has been rife with fraud, scams and abuse in certain applications,” Genslersaidat the beginning of September.
A key note here is his repeated entreaties to Congress to act, rather than look to unilateral action by the agency itself.
Sen. Sherrod Brown (D-Ohio), who chairs the Senate Banking Committee, echoed Gensler’s views on investor rules and praised the regulator in a statement sent to CoinDesk.
“I commend him and will continue to work with him to push policies that protect Americans’ hard-earned money and the integrity and stability of our markets. We must all work to ensure that reckless speculation in cryptocurrencies doesn’t end up hurting workers and families,” Brown said.
Lawyers in the crypto industry say Gensler has yet to clarify their obligations.
Larry Florio, general counsel at the Syndicate DAO, called Gensler’s statements over the past year “confusing” due to a lack of practical, applicable guidance.
“The statements regarding decentralized exchanges along the lines of ‘they list hundreds of tokens, some of which must be securities’ and similar phrasing in the actual SEC releases does nothing to provide useful guidance to the majority of the space that is trying to operate within the law,” he told CoinDesk.
“It feels like playing musical chairs blindfolded. You don’t know how many chairs are left or where they are, you just hope you land on one when the music stops.”
He’s not alone in this view.
Donna Redel, an adjunct professor at Fordham University’s law school, told CoinDesk that many in the industry hoped he would propose regulations for crypto based on his experience both as a longtime participant in the financial sector, as well as his digital asset knowledge.
His speeches and interviews do not serve as regulatory proposals, she said.
Some believe Gensler’s comments may be sowing more confusion, particularly with respect to lawyers. Redel said Gensler continuously tells startups to talk to the SEC, but he’s also “intimidated everyone” in the industry.
“On the one hand it looks like he’s going after attorneys, and he’s saying what we’re supposed to do, but he’s not telling us how to position that role,” Olta Andoni, the former chief legal officer at NFT startup Nifty, told CoinDesk.
To date, Gensler seems to be following in predecessor Jay Clayton’s footsteps through his attention on enforcement actions, she said.
This is not sustainable, said Nisa Amoils, managing partner at A100x Ventures.
“The lawyers at the SEC are exhausted – and not just from Ripple,” she said.
2022 is poised to be pivotal for crypto regulation in the U.S. A bipartisan infrastructure law with language opposed by the industry will take effect, several other bills addressing crypto will face the House and Senate, and the SEC will approve or reject nearly a dozen outstanding bitcoin ETF applications.
The SEC is likely to pay more attention publicly to stablecoin regulation, trading on exchanges or crypto lending – three issues Gensler has discussed in various public statements.
The most impactful regulatory proposal he’s suggested would be to regulate crypto trading exchanges as federal securities trading platforms. Now, exchanges are regulated at the state level, usually as money-services businesses. There’s no federal oversight of normal spot market activity, though the CFTC does target illicit activity such as fraud.
Gensler seemingly hinted at this in his recent comments at DACOM. He has said they think that agency is the right regulator for crypto exchanges, even when the bulk of their trading volume comes from commodities (like bitcoin or ether) rather than securities (like many other cryptocurrencies). Gensler took this further, looking to non-crypto examples such as silver and gold trading on the New York Stock Exchange.
“Right now, the public is not protected as it could be, and as I believe it ought to be,” Gensler said on Dec. 1. “And I think for those of you in the audience, you’re thinking about the longer term future of this asset class and these projects. It’s not just the asset class, it’s the projects, it’s the technology.”
What industry participants hope for, however, is applicable, “bright lines” clarity on how specifically securities law might apply to different types of tokens.
Read more:Gary Gensler Isn’t Buying Your Decentralization Theater- David Z. Morris
“I hope we’ll get clarity around criteria for determining when a token – especially a governance token – is or is not a security, and some insight into his thinking on where regulation should be,” Florio said, asking whether the area of focus should be at the wallet, protocol, interface or fiat on/off-ramp layers.
Others simply hope a spot bitcoin ETF will be approved within the next year. Amoils noted that Fidelity, a $4.9 trillion asset manager, just launched a spot bitcoin ETF in Canada.
“I am technology-neutral. I think that this technology has been and can continue to be a catalyst for change, but technologies don’t last long if they stay outside of the regulatory framework,” Gensler saidin another recent speech. “I believe that the SEC, working with the CFTC and others, can stand up more robust oversight and investor protection around the field of crypto finance.”
The story of Gensler’s term at the SEC so far has been one of potential. He may propose specific guidance, explain how a spot ETF can come to market, resolve outstanding questions about issues around custody and more, and he is the right person to do this. But he’s only eight months in, and it’s not yet clear when or how he will take more concrete steps to solve these issues. || Most Influential 2021: Gary Gensler: When Gary Gensler came to the Securities and Exchange Commission (SEC), he had the reputation of a regulator who had reformed U.S. law to address novel financial products once before. In 2009, Gensler was given the task of wrangling the then out-of-control derivatives market after the crash in 2008 and the Great Financial Crisis. Twelve years later, he heads an agency overseeing a financial system shaped by that crisis and in the midst of a raging pandemic that has changed how retail customers interact with the system. And again Gensler is tasked with addressing a class of novel financial products. This article is part of CoinDesk’s Most Influential 2021 series. The portrait here was created by Skygolpe and is available for auction at Known Origin . The artist is donating 20% of the sale to Children International . The former Commodity Futures Trading Commission (CFTC) chair also enjoyed the reputation of being well versed in cryptocurrency issues, having lectured on the subject at a small school in Massachusetts called MIT, where he called the burgeoning asset class and technology stack a “ catalyst for change .” Gensler isn’t the first or only regulator with a crypto background – former Acting Comptroller of the Currency Brian Brooks came from Coinbase, former Acting Financial Crimes Enforcement Network (FinCEN) Director Michael Mosier has enjoyed a stint at Chainalysis and current LabCFTC Director Jason Somensatto came from decentralized exchange 0x. But the excitement for Gensler, who would lead one of the most influential federal regulators from a business perspective, was palpable. He could withdraw the SEC’s lawsuit against Ripple Labs, approve the U.S.’ first bitcoin exchange-traded fund (ETF) and provide clarity for businesses hoping to launch and trade a crypto token compliant with federal law without having to endure the SEC’s expensive and time-consuming registration process. That’s what the industry hoped, at least. Story continues “Markets – and technology – are always changing. Our rules have to change along with them,” Gensler told the Senate Banking Committee during his confirmation hearing. “In my current role as a professor at MIT, I research and teach on the intersection of technology and finance. I believe financial technology can be a powerful force for good – but only if we continue to harness the core values of the SEC in service of investors, issuers and the public.” Read More: SEC Chair Gensler: A Ban on Crypto Would Be ‘Up to Congress’ Under his watch, the SEC has approved the first bitcoin-exposed ETF – but only bitcoin futures ETFs , and not any funds exposed to the cryptocurrency directly. Bitcoin mutual funds now trade in the U.S., but the SEC has sternly opposed similar products exposed to other cryptocurrencies, like ether. And still, like 2017, and 2018, 2019 and 2020, the SEC has yet to formalize much of the guidance the agency has long promised explicitly describing how it will apply longstanding laws to the digital asset sector. Bid on the NFT auction here . Still, Gensler’s impact on the crypto industry cannot be understated. He’s called on Congress to take specific actions to clarify crypto regulations and discusses his views fairly frequently at various public events. Much of what he’s said resembles predecessor Jay Clayton’s views on digital assets in the U.S., though Gensler has the advantage of all the work the SEC conducted under Clayton to inform some of his public statements. Regulatory clarity – which Clayton similarly hinted at but did not provide – may still be forthcoming, though it remains an open question as to how exactly this will look. An SEC spokesperson did not return multiple requests for an interview or statement from Gensler. “I don’t know how it’s going to evolve but I think it’s not going to evolve well outside the tenets of public policy, and I’m speaking about investor protection, but it’s also guarding against illicit activity ... anti money laundering and sanctions and the like, tax compliance,” Gensler said at the Digital Asset Compliance & Market Integrity Summit (DACOM). “I think that institutional investors want to see more progress made.” ‘Entire professional career’ Gensler is well prepared for his current role. He’s been a banker, Senate staffer, and a Treasury official as well his roles at MIT and the CFTC. All this to say, Gensler may be the rare regulator with firsthand experience in all aspects of the industry he oversees. Gensler began his career in financial services at Goldman Sachs, working in mergers and acquisitions, trading and finance and other roles. He later became one of, if not the, youngest partner at Goldman in 1987. He’s served in the U.S. Treasury Department, heading up domestic finance and financial markets teams, worked on the staff of former Sen. Paul Sarbanes (D-Md.) and chaired the CFTC in the wake of the Great Financial Crisis. “I have spent my entire professional career in and around the financial markets – in the private sector, in state and federal government and now in academia. And I believe our markets are the finest in the world,” he said in his opening statement during his SEC confirmation hearing. He’s also a family man. He raised three daughters alone after his wife died from cancer in 2006. “Before I close, I do want to introduce and thank my three daughters, Isabelle, who’s here with me in Maryland over there, and her older sisters Anna and Lee, who are watching remotely. They are the lights of my life, and I wouldn’t be here today without their love and support,” Gensler said during his SEC hearing. Gensler similarly introduced his children to the Senate Agriculture Committee 12 years ago , when he was nominated to run the CFTC. It is perhaps his experience at the CFTC that provides the clearest picture of how he might approach his remaining term at the SEC. At the CFTC, Gensler was responsible for implementing the Dodd-Frank Act , which heavily reigned in some types of derivatives trading. He also led the agency as it tamped down on LIBOR manipulation , when major banks misrepresented their borrowing costs as part of a profit-boosting scheme. Unclear guidance Before Gensler, the SEC has offered dribs and drabs of guidance that has often been confusing or unclear. In 2019, it offered a “ plain English ” framework that has not been mentioned since. Former Director of Corporation Finance William Hinman famously introduced the concept of “sufficiently decentralized” as a yardstick of whether a token issuer might fall in the SEC’s purview or not. Once again, the regulator has not followed up on this in any meaningful way. This gives Gensler some fairly easy areas to weigh in and leave a mark. And the chair has recognized this. In prepared testimony before the Senate Banking Committee, Gensler said “large parts” of the crypto industry are not operating within existing regulatory frameworks, and there is insufficient consumer protection. SEC staffers are therefore looking at, in Gensler’s words: “The offer and sale of crypto tokens, crypto trading and lending platforms, stable value coins, investment vehicles providing exposure to crypto assets or crypto derivatives [and] custody of crypto assets.” Gensler has framed this conversation as one of investor protection, echoing much of the broader U.S. regulatory sector. Traders using unregulated exchanges, or transacting with tokens that are less than transparent about their backing or governance, may be at risk. “I think where we are right now, is we don’t have sufficient investor protection in this space, this $2.6 trillion asset class, this worldwide asset class,” Gensler said recently DACOM. “I think that new technologies do not become persistent if they stay outside of the public policy framework. And this is an investment asset class and needs investor protection or people will be hurt and trust will be undermined.” Gensler has also homed in on exchanges as entities that could or should fall under the SEC’s purview, explicitly saying he believes platforms like Coinbase should register with the agency. No crypto exchange is currently regulated at the federal level (FinCEN registration doesn’t count), a point of ire for both Gensler and the industry, though for different reasons. Gensler has spoken about the need for a federal framework that can protect consumers, while exchanges want a more streamlined regulatory registration and compliance process. Gensler’s argument does have merit. Crypto trading platforms famously slow down or stop working altogether during moments of high market volatility. While this appears to be a result of technical issues, some industry participants believe exchanges are incentivized not to fix this – by halting trading, would-be sellers are unable to do so, which could stabilize the price. A regulatory regime mandating uptime could be one solution that would allow investors to cash out on demand. The two approaches are different, but Gensler’s suggestions for how Congress can regulate crypto could address both of these viewpoints . Bid on the NFT auction here . “Absent clear investor protection obligations on these platforms, the investing public is left vulnerable. Unfortunately, this asset class has been rife with fraud, scams and abuse in certain applications,” Gensler said at the beginning of September. A key note here is his repeated entreaties to Congress to act, rather than look to unilateral action by the agency itself. Sen. Sherrod Brown (D-Ohio), who chairs the Senate Banking Committee, echoed Gensler’s views on investor rules and praised the regulator in a statement sent to CoinDesk. “I commend him and will continue to work with him to push policies that protect Americans’ hard-earned money and the integrity and stability of our markets. We must all work to ensure that reckless speculation in cryptocurrencies doesn’t end up hurting workers and families,” Brown said. Regulatory clarity Lawyers in the crypto industry say Gensler has yet to clarify their obligations. Larry Florio, general counsel at the Syndicate DAO, called Gensler’s statements over the past year “confusing” due to a lack of practical, applicable guidance. “The statements regarding decentralized exchanges along the lines of ‘they list hundreds of tokens, some of which must be securities’ and similar phrasing in the actual SEC releases does nothing to provide useful guidance to the majority of the space that is trying to operate within the law,” he told CoinDesk. “It feels like playing musical chairs blindfolded. You don’t know how many chairs are left or where they are, you just hope you land on one when the music stops.” He’s not alone in this view. Donna Redel, an adjunct professor at Fordham University’s law school, told CoinDesk that many in the industry hoped he would propose regulations for crypto based on his experience both as a longtime participant in the financial sector, as well as his digital asset knowledge. His speeches and interviews do not serve as regulatory proposals, she said. Some believe Gensler’s comments may be sowing more confusion, particularly with respect to lawyers. Redel said Gensler continuously tells startups to talk to the SEC, but he’s also “intimidated everyone” in the industry. “On the one hand it looks like he’s going after attorneys, and he’s saying what we’re supposed to do, but he’s not telling us how to position that role,” Olta Andoni, the former chief legal officer at NFT startup Nifty, told CoinDesk. To date, Gensler seems to be following in predecessor Jay Clayton’s footsteps through his attention on enforcement actions, she said. This is not sustainable, said Nisa Amoils, managing partner at A100x Ventures. “The lawyers at the SEC are exhausted – and not just from Ripple,” she said. Looking ahead 2022 is poised to be pivotal for crypto regulation in the U.S. A bipartisan infrastructure law with language opposed by the industry will take effect, several other bills addressing crypto will face the House and Senate, and the SEC will approve or reject nearly a dozen outstanding bitcoin ETF applications. The SEC is likely to pay more attention publicly to stablecoin regulation, trading on exchanges or crypto lending – three issues Gensler has discussed in various public statements. The most impactful regulatory proposal he’s suggested would be to regulate crypto trading exchanges as federal securities trading platforms. Now, exchanges are regulated at the state level, usually as money-services businesses. There’s no federal oversight of normal spot market activity, though the CFTC does target illicit activity such as fraud. Gensler seemingly hinted at this in his recent comments at DACOM. He has said they think that agency is the right regulator for crypto exchanges, even when the bulk of their trading volume comes from commodities (like bitcoin or ether) rather than securities (like many other cryptocurrencies). Gensler took this further, looking to non-crypto examples such as silver and gold trading on the New York Stock Exchange. “Right now, the public is not protected as it could be, and as I believe it ought to be,” Gensler said on Dec. 1. “And I think for those of you in the audience, you’re thinking about the longer term future of this asset class and these projects. It’s not just the asset class, it’s the projects, it’s the technology.” What industry participants hope for, however, is applicable, “bright lines” clarity on how specifically securities law might apply to different types of tokens. Read more: Gary Gensler Isn’t Buying Your Decentralization Theater - David Z. Morris “I hope we’ll get clarity around criteria for determining when a token – especially a governance token – is or is not a security, and some insight into his thinking on where regulation should be,” Florio said, asking whether the area of focus should be at the wallet, protocol, interface or fiat on/off-ramp layers. Others simply hope a spot bitcoin ETF will be approved within the next year. Amoils noted that Fidelity, a $4.9 trillion asset manager, just launched a spot bitcoin ETF in Canada. “I am technology-neutral. I think that this technology has been and can continue to be a catalyst for change, but technologies don’t last long if they stay outside of the regulatory framework,” Gensler said in another recent speech . “I believe that the SEC, working with the CFTC and others, can stand up more robust oversight and investor protection around the field of crypto finance.” The story of Gensler’s term at the SEC so far has been one of potential. He may propose specific guidance, explain how a spot ETF can come to market, resolve outstanding questions about issues around custody and more, and he is the right person to do this. But he’s only eight months in, and it’s not yet clear when or how he will take more concrete steps to solve these issues.
[Social Media Buzz]
None available.
|
49362.51, 50098.34, 46737.48, 46612.63, 48896.72, 47665.43, 46202.14, 46848.78, 46707.02, 46880.28
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51, 613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65, 641.63, 639.19, 637.96, 630.52, 630.86, 632.83, 657.29, 657.07, 653.76, 657.59, 678.30, 688.31, 689.65, 714.48, 701.86, 700.97, 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16.
|
[Bitcoin Technical Analysis for 2016-12-03]
Volume: 69547296, RSI (14-day): 66.65, 50-day EMA: 710.21, 200-day EMA: 621.99
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Traders debate whether tech stocks will continue to fall: The " Fast Money " traders debated Friday whether its time to start buying opportunities in technology stocks. The Technology Select Sector SPDR Fund (NYSE Arca: XLK) fell more than 2 percent in the past week, as stocks that have made huge gains this year got pummeled. For example, Nvidia ( NVDA ) shares fell 6 percent this week, but are still up a stunning 168 percent so far in 2016. The stronger dollar and rotation into financials and materials aren't the only things plaguing the technology sector, trader Guy Adami said. He argued that in a rising interest rate environment, the "need to own stocks with dividend yields have gone down and a lot of these tech stocks have great yields." While the sector may continue to sell off for the next couple weeks, Adami said that there are interesting opportunities in the space. He said Cisco ( CSCO ) would be "extraordinarily interesting" if it falls to $27.50. Adami said he would also be interested in similar moves in Nvidia and Intel ( INTC ) . Trader Brian Kelly said investors should look at stocks with growth opportunity like Microsoft ( MSFT ) . He said that company also has a lot of cash overseas and could benefit if Donald Trump pushes for reform, allowing for repatriation of foreign earnings. Kelly said he is also interested in Google parent Alphabet ( GOOGL ) . Trader David Seaburg said that he likes Facebook ( FB ) because "it's trading at the cheapest [price-to-earnings ratio] it has since its IPO, 20 times next year's earnings." He said that "it's a stock that should be bought here." Trader Steve Grasso said that "Amazon ( AMZN ) is where you want to be because Amazon is going to have the growth." Disclosures: STEVE GRASSO Steve Grasso is long: BA, CC, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, SPY, SQ, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts. Grasso's firm is long: VIRT, WDR, FCX, ICE, KDUS, MAT, MJNA, NE, OLN, RIG, TAXI, TITXF, WDR, ZNGA, CUBA, HSPO, ICE, MJNA, TITXF. DAVID SEABURG Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore. EXPE, VA Not Approved. BRIAN KELLY Brian Kelly is long Bitcoin, U.S. West Texas Intermediate crude futures, CLR, silver futures, GDX, SLV. GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. More From CNBC Your first trade for Friday, February 24 Chip wreck ahead? The downgrade that wrecked chips View comments || Traders debate whether tech stocks will continue to fall: The "Fast Money" traders debated Friday whether its time to start buying opportunities in technology stocks.
The Technology Select Sector SPDR Fund(NYSE Arca: XLK)fell more than 2 percent in the past week, as stocks that have made huge gains this year got pummeled. For example, Nvidia(NVDA)shares fell 6 percent this week, but are still up a stunning 168 percent so far in 2016.
The stronger dollar and rotation into financials and materials aren't the only things plaguing the technology sector, trader Guy Adami said. He argued that in a rising interest rate environment, the "need to own stocks with dividend yields have gone down and a lot of these tech stocks have great yields."
While the sector may continue to sell off for the next couple weeks, Adami said that there are interesting opportunities in the space. He said Cisco(CSCO)would be "extraordinarily interesting" if it falls to $27.50. Adami said he would also be interested in similar moves in Nvidia and Intel(INTC).
Trader Brian Kelly said investors should look at stocks with growth opportunity like Microsoft(MSFT). He said that company also has a lot of cash overseas and could benefit if Donald Trump pushes for reform, allowing for repatriation of foreign earnings. Kelly said he is also interested in Google parent Alphabet(GOOGL).
Trader David Seaburg said that he likes Facebook(FB)because "it's trading at the cheapest [price-to-earnings ratio] it has since its IPO, 20 times next year's earnings." He said that "it's a stock that should be bought here."
Trader Steve Grasso said that "Amazon(AMZN)is where you want to be because Amazon is going to have the growth."
Disclosures:
STEVE GRASSO
Steve Grasso is long: BA, CC, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, SPY, SQ, T, TWTR. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. No shorts.Grasso's firm is long: VIRT, WDR, FCX, ICE, KDUS, MAT, MJNA, NE, OLN, RIG, TAXI, TITXF, WDR, ZNGA, CUBA, HSPO, ICE, MJNA, TITXF.
DAVID SEABURG
Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore. EXPE, VA – Not Approved.
BRIAN KELLY
Brian Kelly is long Bitcoin, U.S. West Texas Intermediate crude futures, CLR, silver futures, GDX, SLV.
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Your first trade for Friday, February 24
• Chip wreck ahead?
• The downgrade that wrecked chips || First Bitcoin Capital Acquires Large Stake in One of the Oldest Mineable Cryptocoins Ranked High on Coin Market Cap; Also, Company’s Digital Shares Are Now Listed on Two International Cryptocurrency Exchanges: VANCOUVER, BC / ACCESSWIRE / November 30, 2016 / First Bitcoin Capital Corp. ( BITCF ) is pleased to announce that it has sold its Venezuela mining concessions for a large stake in the cryptocurrency of one of the oldest mineable coins that ranks high on Coin Market Cap. See: http://coinmarketcap.com/currencies/kilocoin/ . Kilocoin which is similar to Litecoin primarily trades on a popular cryptocurrency exchange at https://c-cex.com/?p=klc-btc A list of its nodes can be found via https://c-cex.com/?id=ws&shownodes=klc Kilocoin mining can be tracked at https://www.blockexperts.com/klc# From its web site via http://kilocoin.com/ their wallet can be downloaded. At its current rate of mining (159 coins per block) it should take centuries to reach the maximum of 25,000,000,000 mineable coins with a little over 10,000,000,000 coins mine thus far, giving BITCF nearly 10% participation. The Company anticipates that the KLC exchange will boost BITCF's balance sheet with tremendous upside potential and may become a source of future dividends. Differences from Bitcoin and Litecoin and Kilocoin Bitcoin Litecoin Kilocoin Coin limit 21 Million 84 Million 25 Billion Algorithm SHA-256 Scrypt Scrypt Mean block time 10 minutes 2.5 minutes 5 minutes Difficulty Target 2016 Block 2016 Blocks 288 Blocks Initial Reward 50 BTC 50 LTC 159 KLC Current block reward 25 BTC 50 LTC 159 LTC Block explorer blockchain.info block-explorer.com https://www.blockexperts.com/klc# Created by Satoshi Nakamoto Charles Lee Kilocoin, Inc (DAC) Creation date January 3, 2009 October 7, 2011 Feb 27th, 2014 Coins Mined (as of 8 April 2015) 14,029,116.67 37,984,800 10,013,105,152 Furthermore, in conjunction with BITCF's expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company is proud to announce that its digital shares are now trading on an additional, popular cryptocurrency exchange, LIVECOIN www.livecoin.net . Story continues About the company: First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange- www.CoinQX.com . We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets. www.BITCoinCapitalcorp.com company website. www.CoinQX.com Cryptocurrency Exchange, registered with FINCEN. www.iCoiNEWS.com real time cryptocurrency and bitcoin news site. www.BITminer.cc providing mining pool management services. www.2016coin.org online daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins. Forward-Looking Statements Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com . SOURCE: First Bitcoin Capital Corp. || First Bitcoin Capital Acquires Large Stake in One of the Oldest Mineable Cryptocoins Ranked High on Coin Market Cap; Also, Company’s Digital Shares Are Now Listed on Two International Cryptocurrency Exchanges: VANCOUVER, BC / ACCESSWIRE / November 30, 2016 /First Bitcoin Capital Corp. (BITCF) is pleased to announce that it has sold its Venezuela mining concessions for a large stake in the cryptocurrency of one of the oldest mineable coins that ranks high on Coin Market Cap. See:http://coinmarketcap.com/currencies/kilocoin/.
Kilocoin which is similar to Litecoin primarily trades on a popular cryptocurrency exchange athttps://c-cex.com/?p=klc-btc
A list of its nodes can be found viahttps://c-cex.com/?id=ws&shownodes=klc
Kilocoin mining can be tracked athttps://www.blockexperts.com/klc#
From its web site viahttp://kilocoin.com/their wallet can be downloaded.
At its current rate of mining (159 coins per block) it should take centuries to reach the maximum of 25,000,000,000 mineable coins with a little over 10,000,000,000 coins mine thus far, giving BITCF nearly 10% participation. The Company anticipates that the KLC exchange will boost BITCF's balance sheet with tremendous upside potential and may become a source of future dividends.
Differences from Bitcoin and Litecoin and Kilocoin
[{"": "Coin limit", "Bitcoin": "21 Million", "Litecoin": "84 Million", "Kilocoin": "25 Billion"}, {"": "Algorithm", "Bitcoin": "SHA-256", "Litecoin": "Scrypt", "Kilocoin": "Scrypt"}, {"": "Mean block time", "Bitcoin": "10 minutes", "Litecoin": "2.5 minutes", "Kilocoin": "5 minutes"}, {"": "Difficulty Target", "Bitcoin": "2016 Block", "Litecoin": "2016 Blocks", "Kilocoin": "288 Blocks"}, {"": "Initial Reward", "Bitcoin": "50 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 KLC"}, {"": "Current block reward", "Bitcoin": "25 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 LTC"}, {"": "Block explorer", "Bitcoin": "blockchain.info", "Litecoin": "block-explorer.com", "Kilocoin": "https://www.blockexperts.com/klc#"}, {"": "Created by", "Bitcoin": "Satoshi Nakamoto", "Litecoin": "Charles Lee", "Kilocoin": "Kilocoin, Inc (DAC)"}, {"": "Creation date", "Bitcoin": "January 3, 2009", "Litecoin": "October 7, 2011", "Kilocoin": "Feb 27th, 2014"}, {"": "Coins Mined (as of 8 April 2015)", "Bitcoin": "14,029,116.67", "Litecoin": "37,984,800", "Kilocoin": "10,013,105,152"}]
Furthermore, in conjunction with BITCF's expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company is proud to announce that its digital shares are now trading on an additional, popular cryptocurrency exchange, LIVECOINwww.livecoin.net.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
SOURCE:First Bitcoin Capital Corp. || First Bitcoin Capital Acquires Large Stake in One of the Oldest Mineable Cryptocoins Ranked High on Coin Market Cap; Also, Company’s Digital Shares Are Now Listed on Two International Cryptocurrency Exchanges: VANCOUVER, BC / ACCESSWIRE / November 30, 2016 /First Bitcoin Capital Corp. (BITCF) is pleased to announce that it has sold its Venezuela mining concessions for a large stake in the cryptocurrency of one of the oldest mineable coins that ranks high on Coin Market Cap. See:http://coinmarketcap.com/currencies/kilocoin/.
Kilocoin which is similar to Litecoin primarily trades on a popular cryptocurrency exchange athttps://c-cex.com/?p=klc-btc
A list of its nodes can be found viahttps://c-cex.com/?id=ws&shownodes=klc
Kilocoin mining can be tracked athttps://www.blockexperts.com/klc#
From its web site viahttp://kilocoin.com/their wallet can be downloaded.
At its current rate of mining (159 coins per block) it should take centuries to reach the maximum of 25,000,000,000 mineable coins with a little over 10,000,000,000 coins mine thus far, giving BITCF nearly 10% participation. The Company anticipates that the KLC exchange will boost BITCF's balance sheet with tremendous upside potential and may become a source of future dividends.
Differences from Bitcoin and Litecoin and Kilocoin
[{"": "Coin limit", "Bitcoin": "21 Million", "Litecoin": "84 Million", "Kilocoin": "25 Billion"}, {"": "Algorithm", "Bitcoin": "SHA-256", "Litecoin": "Scrypt", "Kilocoin": "Scrypt"}, {"": "Mean block time", "Bitcoin": "10 minutes", "Litecoin": "2.5 minutes", "Kilocoin": "5 minutes"}, {"": "Difficulty Target", "Bitcoin": "2016 Block", "Litecoin": "2016 Blocks", "Kilocoin": "288 Blocks"}, {"": "Initial Reward", "Bitcoin": "50 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 KLC"}, {"": "Current block reward", "Bitcoin": "25 BTC", "Litecoin": "50 LTC", "Kilocoin": "159 LTC"}, {"": "Block explorer", "Bitcoin": "blockchain.info", "Litecoin": "block-explorer.com", "Kilocoin": "https://www.blockexperts.com/klc#"}, {"": "Created by", "Bitcoin": "Satoshi Nakamoto", "Litecoin": "Charles Lee", "Kilocoin": "Kilocoin, Inc (DAC)"}, {"": "Creation date", "Bitcoin": "January 3, 2009", "Litecoin": "October 7, 2011", "Kilocoin": "Feb 27th, 2014"}, {"": "Coins Mined (as of 8 April 2015)", "Bitcoin": "14,029,116.67", "Litecoin": "37,984,800", "Kilocoin": "10,013,105,152"}]
Furthermore, in conjunction with BITCF's expanding ownership of its common shares onto its own blockchain (BIT) and trading on foreign international cryptocurrency exchanges, the company is proud to announce that its digital shares are now trading on an additional, popular cryptocurrency exchange, LIVECOINwww.livecoin.net.
About the company:
First Bitcoin Capital is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange-www.CoinQX.com. We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies, developing new types of digital assets. "Being the first publicly-traded cryptocurrency and blockchain-centered company (with shares both traded in the US OTC Markets as [BITCF] and as [BIT] in crypto exchanges) we want to provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies." At this time the Company owns and operates the following digital assets.
www.BITCoinCapitalcorp.comcompany website.
www.CoinQX.comCryptocurrency Exchange, registered with FINCEN.
www.iCoiNEWS.comreal time cryptocurrency and bitcoin news site.
www.BITminer.ccproviding mining pool management services.
www.2016coin.orgonline daily election coverage and home page for $PRES, $HILL and $GARY $BURN coins.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file atwww.OTCMarkets.com.
SOURCE:First Bitcoin Capital Corp. || The San Francisco MUNI hacker got hacked: While most people were busy recovering from Thanksgiving and getting ready for massive shopping sprees, a hacker on Friday shut down the San Francisco Municipal Transportation Agency (SFMTA) computer network, asking for $73,000 in Bitcoin to unscramble the data. In ironic turns of events, the hacker was hacked, as a security researcher guessed the answer to the attacker’s email security question. DON’T MISS: There’s a fix for your iPhone 6s’ serious battery drain, but you might not like it The researcher then sent the contents of the hacker’s email address to KrebsOnSecurity . It turns out that the attacker made a poor choice when it comes to security questions for the email address he had to display on the SFMTA’s computer systems. That’s how ransomware attacks work. The hacker has to make an email address available so funds can be transferred to him or her via Bitcoin. Looking at the available data, Krebs was able to discover several interesting things about the hacker of the Muni attack. The attacker did not hit only the SFMTA with ransomware. On November 20th he extorted 63 Bitcoins, or around $45,000, from a US-based manufacturing firm. Krebs says that the criminal got at least $140,000 in Bitcoin since August from several victims, switching Bitcoin wallets regularly. However, the SFMTA refused to pay up, choosing to restore its systems from backups instead. The email hack also sheds some light on how the attack on the SFMTA was possible. Apparently, the hacker did not actively devise methods to attack the public transportation system. Instead, he or she used a server to find vulnerable targets. “It appears our attacker has been using a number of tools which enabled the scanning of large portions of the Internet and several specific targets for vulnerabilities,” Holden Security’s Alex Holden told Krebs. “The most common vulnerability used ‘weblogic unserialize exploit’ and especially targeted Oracle Corp. server products, including Primavera project portfolio management software.” The email also contains elements that could help law enforcement discover the identity, or at least location, of the attacker. According to Krebs, the hacker might be based in Iran, although a phone number connecting the hacker to Russia has also been found — probably a red herring, Krebs said. Read the Krebs’ full report at the source link. Trending right now: What it takes to get a NES Classic Leak reveals another key Galaxy S8 feature that has never been seen before on an iPhone Samsung has started to turn the Galaxy Note 5 into the Note 7 See the original version of this article on BGR.com View comments || The San Francisco MUNI hacker got hacked: While most people were busy recovering from Thanksgiving and getting ready for massive shopping sprees, a hacker on Friday shut down the San Francisco Municipal Transportation Agency (SFMTA) computer network, asking for $73,000 in Bitcoin to unscramble the data. In ironic turns of events, the hacker was hacked, as a security researcher guessed the answer to the attacker’s email security question. DON’T MISS: There’s a fix for your iPhone 6s’ serious battery drain, but you might not like it The researcher then sent the contents of the hacker’s email address to KrebsOnSecurity . It turns out that the attacker made a poor choice when it comes to security questions for the email address he had to display on the SFMTA’s computer systems. That’s how ransomware attacks work. The hacker has to make an email address available so funds can be transferred to him or her via Bitcoin. Looking at the available data, Krebs was able to discover several interesting things about the hacker of the Muni attack. The attacker did not hit only the SFMTA with ransomware. On November 20th he extorted 63 Bitcoins, or around $45,000, from a US-based manufacturing firm. Krebs says that the criminal got at least $140,000 in Bitcoin since August from several victims, switching Bitcoin wallets regularly. However, the SFMTA refused to pay up, choosing to restore its systems from backups instead. The email hack also sheds some light on how the attack on the SFMTA was possible. Apparently, the hacker did not actively devise methods to attack the public transportation system. Instead, he or she used a server to find vulnerable targets. “It appears our attacker has been using a number of tools which enabled the scanning of large portions of the Internet and several specific targets for vulnerabilities,” Holden Security’s Alex Holden told Krebs. “The most common vulnerability used ‘weblogic unserialize exploit’ and especially targeted Oracle Corp. server products, including Primavera project portfolio management software.” The email also contains elements that could help law enforcement discover the identity, or at least location, of the attacker. According to Krebs, the hacker might be based in Iran, although a phone number connecting the hacker to Russia has also been found — probably a red herring, Krebs said. Read the Krebs’ full report at the source link. Trending right now: What it takes to get a NES Classic Leak reveals another key Galaxy S8 feature that has never been seen before on an iPhone Samsung has started to turn the Galaxy Note 5 into the Note 7 See the original version of this article on BGR.com View comments || American Express is increasing its late fees: American Express (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . American Express will be the first major credit card issuer to raise its late payment fees under the Consumer Financial Protection Bureau’s updated allowable limit, according to the Wall Street Journal . At the start of 2017, Amex will begin charging a fee of up to $38 to customers with more than one late payment in a six month period. That's $1 more than what was previously charged by the card issuer, but could give the firm a solid revenue boost. Late fees could prove to be very lucrative in the current card market. As credit card usage increases, it's likely the number of delinquent accounts will also grow. Credit card accounts and usage are close to pre-recession numbers once again, according to Forbes. That's leading to a big rise in usage — US credit card debt is on track to hit $1 trillion this year, according to the Wall Street Journal . That could help explain the rise in delinquent accounts — since 2013, the percentage of accounts at least 90 days delinquent six months after origination has increased, according to Forbes. Late fees could be a vital revenue source. Nearly one in five active credit-card accounts incur a late fee, according to CFPB data used by the Wall Street Journal. This is significant, considering credit card companies were able to collect roughly $10.8 billion in fees during 2015 from these late payments. And for Amex, that revenue could be critical as the issuer grapples with the loss of Costco.Based on 2015 numbers, if Amex is able to capture just 1% of the late fee market, that's roughly $100 million in revenue — a figure that could grow as the market expands following the updated allowable limit. Although this revenue could boost any card network, it could be particularly beneficial to Amex in light of the firm's sale of its Costco cobrand portfolio to Citigroup earlier this year. Story continues Costco had 11.6 million cardholders and accounted for 8% of the firm's $1 trillion global billed business in 2015. As the firm realizes the impact of the Costco sale, it is looking for additional sources of revenue. Finding a way to capitalize on growing card spend and delinquencies could be one such way among a variety of strategies. The CFPB's new guidelines could have a significant effect on the payments ecosystem, which has grown in the last several years to include merchants, issuers, acquirers, processors, and more. BI Intelligence , Business Insider's premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem THE DIGITAL REMITTANCE REPORT: The new platforms disrupting a $600 billion industry Credit cards are going the way of fax machines || American Express is increasing its late fees: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
American Express will be the first major credit card issuer to raise its late payment fees under the Consumer Financial Protection Bureau’s updated allowable limit, according to theWall Street Journal.
At the start of 2017, Amex will begin charging a fee of up to $38 to customers with more than one late payment in a six month period. That's $1 more than what was previously charged by the card issuer, but could give the firm a solid revenue boost.
Late fees could prove to be very lucrative in the current card market.
• As credit card usage increases, it's likely the number of delinquent accounts will also grow. Credit card accounts and usage are close to pre-recession numbers once again,accordingto Forbes. That's leading to a big rise in usage — US credit card debt is on track to hit $1 trillion this year, according to theWall Street Journal. That could help explain the rise in delinquent accounts — since 2013, the percentage of accounts at least 90 days delinquent six months after origination has increased, according to Forbes.
• Late fees could be a vital revenue source. Nearly one in five active credit-card accounts incur a late fee, according to CFPB data used by the Wall Street Journal. This is significant, considering credit card companies were able to collect roughly $10.8 billion in fees during 2015 from these late payments.
And for Amex, that revenue could be critical as the issuer grapples with the loss of Costco.Based on 2015 numbers, if Amex is able to capture just 1% of the late fee market, that's roughly $100 million in revenue — a figure that could grow as the market expands following the updated allowable limit. Although this revenue could boost any card network, it could be particularly beneficial to Amex in light of the firm's sale of its Costco cobrand portfolio to Citigroup earlier this year.
Costco had 11.6 million cardholders and accounted for 8% of the firm's $1 trillion global billed business in 2015. As the firm realizes the impact of the Costco sale, it is looking for additional sources of revenue. Finding a way to capitalize on growing card spend and delinquencies could be one such way among a variety of strategies.
The CFPB's new guidelines could have a significant effect on the payments ecosystem, which has grown in the last several years to include merchants, issuers, acquirers, processors, and more.
BI Intelligence, Business Insider's premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE DIGITAL REMITTANCE REPORT: The new platforms disrupting a $600 billion industry
• Credit cards are going the way of fax machines || MGT to Present at the 9th Annual LD Micro Main Event: LOS ANGELES, CA / ACCESSWIRE / November 28, 2016 / MGT Capital Investments, Inc . ( MGTI ) announced today that it will be presenting at the 9th annual LD Micro Main Event on Thursday, December 8th at 11:30 AM PST / 2:30 PM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. John McAfee, Executive Chairman and Chief Executive Officer, and Robert Ladd, President, will be presenting, as well as meeting with investors. The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names. View MGT's profile here: http://www.ldmicro.com/profile/MGTI News Compliments of Accesswire . About MGT Capital Investments, Inc. MGT Capital Investments, Inc. ( MGTI ) is in the process of acquiring a diverse portfolio of cyber security technologies and ramping up its Bitcoin mining operations in the state of Washington. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smartphones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform. MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc," and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY. For more information on the Company, please visit http://ir.stockpr.com/mgtci . About LD Micro LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe. Story continues For those interested in attending, please contact David Scher at [email protected] or visit www.ldmicro.com/events for more information. Investor Contact Garth Russell Managing Director KCSA Strategic Communications [email protected] 212.896.1250 Media Contact Tiffany Madison Director of Corporate Communications MGT Capital Investments, Inc. [email protected] 469.236.9569 SOURCE: MGT Capital Investments, Inc. via LD Micro || MGT to Present at the 9th Annual LD Micro Main Event: LOS ANGELES, CA / ACCESSWIRE / November 28, 2016 /MGT Capital Investments, Inc. (MGTI) announced today that it will be presenting at the 9th annual LD Micro Main Event on Thursday, December 8th at 11:30 AM PST / 2:30 PM EST at the Luxe Sunset Boulevard Hotel in Los Angeles, CA. John McAfee, Executive Chairman and Chief Executive Officer, and Robert Ladd, President, will be presenting, as well as meeting with investors.
The LD Micro Main Event is the largest independent conference for small/microcap companies and will feature 240 presenting names.
View MGT's profile here:http://www.ldmicro.com/profile/MGTI
News Compliments ofAccesswire.
About MGT Capital Investments, Inc.
MGT Capital Investments, Inc. (MGTI) is in the process of acquiring a diverse portfolio of cyber security technologies and ramping up its Bitcoin mining operations in the state of Washington. With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smartphones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform.
MGT Capital intends to change its corporate name to "John McAfee Global Technologies, Inc," and has asserted its right to do by seeking a Declaratory Judgment in U.S. Federal Court, Southern District, NY.
For more information on the Company, please visithttp://ir.stockpr.com/mgtci.
About LD Micro
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into an event platform hosting several influential conferences annually (Invitational, Summit, and Main Event).
In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and microcap universe.
For those interested in attending, please contact David Scher [email protected] visitwww.ldmicro.com/eventsfor more information.
Investor ContactGarth RussellManaging DirectorKCSA Strategic [email protected]
Media ContactTiffany MadisonDirector of Corporate CommunicationsMGT Capital Investments, [email protected]
SOURCE:MGT Capital Investments, Inc. via LD Micro
[Social Media Buzz]
#Anoncoin/#ANC price now: $0.120190, that's 0.00% change in 1hour. -6.76% past day, and 42.43% in the past week! #Bitcoin is $768.28 || 1 KOBO = 0.00000140 BTC
= 0.0011 USD
= 0.3454 NGN
= 0.0152 ZAR
= 0.1119 KES
#Kobocoin 2016-12-03 19:00 pic.twitter.com/Ob0HQHNePp || 1 KOBO = 0.00000140 BTC
= 0.0011 USD
= 0.3454 NGN
= 0.0152 ZAR
= 0.1119 KES
#Kobocoin 2016-12-04 00:00 pic.twitter.com/ARHYAktomt || 1 #BTC (#Bitcoin) quotes:
$760.89/$761.93 #Bitstamp
$755.00/$755.00 #BTCe
⇢$-6...
|
773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67, 7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51, 8987.05, 9348.48, 9419.08, 9240.55, 9119.01, 9235.92, 9743.86, 9700.76, 9858.15, 9654.80, 9373.01, 9234.82, 9325.18, 9043.94, 8441.49, 8504.89, 8723.94, 8716.79, 8510.38, 8368.83, 8094.32, 8250.97, 8247.18, 8513.25, 8418.99, 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75.
|
[Bitcoin Technical Analysis for 2018-07-09]
Volume: 3718129920, RSI (14-day): 52.20, 50-day EMA: 6986.76, 200-day EMA: 8057.16
[Wider Market Context]
Gold Price: 1258.10, Gold RSI: 40.32
Oil Price: 73.85, Oil RSI: 65.83
[Recent News (last 7 days)]
Gold Price Futures (GC) Technical Analysis – Weekly Closing Price Reversal Bottom Targets $1307.00 to $1323.00: After hitting its lowest level in nearly a year, gold futures rebounded late last week to post a potentially bullish closing price reversal bottom. While the chart pattern doesn’t mean the trend is changing to up, it does indicate that the buying may be greater than the selling at current price levels especially after the prolonged sell-off in terms of price and time. August Comex Gold settled at $1255.80, up $1.30 or 0.10%. The catalyst behind the short-covering rally and reversal chart pattern was lower U.S. Treasury yields. Falling yields helped make the U.S. Dollar a less-desirable asset, increasing demand for dollar-denominated gold. Yields fell partly in response to the mixed U.S. Non-Farm Payrolls report which showed a better-than-expected headline number, but an unexpected rise in the unemployment rate and weaker-than-expected average hourly earnings. As a result of the jobs report, expectations of a fourth U.S. Federal Reserve rate hike later this year declined. According to the Fed Funds Indicator, investors priced in a 77 percent chance of a September rate hike, down from 80 percent before the jobs data. So while a September rate hike is still a likely event, traders feel that without an acceleration of wage growth, a fourth hike at the end of the year is a more difficult call and the futures market shows that traders are putting the odds of a December rate hike at about 50 percent. Weekly August Comex Gold Weekly Technical Analysis The main trend is down according to the weekly swing chart. However, the closing price reversal bottom suggests momentum may be shifting to the upside. A trade through $1262.40 will confirm the closing price reversal bottom. This could trigger the start of a 2 to 3 week counter-trend rally sometimes equal to 50% to 61.8% of the last down swing. A trade through $1238.80 will negate the reversal bottom chart pattern and signal the resumption of the downtrend with initial targets a pair of main bottoms at $1230.70 and $1228.20. The long-term retracement zone is $1268.80 to $1242.80. The market is currently trading inside this zone. This area is controlling the longer-term direction of the market. The main range is $1375.10 to $1238.80. If confirming the closing price reversal bottom generates enough upside momentum, we could see an eventual rally into its retracement zone at $1307.00 to $1323.00. Weekly Technical Forecast Based on last week’s price action and the close at $1255.80, the direction of the August Comex Gold market this week is likely to be determined by trader reaction to $1262.40. Taking out $1262.40 will confirm the closing price reversal bottom. This could trigger a quick move into the major 50% level at $1268.80, followed by the steep downtrending Gann angle at $1271.10. Story continues Since the main trend is down, sellers may show up on the first test of $1271.10. However, overtaking this Gann angle could drive the market into at least $1307.00 over the near-term. A sustained move under $1262.40 will signal the presence of sellers. This could lead to a retest of the support cluster at $1242.80, $1239.40 and $1238.80. If the support cluster fails then look for selling to extend into $1230.70 then $1228.20. The latter is the trigger point for an acceleration to the downside. This article was originally posted on FX Empire More From FXEMPIRE: AUD/USD Forex Technical Analysis – Weekly Closing Price Reversal Bottom Could Trigger 2 to 3 Week Rally E-mini Dow Jones Industrial Average (YM) Futures Analysis – Rally Over 24586 Could Drive Market into Major 50% Level at 24925 Gold Price Futures (GC) Technical Analysis – Weekly Closing Price Reversal Bottom Targets $1307.00 to $1323.00 Led by Strong Euro, Dollar Tumbles Against Basket of Major Currencies Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/07/18 USD/JPY Fundamental Weekly Forecast – Traders Reacting More to Treasury Yields Than Stock Market View comments || Gold Price Futures (GC) Technical Analysis – Weekly Closing Price Reversal Bottom Targets $1307.00 to $1323.00: After hitting its lowest level in nearly a year, gold futures rebounded late last week to post a potentially bullish closing price reversal bottom. While the chart pattern doesn’t mean the trend is changing to up, it does indicate that the buying may be greater than the selling at current price levels especially after the prolonged sell-off in terms of price and time.
August Comex Goldsettled at $1255.80, up $1.30 or 0.10%.
The catalyst behind the short-covering rally and reversal chart pattern was lower U.S. Treasury yields. Falling yields helped make the U.S. Dollar a less-desirable asset, increasing demand for dollar-denominated gold.
Yields fell partly in response to the mixed U.S. Non-Farm Payrolls report which showed a better-than-expected headline number, but an unexpected rise in the unemployment rate and weaker-than-expected average hourly earnings.
As a result of the jobs report, expectations of a fourth U.S. Federal Reserve rate hike later this year declined. According to the Fed Funds Indicator, investors priced in a 77 percent chance of a September rate hike, down from 80 percent before the jobs data.
So while a September rate hike is still a likely event, traders feel that without an acceleration of wage growth, a fourth hike at the end of the year is a more difficult call and the futures market shows that traders are putting the odds of a December rate hike at about 50 percent.
The main trend is down according to the weekly swing chart. However, the closing price reversal bottom suggests momentum may be shifting to the upside.
A trade through $1262.40 will confirm the closing price reversal bottom. This could trigger the start of a 2 to 3 week counter-trend rally sometimes equal to 50% to 61.8% of the last down swing.
A trade through $1238.80 will negate the reversal bottom chart pattern and signal the resumption of the downtrend with initial targets a pair of main bottoms at $1230.70 and $1228.20.
The long-term retracement zone is $1268.80 to $1242.80. The market is currently trading inside this zone. This area is controlling the longer-term direction of the market.
The main range is $1375.10 to $1238.80. If confirming the closing price reversal bottom generates enough upside momentum, we could see an eventual rally into its retracement zone at $1307.00 to $1323.00.
Based on last week’s price action and the close at $1255.80, the direction of the August Comex Gold market this week is likely to be determined by trader reaction to $1262.40.
Taking out $1262.40 will confirm the closing price reversal bottom. This could trigger a quick move into the major 50% level at $1268.80, followed by the steep downtrending Gann angle at $1271.10.
Since the main trend is down, sellers may show up on the first test of $1271.10. However, overtaking this Gann angle could drive the market into at least $1307.00 over the near-term.
A sustained move under $1262.40 will signal the presence of sellers. This could lead to a retest of the support cluster at $1242.80, $1239.40 and $1238.80.
If the support cluster fails then look for selling to extend into $1230.70 then $1228.20. The latter is the trigger point for an acceleration to the downside.
Thisarticlewas originally posted on FX Empire
• AUD/USD Forex Technical Analysis – Weekly Closing Price Reversal Bottom Could Trigger 2 to 3 Week Rally
• E-mini Dow Jones Industrial Average (YM) Futures Analysis – Rally Over 24586 Could Drive Market into Major 50% Level at 24925
• Gold Price Futures (GC) Technical Analysis – Weekly Closing Price Reversal Bottom Targets $1307.00 to $1323.00
• Led by Strong Euro, Dollar Tumbles Against Basket of Major Currencies
• Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/07/18
• USD/JPY Fundamental Weekly Forecast – Traders Reacting More to Treasury Yields Than Stock Market || Crude Oil Price Update – Not Too Complicated: Strengthens Over $75.27, Weakens Under $72.14: U.S. West Texas Intermediate crude oil futures settled lower last week. Although it posted a higher-high, lower-close, it did manage to close above the mid-point of the week and the opening. This suggests there is some resistance in the market, but not enough to attract short-sellers.
August WTI crude oilsettled at $73.80, down $0.35 or -0.47%.
The market is being underpinned at this time because the bullish fundamentals outweigh the bearish fundamentals. Although this could change with information we are not aware of at this time.
A few of the bullish fundamentals include the on-going production cuts by OPEC-led producers, supply disruptions in Canada, Venezuela and Libya, and the looming sanctions on Iran which are expected to cut nearly 5% of the world’s oil supply from the market.
A few of the potentially bearish fundamentals are increased production from Saudi Arabia, Russia and the United States. Traders are also watching for signs of lower demand due to global economic downturns caused by the escalating trade dispute between the United States and China.
The main trend is up according to the weekly swing chart. After a four-week setback, the uptrend resumed two weeks ago when buyers took out the main top at $72.70. A trade through $75.27 will signal a resumption of the uptrend. Based on the swing chart, the next target would then come in at $81.09.
Traders should watch the price action and read the order flow at $72.14 this week. Taking out this level will confirm the potentially bearish higher-high, lower-close chart pattern. Crossing to the weak side of the previous top at $72.70 will mean the selling is getting stronger.
The first target is the long-term Fibonacci level at $70.51. This is followed by the short-term retracement zone at $69.34 to $67.93. A move into these levels will indicate the market is correcting while a trade through $63.40 will change the main trend to down.
• The Week Ahead – Trump, Trade and Monetary Policy in the Spotlight
• Stocks Finish Week Higher, but Yield Curve Suggests Recession on the Horizon
• Mexico – The Year of Political Shocks Roll-On
Based on last week’s chart pattern and the close at $73.80, the direction of the August WTI crude oil market this week will be determined by trader reaction to last week’s high at $75.27 and last week’s low at $72.14. Holding between these levels will form an inside move. This will indicate investor indecision and impending volatility.
Taking out $75.27 will signal the presence of buyers. This will also put crude oil on the strong side of a long-term downtrending Gann angle at $75.08. If buyers can turn these levels into support then look for them to make a run at the steep uptrending Gann angle at $75.40.
Crossing to the strong side of $75.40 will indicate the buying is getting stronger. This could trigger a surge into the long-term downtrending Gann angle at $78.10. This is the last potential resistance angle before the $81.09 main top.
Follow FXEmpire on Medium
Thisarticlewas originally posted on FX Empire
• Alexis Webster Joins FXTM as Chief Commercial Officer
• These are the Top Venture Capital Firms Investing in Blockchain
• USD/JPY Fundamental Weekly Forecast – Traders Reacting More to Treasury Yields Than Stock Market
• Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/07/18
• E-mini Dow Jones Industrial Average (YM) Futures Analysis – Rally Over 24586 Could Drive Market into Major 50% Level at 24925
• AUD/USD and NZD/USD Fundamental Weekly Forecast – Were Rallies Fueled by Position-Squaring or Change in Sentiment? || Crude Oil Price Update – Not Too Complicated: Strengthens Over $75.27, Weakens Under $72.14: U.S. West Texas Intermediate crude oil futures settled lower last week. Although it posted a higher-high, lower-close, it did manage to close above the mid-point of the week and the opening. This suggests there is some resistance in the market, but not enough to attract short-sellers. August WTI crude oil settled at $73.80, down $0.35 or -0.47%. The market is being underpinned at this time because the bullish fundamentals outweigh the bearish fundamentals. Although this could change with information we are not aware of at this time. A few of the bullish fundamentals include the on-going production cuts by OPEC-led producers, supply disruptions in Canada, Venezuela and Libya, and the looming sanctions on Iran which are expected to cut nearly 5% of the world’s oil supply from the market. A few of the potentially bearish fundamentals are increased production from Saudi Arabia, Russia and the United States. Traders are also watching for signs of lower demand due to global economic downturns caused by the escalating trade dispute between the United States and China. Daily August WTI Crude Oil Weekly Technical Analysis The main trend is up according to the weekly swing chart. After a four-week setback, the uptrend resumed two weeks ago when buyers took out the main top at $72.70. A trade through $75.27 will signal a resumption of the uptrend. Based on the swing chart, the next target would then come in at $81.09. Traders should watch the price action and read the order flow at $72.14 this week. Taking out this level will confirm the potentially bearish higher-high, lower-close chart pattern. Crossing to the weak side of the previous top at $72.70 will mean the selling is getting stronger. The first target is the long-term Fibonacci level at $70.51. This is followed by the short-term retracement zone at $69.34 to $67.93. A move into these levels will indicate the market is correcting while a trade through $63.40 will change the main trend to down. The Week Ahead – Trump, Trade and Monetary Policy in the Spotlight Stocks Finish Week Higher, but Yield Curve Suggests Recession on the Horizon Mexico – The Year of Political Shocks Roll-On Story continues Weekly Technical Forecast Based on last week’s chart pattern and the close at $73.80, the direction of the August WTI crude oil market this week will be determined by trader reaction to last week’s high at $75.27 and last week’s low at $72.14. Holding between these levels will form an inside move. This will indicate investor indecision and impending volatility. Taking out $75.27 will signal the presence of buyers. This will also put crude oil on the strong side of a long-term downtrending Gann angle at $75.08. If buyers can turn these levels into support then look for them to make a run at the steep uptrending Gann angle at $75.40. Crossing to the strong side of $75.40 will indicate the buying is getting stronger. This could trigger a surge into the long-term downtrending Gann angle at $78.10. This is the last potential resistance angle before the $81.09 main top. Follow FXEmpire on Medium This article was originally posted on FX Empire More From FXEMPIRE: Alexis Webster Joins FXTM as Chief Commercial Officer These are the Top Venture Capital Firms Investing in Blockchain USD/JPY Fundamental Weekly Forecast – Traders Reacting More to Treasury Yields Than Stock Market Bitcoin Cash, Litecoin and Ripple Daily Analysis – 08/07/18 E-mini Dow Jones Industrial Average (YM) Futures Analysis – Rally Over 24586 Could Drive Market into Major 50% Level at 24925 AUD/USD and NZD/USD Fundamental Weekly Forecast – Were Rallies Fueled by Position-Squaring or Change in Sentiment? || 2 Stocks I'd Never Buy, and 1 I'll Consider: The shipping industry is nauseatingly volatile. The rates that shipping companies earn can change quickly and dramatically with just a slight shift in market sentiment. As a result, a company can go from making a boatload of money to sinking deep into the red, causing its stock price to plunge. That's one of the many reasons I'll never buy DryShips (NASDAQ: DRYS) and Nordic American Tankers (NYSE: NAT) . However, there is one shipping stock that I would consider: GasLog Partners (NYSE: GLOP) . Tanker ship and oil platform on offshore area at sunset. Image source: Getty Images. There's volatility, and then there's this Last year, DryShips' stock lost a stunning 99.9% of its value . While the continuation of challenging conditions in the shipping industry was one factor, the primary weight on the diversified shipping company's share price was a deluge of dilution after it unleashed several waves of stock sales to raise cash so that it could rebuild its fleet, which it sold off in previous years to repay debt. Two other factors have contributed to DryShips' volatility over the years. First, the company charters its boats on short-term contracts at spot market rates, which ebb and flow with the shipping market. Those rates can plunge without notice due to slowing global trade or too many ships on the water, which can quickly dry up DryShips' profits. Making matters worse, the company takes on a boatload of debt to buy ships, which weighs it down during turbulent market conditions. Those two factors are a recipe for disaster, which is what DryShips' stock has been over the years. There's nothing it can do when the bottom falls out Oil tanker company Nordic American Tankers has tried to take a unique approach to combat the volatility of shipping rates. The company operates just one ship type -- Suezmax oil tankers -- so that it can keep costs low. It also tries to keep debt low, with it currently at $8.9 million per ship, which is less than their scrap value. However, despite the company's low operating costs and debt level, shares have been incredibly volatile. The stock plunged a jaw-dropping 70.5% last year because of deteriorating market conditions, which forced the company to sell more shares at an inopportune time to bolster its financial situation. That's because like DryShips, Nordic American Tankers charters its ships at spot market rates, which enables it to cash in during up markets but can prove disastrous during rough seas. That has been the case in the last year as shipping rates plunged to $11,200 per day in the first quarter, which is below the company's breakeven level and well under the $30,000 per day they've averaged over the past few decades. The company's direct exposure to such a volatile market is why I'd never buy its stock. Story continues Big ship with escorting tugs leaving port at sunset. Image source: Getty Images. A better business model for the shipping sector GasLog Partners does things differently. The liquified natural gas (LNG) shipping company secures long-term, fixed-rate charters for all its vessels, with the bulk of them contracted to big oil giant Royal Dutch Shell (NYSE: RDS-A) (NYSE: RDS-B) . These charters help insulate GasLog Partners from changes to spot market rates, enabling it to earn a steady stream of cash flow. Because the company generates stable cash, it's able to consistently distribute money to investors in a dividend that currently yields 8.9%. While the company does send back the bulk of what comes in, it uses the remaining cash, along with new debt and equity capital, to acquire more ships from its parent GasLog (NYSE: GLOG) . These vessels come with long-term contracts already in place, enabling them to provide an immediate boost cash flow, which has allowed GasLog Partners to increase its distribution to investors in each of the last six consecutive quarters. However, one concern I have with GasLog Partners is that it has a boatload of debt -- $1.1 billion at the end of the first quarter for a $2 billion company -- which could weigh it down if market conditions deteriorate significantly. Still, the LNG shipping market is intriguing since global LNG production grew 10% last year and is on pace to increase at a healthy rate in those to come due to several new LNG export facilities coming online. That wave of gas needs carriers to move it to global markets, suggesting that the LNG shipping sector has ample upside ahead, which is why I'd consider investing in GasLog Partners under the right circumstances. The shipping sector isn't for the faint of heart Shipping stocks are highly cyclical, which can fuel big-time returns when rates are rising and huge busts when they fall due to the added pressure of debt. That's why I'll never buy most shipping stocks. About the only ones I will consider are those that secure long-term contracts for the bulk of their boats, since that should help mute some of the impacts of shipping rate volatility. Still, even these stocks aren't immune to market downturns, which is why I'm still weighing the risk/reward potential of GasLog Partners. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . View comments || 2 Stocks I'd Never Buy, and 1 I'll Consider: The shipping industry is nauseatingly volatile. The rates that shipping companies earn can change quickly and dramatically with just a slight shift in market sentiment. As a result, a company can go from making a boatload of money to sinking deep into the red, causing its stock price to plunge.
That's one of the many reasons I'll never buyDryShips(NASDAQ: DRYS)andNordic American Tankers(NYSE: NAT). However, there is one shipping stock that I would consider:GasLog Partners(NYSE: GLOP).
Image source: Getty Images.
Last year, DryShips'stock lost a stunning 99.9% of its value. While the continuation of challenging conditions in the shipping industry was one factor, the primary weight on the diversified shipping company's share price was adeluge of dilutionafter it unleashed several waves of stock sales to raise cash so that it could rebuild its fleet, which it sold off in previous years to repay debt.
Two other factors have contributed to DryShips' volatility over the years. First, the company charters its boats on short-term contracts at spot market rates, which ebb and flow with the shipping market. Those rates can plunge without notice due to slowing global trade or too many ships on the water, which can quickly dry up DryShips' profits. Making matters worse, the company takes on a boatload of debt to buy ships, which weighs it down during turbulent market conditions. Those two factors are a recipe for disaster, which is what DryShips' stock has been over the years.
Oil tanker company Nordic American Tankers has tried to take a unique approach to combat the volatility of shipping rates. The company operates just one ship type -- Suezmax oil tankers -- so that it can keep costs low. It also tries to keep debt low, with it currently at $8.9 million per ship, which is less than their scrap value.
However, despite the company's low operating costs and debt level, shares have been incredibly volatile. The stock plunged ajaw-dropping 70.5% last yearbecause of deteriorating market conditions, which forced the company to sell more shares at an inopportune time to bolster its financial situation. That's because like DryShips, Nordic American Tankers charters its ships at spot market rates, which enables it to cash in during up markets but can prove disastrous during rough seas. That has been the case in the last year as shipping rates plunged to $11,200 per day in the first quarter, which is below the company's breakeven level and well under the $30,000 per day they've averaged over the past few decades. The company's direct exposure to such a volatile market is why I'd never buy its stock.
Image source: Getty Images.
GasLog Partners does things differently. The liquified natural gas (LNG) shipping company secures long-term, fixed-rate charters for all its vessels, with the bulk of them contracted to big oil giantRoyal Dutch Shell(NYSE: RDS-A)(NYSE: RDS-B). These charters help insulate GasLog Partners from changes to spot market rates, enabling it to earn a steady stream of cash flow.
Because the company generates stable cash, it's able to consistently distribute money to investors in a dividend that currently yields 8.9%. While the company does send back the bulk of what comes in, it uses the remaining cash, along with new debt and equity capital, to acquire more ships from its parentGasLog(NYSE: GLOG). These vessels come with long-term contracts already in place, enabling them to provide an immediate boost cash flow, which has allowed GasLog Partners to increase its distribution to investors in each of the last six consecutive quarters.
However, one concern I have with GasLog Partners is that it has a boatload of debt -- $1.1 billion at the end of the first quarter for a $2 billion company -- which could weigh it down if market conditions deteriorate significantly. Still, the LNG shipping market is intriguing since global LNG production grew 10% last year and is on pace to increase at a healthy rate in those to come due to several new LNG export facilities coming online. That wave of gas needs carriers to move it to global markets, suggesting that the LNG shipping sector has ample upside ahead, which is why I'd consider investing in GasLog Partners under the right circumstances.
Shipping stocks are highly cyclical, which can fuel big-time returns when rates are rising and huge busts when they fall due to the added pressure of debt. That's why I'll never buy most shipping stocks. About the only ones I will consider are those that secure long-term contracts for the bulk of their boats, since that should help mute some of the impacts of shipping rate volatility. Still, even these stocks aren't immune to market downturns, which is why I'm still weighing the risk/reward potential of GasLog Partners.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Matthew DiLallohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Facebook Aiming For Virtual Reality Dominance: Virtual reality is still in its infancy, but the companies who can capture a significant share of the market could become leaders in the next major computing market. According to SuperData Research , VR is going to grow from a $4.5 billion business in 2018 to $19.0 billion of revenue by 2021. Early movers see the opportunity in VR and are eager to capture market share. As big as the VR market is expected to be, there are only a few companies in a viable position to build a platform the industry will grow from for years to come. So far, it's Sony 's (NYSE: SNE) PlayStation VR that has a big head start in virtual reality, with over 2 million units sold. But HTC 's Vive and Facebook 's (NASDAQ: FB) Oculus Rift are trying to catch up quickly. What could reshape the VR landscape in 2018 is Facebook untethering itself from PCs and gaming consoles to make VR mobile. Here's why I think Facebook can take a leadership position in this booming market. Oculus Go in a person's hand Image source: Facebook's Oculus. Why Facebook is behind Sony in VR today To understand why Facebook is behind in VR and how it could catch up, we need to lay out the VR landscape today. Sony has sold over 2 million PSVR headsets, more than doubling both HTC's Vive and Oculus Rift platforms, which both are arguably higher-quality products. The biggest advantage Sony has in VR is that 76 million PS4 consoles are already installed in people's homes, so adding VR isn't expensive or cumbersome. Vive and Rift still require expensive gaming computers that aren't floating around the average home. The next generation of headsets will likely eliminate the need for a console or PC, and at that point we should see wider adoption of VR and technology companies like Facebook differentiating themselves. Facebook's big VR move The first step beyond tethered VR headsets is the Oculus Go (pictured above), which is the first stand-alone (no PC or console required) VR headset to hit the U.S. market at a mass-market price point of $200 . Oculus Go isn't considered a high-end device because it can't track a user's movement through space like a Vive or Rift can, but it's still a big step forward for the VR industry. What it's perfect for is watching 360 videos and playing simple VR games. Story continues This month, Facebook has shown how it will display the power of Oculus Go by bringing World Cup games to the platform. Users can watch from the stands or near the goalpost, a perspective that would be impossible without being in VR. The company is also adding MLB, NBA, music, and other content to apps like Oculus Venues and Oculus TV. We don't know what Oculus Go's sales numbers look like yet, but with an accessible entry point and no outside device required, it could be the best-selling VR headset soon. Just the beginning for Facebook in VR Oculus's next step is a high-end stand-alone headset it dubbed Santa Cruz , which is expected to be available within the next year. This headset won't require a computer or gaming console, but will allow users to move through a virtual space, like Vive or Rift. It could be a game-changer in VR's adoption in the mass market. The stand-alone VR market will be key because it expands the universe of customers beyond those with gaming consoles or high-end gaming computers. That's when VR could go truly mainstream and become the $19 billion industry tech companies hope it can be. Facebook certainly looks like it's in a leadership position today. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Travis Hoium has no position in any of the stocks mentioned and owns a virtual reality start-up. The Motley Fool owns shares of and recommends Facebook. The Motley Fool has a disclosure policy . || Facebook Aiming For Virtual Reality Dominance: Virtual reality is still in its infancy, but the companies who can capture a significant share of the market could become leaders in the next major computing market.According to SuperData Research, VR is going to grow from a $4.5 billion business in 2018 to $19.0 billion of revenue by 2021. Early movers see the opportunity in VR and are eager to capture market share.
As big as the VR market is expected to be, there are only a few companies in a viable position to build a platform the industry will grow from for years to come. So far, it'sSony's(NYSE: SNE)PlayStation VR that has a big head start in virtual reality, with over 2 million units sold. ButHTC's Vive andFacebook's(NASDAQ: FB)Oculus Rift are trying to catch up quickly.
What could reshape the VR landscape in 2018 is Facebook untethering itself from PCs and gaming consoles to make VR mobile. Here's why I think Facebook can take a leadership position in this booming market.
Image source: Facebook's Oculus.
To understand why Facebook is behind in VR and how it could catch up, we need to lay out the VR landscape today. Sony has sold over 2 million PSVR headsets, more than doubling both HTC's Vive and Oculus Rift platforms, which both are arguably higher-quality products. The biggest advantage Sony has in VR is that 76 million PS4 consoles are already installed in people's homes, so adding VR isn't expensive or cumbersome. Vive and Rift still require expensive gaming computers that aren't floating around the average home.
The next generation of headsets will likely eliminate the need for a console or PC, and at that point we should see wider adoption of VR and technology companies like Facebook differentiating themselves.
The first step beyond tethered VR headsets is the Oculus Go (pictured above), which is the first stand-alone (no PC or console required) VR headset to hit the U.S. market at amass-market price point of $200. Oculus Go isn't considered a high-end device because it can't track a user's movement through space like a Vive or Rift can, but it's still a big step forward for the VR industry. What it's perfect for is watching 360 videos and playing simple VR games.
This month, Facebook has shown how it will display the power of Oculus Go by bringing World Cup games to the platform. Users can watch from the stands or near the goalpost, a perspective that would be impossible without being in VR. The company is also adding MLB, NBA, music, and other content to apps like Oculus Venues and Oculus TV.
We don't know what Oculus Go's sales numbers look like yet, but with an accessible entry point and no outside device required, it could be the best-selling VR headset soon.
Oculus's next step is a high-end stand-alone headset it dubbedSanta Cruz, which is expected to be available within the next year. This headset won't require a computer or gaming console, but will allow users to move through a virtual space, like Vive or Rift. It could be a game-changer in VR's adoption in the mass market.
The stand-alone VR market will be key because it expands the universe of customers beyond those with gaming consoles or high-end gaming computers. That's when VR could go truly mainstream and become the $19 billion industry tech companies hope it can be. Facebook certainly looks like it's in a leadership position today.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Travis Hoiumhas no position in any of the stocks mentioned and owns a virtual reality start-up. The Motley Fool owns shares of and recommends Facebook. The Motley Fool has adisclosure policy. || 5 Facts About Medicare Every Retiree Should Know: Millions of seniors rely on Medicare to cover their healthcare needs. But if you're new to Medicare, you may not understand how the program works -- and that could hurt you at some point or another. Here are five key facts about Medicare that will help you make the most of your benefits, both now and in the future. 1. It's not free We tend to think of Medicare as a single program, when in reality, it has several distinct parts. Part A covers hospital visits and is generally free for enrollees. Parts B and D, however, which cover doctor visits and prescriptions, respectively, come at a cost. Additionally, you'll be on the hook for coinsurance, deductibles, and copayments when you receive treatment or medications under Medicare, so you'll need to budget for those expenses accordingly. Doctor talking to older male patient IMAGE SOURCE: GETTY IMAGES. 2. Your premium costs can change from year to year Once you start paying your Medicare premiums, don't get too comfortable with them. Currently, the standard Part B premium is $134 a year, but that has the potential to increase over time. That said, if you're enrolled in Social Security by the time those premiums rise, you'll be protected by what's known as the program's "hold harmless" provision . Under this provision, your Social Security payments can't go down as the result of a Medicare increase, so if your benefits rise by $20 as part of the program's cost-of-living adjustments , but Medicare goes up by $30, you won't have to pay that additional $10 out of pocket provided your premiums are being deducted directly from your benefits. 3. You don't need to stick to the same drug plan once you sign up for one The Part D drug plan you start out with doesn't have to be the one you retain for life. In fact, in many cases, it shouldn't be the same plan you use year after year. That's because plan formularies evolve annually, which means that you might get superior coverage for the drugs you take one year and less generous coverage the following year. Rather than settle on a single plan, aim to review your options annually so that you're getting the coverage you need. Story continues 4. You're entitled to a host of free annual services Not everything you do under Medicare has to cost you money. The program offers a number of free services designed to help you keep tabs on your health. In fact, you're entitled to a free annual screening for conditions such as: Cardiovascular disease Depression Diabetes Glaucoma Obesity Prostate disease You're also entitled to a free wellness visit each year with your doctor, as well as no-cost vaccines against ailments such as the flu. 5. You don't need to leave your house to receive medical care Many seniors have mobility issues that make seeing doctors a cumbersome process. So, a large number of older folks forgo the care they need to avoid the hassle of getting to and from medial offices. Medicare, however, has a program in place to address this issue. It currently offers a telehealth service that allows you to consult with healthcare professionals via videoconference. Not only can these remote consultations cost less than your typical office visit, but they're often easier to schedule, which means you won't need to wait as long to get the medical advice you need. Because healthcare is a major expense among seniors, it pays to read up on Medicare and understand how the program works. The more you know, the better positioned you'll be to take full advantage of those benefits when you need them. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || 5 Facts About Medicare Every Retiree Should Know: Millions of seniors rely onMedicareto cover their healthcare needs. But if you're new to Medicare, you may not understand how the program works -- and that could hurt you at some point or another. Here are five key facts about Medicare that will help you make the most of your benefits, both now and in the future.
We tend to think of Medicare as a single program, when in reality, it has several distinct parts.Part Acovers hospital visits and is generally free for enrollees. Parts B and D, however, which cover doctor visits and prescriptions, respectively, come at a cost. Additionally, you'll be on the hook for coinsurance, deductibles, and copayments when you receive treatment or medications under Medicare, so you'll need to budget for those expenses accordingly.
IMAGE SOURCE: GETTY IMAGES.
Once you start paying your Medicare premiums, don't get too comfortable with them. Currently, the standard Part B premium is $134 a year, but that has the potential to increase over time. That said, if you're enrolled in Social Security by the time those premiums rise, you'll be protected by what's known as the program's"hold harmless" provision. Under this provision, your Social Security payments can't go down as the result of a Medicare increase, so if your benefits rise by $20 as part of the program'scost-of-living adjustments, but Medicare goes up by $30, you won't have to pay that additional $10 out of pocket provided your premiums are being deducted directly from your benefits.
The Part D drug plan you start out with doesn't have to be the one you retain for life. In fact, in many cases, itshouldn'tbe the same plan you use year after year. That's because plan formularies evolve annually, which means that you might get superior coverage for the drugs you take one year and less generous coverage the following year. Rather than settle on a single plan, aim to review your options annually so that you're getting the coverage you need.
Not everything you do under Medicare has to cost you money. The program offers a number of free services designed to help you keep tabs on your health. In fact, you're entitled to a free annual screening for conditions such as:
• Cardiovascular disease
• Depression
• Diabetes
• Glaucoma
• Obesity
• Prostate disease
You're also entitled to a free wellness visit each year with your doctor, as well as no-cost vaccines against ailments such as the flu.
Many seniors have mobility issues that make seeing doctors a cumbersome process. So, a large number of older folks forgo the care they need to avoid the hassle of getting to and from medial offices. Medicare, however, has a program in place to address this issue. It currently offers a telehealth service that allows you to consult with healthcare professionals via videoconference. Not only can these remote consultations cost less than your typical office visit, but they're often easier to schedule, which means you won't need to wait as long to get the medical advice you need.
Becausehealthcareis a major expense among seniors, it pays to read up on Medicare and understand how the program works. The more you know, the better positioned you'll be to take full advantage of those benefits when you need them.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || Why bluebird bio's Shares Have Tumbled 11.9% in 2018 So Far: After hitting record all-time highs in March, shares ofbluebird bio(NASDAQ: BLUE)have been retreating. As a result, the clinical-stage gene therapy company is now down 11.9% though June, according toS&P Global Market Intelligence.
In January, the company outlined plans that include three potential regulatory filings for approval by the end of next year. The potential to transition from a clinical-stage company into a commercial-stage company helped bluebird bio's shares climb above $220 in March; however, the corresponding $10 billion-plus market cap may have priced the company for perfection.
IMAGE SOURCE: GETTY IMAGES.
Although the data from bluebird bio so far looks good, investors have been ratcheting back exposure to the company to reflect what's emerging to be a very competitive marketplace.
Specifically, a number of companies are working on therapies that could chip away at the commercial opportunity for its drugs, including LentiGlobin, a gene therapy for beta thalassemia. Patients with this disorder can't produce beta globin, and as a result, they require regular red blood cell transfusions that expose them to risks, including organ-damaging iron overload.
LentiGlobin's data suggests it may significantly reduce or eliminate transfusions, butAcceleron Pharma(NASDAQ: XLRN)andCelgene Corp.(NASDAQ: CELG)expect toreport datafor luspatercept in beta thalassemia soon, and if that data's good, it could dent LentiGlobin's peak sales potential. Similarly,Sangamo Therapeutics(NASDAQ: SGMO)is working on azinc-finger nucleasegene-editing solution, and separately,Vertex Pharmaceuticals(NASDAQ: VRTX)isteamed upwithCRISPR Therapeutics(NASDAQ: CRSP)to tackle beta thalassemia using CRSPR/Cas9 gene editing.
Competition could be fierce in sickle cell disease, too. In June, bluebird bio reported some intriguing data for LentiGlobin in sickle cell disease, but Sangamo Biosciences and Vertex Pharmaceuticals are targeting that indication with their gene editing therapies as well.
Furthermore, although bluebird bio has a big head start developing a chimeric antigen receptor T-cell (CAR-T) therapy targeting the BCMA protein expressed by cancer cells in multiple myeloma patients, it's not alone in investigating that approach. In June,Johnson & Johnson(NYSE: JNJ)highlighted plans to start a phase 1b/2 trial soon for its own BCMA-targeting CAR-T, JNJ-68284528.
It's anyone's guess how this all shakes out, but I think bluebird bio has a good shot at securing regulatory OKs in the next two years for LentiGlobin and bb2121 and that each has the potential to be a top seller.
Of the two therapies, I'm particularly interested inbb2121's opportunity. It's being co-developed by Celgene, and Celgene already markets the most widely used first-line multiple myeloma therapy, Revlimid, and third-line multiple myeloma therapy, Pomalyst. Given that this is a multibillion-dollar market and Celgene is the market-share leader, I think bb2121 could hit the ground running and quickly become widely used in the fourth-line setting and higher.
Overall, bluebird bio has multiple regulatory shots on goal, and that could make it more valuable to an acquirer than Kite Pharma and Juno Therapeutics, two gene therapy companies that have already been acquired for more money than bluebird bio's current $8.5 billion market cap. If I'm right, then bluebird bio's declining share price this year will prove itself to be a buy opportunity.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Todd Campbellowns shares of Bluebird Bio and Celgene. His clients may have positions in the companies mentioned. The Motley Fool owns shares of and recommends Bluebird Bio and Celgene. The Motley Fool owns shares of CRISPR Therapeutics and Johnson & Johnson. The Motley Fool recommends Vertex Pharmaceuticals. The Motley Fool has adisclosure policy. || Why bluebird bio's Shares Have Tumbled 11.9% in 2018 So Far: What happened After hitting record all-time highs in March, shares of bluebird bio (NASDAQ: BLUE) have been retreating. As a result, the clinical-stage gene therapy company is now down 11.9% though June, according to S&P Global Market Intelligence . So what In January, the company outlined plans that include three potential regulatory filings for approval by the end of next year. The potential to transition from a clinical-stage company into a commercial-stage company helped bluebird bio's shares climb above $220 in March; however, the corresponding $10 billion-plus market cap may have priced the company for perfection. A women in front of a chalkboard covered in question marks shrugs her shoulders. IMAGE SOURCE: GETTY IMAGES. Although the data from bluebird bio so far looks good, investors have been ratcheting back exposure to the company to reflect what's emerging to be a very competitive marketplace. Specifically, a number of companies are working on therapies that could chip away at the commercial opportunity for its drugs, including LentiGlobin, a gene therapy for beta thalassemia. Patients with this disorder can't produce beta globin, and as a result, they require regular red blood cell transfusions that expose them to risks, including organ-damaging iron overload. LentiGlobin's data suggests it may significantly reduce or eliminate transfusions, but Acceleron Pharma (NASDAQ: XLRN) and Celgene Corp . (NASDAQ: CELG) expect to report data for luspatercept in beta thalassemia soon, and if that data's good, it could dent LentiGlobin's peak sales potential. Similarly, Sangamo Therapeutics (NASDAQ: SGMO) is working on a zinc-finger nuclease gene-editing solution, and separately, Vertex Pharmaceuticals (NASDAQ: VRTX) is teamed up with CRISPR Therapeutics (NASDAQ: CRSP) to tackle beta thalassemia using CRSPR/Cas9 gene editing. Competition could be fierce in sickle cell disease, too. In June, bluebird bio reported some intriguing data for LentiGlobin in sickle cell disease, but Sangamo Biosciences and Vertex Pharmaceuticals are targeting that indication with their gene editing therapies as well. Story continues Furthermore, although bluebird bio has a big head start developing a chimeric antigen receptor T-cell (CAR-T) therapy targeting the BCMA protein expressed by cancer cells in multiple myeloma patients, it's not alone in investigating that approach. In June, Johnson & Johnson (NYSE: JNJ) highlighted plans to start a phase 1b/2 trial soon for its own BCMA-targeting CAR-T, JNJ-68284528. Now what It's anyone's guess how this all shakes out, but I think bluebird bio has a good shot at securing regulatory OKs in the next two years for LentiGlobin and bb2121 and that each has the potential to be a top seller. Of the two therapies, I'm particularly interested in bb2121's opportunity . It's being co-developed by Celgene, and Celgene already markets the most widely used first-line multiple myeloma therapy, Revlimid, and third-line multiple myeloma therapy, Pomalyst. Given that this is a multibillion-dollar market and Celgene is the market-share leader, I think bb2121 could hit the ground running and quickly become widely used in the fourth-line setting and higher. Overall, bluebird bio has multiple regulatory shots on goal, and that could make it more valuable to an acquirer than Kite Pharma and Juno Therapeutics, two gene therapy companies that have already been acquired for more money than bluebird bio's current $8.5 billion market cap. If I'm right, then bluebird bio's declining share price this year will prove itself to be a buy opportunity. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Todd Campbell owns shares of Bluebird Bio and Celgene. His clients may have positions in the companies mentioned. The Motley Fool owns shares of and recommends Bluebird Bio and Celgene. The Motley Fool owns shares of CRISPR Therapeutics and Johnson & Johnson. The Motley Fool recommends Vertex Pharmaceuticals. The Motley Fool has a disclosure policy . || Forget GE. Consider This Other Iconic Dividend Stock Instead: Although the name is still iconic,General Electric Company(NYSE: GE)has been going through a very difficult period. The businesses underpinning the industrial giant aren't what they were just a couple of years ago, and the change isn't over yet. Most investors would be better off avoiding it.The Procter & Gamble Company(NYSE: PG), on the other hand, is offering investors a large yield and boasts a still-robust business. Here's why most dividend investors would be better off forgetting about GE and buying P&G.
General Electric's problems date back to Jack Welch, which to some might sound like heresy. Although lauded as a management genius, he allowed the diversified industrial company to stray too far into the finance business. When the deep 2007 to 2009 recession hit, after Welch had passed the reins on to a new CEO, the finance arm's troubles led to a dividend cut and a government bailout.
Image source: Getty Images.
General Electric quickly got to work rethinking its portfolio. The conglomerate shed non-core assets (like a television network) and trimmed the size of its finance business. Although the top and bottom lines were still in flux because of the corporate makeover, it appeared that the company was going in the right direction. Note that dividends starting to grow again in 2011.
But the positive outlook for the futuredied in late 2017, when a new CEO was named. John Flannery quickly reined in expectations and cut the dividend by 50%. More notable, however, he announced that the company was undertaking a portfolio review to improve long-term performance and positioning...and that nothing was off the table. GE is set to make huge changes, including jettisoning large businesses so it can refocus on a smaller core.
PG Dividend Per Share (Annual)data byYCharts.
Although there appears to be material recovery potential at GE, it is really a special situation stock at this point. Most investors would be better off avoiding it as it works through what amounts to a massive existential crisis --one that's likely to result in further changes to the dividend once the dust settles.
The uncertainty at GE is a good reason to be worried about owning the stock, but the bigger issue is the fact that it's making massive changes to its business. Even an educated guess about what the future holds would be hard to make at this point in time. That's a risk not worth taking for most investors, which is why Procter & Gamble and its 3.7% dividend yield is a better option.
Like GE today,Procter & Gamble went through a huge portfolio overhaul not too long ago. However, this wasn't a breakup of the company as much as a trimming of the fat. The businesses this consumer-product giant jettisoned were smaller and lower margined than what it retained. This helps explain why revenues fell each year between 2012 and 2017, while the company's operating margin improved from 17.1% to 21.5%.
Notably, P&G was able to continue increasing its dividend every year as it streamlined its business. The annual dividend streak is now up to an incredible 62 years and counting. That's a huge statement about the company's inherent financial strength, commitment to shareholders, and expectations for the future.
The trouble today, though, is that consumer products companies are dealing with changing customer desires. That's one of the key reasons Procter & Gamble's yield is at the high end of its historic range. In fact, the yield is roughly as high as it was during the depths of the 2007 to 2009 recession. It looks like a good opportunity for income investors to buy an iconic company.
PG Dividend Yield (TTM)data byYCharts.
The important takeaway, here, is that changes in customer buying habits may increase the uncertainty at P&G, but I don't think it materially increases the risk. P&G has a long and successful history of innovation and change; you don't get to 62 consecutive annual dividend hikes by accident, or without going through some difficult periods. It has, for example, been introducing "natural" products to adjust to customer's desires. And it has also been more aggressive in taking on new competitors, including internet-focused razor companies in its key Gillette business.
P&G is changing with the times and has a history of success that suggests it will, eventually, figure out how to succeed this time, too. In fact, results are starting to look encouraging. Revenues, for example, have grown year over year in each of the last three quarters. That's the first step toward a brighter future, since it is an indication that Procter & Gamble's business shifts are gaining traction.
That's not to suggest that there's no risk here -- P&G is still a work in progress in some ways since the internet is materially altering the way customers interact with companies. But it is clearly further along than GE, and its top-line upturn is a positive sign. Add in a low level of debt, with long-term debt at roughly 30% of the capital structure, and P&G easily looks financially strong enough to keep supporting both its portfolio tinkering (the heavy lifting has been done already) and the dividend.
General Electric's portfolio overhaul is huge and still in progress. It is not the same company it was just a few years ago, and it will be a very different company again a few years from today. There's sizable turnaround potential, but only for investors willing to stomach the risk of a special situation stock. The dividend, meanwhile, has already proven to be at risk with no certainty that it will survive intact as the industrial giant moves into a new phase of its corporate life.
This is why most investors, notably those looking for a reliable dividend stock, would be better off buying Procter & Gamble today. It has already been through a major portfolio overhaul without a major impact on its dividend, and it is addressing current industry shifts with new products and a more aggressive defense of its core brands (notably Gillette). A resumption in sales growth in recent quarters is an initial indication of success that investors don't appear to be recognizing based on the historically high yield. Now looks like a good time for dividend investors to buy P&G.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Reuben Gregg Brewerowns shares of Procter & Gamble. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Forget GE. Consider This Other Iconic Dividend Stock Instead: Although the name is still iconic, General Electric Company (NYSE: GE) has been going through a very difficult period. The businesses underpinning the industrial giant aren't what they were just a couple of years ago, and the change isn't over yet. Most investors would be better off avoiding it. The Procter & Gamble Company (NYSE: PG) , on the other hand, is offering investors a large yield and boasts a still-robust business. Here's why most dividend investors would be better off forgetting about GE and buying P&G. An existential crisis General Electric's problems date back to Jack Welch, which to some might sound like heresy. Although lauded as a management genius, he allowed the diversified industrial company to stray too far into the finance business. When the deep 2007 to 2009 recession hit, after Welch had passed the reins on to a new CEO, the finance arm's troubles led to a dividend cut and a government bailout. A woman drawing a risk versus reward graph Image source: Getty Images. General Electric quickly got to work rethinking its portfolio. The conglomerate shed non-core assets (like a television network) and trimmed the size of its finance business. Although the top and bottom lines were still in flux because of the corporate makeover, it appeared that the company was going in the right direction. Note that dividends starting to grow again in 2011. But the positive outlook for the future died in late 2017, when a new CEO was named . John Flannery quickly reined in expectations and cut the dividend by 50%. More notable, however, he announced that the company was undertaking a portfolio review to improve long-term performance and positioning...and that nothing was off the table. GE is set to make huge changes, including jettisoning large businesses so it can refocus on a smaller core. PG Dividend Per Share (Annual) Chart PG Dividend Per Share (Annual) data by YCharts . Although there appears to be material recovery potential at GE, it is really a special situation stock at this point. Most investors would be better off avoiding it as it works through what amounts to a massive existential crisis -- one that's likely to result in further changes to the dividend once the dust settles . Story continues A better option The uncertainty at GE is a good reason to be worried about owning the stock, but the bigger issue is the fact that it's making massive changes to its business. Even an educated guess about what the future holds would be hard to make at this point in time. That's a risk not worth taking for most investors, which is why Procter & Gamble and its 3.7% dividend yield is a better option. Like GE today, Procter & Gamble went through a huge portfolio overhaul not too long ago . However, this wasn't a breakup of the company as much as a trimming of the fat. The businesses this consumer-product giant jettisoned were smaller and lower margined than what it retained. This helps explain why revenues fell each year between 2012 and 2017, while the company's operating margin improved from 17.1% to 21.5%. Notably, P&G was able to continue increasing its dividend every year as it streamlined its business. The annual dividend streak is now up to an incredible 62 years and counting. That's a huge statement about the company's inherent financial strength, commitment to shareholders, and expectations for the future. The trouble today, though, is that consumer products companies are dealing with changing customer desires. That's one of the key reasons Procter & Gamble's yield is at the high end of its historic range. In fact, the yield is roughly as high as it was during the depths of the 2007 to 2009 recession. It looks like a good opportunity for income investors to buy an iconic company. PG Dividend Yield (TTM) Chart PG Dividend Yield (TTM) data by YCharts . The important takeaway, here, is that changes in customer buying habits may increase the uncertainty at P&G, but I don't think it materially increases the risk. P&G has a long and successful history of innovation and change; you don't get to 62 consecutive annual dividend hikes by accident, or without going through some difficult periods. It has, for example, been introducing "natural" products to adjust to customer's desires. And it has also been more aggressive in taking on new competitors, including internet-focused razor companies in its key Gillette business. P&G is changing with the times and has a history of success that suggests it will, eventually, figure out how to succeed this time, too. In fact, results are starting to look encouraging. Revenues, for example, have grown year over year in each of the last three quarters. That's the first step toward a brighter future, since it is an indication that Procter & Gamble's business shifts are gaining traction. That's not to suggest that there's no risk here -- P&G is still a work in progress in some ways since the internet is materially altering the way customers interact with companies. But it is clearly further along than GE, and its top-line upturn is a positive sign. Add in a low level of debt, with long-term debt at roughly 30% of the capital structure, and P&G easily looks financially strong enough to keep supporting both its portfolio tinkering (the heavy lifting has been done already) and the dividend. Don't take on more than you need to General Electric's portfolio overhaul is huge and still in progress. It is not the same company it was just a few years ago, and it will be a very different company again a few years from today. There's sizable turnaround potential, but only for investors willing to stomach the risk of a special situation stock. The dividend, meanwhile, has already proven to be at risk with no certainty that it will survive intact as the industrial giant moves into a new phase of its corporate life. This is why most investors, notably those looking for a reliable dividend stock, would be better off buying Procter & Gamble today. It has already been through a major portfolio overhaul without a major impact on its dividend, and it is addressing current industry shifts with new products and a more aggressive defense of its core brands (notably Gillette). A resumption in sales growth in recent quarters is an initial indication of success that investors don't appear to be recognizing based on the historically high yield. Now looks like a good time for dividend investors to buy P&G. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Reuben Gregg Brewer owns shares of Procter & Gamble. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || What to Expect When Netflix Reports Earnings: Netflix (NASDAQ: NFLX) has been on fire so far this year, and investors have high hopes that the company can continue its breakout performance. Shares have more than doubled since the beginning of the year, while the broader market, as represented by the S&P 500 , has returned a paltry 2%. Netflix has been a beneficiary of a number of analyst upgrades and price target increases in recent weeks, propelling the stock to lofty heights. Investors will be keeping a close eye on the numbers when the company reports the financial results for the 2018 second quarter on Monday, July 16 after the market closes. Let's review a few metrics that will be of interest to investors going into the company's earnings report. A woman sitting at a reception desk with the Netflix logo on the wall behind her. Image source: Netflix. Can the pace of subscriber growth continue? Over the last several years, Netflix has been judged primarily on its subscriber growth -- and this quarter should be no different. During the first quarter of 2018 , the company delivered surprisingly strong customer additions in its domestic market, which many believed was near saturation. Netflix added 1.96 million new viewers in the U.S., up 38% year over year, and blasting past the 1.45 million the company forecast. International viewers grew at an even faster pace, with 5.46 million additions, up 55% compared to the prior-year quarter, and also significantly higher than the 4.9 million Netflix expected. That brought the company's total net additions to a first-quarter record of 7.41 million, up 50% year over year, and bringing its total subscriber base to 125 million. So what caused the massive and unexpected subscriber gains? In its quarterly shareholder letter, Netflix said, "The variance relative to our guidance was driven by continued strong acquisition trends across the globe which we attribute to the growing breadth of our content and the worldwide adoption of internet entertainment." For its second quarter, Netflix management anticipates 6.2 million customer additions, up 19% from the prior year quarter. Breaking that down, the company expects to add 5 million new international subscribers and 1.2 million in the U.S., which would represent year-over-year growth of 21% and 12%, respectively. Story continues Other metrics While subscriber growth is the most closely followed metric, there are others. On the revenue front, Netflix is anticipating revenue of $3.934 billion, an increase of 41.2% year over year. The company is forecasting operating income of $469 million, more than three times the $128 million produced in the same period last year. The company has even more ambitious goals for net income, which it expects will come in at $358 million, producing earnings per share of $0.79, five times the level achieved in the prior-year quarter. Netflix management has repeatedly said that it believes operating margins represent the best method for assessing the company's performance. For the second quarter, Netflix expects operating margins of 11.9%, more than double the 4.6% it achieved in the year-ago quarter, though slightly lower sequentially from the 12.1% achieved in the first quarter of this year. Cast members from season two of the Netflix original series GLOW (Glorious Ladies of Wrestling) posing around a car with the front tire off. Image source: Netflix. Forecast Many will also be watching Netflix's guidance for the coming quarter for signs that the company's impressive growth can continue. Analysts' consensus estimates for the September quarter are for revenue of $4.14 billion, which would represent year-over-year growth of 38.6%, only slightly lower than Netflix's guidance for growth in the current quarter. Historically speaking, Netflix has made a habit of being conservative with its guidance, allowing it to exceed its own forecasts. Expect this to continue as the company has only missed its own projections on a handful of occasions in recent years. A word about valuation It's important to note that Netflix already sported a sky-high valuation -- and that was before its recent sprint. Its price-to-earnings ratio now clocks in at a whopping 265 times trailing earnings, while its forward multiple is 137 times, both up significantly from just three months ago. With the recent market uncertainty regarding trade tensions with China, even if Netflix exceeds its ambitious forecast, that may not be enough to support its frothy valuation. Investors should be aware that the potential for significant volatility exists. In light of its recent run up, Netflix may have to put up truly stunning numbers to keep its stock price growing. That said, I believe the long-term investing thesis remains intact, regardless of how the stock price reacts after the earnings release. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Danny Vena owns shares of Netflix. The Motley Fool owns shares of and recommends Netflix. The Motley Fool has a disclosure policy . || What to Expect When Netflix Reports Earnings: Netflix(NASDAQ: NFLX)has been on fire so far this year, and investors have high hopes that the company can continue its breakout performance. Shares have more than doubled since the beginning of the year, while the broader market, as represented by theS&P 500, has returned a paltry 2%. Netflix has been a beneficiary of a number ofanalyst upgrades and price target increasesin recent weeks, propelling the stock to lofty heights.
Investors will be keeping a close eye on the numbers when the company reports the financial results for the 2018 second quarter on Monday, July 16 after the market closes. Let's review a few metrics that will be of interest to investors going into the company's earnings report.
Image source: Netflix.
Over the last several years, Netflix has been judged primarily on its subscriber growth -- and this quarter should be no different.
During thefirst quarter of 2018, the company delivered surprisingly strong customer additions in its domestic market, which many believed was near saturation. Netflix added 1.96 million new viewers in the U.S., up 38% year over year, and blasting past the 1.45 million the company forecast. International viewers grew at an even faster pace, with 5.46 million additions, up 55% compared to the prior-year quarter, and also significantly higher than the 4.9 million Netflix expected. That brought the company's total net additions to a first-quarter record of 7.41 million, up 50% year over year, and bringing its total subscriber base to 125 million.
So what caused the massive and unexpected subscriber gains? In its quarterly shareholder letter, Netflix said, "The variance relative to our guidance was driven by continued strong acquisition trends across the globe which we attribute to the growing breadth of our content and the worldwide adoption of internet entertainment."
For its second quarter, Netflix management anticipates 6.2 million customer additions, up 19% from the prior year quarter. Breaking that down, the company expects to add 5 million new international subscribers and 1.2 million in the U.S., which would represent year-over-year growth of 21% and 12%, respectively.
While subscriber growth is the most closely followed metric, there are others.
On the revenue front, Netflix is anticipating revenue of $3.934 billion, an increase of 41.2% year over year. The company is forecasting operating income of $469 million, more than three times the $128 million produced in the same period last year. The company has even more ambitious goals for net income, which it expects will come in at $358 million, producing earnings per share of $0.79, five times the level achieved in the prior-year quarter.
Netflix management has repeatedly said that it believes operating margins represent the best method for assessing the company's performance. For the second quarter, Netflix expects operating margins of 11.9%, more than double the 4.6% it achieved in the year-ago quarter, though slightly lower sequentially from the 12.1% achieved in the first quarter of this year.
Image source: Netflix.
Many will also be watching Netflix's guidance for the coming quarter for signs that the company's impressive growth can continue. Analysts' consensus estimates for the September quarter are for revenue of $4.14 billion, which would represent year-over-year growth of 38.6%, only slightly lower than Netflix's guidance for growth in the current quarter.
Historically speaking, Netflix has made a habit of being conservative with its guidance, allowing it to exceed its own forecasts. Expect this to continue as the company has only missed its own projections on a handful of occasions in recent years.
It's important to note that Netflix already sported a sky-high valuation -- and that was before its recent sprint. Itsprice-to-earnings rationow clocks in at a whopping 265 times trailing earnings, while its forward multiple is 137 times, both up significantly from just three months ago. With the recent market uncertainty regarding trade tensions with China, even if Netflix exceeds its ambitious forecast, that may not be enough to support its frothy valuation. Investors should be aware that the potential for significant volatility exists.
In light of its recent run up, Netflix may have to put up truly stunning numbers to keep its stock price growing. That said, I believe thelong-term investing thesisremains intact, regardless of how the stock price reacts after the earnings release.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Danny Venaowns shares of Netflix. The Motley Fool owns shares of and recommends Netflix. The Motley Fool has adisclosure policy. || 3 Tech Stocks That Doubled in a Year: The S&P 500 climbed 13% over the past 12 months despite ongoing concerns about rising interest rates and trade wars, and several tech stocks crushed the market with triple-digit gains. Today we'll take a closer look at three of those high-growth winners: Baozun (NASDAQ: BZUN) , Autohome (NYSE: ATHM) , and Match Group (NASDAQ: MTCH) . A man and woman cheer as they look at a computer screen. Image source: Getty Images. Baozun Shares of Chinese e-commerce services provider Baozun rallied more than 120% over the past 12 months. The company provides retailers with digital storefronts bundled with marketing, customer, fulfillment, and IT services, making it a "one-stop shop" for bringing businesses online in China's bustling e-commerce market. It serves a wide range of clients, from small businesses to multinational giants like Nike . The bears once claimed that Baozun would be rendered obsolete if Alibaba or JD.com , the two top e-commerce players in China, launched similar services for their marketplaces. But today, Alibaba, JD, and many other e-commerce websites integrate Baozun's platform into their marketplaces. Baozun's revenue rose 22% as its non-GAAP net income surged 121%. On a GAAP basis, earnings climbed 141%. The company attributes that growth to rising transactions at its clients' stores, an expanding number of brand partners, and its ability to cross-sell new services. Analysts expect Baozun's revenue and non-GAAP earnings to grow 27% and 68%, respectively, this year. Those are impressive growth rates, but the stock isn't cheap at 46 times this year's earnings. Autohome Another Chinese internet company, Autohome, rallied about 125% over the past 12 months. Autohome's websites provide auto-related news, reviews, and prices for cars, while its Autohome Mall platform connects buyers to dealers. The company is expanding that offering with a cloud-based platform for over 35,000 used car dealers. Autohome's only meaningful competitor is Bitauto , which generates higher revenue growth but softer earnings growth. Bitauto is notably backed by Tencent and JD, which frequently co-invest in tech and retail companies. Story continues Autohome's revenue rose 4% last year, mostly supported by a 34% jump in revenues from its media and leads generation services. Its non-GAAP net income climbed 53%, while its GAAP net income grew 63%. The company recently shuttered its unprofitable direct sales business and switched over to the ASC 606 accounting standard, both of which will slightly throttle its reported revenue growth this year. A bird's eye view of a car lot. Image source: Getty Images. Nonetheless, analysts still expect Autohome's revenue and non-GAAP earnings to climb 14% and 21%, respectively, this year. The stock currently trades at 29 times this year's earnings, which seems slightly pricey relative to its earnings growth potential. Match Group Match Group's stock also easily crushed the market with a 125% gain over the past 12 months. Match owns several well-known dating apps, including Match, Tinder, OKCupid, and Plenty of Fish, and generates revenues from display ads and paid subscriptions. Its total paid subscribers grew 26% annually to 7.4 million last quarter, with Tinder's premium members accounting for 3.5 million of that total. Match, which was spun off by internet media company IAC in 2015, is the 800-pound gorilla of online dating. However, Facebook 's recent introduction of a dating feature caused many investors to question the width of Match's moat. Match subsequently struck back by launching a new "gamified" dating app called Crown, acquiring a stake in NYC-based dating app Hinge, and introducing new interest-based features for Tinder. Match's revenue rose 19% last year, but its adjusted earnings dipped 19% due to tax reform-related charges. Wall Street expects its revenue to rise 27% this year as its earnings rebound 106% from that temporary dip. That's a solid growth rate for a stock that trades at just 29 times this year's earnings, but analysts expect its earnings growth to decelerate to 19% next year. The bottom line Baozun, Autohome, and Match have been kind to investors, but past gains never guarantee future returns. Baozun is still a good growth stock at these prices, but I'd be more cautious about Autohome due to the threat of slowing auto sales and tariffs; and Match, which needs to hold its ground against Facebook's latest moves. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Leo Sun owns shares of JD.com and Tencent Holdings. The Motley Fool owns shares of and recommends Baozun, Facebook, JD.com, Nike, and Tencent Holdings. The Motley Fool recommends Match Group. The Motley Fool has a disclosure policy . || 3 Tech Stocks That Doubled in a Year: The S&P 500 climbed 13% over the past 12 months despite ongoing concerns about rising interest rates and trade wars, and several tech stocks crushed the market with triple-digit gains. Today we'll take a closer look at three of those high-growth winners:Baozun(NASDAQ: BZUN),Autohome(NYSE: ATHM), andMatch Group(NASDAQ: MTCH).
Image source: Getty Images.
Shares of Chinese e-commerce services provider Baozun rallied more than 120% over the past 12 months. The company provides retailers with digital storefronts bundled with marketing, customer, fulfillment, and IT services, making it a "one-stop shop" for bringing businesses online in China's bustling e-commerce market. It serves a wide range of clients, from small businesses to multinational giants likeNike.
The bears once claimed that Baozun would be rendered obsolete ifAlibabaorJD.com, the two top e-commerce players in China, launched similar services for their marketplaces. But today, Alibaba, JD, and many other e-commerce websites integrate Baozun's platform into their marketplaces.
Baozun's revenue rose 22% as its non-GAAP net income surged 121%. On a GAAP basis, earnings climbed 141%. The company attributes that growth to rising transactions at its clients' stores, an expanding number of brand partners, and its ability to cross-sell new services.
Analysts expect Baozun's revenue and non-GAAP earnings to grow 27% and 68%, respectively, this year. Those are impressive growth rates, but the stock isn't cheap at 46 times this year's earnings.
Another Chinese internet company, Autohome, rallied about 125% over the past 12 months. Autohome's websites provide auto-related news, reviews, and prices for cars, while its Autohome Mall platform connects buyers to dealers. The company is expanding that offering with a cloud-based platform for over 35,000 used car dealers.
Autohome's only meaningful competitor isBitauto,which generateshigher revenue growth but softer earnings growth. Bitauto is notably backed byTencentand JD, whichfrequently co-investin tech and retail companies.
Autohome's revenue rose 4% last year, mostly supported by a 34% jump in revenues from its media and leads generation services. Its non-GAAP net income climbed 53%, while its GAAP net income grew 63%. The company recently shuttered its unprofitable direct sales business and switched over to theASC 606accounting standard, both of which will slightly throttle its reported revenue growth this year.
Image source: Getty Images.
Nonetheless, analysts still expect Autohome's revenue and non-GAAP earnings to climb 14% and 21%, respectively, this year. The stock currently trades at 29 times this year's earnings, which seems slightly pricey relative to its earnings growth potential.
Match Group's stock also easily crushed the market with a 125% gain over the past 12 months. Match owns several well-known dating apps, including Match, Tinder, OKCupid, and Plenty of Fish, and generates revenues from display ads and paid subscriptions. Its total paid subscribers grew 26% annually to 7.4 million last quarter, with Tinder's premium members accounting for 3.5 million of that total.
Match, which was spun off by internet media companyIACin 2015, is the 800-pound gorilla of online dating. However,Facebook's recent introduction of a dating feature caused many investors to question the width of Match's moat. Match subsequentlystruck backby launching a new "gamified" dating app called Crown, acquiring a stake in NYC-based dating app Hinge, and introducing new interest-based features for Tinder.
Match's revenue rose 19% last year, but its adjusted earnings dipped 19% due to tax reform-related charges. Wall Street expects its revenue to rise 27% this year as its earnings rebound 106% from that temporary dip. That's a solid growth rate for a stock that trades at just 29 times this year's earnings, but analysts expect its earnings growth to decelerate to 19% next year.
Baozun, Autohome, and Match have been kind to investors, but past gains never guarantee future returns. Baozun is still a good growth stock at these prices, but I'd be more cautious about Autohome due to the threat of slowing auto sales and tariffs; and Match, which needs to hold its ground against Facebook's latest moves.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Leo Sunowns shares of JD.com and Tencent Holdings. The Motley Fool owns shares of and recommends Baozun, Facebook, JD.com, Nike, and Tencent Holdings. The Motley Fool recommends Match Group. The Motley Fool has adisclosure policy. || 3 Things to Watch in the Stock Market This Week: Stocks rose last week as news of continued healthy growth in the job market offset investor concerns about global trade skirmishes. Both the S&P 500 (SNPINDEX: ^GSPC) and the Dow Jones Industrial Average (DJINDICES: ^DJI) gained about a percentage point in the shortened trading week, leaving the indexes straddling the breakeven point for year-to-date returns: ^SPX Chart ^SPX data by YCharts . Investors will see second-quarter earnings reports start to show up in the week ahead, and announcements from PepsiCo (NASDAQ: PEP) , MSC Industrial Direct (NYSE: MSM) , and Wells Fargo (NYSE: WFC) could send these stocks moving. Below, we'll take a look at a few trends to watch for in the earnings news. Pepsi's U.S. soda business Most of Pepsi's snack, sports, and soft-drink empire has been performing well lately. Its food portfolio managed 3% higher volume in the fiscal first quarter, and international markets were standout performers, too. However, that good news has been overshadowed by weak growth in the core North American soda business . The segment posted reduced volumes and falling prices last quarter, while rival Coca-Cola fared better on both of those key metrics. Pepsi's CEO Indra Nooyi told investors in late April that the management team had a plan in place to turn things around in its U.S. carbonated beverage segment, which includes higher marketing spending to match Coca Cola's increased outlay. Investors will be looking for evidence that the shift has sped up organic volume growth without sacrificing too much in the way of profits. Overall, Pepsi's earnings on Tuesday are likely to keep its modest growth pace intact, with sales gains somewhere in the neighborhood of 2%. MSC Industrial Direct's profitability Metalworking, maintenance, and repair tool specialist MSC Industrial Direct posts its results on Wednesday. Its last report showed plenty of evidence of a continued cyclical rebound in its industry, with sales rising 9%, pricing improving, and operating margin expanding to 12.8% of sales from 12.3% a year earlier. Story continues Executives said in April that the manufacturing environment looked healthy, and those trends helped convince management to issue an aggressive outlook that calls for sales to rise by 11% this quarter, at the midpoint of guidance. In addition to those growth trends, investors will be watching gross profit margin for any signs that increasing raw material costs are eating into profitability. If MSC Industrial can't pass along those higher expenses to customers, it would imply softer operating results over the short term. Wells Fargo's loan trends Wells Fargo shareholders have underperformed the market over the past five years, which stings given that big banks have enjoyed a solid rally lately. With economic growth accelerating, interest rates rising, and tax rates falling, there are many reasons to be bullish about these financial giants' businesses. A man waiting in line at a bank Image source: Getty Images. Yet Wells Fargo's various scandals have contributed to worsening deposit and loan metrics, and so Wall Street has left the company out of the recent finance rally. On the other hand, that slump could set the stock up for a significant rebound , especially if new CEO Tim Sloan continues making steady progress at shoring up the bank's battered brand. In Friday's earnings report, investors will be watching for evidence of firming deposit and loan volumes, along with improvements in Wells Fargo's core financial metrics such as return on assets. The outlook for direct cash returns, meanwhile, should be bright: The Federal Reserve approved a modest dividend increase, and the company plans a massive stock buyback for the current fiscal year. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool owns shares of MSC Industrial Direct. The Motley Fool has a disclosure policy . || 3 Things to Watch in the Stock Market This Week: Stocks rose last week as news of continued healthy growth in the job market offset investor concerns about global trade skirmishes. Both theS&P 500(SNPINDEX: ^GSPC)and theDow Jones Industrial Average(DJINDICES: ^DJI)gained about a percentage point in the shortened trading week, leaving the indexes straddling the breakeven point for year-to-date returns:
^SPXdata byYCharts.
Investors will see second-quarter earnings reports start to show up in the week ahead, and announcements fromPepsiCo(NASDAQ: PEP),MSC Industrial Direct(NYSE: MSM), andWells Fargo(NYSE: WFC)could send these stocks moving. Below, we'll take a look at a few trends to watch for in the earnings news.
Most of Pepsi's snack, sports, and soft-drink empire has been performing well lately. Its food portfolio managed 3% higher volume in the fiscal first quarter, and international markets were standout performers, too. However, that good news has been overshadowed byweak growth in the core North American soda business. The segment posted reduced volumes and falling prices last quarter, while rivalCoca-Colafared better on both of those key metrics.
Pepsi's CEO Indra Nooyi told investors in late April that the management team had a plan in place to turn things around in its U.S. carbonated beverage segment, which includes higher marketing spending to match Coca Cola's increased outlay. Investors will be looking for evidence that the shift has sped up organic volume growth without sacrificing too much in the way of profits. Overall, Pepsi's earnings on Tuesday are likely to keep its modest growth pace intact, with sales gains somewhere in the neighborhood of 2%.
Metalworking, maintenance, and repair tool specialist MSC Industrial Direct posts its results on Wednesday. Its last report showed plenty of evidence of a continued cyclical rebound in its industry, with sales rising 9%, pricing improving, and operating margin expanding to 12.8% of sales from 12.3% a year earlier.
Executives said in April that the manufacturing environment looked healthy, and those trends helped convince management to issue an aggressive outlook that calls for sales to rise by 11% this quarter, at the midpoint of guidance. In addition to those growth trends, investors will be watching gross profit margin for any signs that increasing raw material costs are eating into profitability. If MSC Industrial can't pass along those higher expenses to customers, it would imply softer operating results over the short term.
Wells Fargo shareholders have underperformed the market over the past five years, which stings given that big banks have enjoyed a solid rally lately. With economic growth accelerating, interest rates rising, and tax rates falling, there are many reasons to be bullish about these financial giants' businesses.
Image source: Getty Images.
Yet Wells Fargo's various scandals have contributed to worsening deposit and loan metrics, and so Wall Street has left the company out of the recent finance rally. On the other hand, that slump could set the stock up for asignificant rebound, especially if new CEO Tim Sloan continues making steady progress at shoring up the bank's battered brand.
In Friday's earnings report, investors will be watching for evidence of firming deposit and loan volumes, along with improvements in Wells Fargo's core financial metrics such as return on assets. The outlook for direct cash returns, meanwhile, should be bright: TheFederal Reserve approveda modest dividend increase, and the company plans a massive stock buyback for the current fiscal year.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Demitrios Kalogeropouloshas no position in any of the stocks mentioned. The Motley Fool owns shares of MSC Industrial Direct. The Motley Fool has adisclosure policy.
[Social Media Buzz]
#BTC: $6755.74 (-0.12%)
#ETH: $477.00 (-2.52%)
#XRP: $0.474 (-0.74%)
#BCH: $738.60 (-1.83%)
#EOS: $7.82 (-9.95%)
#LTC: $80.84 (-2.37%)
#XLM: $0.207 (-1.49%)
#ADA: $0.139 (-3.76%)
#IOTA: $1.04 (-4.18%)
#NEO: $36.64 (-5.95%)
#TRX: $0.035 (-2.96%) || Order your secure and smart BTC/ETH/Altcoin hardware wallet - Only 94.80 EUR https://www.ledgerwallet.com/r/4518?path=/products/ledger-nano-s … #bitcoin #btc #eth #altcoin 00:17 pic.twitter.com/NdLEASavEF || Cryptocurrency Bitcoin -0.1% at $6699.00 in ...
|
6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75.
|
[Bitcoin Technical Analysis for 2021-04-26]
Volume: 58284039825, RSI (14-day): 45.51, 50-day EMA: 54970.21, 200-day EMA: 39501.90
[Wider Market Context]
Gold Price: 1779.20, Gold RSI: 57.70
Oil Price: 61.91, Oil RSI: 52.15
[Recent News (last 7 days)]
Crypto Long & Short: The Pattern in Bitcoin’s Volatility: Bitcoin’s volatility has been moving in a downward direction, and the price of the currency seems fixed in a band between $50,000 and $60,000. Is the current market forbitcoina temporary lull between lurches? Or is it a long-term trend toward lower volatility that could change the way bitcoin is perceived?
The answer is, it’s too early to tell. The chart above shows bitcoin’s volatility has been on a steady decline. (Etherand the S&P 500 are included as references.) However, it’s still in an approximate mid-range, historically.
You’re readingCrypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view.You can subscribe here.
Related:Plutocracy Is Still Bad, Proposed EOS Overhaul Confirms
As of Sunday morning, this past week’s correction hadn’t changed that. Bitcoin’s price remains roughly in a band between $50,000 and $60,000, and with this week’s dip marking the second time it’s rocked between the minimum and maximum of that range, its volatility is still roughly in the middle.
Using the table below as a guide, bitcoin’s stretch of middling volatility is likely to continue. At 43 days, it is still rather young, as these things go.
The data in the table is based on dividing bitcoin volatility into three ranges: high, mid and low. High is volatility at or above 100%. Mid is volatility at or above 50%, and below 100%. Low is volatility below 50%. Volatility is the 30-day standard deviation of daily log returns, annualized at 365 days of trading.
These ranges aren’t entirely arbitrary. Since October 2014, bitcoin volatility’s top tercile has been above 79% and its middle third has started at 51%.
Related:Bitcoin News Roundup for April 26, 2021
Looking at bitcoin volatility in this way shows a pattern in the duration of volatility cycles. In the first two years on the table, bitcoin volatility cycles tended to be shorter, less than 50 days in duration. They lengthened in 2016 to 2018, then returned to shorter cycles in 2019.
As of Saturday, bitcoin’s volatility was just over 50%, putting it at the low end of our mid-range for volatility. It’s been in the mid-range for 43 days, following a period (32 days) of high volatility that ended March 13. In the current environment, it hasn’t yet reached the average duration of a volatility cycle – at least not as we’re defining them here.
If recent norms persist, bitcoin’s volatility may be disappointing both to traders antsy for a break and technologists hoping for long-term, lower volatility that could make bitcoin more “useful” as a currency. It may feel like bitcoin has been in stasis for a long time, but historically speaking this could be a long haul.
– Galen Moore
This week saw two notable appointments that underline the “institutionalization” of crypto markets:
• Former Acting Comptroller of the CurrencyBrian Brookswas appointed CEOof crypto exchange Binance.US.
• Former CFTC ChairmanChris Giancarlowasappointed to the boardof crypto lender BlockFi.
We continue to see investment pour into crypto market infrastructure from traditional investment firms. This past week:
• Baillie Gifford, one of the U.K.’s most prominent asset managers,invested $100 millionin crypto exchange and wallet provider Blockchain.com.
• RIT Capital Partners, a U.K.-based investment trust founded by Lord Jacob Rothschild of the prominent Rothschild banking family, madean investment of undisclosed sizein U.S.-based cryptocurrency exchange Kraken.
Coinbasewill list the stablecoin tether(USDT) on its professional trading platform, allowing investors to deposit immediately and to begin trading next week.TAKEAWAY:This move is a big deal, as it effectively legitimizes tether, which had been struggling with reputation issues related to the stablecoin’s backing and the internal handling of funds. Earlier this year, the NYAG settled its enquiry into the stablecoin’s issuing company and sister exchange, mandating periodic attestations starting in May 2021. Tether acts as a significant support to market liquidity, and concerns that regulatory or confidence problems could deal a blow to overall market sentiment have been weighing on the market for some time. That Coinbase’s first new token listing after going public should be a stablecoin previously mired in controversy sends a strong signal of support to the market’s preference for a competitor to theUSDCstablecoin, which is managed by a Circle-Coinbase partnership.
New York-basedSignature Bankadded $3.77 billionin non-interest bearing deposits in Q1, which shows an acceleration of deposit growth – in Q4 the growth was $2.5 billion.TAKEAWAY:Figures like these will signal to other banks that the crypto industry is currently a source of strong balance sheet growth and could encourage more of them to offer service to crypto companies. Over the years, crypto companies have struggled to get basic banking services, a more robust banking service offering for crypto companies, perhaps even competition for their business, will bring new operating efficiencies. That, in turn, will make these companies even more attractive to investors, which will further support innovation.
Cryptocurrency-focused financial services firmGalaxy Digitalis in advanced discussionsto buy crypto custodianBitGo, according to sources.TAKEAWAY:Yet another gripping scoop from my colleague Ian Allison. Whether it goes ahead or not, this represents powerful positioning in the crypto prime broker race.
San Francisco-based trading tech firmX-Marginand cryptocurrency custody providerFireblocksare developing a credit management systemthat gives lenders insight into borrower positions across platforms while preserving privacy.TAKEAWAY:This is intriguing in that it brings a technology angle to the prime brokerage business, with the potential effect of reducing lending risk and collateral requirements, which in turn should free up liquidity.
A bitcoin ETF managed by3iQandCoinSharesis now tradingon the Toronto Stock Exchange under the symbols BTCQ (CAD) and BTCQ.U (USD).TAKEAWAY:For those keeping score, Canada now has four bitcoin exchange-traded funds andfour ether ETFs. The U.S. still has none.
Speaking of3iQ, the company’s CEO told Bloomberg that it isaiming to raise over $200 millionfrom the dual listing of its 3iQ Coinshares bitcoin exchange-traded fund in Dubai.TAKEAWAY:The potential is indeed high, since it will be the first cryptocurrency fund to go public in the Middle East.
Switzerland-based investment product provider21Sharesislaunching exchange-traded products (ETPs)for the native cryptocurrencies of Stellar (ticker: AXLM) and Cardano (ticker: AADA) on the Swiss SIX Exchange.TAKEAWAY:It’s curious that Europe has such a wide range of crypto-based assets listed on exchanges that investors of all types can access through their brokers, while the U.S. has none. (Unless you countMicroStrategy, but that’s a different story.)
Bitcoin services firmNYDIGhas bought commercial lenderArctos Capital, which provides financing solutions to bitcoin miners and other crypto firms.TAKEAWAY:It is fascinating to see the growing institutional interest in the bitcoin mining industry, which points not only to greater sophistication in mining financing and operations, but also to considerable growth ahead in North American mining operations.
– Noelle Acheson
• Crypto Long & Short: The Pattern in Bitcoin’s Volatility
• Crypto Long & Short: The Pattern in Bitcoin’s Volatility || Crypto Long & Short: The Pattern in Bitcoin’s Volatility: Bitcoin’s volatility has been moving in a downward direction, and the price of the currency seems fixed in a band between $50,000 and $60,000. Is the current market for bitcoin a temporary lull between lurches? Or is it a long-term trend toward lower volatility that could change the way bitcoin is perceived? The answer is, it’s too early to tell. The chart above shows bitcoin’s volatility has been on a steady decline. ( Ether and the S&P 500 are included as references.) However, it’s still in an approximate mid-range, historically. You’re reading Crypto Long & Short , a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here . Related: Plutocracy Is Still Bad, Proposed EOS Overhaul Confirms As of Sunday morning, this past week’s correction hadn’t changed that. Bitcoin’s price remains roughly in a band between $50,000 and $60,000, and with this week’s dip marking the second time it’s rocked between the minimum and maximum of that range, its volatility is still roughly in the middle. Using the table below as a guide, bitcoin’s stretch of middling volatility is likely to continue. At 43 days, it is still rather young, as these things go. The data in the table is based on dividing bitcoin volatility into three ranges: high, mid and low. High is volatility at or above 100%. Mid is volatility at or above 50%, and below 100%. Low is volatility below 50%. Volatility is the 30-day standard deviation of daily log returns, annualized at 365 days of trading. These ranges aren’t entirely arbitrary. Since October 2014, bitcoin volatility’s top tercile has been above 79% and its middle third has started at 51%. Story continues Related: Bitcoin News Roundup for April 26, 2021 Looking at bitcoin volatility in this way shows a pattern in the duration of volatility cycles. In the first two years on the table, bitcoin volatility cycles tended to be shorter, less than 50 days in duration. They lengthened in 2016 to 2018, then returned to shorter cycles in 2019. As of Saturday, bitcoin’s volatility was just over 50%, putting it at the low end of our mid-range for volatility. It’s been in the mid-range for 43 days, following a period (32 days) of high volatility that ended March 13. In the current environment, it hasn’t yet reached the average duration of a volatility cycle – at least not as we’re defining them here. If recent norms persist, bitcoin’s volatility may be disappointing both to traders antsy for a break and technologists hoping for long-term, lower volatility that could make bitcoin more “useful” as a currency. It may feel like bitcoin has been in stasis for a long time, but historically speaking this could be a long haul. – Galen Moore Chain Links This week saw two notable appointments that underline the “institutionalization” of crypto markets: Former Acting Comptroller of the Currency Brian Brooks was appointed CEO of crypto exchange Binance.US. Former CFTC Chairman Chris Giancarlo was appointed to the board of crypto lender BlockFi. We continue to see investment pour into crypto market infrastructure from traditional investment firms. This past week: Baillie Gifford , one of the U.K.’s most prominent asset managers, invested $100 million in crypto exchange and wallet provider Blockchain.com. RIT Capital Partners , a U.K.-based investment trust founded by Lord Jacob Rothschild of the prominent Rothschild banking family, made an investment of undisclosed size in U.S.-based cryptocurrency exchange Kraken. Coinbase will list the stablecoin tether ( USDT ) on its professional trading platform, allowing investors to deposit immediately and to begin trading next week. TAKEAWAY: This move is a big deal, as it effectively legitimizes tether, which had been struggling with reputation issues related to the stablecoin’s backing and the internal handling of funds. Earlier this year, the NYAG settled its enquiry into the stablecoin’s issuing company and sister exchange, mandating periodic attestations starting in May 2021. Tether acts as a significant support to market liquidity, and concerns that regulatory or confidence problems could deal a blow to overall market sentiment have been weighing on the market for some time. That Coinbase’s first new token listing after going public should be a stablecoin previously mired in controversy sends a strong signal of support to the market’s preference for a competitor to the USDC stablecoin, which is managed by a Circle-Coinbase partnership. New York-based Signature Bank added $3.77 billion in non-interest bearing deposits in Q1, which shows an acceleration of deposit growth – in Q4 the growth was $2.5 billion. TAKEAWAY: Figures like these will signal to other banks that the crypto industry is currently a source of strong balance sheet growth and could encourage more of them to offer service to crypto companies. Over the years, crypto companies have struggled to get basic banking services, a more robust banking service offering for crypto companies, perhaps even competition for their business, will bring new operating efficiencies. That, in turn, will make these companies even more attractive to investors, which will further support innovation. Cryptocurrency-focused financial services firm Galaxy Digital is in advanced discussions to buy crypto custodian BitGo , according to sources. TAKEAWAY: Yet another gripping scoop from my colleague Ian Allison. Whether it goes ahead or not, this represents powerful positioning in the crypto prime broker race. San Francisco-based trading tech firm X-Margin and cryptocurrency custody provider Fireblocks are developing a credit management system that gives lenders insight into borrower positions across platforms while preserving privacy. TAKEAWAY: This is intriguing in that it brings a technology angle to the prime brokerage business, with the potential effect of reducing lending risk and collateral requirements, which in turn should free up liquidity. A bitcoin ETF managed by 3iQ and CoinShares is now trading on the Toronto Stock Exchange under the symbols BTCQ (CAD) and BTCQ.U (USD). TAKEAWAY: For those keeping score, Canada now has four bitcoin exchange-traded funds and four ether ETFs . The U.S. still has none. Speaking of 3iQ , the company’s CEO told Bloomberg that it is aiming to raise over $200 million from the dual listing of its 3iQ Coinshares bitcoin exchange-traded fund in Dubai. TAKEAWAY: The potential is indeed high, since it will be the first cryptocurrency fund to go public in the Middle East. Switzerland-based investment product provider 21Shares is launching exchange-traded products (ETPs) for the native cryptocurrencies of Stellar (ticker: AXLM) and Cardano (ticker: AADA) on the Swiss SIX Exchange. TAKEAWAY: It’s curious that Europe has such a wide range of crypto-based assets listed on exchanges that investors of all types can access through their brokers, while the U.S. has none. (Unless you count MicroStrategy , but that’s a different story.) Bitcoin services firm NYDIG has bought commercial lender Arctos Capital, which provides financing solutions to bitcoin miners and other crypto firms. TAKEAWAY: It is fascinating to see the growing institutional interest in the bitcoin mining industry, which points not only to greater sophistication in mining financing and operations, but also to considerable growth ahead in North American mining operations. – Noelle Acheson Related Stories Crypto Long & Short: The Pattern in Bitcoin’s Volatility Crypto Long & Short: The Pattern in Bitcoin’s Volatility || Crypto Long & Short: The Pattern in Bitcoin’s Volatility: Bitcoin’s volatility has been moving in a downward direction, and the price of the currency seems fixed in a band between $50,000 and $60,000. Is the current market forbitcoina temporary lull between lurches? Or is it a long-term trend toward lower volatility that could change the way bitcoin is perceived?
The answer is, it’s too early to tell. The chart above shows bitcoin’s volatility has been on a steady decline. (Etherand the S&P 500 are included as references.) However, it’s still in an approximate mid-range, historically.
You’re readingCrypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view.You can subscribe here.
Related:Plutocracy Is Still Bad, Proposed EOS Overhaul Confirms
As of Sunday morning, this past week’s correction hadn’t changed that. Bitcoin’s price remains roughly in a band between $50,000 and $60,000, and with this week’s dip marking the second time it’s rocked between the minimum and maximum of that range, its volatility is still roughly in the middle.
Using the table below as a guide, bitcoin’s stretch of middling volatility is likely to continue. At 43 days, it is still rather young, as these things go.
The data in the table is based on dividing bitcoin volatility into three ranges: high, mid and low. High is volatility at or above 100%. Mid is volatility at or above 50%, and below 100%. Low is volatility below 50%. Volatility is the 30-day standard deviation of daily log returns, annualized at 365 days of trading.
These ranges aren’t entirely arbitrary. Since October 2014, bitcoin volatility’s top tercile has been above 79% and its middle third has started at 51%.
Related:Bitcoin News Roundup for April 26, 2021
Looking at bitcoin volatility in this way shows a pattern in the duration of volatility cycles. In the first two years on the table, bitcoin volatility cycles tended to be shorter, less than 50 days in duration. They lengthened in 2016 to 2018, then returned to shorter cycles in 2019.
As of Saturday, bitcoin’s volatility was just over 50%, putting it at the low end of our mid-range for volatility. It’s been in the mid-range for 43 days, following a period (32 days) of high volatility that ended March 13. In the current environment, it hasn’t yet reached the average duration of a volatility cycle – at least not as we’re defining them here.
If recent norms persist, bitcoin’s volatility may be disappointing both to traders antsy for a break and technologists hoping for long-term, lower volatility that could make bitcoin more “useful” as a currency. It may feel like bitcoin has been in stasis for a long time, but historically speaking this could be a long haul.
– Galen Moore
This week saw two notable appointments that underline the “institutionalization” of crypto markets:
• Former Acting Comptroller of the CurrencyBrian Brookswas appointed CEOof crypto exchange Binance.US.
• Former CFTC ChairmanChris Giancarlowasappointed to the boardof crypto lender BlockFi.
We continue to see investment pour into crypto market infrastructure from traditional investment firms. This past week:
• Baillie Gifford, one of the U.K.’s most prominent asset managers,invested $100 millionin crypto exchange and wallet provider Blockchain.com.
• RIT Capital Partners, a U.K.-based investment trust founded by Lord Jacob Rothschild of the prominent Rothschild banking family, madean investment of undisclosed sizein U.S.-based cryptocurrency exchange Kraken.
Coinbasewill list the stablecoin tether(USDT) on its professional trading platform, allowing investors to deposit immediately and to begin trading next week.TAKEAWAY:This move is a big deal, as it effectively legitimizes tether, which had been struggling with reputation issues related to the stablecoin’s backing and the internal handling of funds. Earlier this year, the NYAG settled its enquiry into the stablecoin’s issuing company and sister exchange, mandating periodic attestations starting in May 2021. Tether acts as a significant support to market liquidity, and concerns that regulatory or confidence problems could deal a blow to overall market sentiment have been weighing on the market for some time. That Coinbase’s first new token listing after going public should be a stablecoin previously mired in controversy sends a strong signal of support to the market’s preference for a competitor to theUSDCstablecoin, which is managed by a Circle-Coinbase partnership.
New York-basedSignature Bankadded $3.77 billionin non-interest bearing deposits in Q1, which shows an acceleration of deposit growth – in Q4 the growth was $2.5 billion.TAKEAWAY:Figures like these will signal to other banks that the crypto industry is currently a source of strong balance sheet growth and could encourage more of them to offer service to crypto companies. Over the years, crypto companies have struggled to get basic banking services, a more robust banking service offering for crypto companies, perhaps even competition for their business, will bring new operating efficiencies. That, in turn, will make these companies even more attractive to investors, which will further support innovation.
Cryptocurrency-focused financial services firmGalaxy Digitalis in advanced discussionsto buy crypto custodianBitGo, according to sources.TAKEAWAY:Yet another gripping scoop from my colleague Ian Allison. Whether it goes ahead or not, this represents powerful positioning in the crypto prime broker race.
San Francisco-based trading tech firmX-Marginand cryptocurrency custody providerFireblocksare developing a credit management systemthat gives lenders insight into borrower positions across platforms while preserving privacy.TAKEAWAY:This is intriguing in that it brings a technology angle to the prime brokerage business, with the potential effect of reducing lending risk and collateral requirements, which in turn should free up liquidity.
A bitcoin ETF managed by3iQandCoinSharesis now tradingon the Toronto Stock Exchange under the symbols BTCQ (CAD) and BTCQ.U (USD).TAKEAWAY:For those keeping score, Canada now has four bitcoin exchange-traded funds andfour ether ETFs. The U.S. still has none.
Speaking of3iQ, the company’s CEO told Bloomberg that it isaiming to raise over $200 millionfrom the dual listing of its 3iQ Coinshares bitcoin exchange-traded fund in Dubai.TAKEAWAY:The potential is indeed high, since it will be the first cryptocurrency fund to go public in the Middle East.
Switzerland-based investment product provider21Sharesislaunching exchange-traded products (ETPs)for the native cryptocurrencies of Stellar (ticker: AXLM) and Cardano (ticker: AADA) on the Swiss SIX Exchange.TAKEAWAY:It’s curious that Europe has such a wide range of crypto-based assets listed on exchanges that investors of all types can access through their brokers, while the U.S. has none. (Unless you countMicroStrategy, but that’s a different story.)
Bitcoin services firmNYDIGhas bought commercial lenderArctos Capital, which provides financing solutions to bitcoin miners and other crypto firms.TAKEAWAY:It is fascinating to see the growing institutional interest in the bitcoin mining industry, which points not only to greater sophistication in mining financing and operations, but also to considerable growth ahead in North American mining operations.
– Noelle Acheson
• Crypto Long & Short: The Pattern in Bitcoin’s Volatility
• Crypto Long & Short: The Pattern in Bitcoin’s Volatility || Turkish Ban May Be Bitcoin's Marketing Boon: Bitcoin(CRYPTO: BTC) appears to be more interesting than ever to Turkish citizens after local regulators recently banned crypto transactions.
What Happened:Google Trendsdatashows that Google searches for Bitcoin in Turkey skyrocketed after Turkey’s central bank on April 16 said it wouldbanthe use of cryptocurrencies and crypto assets for purchases beginning April 30. The bank cited possible “irreparable” damage and transaction risks.
A few days after the news of the ban spread, local searches for Bitcoin skyrocketed, and this month's searches are now expected to overtake the all-time high registered in February.
The move may have served to make more local dissidents and activists aware of the cryptocurrency and how it is used. Bitcoin's rise has partly stemmed from its reputation as a means to sidestep government control, and Turkey has taken an authoritarian turn under President Recep Tayyip Erdoğan.The country scored 4.48 out of 10 in The Economist's latestDemocracy Index, published in February.
Why It Matters: Turkey's cryptocurrency markets have been under pressure this past week after two exchanges found themselves in the middle of controversy.
First, $2 billion worth of crypto assets became unavailable to traders after local platform Thodex suddenlyceasedits activities, amid rumors that Thodex founder, Faruk Fatih Özer, had fled to Thailand with the money.
On Friday, Turkish news outletAnadolusaid 62 people had beendetainedin connection to the possible theft of funds.
Then on Friday, the Turkish Financial Crimes Investigation Boardblockedthe accounts of local crypto trading service Vedibitcoin after this platform suddenly ceased its activities as well.
See more from Benzinga
• Click here for options trades from Benzinga
• Why Is Solana Up 25% Today — And 260% In The Past Month?
• Bitcoin Is An 'Open Ponzi' And 'Failed Currency,' Says Black Swan Author Nassim Taleb
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Turkish Ban May Be Bitcoin's Marketing Boon: Bitcoin (CRYPTO: BTC) appears to be more interesting than ever to Turkish citizens after local regulators recently banned crypto transactions. What Happened: Google Trends data shows that Google searches for Bitcoin in Turkey skyrocketed after Turkey’s central bank on April 16 said it would ban the use of cryptocurrencies and crypto assets for purchases beginning April 30. The bank cited possible “irreparable” damage and transaction risks. A few days after the news of the ban spread, local searches for Bitcoin skyrocketed, and this month's searches are now expected to overtake the all-time high registered in February. The move may have served to make more local dissidents and activists aware of the cryptocurrency and how it is used. Bitcoin's rise has partly stemmed from its reputation as a means to sidestep government control, and Turkey has taken an authoritarian turn under President Recep Tayyip Erdoğan. The country scored 4.48 out of 10 in The Economist's latest Democracy Index , published in February. Why It Matters : Turkey's cryptocurrency markets have been under pressure this past week after two exchanges found themselves in the middle of controversy. First, $2 billion worth of crypto assets became unavailable to traders after local platform Thodex suddenly ceased its activities, amid rumors that Thodex founder, Faruk Fatih Özer, had fled to Thailand with the money. On Friday, Turkish news outlet Anadolu said 62 people had been detained in connection to the possible theft of funds. Then on Friday, the Turkish Financial Crimes Investigation Board blocked the accounts of local crypto trading service Vedibitcoin after this platform suddenly ceased its activities as well. See more from Benzinga Click here for options trades from Benzinga Why Is Solana Up 25% Today — And 260% In The Past Month? Bitcoin Is An 'Open Ponzi' And 'Failed Currency,' Says Black Swan Author Nassim Taleb © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Turkish Ban May Be Bitcoin's Marketing Boon: Bitcoin(CRYPTO: BTC) appears to be more interesting than ever to Turkish citizens after local regulators recently banned crypto transactions.
What Happened:Google Trendsdatashows that Google searches for Bitcoin in Turkey skyrocketed after Turkey’s central bank on April 16 said it wouldbanthe use of cryptocurrencies and crypto assets for purchases beginning April 30. The bank cited possible “irreparable” damage and transaction risks.
A few days after the news of the ban spread, local searches for Bitcoin skyrocketed, and this month's searches are now expected to overtake the all-time high registered in February.
The move may have served to make more local dissidents and activists aware of the cryptocurrency and how it is used. Bitcoin's rise has partly stemmed from its reputation as a means to sidestep government control, and Turkey has taken an authoritarian turn under President Recep Tayyip Erdoğan.The country scored 4.48 out of 10 in The Economist's latestDemocracy Index, published in February.
Why It Matters: Turkey's cryptocurrency markets have been under pressure this past week after two exchanges found themselves in the middle of controversy.
First, $2 billion worth of crypto assets became unavailable to traders after local platform Thodex suddenlyceasedits activities, amid rumors that Thodex founder, Faruk Fatih Özer, had fled to Thailand with the money.
On Friday, Turkish news outletAnadolusaid 62 people had beendetainedin connection to the possible theft of funds.
Then on Friday, the Turkish Financial Crimes Investigation Boardblockedthe accounts of local crypto trading service Vedibitcoin after this platform suddenly ceased its activities as well.
See more from Benzinga
• Click here for options trades from Benzinga
• Why Is Solana Up 25% Today — And 260% In The Past Month?
• Bitcoin Is An 'Open Ponzi' And 'Failed Currency,' Says Black Swan Author Nassim Taleb
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum Rallies to $2,300 as Gas Fees Drop: Ethereum sees bullish momentum on Sunday as gas fees drop to levels not seen in weeks.
Ethereum managed to stage a comeback on Sunday following a dismal weekend which was led by a weakening bitcoin. ETH managed to reach a new all-time high of $2,645 on Binance.
The blockchain also saw itsactive ethereum addresshit a new all-time high of 771,000. Previously held in November 2020 at 739,000.
Ethereum had since declined with bitcoin which had seen a full week of bearish selling in the market. Ethereum managed to stage a comeback on Sunday as network fees had dropped dramatically.
Ethereum gas fees had dropped to weekly lows, with fast transactions costing just 54 gwei. While weekends generally see lower gas fees as traders take time away from trading, this is the lowest prices seen in weeks on the ethereum blockchain.
The low fees appear to have lifted the price of ethereum as it pushed back up on Sunday. Ethereum managed to climb 4.4% on Sunday as it reclaimed $2,300.
Also noticeable was ethereum’s dominance, which had also climbed over 3% on Sunday. Ethereum’s dominance has slowly been gaining as the BTC dominance continues to decline. Previously this has been a bullish sign for altcoin season.
The lower gas fees over the weekend would likely trigger more traders to trade on the blockchain, saving them transaction costs. Ethereum haspreviouslyseen surges in gas fees as it hits new highs, however gas fees appear to be dropping.
The ethereum network is currently in the process of upgrading. Theupgradesare set to mitigate the high gas fees that have been experienced in recent months. The Ethereum Berlin Upgrade has already been completed. With theLondon upgradeset to occur in July 2021.
Ethereum continues to look strong, even after the drop experiences last week by bitcoin. Ethereum was one of the few projects who did not see a dramatic price drop as bitcoin fell 15% over the last week. || Ethereum Rallies to $2,300 as Gas Fees Drop: Ethereum sees bullish momentum on Sunday as gas fees drop to levels not seen in weeks. Ethereum managed to stage a comeback on Sunday following a dismal weekend which was led by a weakening bitcoin. ETH managed to reach a new all-time high of $2,645 on Binance. The blockchain also saw its active ethereum address hit a new all-time high of 771,000. Previously held in November 2020 at 739,000. Ethereum had since declined with bitcoin which had seen a full week of bearish selling in the market. Ethereum managed to stage a comeback on Sunday as network fees had dropped dramatically. Gas fees plummet Source: EthGasStation Ethereum gas fees had dropped to weekly lows, with fast transactions costing just 54 gwei. While weekends generally see lower gas fees as traders take time away from trading, this is the lowest prices seen in weeks on the ethereum blockchain. ETH looking strong as market stabilizes The low fees appear to have lifted the price of ethereum as it pushed back up on Sunday. Ethereum managed to climb 4.4% on Sunday as it reclaimed $2,300. Also noticeable was ethereums dominance, which had also climbed over 3% on Sunday. Ethereums dominance has slowly been gaining as the BTC dominance continues to decline. Previously this has been a bullish sign for altcoin season. The lower gas fees over the weekend would likely trigger more traders to trade on the blockchain, saving them transaction costs. Ethereum has previously seen surges in gas fees as it hits new highs, however gas fees appear to be dropping. The ethereum network is currently in the process of upgrading. The upgrades are set to mitigate the high gas fees that have been experienced in recent months. The Ethereum Berlin Upgrade has already been completed. With the London upgrade set to occur in July 2021. Ethereum continues to look strong, even after the drop experiences last week by bitcoin. Ethereum was one of the few projects who did not see a dramatic price drop as bitcoin fell 15% over the last week. || Buterin, Srinivasan Donate to COVID Relief Fund for India ‘Shaken’ by Second Wave: Ethereum co-founder Vitalik Buterin and fellow cryptocurrency legend Balaji Srinivasan are pitching into a fund set up by Indian tech entrepreneur Sandeep Nailwal to help provide relief to COVID-19-ravaged India.
It all started with this tweet by Nailwal, the founder of Polygon, an Ethereum scaling platform.
That promptedSrinivasan, a former Coinbase CTO and board partner at VC firm Andreessen Horowitz, to donate $50,000 inETHand called on others to contribute as well.
Related:Bitcoin News Roundup for April 26, 2021
Buterin then answered Nailwal’s call bypostinga proof of transfer of 100 ETH and 100MKR, worth more than $600,000, on his Twitter feed.
In response to Buterin’s generosity, Srinivasan then said that for those who can’t afford to donate he’ll contribute another $50, up to $100,000, for every retweet of his appeal.
There’s a chance, however, this generosity might not be welcome. India’s government is preparing legislation that could ban private cryptocurrencies.
“This is a gutsy, though risky campaign, especially because under Indian law, foreign funds for charitable purposes are very closely scrutinized,” said Tanvi Ratna, founder and CEO of Policy 4.0, a research and advisory firm currently focused on digital currencies and blockchain.
Related:How Zero-Knowledge Proofs Provide Privacy on the Blockchain
“That is probably the most sensitive area of foreign capital to choose to route crypto into!” added Ratna, who isworking withthe donation campaign to address the regulatory challenge.
Given the current crisis, perhaps Nailwal and Ratna might find a receptive audience. Earlier Sunday, Indian Prime Minister Narendra Modi, said the country had been “shaken” by a storm of COVID infections, according to areportin India Today.
Indian authorities announced 349,691 new cases on Sunday, a record for a single country, the Guardianreported. India also reported a daily death total of 2,767 deaths, also a record, the newspaper said.
Nations around the world are pitching in to help India deal with the latest wave. Late Saturday, U.S. Secretary of State Anthony Blinken promised in a tweet that the country would “rapidly deploy” added support to the people of India.
UPDATE (April 25, 17:11 UTC):Adds background on challenges facing crypto donations in India.
• Buterin, Srinivasan Donate to COVID Relief Fund for India ‘Shaken’ by Second Wave
• Buterin, Srinivasan Donate to COVID Relief Fund for India ‘Shaken’ by Second Wave || Buterin, Srinivasan Donate to COVID Relief Fund for India ‘Shaken’ by Second Wave: Ethereum co-founder Vitalik Buterin and fellow cryptocurrency legend Balaji Srinivasan are pitching into a fund set up by Indian tech entrepreneur Sandeep Nailwal to help provide relief to COVID-19-ravaged India. It all started with this tweet by Nailwal, the founder of Polygon, an Ethereum scaling platform. That prompted Srinivasan , a former Coinbase CTO and board partner at VC firm Andreessen Horowitz, to donate $50,000 in ETH and called on others to contribute as well. Related: Bitcoin News Roundup for April 26, 2021 Buterin then answered Nailwal’s call by posting a proof of transfer of 100 ETH and 100 MKR , worth more than $600,000, on his Twitter feed. In response to Buterin’s generosity, Srinivasan then said that for those who can’t afford to donate he’ll contribute another $50, up to $100,000, for every retweet of his appeal. There’s a chance, however, this generosity might not be welcome. India’s government is preparing legislation that could ban private cryptocurrencies. “This is a gutsy, though risky campaign, especially because under Indian law, foreign funds for charitable purposes are very closely scrutinized,” said Tanvi Ratna, founder and CEO of Policy 4.0, a research and advisory firm currently focused on digital currencies and blockchain. Related: How Zero-Knowledge Proofs Provide Privacy on the Blockchain “That is probably the most sensitive area of foreign capital to choose to route crypto into!” added Ratna, who is working with the donation campaign to address the regulatory challenge. Given the current crisis, perhaps Nailwal and Ratna might find a receptive audience. Earlier Sunday, Indian Prime Minister Narendra Modi, said the country had been “shaken” by a storm of COVID infections, according to a report in India Today. Indian authorities announced 349,691 new cases on Sunday, a record for a single country, the Guardian reported . India also reported a daily death total of 2,767 deaths, also a record, the newspaper said. Story continues Nations around the world are pitching in to help India deal with the latest wave. Late Saturday, U.S. Secretary of State Anthony Blinken promised in a tweet that the country would “rapidly deploy” added support to the people of India. UPDATE (April 25, 17:11 UTC): Adds background on challenges facing crypto donations in India. Related Stories Buterin, Srinivasan Donate to COVID Relief Fund for India ‘Shaken’ by Second Wave Buterin, Srinivasan Donate to COVID Relief Fund for India ‘Shaken’ by Second Wave || Barron's Latest Picks And Pans: Moderna, Netflix, Perrigo, XPO Logistics And More: This weekend's Barron's cover story presents the results of the latest Barron's Big Money Poll. Other featured articles show which food stocks are worth bite and which real estate stocks have room to run. Also, see the prospects for a high-profile biotech, a logistics play, a video streaming leader and more. Cover story " This Bull Market Is Far From Over, Pros Say. Where They're Investing Now " by Nicholas Jasinski covers an exclusive Barron's survey, which found that two-thirds of Big Money managers are now bullish on stocks. That is up from a little more than half in the fall. Their picks range from Amazon.com, Inc. (NASDAQ: AMZN ) to Zoom Video Communications Inc (NYSE: ZM ). Andrew Bary's " Food Stocks Worth Filling Up On " suggests that, with their cheap valuations and generous yields, packaged-food giants such as Hershey Co (NYSE: HSY ) and Kellogg Company (NYSE: K ) offer an appetizing alternative to bonds. They have better growth prospects than many expect too, says the article. In " Buy Moderna Stock. It's More Than a One-Hit Wonder ," Josh Nathan-Kazis discusses how vaccine maker Moderna Inc (NASDAQ: MRNA ), now one of the best-known biotechs in the world, has the cash and the messenger RNA platform to drive years of strong growth. Find out why Barron's believes that, for a biotech, the stock is inexpensive. By splitting the company in two parts, XPO Logistics Inc (NYSE: XPO ) hopes to unlock value in its shipping business while creating new value with GXO Logistics as a play on the trend toward outsourced logistics, according to " XPO Logistics Is Worth More Than the Sum of Its Parts " by Al Root. Find out why this stock is a Barron's pick ahead of the split. In Teresa Rivas' " Perrigo Stock Has Been Broken for a Long Time. It's Time for a Turnaround ," discover how, at its peak in 2015, Perrigo Company PLC (NYSE: PRGO ) was worth more than $28 billion, and now the Dublin-based generic pharmaceuticals company finally is taking steps to turn itself around. Story continues " Bill Miller Is Roaring Back With Amazon, Bitcoin, and GM " by William Green points out that this former Legg Mason investing star has had renewed success, and a lot of his recent performance has come from a few spectacular investment plays, such as Bitcoin (CRYPTO: BTC) and General Motors Company (NYSE: GM ). See also: Benzinga's Bulls And Bears Of The Week: Apple, Boeing, Intel, Netflix, Tesla And More The Nifty Fifty of the 1960s and 1970s were the FAANG stocks of their day. So says Kenneth G. Pringle's " The FAANG Stocks Could Fall, if History Is Any Guide ." See whether Barron's thinks Facebook, Inc. (NASDAQ: FB ), Apple Inc (NASDAQ: AAPL ) and the rest of the FAANGs will prove equally vulnerable. In " How Netflix Could Become a Surprise Reopening Play ," Eric J. Savitz reveals why, with Netflix Inc (NASDAQ: NFLX ) shares down by double digits from their recent high, bulls argue that the streaming giant's real growth is still to come. This though movie theaters, sports leagues, bars, gyms, schools, restaurants, offices and more get back to business. Ben Levisohn's " Why Real Estate Stocks Still Have Room to Run " argues that real estate investment trusts (REITs) are among this year's better performers due to the reopening trade. See why Simon Property Group Inc (NYSE: SPG ) and others look cheap and could even offer some protection from rising inflation. Also in this week's Barron's: Whether a capital gains tax hike would be as scary as it sounds What peaking growth means for the stock market The Federal Reserve's inflation blind spot Whether recent pension funds gains will last Whether oil prices will rise into the summer travel season A high-yield fund that is becoming a "one-stop shop" for bond investors How long the semiconductor shortage will last Whether COVID-19 surges in India will derail the global recovery How freelancers can juice their retirement savings Travel and the vaccine passport Why the United States needs a carbon tax for any serious climate strategy At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Click here for options trades from Benzinga Last Week's Notable Insider Buys: AppLovin, Bed Bath And Beyond, TuSimple And More Benzinga's Bulls And Bears Of The Week: Apple, Boeing, Intel, Netflix, Tesla And More © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Barron's Latest Picks And Pans: Moderna, Netflix, Perrigo, XPO Logistics And More: • This weekend'sBarron'scover story presents the results of the latest Barron's Big Money Poll.
• Other featured articles show which food stocks are worth bite and which real estate stocks have room to run.
• Also, see the prospects for a high-profile biotech, a logistics play, a video streaming leader and more.
Cover story "This Bull Market Is Far From Over, Pros Say. Where They're Investing Now" by Nicholas Jasinski covers an exclusive Barron's survey, which found that two-thirds of Big Money managers are now bullish on stocks. That is up from a little more than half in the fall. Their picks range fromAmazon.com, Inc.(NASDAQ:AMZN) toZoom Video Communications Inc(NYSE:ZM).
Andrew Bary's "Food Stocks Worth Filling Up On" suggests that, with their cheap valuations and generous yields, packaged-food giants such asHershey Co(NYSE:HSY) andKellogg Company(NYSE:K) offer an appetizing alternative to bonds. They have better growth prospects than many expect too, says the article.
In "Buy Moderna Stock. It's More Than a One-Hit Wonder," Josh Nathan-Kazis discusses how vaccine makerModerna Inc(NASDAQ:MRNA), now one of the best-known biotechs in the world, has the cash and the messenger RNA platform to drive years of strong growth. Find out why Barron's believes that, for a biotech, the stock is inexpensive.By splitting the company in two parts,XPO Logistics Inc(NYSE:XPO) hopes to unlock value in its shipping business while creating new value with GXO Logistics as a play on the trend toward outsourced logistics, according to "XPO Logistics Is Worth More Than the Sum of Its Parts" by Al Root. Find out why this stock is a Barron's pick ahead of the split.
In Teresa Rivas' "Perrigo Stock Has Been Broken for a Long Time. It's Time for a Turnaround," discover how, at its peak in 2015,Perrigo Company PLC(NYSE:PRGO) was worth more than $28 billion, and now the Dublin-based generic pharmaceuticals company finally is taking steps to turn itself around.
"Bill Miller Is Roaring Back With Amazon, Bitcoin, and GM" by William Green points out that this former Legg Mason investing star has had renewed success, and a lot of his recent performance has come from a few spectacular investment plays, such asBitcoin(CRYPTO: BTC) andGeneral Motors Company(NYSE:GM).
See also:Benzinga's Bulls And Bears Of The Week: Apple, Boeing, Intel, Netflix, Tesla And More
The Nifty Fifty of the 1960s and 1970s were the FAANG stocks of their day. So says Kenneth G. Pringle's "The FAANG Stocks Could Fall, if History Is Any Guide." See whether Barron's thinksFacebook, Inc.(NASDAQ:FB),Apple Inc(NASDAQ:AAPL) and the rest of the FAANGs will prove equally vulnerable.
In "How Netflix Could Become a Surprise Reopening Play," Eric J. Savitz reveals why, withNetflix Inc(NASDAQ:NFLX) shares down by double digits from their recent high, bulls argue that the streaming giant's real growth is still to come. This though movie theaters, sports leagues, bars, gyms, schools, restaurants, offices and more get back to business.
Ben Levisohn's "Why Real Estate Stocks Still Have Room to Run" argues that real estate investment trusts (REITs) are among this year's better performers due to the reopening trade. See whySimon Property Group Inc(NYSE:SPG) and others look cheap and could even offer some protection from rising inflation.
Also in this week's Barron's:
• Whether a capital gains tax hike would be as scary as it sounds
• What peaking growth means for the stock market
• The Federal Reserve's inflation blind spot
• Whether recent pension funds gains will last
• Whether oil prices will rise into the summer travel season
• A high-yield fund that is becoming a "one-stop shop" for bond investors
• How long the semiconductor shortage will last
• Whether COVID-19 surges in India will derail the global recovery
• How freelancers can juice their retirement savings
• Travel and the vaccine passport
• Why the United States needs a carbon tax for any serious climate strategy
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by followingBenzingaon Twitter.
See more from Benzinga
• Click here for options trades from Benzinga
• Last Week's Notable Insider Buys: AppLovin, Bed Bath And Beyond, TuSimple And More
• Benzinga's Bulls And Bears Of The Week: Apple, Boeing, Intel, Netflix, Tesla And More
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Venezuela’s Caracas Air Adds Bitcoin as New Payment Method: Venezuelan aviation academy Caracas Air has announced that it will now accept bitcoin as a method of payment, according to CEO Oliver Laufer.
Caracas Air will now accept payments in bitcoin, according to a tweet from the CEO of the company. Laufertweeted“From today we accept Bitcoin and we will give discounts and financing plans to all who choose this new payment method”.
Laufer also expanded by stating that the company will work on a “rate of the day” following a question related to if customers would be charged in BTC or USD.
The company becomes the latest in Venezuela to adopt the cryptocurrency. The move comes as rising inflation and a lack of trust to the country’s local currency, the Venezuelan bolívar grip the nation.
Caracas Air, which was founded in 2015, currently operates as one of the fastest growing aviation academies in South America. The company currently has around 900 students.
The move to accept bitcoin as a currency is not likely to be the last by a major company. As hyperinflation in Venezuela causes citizens to look for alternative payment methods and stores of value.
The country has been extremely active in bitcoin trading, as locals move away from the depreciating bolívar. Peer-to-peer BTC trading has seen a steady increase in the country, with volume continually growing.
Bitcoin trading volume continues to pick up in Venezuela as the country fails to recover from its economic woes.
Similarly to most third world countries, Nigeria has also experienced a decline in the local currency, the Naira.
The country is one of the largest traders in bitcoin. Nigeria currently are alsoconsidering regulatingthe crypto market following a surge in growth in 2021.
Venezuela continues to explore alternative options to the local currency, with DASH havingpreviouslybeen a cryptocurrency that had seen major growth in the country, citing over 562% growth in early 2020 alone.
Bitcoin now offers Venezuelans an opportunity to hold their value in a currency that does not suffer from hyperinflation. || Venezuela’s Caracas Air Adds Bitcoin as New Payment Method: Venezuelan aviation academy Caracas Air has announced that it will now accept bitcoin as a method of payment, according to CEO Oliver Laufer.
Caracas Air will now accept payments in bitcoin, according to a tweet from the CEO of the company. Laufertweeted“From today we accept Bitcoin and we will give discounts and financing plans to all who choose this new payment method”.
Laufer also expanded by stating that the company will work on a “rate of the day” following a question related to if customers would be charged in BTC or USD.
The company becomes the latest in Venezuela to adopt the cryptocurrency. The move comes as rising inflation and a lack of trust to the country’s local currency, the Venezuelan bolívar grip the nation.
Caracas Air, which was founded in 2015, currently operates as one of the fastest growing aviation academies in South America. The company currently has around 900 students.
The move to accept bitcoin as a currency is not likely to be the last by a major company. As hyperinflation in Venezuela causes citizens to look for alternative payment methods and stores of value.
The country has been extremely active in bitcoin trading, as locals move away from the depreciating bolívar. Peer-to-peer BTC trading has seen a steady increase in the country, with volume continually growing.
Bitcoin trading volume continues to pick up in Venezuela as the country fails to recover from its economic woes.
Similarly to most third world countries, Nigeria has also experienced a decline in the local currency, the Naira.
The country is one of the largest traders in bitcoin. Nigeria currently are alsoconsidering regulatingthe crypto market following a surge in growth in 2021.
Venezuela continues to explore alternative options to the local currency, with DASH havingpreviouslybeen a cryptocurrency that had seen major growth in the country, citing over 562% growth in early 2020 alone.
Bitcoin now offers Venezuelans an opportunity to hold their value in a currency that does not suffer from hyperinflation. || Venezuelas Caracas Air Adds Bitcoin as New Payment Method: Venezuelan aviation academy Caracas Air has announced that it will now accept bitcoin as a method of payment, according to CEO Oliver Laufer. Caracas Air will now accept payments in bitcoin, according to a tweet from the CEO of the company. Laufer tweeted From today we accept Bitcoin and we will give discounts and financing plans to all who choose this new payment method. Laufer also expanded by stating that the company will work on a rate of the day following a question related to if customers would be charged in BTC or USD. The company becomes the latest in Venezuela to adopt the cryptocurrency. The move comes as rising inflation and a lack of trust to the countrys local currency, the Venezuelan bolívar grip the nation. Caracas Air, which was founded in 2015, currently operates as one of the fastest growing aviation academies in South America. The company currently has around 900 students. The move to accept bitcoin as a currency is not likely to be the last by a major company. As hyperinflation in Venezuela causes citizens to look for alternative payment methods and stores of value. Venezuela loves bitcoin The country has been extremely active in bitcoin trading, as locals move away from the depreciating bolívar. Peer-to-peer BTC trading has seen a steady increase in the country, with volume continually growing. Source: Coin.Dance Bitcoin trading volume continues to pick up in Venezuela as the country fails to recover from its economic woes. Nigeria following Venezuela Similarly to most third world countries, Nigeria has also experienced a decline in the local currency, the Naira. The country is one of the largest traders in bitcoin. Nigeria currently are also considering regulating the crypto market following a surge in growth in 2021. Venezuela continues to explore alternative options to the local currency, with DASH having previ o usly been a cryptocurrency that had seen major growth in the country, citing over 562% growth in early 2020 alone. Bitcoin now offers Venezuelans an opportunity to hold their value in a currency that does not suffer from hyperinflation. || Bitcoin Cash (BCH): The Most Important Things You Need To Know About It: Bitcoin Cash comes from Bitcoin. It’s based on the same technology and it’s used the same way, but it’s a unique variation that is separate from the world’s first andmost famous cryptocurrency. Here’s what you need to know.
Bitcoin Cash is a cryptocurrency that was created in 2017 from a “fork” in the original Bitcoin blockchain. Think of it as a branch on a family tree that can then form new branches of its own.
More:What Is a Non-Fungible Token and Why Are They Booming?
Just like Bitcoin, Bitcoin Cash is:
• Decentralized and not backed by a bank or government
• Processed, validated and logged on a blockchain
• Anonymous
• Finite and therefore impervious to inflation — just like Bitcoin, only 21 million will ever be made
Dogecoin (DOGE):What It Is, What It’s Worth and Should You Be Investing?
The original Bitcoin blockchain had big problems that involved complicated stuff like signature data, block size and a technology known as segregated witness, all of which is beyond the scope of this article. Basically, Bitcoin outgrew its blockchain, which was made from small blocks that got clogged as Bitcoin’s popularity surged. As more people joined, the system became harder to scale. Both transaction times and transaction costs grew so high that Bitcoin’s chief miners and producers worried about its viability.
Find Out:What Happens When a Brokerage Firm Doesn’t Have Enough Capital To Cover Trades?
They responded by creating what is known as the Hard Fork, a deviation from the original Bitcoin chain. The new chain had bigger blocks that could be scaled to accommodate Bitcoin’s ever-growing user base. Since it sped up processing times and reduced costs enough to let Bitcoin be used just like cash, the only fitting name was Bitcoin Cash.
As of March 25, Bitcoin Cash is trading around $480, much less than the $51,000 or so you’d pay for a single Bitcoin. When it comes to value and price, however, the twin cryptocurrencies do have one thing in common — extreme volatility. About a month ago, Bitcoin Cash was trading above $700. Less than two months before that around Christmas 2020, it was trading under $300. That, however, is nothing compared to 2017-18, when Bitcoin Cash went from well over $1,000 to well under $100 — apparently trying to make every stop between — and then back again in about a year.
Hedging Your Bet?Everything You Need To Know About Hedge Funds
If you can stomach the roller-coaster volatility of Bitcoin, if you can keep up with its complex and always-evolving technology and you’re OK with the fact that it’s not backed by any institution that you recognize, then you could certainly make an argument for Bitcoin Cash. Like Bitcoin itself, Bitcoin Cash offers the potential for otherworldly profits, but also like Bitcoin, high risks, big bubbles and crazy price swings are part of the package.
GOBankingRates’ Crypto Guides
This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.
More From GOBankingRates
• Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31
• Everything You Need To Know About Taxes This Year
• What Income Level Is Considered Middle Class in Your State?
• The Average Retirement Age in Every State
Last updated: March 29, 2021
This article originally appeared onGOBankingRates.com:Bitcoin Cash (BCH): The Most Important Things You Need To Know About It || Bitcoin Cash (BCH): The Most Important Things You Need To Know About It: MicroStockHub / iStock.com Bitcoin Cash comes from Bitcoin. Its based on the same technology and its used the same way, but its a unique variation that is separate from the worlds first and most famous cryptocurrency . Heres what you need to know. What Is Bitcoin Cash? Bitcoin Cash is a cryptocurrency that was created in 2017 from a fork in the original Bitcoin blockchain. Think of it as a branch on a family tree that can then form new branches of its own. More: What Is a Non-Fungible Token and Why Are They Booming? Just like Bitcoin, Bitcoin Cash is: Decentralized and not backed by a bank or government Processed, validated and logged on a blockchain Anonymous Finite and therefore impervious to inflation just like Bitcoin, only 21 million will ever be made Dogecoin (DOGE): What It Is, What Its Worth and Should You Be Investing? Who Needs Two? The original Bitcoin blockchain had big problems that involved complicated stuff like signature data, block size and a technology known as segregated witness, all of which is beyond the scope of this article. Basically, Bitcoin outgrew its blockchain, which was made from small blocks that got clogged as Bitcoins popularity surged. As more people joined, the system became harder to scale. Both transaction times and transaction costs grew so high that Bitcoins chief miners and producers worried about its viability. Find Out: What Happens When a Brokerage Firm Doesnt Have Enough Capital To Cover Trades? They responded by creating what is known as the Hard Fork, a deviation from the original Bitcoin chain. The new chain had bigger blocks that could be scaled to accommodate Bitcoins ever-growing user base. Since it sped up processing times and reduced costs enough to let Bitcoin be used just like cash, the only fitting name was Bitcoin Cash. How Much Is Bitcoin Cash Worth? As of March 25, Bitcoin Cash is trading around $480, much less than the $51,000 or so youd pay for a single Bitcoin. When it comes to value and price, however, the twin cryptocurrencies do have one thing in common extreme volatility. About a month ago, Bitcoin Cash was trading above $700. Less than two months before that around Christmas 2020, it was trading under $300. That, however, is nothing compared to 2017-18, when Bitcoin Cash went from well over $1,000 to well under $100 apparently trying to make every stop between and then back again in about a year. Story continues Hedging Your Bet? Everything You Need To Know About Hedge Funds Is Bitcoin Cash a Good Investment? If you can stomach the roller-coaster volatility of Bitcoin, if you can keep up with its complex and always-evolving technology and youre OK with the fact that its not backed by any institution that you recognize, then you could certainly make an argument for Bitcoin Cash. Like Bitcoin itself, Bitcoin Cash offers the potential for otherworldly profits, but also like Bitcoin, high risks, big bubbles and crazy price swings are part of the package. GBR_Logo This article is part of GOBankingRates Economy Explained series to help readers navigate the complexities of our financial system. More From GOBankingRates Dont Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates Ends May 31 Everything You Need To Know About Taxes This Year What Income Level Is Considered Middle Class in Your State? The Average Retirement Age in Every State Last updated: March 29, 2021 This article originally appeared on GOBankingRates.com : Bitcoin Cash (BCH): The Most Important Things You Need To Know About It || Bitcoin Cash (BCH): The Most Important Things You Need To Know About It: Bitcoin Cash comes from Bitcoin. It’s based on the same technology and it’s used the same way, but it’s a unique variation that is separate from the world’s first andmost famous cryptocurrency. Here’s what you need to know.
Bitcoin Cash is a cryptocurrency that was created in 2017 from a “fork” in the original Bitcoin blockchain. Think of it as a branch on a family tree that can then form new branches of its own.
More:What Is a Non-Fungible Token and Why Are They Booming?
Just like Bitcoin, Bitcoin Cash is:
• Decentralized and not backed by a bank or government
• Processed, validated and logged on a blockchain
• Anonymous
• Finite and therefore impervious to inflation — just like Bitcoin, only 21 million will ever be made
Dogecoin (DOGE):What It Is, What It’s Worth and Should You Be Investing?
The original Bitcoin blockchain had big problems that involved complicated stuff like signature data, block size and a technology known as segregated witness, all of which is beyond the scope of this article. Basically, Bitcoin outgrew its blockchain, which was made from small blocks that got clogged as Bitcoin’s popularity surged. As more people joined, the system became harder to scale. Both transaction times and transaction costs grew so high that Bitcoin’s chief miners and producers worried about its viability.
Find Out:What Happens When a Brokerage Firm Doesn’t Have Enough Capital To Cover Trades?
They responded by creating what is known as the Hard Fork, a deviation from the original Bitcoin chain. The new chain had bigger blocks that could be scaled to accommodate Bitcoin’s ever-growing user base. Since it sped up processing times and reduced costs enough to let Bitcoin be used just like cash, the only fitting name was Bitcoin Cash.
As of March 25, Bitcoin Cash is trading around $480, much less than the $51,000 or so you’d pay for a single Bitcoin. When it comes to value and price, however, the twin cryptocurrencies do have one thing in common — extreme volatility. About a month ago, Bitcoin Cash was trading above $700. Less than two months before that around Christmas 2020, it was trading under $300. That, however, is nothing compared to 2017-18, when Bitcoin Cash went from well over $1,000 to well under $100 — apparently trying to make every stop between — and then back again in about a year.
Hedging Your Bet?Everything You Need To Know About Hedge Funds
If you can stomach the roller-coaster volatility of Bitcoin, if you can keep up with its complex and always-evolving technology and you’re OK with the fact that it’s not backed by any institution that you recognize, then you could certainly make an argument for Bitcoin Cash. Like Bitcoin itself, Bitcoin Cash offers the potential for otherworldly profits, but also like Bitcoin, high risks, big bubbles and crazy price swings are part of the package.
GOBankingRates’ Crypto Guides
This article is part of GOBankingRates’ ‘Economy Explained’ series to help readers navigate the complexities of our financial system.
More From GOBankingRates
• Don’t Miss Out on Nominating Your Favorite Small Business To Be Featured on GOBankingRates — Ends May 31
• Everything You Need To Know About Taxes This Year
• What Income Level Is Considered Middle Class in Your State?
• The Average Retirement Age in Every State
Last updated: March 29, 2021
This article originally appeared onGOBankingRates.com:Bitcoin Cash (BCH): The Most Important Things You Need To Know About It || 10 Best Cryptocurrencies To Invest in for 2021: ©Shutterstock.com / Shutterstock.com Cryptocurrency is digital money that isn’t managed by a central system like a government. Instead, it’s based on blockchain technology, with Bitcoin being the most popular one. As digital money continues to gain traction on Wall Street, more and more options become available. There are currently more than 5,000 cryptocurrencies on the market. While you can use cryptocurrency to make purchases, most people treat it as a long-term investment. However, investing in cryptocurrency can be risky if you don’t know where to begin. These are the top 10 cryptocurrencies that are most worthy of investment in 2021. Rating the Top Cryptocurrency Choices Run a quick online search and you’ll find dozens of recommendations for how to invest in cryptocurrency. In choosing the top 10 picks, the following factors were considered. Longevity How long has the cryptocurrency been around? New cryptocurrencies aren’t immediately ruled out, but having historical data for comparison helps you see how a company has performed up until now. Track Record How has the company performed during its years in business? If you see stability in prices, that’s a good sign. If you notice that the cryptocurrency is gaining traction and becoming more valuable with time, that’s even better. Past performance is not indicative of future performance. At any time things can change, and an investment may perform better or worse than it has in the past. Technology How does the platform compare to others in terms of usability and security? The first thing you want to look for is the speed at which transactions occur. The network should be able to handle transaction traffic with ease. You also want to make sure your investment is secure. Most cryptocurrencies use blockchain technology , making all transactions transparent and easy to track. Blockchain technology doesn’t necessarily make it harder for hackers to steal your cryptocurrency. It does make it easier to track your investment so it can be recovered instead of being lost following fraud. Story continues Adoption Rate How many people are investing in the cryptocurrency you’re considering? When you see a high level of adoption, that means the cryptocurrency has better liquidity. Trading, selling or spending will be easier in the future. Top 10 Cryptocurrency Investments in 2021 Cryptocurrency Price as of March 29, 2021 Market Cap Bitcoin $57,566.38 $1.075 trillion Ethereum $1,811.82 $209.464 billion Binance Coin $273.38 $42.304 billion Tether $0.99 $40.632 billion Cardano $1.19 $38.188 billion Polkadot $33.74 $31.349 billion Ripple $0.56 $24.598 billion Litecoin $192.88 $13.038 billion Chainlink $28.06 $11.689 billion Stellar $0.41 $9.23 billion 1. Bitcoin (BTC) Bitcoin has been around for the longest of any cryptocurrency. It’s easy to see why it’s the leader, with a price, market cap and volume that’s much higher than any other investment options. Even with thousands of other cryptocurrencies on the market, Bitcoin still represents 40% of the cryptocurrency market cap. Many businesses already accept Bitcoin as payment, which makes this cryptocurrency a smart investment. Visa transacts with Bitcoin, and Tesla CEO Elon Musk recently invested $1.5 billion in it. Plus, the larger banks are beginning to incorporate Bitcoin transactions into their offerings, too. Risks of Investing in Bitcoin The value of Bitcoin tends to fluctuate a lot. You may see the price go up or down thousands of dollars during any month. If wild fluctuations like these make you nervous, you may want to avoid Bitcoin. Otherwise, as long as you keep in mind that cryptocurrency is a smart long-term investment, these fluctuations shouldn’t be too concerning. Another reason to reconsider investing in Bitcoin is its price. With a single share costing more than $50,000, most people can’t afford to buy whole shares of the stock. For investors who want to avoid buying partial shares, this is a negative. 2. Ethereum (ETH) Ethereum is different from Bitcoin because it isn’t only a cryptocurrency. It’s also a network that allows developers to create their own cryptocurrency utilizing the Ethereum network. While Ethereum is far behind Bitcoin in value, it’s also far ahead of the other competitors. Even though it came out years after some other cryptocurrencies, it has far exceeded its place in the market because of its unique technology. Risks of Investing in Ethereum While Ethereum utilizes blockchain technology, it only has one “lane” for conducting transactions. This can lead to transactions taking longer to process when the network is overloaded. A hack in 2016 led to more than $60 million Ether dollars lost because of a flaw in the Ethereum wallet. While the company has made strides in increasing its security, loopholes are always a risk with any cryptocurrency investment. 3. Binance Coin Binance is one of the few cryptocurrencies to reach its peak after 2017. During that year, there was a bull market and the price of all cryptocurrencies rose on it, reaching a peak before plateauing and decreasing in value. Unlike other cryptocurrencies, Binance Coin continued a slow but consistent trend upward after 2017. Because of its performance, Binance Coin has proven to be one of the more stable investment options, posing fewer risks. Risks of Investing in Binance Coin What sets Binance Coin apart from its competitors is that it was created by a company instead of a group of tech developers. Although Binance Coin’s commitment to maintaining a strong blockchain has won over many skeptics, some investors remain leery of this cryptocurrency and its potential security issues. 4. Tether (USDT) Tether is the most stable of all cryptocurrencies because it is tied to the U.S. dollar. For each unit of Tether , there is one dollar in the Federal Reserve Bank. This makes Tether great for investors who want to transact with their cryptocurrency . Risks of Investing in Tether Investors have raised questions over the actual reserve stock. There are doubts that there is truly a U.S. dollar in the reserve bank for each Tether unit. If this were ever disproven, the value of Tether’s stock could drop quickly. 5. Cardano The Cardano network has a smaller footprint, which is appealing to investors for several reasons. It takes less energy to complete a transaction with Cardano than with a larger network like Bitcoin. This means transactions are faster and cheaper. It claims to be more adaptable and more secure. Cardano consistently improves its development to stay ahead of hackers. Risks of Investing in Cardano Even with a better network, Cardano may not be able to compete with larger cryptocurrencies. Fewer adopters mean fewer developers. This isn’t appealing to most investors who want to see a high adoption rate. The platform has big plans, but there are doubts about whether it can live up to that potential. Don’t be discouraged by fluctuations in the market. Your investment may lose money one day and make a profit the next. Instead of getting caught up in the day-to-day changes, look at the big picture. 6. Polkadot (DOT) Polkadot was created by Ethereum leaders who broke away to form their own cryptocurrency with a better network. Instead of having a single “lane” to complete transactions in, Polkadot has several. This cryptocurrency was designed to reward genuine investors and weed out people who are just trading on the stock market to make money fast. Investors who are engaged in the company also help to make decisions on things like: Network fees Network upgrades Establishing or removing parachains Risks of Investing in Polkadot Polkadot’s founder, Gavin Wood, first introduced the cryptocurrency via a whitepaper in 2016. At the end of 2020, Polkadot began trading on the stock market. With such a short history, Polkadot doesn’t have a track record for comparison, making it a riskier investment for potential buyers. 7. Ripple (XRP) Ripple is the company that unveiled the XRP token and is enticing to investors because it sets itself apart from other cryptocurrencies by offering international transactions. With a bank, international money transfers can take up to 10 business days. With Ripple, the same transactions take mere seconds. Plus, Ripple has contracts with big banks around the world. The more contracts it has, the more accessible the Ripple cryptocurrency is to adopters. Risks of Investing in Ripple Ripple showed promise in 2017 when its value jumped 36,000%. However, when you look at the fact that the percentage represented growing to a $2.40 stock value, it’s less impressive. As you’re researching cryptocurrencies, don’t be distracted by high percentages. Get down to the real numbers and see what the growth really means. 8. Litecoin Originally established in 2011, Litecoin hit the market at the same time as Bitcoin. However, it didn’t take off in the same way. Litecoin boasts completing transactions four times faster than Bitcoin. In 2017, it was the first cryptocurrency to complete a Lightning Network transaction. The transfer was completed in less than one second. If the company expands its use of Lightning Network for faster transactions, Litecoin’s value could increase dramatically. Risks of Investing in Litecoin Since Litecoin and other cryptocurrencies are tied closely to Bitcoin, their value will generally fluctuate along with Bitcoin. This means the value will go up and down just as Bitcoin does, although at a lesser rate. If you consider Bitcoin’s volatility a negative, Litecoin may not be a good choice for you. 9. Chainlink Chainlink is unique as a cryptocurrency because it has an appealing price. While the shares are affordable to buy, they’re also priced high enough to not be considered penny stocks. This is appealing to investors because it has proven it can increase in value, and there is still a lot of room for growth. It’s also available for trading on Coinbase, one of the world’s largest cryptocurrency apps. Being more accessible also makes Chainlink appealing to investors. Risks of Investing in Chainlink While it’s still above thousands of other cryptocurrencies, it has a lower volume and market cap than more appealing cryptocurrencies. That’s why Chainlink ranks so low on the top 10 list. 10. Stellar (XLM) Stellar’s Lumens, also known as XLM, was established to serve a niche need within the world of cryptocurrency. It’s essentially the PayPal of cryptocurrency networks, serving as a bridge between banks and blockchain networks. As a decentralized network, Stellar can convert any currency and trade it across channels. It makes these transactions cheaper and faster than they would be with a traditional bank. Risks of Investing in Stellar (XLM) Because Stellar (XLM) caters to a niche market, it will likely see other companies try to compete against it. If another cryptocurrency network creates a better platform and takes traffic from Stellar, it could affect the company’s stock value. Don’t settle on any number of cryptocurrency investments without continuing to learn about the market. A new cryptocurrency network could easily climb the ranks and emerge as a leader above other platforms. As an investor, the smartest thing you can do is to stay abreast of market happenings. Final Take There’s no question about it: Cryptocurrencies are here to stay. The question becomes, where is the best place to invest your money in the market? As you decide which cryptocurrency is the best investment for you, here are some other things to keep in mind: The speed at which transactions are completed The fees associated with transacting The ability to use your cryptocurrency for regular purchases and bank transfers If you’re strictly looking to invest without transacting within the network, remember that cryptocurrency isn’t a get-rich-quick scheme. Instead, you should consider it a long-term investment. GBR_Logo This article originally appeared on GOBankingRates.com : 10 Best Cryptocurrencies To Invest in for 2021 || 10 Best Cryptocurrencies To Invest in for 2021: Cryptocurrency is digital money that isn’t managed by a central system like a government. Instead, it’s based on blockchain technology, with Bitcoin being the most popular one. As digital money continues to gain traction on Wall Street, more and more options become available. There are currently more than 5,000 cryptocurrencies on the market.
While you can use cryptocurrency to make purchases, most people treat it as a long-term investment. However, investing in cryptocurrency can be risky if you don’t know where to begin. These are the top 10 cryptocurrencies that are most worthy of investment in 2021.
Run a quick online search and you’ll find dozens of recommendations for how to invest in cryptocurrency. In choosing the top 10 picks, the following factors were considered.
How long has the cryptocurrency been around? New cryptocurrencies aren’t immediately ruled out, but having historical data for comparison helps you see how a company has performed up until now.
How has the company performed during its years in business? If you see stability in prices, that’s a good sign. If you notice that the cryptocurrency is gaining traction and becoming more valuable with time, that’s even better.
Good To Know
How does the platform compare to others in terms of usability and security? The first thing you want to look for is the speed at which transactions occur. The network should be able to handle transaction traffic with ease.
You also want to make sure your investment is secure. Most cryptocurrencies useblockchain technology, making all transactions transparent and easy to track. Blockchain technology doesn’t necessarily make it harder for hackers to steal your cryptocurrency. It does make it easier to track your investment so it can be recovered instead of being lost following fraud.
How many people are investing in the cryptocurrency you’re considering? When you see a high level of adoption, that means the cryptocurrency has better liquidity. Trading, selling or spending will be easier in the future.
[{"Cryptocurrency": "Bitcoin", "Price as of March 29, 2021": "$57,566.38", "Market Cap": "$1.075 trillion"}, {"Cryptocurrency": "Ethereum", "Price as of March 29, 2021": "$1,811.82", "Market Cap": "$209.464 billion"}, {"Cryptocurrency": "Binance Coin", "Price as of March 29, 2021": "$273.38", "Market Cap": "$42.304 billion"}, {"Cryptocurrency": "Tether", "Price as of March 29, 2021": "$0.99", "Market Cap": "$40.632 billion"}, {"Cryptocurrency": "Cardano", "Price as of March 29, 2021": "$1.19", "Market Cap": "$38.188 billion"}, {"Cryptocurrency": "Polkadot", "Price as of March 29, 2021": "$33.74", "Market Cap": "$31.349 billion"}, {"Cryptocurrency": "Ripple", "Price as of March 29, 2021": "$0.56", "Market Cap": "$24.598 billion"}, {"Cryptocurrency": "Litecoin", "Price as of March 29, 2021": "$192.88", "Market Cap": "$13.038 billion"}, {"Cryptocurrency": "Chainlink", "Price as of March 29, 2021": "$28.06", "Market Cap": "$11.689 billion"}, {"Cryptocurrency": "Stellar", "Price as of March 29, 2021": "$0.41", "Market Cap": "$9.23 billion"}]
Bitcoinhas been around for the longest of any cryptocurrency. It’s easy to see why it’s the leader, with a price, market cap and volume that’s much higher than any other investment options. Even with thousands of other cryptocurrencies on the market, Bitcoin still represents 40% of the cryptocurrency market cap.
Many businesses already accept Bitcoin as payment, which makes this cryptocurrency a smart investment. Visa transacts with Bitcoin, andTeslaCEO Elon Musk recently invested $1.5 billion in it. Plus, thelarger banksare beginning to incorporate Bitcoin transactions into their offerings, too.
The value of Bitcoin tends to fluctuate a lot. You may see the price go up or down thousands of dollars during any month. If wild fluctuations like these make you nervous, you may want to avoid Bitcoin. Otherwise, as long as you keep in mind that cryptocurrency is a smart long-term investment, these fluctuations shouldn’t be too concerning.
Another reason to reconsider investing in Bitcoin is its price. With a single share costing more than $50,000, most people can’t afford to buy whole shares of the stock. For investors who want to avoid buying partial shares, this is a negative.
Ethereumis different from Bitcoin because it isn’t only a cryptocurrency. It’s also a network that allows developers to create their own cryptocurrency utilizing the Ethereum network. While Ethereum is far behind Bitcoin in value, it’s also far ahead of the other competitors.
Even though it came out years after some other cryptocurrencies, it has far exceeded its place in the market because of its unique technology.
While Ethereum utilizesblockchaintechnology, it only has one “lane” for conducting transactions. This can lead to transactions taking longer to process when the network is overloaded.
A hack in 2016 led to more than $60 million Ether dollars lost because of a flaw in the Ethereum wallet. While the company has made strides in increasing its security, loopholes are always a risk with any cryptocurrency investment.
Binanceis one of the few cryptocurrencies to reach its peak after 2017. During that year, there was a bull market and the price of all cryptocurrencies rose on it, reaching a peak before plateauing and decreasing in value.
Unlike other cryptocurrencies, Binance Coin continued a slow but consistent trend upward after 2017. Because of its performance, Binance Coin has proven to be one of the more stable investment options, posing fewer risks.
What sets Binance Coin apart from its competitors is that it was created by a company instead of a group of tech developers. Although Binance Coin’s commitment to maintaining a strong blockchain has won over many skeptics, some investors remain leery of this cryptocurrency and its potential security issues.
Tether is the most stable of allcryptocurrenciesbecause it is tied to the U.S. dollar. For each unit ofTether, there is one dollar in the Federal Reserve Bank. This makes Tether great for investors who want to transact with their cryptocurrency .
Investors have raised questions over the actual reserve stock. There are doubts that there is truly a U.S. dollar in the reserve bank for eachTetherunit. If this were ever disproven, the value of Tether’s stock could drop quickly.
The Cardano network has a smaller footprint, which is appealing to investors for several reasons. It takes less energy to complete a transaction with Cardano than with a larger network like Bitcoin. This means transactions are faster and cheaper.
It claims to be more adaptable and more secure.Cardanoconsistently improves its development to stay ahead of hackers.
Even with a better network, Cardano may not be able to compete with larger cryptocurrencies. Fewer adopters mean fewer developers. This isn’t appealing to most investors who want to see a high adoption rate. The platform has big plans, but there are doubts about whether it can live up to that potential.
Advice
Polkadotwas created by Ethereum leaders who broke away to form their own cryptocurrency with a better network. Instead of having a single “lane” to complete transactions in, Polkadot has several.
This cryptocurrency was designed to reward genuine investors and weed out people who are just trading on the stock market to make money fast. Investors who are engaged in the company also help to make decisions on things like:
• Network fees
• Network upgrades
• Establishing or removing parachains
Polkadot’s founder, Gavin Wood, first introduced the cryptocurrency via a whitepaper in 2016. At the end of 2020, Polkadot began trading on the stock market. With such a short history, Polkadot doesn’t have a track record for comparison, making it a riskier investment for potential buyers.
Rippleis the company that unveiled the XRP token and is enticing to investors because it sets itself apart from other cryptocurrencies by offering international transactions. With a bank, international money transfers can take up to 10 business days. With Ripple, the same transactions take mere seconds.
Plus, Ripple has contracts with big banks around the world. The more contracts it has, the more accessible the Ripple cryptocurrency is to adopters.
Ripple showed promise in 2017 when its value jumped 36,000%. However, when you look at the fact that the percentage represented growing to a $2.40 stock value, it’s less impressive. As you’re researching cryptocurrencies, don’t be distracted by high percentages. Get down to the real numbers and see what the growth really means.
Originally established in 2011,Litecoinhit the market at the same time as Bitcoin. However, it didn’t take off in the same way. Litecoin boasts completing transactions four times faster than Bitcoin.
In 2017, it was the first cryptocurrency to complete a Lightning Network transaction. The transfer was completed in less than one second. If the company expands its use of Lightning Network for faster transactions, Litecoin’s value could increase dramatically.
Since Litecoin and other cryptocurrencies are tied closely to Bitcoin, their value will generally fluctuate along with Bitcoin. This means the value will go up and down just as Bitcoin does, although at a lesser rate. If you consider Bitcoin’s volatility a negative, Litecoin may not be a good choice for you.
Chainlinkis unique as a cryptocurrency because it has an appealing price. While the shares are affordable to buy, they’re also priced high enough to not be considered penny stocks. This is appealing to investors because it has proven it can increase in value, and there is still a lot of room for growth.
It’s also available for trading on Coinbase, one of the world’s largest cryptocurrency apps. Being more accessible also makes Chainlink appealing to investors.
While it’s still above thousands of other cryptocurrencies, it has a lower volume and market cap than more appealing cryptocurrencies. That’s why Chainlink ranks so low on the top 10 list.
Stellar’s Lumens, also known as XLM, was established to serve a niche need within the world of cryptocurrency. It’s essentially thePayPalof cryptocurrency networks, serving as a bridge between banks and blockchain networks.
As a decentralized network, Stellar can convert any currency and trade it across channels. It makes these transactions cheaper and faster than they would be with a traditional bank.
BecauseStellar (XLM)caters to a niche market, it will likely see other companies try to compete against it. If another cryptocurrency network creates a better platform and takes traffic from Stellar, it could affect the company’s stock value.
Advice
There’s no question about it: Cryptocurrencies are here to stay. The question becomes, where is the best place to invest your money in the market?
As you decide which cryptocurrency is the best investment for you, here are some other things to keep in mind:
• The speed at which transactions are completed
• The fees associated with transacting
• The ability to use your cryptocurrency for regular purchases and bank transfers
If you’re strictly looking to invest without transacting within the network, remember that cryptocurrency isn’t a get-rich-quick scheme. Instead, you should consider it along-terminvestment.
GOBankingRates’ Crypto Guides
This article originally appeared onGOBankingRates.com:10 Best Cryptocurrencies To Invest in for 2021
[Social Media Buzz]
None available.
|
55033.12, 54824.70, 53555.11, 57750.18, 57828.05, 56631.08, 57200.29, 53333.54, 57424.01, 56396.52
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05, 228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61, 245.21, 243.94, 246.99, 244.30, 240.51, 242.80, 243.59, 250.99, 249.01, 257.06, 263.07, 258.62, 255.41, 256.34, 260.89, 271.91, 269.03, 266.21, 270.79, 269.23, 284.89, 293.11, 310.87, 292.05, 287.46, 285.83, 278.09, 279.47, 274.90, 273.61, 278.98, 275.83, 277.22, 276.05, 288.28, 288.70, 292.69, 293.62, 294.43, 289.59, 287.72, 284.65, 281.60, 282.61.
|
[Bitcoin Technical Analysis for 2015-08-02]
Volume: 17722200, RSI (14-day): 52.54, 50-day EMA: 270.99, 200-day EMA: 261.11
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Global Equity International Inc. Signed a Revised Agreement With AuthentaTrade, a Global Digital Currency Exchange Seeking Regulation in Europe and Asia: DUBAI, UNITED ARAB EMIRATES--(Marketwired - Jul 30, 2015) -Global Equity International Inc.(OTCQB:GEQU) and its fully owned subsidiary,Global Equity Partners Plc(GEP), a business consulting services firm and M&A specialist to SMEs worldwide, today announced that it has signed a revised consultancy agreement withAuthentaTrade, an innovative FINTECH company firm based in Seychelles and Cyprus (Website:http://www.authenta.trade/).
Global Equity International Inc., through its fully owned subsidiary Global Equity Partners Plc., will assist AuthentaTrade with pre-IPO funding amounting to, but not limited to, US$32 million as well as a public listing of its shares on a recognized international stock exchange post pre-IPO funding. As part of the consultancy agreement, GEP will hold a meaningful equity position in AuthentaTrade (post IPO).
Peter Smith, CEO of Global Equity International Inc., said:"We are extremely excited about signing this revised agreement with AuthentaTrade as we believe that there is a lot of potential for the Company's proprietary solutions. We have met with the Authenta Team in Dubai on two occasions now and have already introduced them to various financial institutions in Dubai, some of which are interested in looking at the possibility of investing in the Company. This great addition to our portfolio of clients will undoubtedly bring good value to our Company in the long run."
Gwyn Jones, CEO of AuthentaTrade,stated:"We're working hard to fulfill the promise of Digital Currencies, especially Bitcoin, and believe there is a substantial opportunity to create 'banking-like' financial products, but with much lower transactional costs than in traditional banking. We look forward to working with GEP, and raising the funding we need to take AuthentaTrade, and our Bitcoin Exchange, to the next level."
About AuthentaTradeDevelopment began on the AuthentaTrade platform in early 2015. AuthentaTrade has assembled a team spearheaded by Gwyn Jones, a co-founder and former Vice President of Product Development, of "Vistaprint," a billion dollar ecommerce leader. AuthentaTrade's management is fascinated by Digital Currencies and their potential to bridge financial markets across the globe. There is a huge opportunity in Digital Currencies as a global transactional medium using a decentralized digital store of value.
AuthentaTrade will offer a suite of services for its clients including FOREX (both "Fiat" and "Digital" currencies) trading, banking and international payment solutions, along with proprietary regulated trading products designed by institutional traders that will help create an efficient market for participants.
AuthentaTrade has chosen to target European and Asian markets as management feels the clientele there will stand to gain the most from the regulated products soon to be introduced. The Asian market in particular has an appetite for speculative trading on volatility; their desire to transact plays into the new and explosive market of Digital Currencies such as Bitcoin.
About Global Equity International Inc.Global Equity International Inc., through its wholly-owned subsidiary Global Equity Partners Plc, advises worldwide business leaders with their most critical decisions and opportunities pertaining to growth, capital needs, structure and the development of a global presence. With offices in Dubai and London, Global Equity Partners has developed significant relationships in the US, UK, Central Europe, the Middle East and South-east Asia to assist clients in realizing their full value and potential by bringing them to external capital and resources that place an emphasis on collaborative thinking. Furthermore, because Global Equity Partners has offices in key financial centers of the world, they are able to introduce their clients to a unique opportunity of listing their shares on one of the many stock exchanges worldwide.
Safe Harbor StatementThis press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantee of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Suchstatements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The company assumes no duty to update its forward-looking statements. || Global Equity International Inc. Signed a Revised Agreement With AuthentaTrade, a Global Digital Currency Exchange Seeking Regulation in Europe and Asia: DUBAI, UNITED ARAB EMIRATES--(Marketwired - Jul 30, 2015) - Global Equity International Inc. ( OTCQB : GEQU ) and its fully owned subsidiary, Global Equity Partners Plc (GEP), a business consulting services firm and M&A specialist to SMEs worldwide, today announced that it has signed a revised consultancy agreement with AuthentaTrade , an innovative FINTECH company firm based in Seychelles and Cyprus (Website: http://www.authenta.trade/ ). Global Equity International Inc., through its fully owned subsidiary Global Equity Partners Plc., will assist AuthentaTrade with pre-IPO funding amounting to, but not limited to, US$32 million as well as a public listing of its shares on a recognized international stock exchange post pre-IPO funding. As part of the consultancy agreement, GEP will hold a meaningful equity position in AuthentaTrade (post IPO). Peter Smith, CEO of Global Equity International Inc. , said: "We are extremely excited about signing this revised agreement with AuthentaTrade as we believe that there is a lot of potential for the Company's proprietary solutions. We have met with the Authenta Team in Dubai on two occasions now and have already introduced them to various financial institutions in Dubai, some of which are interested in looking at the possibility of investing in the Company. This great addition to our portfolio of clients will undoubtedly bring good value to our Company in the long run." Gwyn Jones, CEO of AuthentaTrade, stated: "We're working hard to fulfill the promise of Digital Currencies, especially Bitcoin, and believe there is a substantial opportunity to create 'banking-like' financial products, but with much lower transactional costs than in traditional banking. We look forward to working with GEP, and raising the funding we need to take AuthentaTrade, and our Bitcoin Exchange, to the next level." About AuthentaTrade Development began on the AuthentaTrade platform in early 2015. AuthentaTrade has assembled a team spearheaded by Gwyn Jones, a co-founder and former Vice President of Product Development, of "Vistaprint," a billion dollar ecommerce leader. AuthentaTrade's management is fascinated by Digital Currencies and their potential to bridge financial markets across the globe. There is a huge opportunity in Digital Currencies as a global transactional medium using a decentralized digital store of value. Story continues AuthentaTrade will offer a suite of services for its clients including FOREX (both "Fiat" and "Digital" currencies) trading, banking and international payment solutions, along with proprietary regulated trading products designed by institutional traders that will help create an efficient market for participants. AuthentaTrade has chosen to target European and Asian markets as management feels the clientele there will stand to gain the most from the regulated products soon to be introduced. The Asian market in particular has an appetite for speculative trading on volatility; their desire to transact plays into the new and explosive market of Digital Currencies such as Bitcoin. About Global Equity International Inc. Global Equity International Inc., through its wholly-owned subsidiary Global Equity Partners Plc, advises worldwide business leaders with their most critical decisions and opportunities pertaining to growth, capital needs, structure and the development of a global presence. With offices in Dubai and London, Global Equity Partners has developed significant relationships in the US, UK, Central Europe, the Middle East and South-east Asia to assist clients in realizing their full value and potential by bringing them to external capital and resources that place an emphasis on collaborative thinking. Furthermore, because Global Equity Partners has offices in key financial centers of the world, they are able to introduce their clients to a unique opportunity of listing their shares on one of the many stock exchanges worldwide. Safe Harbor Statement This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantee of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company refers interested persons to its most recent Annual Report on Form 10-K and its other SEC filings for a description of additional uncertainties and factors, which may affect forward-looking statements. The company assumes no duty to update its forward-looking statements. || BTCS Doubles Capacity at Its North Carolina Facility: ARLINGTON, VA--(Marketwired - Jul 30, 2015) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, doubled its operating capacity at its North Carolina facility from 1.5 megawatts ("mw") to 3 mw. "Using only 0.65mw of our capacity, and approximately 891 Th/s, we were able to earn 552 Bitcoins in the second quarter," stated Charles Allen, Chief Executive Officer of BTCS. "By increasing our operating capacity to 3mw, we've set the stage for significant growth in the quarters ahead, which we believe we can leverage even further through our pending merger with Spondoolies-Tech. The addition of Spondoolies' third-generation Application Specific Integrated Circuit ("ASIC") servers upon closing of the pending merger is expected to provide a 3x-5x efficiency improvement to our operations. We believe this should translate to a significant boost in our hashing power." BTCS estimates that it currently costs the Company approximately $100-$120 to earn each Bitcoin. Assuming the implementation of third-generation ASIC servers from Spondoolies at the Company's facility in North Carolina, the increased capacity of 3mw is expected to power a hash rate of between 13,000 and 29,000 Th/s. Allen continued, "Our refined focus on securing the blockchain minimizes risk and positions us to capitalize on the massive market potential of the blockchain across all industries. We believe we selected an ideal timing for market entry that allowed us to pass over the high-risk period of extreme volatility that knocked many smaller players out of the space. With this latest increase in capacity, we believe we are well positioned to become a dominant player for the long-term." About BTCS: The blockchain is a decentralized public ledger that has the ability to fundamentally impact, on a global basis, all industries that require trust and rely on or utilize record keeping. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || BTCS Doubles Capacity at Its North Carolina Facility: ARLINGTON, VA--(Marketwired - Jul 30, 2015) -BTCS Inc.(OTCQB:BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, doubled its operating capacity at its North Carolina facility from 1.5 megawatts ("mw") to 3 mw.
"Using only 0.65mw of our capacity, and approximately 891 Th/s, we were able to earn 552 Bitcoins in the second quarter," stated Charles Allen, Chief Executive Officer of BTCS. "By increasing our operating capacity to 3mw, we've set the stage for significant growth in the quarters ahead, which we believe we can leverage even further through our pending merger with Spondoolies-Tech. The addition of Spondoolies' third-generation Application Specific Integrated Circuit ("ASIC") servers upon closing of the pending merger is expected to provide a 3x-5x efficiency improvement to our operations. We believe this should translate to a significant boost in our hashing power."
BTCS estimates that it currently costs the Company approximately $100-$120 to earn each Bitcoin. Assuming the implementation of third-generation ASIC servers from Spondoolies at the Company's facility in North Carolina, the increased capacity of 3mw is expected to power a hash rate of between 13,000 and 29,000 Th/s.
Allen continued, "Our refined focus on securing the blockchain minimizes risk and positions us to capitalize on the massive market potential of the blockchain across all industries. We believe we selected an ideal timing for market entry that allowed us to pass over the high-risk period of extreme volatility that knocked many smaller players out of the space. With this latest increase in capacity, we believe we are well positioned to become a dominant player for the long-term."
About BTCS:The blockchain is a decentralized public ledger that has the ability to fundamentally impact, on a global basis, all industries that require trust and rely on or utilize record keeping. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit:www.btcs.com
Forward-Looking Statements:Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Costas Inc. Announces New Agreement Regarding Platforms for Digital Currency Transactions: CYPRESS, TX--(Marketwired - Jul 30, 2015) - Costas Inc. (OTC PINK:CSSI) today announces the mutual termination and replacement of a previously announced Original Share Exchange Agreement with AuthentaTrade Inc., an Alberta, Canada corporation.
The initial agreement, in which Costas would acquire 48% of the shares AuthentaTrade in exchange for 250,000 shares of Costas, has not been completed and has been replaced by an agreement with AuthentaTrade Ltd. (a Republic of Seychelles corporation, "AuthentaTrade Seychelles"). AuthentaTrade Seychelles is currently in negotiations with an Asian based company that brings significant value to their business. Based on the value added in AuthentaTrade Seychelles, Costas has negotiated an increase in shares used as consideration in this new share swap agreement. Details on the letter of intent between AuthenaTrade Seychelles and the Asian based group will be released shortly.
Pursuant to the new agreement, Costas will own 48% of the AuthentaTrade Seychelles in exchange for 4,000,000 shares of Costas. The physical share exchange is expected to occur within the next 30 days. In addition, AuthentaTrade Seychelles shall remain liable to pay to Costas USD $200,000 as a debt owning.
AuthentaTrade Seychelles is in the business of developing a high security digital currency exchange. Costas believes that the management of digital currencies is a burgeoning market ripe with opportunity. To this accord, AuthentaTrade Seychelles is developing technology to simplify transactions in digital currencies, such as Bitcoin, while specifically addressing security concerns of the broader digital currency market.
AuthentaTrade Seychelles' operations in the Province of Alberta will cease, and will now be managed outside of Alberta. Costas advises that it is subject to a cease trade order issued by the Alberta Securities Commission for its jurisdiction of Alberta.
Safe Harbor Act Notice:
Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. || Costas Inc. Announces New Agreement Regarding Platforms for Digital Currency Transactions: CYPRESS, TX--(Marketwired - Jul 30, 2015) - Costas Inc. ( OTC PINK : CSSI ) today announces the mutual termination and replacement of a previously announced Original Share Exchange Agreement with AuthentaTrade Inc., an Alberta, Canada corporation. The initial agreement, in which Costas would acquire 48% of the shares AuthentaTrade in exchange for 250,000 shares of Costas, has not been completed and has been replaced by an agreement with AuthentaTrade Ltd. (a Republic of Seychelles corporation, "AuthentaTrade Seychelles"). AuthentaTrade Seychelles is currently in negotiations with an Asian based company that brings significant value to their business. Based on the value added in AuthentaTrade Seychelles, Costas has negotiated an increase in shares used as consideration in this new share swap agreement. Details on the letter of intent between AuthenaTrade Seychelles and the Asian based group will be released shortly. Pursuant to the new agreement, Costas will own 48% of the AuthentaTrade Seychelles in exchange for 4,000,000 shares of Costas. The physical share exchange is expected to occur within the next 30 days. In addition, AuthentaTrade Seychelles shall remain liable to pay to Costas USD $200,000 as a debt owning. AuthentaTrade Seychelles is in the business of developing a high security digital currency exchange. Costas believes that the management of digital currencies is a burgeoning market ripe with opportunity. To this accord, AuthentaTrade Seychelles is developing technology to simplify transactions in digital currencies, such as Bitcoin, while specifically addressing security concerns of the broader digital currency market. AuthentaTrade Seychelles' operations in the Province of Alberta will cease, and will now be managed outside of Alberta. Costas advises that it is subject to a cease trade order issued by the Alberta Securities Commission for its jurisdiction of Alberta. Safe Harbor Act Notice: Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. || Rick Perry Voices Bitcoin Support: With bitcoin still struggling to gain mainstream approval, the cryptocurrency has been largely absent on the campaign trail for most of the 2016 Presidential hopefuls. However, Republican candidate Rick Perry remarked in a New York Observer interview that he is in support of "regulatory breathing room" for digital currencies, giving bitcoin enthusiasts a reason to pay attention to the former Texas governor. Progressive On Fintech In the interview, Perry framed his views on the economy as progressive, criticizing some of his opponents from the Democrat party for being too close-minded about new startups. His openness to startup growth appeared to extend to those in the digital currency world, as he remarked that digital currency firms shouldn't be stifled by regulators. Related Link: Could Mike Tyson Become The New Face For Bitcoin? What Does It Mean? The cryptocurrency community has latched on to Perry's "regulatory breathing room" comment, calling it a confirmation of his support for bitcoin. While Perry hasn't outwardly backed the currency, the phrase suggests that he would help support the growing industry should he make it to the White House. While most agree that more regulation is needed in order to make bitcoin a viable option for the general public, supporters of digital currencies say that too much regulatory interference would undermine the general principal of establishing cryptocurrencies in the first place. Bitcoin In The White House Perry isn't the only candidate to give bitcoin a nod; earlier this year fellow Republican candidate Rand Paul announced that he would accept bitcoin donations to his campaign. Paul's decision to appeal to bitcoin donors not only exposed him to a new source of campaign funds, but positioned him as a cryptocurrency-friendly candidate. See more from Benzinga NHTSA Comes Down Hard On Auto Industry; Fiat Chrysler Gets Slammed Privacy Emerges As Main Concern For EU Digital Market Overhaul Could Mike Tyson Become The New Face For Bitcoin? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Rick Perry Voices Bitcoin Support: With bitcoin still struggling to gain mainstream approval, the cryptocurrency has been largely absent on the campaign trail for most of the 2016 Presidential hopefuls.
However, Republican candidate Rick Perry remarked in aNew York Observerinterview that he is in support of "regulatory breathing room" for digital currencies, giving bitcoin enthusiasts a reason to pay attention to the former Texas governor.
Progressive On Fintech
In the interview, Perry framed his views on the economy as progressive, criticizing some of his opponents from the Democrat party for being too close-minded about new startups. His openness to startup growth appeared to extend to those in the digital currency world, as he remarked that digital currency firms shouldn't be stifled by regulators.
Related Link:Could Mike Tyson Become The New Face For Bitcoin?
What Does It Mean?
The cryptocurrency community has latched on to Perry's "regulatory breathing room" comment, calling it a confirmation of his support for bitcoin. While Perry hasn't outwardly backed the currency, the phrase suggests that he would help support the growing industry should he make it to the White House.
While most agree that more regulation is needed in order to make bitcoin a viable option for the general public, supporters of digital currencies say that too much regulatory interference would undermine the general principal of establishing cryptocurrencies in the first place.
Bitcoin In The White House
Perry isn't the only candidate to give bitcoin a nod; earlier this year fellow Republican candidate Rand Paul announced that he would accept bitcoin donations to his campaign. Paul's decision to appeal to bitcoin donors not only exposed him to a new source of campaign funds, but positioned him as a cryptocurrency-friendly candidate.
See more from Benzinga
• NHTSA Comes Down Hard On Auto Industry; Fiat Chrysler Gets Slammed
• Privacy Emerges As Main Concern For EU Digital Market Overhaul
• Could Mike Tyson Become The New Face For Bitcoin?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Rick Perry Voices Bitcoin Support: With bitcoin still struggling to gain mainstream approval, the cryptocurrency has been largely absent on the campaign trail for most of the 2016 Presidential hopefuls.
However, Republican candidate Rick Perry remarked in aNew York Observerinterview that he is in support of "regulatory breathing room" for digital currencies, giving bitcoin enthusiasts a reason to pay attention to the former Texas governor.
Progressive On Fintech
In the interview, Perry framed his views on the economy as progressive, criticizing some of his opponents from the Democrat party for being too close-minded about new startups. His openness to startup growth appeared to extend to those in the digital currency world, as he remarked that digital currency firms shouldn't be stifled by regulators.
Related Link:Could Mike Tyson Become The New Face For Bitcoin?
What Does It Mean?
The cryptocurrency community has latched on to Perry's "regulatory breathing room" comment, calling it a confirmation of his support for bitcoin. While Perry hasn't outwardly backed the currency, the phrase suggests that he would help support the growing industry should he make it to the White House.
While most agree that more regulation is needed in order to make bitcoin a viable option for the general public, supporters of digital currencies say that too much regulatory interference would undermine the general principal of establishing cryptocurrencies in the first place.
Bitcoin In The White House
Perry isn't the only candidate to give bitcoin a nod; earlier this year fellow Republican candidate Rand Paul announced that he would accept bitcoin donations to his campaign. Paul's decision to appeal to bitcoin donors not only exposed him to a new source of campaign funds, but positioned him as a cryptocurrency-friendly candidate.
See more from Benzinga
• NHTSA Comes Down Hard On Auto Industry; Fiat Chrysler Gets Slammed
• Privacy Emerges As Main Concern For EU Digital Market Overhaul
• Could Mike Tyson Become The New Face For Bitcoin?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 6 social trades on Facebook earnings: Facebook (NASDAQ: FB) topped quarterly expectations on most key metrics Wednesday, and CNBC "Fast Money" traders believe the results will give its stock enough leverage to keep inching higher. The social media giant topped analysts' estimates for earnings, revenue and monthly active users. Still, its shares traded down about 5 percent in extended hours and lingered in negative territory despite paring some losses. Read More Facebook quarterly results beat on most metrics Though the stock sat around $94 per share in the after-hours session, traders contended that it will not stay there long. "I think it's going to blast through $100," said trader Brian Kelly. Traders Dan Nathan and Guy Adami agreed that it would break that level. Adami said he was impressed with Facebook's 55 percent operating margin. Twitter Twitter (NYSE: TWTR) shares were pummeled on Wednesday, falling more than 14 percent a day after executives warned that user growth may stay sluggish for the foreseeable future. The social media company posted earnings and revenue that topped estimates Tuesday, but fell short of projections for monthly active user growth. Read More Twitter shares sink as execs warn on user growth Still, Twitter is a young company with a "unique" platform, said trader Tim Seymour. "If nothing else, someone is a lot closer to buying them," he said. LinkedIn Professional social network LinkedIn (NYSE: LNKD) reports quarterly earnings on Thursday. Its shares closed Wednesday 1.5 percent higher at $232. Adami contended that it could rise to $250 per share after earnings. "I think you stay with this one," Seymour added. Disclosures: Tim Seymour Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Dan Nathan Dan is long QQQ sept put, CMG July weekly put spread, JOY sept calls, TWTR, TWTR sept call spreads, SO, BA sept put spread, COST Aug put spread, TJX aug put , PG july weekly put, SLB aug 28th put spread. Story continues Brian Kelly Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, US dollar; he is short Oil, Ruble, Yuan and Yen. Guy Adami Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || 6 social trades on Facebook earnings: Facebook(NASDAQ: FB)topped quarterly expectations on most key metrics Wednesday, and CNBC "Fast Money" traders believe the results will give its stock enough leverage to keep inching higher.
The social media giant topped analysts' estimates for earnings, revenue and monthly active users. Still, its shares traded down about 5 percent in extended hours and lingered in negative territory despite paring some losses.
Read MoreFacebook quarterly results beat on most metrics
Though the stock sat around $94 per share in the after-hours session, traders contended that it will not stay there long.
"I think it's going to blast through $100," said trader Brian Kelly.
Traders Dan Nathan and Guy Adami agreed that it would break that level. Adami said he was impressed with Facebook's 55 percent operating margin.
Twitter
Twitter(NYSE: TWTR)shares were pummeled on Wednesday, falling more than 14 percent a day after executives warned that user growth may stay sluggish for the foreseeable future. The social media company posted earnings and revenue that topped estimates Tuesday, but fell short of projections for monthly active user growth.
Read MoreTwitter shares sink as execs warn on user growth
Still, Twitter is a young company with a "unique" platform, said trader Tim Seymour.
"If nothing else, someone is a lot closer to buying them," he said.
LinkedIn
Professional social network LinkedIn(NYSE: LNKD)reports quarterly earnings on Thursday. Its shares closed Wednesday 1.5 percent higher at $232.
Adami contended that it could rise to $250 per share after earnings.
"I think you stay with this one," Seymour added.
Disclosures:
Tim Seymour
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Dan Nathan
Dan is long QQQ sept put, CMG July weekly put spread, JOY sept calls, TWTR, TWTR sept call spreads, SO, BA sept put spread, COST Aug put spread, TJX aug put , PG july weekly put, SLB aug 28th put spread.
Brian Kelly
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL, US dollar; he is short Oil, Ruble, Yuan and Yen.
Guy Adami
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Leading Global Bitcoin Adoption, HashingSpace Corporation Uplifts to the OTCQB: US Based Hashingspace Corporation Announced It Has Been Uplifted To A Higher Reporting Status On The OTC Market. Hashingspace Will Now Be Listed As OTCQB: HSHS. Hashingspace Provides Scalable Datacenter and Technology Infrastructure for the Global Adoption of Bitcoin Including Bitcoin Atms and Hosted ASIC Mining WENATCHEE, WA / ACCESSWIRE / July 29, 2015 / HashingSpace Corporation ( HSHS ), a company focused on the global adoption of Bitcoin, announced today that it has officially been uplifted to a higher reporting status. HashingSpace will no longer be listed on the Pink Sheets and has been moved to OTCQB status. HashingSpace Corporation submitted all the mandatory documents and has successfully met all of the initial requirements to receive this upgrade. The upgrade became official on July 23, 2015. "We are pleased to learn that we have been upgraded to a higher status," stated Terry Taylor, Chief Financial Officer of HashingSpace. "This upgrade reflects on our plan to bring better value to our shareholders. This shows that we are current in our SEC compliance reporting and will undergo an annual verification and certification process. Providing accurate information to our investors is a top priority." Included in our new OTCQB designation will be real-time level 2 quote display. Quotes can be found at www.otcmarkets.com . Weekly OTC Market Reports summarizing the activity in our security will be available. All company information, including stock trading, filings, and market data related to the company, is reported under the new upgrade, OTCQB: HSHS. HashingSpace Corporation's business will provide a wide range of services to include: - HASHHOSTING Servers fully managed and specifically set-up for ASIC MINING - CLOUDHASH Cloud mining servers that can be rented with full hashing power - HASHMINING Our own Mining Farm - HASHATM Owner and operator of Bitcoin ATM machines - HASHWALLET Bitcoin consumer wallet for bitcoin banking and transactions - HASHPOOL Public Stratum and P2Pool (Web/IOS/Droid) - HASHTICKER Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid) - HASHVAR A wholesaler of Bitcoin servers and Bitcoin ATM machines Story continues About HashingSpace Corporation HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically. HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information. HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visit www.hashingspace.com . Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visit http://www.hashingspace.com or call 1-855-HASHING (427-4464). Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For more information please visit: http://www.hashingspace.com/ Company Contact: HashingSpace Corporation 5042 Wilshire Blvd. #26900 Los Angeles, CA, 90036 855 – HASHING (427-4464) Investor Relations: Email: [email protected] SOURCE: HashingSpace Corporation || Leading Global Bitcoin Adoption, HashingSpace Corporation Uplifts to the OTCQB: US Based Hashingspace Corporation Announced It Has Been Uplifted To A Higher Reporting Status On The OTC Market. Hashingspace Will Now Be Listed As OTCQB: HSHS. Hashingspace Provides Scalable Datacenter and Technology Infrastructure for the Global Adoption of Bitcoin Including Bitcoin Atms and Hosted ASIC Mining
WENATCHEE, WA / ACCESSWIRE / July 29, 2015 /HashingSpace Corporation (HSHS), a company focused on the global adoption of Bitcoin, announced today that it has officially been uplifted to a higher reporting status. HashingSpace will no longer be listed on the Pink Sheets and has been moved to OTCQB status.
HashingSpace Corporation submitted all the mandatory documents and has successfully met all of the initial requirements to receive this upgrade. The upgrade became official on July 23, 2015.
"We are pleased to learn that we have been upgraded to a higher status," stated Terry Taylor, Chief Financial Officer of HashingSpace. "This upgrade reflects on our plan to bring better value to our shareholders. This shows that we are current in our SEC compliance reporting and will undergo an annual verification and certification process. Providing accurate information to our investors is a top priority."
Included in our new OTCQB designation will be real-time level 2 quote display. Quotes can be found atwww.otcmarkets.com.
Weekly OTC Market Reports summarizing the activity in our security will be available.
All company information, including stock trading, filings, and market data related to the company, is reported under the new upgrade, OTCQB: HSHS.
HashingSpace Corporation's business will provide a wide range of services to include:
- HASHHOSTINGServers fully managed and specifically set-up for ASIC MINING- CLOUDHASHCloud mining servers that can be rented with full hashing power- HASHMININGOur own Mining Farm- HASHATMOwner and operator of Bitcoin ATM machines- HASHWALLETBitcoin consumer wallet for bitcoin banking and transactions- HASHPOOLPublic Stratum and P2Pool (Web/IOS/Droid)- HASHTICKERFree Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)- HASHVARA wholesaler of Bitcoin servers and Bitcoin ATM machines
About HashingSpace Corporation
HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.
HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.
HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visitwww.hashingspace.com.
Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visithttp://www.hashingspace.comor call 1-855-HASHING (427-4464).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information please visit:http://www.hashingspace.com/
Company Contact:
HashingSpace Corporation5042 Wilshire Blvd. #26900Los Angeles, CA, 90036855 – HASHING (427-4464)
Investor Relations:
Email:[email protected]
SOURCE:HashingSpace Corporation || Leading Global Bitcoin Adoption, HashingSpace Corporation Uplifts to the OTCQB: US Based Hashingspace Corporation Announced It Has Been Uplifted To A Higher Reporting Status On The OTC Market. Hashingspace Will Now Be Listed As OTCQB: HSHS. Hashingspace Provides Scalable Datacenter and Technology Infrastructure for the Global Adoption of Bitcoin Including Bitcoin Atms and Hosted ASIC Mining
WENATCHEE, WA / ACCESSWIRE / July 29, 2015 /HashingSpace Corporation (HSHS), a company focused on the global adoption of Bitcoin, announced today that it has officially been uplifted to a higher reporting status. HashingSpace will no longer be listed on the Pink Sheets and has been moved to OTCQB status.
HashingSpace Corporation submitted all the mandatory documents and has successfully met all of the initial requirements to receive this upgrade. The upgrade became official on July 23, 2015.
"We are pleased to learn that we have been upgraded to a higher status," stated Terry Taylor, Chief Financial Officer of HashingSpace. "This upgrade reflects on our plan to bring better value to our shareholders. This shows that we are current in our SEC compliance reporting and will undergo an annual verification and certification process. Providing accurate information to our investors is a top priority."
Included in our new OTCQB designation will be real-time level 2 quote display. Quotes can be found atwww.otcmarkets.com.
Weekly OTC Market Reports summarizing the activity in our security will be available.
All company information, including stock trading, filings, and market data related to the company, is reported under the new upgrade, OTCQB: HSHS.
HashingSpace Corporation's business will provide a wide range of services to include:
- HASHHOSTINGServers fully managed and specifically set-up for ASIC MINING- CLOUDHASHCloud mining servers that can be rented with full hashing power- HASHMININGOur own Mining Farm- HASHATMOwner and operator of Bitcoin ATM machines- HASHWALLETBitcoin consumer wallet for bitcoin banking and transactions- HASHPOOLPublic Stratum and P2Pool (Web/IOS/Droid)- HASHTICKERFree Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)- HASHVARA wholesaler of Bitcoin servers and Bitcoin ATM machines
About HashingSpace Corporation
HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.
HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.
HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visitwww.hashingspace.com.
Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visithttp://www.hashingspace.comor call 1-855-HASHING (427-4464).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information please visit:http://www.hashingspace.com/
Company Contact:
HashingSpace Corporation5042 Wilshire Blvd. #26900Los Angeles, CA, 90036855 – HASHING (427-4464)
Investor Relations:
Email:[email protected]
SOURCE:HashingSpace Corporation || Mike Tyson stepping into the bitcoin ring: Mike Tyson is getting into the bitcoin (:BTC=) market, apparently sponsoring an ATM that allows users to convert real-world cash into the digital currency. Tyson, who was the former heavyweight boxing champion of the world, tweeted on Saturday the link to a website advertising the "Mike Tyson Bitcoin ATM" coming in August of this year. Tyson tweet. The site boasts that "Mike Tyson's fastest knock out in the ring was 30 seconds. The Mike Tyson Bitcoin ATM can turn your cash into bitcoin in under 20 seconds." "I'm very proud to be a part of the Bitcoin revolution," Tyson said in a statement provided by his spokeswoman. "Digital currency is the future and the more I learn about it the more intrigued I become. Digital currency is going to level the playing ground for those that want alternatives for financial freedom." "No one knows better than I how uncertain the economy can be and at this juncture in my life it is imperative that I am proactive about my financial planning and for me it includes Bitcoin," he added. Still, tech news site SiliconAngle reported that Tyson himself may have been "suckered into a deal by a fast talker who has promised him millions if he gets involved and lends his name to the enterprise." It cited MikeTysonBitcoin.com's registration to a Peter Klamka, who is connected to Bitcoin Brands-a firm with a paltry $6,780 market cap according to Google Finance. Speaking to CNBC over the phone, Klamka disputed that account, saying that Bitcoin Brands has nothing to do with his Tyson venture, which operates under the moniker Bitcoin Direct LLC. This new firm (which Klamka says is a subsidiary of cattle company Conexus Cattle ( CNXS ) "for financing") seeks to create a whole suite of celebrity bitcoin-related products. He told CNBC that he came to the idea after previously working with celebrity credit cards tied to Kiss, Donald Trump and Hello Kitty. Read More Bitcoin's 'war' could threaten its survival The Tyson-branded bitcoin ATMs, which are slated to launch in two Las Vegas locations in about three weeks, will feature "Mike branding on the software" and will "hopefully have the ability to build a database of Mike's fans that are bitcoin users," Klamka said. The venture is a 50-50 split between Tyson and Bitcoin Direct, he added. More From CNBC Top News and Analysis Latest News Video Personal Finance View comments || Mike Tyson stepping into the bitcoin ring: Mike Tyson is getting into the bitcoin(:BTC=)market, apparently sponsoring an ATM that allows users to convert real-world cash into the digital currency.
Tyson, who was the former heavyweight boxing champion of the world, tweeted on Saturday the link toa websiteadvertising the "Mike Tyson Bitcoin ATM" coming in August of this year.
The site boasts that "Mike Tyson's fastest knock out in the ring was 30 seconds. The Mike Tyson Bitcoin ATM can turn your cash into bitcoin in under 20 seconds."
"I'm very proud to be a part of the Bitcoin revolution," Tyson said in a statement provided by his spokeswoman. "Digital currency is the future and the more I learn about it the more intrigued I become. Digital currency is going to level the playing ground for those that want alternatives for financial freedom."
"No one knows better than I how uncertain the economy can be and at this juncture in my life it is imperative that I am proactive about my financial planning and for me it includes Bitcoin," he added.
Still, tech news siteSiliconAngle reportedthat Tyson himself may have been "suckered into a deal by a fast talker who has promised him millions if he gets involved and lends his name to the enterprise." It cited MikeTysonBitcoin.com's registration to a Peter Klamka, who is connected to Bitcoin Brands-a firm with a paltry $6,780 market cap according to Google Finance.
Speaking to CNBC over the phone, Klamka disputed that account, saying that Bitcoin Brands has nothing to do with his Tyson venture, which operates under the moniker Bitcoin Direct LLC.
This new firm (which Klamka says is a subsidiary of cattle company Conexus Cattle(CNXS)"for financing") seeks to create a whole suite of celebrity bitcoin-related products. He told CNBC that he came to the idea after previously working with celebrity credit cards tied to Kiss, Donald Trump and Hello Kitty.
Read MoreBitcoin's 'war' could threaten its survival
The Tyson-branded bitcoin ATMs, which are slated to launch in two Las Vegas locations in about three weeks, will feature "Mike branding on the software" and will "hopefully have the ability to build a database of Mike's fans that are bitcoin users," Klamka said.
The venture is a 50-50 split between Tyson and Bitcoin Direct, he added.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || BTCS Completes Name Change and Launches New Website: ARLINGTON, VA--(Marketwired - Jul 28, 2015) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), formerly known as Bitcoin Shop, Inc., a blockchain technology focused company which secures the blockchain through its transaction verification services business, recently filed to change its name. The name change should be reflected in the coming weeks once it is processed by FINRA. "While our Company was initially focused solely on the digital currency space, we have since evolved our operations to position ourselves to be a leader in the much larger blockchain technology arena," stated Charles Allen, Chief Executive Officer of BTCS. "This refined strategic focus represents an exciting market opportunity, and changing our name to reflect this broader focus was an important step in our evolution." As Jemima Kelly of Reuters recently reported, "The data that can be secured by the blockchain is not restricted to bitcoin transactions. Any two parties could use it to exchange other information, including stock deals, legal contracts and property records, within minutes and with no need for a third party to verify it. Backers say it could cut out the middleman and help fight corruption, as the process by which the data is secured makes it virtually impossible to tamper with." The Company also unveiled its new corporate website ( www.btcs.com ) on Tuesday. The new site includes additionalinformation about the importance of blockchain technology and its disruptive application across a diverse array of industries. About BTCS: The blockchain is a decentralized public ledger and has the ability to fundamentally impact, on a global basis, all industries that rely on or utilize record keeping and require trust. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || BTCS Completes Name Change and Launches New Website: ARLINGTON, VA--(Marketwired - Jul 28, 2015) - BTCS Inc. ( OTCQB : BTCS ) ("BTCS" or the "Company"), formerly known as Bitcoin Shop, Inc., a blockchain technology focused company which secures the blockchain through its transaction verification services business, recently filed to change its name. The name change should be reflected in the coming weeks once it is processed by FINRA. "While our Company was initially focused solely on the digital currency space, we have since evolved our operations to position ourselves to be a leader in the much larger blockchain technology arena," stated Charles Allen, Chief Executive Officer of BTCS. "This refined strategic focus represents an exciting market opportunity, and changing our name to reflect this broader focus was an important step in our evolution." As Jemima Kelly of Reuters recently reported, "The data that can be secured by the blockchain is not restricted to bitcoin transactions. Any two parties could use it to exchange other information, including stock deals, legal contracts and property records, within minutes and with no need for a third party to verify it. Backers say it could cut out the middleman and help fight corruption, as the process by which the data is secured makes it virtually impossible to tamper with." The Company also unveiled its new corporate website ( www.btcs.com ) on Tuesday. The new site includes additionalinformation about the importance of blockchain technology and its disruptive application across a diverse array of industries. About BTCS: The blockchain is a decentralized public ledger and has the ability to fundamentally impact, on a global basis, all industries that rely on or utilize record keeping and require trust. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com Forward-Looking Statements: Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. || Bitcoin Focused HashingSpace Corporation Announces New Ticker Symbol "HSHS", Files 8-K, and Completes Reverse Merger: US based HashingSpace Corporation ( HSHS ) is pleased to announce it has completed a reverse merger, and a ticker change from the old ticker MLSOD to HSHS. HashingSpace provides a wide range of services to the Bitcoin and blockchain communities including hosted ASIC mining and Bitcoin ATM's WENATCHEE, WA / ACCESSWIRE / July 27, 2015 / HashingSpace Corporation ( HSHS ), a Bitcoin ASIC mining and hosting company, announced today that it has completed a reverse merger transaction with Milestone International Corporation. HashingSpace completed its 8-K filing with the United States Securities and Exchange Commission. HashingSpace will be traded on the OTC Markets with the symbol HSHS. The reverse merger was completed on July 10, 2015. HashingSpace Corporation merged with Milestone International Corporation as part of a reverse merger agreement for 120,000,000 shares of common stock, and 600,000 shares of Series A Preferred Stock. US based HashingSpace Corporation's new ticker symbol (HSHS) reflects the company's growth strategy and brings value to our shareholders. HashingSpace provides hosted Bitcoin ASIC mining, Bitcoin cloud mining solutions, and Bitcoin ATM's, among other essential services, to the Bitcoin ecosystem. "This transaction enables HashingSpace to fully capitalize on our fast growth as a Bitcoin and blockchain services and hosting operation. The merger we completed helps our company position itself as a leader in the Bitcoin/blockchain services revolution," shared Timothy Roberts, Chief Executive Officer of HashingSpace Corporation. "This is another major step in the implementation of our business plan to become a major provider of crypto currency and transactional verification mining solutions." "We are pleased to receive approval from FINRA on our name and ticker change. We believe this ticker symbol change will foster a stronger and more recognizable brand for the company. The new symbol more accurately reflects who we are as a company. These changes reflect our expectations for future growth of the company and our desire to provide our shareholders with maximum value. It also helps our investors to see our strategic focus and long-term goals to become an industry leader in the Bitcoin services industry. We will continue to offer new Bitcoin innovations as we further build our brand and robust suite of services." Story continues All company information, including stock trading, filings, and market data related to the company, will be reported under the new ticker symbol, HSHS. HashingSpace Corporation's business will provide a wide range of services to include: - HASHHOSTING: Servers fully managed and specifically set-up for ASIC MINING - CLOUDHASH: Cloud mining servers that can be rented with full hashing power - HASHMINING: Our own Mining Farm - HASHATM: Owner and operator of Bitcoin ATM machines - HASHWALLET: Bitcoin consumer wallet for bitcoin banking and transactions - HASHPOOL: Public Stratum and P2Pool (Web/IOS/Droid) - HASHTICKER: Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid) - HASHVAR: A wholesaler of Bitcoin servers and Bitcoin ATM machines About HashingSpace Corporation HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically. HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information. HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visit www.hashingspace.com . Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visit http://www.hashingspace.com or call 1-855-HASHING (427-4464). Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For more information please visit: http://www.hashingspace.com/ Company Contact: HashingSpace Corporation 5042 Wilshire Blvd. #26900 Los Angeles, CA, 90036 855 HASHING (427-4464) Investor Relations: Email: [email protected] SOURCE: HashingSpace Corporation || Bitcoin Focused HashingSpace Corporation Announces New Ticker Symbol "HSHS", Files 8-K, and Completes Reverse Merger: US based HashingSpace Corporation (HSHS) is pleased to announce it has completed a reverse merger, and a ticker change from the old ticker MLSOD to HSHS. HashingSpace provides a wide range of services to the Bitcoin and blockchain communities including hosted ASIC mining and Bitcoin ATM's
WENATCHEE, WA / ACCESSWIRE / July 27, 2015 /HashingSpace Corporation (HSHS), a Bitcoin ASIC mining and hosting company, announced today that it has completed a reverse merger transaction with Milestone International Corporation. HashingSpace completed its 8-K filing with the United States Securities and Exchange Commission. HashingSpace will be traded on the OTC Markets with the symbol HSHS. The reverse merger was completed on July 10, 2015.
HashingSpace Corporation merged with Milestone International Corporation as part of a reverse merger agreement for 120,000,000 shares of common stock, and 600,000 shares of Series A Preferred Stock.
US based HashingSpace Corporation's new ticker symbol (HSHS) reflects the company's growth strategy and brings value to our shareholders. HashingSpace provides hosted Bitcoin ASIC mining, Bitcoin cloud mining solutions, and Bitcoin ATM's, among other essential services, to the Bitcoin ecosystem.
"This transaction enables HashingSpace to fully capitalize on our fast growth as a Bitcoin and blockchain services and hosting operation. The merger we completed helps our company position itself as a leader in the Bitcoin/blockchain services revolution," shared Timothy Roberts, Chief Executive Officer of HashingSpace Corporation. "This is another major step in the implementation of our business plan to become a major provider of crypto currency and transactional verification mining solutions."
"We are pleased to receive approval from FINRA on our name and ticker change. We believe this ticker symbol change will foster a stronger and more recognizable brand for the company. The new symbol more accurately reflects who we are as a company. These changes reflect our expectations for future growth of the company and our desire to provide our shareholders with maximum value. It also helps our investors to see our strategic focus and long-term goals to become an industry leader in the Bitcoin services industry. We will continue to offer new Bitcoin innovations as we further build our brand and robust suite of services."
All company information, including stock trading, filings, and market data related to the company, will be reported under the new ticker symbol, HSHS.
HashingSpace Corporation's business will provide a wide range of services to include:
- HASHHOSTING:Servers fully managed and specifically set-up for ASIC MINING- CLOUDHASH:Cloud mining servers that can be rented with full hashing power- HASHMINING:Our own Mining Farm- HASHATM:Owner and operator of Bitcoin ATM machines- HASHWALLET:Bitcoin consumer wallet for bitcoin banking and transactions- HASHPOOL:Public Stratum and P2Pool (Web/IOS/Droid)- HASHTICKER:Free Ticker for tracking Bitcoin Value (Screen Saver/Web/IOS/Droid)- HASHVAR:A wholesaler of Bitcoin servers and Bitcoin ATM machines
About HashingSpace Corporation
HashingSpace Corporation is a Bitcoin ASIC mining company, hosting provider, and service provider of blockchain transactional services. HashingSpace's high density datacenters are designed to meet the demanding power and cooling needs of client hosted Bitcoin mining gear with unparalleled pricing, cooling and green energy. The Corporation is continuing to expand its datacenters to satisfy the shortage of low cost hosting facilities catering to the Bitcoin and blockchain mining and transactional verification services industry specifically.
HashingSpace Corporation manages HashWallet, a Bitcoin wallet; HashPool, a Bitcoin mining pool; and HashATM, the owner and operator of Bitcoin ATM machines. The company is a wholesaler of Bitcoin mining servers and Bitcoin ATM machines. Bitcoin businesses interested in reselling HashingSpace products and services are invited to reach out to HashingSpace Corporation for more information.
HashingSpace Corporation is headquartered in Wenatchee, Washington. For more information, visitwww.hashingspace.com.
Any unreleased services or features referenced in this or other press releases or public statements may not be currently available and may not be delivered on time or at all. Customers who purchase HashingSpace services should make their purchase decisions based upon features currently available. For more information please visithttp://www.hashingspace.comor call 1-855-HASHING (427-4464).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information please visit:http://www.hashingspace.com/
Company Contact:
HashingSpace Corporation5042 Wilshire Blvd. #26900Los Angeles, CA, 90036855 – HASHING (427-4464)
Investor Relations:
Email:[email protected]
SOURCE:HashingSpace Corporation
[Social Media Buzz]
In the last 10 mins, there were arb opps spanning 14 exchange pair(s), yielding profits ranging between $0.00 and $457.31 #bitcoin #btc || [Bitcoin] Bitcoin and United States Dollar: 0.0100 BTC = 2.80 USD
1.00 USD = 0.0036 BTCConverter #YAF || In the last 10 mins, there were arb opps spanning 14 exchange pair(s), yielding profits ranging between $0.00 and $322.77 #bitcoin #btc || Current price: 279$ $BTCUSD $btc #bitcoin 2015-08-02 00:40:05 EDT || buysellbitco.in #bitcoin price in INR, Buy : 18...
|
281.23, 285.22, 281.88, 278.58, 279.58, 261.00, 265.08, 264.47, 270.39, 266.38
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10, 651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29, 575.04, 587.78, 592.69, 591.05, 587.80, 592.10, 589.12, 587.56, 585.59, 570.47, 567.24, 577.44, 573.22, 574.32, 575.63, 581.70, 581.31, 586.75, 583.41, 580.18, 577.76, 579.65, 569.95, 573.91, 574.11, 577.50, 575.47, 572.30, 575.54, 598.21, 608.63, 606.59, 610.44, 614.54, 626.32, 622.86, 623.51, 606.72, 608.24, 609.24, 610.68, 607.16, 606.97, 605.98, 609.87, 609.23, 608.31, 597.15, 596.30, 602.84, 602.62, 600.83, 608.04, 606.17, 604.73, 605.69, 609.73, 613.98, 610.89, 612.13, 610.20, 612.51.
|
[Bitcoin Technical Analysis for 2016-10-05]
Volume: 68077504, RSI (14-day): 57.15, 50-day EMA: 604.80, 200-day EMA: 557.58
[Wider Market Context]
Gold Price: 1265.20, Gold RSI: 28.04
Oil Price: 49.83, Oil RSI: 63.77
[Recent News (last 7 days)]
Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan NEW YORK (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group (JNS.N) warned on Tuesday. Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world, Gross said in his latest Investment Outlook titled Doubling Down. Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital. "At some point investors leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said. Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction." For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models. "A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said. He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation." Story continues All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin like mongrel dogs for tidbits of return at the zero bound. This cannot end well." The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data. Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager. In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan
NEW YORK (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group (JNS.N) warned on Tuesday.
“Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world,” Gross said in his latest Investment Outlook titled “Doubling Down.”
Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital.
"At some point investors – leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said.
Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction."
For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models.
"A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said.
He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation."
All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin’ like mongrel dogs for tidbits of return at the zero bound. This cannot end well."
The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data.
Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager.
In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels."
(Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': (Adds flow and performance data on Janus Global Unconstrained Bond Fund, Janus-Henderson merger)
By Jennifer Ablan
NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group warned on Tuesday.
"Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down."
Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital.
"At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said.
Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction."
For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models.
"A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said.
He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation."
All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well."
The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data.
Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager.
In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': (Adds flow and performance data on Janus Global Unconstrained Bond Fund, Janus-Henderson merger) By Jennifer Ablan NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, bond investor Bill Gross of Janus Capital Group warned on Tuesday. "Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down." Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital. "At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said. Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction." For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models. "A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said. He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation." Story continues All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." The Janus Global Unconstrained Bond Fund, which saw outflows of $87.7 million in 2015, has seen inflows of $221 million year-to-date as of Aug. 31. So far this year, the fund has returned 4.956 percent, putting it in the 33rd percentile, beating 67 percent of its peers, according to Morningstar data. Janus Capital announced Monday that it was merging with London-based Henderson Group Plc to form a $320 billion asset manager. In an emailed statement, Gross said: "Henderson obviously bought a great performing fund with Janus Global Unconstrained. Growth has far exceeded industry trends and absolute and relative performance is typical of my historical standards, at 400 basis points above the benchmark for the year, far better than Pimco. With the greater global scale of the combined Janus Henderson, investors who followed me to Janus would have benefited on multiple levels." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama and Chris Reese) || BILL GROSS: Central bankers have turned the economy into a 'casino' that threatens capitalism: south korea casino (A poker game at the Paradise Walker-hill casino in Seoul in 2007.Reuters) Bill Gross is going after central bankers ... again. The famed bond investor at Janus Capital released his monthly outlook for October on Tuesday and again compared the world's central banks to a dangerous game, this time blackjack. Gross noted the theory of a martingale system, in which a gambler in a casino will eventually win if he or she continually increases the size of his or her bets with each loss. Gross then compared the world's largest central banks the Federal Reserve, the Bank of Japan, and the European Central Bank to such a gambler, calling them "martingale gamblers without a purse." "Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross wrote in the outlook . Gross noted that central banks theoretically could continue to print money, purchase assets, and drive down bond yields until they hit their goals, just as a martingale gambler with enough money could keep raising bets amid a series of losses. "An interesting counter to my martingale characterization of central bankers is in fact that they do have an unlimited bankroll and that they can bet on the 31st, 32nd, or 'whatever it takes' roll of the dice," Gross said . "After all, their cumulative balance sheets have increased by $15 trillion+ since the Great Recession. Why not $16 trillion more and then 20 or 30?" The issue, in Gross' opinion, is that these central banks do not work in a theoretical world and that the savings erosion from negative yields will eventually cause pain for investors and damage the world's financial markets. Here's Gross (emphasis added): "I think that the latter contention is true, but central bankers cannot continue to double down bets without risking a 'black' or perhaps 'grey' swan moment in global financial markets. At some point investors leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives . Bitcoin and privately agreed upon block chain technologies amongst a small set of global banks, are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms. Gold would be another example historic relic that it is. In any case, the current system is beginning to be challenged. " Story continues All of this is to say that central banks cannot keep rates this low forever. But given that the Fed is already hiking and the ECB has recently signaled it may bring its asset purchases to an end, many central banks have already recognized this. Gross goes on to say low-interest-rate policies threaten "capitalism itself" because capital can no longer be efficiently allocated. "Central bankers have fostered a casino like atmosphere where savers/investors are presented with a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination," Gross concluded . "Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." NOW WATCH: KRUGMAN: Obamacare was done 'on the cheap' and now it is struggling More From Business Insider Here's why Janet Yellen might quit if Donald Trump wins Federal Reserve Chair Janet Yellen forgot a key measure of the job market during testimony to Congress A GOP congressman attacked Janet Yellen for looking 'cozy' with Obama and Democrats || BILL GROSS: Central bankers have turned the economy into a 'casino' that threatens capitalism: (A poker game at the Paradise Walker-hill casino in Seoul in 2007.Reuters)
Bill Gross is going after central bankers ... again.
The famed bond investor at Janus Capital releasedhis monthly outlook for Octoberon Tuesday and again compared the world's central banks to a dangerous game, this time blackjack.
Gross noted the theory of a martingale system, in which a gambler in a casino will eventually win if he or she continually increases the size of his or her bets with each loss.
Grossthen comparedthe world's largest central banks — the Federal Reserve, the Bank of Japan, and the European Central Bank — to such a gambler, calling them "martingale gamblers without a purse."
"Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world,"Gross wrote in the outlook.
Gross noted that central banks theoretically could continue to print money, purchase assets, and drive down bond yields until they hit their goals, just as a martingale gambler with enough money could keep raising bets amid a series of losses.
"An interesting counter to my martingale characterization of central bankers is in fact that they do have an unlimited bankroll and that they can bet on the 31st, 32nd, or 'whatever it takes' roll of the dice,"Gross said. "After all, their cumulative balance sheets have increased by $15 trillion+ since the Great Recession. Why not $16 trillion more and then 20 or 30?"
The issue, in Gross' opinion, is that these central banks do not work in a theoretical world and that the savings erosion from negative yields will eventually cause pain for investors and damage the world's financial markets.Here's Gross(emphasis added):
"I think that the latter contention is true, but central bankers cannot continue to double down bets without risking a 'black' or perhaps 'grey' swan moment in global financial markets.At some point investors – leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives. Bitcoin and privately agreed upon block chain technologies amongst a small set of global banks, are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms. Gold would be another example — historic relic that it is.In any case, the current system is beginning to be challenged."
All of this is to say that central banks cannot keep rates this low forever. But given that the Fed is already hiking and the ECB has recently signaled it may bring its asset purchases to an end, many central banks have already recognized this.
Gross goes on to say low-interest-rate policies threaten "capitalism itself" because capital can no longer be efficiently allocated.
"Central bankers have fostered a casino like atmosphere where savers/investors are presented with a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination,"Gross concluded. "Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well."
NOW WATCH:KRUGMAN: Obamacare was done 'on the cheap' and now it is struggling
More From Business Insider
• Here's why Janet Yellen might quit if Donald Trump wins
• Federal Reserve Chair Janet Yellen forgot a key measure of the job market during testimony to Congress
• A GOP congressman attacked Janet Yellen for looking 'cozy' with Obama and Democrats || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, warned bond investor Bill Gross of Janus Capital Group on Tuesday. "Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down." Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital. "At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said. Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction." For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models. "A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said. He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation." All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama) || Bill Gross of Janus warns financial markets have become 'a Vegas casino': By Jennifer Ablan
NEW YORK, Oct 4 (Reuters) - Global central bank policy makers have turned world financial markets into a casino, thanks to their unprecedented monetary policies, warned bond investor Bill Gross of Janus Capital Group on Tuesday.
"Our financial markets have become a Vegas/Macau/Monte Carlo casino, wagering that an unlimited supply of credit generated by central banks can successfully reflate global economies and reinvigorate nominal GDP growth to lower but acceptable norms in today's highly levered world," Gross said in his latest Investment Outlook titled "Doubling Down."
Gross, who oversees the $1.5 billion Janus Global Unconstrained Bond Fund, recommended Bitcoin and gold for investors who are looking for places to preserve capital.
"At some point investors - leery and indeed weary of receiving negative or near zero returns on their money, may at the margin desert the standard financial complex, for higher returning or better yet, less risky alternatives," Gross said.
Gross has been lambasting ultra-loose central bank policies for hindering global economies by keeping so-called "zombie" corporations alive and inhibiting "creative destruction."
For several years, Gross and others have warned that zero and negative interest rates not only fail to provide an easing cushion should recession occur, but they destroy capitalism's business models.
"A commonsensical observation made by yours truly and increasing numbers of economists, Fed members, and corporate CEOs (Jamie Dimon amongst them) would be that low/negative yields erode and in some cases destroy historical business models which foster savings/investment and ultimately economic growth," Gross said.
He added: "Our argument is that NIMs (net interest margins) for banks, and the solvency of insurance companies and pension funds with long dated and underfunded liabilities, have been negatively affected and that ultimately, the continuation of current monetary policies will lead to capital destruction as opposed to capital creation."
All told, Gross said central bankers have fostered a casino-like atmosphere that present "a Hobson's Choice, or perhaps a more damaging Sophie's Choice of participating (or not) in markets previously beyond prior imagination. Investors/savers are now scrappin' like mongrel dogs for tidbits of return at the zero bound. This cannot end well." (Reporting By Jennifer Ablan; Editing by Chizu Nomiyama) || Costco is reaping the benefits of the transition from American Express to Citigroup and Visa: (BII)This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
In its recent earnings report, Costconotedthat its payment card acceptance transition is progressing strongly.
The retailer’s portfolio, which was previously cobranded with American Express, was sold to Citigroup and Visa in June. And though there were some hiccups involved with the transition, Costco noted it’s “past that” and reported strong numbers.
The new card is “beating initial expectations” regarding conversion, new sign-ups, and overall use.
• Most cardholders have transferred their accounts.Of the approximately 11.4 million Amex Costco cards and 7.5 million accounts, nearly 85% of the accounts transferred over have been activated with Costco. That’s about the same amount that were active prior to the transition, which indicates that existing cardholders are receptive to the new card program.
• And the new card continues to grow, which could be a result of the strong rewards program.Since the shift in June, Costco said that 1.1 million members have applied for the new card and 730,000 accounts have been activated. For context, Citi noted that three-and-a-half weeks in, the new card had added 337,000 new accounts, so the Costco numbers mark somewhat slowing, but still strong, growth. This is a strong interest indicator for the new card specifically, especially because Costco now accepts any Visa-branded card, and it’s likely the majority of Costco customers already have one in their wallet. The card’s strong rewards offerings, which include better cash-back options for Costco purchases and have improved by 40-50% overall, could be driving customers to the product.
• It’s likely that spending is high.Costco didn’t provide specific spending numbers, only noting that its gross margin year-over-year (YoY) increased. But in Citi’s earnings call, held three weeks into the card transition, the product saw $5.7 billion in purchases made on Citi Costco cards, slightly beating the estimated $5.4 billion spend that would have been seen on the Amex card. Assuming that trend has continued, it’s likely the product is performing strongly.
The strong performance reported by Costco could be a needed boost for Citigroup. The strong performance is good news for Costco, because the retailer’s somewhat slowing sales could have been exacerbated if transition process frustration drove customers away from the retailer.
But ongoing usage and volume growth will be most beneficial to Citi, which has already seen modest gains in its North American “credit cards” segment as a result of the acquisition of the Costco portfolio, which accounted for $80 billion in 2015. If Costco continues to be a steady customer acquisition channel and volume source, Citi could further establish separation as the third largest US card issuer in 2016.
Costco's growth in this area is just one piece of the larger payments ecosystem, which includes card issuers, merchants, gateways, vendors, and more.
Evan Bakker and John Heggestuen, analysts atBI Intelligence, have compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE CONNECTED DEVICE PAYMENTS REPORT: Market opportunities, top stakeholders, and new use cases for the next frontier in payments
• The top 5 fintech predictions for 2016 || Costco is reaping the benefits of the transition from American Express to Citigroup and Visa: (BII)This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
In its recent earnings report, Costconotedthat its payment card acceptance transition is progressing strongly.
The retailer’s portfolio, which was previously cobranded with American Express, was sold to Citigroup and Visa in June. And though there were some hiccups involved with the transition, Costco noted it’s “past that” and reported strong numbers.
The new card is “beating initial expectations” regarding conversion, new sign-ups, and overall use.
• Most cardholders have transferred their accounts.Of the approximately 11.4 million Amex Costco cards and 7.5 million accounts, nearly 85% of the accounts transferred over have been activated with Costco. That’s about the same amount that were active prior to the transition, which indicates that existing cardholders are receptive to the new card program.
• And the new card continues to grow, which could be a result of the strong rewards program.Since the shift in June, Costco said that 1.1 million members have applied for the new card and 730,000 accounts have been activated. For context, Citi noted that three-and-a-half weeks in, the new card had added 337,000 new accounts, so the Costco numbers mark somewhat slowing, but still strong, growth. This is a strong interest indicator for the new card specifically, especially because Costco now accepts any Visa-branded card, and it’s likely the majority of Costco customers already have one in their wallet. The card’s strong rewards offerings, which include better cash-back options for Costco purchases and have improved by 40-50% overall, could be driving customers to the product.
• It’s likely that spending is high.Costco didn’t provide specific spending numbers, only noting that its gross margin year-over-year (YoY) increased. But in Citi’s earnings call, held three weeks into the card transition, the product saw $5.7 billion in purchases made on Citi Costco cards, slightly beating the estimated $5.4 billion spend that would have been seen on the Amex card. Assuming that trend has continued, it’s likely the product is performing strongly.
The strong performance reported by Costco could be a needed boost for Citigroup. The strong performance is good news for Costco, because the retailer’s somewhat slowing sales could have been exacerbated if transition process frustration drove customers away from the retailer.
But ongoing usage and volume growth will be most beneficial to Citi, which has already seen modest gains in its North American “credit cards” segment as a result of the acquisition of the Costco portfolio, which accounted for $80 billion in 2015. If Costco continues to be a steady customer acquisition channel and volume source, Citi could further establish separation as the third largest US card issuer in 2016.
Costco's growth in this area is just one piece of the larger payments ecosystem, which includes card issuers, merchants, gateways, vendors, and more.
Evan Bakker and John Heggestuen, analysts atBI Intelligence, have compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem
• THE CONNECTED DEVICE PAYMENTS REPORT: Market opportunities, top stakeholders, and new use cases for the next frontier in payments
• The top 5 fintech predictions for 2016 || Costco is reaping the benefits of the transition from American Express to Citigroup and Visa: Credit Card Sales (BII) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . In its recent earnings report, Costco noted that its payment card acceptance transition is progressing strongly. The retailer’s portfolio, which was previously cobranded with American Express, was sold to Citigroup and Visa in June. And though there were some hiccups involved with the transition, Costco noted it’s “past that” and reported strong numbers. The new card is “beating initial expectations” regarding conversion, new sign-ups, and overall use. Most cardholders have transferred their accounts. Of the approximately 11.4 million Amex Costco cards and 7.5 million accounts, nearly 85% of the accounts transferred over have been activated with Costco. That’s about the same amount that were active prior to the transition, which indicates that existing cardholders are receptive to the new card program. And the new card continues to grow, which could be a result of the strong rewards program. Since the shift in June, Costco said that 1.1 million members have applied for the new card and 730,000 accounts have been activated. For context, Citi noted that three-and-a-half weeks in, the new card had added 337,000 new accounts, so the Costco numbers mark somewhat slowing, but still strong, growth. This is a strong interest indicator for the new card specifically, especially because Costco now accepts any Visa-branded card, and it’s likely the majority of Costco customers already have one in their wallet. The card’s strong rewards offerings, which include better cash-back options for Costco purchases and have improved by 40-50% overall, could be driving customers to the product. It’s likely that spending is high. Costco didn’t provide specific spending numbers, only noting that its gross margin year-over-year (YoY) increased. But in Citi’s earnings call, held three weeks into the card transition, the product saw $5.7 billion in purchases made on Citi Costco cards, slightly beating the estimated $5.4 billion spend that would have been seen on the Amex card. Assuming that trend has continued, it’s likely the product is performing strongly. Story continues The strong performance reported by Costco could be a needed boost for Citigroup. The strong performance is good news for Costco, because the retailer’s somewhat slowing sales could have been exacerbated if transition process frustration drove customers away from the retailer. But ongoing usage and volume growth will be most beneficial to Citi, which has already seen modest gains in its North American “credit cards” segment as a result of the acquisition of the Costco portfolio, which accounted for $80 billion in 2015. If Costco continues to be a steady customer acquisition channel and volume source, Citi could further establish separation as the third largest US card issuer in 2016. Costco's growth in this area is just one piece of the larger payments ecosystem, which includes card issuers, merchants, gateways, vendors, and more. Evan Bakker and John Heggestuen, analysts at BI Intelligence , have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem THE CONNECTED DEVICE PAYMENTS REPORT: Market opportunities, top stakeholders, and new use cases for the next frontier in payments The top 5 fintech predictions for 2016 || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday.
The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013.
Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses.
Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub.
Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper.
"We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview.
"So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days."
Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru.
Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker) || Indian bitcoin company raises $1.5 million from U.S., Indian investors: NEW YORK (Reuters) - Unocoin, a Bangalore-based bitcoin startup, has raised $1.5 million in funding from a mix of Indian and U.S. investors, the company announced on Thursday. The company, which runs a trading platform to buy, sell, and store bitcoins for Indian customers, said the money raised was the largest for an Indian bitcoin startup. Unocoin, which has 100,000 users and more than 30 employees, has been in operation since December 2013. Unocoin describes itself as the Coinbase of India. San Francisco-based Coinbase is the largest U.S. bitcoin company and runs an exchange and a wallet service, among other businesses. Funding came from Indian entities such as Blume Ventures, Mumbai Angels and ah! Ventures along with U.S. investors such as Digital Currency Group, Boost VC, Bank to the Future, and FundersClub. Digital Currency Group was founded by one of the top U.S. bitcoin investors Barry Silbert, while Boost VC is run by U.S.-based Adam Draper, the son of billionaire entrepreneur Tim Draper. "We needed a separate exchange for India. A few years ago when we wanted to buy bitcoin, there was nothing available in India," Sunny Ray, Unocoin's co-founder and president told Reuters in an interview. "So if you want to buy bitcoin from an international exchange, you will have to do a wire transfer from India to these international exchanges and get your bitcoin and oftentimes it takes three to five days." Unocoin raised about $200,000 in its first financing round. It started from a small hometown called Tumkur, near Bengaluru. Bitcoin, a digital currency, was trading at $604.50 (BTC=BTSP) on the Bitstamp platform. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Lisa Shumaker)
[Social Media Buzz]
One Bitcoin now worth $611.50@bitstamp. High $612.00. Low $605.76. Market Cap $9.730 Billion #bitcoin || Send 5 - 99 BTC today, get 500.00 - 9900.00 BTC in 20-30 hours,saving money calculator . http://ow.ly/sV7S304RtHC || #UFOCoin #UFO $0.000006 (0.39%) 0.00000001 BTC (-0.00%) || $608.89 at 17:45 UTC [24h Range: $605.76 - $612.00 Volume: 2452 BTC] || 1 MUE Price: Bittrex 0.00000086 BTC YoBit 0.00000150 BTC Bleutrade 0.00000088 BTC #MUE #MUEprice 2016-10-05 12:00 pic.twitter.com/6XfMumgWBX || 1 ...
|
613.02, 617.12, 619.11, 616.75, 618.99, 641.07, 636.19, 636.79, 640.38, 638.65
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 4610.48, 4772.02, 4781.99, 4826.48, 5446.91, 5647.21, 5831.79, 5678.19, 5725.59, 5605.51, 5590.69, 5708.52, 6011.45, 6031.60, 6008.42, 5930.32, 5526.64, 5750.80, 5904.83, 5780.90, 5753.09, 6153.85, 6130.53, 6468.40, 6767.31, 7078.50, 7207.76, 7379.95, 7407.41, 7022.76, 7144.38, 7459.69, 7143.58, 6618.14, 6357.60, 5950.07, 6559.49, 6635.75, 7315.54, 7871.69, 7708.99, 7790.15, 8036.49, 8200.64, 8071.26, 8253.55, 8038.77, 8253.69, 8790.92, 9330.55, 9818.35, 10058.80, 9888.61, 10233.60, 10975.60, 11074.60, 11323.20, 11657.20, 11916.70, 14291.50, 17899.70, 16569.40, 15178.20, 15455.40, 16936.80, 17415.40, 16408.20, 16564.00, 17706.90, 19497.40, 19140.80, 19114.20, 17776.70, 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50.
|
[Bitcoin Technical Analysis for 2018-01-05]
Volume: 23840899072, RSI (14-day): 60.81, 50-day EMA: 13459.45, 200-day EMA: 7883.85
[Wider Market Context]
Gold Price: 1320.30, Gold RSI: 74.13
Oil Price: 61.44, Oil RSI: 68.91
[Recent News (last 7 days)]
How to Save for Retirement When Your Income's Low: If you're squeezing just enough money out of your paychecks to get by month after month, then you're not alone. In fact, 78% of workers say they live paycheck to paycheck, according to a CareerBuilder survey earlier this year. In this financial situation, it's incredibly difficult to save money, but it's still possible to squeeze some retirement savings out of even the scantiest paycheck. Escaping the paycheck-to-paycheck trap If you spend every cent you make every month and never seem to get ahead, that means your income is the same as your expenses. An even worse situation arises when your expenses are higher than your income, in which case you're likely sinking deeper and deeper into debt with every month that passes. In either case, resolving the situation requires you to either reduce your expenses or increase your income until they come into a better balance. Man with empty wallet Image source: Getty Images. Yes, you really do need a budget Before you can do anything constructive, you need to know just where your money is going. That means you need to create at least a basic budget to get you started. And while many people wince at the mere idea of budgeting, it's not difficult or even particularly time-consuming. At the end of every day, simply write down (or better yet, type into a spreadsheet) everything you spent money on and how much you spent. This is easier if you get receipts for everything during the day; after you've written down your expenses, you can toss the receipts out. Keep this going for at least a month (two or three months is even better), and you'll have a pretty good idea of where all the money you earn is going. To make this process easier, try Mint , a free budgeting program from Intuit that you can use to track spending, pay bills and generate reports. Mint is also available as an app for both Apple and Android devices. Once you know what your expenses are, you can start looking at fairly painless ways to cut them back. The best place to start is with expenses that are a complete waste of your money. For example, many people have memberships to gyms they never go to. This is money going down the drain, so cancel that membership immediately, and you'll have an excellent start to correcting your income issues. You may also be able to identify monthly expenses that you can reduce or remove entirely without missing out on anything. For example, look at your cellphone plan and see if you're really using as many minutes, texts, and gigabytes of data as you're paying for. If not, see if a cheaper plan would work just as well for you. Story continues Small contributions are a great start Let's say you've gone through the above budgeting exercise and have freed up $50 per month that you can now save for retirement. That may not sound like much money, but it can make an amazing difference to your retirement savings over the long term. For example, let's say you're 30 years from retirement and you invest your $50 monthly contribution in a stock index fund within your IRA or 401(k) . Assuming you get an average annual return of 8% on that investment, you'll end up with $73,408 by retirement. That's not enough to live on by itself, but it's sure a whole lot better than nothing. And remember, your income will likely go up in the future -- which means you'll be able to increase that contribution over time. Go for stocks When your contributions are this small, you need to do everything in your power to maximize returns. Consider the above example: If you were lucky enough to get a 10% average annual return instead of 8% over 30 years of saving, you'd end up with $108,566 instead of $73,408. And when it comes to getting the highest possible average returns, stocks are king. Since 1926, large company stocks have returned an average of 10% per year -- far higher than most other types of investments. However, stocks do have one big disadvantage: They're unpredictable. While long-term average returns are very high, in the short term, returns can vary tremendously. The good news is that while you're still working, a plummeting stock market that tanks your retirement investments won't hurt your finances directly as long as you don't sell (though it might cost you a few sleepless nights). As you get closer to retirement, you'll need to shift your holdings away from stocks and toward bonds, but keeping your stock investments as long as possible can compensate somewhat for small contributions. It's a relatively risky approach, but if you can't save more than a tiny percentage of your income, it may be the best option for you. Slow and steady wins the race Once you've been contributing to retirement savings for six months or so, you can try pushing the envelope a bit by raising that contribution level slightly. For example, if you've been saving $50 per month, try raising your contribution to $60 per month. You'll likely find that you won't even notice such a small difference in your available income. After a few more months, you can try raising your contribution by another few dollars. This approach isn't glamorous, but it is a lot easier to live with than trying to immediately save the recommended 10% to 15% of your income for retirement. Contributing even a tiny percentage of your income can, over time, produce impressive funds in your retirement savings accounts. By harnessing the high average returns that stocks can produce, combined with careful budgeting, you can end up with more money than you ever dreamed possible. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . View comments || 3 Scorching Hot Artificial Intelligence Stocks: Are They Buys?: Most technology companies are betting that artificial intelligence (AI) will lead to big changes for their businesses. For some, it should make their operations more efficient. For others, it may improve how they deliver content to their users, make their devices smarter, or enhance their hardware and software. But beyond those improvements that will be widely enjoyed across the sector, a handful of companies are actually leading the way.
NVIDIA Corp.(NASDAQ: NVDA),Alphabet(NASDAQ: GOOG)(NASDAQ: GOOGL)andAmazon.com(NASDAQ: AMZN)are all outpacing their peers in AI, and each has seen its share price spike by 30% or more over the past 12 months. So what are these companies doing in AI, and is there more room for investors to benefit? Let's take a quick look at each stock, and whether it's a buy today.
Image source: Getty Images.
The graphics processing unit maker brings in most of its revenue from selling GPUs to the gaming market, but over the past few years, the company -- and tech buyers -- have realized that those GPUs are ideal for handling AI processing in data centers and semi-autonomous vehicles, among other applications. The company's efforts to cater to those markets areas have sparked investor optimism that has pushed NVIDIA's share price up more than 800% over the past three years.
Today, Alphabet's Google,Facebook, Amazon, andMicrosoftare among the companies using NVIDIA's GPUs for AI applications and to powermachine learning and deep learningin their data centers. NVIDIA's top line benefited considerably: The company's data center segment now accounts for about 19% of its total sales.
NVIDIA also has ambitions in the driverless car market. It created its own fully autonomous driving computer, theDrive PXPegasus. Development kits will are scheduled to be released to automakers in the second half of this year. It's the third iteration of NVIDIA's driverless car computer, and it could help usher in the era of theLevel 5 autonomous vehicle-- one that is controlled completely by the AI and needs no human interaction. NVIDIA believes that driverless cars represent an $8 billion opportunity for the company by 2025, and the company's chip sales for the automotive market already account for about 6% of its top line.
NVIDIA's stock is fairly expensive right now: It's trading at about 42 times estimated forward earnings. But the company far outpaces other chipmakers in the AI space right now, and has plenty of room to grow its data center and automotive revenue. For that reason, I think this red-hot AI stock is still a buy.
Alphabet is a clear leader in many technologies, AI included. The company not only has its own driverless car company, Waymo, with tech powered by the company's own AI algorithms, but has also developed its ownmachine learning processor,which it's using to improve its services.
The company's Tensor Processing Unit (TPU) chip and its TensorFlow algorithms already help Alphabet serve up better search results, which in turn improves the company's advertising revenues. Google will earn 80% of all U.S search ad revenue in 2019, and part of that dominance will stem from the superiority of those TensorFlow algorithms.
But the company is also allowing developers to tap into TensorFlow through its cloud services. This helps its clients create smarter apps, and Google hopes the tool will eventually help it expand its position in thepublic cloud market. Google gives TensorFlow away free in the hopes that developers will use it, and then start hosting their apps and services on Google Cloud because of it. This spooked Microsoft and Amazon so much that they'vecreated their own machine learning developer toolin an effort to keep developers from abandoning their cloud computing services.
If all of that weren't enough, Google has also snatched up more than 20 AI companies over the past few years. That's given it an advantage that smaller tech companies simply can't match. One of the most notable purchases was DeepMind, which developed the AI system that notably beat the world's best player in theancient game of Go. Google has used DeepMind's machine learning tech to reduce the amount of power it uses to cool its data centers by 40%.
Alphabet's shares trade at about 25 times its forward earnings, which is on par with the rest of tech sector, and its stock has gained about 35% over the 12 months. When it comes to a great long-term play in AI -- and a host of other technologies -- Alphabet is a safe bet. The company already has a lead in the AI market, and it has the cash hoard to buy any smaller companies it needs to help it maintain its position. All of which make Alphabeta solid buy.
Investors looking for a different angle on the artificial intelligence market might want to consider Amazon.
CEO Jeff Bezossaid last yearthat his company is using machine learning to better determine the types of products its customers want to buy and what deals to recommend, as well as to help fight fraud. Machine learning is "quietly but meaningfully improving core operations" for Amazon, he said.
That's vital because Amazon's top line is fueled by selling goods to its users -- in particular, its estimated 90 million Prime members. Machine learning can help determine which products users want -- and when they want it -- and Amazon is using that information to forecast product demand.
The company is also bolstering Amazon Web Services (AWS) with AI-based offerings like image recognition, text translation, transcription services, chatbots, etc. AWS is acore profit driverfor the company, which currently dominates the public cloud computing market with 40% share. But other public cloud computing companies offer AI services as well, which is one reason Amazon recently partnered with Microsoft to help fight off Google in the space.
Amazon's stock price is up about 58% over the past 12 months, and with shares trading at about 147 times forward earnings, some investors may be apprehensive about buying now. But the company's dominance in e-commerce and cloud computing -- it's ability to implement AI into both -- means Amazon remains a solid bet.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft.Chris Neigerhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Facebook, and Nvidia. The Motley Fool has adisclosure policy. || How to Save for Retirement When Your Income's Low: If you're squeezing just enough money out of your paychecks to get by month after month, then you're not alone. In fact, 78% of workers say they live paycheck to paycheck, according to a CareerBuilder survey earlier this year. In this financial situation, it's incredibly difficult to save money, but it's still possible to squeeze some retirement savings out of even the scantiest paycheck.
If you spend every cent you make every month and never seem to get ahead, that means your income is the same as your expenses. An even worse situation arises when your expenses arehigherthan your income, in which case you're likely sinking deeper and deeper into debt with every month that passes. In either case, resolving the situation requires you to either reduce your expenses or increase your income until they come into a better balance.
Image source: Getty Images.
Before you can do anything constructive, you need to know just where your money is going. That means you need to create at least a basic budget to get you started. And while many people wince at the mere idea of budgeting, it's not difficult or even particularly time-consuming.
At the end of every day, simply write down (or better yet, type into a spreadsheet) everything you spent money on and how much you spent. This is easier if you get receipts for everything during the day; after you've written down your expenses, you can toss the receipts out. Keep this going for at least a month (two or three months is even better), and you'll have a pretty good idea of where all the money you earn is going. To make this process easier, tryMint, a free budgeting program from Intuit that you can use to track spending, pay bills and generate reports. Mint is also available as an app for both Apple and Android devices.
Once you know what your expenses are, you can start looking at fairlypainless waysto cut them back. The best place to start is with expenses that are a complete waste of your money. For example, many people have memberships to gyms they never go to. This is money going down the drain, so cancel that membership immediately, and you'll have an excellent start to correcting your income issues. You may also be able to identify monthly expenses that you can reduce or remove entirely without missing out on anything. For example, look at your cellphone plan and see if you're really using as many minutes, texts, and gigabytes of data as you're paying for. If not, see if a cheaper plan would work just as well for you.
Let's say you've gone through the above budgeting exercise and have freed up $50 per month that you can now save for retirement. That may not sound like much money, but it can make an amazing difference to your retirement savings over the long term. For example, let's say you're 30 years from retirement and you invest your $50 monthly contribution in a stockindex fundwithin yourIRAor401(k). Assuming you get an average annual return of 8% on that investment, you'll end up with $73,408 by retirement. That's not enough to live on by itself, but it's sure a whole lot better than nothing. And remember, your income will likely go up in the future -- which means you'll be able to increase that contribution over time.
When your contributions are this small, you need to do everything in your power to maximize returns. Consider the above example: If you were lucky enough to get a 10% average annual return instead of 8% over 30 years of saving, you'd end up with $108,566 instead of $73,408. And when it comes to getting the highest possible average returns, stocks are king. Since 1926, large company stocks have returned an average of 10% per year -- far higher than most other types of investments.
However, stocks do have one big disadvantage: They're unpredictable. While long-term average returns are very high, in the short term, returns can vary tremendously. The good news is that while you're still working, a plummeting stock market that tanks your retirement investments won't hurt your finances directly as long as you don't sell (though it might cost you a few sleepless nights). As you get closer to retirement, you'll need to shift your holdings away from stocks and toward bonds, but keeping your stock investments as long as possible can compensate somewhat for small contributions. It's a relatively risky approach, but if you can't save more than a tiny percentage of your income, it may be the best option for you.
Once you've been contributing to retirement savings for six months or so, you can try pushing the envelope a bit by raising that contribution level slightly. For example, if you've been saving $50 per month, try raising your contribution to $60 per month. You'll likely find that you won't even notice such a small difference in your available income. After a few more months, you can try raising your contribution by another few dollars. This approach isn't glamorous, but it is a lot easier to live with than trying to immediately save the recommended 10% to 15% of your income for retirement.
Contributing even a tiny percentage of your income can, over time, produce impressive funds in your retirement savings accounts. By harnessing the high average returns that stocks can produce, combined with careful budgeting, you can end up with more money than you ever dreamed possible.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || 3 Scorching Hot Artificial Intelligence Stocks: Are They Buys?: Most technology companies are betting that artificial intelligence (AI) will lead to big changes for their businesses. For some, it should make their operations more efficient. For others, it may improve how they deliver content to their users, make their devices smarter, or enhance their hardware and software. But beyond those improvements that will be widely enjoyed across the sector, a handful of companies are actually leading the way. NVIDIA Corp. (NASDAQ: NVDA) , Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Amazon.com (NASDAQ: AMZN) are all outpacing their peers in AI, and each has seen its share price spike by 30% or more over the past 12 months. So what are these companies doing in AI, and is there more room for investors to benefit? Let's take a quick look at each stock, and whether it's a buy today. Image of a brain superimposed onto a computer motherboard. Image source: Getty Images. NVIDIA The graphics processing unit maker brings in most of its revenue from selling GPUs to the gaming market, but over the past few years, the company -- and tech buyers -- have realized that those GPUs are ideal for handling AI processing in data centers and semi-autonomous vehicles, among other applications. The company's efforts to cater to those markets areas have sparked investor optimism that has pushed NVIDIA's share price up more than 800% over the past three years. Today, Alphabet's Google, Facebook , Amazon, and Microsoft are among the companies using NVIDIA's GPUs for AI applications and to power machine learning and deep learning in their data centers. NVIDIA's top line benefited considerably: The company's data center segment now accounts for about 19% of its total sales. NVIDIA also has ambitions in the driverless car market. It created its own fully autonomous driving computer, the Drive PX Pegasus . Development kits will are scheduled to be released to automakers in the second half of this year. It's the third iteration of NVIDIA's driverless car computer, and it could help usher in the era of the Level 5 autonomous vehicle -- one that is controlled completely by the AI and needs no human interaction. NVIDIA believes that driverless cars represent an $8 billion opportunity for the company by 2025, and the company's chip sales for the automotive market already account for about 6% of its top line. Story continues NVIDIA's stock is fairly expensive right now: It's trading at about 42 times estimated forward earnings. But the company far outpaces other chipmakers in the AI space right now, and has plenty of room to grow its data center and automotive revenue. For that reason, I think this red-hot AI stock is still a buy. Alphabet Alphabet is a clear leader in many technologies, AI included. The company not only has its own driverless car company, Waymo, with tech powered by the company's own AI algorithms, but has also developed its own machine learning processor, which it's using to improve its services. The company's Tensor Processing Unit (TPU) chip and its TensorFlow algorithms already help Alphabet serve up better search results, which in turn improves the company's advertising revenues. Google will earn 80% of all U.S search ad revenue in 2019, and part of that dominance will stem from the superiority of those TensorFlow algorithms. But the company is also allowing developers to tap into TensorFlow through its cloud services. This helps its clients create smarter apps, and Google hopes the tool will eventually help it expand its position in the public cloud market . Google gives TensorFlow away free in the hopes that developers will use it, and then start hosting their apps and services on Google Cloud because of it. This spooked Microsoft and Amazon so much that they've created their own machine learning developer tool in an effort to keep developers from abandoning their cloud computing services. If all of that weren't enough, Google has also snatched up more than 20 AI companies over the past few years. That's given it an advantage that smaller tech companies simply can't match. One of the most notable purchases was DeepMind, which developed the AI system that notably beat the world's best player in the ancient game of Go . Google has used DeepMind's machine learning tech to reduce the amount of power it uses to cool its data centers by 40%. Alphabet's shares trade at about 25 times its forward earnings, which is on par with the rest of tech sector, and its stock has gained about 35% over the 12 months. When it comes to a great long-term play in AI -- and a host of other technologies -- Alphabet is a safe bet. The company already has a lead in the AI market, and it has the cash hoard to buy any smaller companies it needs to help it maintain its position. All of which make Alphabet a solid buy . Amazon Investors looking for a different angle on the artificial intelligence market might want to consider Amazon. CEO Jeff Bezos said last year that his company is using machine learning to better determine the types of products its customers want to buy and what deals to recommend, as well as to help fight fraud. Machine learning is "quietly but meaningfully improving core operations" for Amazon, he said. That's vital because Amazon's top line is fueled by selling goods to its users -- in particular, its estimated 90 million Prime members. Machine learning can help determine which products users want -- and when they want it -- and Amazon is using that information to forecast product demand. The company is also bolstering Amazon Web Services (AWS) with AI-based offerings like image recognition, text translation, transcription services, chatbots, etc. AWS is a core profit driver for the company, which currently dominates the public cloud computing market with 40% share. But other public cloud computing companies offer AI services as well, which is one reason Amazon recently partnered with Microsoft to help fight off Google in the space. Amazon's stock price is up about 58% over the past 12 months, and with shares trading at about 147 times forward earnings, some investors may be apprehensive about buying now. But the company's dominance in e-commerce and cloud computing -- it's ability to implement AI into both -- means Amazon remains a solid bet. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft. Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Facebook, and Nvidia. The Motley Fool has a disclosure policy . || What Investors Need to Know About Ripple, Bitcoin's Cryptocurrency Rival: There’s a cryptocurrency on the market that is making huge waves right now, thanks to the booming popularity of the likes of bitcoin, Ethereum, and litecoin.
Launched in 2012,ripple(XRP) is a pretty obscure cryptocurrency compared to its peers, but it’s valuation has soared in recent weeks. It’s currently worth about $3.30, with a market cap of more than $100 billion, according to Coinmarketcap; compare that to the $0.25 it was trading at just a few weeks ago in early December.
It’s still worth considerably less than bitcoin, however, which is currently trading around $15,000, and has a market cap of over $250 billion.
Ripple differs from bitcoin in a few ways. Instead of being created, or mined, by users, ripple’s supply is controlled by one company, San Francisco-based Ripple. The firm initially created 100 billion ripple coins—38 billion are in circulation at the moment—and the company has the ability to release up to one billion coins per month.
Interestingly, ripple was actually launched in order to help simplify global financial transactions, and is connected to legitimate banks; Bank of America BAC, UBS UBS, and Santander SANPRA all utilize the Ripple platform. And, some financial services companies in Japan and South Korea have recently begun using Ripple’s technology, which has helped the cryptocurrency’s price jump.
Ripple is believed to offer both better security and better prices over other digital currencies, and allows users to send, receive, and hold any currency in a decentralized way via RippleNet, Ripple’s payment network. According to the company, cross-border payments can go through in a matter of seconds compared to hours using bitcoin or days with other traditional financial transactions.
Ripple CEO Brad Garlinghouse spoke toFortunelast year about ripple’s liquidity appeal, saying “The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds.”
But like bitcoin, ripple does use blockchain, which is like a public transaction ledge. Updated by all network users, blockchain is vital for cryptocurrencies. Blocks are produced through code by employing users’ computer power, and are then added to the blockchain. Bitcoin, for instance, is created through the generation of blocks on this network, and blockchain ensures that a unit of bitcoin is not spent more than once.
The past few months saw investor and analyst interest in ripple surge, no doubt aiding its huge price gain. The company Ripple licensed its own blockchain technology to more than 100 banks as of last October, while credit card giant American Express AXP recently introduced instant blockchain-based payments using the firm’s network.
Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportBank of America Corporation (BAC) : Free Stock Analysis ReportUBS AG (UBS) : Free Stock Analysis ReportAmerican Express Company (AXP) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || What Investors Need to Know About Ripple, Bitcoin's Cryptocurrency Rival: There’s a cryptocurrency on the market that is making huge waves right now, thanks to the booming popularity of the likes of bitcoin, Ethereum, and litecoin. Launched in 2012, ripple (XRP) is a pretty obscure cryptocurrency compared to its peers, but it’s valuation has soared in recent weeks. It’s currently worth about $3.30, with a market cap of more than $100 billion, according to Coinmarketcap; compare that to the $0.25 it was trading at just a few weeks ago in early December. It’s still worth considerably less than bitcoin, however, which is currently trading around $15,000, and has a market cap of over $250 billion. Ripple differs from bitcoin in a few ways. Instead of being created, or mined, by users, ripple’s supply is controlled by one company, San Francisco-based Ripple. The firm initially created 100 billion ripple coins—38 billion are in circulation at the moment—and the company has the ability to release up to one billion coins per month. Interestingly, ripple was actually launched in order to help simplify global financial transactions, and is connected to legitimate banks; Bank of America BAC, UBS UBS, and Santander SANPRA all utilize the Ripple platform. And, some financial services companies in Japan and South Korea have recently begun using Ripple’s technology, which has helped the cryptocurrency’s price jump. Ripple is believed to offer both better security and better prices over other digital currencies, and allows users to send, receive, and hold any currency in a decentralized way via RippleNet, Ripple’s payment network. According to the company, cross-border payments can go through in a matter of seconds compared to hours using bitcoin or days with other traditional financial transactions. Ripple CEO Brad Garlinghouse spoke to Fortune last year about ripple’s liquidity appeal, saying “The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds.” Story continues But like bitcoin, ripple does use blockchain, which is like a public transaction ledge. Updated by all network users, blockchain is vital for cryptocurrencies. Blocks are produced through code by employing users’ computer power, and are then added to the blockchain. Bitcoin, for instance, is created through the generation of blocks on this network, and blockchain ensures that a unit of bitcoin is not spent more than once. The past few months saw investor and analyst interest in ripple surge, no doubt aiding its huge price gain. The company Ripple licensed its own blockchain technology to more than 100 banks as of last October, while credit card giant American Express AXP recently introduced instant blockchain-based payments using the firm’s network. Wall Street’s Next Amazon Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius. Click for details >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC) : Free Stock Analysis Report UBS AG (UBS) : Free Stock Analysis Report American Express Company (AXP) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || What Investors Need to Know About Ripple, Bitcoin's Cryptocurrency Rival: There’s a cryptocurrency on the market that is making huge waves right now, thanks to the booming popularity of the likes of bitcoin, Ethereum, and litecoin.
Launched in 2012,ripple(XRP) is a pretty obscure cryptocurrency compared to its peers, but it’s valuation has soared in recent weeks. It’s currently worth about $3.30, with a market cap of more than $100 billion, according to Coinmarketcap; compare that to the $0.25 it was trading at just a few weeks ago in early December.
It’s still worth considerably less than bitcoin, however, which is currently trading around $15,000, and has a market cap of over $250 billion.
Ripple differs from bitcoin in a few ways. Instead of being created, or mined, by users, ripple’s supply is controlled by one company, San Francisco-based Ripple. The firm initially created 100 billion ripple coins—38 billion are in circulation at the moment—and the company has the ability to release up to one billion coins per month.
Interestingly, ripple was actually launched in order to help simplify global financial transactions, and is connected to legitimate banks; Bank of America BAC, UBS UBS, and Santander SANPRA all utilize the Ripple platform. And, some financial services companies in Japan and South Korea have recently begun using Ripple’s technology, which has helped the cryptocurrency’s price jump.
Ripple is believed to offer both better security and better prices over other digital currencies, and allows users to send, receive, and hold any currency in a decentralized way via RippleNet, Ripple’s payment network. According to the company, cross-border payments can go through in a matter of seconds compared to hours using bitcoin or days with other traditional financial transactions.
Ripple CEO Brad Garlinghouse spoke toFortunelast year about ripple’s liquidity appeal, saying “The liquidity needs of banks today is managed with literally ten trillion of float that sits in these nostro and vostro accounts. We believe very strong this is an inefficient model. You can use digital assets to fund liquidity, and Ripple is uniquely positioned to capitalize on that. Bitcoin takes four hours to settle a transaction. XRP takes 3.6 seconds.”
But like bitcoin, ripple does use blockchain, which is like a public transaction ledge. Updated by all network users, blockchain is vital for cryptocurrencies. Blocks are produced through code by employing users’ computer power, and are then added to the blockchain. Bitcoin, for instance, is created through the generation of blocks on this network, and blockchain ensures that a unit of bitcoin is not spent more than once.
The past few months saw investor and analyst interest in ripple surge, no doubt aiding its huge price gain. The company Ripple licensed its own blockchain technology to more than 100 banks as of last October, while credit card giant American Express AXP recently introduced instant blockchain-based payments using the firm’s network.
Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportBank of America Corporation (BAC) : Free Stock Analysis ReportUBS AG (UBS) : Free Stock Analysis ReportAmerican Express Company (AXP) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Telecom Stock Roundup: Verizon, Qualcomm, Ericsson Close FDD Massive MIMO Trial: The U.S. telecom industry remained rather subdued last week. Very few developments took place in the Christmas/New Year week. We will briefly mention those events.Verizon Communications Inc. VZ, Ericsson AB ERIC and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Inc. QCOM, recently completed the first successful FDD (Frequency Division Duplexing) Massive MIMO (Multiple Input-Multiple Output) trial with a fully-compatible customer device.The trial was completed using Ericsson’s latest Massive MIMO software and hardware and Verizon’s wireless network on a mobile test device. The test device was powered by Qualcomm Snapdragon 845 chipset (which was equipped with the X20 LTE modem). The modem supports the Transmission Mode 9 (TM9) technology which is compatible with Massive MIMO. The tests were conducted in Irvine, CA.Windstream Holdings Inc. WIN has inked a deal to acquire MassComm, Inc., a privately held, New York-based competitive local exchange carrier (CLEC). The proposed deal will be an all-cash transaction, wherein the leading local exchange carrier will purchase all the issued and outstanding shares of MassComm. On completion, MassComm will become a wholly-owned subsidiary of Windstream.Liberty Interactive Corp.’s QVCA QVC division recently completed the acquisition of the remaining 61.8% of the home-shopping platform HSN Inc. in an all-stock deal worth $2.1 billion. The newly combined company will have $14 billion in revenues and 23 million customers across the world.
The merged entity will result in the third-largest online site, behind Amazon.com Inc. AMZN and Wal-Mart Stores Inc.’s WMT e-commerce business. Liberty Interactive currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Meanwhile, Liberty Global plc LBTYA also completed the spin-off of its Latin American and Caribbean operations into a new, independent, publicly traded company, Liberty Latin America Ltd., which was previously a unit of Liberty Global under the LiLAC Group. The spin-off transformed each share of the LiLAC Group tracking stock into equity shares of the new company’s common stock.In a separate development, Altice USA Inc. ATUS and Starz Inc. reportedly failed to ink a new programming deal on the New Year’s Eve. This led to the blackout of 17 Starz, StarzEncore and MoviePlex premium channels in Altice USA’s Optimum and Suddenlink cable TV services.Read the last Telecom Stock Roundup for Dec 27, 2017.Recap of the Week’s Most Important Stories1. Massive MIMO is a vital component of 4G LTE Advancements and is likely to play a major role in the evolution of 5G technology. Accordingly, the deployment of Massive MIMO antenna setups will prepare the network for the upcoming next-generation 5G deployment. With TM9 functionality, Massive MIMO has the potential to improve the performance of the LTE network, maintain signal stability and thus enhance overall customer experience with higher speeds. (Read more: Verizon, Qualcomm & Ericsson Complete Massive MIMO Trial)2. The buyout of MassComm will boost Windstream’s expanding fiber-based network. Moreover, MassComm’s existing customers can avail Windstream’s broader on-net portfolio of network access options, which are provided to support software-defined wide-area network (SD-WAN) and other managed services. (Read more: Windstream to Acquire MassComm, Boost Fiber Suite)3. The acquisition of HSN will provide increased scale and competitive position for the QVC unit. It will also generate synergies through cost reduction and revenue growth opportunities. Further, it will increase the development of eCommerce, mobile and OTT (over-the-top) platforms. (Read more: Liberty Interactive Acquires HSN, Boosts Online Portfolio)4. Liberty Latin America will now operate as a leading telecommunications company in 20 countries including Chile, Puerto Rico, the Caribbean and other parts of Latin America, under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. It will cover 6.4 million homes, serving 5.3 million revenue generating units and 3.7 million mobile subscribers. The newly-formed company will have $3.7 billion in annual revenues. (Read more: Liberty Global Spins Off Latin American Business)5. Due to declining viewership and lesser popularity, Altice USA is likely to drop extra charges from customers for Starz programming. Also, the programs are available directly through Starzs' own OTT service. On the other hand, Starz blamed Altice USA of demanding a drastic reduction in carriage price, compared with the market. The failure to ink a new carriage deal implies tense talks between the companies over how much the cable operator should pay to continue offering the premium channels to customers. (Read more: Altice USA Drops Starz Channels on Declining Viewership)Price PerformanceThe following table shows the price movement of the major telecom stocks in both the last week and the last six months.
[{"Company": "VZ", "Last Week": "-1.45%", "Last 6 Months": "16.51%"}, {"Company": "T", "Last Week": "-3.31%", "Last 6 Months": "-1.21%"}, {"Company": "TMUS", "Last Week": "-0.02%", "Last 6 Months": "6.02%"}, {"Company": "S", "Last Week": "-4.43%", "Last 6 Months": "27.61%"}, {"Company": "TEF", "Last Week": "0.62%", "Last 6 Months": "-6.77%"}, {"Company": "AMX", "Last Week": "1.86%", "Last 6 Months": "8.61%"}, {"Company": "CMCSA", "Last Week": "-0.91%", "Last 6 Months": "5.34%"}, {"Company": "CHTR", "Last Week": "4.38%", "Last 6 Months": "7.41%"}, {"Company": "DISH", "Last Week": "1.71%", "Last 6 Months": "-21.50%"}]
In the last five trading sessions, share price movement of most of the major telecom stocks witnessed a mixed trend. Sprint and Charter Communications gained significantly in the same time frame. Similarly, price performances of most of the major telecom stocks were mixed in the last six months. Sprint and DISH Network suffered major reverses in the stock price, while Verizon gained attractively in the same time period.What’s Next in the Telecom Space?We do not foresee any significant changes in the telecom industry or overall global economic factors that can affect the industry in the coming week. Consequently, we expect stocks to trade in line with the broader market.Wall Street’s Next AmazonZacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.Click for details >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free reportAmazon.com, Inc. (AMZN) : Free Stock Analysis ReportEricsson (ERIC) : Free Stock Analysis ReportQUALCOMM Incorporated (QCOM) : Free Stock Analysis ReportVerizon Communications Inc. (VZ) : Free Stock Analysis ReportLiberty Global PLC (LBTYA) : Free Stock Analysis ReportLiberty Interactive Corporation (QVCA) : Free Stock Analysis ReportWal-Mart Stores, Inc. (WMT) : Free Stock Analysis ReportWindstream Holdings, Inc. (WIN) : Free Stock Analysis ReportAltice USA, Inc. (ATUS) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research || Telecom Stock Roundup: Verizon, Qualcomm, Ericsson Close FDD Massive MIMO Trial: The U.S. telecom industry remained rather subdued last week. Very few developments took place in the Christmas/New Year week. We will briefly mention those events. Verizon Communications Inc. VZ, Ericsson AB ERIC and Qualcomm Technologies, Inc., a subsidiary of Qualcomm Inc. QCOM, recently completed the first successful FDD (Frequency Division Duplexing) Massive MIMO (Multiple Input-Multiple Output) trial with a fully-compatible customer device. The trial was completed using Ericssons latest Massive MIMO software and hardware and Verizons wireless network on a mobile test device. The test device was powered by Qualcomm Snapdragon 845 chipset (which was equipped with the X20 LTE modem). The modem supports the Transmission Mode 9 (TM9) technology which is compatible with Massive MIMO. The tests were conducted in Irvine, CA. Windstream Holdings Inc. WIN has inked a deal to acquire MassComm, Inc., a privately held, New York-based competitive local exchange carrier (CLEC). The proposed deal will be an all-cash transaction, wherein the leading local exchange carrier will purchase all the issued and outstanding shares of MassComm. On completion, MassComm will become a wholly-owned subsidiary of Windstream. Liberty Interactive Corp.s QVCA QVC division recently completed the acquisition of the remaining 61.8% of the home-shopping platform HSN Inc. in an all-stock deal worth $2.1 billion. The newly combined company will have $14 billion in revenues and 23 million customers across the world. The merged entity will result in the third-largest online site, behind Amazon.com Inc. AMZN and Wal-Mart Stores Inc.s WMT e-commerce business. Liberty Interactive currently carries a Zacks Rank #3 (Hold). You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here. Meanwhile, Liberty Global plc LBTYA also completed the spin-off of its Latin American and Caribbean operations into a new, independent, publicly traded company, Liberty Latin America Ltd., which was previously a unit of Liberty Global under the LiLAC Group. The spin-off transformed each share of the LiLAC Group tracking stock into equity shares of the new companys common stock. In a separate development, Altice USA Inc. ATUS and Starz Inc. reportedly failed to ink a new programming deal on the New Years Eve. This led to the blackout of 17 Starz, StarzEncore and MoviePlex premium channels in Altice USAs Optimum and Suddenlink cable TV services. Read the last Telecom Stock Roundup for Dec 27, 2017. Recap of the Weeks Most Important Stories 1. Massive MIMO is a vital component of 4G LTE Advancements and is likely to play a major role in the evolution of 5G technology. Accordingly, the deployment of Massive MIMO antenna setups will prepare the network for the upcoming next-generation 5G deployment. With TM9 functionality, Massive MIMO has the potential to improve the performance of the LTE network, maintain signal stability and thus enhance overall customer experience with higher speeds. (Read more: Verizon, Qualcomm & Ericsson Complete Massive MIMO Trial) 2. The buyout of MassComm will boost Windstreams expanding fiber-based network. Moreover, MassComms existing customers can avail Windstreams broader on-net portfolio of network access options, which are provided to support software-defined wide-area network (SD-WAN) and other managed services. (Read more: Windstream to Acquire MassComm, Boost Fiber Suite) 3. The acquisition of HSN will provide increased scale and competitive position for the QVC unit. It will also generate synergies through cost reduction and revenue growth opportunities. Further, it will increase the development of eCommerce, mobile and OTT (over-the-top) platforms. (Read more: Liberty Interactive Acquires HSN, Boosts Online Portfolio) 4. Liberty Latin America will now operate as a leading telecommunications company in 20 countries including Chile, Puerto Rico, the Caribbean and other parts of Latin America, under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. It will cover 6.4 million homes, serving 5.3 million revenue generating units and 3.7 million mobile subscribers. The newly-formed company will have $3.7 billion in annual revenues. (Read more: Liberty Global Spins Off Latin American Business) 5. Due to declining viewership and lesser popularity, Altice USA is likely to drop extra charges from customers for Starz programming. Also, the programs are available directly through Starzs' own OTT service. On the other hand, Starz blamed Altice USA of demanding a drastic reduction in carriage price, compared with the market. The failure to ink a new carriage deal implies tense talks between the companies over how much the cable operator should pay to continue offering the premium channels to customers. (Read more: Altice USA Drops Starz Channels on Declining Viewership) Price Performance The following table shows the price movement of the major telecom stocks in both the last week and the last six months. Story continues Company Last Week Last 6 Months VZ -1.45% 16.51% T -3.31% -1.21% TMUS -0.02% 6.02% S -4.43% 27.61% TEF 0.62% -6.77% AMX 1.86% 8.61% CMCSA -0.91% 5.34% CHTR 4.38% 7.41% DISH 1.71% -21.50% In the last five trading sessions, share price movement of most of the major telecom stocks witnessed a mixed trend. Sprint and Charter Communications gained significantly in the same time frame. Similarly, price performances of most of the major telecom stocks were mixed in the last six months. Sprint and DISH Network suffered major reverses in the stock price, while Verizon gained attractively in the same time period. Whats Next in the Telecom Space? We do not foresee any significant changes in the telecom industry or overall global economic factors that can affect the industry in the coming week. Consequently, we expect stocks to trade in line with the broader market. Wall Streets Next Amazon Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. Its a once-in-a-generation opportunity to invest in pure genius. Click for details >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN) : Free Stock Analysis Report Ericsson (ERIC) : Free Stock Analysis Report QUALCOMM Incorporated (QCOM) : Free Stock Analysis Report Verizon Communications Inc. (VZ) : Free Stock Analysis Report Liberty Global PLC (LBTYA) : Free Stock Analysis Report Liberty Interactive Corporation (QVCA) : Free Stock Analysis Report Wal-Mart Stores, Inc. (WMT) : Free Stock Analysis Report Windstream Holdings, Inc. (WIN) : Free Stock Analysis Report Altice USA, Inc. (ATUS) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research || No New Crypto: Coinbase Squashes Exchange Listing Rumors: Coinbase announced Thursday afternoon that it would not be adding any new cryptocurrencies to either its flagship platform or its other digital asset exchange, GDAX. In a blog post , the company, which currently allows customers to buy, sell, deposit or withdraw bitcoin, litecoin, ethereum, and most recently, bitcoin cash , said it wanted to explain its process for adding new assets. The post cited last year’s Digital Asset Framework announcement , where GDAX outlined the criteria it would follow when considering whether to add a new token or coin to its exchange. The company then stated: “As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.” The update follows rumors that the exchange would add Ripple’s XRP token , and marks the first statement Coinbase made on the matter. Over the last few weeks, XRP has been on a run, hitting an all-time high of $3.84 on Thursday, according to data site CoinMarketCap . Just three weeks ago the token was trading for less than a dollar. XRP fell on Thursday to $3.52 at press time, but maintains its position as the world’s second-largest cryptocurrency by market cap. Deflated ball image via Shutterstock Related Stories $100 Billion Controversy: XRP's Surge Raises Hard Questions for Ripple Ripple Fever? Other Crypto Assets Are Outpacing Its 2018 Gains Coinbase to Customers: Don't Forget to Pay Taxes on Bitcoin Gains Ripple's XRP Token Sets All-Time Price High Above $3 || No New Crypto: Coinbase Squashes Exchange Listing Rumors: Coinbase announced Thursday afternoon that it would not be adding any new cryptocurrencies to either its flagship platform or its other digital asset exchange, GDAX.
Ina blog post, the company, which currently allows customers to buy, sell, deposit or withdrawbitcoin, litecoin, ethereum, and most recently, bitcoin cash, said it wanted to explain its process for adding new assets.
The post cited last year’sDigital Asset Framework announcement, where GDAX outlined the criteria it would follow when considering whether to add a new token or coin to its exchange. The company then stated:
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
The update follows rumors that the exchange would addRipple’s XRP token, and marks the first statement Coinbase made on the matter.
Over the last few weeks, XRP has been on a run, hitting an all-time high of $3.84 on Thursday, according to data siteCoinMarketCap. Just three weeks ago the token was trading for less than a dollar.
XRP fell on Thursday to $3.52 at press time, but maintains its position as the world’s second-largest cryptocurrency by market cap.
Deflated ballimage via Shutterstock
• $100 Billion Controversy: XRP's Surge Raises Hard Questions for Ripple
• Ripple Fever? Other Crypto Assets Are Outpacing Its 2018 Gains
• Coinbase to Customers: Don't Forget to Pay Taxes on Bitcoin Gains
• Ripple's XRP Token Sets All-Time Price High Above $3 || What Happened in the Stock Market Today: The Dow Jones Industrial Average (DJINDICES: ^DJI) closed above 25,000 for the first time on Thursday, as it and and the S&P 500 (SNPINDEX: ^GSPC) set new records. Today's stock market Index Percentage Change Point Change Dow 0.61% 152.45 S&P 500 0.40% 10.93 Data source: Yahoo! Finance. Financial stocks led the market; the Financial Select Sector SPDR ETF (NYSEMKT: XLF) gained 0.9%. Brick-and-mortar retail stocks had a tough day, as December sales figures started rolling out, and numbers from companies such as Macy's and J.C. Penney didn't quite meet elevated hopes for the holiday season. The SPDR S&P Retail ETF (NYSEMKT: XRT) was down as much as 2.5% during the day but partially recovered to close off 0.6%. L Brands (NYSE: LB) was particularly hard hit in the retail sell-off, and shares of Walgreens Boots Alliance (NASDAQ: WBA) sank despite the company reporting a quarter that beat expectations. Bull statue on Wall Street. Image source: Getty Images. L Brands reports weak December sales, lowers profit outlook L Brands, parent company of Victoria's Secret, PINK, and Bath & Body Works, reported a sales gain for the month of December and updated earnings guidance for its fiscal fourth quarter, which ends later this month. December sales increased 3% to $2.5 billion on comparable-store sales growth of 1%. Guidance for fourth quarter EPS was given as $2.00, compared with previous guidance of $1.95 to $2.10 and analyst expectations of $2.04. The stock plunged 12.3%. Strength in online sales helped balance out continued weakness in physical-store sales. Considering all channels, Victoria's Secret comps were down 1% compared with a decline of 4% in the quarter last year, while Bath & Body Works had comps of 4% compared with 3% last year. Based on physical-store sales only, though, Victoria's Secret comparable sales declined 6% and Bath & Body Works grew only 2%. In the conference call, the company explained that December merchandising margin was below expectations due to a stronger-than-expected response to the Victoria's Secret holiday reward card. Story continues Compared to the disappointments that the company delivered earlier in the year, the December results would seem to indicate that L Brands has managed to stabilize sales declines. But after a positive third-quarter report, expectations for a stronger holiday season drove the stock price up 30% in November, and investors evidently sought to lock in some of those gains today. Walgreens grows sales on higher prescription volumes Walgreens Boots Alliance reported better-than-expected sales and earnings for its fiscal first quarter and raised the low end of its guidance for full-year earnings, but the generally good news didn't impress investors, and the stock fell 5.2%. Sales increased 7.9% to $30.7 billion and EPS (excluding some one-time events) rose 16.4% to $1.28. Analysts were expecting adjusted earnings of $1.26 per share on sales of $30.4 billion. The company raised the low end of its guidance for full-year adjusted EPS by $0.05 cents to a range of $5.45 to $5.70. The sales increase came mainly from a 14.1% jump in pharmacy sales in the U.S., with comparable-pharmacy sales gaining 7.4%, driven by higher prescription volumes. Sales in the front end of the stores declined by 2.8%. Retail pharmacy international saw a sales decline of 0.8% on a constant currency basis, and wholesale pharmacy grew 4.5% excluding currency effects. Walgreens has acquired 357 of the 1,932 stores it is buying from Rite Aid and expects to transfer ownership of the remaining stores by spring of 2018, achieving cost savings of $300 million annually within four years of the transaction's close. Walgreens' results might have generated a better response from investors on another day, but in a session when retail stocks were under pressure anyway, the market didn't warm to the company's report. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Jim Crumly has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || What Happened in the Stock Market Today: TheDow Jones Industrial Average(DJINDICES: ^DJI)closed above 25,000 for the first time on Thursday, as it and and theS&P 500(SNPINDEX: ^GSPC)set new records.
[{"Index": "Dow", "Percentage Change": "0.61%", "Point Change": "152.45"}, {"Index": "S&P 500", "Percentage Change": "0.40%", "Point Change": "10.93"}]
Data source: Yahoo! Finance.
Financial stocks led the market; theFinancial Select Sector SPDR ETF(NYSEMKT: XLF)gained 0.9%. Brick-and-mortar retail stocks had a tough day, as December sales figures started rolling out, and numbers from companies such asMacy'sandJ.C. Penneydidn't quite meet elevated hopes for the holiday season. TheSPDR S&P Retail ETF(NYSEMKT: XRT)was down as much as 2.5% during the day but partially recovered to close off 0.6%.
L Brands(NYSE: LB)was particularly hard hit in the retail sell-off, and shares ofWalgreens Boots Alliance(NASDAQ: WBA)sank despite the company reporting a quarter that beat expectations.
Image source: Getty Images.
L Brands, parent company of Victoria's Secret, PINK, and Bath & Body Works, reported a sales gain for the month of December and updated earnings guidance for its fiscal fourth quarter, which ends later this month. December sales increased 3% to $2.5 billion on comparable-store sales growth of 1%. Guidance for fourth quarter EPS was given as $2.00, compared with previous guidance of $1.95 to $2.10 and analyst expectations of $2.04. The stock plunged 12.3%.
Strength in online sales helped balance out continued weakness in physical-store sales. Considering all channels, Victoria's Secret comps were down 1% compared with a decline of 4% in the quarter last year, while Bath & Body Works had comps of 4% compared with 3% last year. Based on physical-store sales only, though, Victoria's Secret comparable sales declined 6% and Bath & Body Works grew only 2%. In the conference call, the company explained that December merchandising margin was below expectations due to a stronger-than-expected response to the Victoria's Secret holiday reward card.
Compared to thedisappointmentsthat the company delivered earlier in the year, the December results would seem to indicate that L Brands has managed to stabilize sales declines. But after apositive third-quarterreport, expectations for a stronger holiday season drove the stock price up 30% in November, and investors evidently sought to lock in some of those gains today.
Walgreens Boots Alliancereportedbetter-than-expected sales and earnings for its fiscal first quarter and raised the low end of its guidance for full-year earnings, but the generally good news didn't impress investors, and the stock fell 5.2%.
Sales increased 7.9% to $30.7 billion and EPS (excluding some one-time events) rose 16.4% to $1.28. Analysts were expecting adjusted earnings of $1.26 per share on sales of $30.4 billion. The company raised the low end of its guidance for full-year adjusted EPS by $0.05 cents to a range of $5.45 to $5.70.
The sales increase came mainly from a 14.1% jump in pharmacy sales in the U.S., with comparable-pharmacy sales gaining 7.4%, driven by higher prescription volumes. Sales in the front end of the stores declined by 2.8%. Retail pharmacy international saw a sales decline of 0.8% on a constant currency basis, and wholesale pharmacy grew 4.5% excluding currency effects. Walgreens has acquired 357 of the 1,932 stores it is buying fromRite Aidand expects to transfer ownership of the remaining stores by spring of 2018, achieving cost savings of $300 million annually within four years of the transaction's close.
Walgreens' results might have generated a better response from investors on another day, but in a session when retail stocks were under pressure anyway, the market didn't warm to the company's report.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Jim Crumlyhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Weighing the risks of cryptocurrencies: David Nelson, CFA, is the Chief Strategist of Belpointe Asset Management 2018 will likely be a defining year for cryptocurrencies. Since the introduction of bitcoin in 2009 by a seemingly mythical Satoshi Nakamoto the debate has raged between bulls and bears armed with both fact and fiction. Was blockchain technology and the cryptocurrencies it spawned a modern day alternative to sovereign fiat currencies or a digital fad whose mania would eventually bankrupt believers except for those quick enough to get out in time? Look, you don’t have to be a financial professional to look at a bitcoin chart and realize it’s gone parabolic. Any asset that goes vertical, rising over 1200% in a single year is at risk of 20%, 40% even 50% corrections as the urge to lock in profits collides with those terrified of losing everything. However, price appreciation alone does not make a bubble. Amazon was slapped with the same label during the dot.com bust but today is one of the most powerful companies on the planet. There are knowledgeable people I respect on both sides of this debate. Some like Jamie Dimon, CEO of JPMorgan Case, have come out and said bitcoin is a fraud and others like legendary investor Bill Miller have opted to put half their fund’s money in cryptocurrency. A couple of months after calling it a fad, Mr. Dimon seemed to be softening his comments: “I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.” Trust in government falling The rising mistrust of governments worldwide helped to accelerate the adoption of cryptocurrencies. As central banks following our own Federal Reserve printed money to avoid economic collapse, many sought out alternative stores of value. For some it was gold and for others it might be art or collectables. Gold of course has been with us for 5000 years and just a few weeks ago we saw Saudi prince Mohammed bin Salman pay $450 Million for Leonardo da Vinci’s painting Salvator Mundi. Story continues Beauty and value is in the eye of the beholder. Some look at a Picasso and see a masterpiece. I look and see a coloring book with three breasts. The point is, an asset that doesn’t pay an income stream is worth what the next person is willing to pay for it. It’s been that way since the beginning of time. In the case of bitcoin and other cryptocurrencies their value and usefulness as a payment system is only as good as the ecosystem that supports it. It wasn’t that long ago Facebook and Myspace were competing for your attention. Facebook developed an ecosystem that today has billions of users. Myspace is, of course, no longer with us. One of the biggest dangers for crypto investors are the endless wave of initial coin offerings. Today, there are close to 3600 cryptocurrencies. I could start the Davey Dave Coin tomorrow , but it would likely be worth nothing because no one is using it. Many of these coins will disappear and or become worthless. Some are likely frauds and even Ponzi schemes. Bitcoin is the dominant cryptocurrency today and had first mover advantage in much the same way AOL did early in the dot.com era. Etherium, litecoin, ripple and others are all looking for attention. Ripple was up a staggering 34000% last year and today supports a market cap of $122 billion compared to bitcoin’s $250 billion. However, as a recent Forbes article points out, market cap alone can be misleading. Venezuela to launch a petro cryptocurrency Governments would love to shut down cryptocurrencies but can’t. No government wants a competing currency with the possible exception of Venezuela whose economy and currency are close to collapse. Venezuela, is launching an oil backed cryptocurrency as early as this week to help dig its way out of financial distress. However, this could be part of an even bigger fraud in how a government wants to inflate its cash. The community of true holders frown upon government in blockchain. It goes against the philosophy of decentralized assets. That decentralized system and chain of records sitting on thousands of computers around the world goes right to the heart of bitcoin and other true cryptocurrencies. The incentive to mine for bitcoin and or receive transaction fees keeps the system going. Governments have had success with shutting down exchanges but I see little ability to shut down a decentralized system. The holder of coins has the advantage of not needing a vault or the challenges of transporting gold and other assets from one country to the next. It is particularly attractive in countries with capital controls limiting the ability of citizens to get their wealth out of the country. The need for standardization As the cryptocurrency world evolves, asset managers or anyone managing a diverse set of coins will need an index to benchmark performance and gauge value beyond market cap. This week Belpointe and Chance River launched the Belpointe Crypto Index (index symbol: CRYPTO). This new cryptocurrency benchmark indexes a diverse basket of cryptocurrencies. It includes and weights cryptocurrencies based on their market capitalization, trading volume, quality of blockchain as well as additional factors. Based on the index, back in February the weight of bitcoin in CRYPTO would have come in at about 95%. As of December, with the rise of several other currencies the weight has fallen to just 38%. Like it or not we have a new asset class. The CME and CBOE’s launch of futures on bitcoin helps legitimize the process. Some coins will survive and others will fail. If history is any guide, funds and investors that choose to invest in cryptocurrencies will diversify across a number of coins and adjust their portfolios as conditions, technology and price change. || Weighing the risks of cryptocurrencies: David Nelson, CFA, is the Chief Strategist of Belpointe Asset Management
2018 will likely be a defining year for cryptocurrencies. Since the introduction of bitcoin in 2009 by a seemingly mythical Satoshi Nakamoto the debate has raged between bulls and bears armed with both fact and fiction. Was blockchain technology and the cryptocurrencies it spawned a modern day alternative to sovereign fiat currencies or a digital fad whose mania would eventually bankrupt believers except for those quick enough to get out in time?
Look, you don’t have to be a financial professional to look at a bitcoin chart and realize it’s gone parabolic. Any asset that goes vertical, rising over 1200% in a single year is at risk of 20%, 40% even 50% corrections as the urge to lock in profits collides with those terrified of losing everything. However, price appreciation alone does not make a bubble. Amazon was slapped with the same label during the dot.com bust but today is one of the most powerful companies on the planet.
There are knowledgeable people I respect on both sides of this debate. Some like Jamie Dimon, CEO of JPMorgan Case, have come out and said bitcoin is a fraud and others like legendary investor Bill Miller have opted to put half their fund’s money in cryptocurrency. A couple of months after calling it a fad, Mr. Dimon seemed to be softening his comments: “I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.”
The rising mistrust of governments worldwide helped to accelerate the adoption of cryptocurrencies. As central banks following our own Federal Reserve printed money to avoid economic collapse, many sought out alternative stores of value. For some it was gold and for others it might be art or collectables. Gold of course has been with us for 5000 years and just a few weeks ago we saw Saudi prince Mohammed bin Salman pay $450 Million for Leonardo da Vinci’s painting Salvator Mundi.
Beauty and value is in the eye of the beholder. Some look at a Picasso and see a masterpiece. I look and see a coloring book with three breasts. The point is, an asset that doesn’t pay an income stream is worth what the next person is willing to pay for it. It’s been that way since the beginning of time.
In the case of bitcoin and other cryptocurrencies their value and usefulness as a payment system is only as good as the ecosystem that supports it. It wasn’t that long ago Facebook and Myspace were competing for your attention. Facebook developed an ecosystem that today has billions of users. Myspace is, of course, no longer with us.
One of the biggest dangers for crypto investors are the endless wave of initial coin offerings. Today, there are close to 3600 cryptocurrencies. I could start the Davey Dave Coin tomorrow , but it would likely be worth nothing because no one is using it. Many of these coins will disappear and or become worthless. Some are likely frauds and even Ponzi schemes.
Bitcoin is the dominant cryptocurrency today and had first mover advantage in much the same way AOL did early in the dot.com era. Etherium, litecoin, ripple and others are all looking for attention. Ripple was up a staggering 34000% last year and today supports a market cap of $122 billion compared to bitcoin’s $250 billion. However, as a recent Forbes article points out, market cap alone can be misleading.
Governments would love to shut down cryptocurrencies but can’t. No government wants a competing currency with the possible exception of Venezuela whose economy and currency are close to collapse. Venezuela, is launching an oil backed cryptocurrency as early as this week to help dig its way out of financial distress. However, this could be part of an even bigger fraud in how a government wants to inflate its cash. The community of true holders frown upon government in blockchain. It goes against the philosophy of decentralized assets.
That decentralized system and chain of records sitting on thousands of computers around the world goes right to the heart of bitcoin and other true cryptocurrencies. The incentive to mine for bitcoin and or receive transaction fees keeps the system going. Governments have had success with shutting down exchanges but I see little ability to shut down a decentralized system.
The holder of coins has the advantage of not needing a vault or the challenges of transporting gold and other assets from one country to the next. It is particularly attractive in countries with capital controls limiting the ability of citizens to get their wealth out of the country.
As the cryptocurrency world evolves, asset managers or anyone managing a diverse set of coins will need an index to benchmark performance and gauge value beyond market cap. This week Belpointe and Chance River launched the Belpointe Crypto Index (index symbol: CRYPTO). This new cryptocurrency benchmark indexes a diverse basket of cryptocurrencies. It includes and weights cryptocurrencies based on their market capitalization, trading volume, quality of blockchain as well as additional factors.
Based on the index, back in February the weight of bitcoin in CRYPTO would have come in at about 95%. As of December, with the rise of several other currencies the weight has fallen to just 38%.
Like it or not we have a new asset class. The CME and CBOE’s launch of futures on bitcoin helps legitimize the process. Some coins will survive and others will fail. If history is any guide, funds and investors that choose to invest in cryptocurrencies will diversify across a number of coins and adjust their portfolios as conditions, technology and price change. || Sorry, Folks: Apple Isn't Buying Netflix: Here are three telltale signs of a new year: A spike in weight-loss ads, people writing the wrong year on checks, and rumors that Apple (NASDAQ: AAPL) is about to make an offer for Netflix (NASDAQ: NFLX) . This time around, the "Appflix" buzz came courtesy of Daniel Ives, head of tech research at GBH. He argues that Apple is likely to take advantage of the repatriation tax break to bring home about $200 billion it has been holding overseas, and with that extra cash burning a hole in the tech giant's pocket, it may decide to pay up for Netflix. The rationalizations change; the concept doesn't. Early last year, it was CNBC's Anita Balakrishnan trying to hook up the two market darlings, on the theory that App Store spending on entertainment was soaring, and Apple could beef up its services revenue by nabbing the leader in premium video streaming. It didn't make sense then . It doesn't make sense now. The cast of Fuller House on a convertible driving in front of the Golden Gate Bridge. Image source: Netflix. Not the Netflix In an ideal world, Netflix would look smashing on Apple's arm. Apple's a distant second in premium music streaming, but with that acquisition, it would vault to the top of the video niche worldwide. There would be some conflicts of interest, especially since so many other video platforms rely on Apple as a gateway to reaching the affluent and broadband-blessed iOS crowd. If Apple bought Netflix, it would rattle many developers. It could also create some issues if consumer perception is that Netflix might not remain operating system-agnostic. However, the biggest roadblock is that Apple isn't likely to buy anything the size of Netflix. Apple has never spent more than $3 billion on a single acquisition, and right now, Netflix commands an enterprise value of $92 billion. It would cost a lot more than that to get a deal done. A modest 20% to 30% premium would be seen as a reasonable markup if Netflix was out of favor, but it's not. Netflix is the S&P 500's biggest gainer over the past five years, including a 55% surge in 2017. Knowing that regulators would take their time on a deal of this magnitude, do you really think a majority of Netflix shareholders would sign off on anything less than a 60% to 70% premium? Story continues If any company on the planet could afford to buy Netflix, it's Apple -- especially if it repatriates its overseas profits. The rub is that it's not in Apple's DNA to spend big bucks. Adding Netflix would also be highly dilutive to Apple's earnings per share, and wouldn't really move the needle for it financially. The ship has sailed on a Netflix acquistion. The last legitimate window for a buyer to swoop in was during the Qwikster fiasco in 2011 -- the last time Netflix was cheap and vulnerable. The only reason we keep seeing Apple buyout rumors circulate every year is that the behemoth is pretty much the only company left that could afford to buy Netflix in an all-cash deal. Let it go, Wall Street. The next Netflix buyout rumor should be about what the streaming video service might be buying -- and that list, quite frankly, is endless. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Rick Munarriz owns shares of Apple and Netflix. The Motley Fool owns shares of and recommends Apple and Netflix. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || Sorry, Folks: Apple Isn't Buying Netflix: Here are three telltale signs of a new year: A spike in weight-loss ads, people writing the wrong year on checks, and rumors thatApple(NASDAQ: AAPL)is about to make an offer forNetflix(NASDAQ: NFLX). This time around, the "Appflix" buzz came courtesy of Daniel Ives, head of tech research at GBH. He argues that Apple is likely to take advantage of the repatriation tax break to bring home about $200 billion it has been holding overseas, and with that extra cash burning a hole in the tech giant's pocket, it may decide to pay up for Netflix.
The rationalizations change; the concept doesn't. Early last year, it was CNBC's Anita Balakrishnan trying to hook up the two market darlings, on the theory that App Store spending on entertainment was soaring, and Apple could beef up its services revenue by nabbing the leader in premium video streaming. Itdidn't make sense then. It doesn't make sense now.
Image source: Netflix.
In an ideal world, Netflix would look smashing on Apple's arm. Apple's a distant second in premium music streaming, but with that acquisition, it would vault to the top of the video niche worldwide.
There would be some conflicts of interest, especially since so many other video platforms rely on Apple as a gateway to reaching the affluent and broadband-blessed iOS crowd. If Apple bought Netflix, it would rattle many developers. It could also create some issues if consumer perception is that Netflix might not remain operating system-agnostic.
However, the biggest roadblock is that Apple isn't likely to buy anything the size of Netflix. Apple has never spent more than $3 billion on a single acquisition, and right now, Netflix commands an enterprise value of $92 billion. It would cost a lot more than that to get a deal done. A modest 20% to 30% premium would be seen as a reasonable markup if Netflix was out of favor, but it's not. Netflix is the S&P 500's biggest gainer over the past five years, including a 55% surge in 2017. Knowing that regulators would take their time on a deal of this magnitude, do you really think a majority of Netflix shareholders would sign off on anything less than a 60% to 70% premium?
If any company on the planet could afford to buy Netflix, it's Apple -- especially if it repatriates its overseas profits. The rub is that it's not in Apple's DNA to spend big bucks. Adding Netflix would also be highly dilutive to Apple's earnings per share, and wouldn't really move the needle for it financially.
The ship has sailed on a Netflix acquistion. The last legitimate window for a buyer to swoop in was during theQwikster fiascoin 2011 -- the last time Netflix was cheap and vulnerable. The only reason we keep seeing Apple buyout rumors circulate every year is that the behemoth is pretty much the only company left that could afford to buy Netflix in an all-cash deal.
Let it go, Wall Street. The next Netflix buyout rumor should be about what the streaming video service might be buying -- and that list, quite frankly, is endless.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Rick Munarrizowns shares of Apple and Netflix. The Motley Fool owns shares of and recommends Apple and Netflix. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || Why Buckle, Insys Therapeutics, and United Natural Foods Slumped Today: Thursday was another great day on Wall Street, with market participants celebrating the Dow 25,000 milestone. Absent major news on the macroeconomic or geopolitical fronts, the big benchmarks retained their momentum from the late-December Santa Claus rally, with record highs for the S&P 500 and Nasdaq Composite as well. Yet even amid widespread optimism, some stocks didn't participate in the winning day. Buckle (NYSE: BKE) , Insys Therapeutics (NASDAQ: INSY) , and United Natural Foods (NASDAQ: UNFI) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly. Buckle takes a sales hit Shares of Buckle dropped 9% after the young adult fashion retailer reported its December sales. Comparable-store net sales for stores open at least one year were down 4.1% during the five-week period that ended on Dec. 30, compared to the same period in 2016. The month extended the weakness that Buckle has seen on the comps front throughout most of 2017, with comparable-store sales down 7.6% during the first 11 months of the retailer's fiscal year. Buckle has faced an existential threat over the past two years as consumer preferences shift, and the company's latest results show no signs of better times ahead for its investors. Folded black beach blanket with the Buckle logo on it. Image source: Buckle. Insys faces a new challenge Insys Therapeutics stock plunged 26% after a major reversal in policy at the U.S. federal government level on marijuana. Some analysts noted that an apparent short squeeze had lifted shares of Insys in recent sessions, setting the stage for a potential pullback today. Yet many see Insys as a marijuana-related stock because of its synthetic tetrahydrocannabinol solution Syndros, which is a treatment for vomiting and nausea caused by chemotherapy. Today's news that Attorney General Jeff Sessions would reverse prior Justice Department policy and now allow enforcement of anti-marijuana laws sent tremors throughout the marijuana stock world, and Insys wasn't immune from the resulting uncertainty. Story continues United Natural Foods looks a little less appetizing Finally, shares of United Natural Foods fell 11%. Investors reacted negatively to news that CEO Steven Spinner reported a sale of stock, selling off more than 49,000 shares to generate proceeds of just over $2.4 million. Spinner still has about a $5 million stake in the natural foods distributor, but investors were hoping that after seeing United Natural start to bounce back from a difficult couple of years, the CEO would stick with his full position in the company longer. Nevertheless, bulls remain optimistic about the prospects for United Natural continuing to supply a growing market for organic and other high-quality food items. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Why Buckle, Insys Therapeutics, and United Natural Foods Slumped Today: Thursday was another great day on Wall Street, with market participants celebrating theDow25,000 milestone. Absent major news on the macroeconomic or geopolitical fronts, the big benchmarks retained their momentum from the late-December Santa Claus rally, with record highs for theS&P 500andNasdaq Compositeas well. Yet even amid widespread optimism, some stocks didn't participate in the winning day.Buckle(NYSE: BKE),Insys Therapeutics(NASDAQ: INSY), andUnited Natural Foods(NASDAQ: UNFI)were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of Buckle dropped 9% after the young adult fashion retailer reported its December sales. Comparable-store net sales for stores open at least one year were down 4.1% during the five-week period that ended on Dec. 30, compared to the same period in 2016. The month extended the weakness that Buckle has seen on the comps front throughout most of 2017, with comparable-store sales down 7.6% during the first 11 months of the retailer's fiscal year.Buckle has faced an existential threatover the past two years as consumer preferences shift, and the company's latest results show no signs of better times ahead for its investors.
Image source: Buckle.
Insys Therapeutics stock plunged 26% after a major reversal in policy at the U.S. federal government level on marijuana. Some analysts noted that anapparent short squeeze had lifted shares of Insysin recent sessions, setting the stage for a potential pullback today. Yet many seeInsys as a marijuana-related stockbecause of its synthetic tetrahydrocannabinol solution Syndros, which is a treatment for vomiting and nausea caused by chemotherapy. Today's news that Attorney General Jeff Sessions would reverse prior Justice Department policy and now allow enforcement of anti-marijuana laws sent tremors throughout the marijuana stock world, and Insys wasn't immune from the resulting uncertainty.
Finally, shares of United Natural Foods fell 11%. Investors reacted negatively to news that CEO Steven Spinner reported a sale of stock, selling off more than 49,000 shares to generate proceeds of just over $2.4 million. Spinner still has about a $5 million stake in the natural foods distributor, but investors were hoping that after seeingUnited Natural start to bounce backfrom a difficult couple of years, the CEO would stick with his full position in the company longer. Nevertheless, bulls remain optimistic about the prospects for United Natural continuing to supply a growing market for organic and other high-quality food items.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Marijuana Stocks Plunge as Sessions Rescinds the Cole Memo: The U.S. marijuana industry is growing like a weed. The legal cannabis market in the U.S. is slated to grow by 45% in 2018, and by an aggregate of 300% between 2016 and 2021 to approximately $17 billion, according to a 2017 report fromMarijuana Business Dailyentitled "Marijuana Business Factbook 2017." Despite Canada being on the verge of recreational legalization by this summer, it's still the U.S. market that offers the greatest sales potential and long-term value to marijuana stocks and businesses.
It's not hard to understand why these sales figures are exploding higher, either. Fully64% of respondentsnow favor the idea of legalizing pot nationwide, according to an October 2017 poll from Gallup. This represents the highest reading in the 48 years Gallup has surveyed Americans on their perception of cannabis.
Image source: Getty Images.
By a similar token, an overwhelming 94% of Americans support the legalization of medical marijuana, compared to a minuscule 4% who oppose the idea, according toan August 2017 survey from the independent Quinnipiac University. The thought here is that strong support like this might be enough to pressure politicians into altering their stance on pot, and perhaps ultimately changing its Schedule I categorization at the federal level.
As a result, 29 states have given the green light to medical cannabis since 1996, while voters in eight additional states have OK'd recreational pot since November 2012.
Despite this, marijuana remains a Schedule I drug according to Capitol Hill, meaning it's entirely illegal and has no recognized medical benefits, with a high potential for abuse.
This bifurcation between state-level legalization and federal law has long been a legal gray area that's left the future of the U.S. marijuana industry uncertain for years. Only two rules have protected states from the federal government choosing to enforce the drugs' Schedule I status and effectively putting an end to the legal cannabis experiment in the United States: the Rohrabacher-Farr Amendment (also known as Rohrabacher-Blumenauer Amendment) and the Cole memo.
Image source: Getty Images.
The Rohrabacher-Blumenauer Amendment disallows the Department of Justice (DOJ) from using federal dollars to prosecute marijuana businesses operating in states that have legalized cannabis in some capacity. It's a provisional piece of legislation that has to be included in each and every federal spending proposal in order to be put into law. In other words, if Congress doesn't include it in future federal spending bills, the DOJ would befree to use federal dollars to prosecute marijuana businesses.
The other umbrella protection derives from the Cole memo, which is named after former Deputy Attorney General James Cole, who served under President Obama. The memo outlines a subset of rules that states must follow if they want the federal government to maintain a "hands-off" approach. These rules include ensuring that adolescents don't have access to cannabis, that marijuana grown within a state stays in that state, and that drivers who are under the influence of cannabis are dealt with harshly.
These rules have allowed the U.S. pot industry to flourish... until now.
On Thursday, Jan. 4, Attorney General Jeff Sessions, an ardent opponent of cannabis who's suggested that "good people don't smoke marijuana," announced in a one-page memo that he was rescinding the Cole memo after a long review process.
Attorney General Jeff Sessions giving a speech. Image source: Jeff Sessions' Senate webpage.
Thisshouldn't come as a complete shockgiven that U.S. Deputy Attorney General Rod Rosenstein had this to say over the summer about the Cole memo:
We are reviewing the policy. We haven't change it, but we are reviewing it. We're looking at the states that have legalized or decriminalized marijuana, trying to evaluate what the impact is. And I think there is some pretty significant evidence that marijuana turns out to be more harmful than a lot of people anticipated, and it's more difficult to regulate than I think was contemplated ideally by some of those states.
The move by Sessions won't necessarily open the door for the DOJ to prosecute marijuana businesses. The Rohrabacher-Blumenauer Amendment, assuming it continues to be included in future federal spending bills, will ensure that the federal government is unable to devote federal dollars for prosecution purposes. However, it does open the door for prosecutors at the state level to use their discretion to levy charges against marijuana businesses going forward, such as bytaking into account the seriousness of a crime.
Said Sessions, according to theone-page memo:
It is the mission of the Department of Justice to enforce the laws of the United States, and the previous issuance of guidance undermines the rule of law and the ability of our local, state, tribal, and federal law enforcement partners to carry out this mission. Therefore, today's memo on federal marijuana enforcement simply directs all U.S. Attorneys to use previously established prosecutorial principles that provide them with all the necessary tools to disrupt criminal organizations, tackle the growing drug crisis, and thwart violent crime across our country.
Image source: Getty Images.
While the move by Sessions doesn't mean the end of the U.S. marijuana industry, it could certainly make things more difficult, especially in states that side with Sessions' view on pot or have conservative-leaning state Attorneys General. Republicans have tended to havea far less favorable view of marijuanathan Democrats.
It also effectively eliminates any chance the marijuana industry had of gaining easier access to basic financial services, such as a checking account, and a fairer corporate income-tax rate. Marijuana businesses are unable to take normal corporate income-tax deductions as a result of selling a federally illegal substance, per Section 280E of the federal Internal Revenue Code.
The result of the Cole memo being rescinded was a broad-based shellacking of marijuana stocks:
• Canopy Growth Corp.(NASDAQOTH: TWMJF): down as much as 19%
• Aphria(NASDAQOTH: APHQF): down as much as 22%
• Aurora Cannabis(NASDAQOTH: ACBFF): down as much as 19%
• MedReleaf(NASDAQOTH: MEDFF): down as much as 21%
• Medical Marijuana, Inc.(NASDAQOTH: MJNA): down as much as 32%
• Axim Biotechnologies: down as much as 22%
• OrganiGram Holdings:down as much as 16%
• Supreme Cannabis Co.: down as much as 21%
Image source: Getty Images.
Interestingly enough, you'll note that a majority of the stocks that were hammered are Canadian-based growers. Why would Canadian stocks be clobbered, you might wonder? It has to do with the U.S. market having greater long-term sales potential than Canada, as well as the eventual hope that companies like Canopy Growth, Aphria, Aurora Cannabis, and MedReleaf could export their product to the U.S. one day, or consider opening commercial grow farms in the United States. Rescinding the Cole memo and essentially declaring war on the U.S pot industry takes that hopeful scenario off the table for now.
Then again, this aforementioned quartet of stocks, which has the potential to control about half of Canada's legal weed market share,won't be hurting for opportunities. Canadian Prime Minister Justin Trudeau is aiming to legalize recreational pot by July 2018, which has the potential to generate up to $5 billion in added annual sales when fully ramped up. Furthermore, growers like Aphria and Canopy Growth are able to export their dried cannabis to countries that have legalized medical cannabis, such as Germany.
Today's decision is really a blow for those marijuana companies that are based in the U.S. and are only now growing their nascent international operatons, like Medical Marijuana, Inc. The legalization of medical cannabis in Mexico in June 2017 will help its business, but this decision from Sessions could be a clear blow to its cannabidiol business in the United States.
I fully expect this to be a drawn-out affair between Sessions and the marijuana industry. But make no mistake: the first punches have been thrown.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Sean Williamshas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy.
[Social Media Buzz]
USD: 112.870
EUR: 136.230
GBP: 153.052
AUD: 88.648
NZD: 80.804
CNY: 17.413
CHF: 115.788
BTC: 1,842,058
ETH: 128,990
Fri Jan 05 14:00 JST || #Bitcoin 0.01%
Ultima: R$ 55999.99 Alta: R$ 56100.00 Baixa: R$ 50298.00
Fonte: Foxbit || 2018-01-05 07:00 Bitcoin Price: 16390.42 USD || Try halfawakened at https://LocalBitcoins.com/ad/604318?ch=w7m … only £12,599.00 per BTC. (BPI +4.97%) #buy #bitcoin #banktrans || #Bitcoin 0.30%
Ultima: R$ 53210.02 Alta: R$ 53600.00 Baixa: R$ 50256.00
Fonte: F...
|
17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04.
|
[Bitcoin Technical Analysis for 2021-01-07]
Volume: 84762141031, RSI (14-day): 89.81, 50-day EMA: 24129.71, 200-day EMA: 16084.23
[Wider Market Context]
Gold Price: 1912.30, Gold RSI: 57.55
Oil Price: 50.83, Oil RSI: 69.93
[Recent News (last 7 days)]
Total Cryptocurrency Market Value Hits Record $1 Trillion: The total value of all cryptocurrencies passed $1 trillion Wednesday for the first time ever, perCoinGecko‘s index of 6,124 assets. At its prior peak in late 2017, the market’s total capitalization was just above $760 billion, according toTradingView.
Bitcoin represents roughly 69% of the market’s value, according toMessari.
Traders aren’t surprised by the market’s soaring value.
Related:BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits
“Is it frothy? A little bit in the short term,” said Qiao Wang, co-founder of decentralized finance (DeFi) accelerator firm DeFi Alliance and former quantitative trader at Tower Research. “But is it ridiculous,” he asked rhetorically. “Nope.”
Over the past 12 months, the nearly parabolic rise ofbitcoinand other cryptocurrencies has come as deep-pocketed institutional investors show increasing interest in bitcoin with a new crop of retail investors following their lead and showing some interesting in alternative cryptocurrencies (altcoins) as well.
Bitcoin has already gained 25% in January, following its more than 300% gain in 2020. Ethereum has also soared over the past 12 months, reaching a total gain of roughly 860% Wednesday after trading above $1,200 for the first time since early 2018.
“The $1 trillion mark cements cryptocurrency as a investable asset class that no longer sits on the fringes of Traditional Finance as a toy for retail investors,” said Jack Purdy, decentralized finance analyst at Messari. “It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months.”
Related:Kyber Network Activity Surges as DEX Plans Switch to Staking Model in Q2
Some of those large investments have come from firms like technology firmMicroStrategy, who has scooped up over 70,000 BTC with plans to buy more, and London-based asset managerRuffer Investment, who dumped $740 million into bitcoin toward the end of 2020.
“Cryptocurrencies are now almost an institutional-grade venture bet,” Wang told CoinDesk. “The market is finally liquid enough to deploy large sums of capital, but still early enough for a 10x return.”
For some investors, those returns are coming from altcoins. As bitcoin continues to climb above $30,000, altcoin indexes have gained momentum.
Per FTX’s markets, its index of 10 leading altcoins has rallied over 30% in 2021. The “shitcoin” index, representing micro-cap altcoins, has also gained over 20% so far in January.
“A trillion-dollar market cap is a big milestone for crypto, especially considering it was below $200 billion less than a year ago,” said Nate Maddrey, research analyst at Coin Metrics, in a direct message with CoinDesk. “But crypto’s total market cap is still only a fraction of gold, equities, and many other assets.”
From “sh**coin” indexes to the bellwether assets like bitcoin, institutional buyers and retail speculators alike can likely find something to pique there interest in this newly minted, trillion-dollar market.
“Crypto is in a unique position to be the most important asset class of the 21st century and still has a lot of room to grow,” Maddrey said.
• Total Cryptocurrency Market Value Hits Record $1 Trillion
• Total Cryptocurrency Market Value Hits Record $1 Trillion || Total Cryptocurrency Market Value Hits Record $1 Trillion: The total value of all cryptocurrencies passed $1 trillion Wednesday for the first time ever, per CoinGecko ‘s index of 6,124 assets. At its prior peak in late 2017, the market’s total capitalization was just above $760 billion, according to TradingView . Bitcoin represents roughly 69% of the market’s value, according to Messari . Traders aren’t surprised by the market’s soaring value. Related: BTSE Exchange Taps Into Crypto Demand by Increasing Request-for-Quote Limits “Is it frothy? A little bit in the short term,” said Qiao Wang, co-founder of decentralized finance (DeFi) accelerator firm DeFi Alliance and former quantitative trader at Tower Research. “But is it ridiculous,” he asked rhetorically. “Nope.” Over the past 12 months, the nearly parabolic rise of bitcoin and other cryptocurrencies has come as deep-pocketed institutional investors show increasing interest in bitcoin with a new crop of retail investors following their lead and showing some interesting in alternative cryptocurrencies (altcoins) as well. Bitcoin has already gained 25% in January, following its more than 300% gain in 2020. Ethereum has also soared over the past 12 months, reaching a total gain of roughly 860% Wednesday after trading above $1,200 for the first time since early 2018. “The $1 trillion mark cements cryptocurrency as a investable asset class that no longer sits on the fringes of Traditional Finance as a toy for retail investors,” said Jack Purdy, decentralized finance analyst at Messari. “It demonstrates that this asset class is large enough to absorb large orders like we’ve seen recently with the slew of institutions entering over the last few months.” Related: Kyber Network Activity Surges as DEX Plans Switch to Staking Model in Q2 Some of those large investments have come from firms like technology firm MicroStrategy , who has scooped up over 70,000 BTC with plans to buy more, and London-based asset manager Ruffer Investment , who dumped $740 million into bitcoin toward the end of 2020. Story continues “Cryptocurrencies are now almost an institutional-grade venture bet,” Wang told CoinDesk. “The market is finally liquid enough to deploy large sums of capital, but still early enough for a 10x return.” For some investors, those returns are coming from altcoins. As bitcoin continues to climb above $30,000, altcoin indexes have gained momentum. Per FTX’s markets, its index of 10 leading altcoins has rallied over 30% in 2021. The “shitcoin” index, representing micro-cap altcoins, has also gained over 20% so far in January. “A trillion-dollar market cap is a big milestone for crypto, especially considering it was below $200 billion less than a year ago,” said Nate Maddrey, research analyst at Coin Metrics, in a direct message with CoinDesk. “But crypto’s total market cap is still only a fraction of gold, equities, and many other assets.” From “sh**coin” indexes to the bellwether assets like bitcoin, institutional buyers and retail speculators alike can likely find something to pique there interest in this newly minted, trillion-dollar market. “Crypto is in a unique position to be the most important asset class of the 21st century and still has a lot of room to grow,” Maddrey said. Related Stories Total Cryptocurrency Market Value Hits Record $1 Trillion Total Cryptocurrency Market Value Hits Record $1 Trillion || Photos: A look at the nationwide riots today: On Wednesday across the country, hundreds of pro-Trump demonstrators gathered in state capitals to oppose President-elect Joe Biden’s win. They massed outside statehouses, rallying while rioters stormed the U.S. Capitol in Washington, D.C. From Georgia to New Mexico to Oklahoma, crowds of people carried signs emblazoned “My vote was stolen!” and “Stop the steal” and waved Trump and U.S. flags. The heated demonstrations broke out as Congress tried to affirm Biden’s Electoral College victory. In some states, officials have ordered closures and evacuations in the face of armed demonstrators. In Colorado, city agencies in Denver closed buildings. In Georgia, the secretary of state and his staff evacuated their offices at the state Capitol. Republican Secretary of State Brad Raffensperger has been the target of President Trump’s fury over his loss in the state by nearly 12,000 votes. (In the midst of demonstrations, Democratic senators cinched Georgia’s Senate runoff.) Trump has encouraged the protests over the past two days. On Wednesday, after hours of chaos, he tweeted a taped video message calling for his supporters to retreat (“You have to go home now”) while claiming baseless election fraud (“We had an election that was stolen from us”). Below, view images of the nationwide gatherings. More must-read stories from Fortune : When to expect $600 checks and $300 enhanced unemployment payments Everything jobless Americans need to know about the $300 unemployment benefit COVID vaccine recipients may still be infectious. When will we know for sure? The biggest conspiracy theories of 2020 (and why they won’t die) A brief history of Bitcoin bubbles This story was originally featured on Fortune.com || Photos: A look at the nationwide riots today: On Wednesday across the country, hundreds of pro-Trump demonstrators gathered in state capitals to oppose President-elect Joe Biden’s win. They massed outside statehouses, rallying while rioters stormed the U.S. Capitol in Washington, D.C.
From Georgia to New Mexico to Oklahoma, crowds of people carried signs emblazoned “My vote was stolen!” and “Stop the steal” and waved Trump and U.S. flags. The heated demonstrations broke out as Congress tried to affirm Biden’s Electoral College victory.
In some states, officials have ordered closures and evacuations in the face of armed demonstrators. In Colorado, city agencies in Denver closed buildings. In Georgia, the secretary of state and his staff evacuated their offices at the state Capitol. Republican Secretary of State Brad Raffensperger has been the target of President Trump’s fury over his loss in the state by nearly 12,000 votes. (In the midst of demonstrations, Democratic senators cinched Georgia’s Senate runoff.)
Trump has encouraged the protests over the past two days. On Wednesday, after hours of chaos, he tweeted a taped video message calling for his supporters to retreat (“You have to go home now”) while claiming baseless election fraud (“We had an election that was stolen from us”).
Below, view images of the nationwide gatherings.
• When to expect $600 checksand $300 enhanced unemployment payments
• Everything jobless Americans need to know aboutthe $300 unemployment benefit
• COVID vaccine recipients may still be infectious.When will we know for sure?
• Thebiggest conspiracy theories of 2020(and why they won’t die)
• A brief history ofBitcoin bubbles
This story was originally featured onFortune.com || Crypto Market Update, Jan.6: Bitcoin Surges To $36,500, Ethereum Surpasses $1,200: Bitcoin: The price of Bitcoin (BTC), a leading digital currency, has briefly touched $36,574 at 4.30 pm EST at Bitstamp exchange, according to TradingView data provider. It has settled at $36,300 levels and was trading at $36,475 at press time. This is a new record for BTC, which broke the $35,000 level only yesterday. The current bull rally started in December when it reached the $20,000 mark on Dec.16. The digital currency has been going up ever since. The most recent bull prediction has been made by JPMorgan Chase & Co. (NYSE: JPM ) strategists, who believe Bitcoin can reach as high as $146,000 in the long term, Bloomberg has reported . “A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” they wrote in a note on Monday. But they add that “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process,” implying that “the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.” Ethereum: Ethereum (ETH), the second leading cryptocurrency by market cap, also known as an altcoin, has had a positive run since Dec.24, when it traded at $572. Ethereum price has surpassed the $1,200 levels at 12.54 pm EST and then fell to $1,129. It was traded at $1,182 at press time. The cryptocurrency reached its all-time high in January 2018, at $1,432. Image by Jorge Franganillo via Flickr See more from Benzinga Click here for options trades from Benzinga Crypto Market Update, Jan. 3: Ethereum Eyes k, Dogecoin Down 19% Bitcoin Crosses k On Its 12th Genesis Block Day © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Crypto Market Update, Jan.6: Bitcoin Surges To $36,500, Ethereum Surpasses $1,200: Bitcoin:The price of Bitcoin (BTC), a leading digital currency, has briefly touched $36,574 at 4.30 pm EST at Bitstamp exchange, according toTradingViewdata provider.
It has settled at $36,300 levels and was trading at $36,475 at press time.
This is a new record for BTC, whichbrokethe $35,000 level only yesterday. The current bull rally started in December when it reached the $20,000 mark on Dec.16. The digital currency has been going up ever since.
The most recent bull prediction has been made byJPMorgan Chase & Co.(NYSE:JPM) strategists, who believe Bitcoin can reach as high as $146,000 in the long term, Bloomberghas reported.
“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” they wrote in a note on Monday.
But they add that “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process,” implying that “the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”
Ethereum:Ethereum (ETH), the second leading cryptocurrency by market cap, also known as an altcoin, has had a positive run since Dec.24, when it traded at $572.
Ethereum price has surpassed the $1,200 levels at 12.54 pm EST and then fell to $1,129. Itwas tradedat $1,182 at press time.
The cryptocurrency reached its all-time high in January 2018, at $1,432.
Image byJorge Franganillovia Flickr
See more from Benzinga
• Click here for options trades from Benzinga
• Crypto Market Update, Jan. 3: Ethereum Eyes k, Dogecoin Down 19%
• Bitcoin Crosses k On Its 12th Genesis Block Day
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Crypto Market Update, Jan.6: Bitcoin Surges To $36,500, Ethereum Surpasses $1,200: Bitcoin:The price of Bitcoin (BTC), a leading digital currency, has briefly touched $36,574 at 4.30 pm EST at Bitstamp exchange, according toTradingViewdata provider.
It has settled at $36,300 levels and was trading at $36,475 at press time.
This is a new record for BTC, whichbrokethe $35,000 level only yesterday. The current bull rally started in December when it reached the $20,000 mark on Dec.16. The digital currency has been going up ever since.
The most recent bull prediction has been made byJPMorgan Chase & Co.(NYSE:JPM) strategists, who believe Bitcoin can reach as high as $146,000 in the long term, Bloomberghas reported.
“A crowding out of gold as an ‘alternative’ currency implies big upside for Bitcoin over the long term,” they wrote in a note on Monday.
But they add that “a convergence in volatilities between Bitcoin and gold is unlikely to happen quickly and is in our mind a multiyear process,” implying that “the above-$146,000 theoretical Bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.”
Ethereum:Ethereum (ETH), the second leading cryptocurrency by market cap, also known as an altcoin, has had a positive run since Dec.24, when it traded at $572.
Ethereum price has surpassed the $1,200 levels at 12.54 pm EST and then fell to $1,129. Itwas tradedat $1,182 at press time.
The cryptocurrency reached its all-time high in January 2018, at $1,432.
Image byJorge Franganillovia Flickr
See more from Benzinga
• Click here for options trades from Benzinga
• Crypto Market Update, Jan. 3: Ethereum Eyes k, Dogecoin Down 19%
• Bitcoin Crosses k On Its 12th Genesis Block Day
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Cash, Chainlink & Uniswap - American Wrap: 1/6/2021: Bitcoin Cash Price Is Up By 40% And Is On The Verge Of Rising To $500
Bitcoin Cashhas been inside a steady and robust uptrend since September 2020. In total, the digital asset has risen by more than 130% but hasn’t yet beaten the 2020-high of $498 established on February.
Chainlink Price Prediction: LINK could reach $25 if this critical resistance level is broken
Chainlink had a massive drop on December 23, 2020, from a high of $12.86 to a low of $8. However, bulls managed to buy the dip and pushed LINK towards $13.24 within the next week. The current price of the digital asset is $16.3.
Uniswap Price Analysis: UNI’s Rise To New All-Time Highs Only Depends On One Critical Demand Wall
Uniswap token is trading at $6.35 at the time of writing, resulting from the considerable surge seen last week. At this rate, UNI will most likely hit its previous ATH at $8.70 very soon. However, a crucial sell wall might pose a threat to the token’s ascent.
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin, Ripple & Sushi - American Wrap: 1/5/2021
• Bitcoin, Stellar & Litecoin - American Wrap: 1/4/2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Cash, Chainlink & Uniswap - American Wrap: 1/6/2021: Bitcoin Cash Price Is Up By 40% And Is On The Verge Of Rising To $500
Bitcoin Cashhas been inside a steady and robust uptrend since September 2020. In total, the digital asset has risen by more than 130% but hasn’t yet beaten the 2020-high of $498 established on February.
Chainlink Price Prediction: LINK could reach $25 if this critical resistance level is broken
Chainlink had a massive drop on December 23, 2020, from a high of $12.86 to a low of $8. However, bulls managed to buy the dip and pushed LINK towards $13.24 within the next week. The current price of the digital asset is $16.3.
Uniswap Price Analysis: UNI’s Rise To New All-Time Highs Only Depends On One Critical Demand Wall
Uniswap token is trading at $6.35 at the time of writing, resulting from the considerable surge seen last week. At this rate, UNI will most likely hit its previous ATH at $8.70 very soon. However, a crucial sell wall might pose a threat to the token’s ascent.
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin, Ripple & Sushi - American Wrap: 1/5/2021
• Bitcoin, Stellar & Litecoin - American Wrap: 1/4/2021
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin Cash, Chainlink & Uniswap - American Wrap: 1/6/2021: Bitcoin Cash Price Is Up By 40% And Is On The Verge Of Rising To $500 Bitcoin Cash has been inside a steady and robust uptrend since September 2020. In total, the digital asset has risen by more than 130% but hasnt yet beaten the 2020-high of $498 established on February. Chainlink Price Prediction: LINK could reach $25 if this critical resistance level is broken Chainlink had a massive drop on December 23, 2020, from a high of $12.86 to a low of $8. However, bulls managed to buy the dip and pushed LINK towards $13.24 within the next week. The current price of the digital asset is $16.3. Uniswap Price Analysis: UNIs Rise To New All-Time Highs Only Depends On One Critical Demand Wall Uniswap token is trading at $6.35 at the time of writing, resulting from the considerable surge seen last week. At this rate, UNI will most likely hit its previous ATH at $8.70 very soon. However, a crucial sell wall might pose a threat to the tokens ascent. See more from Benzinga Click here for options trades from Benzinga Bitcoin, Ripple & Sushi - American Wrap: 1/5/2021 Bitcoin, Stellar & Litecoin - American Wrap: 1/4/2021 © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Skychain Provides Update on LOI to Purchase 20 Mw Crypto Hosting Facility in Quebec: Vancouver, British Columbia--(Newsfile Corp. - January 6, 2021) - Skychain Technologies Inc. (TSXV: SCT ) announces that, further to the Company's previous announcement regarding a Letter of Intent (LOI) to acquire an existing 20 Mw crypto mining hosting facility in Sherbrooke, Quebec, SkyChain has provided an update on the facility and confirmed the terms of the LOI dated for reference December 23, 2020 between SkyChain and 1151203 B.C. Ltd (the "Vendor"). The Sherbrooke facility, currently running at about 70% (14Mw) capacity, covers 40,000 square feet with significant expansion capacity. The site also offers potential electricity cost reductions of approximately 20% compared to electricity costs in BC. The 20Mw capacity can contribute 670Ph/s hashrate to blockchain, and the power capacity can be upgraded to 23Mw without further hardware investment. The Vendor has invested over $8 million to develop the facility. "We are making very good progress with the transaction," said SkyChain CEO Bill Zhang. "With its current growth, we expect the site will be loaded at full capacity once the purchase is completed sometime in Q1 2021. With lower operating costs, this revenue stream should contribute to a solid and profitable operation. The site also a holds excellent potential for an internet data center (IDC) and other high density power consumption industries like GPU (graphics card processing unit) gaming and cloud-related industry services." Due mostly to clean, efficient hydropower, Quebec offers the second-lowest electricity costs in Canada (behind Manitoba) and some of the lowest in the world. Skychain has relocated all its miners from the Houston BC location to the Quebec site, which will streamline the Company's business model and lower the cost per Kw to its crypto mining clients. "With Bitcoin reaching record highs and rapidly gaining worldwide acceptance, we believe SkyChain is in the right place at the right time," added Zhang. "More and more, Bitcoin is being seen as a hedge against inflation and currency instability, much like gold." Story continues Under the terms of the Sherbrooke agreement, SkyChain has agreed to purchase the entire facility for total consideration of CDN$5.5 million in cash and shares. The cash portion of the consideration is $3.0 million, of which half is payable upfront and half within 48 months, paid in installments equal to a maximum of 60% of EBITDA until fully paid and any remaining balance payable on the due date. The share portion of the consideration is $2.5 million, or a total of 5 million shares issuable as to 3,000,000 shares upfront and the balance of the shares after certain cash payments are made. A review of the target company's financial information by our auditors and legal due diligence are nearing completion. Funding is expected to be provided by conventional commercial lending and equity. The facility will immediately boost monthly revenue to $640,000 per month and will be brought up further to capacity within 2 months. The proposed transaction is subject to all necessary Stock exchange and regulatory approvals. Development of SkyChain's new crypto hosting site in Birtle, Manitoba continues to progress. A major electrical engineering firm in Winnipeg and Manitoba Hydro International are both overseeing project development. About Skychain Technologies Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visit www.skychaintechnologiesinc.com . ON BEHALF OF THE BOARD OF DIRECTORS Bill Zhang President and CEO Contact: 604-688-5464 [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71520 || Skychain Provides Update on LOI to Purchase 20 Mw Crypto Hosting Facility in Quebec: Vancouver, British Columbia--(Newsfile Corp. - January 6, 2021) -Skychain Technologies Inc.(TSXV:SCT) announces that, further to the Company's previous announcement regarding a Letter of Intent (LOI) to acquire an existing 20 Mw crypto mining hosting facility in Sherbrooke, Quebec, SkyChain has provided an update on the facility and confirmed the terms of the LOI dated for reference December 23, 2020 between SkyChain and 1151203 B.C. Ltd (the "Vendor").
The Sherbrooke facility, currently running at about 70% (14Mw) capacity, covers 40,000 square feet with significant expansion capacity. The site also offers potential electricity cost reductions of approximately 20% compared to electricity costs in BC. The 20Mw capacity can contribute 670Ph/s hashrate to blockchain, and the power capacity can be upgraded to 23Mw without further hardware investment. The Vendor has invested over $8 million to develop the facility.
"We are making very good progress with the transaction," said SkyChain CEO Bill Zhang. "With its current growth, we expect the site will be loaded at full capacity once the purchase is completed sometime in Q1 2021. With lower operating costs, this revenue stream should contribute to a solid and profitable operation. The site also a holds excellent potential for an internet data center (IDC) and other high density power consumption industries like GPU (graphics card processing unit) gaming and cloud-related industry services."
Due mostly to clean, efficient hydropower, Quebec offers the second-lowest electricity costs in Canada (behind Manitoba) and some of the lowest in the world. Skychain has relocated all its miners from the Houston BC location to the Quebec site, which will streamline the Company's business model and lower the cost per Kw to its crypto mining clients.
"With Bitcoin reaching record highs and rapidly gaining worldwide acceptance, we believe SkyChain is in the right place at the right time," added Zhang. "More and more, Bitcoin is being seen as a hedge against inflation and currency instability, much like gold."
Under the terms of the Sherbrooke agreement, SkyChain has agreed to purchase the entire facility for total consideration of CDN$5.5 million in cash and shares. The cash portion of the consideration is $3.0 million, of which half is payable upfront and half within 48 months, paid in installments equal to a maximum of 60% of EBITDA until fully paid and any remaining balance payable on the due date. The share portion of the consideration is $2.5 million, or a total of 5 million shares issuable as to 3,000,000 shares upfront and the balance of the shares after certain cash payments are made. A review of the target company's financial information by our auditors and legal due diligence are nearing completion. Funding is expected to be provided by conventional commercial lending and equity. The facility will immediately boost monthly revenue to $640,000 per month and will be brought up further to capacity within 2 months. The proposed transaction is subject to all necessary Stock exchange and regulatory approvals.
Development of SkyChain's new crypto hosting site in Birtle, Manitoba continues to progress. A major electrical engineering firm in Winnipeg and Manitoba Hydro International are both overseeing project development.
About Skychain Technologies
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visitwww.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill ZhangPresident and CEO
Contact:[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/71520 || Hut 8 Mining Corp opens Bitcoin Yield Account with Genesis: Toronto, Ontario--(Newsfile Corp. - January 6, 2021) -Hut 8 Mining Corp.(TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "the Company"), a publicly listed bitcoin mining company, today announced the opening of a Bitcoin (BTC) Yield Account in partnership with Genesis Global Capital, a company providing a single point of access for digital asset markets.
The BTC Yield account will enable Hut 8 to earn at a 4 per cent rate of return on its BTC Holdings. With an initial investment of 1000 bitcoin, the Genesis Yield Account will allow Hut 8 to increase or decrease holdings with one days' notice, offering both the returns and the flexibility essential for continued and strategic growth.
"Genesis has been building increasingly sophisticated infrastructure for crypto markets since we launched the first U.S. OTC bitcoin trading desk in 2013. Today we're a full-service digital asset prime brokerage providing a range of services across the cryptocurrency ecosystem. We're excited to be working with Hut 8 - the largest publicly traded Bitcoin mining operation in the Canadian market - to enable them to generate yield on BTC. Our work together is another indicator of Bitcoin's growing value for institutional investors," says Matt Ballensweig, VP Head of Lending.
"At Hut 8, our strategy is focused on creating incremental value," says Jaime Leverton, CEO. "We are excited to be partnering with Genesis to manage our digital assets, allowing us to yield Fiat currency from the significant BTC on our balance sheet, minimize Hut 8's Fiat expenses and subsequently expand our ability to hold Bitcoin rather than sell. Our current momentum and trajectory are just the start of what's to come in 2021 for Hut 8 and its investors."
The BTC Yield account is central to Hut 8 strategy, allowing the company to leverage Bitcoin to earn interest in Fiat, enabling payment to operational expenditure in centralized currency and ultimately increasing Hut 8's capacity to HODL.
###
ABOUT HUT 8 MINING CORP.Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange.
Key investment highlights and FAQ's:https://www.hut8mining.com/investors.
Keep up-to-date on Hut 8 events and developments and join our online communities atFacebook,Twitter,InstagramandLinkedIn.
ABOUT GENESIS GLOBAL CAPITALGenesis Global Capital is a worldwide leader and established partner in over-the-counter digital currency trading, providing deep pools of liquidity to institutional investors and high net worth individuals. A broker-dealer registered with the SEC, FINRA, and the New York Department of Financial Services, Genesis is an industry pioneer and market maker that has facilitated billions of dollars in transactions since 2013. Genesis continued to trailblaze with the launch of Genesis Global Capital in March 2018 to provide institutional lending services for digital assets.
HUT 8 CORPORATE CONTACT:Jaime LevertonChief Executive OfficerTel: 647-521-7433Email:[email protected]
HUT 8 MEDIA ENQUIRIES CONTACT:Dea Masotti PayneNorth StrategicTel: (204) 583-1695Email:[email protected]
FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available atwww.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/71509 || Hut 8 Mining Corp opens Bitcoin Yield Account with Genesis: Toronto, Ontario--(Newsfile Corp. - January 6, 2021) - Hut 8 Mining Corp. (TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "the Company"), a publicly listed bitcoin mining company, today announced the opening of a Bitcoin (BTC) Yield Account in partnership with Genesis Global Capital, a company providing a single point of access for digital asset markets. The BTC Yield account will enable Hut 8 to earn at a 4 per cent rate of return on its BTC Holdings. With an initial investment of 1000 bitcoin, the Genesis Yield Account will allow Hut 8 to increase or decrease holdings with one days' notice, offering both the returns and the flexibility essential for continued and strategic growth. "Genesis has been building increasingly sophisticated infrastructure for crypto markets since we launched the first U.S. OTC bitcoin trading desk in 2013. Today we're a full-service digital asset prime brokerage providing a range of services across the cryptocurrency ecosystem. We're excited to be working with Hut 8 - the largest publicly traded Bitcoin mining operation in the Canadian market - to enable them to generate yield on BTC. Our work together is another indicator of Bitcoin's growing value for institutional investors," says Matt Ballensweig, VP Head of Lending. "At Hut 8, our strategy is focused on creating incremental value," says Jaime Leverton, CEO. "We are excited to be partnering with Genesis to manage our digital assets, allowing us to yield Fiat currency from the significant BTC on our balance sheet, minimize Hut 8's Fiat expenses and subsequently expand our ability to hold Bitcoin rather than sell. Our current momentum and trajectory are just the start of what's to come in 2021 for Hut 8 and its investors." The BTC Yield account is central to Hut 8 strategy, allowing the company to leverage Bitcoin to earn interest in Fiat, enabling payment to operational expenditure in centralized currency and ultimately increasing Hut 8's capacity to HODL. ### ABOUT HUT 8 MINING CORP. Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin. The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange. Story continues Key investment highlights and FAQ's: https://www.hut8mining.com/investors . Keep up-to-date on Hut 8 events and developments and join our online communities at Facebook , Twitter , Instagram and LinkedIn . ABOUT GENESIS GLOBAL CAPITAL Genesis Global Capital is a worldwide leader and established partner in over-the-counter digital currency trading, providing deep pools of liquidity to institutional investors and high net worth individuals. A broker-dealer registered with the SEC, FINRA, and the New York Department of Financial Services, Genesis is an industry pioneer and market maker that has facilitated billions of dollars in transactions since 2013. Genesis continued to trailblaze with the launch of Genesis Global Capital in March 2018 to provide institutional lending services for digital assets. HUT 8 CORPORATE CONTACT: Jaime Leverton Chief Executive Officer Tel: 647-521-7433 Email: [email protected] HUT 8 MEDIA ENQUIRIES CONTACT: Dea Masotti Payne North Strategic Tel: (204) 583-1695 Email: [email protected] FORWARD-LOOKING STATEMENTS Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available at www.sedar.com . These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71509 View comments || Hut 8 Mining Corp opens Bitcoin Yield Account with Genesis: Toronto, Ontario--(Newsfile Corp. - January 6, 2021) -Hut 8 Mining Corp.(TSX: HUT) (OTCQX: HUTMF) ("Hut 8" or "the Company"), a publicly listed bitcoin mining company, today announced the opening of a Bitcoin (BTC) Yield Account in partnership with Genesis Global Capital, a company providing a single point of access for digital asset markets.
The BTC Yield account will enable Hut 8 to earn at a 4 per cent rate of return on its BTC Holdings. With an initial investment of 1000 bitcoin, the Genesis Yield Account will allow Hut 8 to increase or decrease holdings with one days' notice, offering both the returns and the flexibility essential for continued and strategic growth.
"Genesis has been building increasingly sophisticated infrastructure for crypto markets since we launched the first U.S. OTC bitcoin trading desk in 2013. Today we're a full-service digital asset prime brokerage providing a range of services across the cryptocurrency ecosystem. We're excited to be working with Hut 8 - the largest publicly traded Bitcoin mining operation in the Canadian market - to enable them to generate yield on BTC. Our work together is another indicator of Bitcoin's growing value for institutional investors," says Matt Ballensweig, VP Head of Lending.
"At Hut 8, our strategy is focused on creating incremental value," says Jaime Leverton, CEO. "We are excited to be partnering with Genesis to manage our digital assets, allowing us to yield Fiat currency from the significant BTC on our balance sheet, minimize Hut 8's Fiat expenses and subsequently expand our ability to hold Bitcoin rather than sell. Our current momentum and trajectory are just the start of what's to come in 2021 for Hut 8 and its investors."
The BTC Yield account is central to Hut 8 strategy, allowing the company to leverage Bitcoin to earn interest in Fiat, enabling payment to operational expenditure in centralized currency and ultimately increasing Hut 8's capacity to HODL.
###
ABOUT HUT 8 MINING CORP.Hut 8 is a bitcoin mining company with industrial scale operations in Canada. Hut 8 creates value for investors through low production costs and appreciation of its bitcoin inventory. The company provides investors with direct exposure to bitcoin, without the technical complexity or constraints of purchasing the underlying cryptocurrency. Investors avoid the need to create online wallets, wire money offshore, and safely store their bitcoin.
The Company's common shares are listed under the symbol "HUT" on the TSX and as "HUTMF" on the OTCQX Exchange.
Key investment highlights and FAQ's:https://www.hut8mining.com/investors.
Keep up-to-date on Hut 8 events and developments and join our online communities atFacebook,Twitter,InstagramandLinkedIn.
ABOUT GENESIS GLOBAL CAPITALGenesis Global Capital is a worldwide leader and established partner in over-the-counter digital currency trading, providing deep pools of liquidity to institutional investors and high net worth individuals. A broker-dealer registered with the SEC, FINRA, and the New York Department of Financial Services, Genesis is an industry pioneer and market maker that has facilitated billions of dollars in transactions since 2013. Genesis continued to trailblaze with the launch of Genesis Global Capital in March 2018 to provide institutional lending services for digital assets.
HUT 8 CORPORATE CONTACT:Jaime LevertonChief Executive OfficerTel: 647-521-7433Email:[email protected]
HUT 8 MEDIA ENQUIRIES CONTACT:Dea Masotti PayneNorth StrategicTel: (204) 583-1695Email:[email protected]
FORWARD-LOOKING STATEMENTS
Certain information in this press release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology, such as "plans", "targets", "expects" or "does not expect", "is expected", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Hut 8 as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Filing Statement dated March 1, 2018 relating to the Qualifying Transaction of Oriana Resources Corporation and Hut 8, which is available atwww.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Hut 8; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Hut 8 expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visithttps://www.newsfilecorp.com/release/71509 || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / January 6, 2021 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH Market Summary Wednesday, January 06 2021 at 4:19:30 PM ET Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $36,110.48 $0.07 $0.25 $73,198 M $671,395 M Ethereum ETH/USD $1,184.09 $0.08 $0.58 $44,306 M $135,158 M XRP XRP/USD $0.25 $0.09 $0.21 $7,287 M $11,226 M Litecoin LTC/USD $165.74 $0.05 $0.30 $10,824 M $10,980 M Bitcoin Cash BCH/USD $446.53 $0.07 $0.26 $6,456 M $8,306 M Stellar XLM/USD $0.31 $0.61 $1.36 $9,372 M $6,850 M Bitcoin SV BSV/USD $177.45 $0.06 $0.06 $1,071 M $3,304 M EOS EOS/USD $3.28 $0.13 $0.26 $5,714 M $3,078 M Monero XMR/USD $136.81 $0.01 -$0.14 $1,165 M $2,436 M Dash DASH/USD $92.21 $0.03 -$0.08 $707 M $914 M About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. Story continues For more information, visit www.alt5sigma.com . CONTACT: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/623363/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / January 6, 2021 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$36,110.48", "$0.07", "$0.25", "$73,198 M", "$671,395 M"], ["Ethereum", "ETH/USD", "$1,184.09", "$0.08", "$0.58", "$44,306 M", "$135,158 M"], ["XRP", "XRP/USD", "$0.25", "$0.09", "$0.21", "$7,287 M", "$11,226 M"], ["Litecoin", "LTC/USD", "$165.74", "$0.05", "$0.30", "$10,824 M", "$10,980 M"], ["Bitcoin Cash", "BCH/USD", "$446.53", "$0.07", "$0.26", "$6,456 M", "$8,306 M"], ["Stellar", "XLM/USD", "$0.31", "$0.61", "$1.36", "$9,372 M", "$6,850 M"], ["Bitcoin SV", "BSV/USD", "$177.45", "$0.06", "$0.06", "$1,071 M", "$3,304 M"], ["EOS", "EOS/USD", "$3.28", "$0.13", "$0.26", "$5,714 M", "$3,078 M"], ["Monero", "XMR/USD", "$136.81", "$0.01", "-$0.14", "$1,165 M", "$2,436 M"], ["Dash", "DASH/USD", "$92.21", "$0.03", "-$0.08", "$707 M", "$914 M"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
CONTACT:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/623363/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / January 6, 2021 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$36,110.48", "$0.07", "$0.25", "$73,198 M", "$671,395 M"], ["Ethereum", "ETH/USD", "$1,184.09", "$0.08", "$0.58", "$44,306 M", "$135,158 M"], ["XRP", "XRP/USD", "$0.25", "$0.09", "$0.21", "$7,287 M", "$11,226 M"], ["Litecoin", "LTC/USD", "$165.74", "$0.05", "$0.30", "$10,824 M", "$10,980 M"], ["Bitcoin Cash", "BCH/USD", "$446.53", "$0.07", "$0.26", "$6,456 M", "$8,306 M"], ["Stellar", "XLM/USD", "$0.31", "$0.61", "$1.36", "$9,372 M", "$6,850 M"], ["Bitcoin SV", "BSV/USD", "$177.45", "$0.06", "$0.06", "$1,071 M", "$3,304 M"], ["EOS", "EOS/USD", "$3.28", "$0.13", "$0.26", "$5,714 M", "$3,078 M"], ["Monero", "XMR/USD", "$136.81", "$0.01", "-$0.14", "$1,165 M", "$2,436 M"], ["Dash", "DASH/USD", "$92.21", "$0.03", "-$0.08", "$707 M", "$914 M"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
CONTACT:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/623363/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Stock Market Today: U.S. Capitol Under Attack, Dow Sets New Highs Anyway: U.S. stocks' ascent to new highs Wednesday came in bizarre and stunning contrast to what unfolded in Washington, D.C. Earlier in the day, Democratic control of the Senate – a thin possibility just a couple of months ago – suddenly seemed likely after strong showings by the Rev. Raphael Warnock and Jon Ossoff in Tuesday's Georgia Senate runoffs (both were declared the winners of their respective races by Wednesday afternoon). Stocks responded with a sharp morning lift. SEE MORE The 21 Best Stocks to Buy for 2021 Meanwhile, in Washington, a last-minute attempt to keep Congress from accepting the presidential election results fizzled as Vice President Mike Pence demurred and Senate Majority Leader Mitch McConnell discouraged overturning the vote. But those proceedings were interrupted by a violent pro-Trump mob, who attacked federal police and breached the Capitol, which had to be put on lockdown. The Dow Jones Industrial Average , which flirted with 31,000 momentarily, still finished with an 1.4% gain to a record 30,829, led by the likes of Caterpillar ( CAT , +5.7%) and Dow Inc. ( DOW , +4.8%). And the small-cap Russell 2000 vigorously overtook its old highs, ramping up 4.0% to finish at 2,057. Other action in the stock market today: The S&P 500 finished 0.6% higher to 3,748. The Nasdaq Composite pulled back 0.6% to 12,740, despite yet another big gain by Tesla ( TSLA , +2.8%). U.S. crude oil futures finished up another 1.1% to $50.63 per barrel. Gold futures sank by 2.3% to $1,908.60. Bitcoin prices, at roughly $34,000 yesterday, neared $36,000 on Tuesday. (Bitcoin prices reported here are as of 4 p.m. each trading day.) SEE MORE Dogs of the Dow 2021: 10 Dividend Stocks to Watch Investing in the New Washington Landscape President-Elect Joe Biden's policy proposals won't all be rubber-stamped, given a thin Senate majority (courtesy of the vice presidential tiebreaker), but the Senate swing does accelerate some investment trends that hinged on Democratic control of Washington. Story continues "The growth-into-value rotation may be reinforced after the results of the Georgia Senate election amid the prospect of a higher fiscal stimulus bill and steeper yield curve, which would benefit banks and other non-tech companies," says David Bahnsen, chief investment officer of The Bahnsen Group. Indeed, many of our top picks in financials , industrials and materials finished solidly higher Wednesday. Industries benefiting most from Democratic control, such as green energy and marijuana stocks , also enjoyed robust gains. Amid the change in political tides, we've taken another look at – and added to – our list of stocks poised to gain from a new White House tenant . Read on as we explore 17 picks that could reap the benefits of various policies that might be put in place over the next few years. Kyle Woodley was long Bitcoin as of this writing. SEE MORE 21 Best Retirement Stocks for an Income-Rich 2021 || Stock Market Today: U.S. Capitol Under Attack, Dow Sets New Highs Anyway: U.S. stocks' ascent to new highs Wednesday came in bizarre and stunning contrast to what unfolded in Washington, D.C. Earlier in the day, Democratic control of the Senate – a thin possibility just a couple of months ago – suddenly seemed likely after strong showings by the Rev. Raphael Warnock and Jon Ossoff in Tuesday's Georgia Senate runoffs (both were declared the winners of their respective races by Wednesday afternoon). Stocks responded with a sharp morning lift. SEE MORE The 21 Best Stocks to Buy for 2021 Meanwhile, in Washington, a last-minute attempt to keep Congress from accepting the presidential election results fizzled as Vice President Mike Pence demurred and Senate Majority Leader Mitch McConnell discouraged overturning the vote. But those proceedings were interrupted by a violent pro-Trump mob, who attacked federal police and breached the Capitol, which had to be put on lockdown. The Dow Jones Industrial Average , which flirted with 31,000 momentarily, still finished with an 1.4% gain to a record 30,829, led by the likes of Caterpillar ( CAT , +5.7%) and Dow Inc. ( DOW , +4.8%). And the small-cap Russell 2000 vigorously overtook its old highs, ramping up 4.0% to finish at 2,057. Other action in the stock market today: The S&P 500 finished 0.6% higher to 3,748. The Nasdaq Composite pulled back 0.6% to 12,740, despite yet another big gain by Tesla ( TSLA , +2.8%). U.S. crude oil futures finished up another 1.1% to $50.63 per barrel. Gold futures sank by 2.3% to $1,908.60. Bitcoin prices, at roughly $34,000 yesterday, neared $36,000 on Tuesday. (Bitcoin prices reported here are as of 4 p.m. each trading day.) SEE MORE Dogs of the Dow 2021: 10 Dividend Stocks to Watch Investing in the New Washington Landscape President-Elect Joe Biden's policy proposals won't all be rubber-stamped, given a thin Senate majority (courtesy of the vice presidential tiebreaker), but the Senate swing does accelerate some investment trends that hinged on Democratic control of Washington. Story continues "The growth-into-value rotation may be reinforced after the results of the Georgia Senate election amid the prospect of a higher fiscal stimulus bill and steeper yield curve, which would benefit banks and other non-tech companies," says David Bahnsen, chief investment officer of The Bahnsen Group. Indeed, many of our top picks in financials , industrials and materials finished solidly higher Wednesday. Industries benefiting most from Democratic control, such as green energy and marijuana stocks , also enjoyed robust gains. Amid the change in political tides, we've taken another look at – and added to – our list of stocks poised to gain from a new White House tenant . Read on as we explore 17 picks that could reap the benefits of various policies that might be put in place over the next few years. Kyle Woodley was long Bitcoin as of this writing. SEE MORE 21 Best Retirement Stocks for an Income-Rich 2021
[Social Media Buzz]
None available.
|
40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 729.79, 740.83, 688.70, 703.23, 703.42, 711.52, 703.13, 709.85, 723.27, 715.53, 716.41, 705.05, 702.03, 705.02, 711.62, 744.20, 740.98, 751.59, 751.62, 731.03, 739.25, 751.35, 744.59, 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50.
|
[Bitcoin Technical Analysis for 2017-01-29]
Volume: 60851700, RSI (14-day): 54.14, 50-day EMA: 875.89, 200-day EMA: 734.52
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Fashion Forward: Flow customers in for a treat as Monday Night TV heats up with Caribbean's Next Top Model Season 3 on Flow1: PORT OF SPAIN, TRINIDAD--(Marketwired - Jan 27, 2017) - Flow customers will have front row seats as Caribbean's Next Top Model (CaribeNTM) Season 3 heats up Monday night television with its double-length series premiere on January 30 th at 9 pm -- exclusively on Flow1, formerly known as Flow TV. Over the past few months, aspiring young models from 15 countries across the region auditioned to become the next Caribbean girl who has what it takes to reach the top of the global fashion industry. Seventeen contestants will brace for battle in the new season, which is shot against the enchanting backdrop of the Spice Isle of the Caribbean, Grenada -- home to Season 2 winner, the 6ft tall Kittisha Doyle. Doyle is currently in New York City where she is carded to walk in this year's New York fashion week. Wendy Fitzwilliam , Trinidadian attorney at law, philanthropist, fashion model and former Miss Universe, will return as Host and Chief Judge of Season 3, which promises to be packed with even more drama and entertainment than ever before . "Modelling is a tough business," says Fitzwilliam, "and we promise Flow customers an exciting Season that will showcase the hard-work and determination that is required to make it to the top. We encourage viewers to tune in to Flow1 every week and support their favourite girls by following and voting on social media as well." Flow's Senior Director, Consumer Communications, Wendy McDonald said, "An added feature for CaribeNTM Season 3 is the ability for our customers to enjoy a more interactive experience, as they can follow the live action no matter where they are via our Flow-to-Go app, as well as catch up on reruns of Seasons 1 and 2 via Flow's video on demand services (VoD)." McDonald also proudly spoke about the company's commitment to create the best viewing experience and bring relevant and relatable content to Caribbean viewers. Flow has made significant investments to bring programmes such as Caribbean's Next Top Model, Caribbean Tales Incubator Programme for Caribbean filmmakers, and the airing of premier regional sports content like the Flow CARIFTA Games , which will be broadcast live from Curacao in 2017. Story continues Caribbean's Next Top Model will air exclusively on Monday nights at 9pm Caribbean and Eastern Time, with a repeat on Thursdays at 9pm on Flow1. EDITORS NOTE: About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 60 million television, broadband internet and telephony services. We also serve 10 million mobile subscribers and offer WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3103371 || Fashion Forward: Flow customers in for a treat as Monday Night TV heats up with Caribbean's Next Top Model Season 3 on Flow1: PORT OF SPAIN, TRINIDAD--(Marketwired - Jan 27, 2017) -Flowcustomers will have front row seats asCaribbean's Next Top Model(CaribeNTM) Season 3 heats up Monday night television with its double-length series premiere on January 30that 9 pm -- exclusively on Flow1, formerly known as Flow TV.
Over the past few months, aspiring young models from 15 countries across the region auditioned to become the next Caribbean girl who has what it takes to reach the top of the global fashion industry. Seventeen contestants will brace for battle in the new season, which is shot against the enchanting backdrop of the Spice Isle of the Caribbean, Grenada -- home to Season 2 winner, the 6ft tall Kittisha Doyle. Doyle is currently in New York City where she is carded to walk in this year's New York fashion week.
Wendy Fitzwilliam, Trinidadian attorney at law, philanthropist, fashion model and former Miss Universe, will return as Host and Chief Judge of Season 3, which promises to bepacked with even more drama and entertainment than ever before. "Modelling is a tough business," says Fitzwilliam, "and we promise Flow customers an exciting Season that will showcase the hard-work and determination that is required to make it to the top. We encourage viewers to tune in to Flow1 every week and support their favourite girls by following and voting on social media as well."
Flow's Senior Director, Consumer Communications, Wendy McDonald said, "An added feature for CaribeNTM Season 3 is the ability for our customers to enjoy a more interactive experience, as they can follow the live action no matter where they are via our Flow-to-Go app, as well as catch up on reruns of Seasons 1 and 2 via Flow's video on demand services (VoD)."
McDonald also proudly spoke about the company's commitment to create the best viewing experience and bring relevant and relatable content to Caribbean viewers. Flow has made significant investments to bring programmes such as Caribbean's Next Top Model,Caribbean Tales Incubator Programmefor Caribbean filmmakers, and the airing of premier regional sports content like theFlow CARIFTA Games, which will be broadcast live from Curacao in 2017.
Caribbean's Next Top Model will air exclusively on Monday nights at 9pm Caribbean and Eastern Time, with a repeat on Thursdays at 9pm on Flow1.
EDITORS NOTE:
About C&W Communications
C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty Global
Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enables us to develop market-leading products delivered through next-generation networks that connect our 29 million customers who subscribe to over 60 million television, broadband internet and telephony services. We also serve 10 million mobile subscribers and offer WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Image Available:http://www2.marketwire.com/mw/frame_mw?attachid=3103371 || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi ZURICH (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. "After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website. The approval depended on several factors, including membership of a "self-regulatory organization", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland. FINMA declined to comment on an individual company's status. Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license. Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds. While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking license. A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators. Xapo argued it did not accept deposits. Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape. Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits. Story continues Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness. The proposals include a fintech license, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend. Xapo is now in the process of joining a self-regulatory organization required under Swiss anti-money laundering regulations to begin operations, Feldmeier said. (Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi ZURICH (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. "After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website. The approval depended on several factors, including membership of a "self-regulatory organization", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland. FINMA declined to comment on an individual company's status. Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license. Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds. While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking license. A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators. Xapo argued it did not accept deposits. Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape. Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits. Story continues Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness. The proposals include a fintech license, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend. Xapo is now in the process of joining a self-regulatory organization required under Swiss anti-money laundering regulations to begin operations, Feldmeier said. (Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi
ZURICH (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency.
"After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website.
The approval depended on several factors, including membership of a "self-regulatory organization", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.
FINMA declined to comment on an individual company's status.
Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license.
Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds.
While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking license.
A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators.
Xapo argued it did not accept deposits.
Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape.
Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits.
Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness.
The proposals include a fintech license, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend.
Xapo is now in the process of joining a self-regulatory organization required under Swiss anti-money laundering regulations to begin operations, Feldmeier said.
(Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi
ZURICH (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency.
"After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website.
The approval depended on several factors, including membership of a "self-regulatory organization", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.
FINMA declined to comment on an individual company's status.
Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license.
Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds.
While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking license.
A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators.
Xapo argued it did not accept deposits.
Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape.
Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits.
Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness.
The proposals include a fintech license, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend.
Xapo is now in the process of joining a self-regulatory organization required under Swiss anti-money laundering regulations to begin operations, Feldmeier said.
(Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi ZURICH (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. "After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website. The approval depended on several factors, including membership of a "self-regulatory organization", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland. FINMA declined to comment on an individual company's status. Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license. Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds. While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking license. A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators. Xapo argued it did not accept deposits. Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape. Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits. Story continues Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness. The proposals include a fintech license, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend. Xapo is now in the process of joining a self-regulatory organization required under Swiss anti-money laundering regulations to begin operations, Feldmeier said. (Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi ZURICH (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. "After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website. The approval depended on several factors, including membership of a "self-regulatory organization", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland. FINMA declined to comment on an individual company's status. Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking license. Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds. While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking license. A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators. Xapo argued it did not accept deposits. Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape. Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits. Story continues Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness. The proposals include a fintech license, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend. Xapo is now in the process of joining a self-regulatory organization required under Swiss anti-money laundering regulations to begin operations, Feldmeier said. (Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi ZURICH, Jan 27 (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. "After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website. The approval depended on several factors, including membership of a "self-regulatory organisation", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland. FINMA declined to comment on an individual company's status. Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking licence. Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds. While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking licence. A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators. Xapo argued it did not accept deposits. Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape. Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits. Story continues Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness. The proposals include a fintech licence, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend. Xapo is now in the process of joining a self-regulatory organisation required under Swiss anti-money laundering regulations to begin operations, Feldmeier said. ($1 = 1.0009 Swiss francs) (Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi
ZURICH, Jan 27 (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency.
"After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website.
The approval depended on several factors, including membership of a "self-regulatory organisation", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.
FINMA declined to comment on an individual company's status.
Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking licence.
Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds.
While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking licence.
A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators.
Xapo argued it did not accept deposits.
Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape.
Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits.
Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness.
The proposals include a fintech licence, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend.
Xapo is now in the process of joining a self-regulatory organisation required under Swiss anti-money laundering regulations to begin operations, Feldmeier said.
($1 = 1.0009 Swiss francs) (Editing by Adrian Croft) || Bitcoin firm gets approval to operate in Switzerland: By Brenna Hughes Neghaiwi
ZURICH, Jan 27 (Reuters) - Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency.
"After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website.
The approval depended on several factors, including membership of a "self-regulatory organisation", Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.
FINMA declined to comment on an individual company's status.
Olga Feldmeier, a former managing partner of Xapo who coordinated the Swiss licensing process for the company, told Reuters that Xapo had been designated a financial intermediary, meaning it will not require a costly banking licence.
Wallet providers like Xapo, which was founded in Silicon Valley, store the private keys that allow clients to access their digital currency funds.
While other crypto-currency firms already operate in Switzerland, Xapo's operation as a bitcoin wallet provider had raised questions over whether it required a banking licence.
A burgeoning industry surrounding bitcoin - a web-based "crypto-currency" that has no central authority, relying instead on a global network of computers that validate transactions and add new bitcoins to the system - has posed questions for lawmakers and regulators.
Xapo argued it did not accept deposits.
Swiss authorities are eager to secure a leading role for Switzerland while playing catch-up in a rapidly changing financial technology (fintech) landscape.
Bitcoin Suisse operates a network of bitcoin ATMs across the country, as well as an online and in-person brokerage for buying and selling bitcoins. But it does not itself store the private access keys that led to questions about whether Xapo was taking deposits.
Switzerland's cabinet in November proposed new light-touch regulations for fintech companies aimed at bolstering business and competitiveness.
The proposals include a fintech licence, granted by FINMA, for institutions which are restricted to taking deposits of up to 100 million Swiss francs ($99.9 million) and do not lend.
Xapo is now in the process of joining a self-regulatory organisation required under Swiss anti-money laundering regulations to begin operations, Feldmeier said.
($1 = 1.0009 Swiss francs) (Editing by Adrian Croft) || 'Fast Money' traders debate merits of riding tech wave with Intel, Microsoft: The " Fast Money " traders defended their technology picks after big names in the sector reported earnings Thursday. Intel reported earnings of 79 cents per share, beating the 74 cents expected by Wall Street. Revenue came in at $16.37 billion, beating estimates of $15.75 billion, according to Thomson Reuters consensus. Shares of Intel ( INTC ) moved 2 percent higher in after-hours trading before paring those gains. "This company is doing everything they're supposed to do," Trader Tim Seymour said, noting that his only issue is that the chipmaker's stock valuation hovers around $38. Seymour owns Intel and recommended interested investors buy it for the long term. The semiconductor giant's move into the autonomous-car space intrigued trader Brian Kelly. Still, he's waiting for the stock to break out above a $39 stock price. Trader Guy Adami prefers Microsoft ( MSFT ) over Intel. He was discouraged by Intel's weak guidance for the first quarter of 2017. Microsoft beat its earnings estimates and moved up 1 percent in after-hours trading. Trader Dan Nathan said he would be more interested in buying Intel in the mid-$30s. Disclosures: GUY ADAMI Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck. BRIAN KELLY Brian Kelly is long FCX, Bitcoin DAN NATHAN Dan Nathan is long MCD Feb put. XLI long Feb put spread, FXI long Feb put spread TIM SEYMOUR Tim Seymour is longABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX,FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA,SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE,PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG,HYG, IWM More From CNBC Top News and Analysis Latest News Video Personal Finance || 'Fast Money' traders debate merits of riding tech wave with Intel, Microsoft: The "Fast Money" traders defended their technology picks after big names in the sectorreported earningsThursday.
Intel reported earningsof 79 cents per share, beating the 74 cents expected by Wall Street. Revenue came in at $16.37 billion, beating estimates of $15.75 billion, according to Thomson Reuters consensus.
Shares of Intel(INTC)moved 2 percent higher in after-hours trading before paring those gains.
"This company is doing everything they're supposed to do," Trader Tim Seymour said, noting that his only issue is that the chipmaker's stock valuation hovers around $38.
Seymour owns Intel and recommended interested investors buy it for the long term.
The semiconductor giant's move into the autonomous-car space intrigued trader Brian Kelly. Still, he's waiting for the stock to break out above a $39 stock price.
Trader Guy Adami prefers Microsoft(MSFT)over Intel. He was discouraged by Intel's weak guidance for the first quarter of 2017.
Microsoft beat its earningsestimates and moved up 1 percent in after-hours trading.
Trader Dan Nathan said he would be more interested in buying Intel in the mid-$30s.
Disclosures:
GUY ADAMI
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
BRIAN KELLY
Brian Kelly is long FCX, Bitcoin
DAN NATHAN
Dan Nathan is long MCD Feb put. XLI long Feb put spread, FXI long Feb put spread
TIM SEYMOUR
Tim Seymour is longABX, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX,FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA,SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT;Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE,PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG,HYG, IWM
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || A startup somehow bundled 3 of the buzziest areas of finance into a single hedge fund: unnamed (LendingRobot CEO Emmanuel MarotLending Robot) What would happen if you put three of the buzziest areas of finance — roboadvising, blockchain, and peer-to-peer lending — together? LendingRobot Series, that's what. The new robo-hedge fund, which combines cloud-based automation with machine learning technology, was launched on January 26 by LendingRobot, an alternative lending roboadviser based in Seattle, Washington. It's an extension of LendingRobot Classic, which automates management of existing peer-to-peer accounts, and has $120 million in assets. Instead of putting money into typical assets such as stocks, bonds, and commodities, LendingRobot Series provides " accredited investors " a platform to invest in business, consumer, and real-estate loans across various peer-to-peer origination platforms, including Lending Club , Prosper , and Funding Circle . These investments can yield 8% to 10% returns, according to LendingRobot. Investors on LendingRobot pick from one of four investment preferences or "Series," based on their appetite for risk: Short Term Aggressive, Long Term Aggressive, Short Term Conservative, and Long Term Conservative. The firm manages all of its clients' investments using algorithms, rather than human money managers. This allows them to charge much lower fees compared to human-run funds. LendingRobot Series doesn't take a cut for performance. The fund charges a management fee of 1% and caps fund expenses at 0.59%. And the firm uses blockchain, the technology behind the bitcoin currency , to allow investors to view their investments every week. bitcoin (LendingRobot Series uses blockchain technology to ensure transparency and trust.BTC Keychain) "Unlike traditional hedge funds, they can see everything," LendingRobot CEO Emmanuel Marot told Business Insider. " We're not just asking them to trust us blindly," he said. The public ledger allows the firm's clients to see all the notes in which the Series has invested, the current value of those notes, and the amount of money that has been paid back on those notes. The ledger is published under a hash code, which prohibits LendingRobot Series from changing anything. "We can't fudge the numbers to give investors a different impression of what's going on, because it would change the entire hashcode in the blockchain, which would invalidate it," said Marot. When asked if he foresees traditional hedge funds implementing some of the capabilities LendingRobot Series is utilizing to stay competitive amid a number of industry pressures , Marot told Business Insider that there was no question. Story continues "They have to change in order to adapt," he said. "If they don't, then they could potentially face the same fate as travel agencies, for instance, when companies like Expedia entered the market." "No one fifteen years ago would have thought travel agencies were going anywhere, and now look where they are today," he added. NOW WATCH: A $2.5 trillion asset manager just put a statue of a defiant girl in front of the Wall Street bull More From Business Insider A London startup building a contactless bitcoin card has raised £2.5 million Vivienne Westwood's renewable energy crowdfunding site is shutting down Some of the UK's hottest fintech startups went down on Sunday — here's why View comments || A startup somehow bundled 3 of the buzziest areas of finance into a single hedge fund: (LendingRobot CEO Emmanuel MarotLending Robot)
What would happen if you put three of the buzziest areas of finance—roboadvising, blockchain, and peer-to-peer lending—together?
LendingRobot Series, that's what.
The new robo-hedge fund, which combines cloud-based automation with machine learning technology, was launched on January 26 by LendingRobot, an alternative lending roboadviser based in Seattle, Washington. It's an extension of LendingRobot Classic, which automates management of existing peer-to-peer accounts, and has $120 million in assets.
Instead of putting money into typical assets such as stocks, bonds, and commodities, LendingRobot Series provides "accredited investors" a platform to invest in business, consumer, and real-estate loans across various peer-to-peer origination platforms, includingLending Club,Prosper, andFunding Circle. These investments can yield 8% to 10% returns, according to LendingRobot.
Investors on LendingRobot pick from one of four investment preferences or "Series," based on their appetite for risk: Short Term Aggressive, Long Term Aggressive, Short Term Conservative, and Long Term Conservative.
The firm manages all of its clients' investments using algorithms, rather than human money managers. This allows them to charge much lower fees compared to human-run funds. LendingRobot Series doesn't take a cut for performance. The fund charges a management fee of 1% and caps fund expenses at 0.59%.
And the firm usesblockchain, the technology behind the bitcoin currency, to allow investors to view their investments every week.
(LendingRobot Series uses blockchain technology to ensure transparency and trust.BTC Keychain)
"Unlike traditional hedge funds, they can see everything,"LendingRobot CEO Emmanuel Marot told Business Insider. "We're not just asking them to trust us blindly," he said.
The public ledger allows the firm's clients to see all the notes in which the Series has invested, the current value of those notes, and the amount of money that has been paid back on those notes.
The ledger is published under a hash code, which prohibits LendingRobot Series from changing anything.
"We can't fudge the numbers to give investors a different impression of what's going on, because it would change the entire hashcode in the blockchain, which would invalidate it," said Marot.
When asked if he foresees traditional hedge funds implementing some of the capabilities LendingRobot Series is utilizing to stay competitiveamid a number of industry pressures, Marot told Business Insider that there was no question.
"They have to change in order to adapt," he said. "If they don't, then they could potentially face the same fate as travel agencies, for instance, when companies like Expedia entered the market."
"No one fifteen years ago would have thought travel agencies were going anywhere, and now look where they are today," he added.
NOW WATCH:A $2.5 trillion asset manager just put a statue of a defiant girl in front of the Wall Street bull
More From Business Insider
• A London startup building a contactless bitcoin card has raised £2.5 million
• Vivienne Westwood's renewable energy crowdfunding site is shutting down
• Some of the UK's hottest fintech startups went down on Sunday — here's why || The Market In 5 Minutes: Alibaba Beats, Verizon Disappoints: Macro Focus
Futures for the Dow Jones Industrial Average gained 4 points to 19,739.00, while the Standard & Poor’s 500 index futures fell 0.25 points to 2,261.75. Futures for the Nasdaq 100 index rose 2.50 points to 5,065.75.
Oil prices traded higher as Brent crude futures gained 0.05 percent to trade at $55.26 per barrel, while US WTI crude futures also rose 0.17 percent to trade at $52.84 a barrel.
Redbook Reports US Retail Sales for First 3 Weeks of Jan. Up 0.5% YoY
• The Markit PMI manufacturing data for January is schedule for release at 9:45 a.m. ET.
• Data on existing home sales for December will be released at 10:00 a.m. ET.
• The Richmond Fed manufacturing index for January is schedule for release at 10:00 a.m. ET.
• The Treasury is set to auction 4-week bills at 11:30 a.m. ET.
• The Treasury will also auction 2-year notes at 1:00 p.m. ET.
BZ News Desk Focus
• Lockheed Martin(NYSE:LMT) Reports Q4 EPS $3.25 vs. Est. $3.06, Rev. $13.75B vs. Est. $13.03B
• Johnson & Johnson(NYSE:JNJ) Q4 EPS $1.58 vs $1.56 Est, Revenue $18.1B vs $18.3B Est
• Verizon(NYSE:VZ) Reports Q4 EPS $0.86 vs. Est. $0.89, Rev. $32.3B vs. Est. $32.08B
• Yahoo(NASDAQ:YHOO) Reports Q4 Adj. EPS $0.25 vs $0.21 Est., Sales $1.469B vs $1.38B Est.
• Alibaba(NYSE:BABA) Q3 EPS $1.30 vs $1.13 Est, Revenue $7.67B vs $7.33B Est
• Kimberly-Clark(NYSE:KMB) Reports Q4 EPS $1.45 vs. Est. $1.42, Rev. $4.5B vs. Est. $4.55B
Sell-Side's Most Noteworthy Calls
• Barclays downgradedApple(NASDAQ:AAPL) from Outperform to Equal-Weight.
• Oppenheimer downgradedEnergous(NASDAQ:WATT) to Perform.
• Citi upgradedTableau Software(NYSE:DATA) to Buy.
• Cowen upgradedMosaic(NYSE:MOS) to Market Perform.
• Berenberg started coverage onDeere(NYSE:DE) at Sell.
Deal Talk
U.S. District Judge John D. Bates blocked the proposed $34 billion merger betweenAetna(NYSE:AET) andHumana(NYSE:HUM) due to antitrust issues. Bates said the DoJ proved that a merger of the healthcare companies would pose a threat to competition.
Yahoo confirmed in its Q4 earnings release that the acquisition by Verizon will close in Q2 2017. Yahoo said the "opportunities ahead with Verizon look bright."
Federal-Mogul(NASDAQ:FDML) andIcahn Enterprises(NASDAQ:IEP) announced that Icahn Enterprises has completed its acquisition of Federal-Mogul for $10.00 per share in cash. Icahn increased his tender offer for Federal Mogul to $10.00 from $9.25 per share on January 3.
In The News
President Donald Trump started hisfirst full workdayat the White House focused on the economy, trade and jobs, withdrawing from the TPP agreement and promising to tax firms that move operations overseas.
Bitcoin was trending over the past few weeks after surpassing the $1,000 threshold, hitting an all-time high, and later plummeting 20 percent in just a few hours. While aware of its existence, many readers still don't know what Bitcoin is exactly, how it works and what cryptocurrencies imply. Let’s take a look at cryptocurrenciesgoing into 2017.
Blogosphere
Soccer and theProblem of Superstar CEOs: "What does Alex Ferguson have in common with some of Britain's top CEOs?The Manchester United manager famously wrung the last drops out of a weak squad. But when he handed the team over to a successor it struggled.It's something investors in some of the U.K.'s biggest companies will recognize: the newbie fails to deliver the stellar returns their long-standing predecessor produced year after year."
Trending
BABA AAPL YHOO JNJ QCOM VZ DD HMNY WATT LMT ZION GPRO
See more from Benzinga
• The Market In 5 Minutes: McDonald's, Halliburton Ramp Up Q4 Earnings Season
• The Market In 5 Minutes: Trump Inauguration Takes Center Stage
• The Market In 5 Minutes: Netflix & Chill
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Market In 5 Minutes: Alibaba Beats, Verizon Disappoints: Macro Focus Futures for the Dow Jones Industrial Average gained 4 points to 19,739.00, while the Standard & Poor’s 500 index futures fell 0.25 points to 2,261.75. Futures for the Nasdaq 100 index rose 2.50 points to 5,065.75. Oil prices traded higher as Brent crude futures gained 0.05 percent to trade at $55.26 per barrel, while US WTI crude futures also rose 0.17 percent to trade at $52.84 a barrel. Redbook Reports US Retail Sales for First 3 Weeks of Jan. Up 0.5% YoY The Markit PMI manufacturing data for January is schedule for release at 9:45 a.m. ET. Data on existing home sales for December will be released at 10:00 a.m. ET. The Richmond Fed manufacturing index for January is schedule for release at 10:00 a.m. ET. The Treasury is set to auction 4-week bills at 11:30 a.m. ET. The Treasury will also auction 2-year notes at 1:00 p.m. ET. BZ News Desk Focus Lockheed Martin (NYSE: LMT ) Reports Q4 EPS $3.25 vs. Est. $3.06, Rev. $13.75B vs. Est. $13.03B Johnson & Johnson (NYSE: JNJ ) Q4 EPS $1.58 vs $1.56 Est, Revenue $18.1B vs $18.3B Est Verizon (NYSE: VZ ) Reports Q4 EPS $0.86 vs. Est. $0.89, Rev. $32.3B vs. Est. $32.08B Yahoo (NASDAQ: YHOO ) Reports Q4 Adj. EPS $0.25 vs $0.21 Est., Sales $1.469B vs $1.38B Est. Alibaba (NYSE: BABA ) Q3 EPS $1.30 vs $1.13 Est, Revenue $7.67B vs $7.33B Est Kimberly-Clark (NYSE: KMB ) Reports Q4 EPS $1.45 vs. Est. $1.42, Rev. $4.5B vs. Est. $4.55B Sell-Side's Most Noteworthy Calls Barclays downgraded Apple (NASDAQ: AAPL ) from Outperform to Equal-Weight. Oppenheimer downgraded Energous (NASDAQ: WATT ) to Perform. Citi upgraded Tableau Software (NYSE: DATA ) to Buy. Cowen upgraded Mosaic (NYSE: MOS ) to Market Perform. Berenberg started coverage on Deere (NYSE: DE ) at Sell. Deal Talk U.S. District Judge John D. Bates blocked the proposed $34 billion merger between Aetna (NYSE: AET ) and Humana (NYSE: HUM ) due to antitrust issues. Bates said the DoJ proved that a merger of the healthcare companies would pose a threat to competition. Yahoo confirmed in its Q4 earnings release that the acquisition by Verizon will close in Q2 2017. Yahoo said the "opportunities ahead with Verizon look bright." Federal-Mogul (NASDAQ: FDML ) and Icahn Enterprises (NASDAQ: IEP ) announced that Icahn Enterprises has completed its acquisition of Federal-Mogul for $10.00 per share in cash. Icahn increased his tender offer for Federal Mogul to $10.00 from $9.25 per share on January 3. In The News President Donald Trump started his first full workday at the White House focused on the economy, trade and jobs, withdrawing from the TPP agreement and promising to tax firms that move operations overseas. Story continues Bitcoin was trending over the past few weeks after surpassing the $1,000 threshold, hitting an all-time high, and later plummeting 20 percent in just a few hours. While aware of its existence, many readers still don't know what Bitcoin is exactly, how it works and what cryptocurrencies imply. Let’s take a look at cryptocurrencies going into 2017 . Blogosphere Soccer and the Problem of Superstar CEOs : "What does Alex Ferguson have in common with some of Britain's top CEOs?The Manchester United manager famously wrung the last drops out of a weak squad. But when he handed the team over to a successor it struggled.It's something investors in some of the U.K.'s biggest companies will recognize: the newbie fails to deliver the stellar returns their long-standing predecessor produced year after year." Trending BABA AAPL YHOO JNJ QCOM VZ DD HMNY WATT LMT ZION GPRO See more from Benzinga The Market In 5 Minutes: McDonald's, Halliburton Ramp Up Q4 Earnings Season The Market In 5 Minutes: Trump Inauguration Takes Center Stage The Market In 5 Minutes: Netflix & Chill © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View comments || 5 Trends That Venture Capitalists Will Have Their Eye On In 2017: With every new year comes a tide of new and exciting technologies looking to carve out their own niche in the fabric of society. Whether these innovations, and the companies behind them, actually succeed depends on a lot of factors. One of the main driving forces behind innovation is finding capital to grow the business behind the technology. With that in mind, here are five of the hottest trends in tech that smart venture capitalists will be keeping an eye out for in 2017. Augmented and virtual reality While 2016 saw the rapid introduction and growth of AR and VR devices and apps, expect 2017 to have even more offerings as companies refine and expand their implementation of the technology. The application of the technology has so far been monopolized by the videogame and entertainment sectors. However, savvy investors are eagerly anticipating the expansion of virtual and augmented reality other fields. When this happens, the way consumers interact with this technology will change as new companies and peripherals begin to compete for a growing market. Take Cimagine , a crowdfunded startup that combines augmented reality with e-commerce. Investors should be on the lookout for peripheral companies making use of this technology. Advertising tech An ongoing puzzle that marketing firms and digital content providers continue to struggle with is how to get their advertisements in front of the right eyeballs at the right time and through the right medium. Enter ad tech, which aims to solve that question in the shifting sands of digital media and consumer habits. And while the current digital ad market is currently dominated by the likes of Facebook Inc (NASDAQ: FB ) and Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ), startups like Ubimo and Shopial are trying to make it easier for others to get in on the action. Investors who can find a firm with an innovative framework to tackle the extremely complex problem of effectively monetizing digital advertising will have a stake in field that will only see growing demand in the future. Story continues Cybersecurity and Defense Given the current political and corporate climate surrounding unauthorized access to sensitive digital information like credit card data or personal records, expect 2017 to be a big year for companies developing new ways to safeguard against cyber attackers. Investors should be on the lookout for innovations that aim to simplify data networkslike CyberX in order to more easily detect and halt malware infiltration and hacking attempts before they breach a companys system. It could also pay to be aware of advances in software in development to counteract the hazard of losing important data to ransomware. The pace of cybersecurity R&D and innovation is faster than at any time in history and the advancements are considerable, said cybersecurity advisor Ron Moritz, noting that venture capital investment in cybersecurity has increased from $1 billion in 2011 to over $4 billion in 2016. Artificial Intelligence Nothing quite screams future tech like Artificial intelligence. But as a the prospect of thinking machines has evolved from sci-fi to fact, the scope of the technology within the real world has also changed drastically. As a result, artificial intelligence can be viewed as more of a catchall term to indicate how well a computer can adapt to, and function, in a variety of tasks conventionally performed by humans. Whats interesting about AI is how broadly applicable it is across industries. Technology companies like Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOGL ) and Amazon.com (NASDAQ: AMZN ), use AI, but so does Zebra (a medical company) and BillGuard (a fintech company) to the technology behind self-driving cars. Decentralized Banking Databases As more of the worlds banking activity occurs over the Internet, and cryptocurrency earns greater prominence, ensuring the record and security of those digital transactions has become a global economic concern. Because of this, companies like the Bitcoin banking company Blockchain and equity marketplace EquityX have surged as leaders in secure and intuitive online banking. The technology behind these companies that manage and secure ledgers of online transactions is still being refined. The demand for advancements in the database process will only grow as investors and individuals continue to traffic into digital banking. To get a full breakdown of startups in these fields, check out OurCrowd. See more from Benzinga Avoid The Student Loan Crisis Facing Retirees Akorn Cracks Open A Buy Rating With Vetr As Price Rises, Vetr Bumps Philip Morris Down To A Buy © 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 5 Trends That Venture Capitalists Will Have Their Eye On In 2017: With every new year comes a tide ofnew and excitingtechnologies looking to carve out their own niche in the fabric of society.
Whether these innovations, and the companies behind them, actually succeed depends on a lot of factors. One of the main driving forces behind innovation is finding capital to grow the business behind the technology. With that in mind, here are five of the hottest trends in tech that smart venture capitalists will be keeping an eye out for in 2017.
Augmented and virtual reality
While 2016 saw the rapid introduction and growth of AR and VR devices and apps, expect 2017 to have even more offerings as companies refine and expand their implementation of the technology.
The application of the technology has so far been monopolized by the videogame and entertainment sectors. However, savvy investors are eagerly anticipating the expansion of virtual and augmented reality other fields. When this happens, the way consumers interact with this technology will change as new companies and peripherals begin to compete for a growing market. TakeCimagine, a crowdfunded startup that combines augmented reality with e-commerce.
Investors should be on the lookout for peripheral companies making use of this technology.
Advertising tech
An ongoing puzzle that marketing firms and digital content providers continue to struggle with is how to get their advertisements in front of the right eyeballs at the right time and through the right medium.
Enter ad tech, which aims to solve that question in the shifting sands of digital media and consumer habits. And while the current digital ad market is currently dominated by the likes ofFacebook Inc(NASDAQ:FB) andAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL), startups likeUbimoandShopialare trying to make it easier for others to get in on the action.
Investors who can find a firm with an innovative framework to tackle the extremely complex problem of effectively monetizing digital advertising will have a stake in field that will only see growing demand in the future.
Cybersecurity and Defense
Given the current political and corporate climate surrounding unauthorized access to sensitive digital information like credit card data or personal records, expect 2017 to be a big year for companies developing new ways to safeguard against cyber attackers.
Investors should be on the lookout for innovations that aim to simplify data networks—likeCyberX—in order to more easily detect and halt malware infiltration and hacking attempts before they breach a company’s system. It could also pay to be aware of advances in software in development to counteract the hazard of losing important data to ransomware.
“The pace of cybersecurity R&D and innovation is faster than at any time in history and the advancements are considerable,” said cybersecurity advisor Ron Moritz, noting that venture capital investment in cybersecurity has increased from $1 billion in 2011 to over $4 billion in 2016.
Artificial Intelligence
Nothing quite screams “future tech” like Artificial intelligence. But as a the prospect of thinking machines has evolved from sci-fi to fact, the scope of the technology within the real world has also changed drastically.
As a result, artificial intelligence can be viewed as more of a catchall term to indicate how well a computer can adapt to, and function, in a variety of tasks conventionally performed by humans. What’s interesting about AI is how broadly applicable it is across industries. Technology companies likeAlphabet Inc(NASDAQ:GOOG) (NASDAQ:GOOGL) andAmazon.com(NASDAQ:AMZN), use AI, but so doesZebra(a medical company) and BillGuard (a fintech company) to the technology behind self-driving cars.
Decentralized Banking Databases
As more of the world’s banking activity occurs over the Internet, and cryptocurrency earns greater prominence, ensuring the record and security of those digital transactions has become a global economic concern.
Because of this, companies like the Bitcoin banking company Blockchain and equity marketplace EquityX have surged as leaders in secure and intuitive online banking. The technology behind these companies that manage and secure ledgers of online transactions is still being refined. The demand for advancements in the database process will only grow as investors and individuals continue to traffic into digital banking.
To get a full breakdown of startups in these fields, check out OurCrowd.
See more from Benzinga
• Avoid The Student Loan Crisis Facing Retirees
• Akorn Cracks Open A Buy Rating With Vetr
• As Price Rises, Vetr Bumps Philip Morris Down To A Buy
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Amex is moving on from Costco: Amex Acquisitions (BII) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . In its Q4 and full-year 2016 earnings release , Amex announced results that fell short of analyst expectations, but still pointed in a promising direction. Any upward trend is critical for Amex, which has struggled in a number of key areas over the past several quarters — largely as a result of the sale of its Costco co-branded card portfolio last year. Costco was a big part of Amex’s business, and the sale has forced it to look to new segments and innovative ideas to remain competitive. Amex needs to find ways to improve its billed-business performance. In Q4, both revenue and billed business decreased on a yearly basis, by 4% and 3% respectively. Excluding Costco, and on a constant currency basis, those figures improve to 6% and 7%, respectively, but the data still illustrates just how striking the impact of the Costco loss has been on the company. For context, Costco comprised 8% of Amex’s nearly $1 trillion in billed business in 2015, leaving the company with a roughly $80 billion dollar deficit that it will be forced to make up for with new initiatives. Amex has been focusing on a number of things, including engaging existing customers, growing its acceptance network through small-business partnerships, and spreading awareness of that growing network. Most important, though, could be the firm’s customer acquisition initiatives. Amex is finding ways to fill the hole created by the Costco sale. The firm increased marketing and promotions expenditure annually, likely as part of a move to attract this population. Amex is doubling down on customer acquisition efforts. For Amex, the Costco portfolio represented over 11 million cards, many of whom were likely held by users that would not have otherwise owned an Amex product. And though the firm worked to maintain as many of these cardholders as possible by offering them other products, it’s unclear how successful those efforts were. It has been trying to fill the void with new customers. Those efforts seem to be working. Amex added 1.6 million US cardholders in Q4 2016 without Costco, leading to a quarterly average for the year that’s relatively consistent with past trends, though it’s worth noting that a strong credit appetite should have propelled the firm further than it did. In the firm’s earnings call, Amex Executive Vice Present Jeff Campbell noted that the firm has effectively replaced Costco as a “distribution channel” with its own “proprietary activities.” And those customers aren’t substantially different from the past customers that the network has acquired, according to Campbell, which means that we could see continuity in the firm’s spending and engagement trends as it grows its base — a good sign for the firm as it moves away from Costco. Story continues American Express is just one part of the broader payments ecosystem, which has grown to include processors, merchants, acquirers, and more. John Heggestuen, director of research at BI Intelligence , Business Insider’s premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider The new era of payment processing will change everything Credit cards are going the way of fax machines THE PAYMENTS INDUSTRY EXPLAINED: The Trends Creating New Winners And Losers In The Card-Processing Ecosystem View comments
[Social Media Buzz]
$922.13 #GDAX;
$918.74 #bitfinex;
$909.00 #btce;
$915.03 #bitstamp;
$920.10 #kraken;
$919.59 #itBit;
#bitcoin news: http://bit.ly/1VI6Yse || http://ift.tt/2jCIOBS $500.00 budget. Best DIY machine for a BitCoin node? What OS? #Bitcoin #Blockchain || 1 KOBO = 0.00002616 BTC
= 0.0241 USD
= 7.5915 NGN
= 0.3245 ZAR
= 2.5004 KES
#Kobocoin 2017-01-29 02:00 || 15:00 Leopardstown IE https://tinyurl.com/directbet-eu or call me at **BITCOIN || 1 KOBO = 0.00001605 BTC
= 0.0148 USD
= 4.6620...
|
920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 444.69, 449.01, 455.10, 448.32, 451.88, 444.67, 450.30, 446.72, 447.98, 459.60, 458.54, 458.55, 460.48, 450.89, 452.73, 454.77, 455.67, 455.67, 457.57, 454.16, 453.78, 454.62, 438.71, 442.68, 443.19, 439.32, 444.15, 445.98, 449.60, 453.38, 473.46, 530.04, 526.23, 533.86, 531.39, 536.92, 537.97, 569.19, 572.73, 574.98, 585.54, 576.60, 581.65, 574.63, 577.47, 606.73, 672.78, 704.38, 685.56, 694.47, 766.31, 748.91, 756.23, 763.78, 737.23, 666.65, 596.12, 623.98, 665.30, 665.12, 629.37, 655.28, 647.00, 639.89, 673.34, 676.30, 703.70, 658.66, 683.66, 670.63, 677.33, 640.56, 666.52, 650.96, 649.36, 647.66, 664.55, 654.47, 658.08, 663.26, 660.77, 679.46, 673.11, 672.86, 665.68, 665.01, 650.62, 655.56, 661.28, 654.10.
|
[Bitcoin Technical Analysis for 2016-07-25]
Volume: 78176496, RSI (14-day): 48.55, 50-day EMA: 637.75, 200-day EMA: 513.51
[Wider Market Context]
Gold Price: 1319.30, Gold RSI: 50.53
Oil Price: 43.13, Oil RSI: 37.87
[Recent News (last 7 days)]
Your first trade for Friday, July 22: The "Fast Money" traders shared their first moves for the market open.
Tim Seymour stuck with Starbucks(SBUX), which had reported quarterly numbers after Thursday's close.
Karen Finerman was a seller of United Rentals(URI).
Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF(TLT).
Guy Adami was a buyer of Newmont Mining(NEM).
Trader disclosure: On July 21, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short CHF=, EUR=, JPY=. Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || Your first trade for Friday, July 22: The " Fast Money " traders shared their first moves for the market open. Tim Seymour stuck with Starbucks ( SBUX ) , which had reported quarterly numbers after Thursday's close. Karen Finerman was a seller of United Rentals ( URI ) . Brian Kelly was a buyer of the iShares 20+ Year Treasury Bond ETF ( TLT ) . Guy Adami was a buyer of Newmont Mining ( NEM ) . Trader disclosure: On July 21, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long Bitcoin, DXJ, GLD, MOS, POT, SLV, XME, US Dollar UUP; he is short CHF=, EUR=, JPY=. Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM. Karen Finerman is long AAL, BAC, C, DAL, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, M, MA, SEDG, SPY puts, UAL, URI, WIFI long call spreads. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International. Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck. More From CNBC Top News and Analysis Latest News Video Personal Finance || How Apple And Facebook Helped Take Down The Largest Torrent-Sharing Site In The World: Thirty-year-old Ukrainian national Artem Vaulin, the alleged owner of the world’s largest torrent-sharing site, Kickass Torrents, was arrested Wednesday in Poland, accused of criminal copyright infringement and money laundering. After years on the run, the man, known over the Internet as "Tirm," was found due to a series of really dumb mistakes — for a complete review of the process that led to this outcome,click here.
The king of online piracy was also operating a Kickass TorrentsFacebook Inc(NASDAQ:FB) fan page — apparently without even using an IP blocker or a disposable email. After the U.S. government presented a warrant requesting the social network to hand over the log data, which they did, they weren't even faced with a difficult task.
Related Link:The Crucial Role Twitter Played In Finding The Center Of Our Galaxy
Supposedly, Vaulin had been using anApple Inc.(NASDAQ:AAPL)-owned @me.com email address to log into the site. Moreover, when U.S. authorities went over his emails, they found several messages related to the administration of the Kickass Torrents site.
To makes things even worse, Tirm decided to use the same email account to make a legal iTunes purchase. Again, he didn't use an IP blocker, so his IP address was registered.
Instead of locating and arresting Vaulin immediately, U.S. officials used the IP addresses to find his online Bitcoin account.
“Vaulin is charged with running today’s most visited illegal file-sharing website, responsible for unlawfully distributing well over $1 billion of copyrighted materials,” Assistant Attorney General Leslie Caldwell voiced in astatement. “In an effort to evade law enforcement, Vaulin allegedly relied on servers located in countries around the world and moved his domains due to repeated seizures and civil lawsuits. His arrest in Poland, however, demonstrates again that cybercriminals can run, but they cannot hide from justice,” she concluded.
Did you like this article? Could it have been improved? Please email [email protected] with the story link to let us know!
Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.
See more from Benzinga
• Protecting Journalists: Edward Snowden Designed iPhone Add-On That Could Stop Eavesdroppers
• App Store Data Suggests Healthy Revenue Trends For Apple
• The iPhone Ban In Iran: Officials Confirm The Rhyme's For Real This Time
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || How Apple And Facebook Helped Take Down The Largest Torrent-Sharing Site In The World: Thirty-year-old Ukrainian national Artem Vaulin, the alleged owner of the worlds largest torrent-sharing site, Kickass Torrents, was arrested Wednesday in Poland, accused of criminal copyright infringement and money laundering. After years on the run, the man, known over the Internet as "Tirm," was found due to a series of really dumb mistakes for a complete review of the process that led to this outcome, click here . The king of online piracy was also operating a Kickass Torrents Facebook Inc (NASDAQ: FB ) fan page apparently without even using an IP blocker or a disposable email. After the U.S. government presented a warrant requesting the social network to hand over the log data, which they did, they weren't even faced with a difficult task. Related Link: The Crucial Role Twitter Played In Finding The Center Of Our Galaxy Supposedly, Vaulin had been using an Apple Inc. (NASDAQ: AAPL )-owned @me.com email address to log into the site. Moreover, when U.S. authorities went over his emails, they found several messages related to the administration of the Kickass Torrents site. To makes things even worse, Tirm decided to use the same email account to make a legal iTunes purchase. Again, he didn't use an IP blocker, so his IP address was registered. Instead of locating and arresting Vaulin immediately, U.S. officials used the IP addresses to find his online Bitcoin account. Vaulin is charged with running todays most visited illegal file-sharing website, responsible for unlawfully distributing well over $1 billion of copyrighted materials, Assistant Attorney General Leslie Caldwell voiced in a statement . In an effort to evade law enforcement, Vaulin allegedly relied on servers located in countries around the world and moved his domains due to repeated seizures and civil lawsuits. His arrest in Poland, however, demonstrates again that cybercriminals can run, but they cannot hide from justice, she concluded. Did you like this article? Could it have been improved? Please email [email protected] with the story link to let us know! Story continues Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above. See more from Benzinga Protecting Journalists: Edward Snowden Designed iPhone Add-On That Could Stop Eavesdroppers App Store Data Suggests Healthy Revenue Trends For Apple The iPhone Ban In Iran: Officials Confirm The Rhyme's For Real This Time © 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers.
Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries.
Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin.
"Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website.
"In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world."
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network.
Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts.
In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders.
According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85.
Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million.
At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays, and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalization of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays (BARCR.UL), and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalisation of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Coinbase offers digital currency to consumers: By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin exchange Coinbase said on Thursday it is now offering the ether digital currency to consumers. Ether is the digital currency for the Ethereum platform, a blockchain, or public database that can be used by consumers or corporations without the need for control by intermediaries. Ethereum, which uses ether to execute peer-to-peer contracts automatically, was co-founded and invented by 22-year old Russian-Canadian programmer Vitalik Buterin. "Ethereum is still in an early and experimental phase, and as it matures will likely evolve to serve a different purpose than Bitcoin," said Ankur Nandwani, product manager at Coinbase, in a blog posted on the company's website. "In the meantime, Ethereum is pushing the digital currency ecosystem forward and we are excited to support it as part of our mission to create an open financial system for the world." The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays (BARCR.UL), and other global corporations which are trying to explore the Ethereum network. Nandwani said consumers in 32 countries can now buy, sell, and store in their Coinbase accounts. In May, ether trading was added to its digital currency exchange called GDAX (Global Digital Asset Exchange). That trading platform is focused on institutional investors and professional traders. According to coinmarketcap.com, ether is trading at $12.64 late on Thursday, with a market capitalisation of about $1.04 billion, the second largest behind bitcoin. Bitcoin currently has a market cap of $10.48 billion and trading at $664.85. Volume for ether over the last 24 hours was around $25.7 million, while that for bitcoin was $61.2 million. At the beginning of the year, ether traded at just $1 per token and it is one of the fastest-rising digital currencies. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Andrew Hay) || Why Ethereum is the hottest new thing in digital currency: Just when you were (maybe) beginning to get a basic understanding of the digital currency bitcoin , a second-place digital currency is gaining steam and growing in value. It’s called ether, it is the token of a blockchain network called Ethereum, and less than one year after launching, its market cap now exceeds $1 billion. On Thursday, Ethereum hit another business milestone when Coinbase , the leading mainstream platform for buying and trading of bitcoin, added support for ether . Coinbase customers—there are 4 million of them in 32 countries—can now easily buy and trade ether using the Coinbase web site or mobile app. But would they want to? First they’d have to understand it. If bitcoin, which runs on a decentralized, permission-less, peer-to-peer blockchain , is still in its infancy—a point bitcoin believers love to make —then Ethereum is barely out of the womb. As the New York Times wrote in March, the network “is complicated enough that even people who know it well have trouble describing it in plain English.” Ethereum’s creator is Vitalik Buterin , a 22-year-old Russian tech-wunderkind who began working on the concept at age 19. A presentation Buterin made at Ethereum’s developer conference last year listed use cases such as: issuing assets; crowdfunding; domain registration; title registration; gambling; prediction markets; and the Internet of Things , among others. Ethereum is not without troubling security issues: Last month a decentralized network called The DAO, built on top of the Ethereum blockchain, was attacked, in a theft of $50 million worth of ether. After the attack, an SEC official expressed grave concern over the network’s security. Still, many in the cryptocurrency world say Ethereum is even more exciting than bitcoin because of the ability to smore smart contracts on its network. Many developers are already running early-stage apps on top of Ethereum , for all manner of services including blockchain payments via Slack and placing bets on which tech startups will get popular first. Story continues Coinbase had already added ether to its more formal cryptocurrency exchange site for institutional investors, GDAX, back in May. “We saw individual as well as developer interest in Ethereum rise at the end of 2015, and by the early part of 2016 our customers on GDAX were saying, ‘Give us the ability to sell ether,'” says Adam White, VP of business development and strategy for Coinbase. Bringing ether to its mainstream wallet product was the obvious next step. Coinbase adding ether (everywhere but New York) also means that all partners using the Coinbase “buy widget” can do the same. One such partner is Lawnmower , a mobile app that originally launched as a “roundup” service that invests your spare change into bitcoin, using Coinbase. Lawnmower recently changed its model to allow users to set an auto-purchase of bitcoin once a month at a set price, and it just updated its app this week to include a news hub for intel on many cryptocurrencies, including ether, litecoin, and ripple. In other words: Lawnmower, like Coinbase, saw ether pulling into second in the crypto race. “Some of these assets recently, like ether, our users have made it clear they want to learn more about it,” says Alex Sunnarborg, Lawnmower CFO. “So we just said, ‘Let’s move as fast as we can on it.'” Lawnmower added an index that shows ether’s price over time, compares it against bitcoin, and even has the full original white paper on Ethereum. What it couldn’t add was the ability to actually buy ether. Now that Coinbase has implemented that, it can. All of the momentum for ether reflects that bitcoin will not be the only digital currency of interest. It was the first to come along, in 2009, but there is room for more. And indeed, there were more—like dogecoin, litecoin (whose inventor now works for Coinbase), and ripple—but White says, “Nothing uniquely differentiated itself until Ethereum. While bitcoin is a fantastic global transaction network, we see Ethereum offering a worldwide computational network.” Coinbase was the first bitcoin wallet to get mainstream recognition. It was also by far the best-funded bitcoin startup until the mysterious 21 Inc. raised $116 million in a single round last year. Adding Ethereum to Coinbase, White says, “required a fresh look at how we design the platform. We wanted to keep it super simple, easy to understand, so that people like my dad, when they hear about Ethereum in the paper, and he wants to buy $100, he can go to Coinbase and it’s still a very simple process.” If the casual investor does want to dip a toe into ether, Coinbase now allows it through a bank account, credit or debit card. Ether currently trades at around $12. Coinbase expects to see “a very significant amount of interest.” — Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @ readDanwrite . Read more: The latest Bitcoin price hike is not all about Brexit British bitcoin market sent incredible signals ahead of Brexit Here’s why 21 Inc. is the most exciting bitcoin company right now How early bitcoin leader Coinbase is staying relevant amid the blockchain craze || Why Ethereum is the hottest new thing in digital currency: Just when you were (maybe) beginning to get a basic understanding ofthe digital currency bitcoin, a second-place digital currency is gaining steam and growing in value. It’s called ether, it is the token of a blockchain network called Ethereum, and less than one year after launching, its market cap now exceeds $1 billion.
On Thursday, Ethereum hit another business milestone whenCoinbase, the leading mainstream platform for buying and trading of bitcoin,added support for ether. Coinbase customers—there are 4 million of them in 32 countries—can now easily buy and trade ether using the Coinbase web site or mobile app.
But would they want to? First they’d have to understand it.
If bitcoin, which runs on adecentralized, permission-less, peer-to-peer blockchain, is still in its infancy—a pointbitcoin believers love to make—then Ethereum is barely out of the womb. As theNew York Timeswrote in March, the network “is complicated enough that even people who know it well have trouble describing it in plain English.”
Ethereum’s creator isVitalik Buterin, a 22-year-old Russian tech-wunderkind who began working on the concept at age 19. A presentationButerin made at Ethereum’s developer conferencelast year listed use cases such as: issuing assets; crowdfunding; domain registration; title registration; gambling; prediction markets; and theInternet of Things, among others.
Ethereum is not without troubling security issues: Last month a decentralized network called The DAO, built on top of the Ethereum blockchain, was attacked, in a theft of $50 million worth of ether. After the attack, an SEC officialexpressed grave concernover the network’s security.
Still, many in the cryptocurrency world say Ethereum is even more exciting than bitcoin because of the ability to smore smart contracts on its network. Many developers are already runningearly-stage apps on top of Ethereum, for all manner of services including blockchain payments via Slack and placing bets on which tech startups will get popular first.
Coinbase had already added ether to its more formal cryptocurrency exchange site for institutional investors, GDAX, back in May. “We saw individual as well as developer interest in Ethereum rise at the end of 2015, and by the early part of 2016 our customers on GDAX were saying, ‘Give us the ability to sell ether,'” says Adam White, VP of business development and strategy for Coinbase. Bringing ether to its mainstream wallet product was the obvious next step.
Coinbase adding ether (everywhere but New York) also means that all partners using the Coinbase “buy widget” can do the same. One such partner isLawnmower, a mobile app that originally launched as a “roundup” service that invests your spare change into bitcoin, using Coinbase.
Lawnmower recently changed its model to allow users to set an auto-purchase of bitcoin once a month at a set price, and it just updated its app this week to include a news hub for intel on many cryptocurrencies, including ether, litecoin, and ripple. In other words: Lawnmower, like Coinbase, saw ether pulling into second in the crypto race.
“Some of these assets recently, like ether, our users have made it clear they want to learn more about it,” says Alex Sunnarborg, Lawnmower CFO. “So we just said, ‘Let’s move as fast as we can on it.'” Lawnmower added an index that shows ether’s price over time, compares it against bitcoin, and even has the full original white paper on Ethereum. What it couldn’t add was the ability to actually buy ether. Now that Coinbase has implemented that, it can.
All of the momentum for ether reflects that bitcoin will not be the only digital currency of interest. It was the first to come along, in 2009, but there is room for more. And indeed, there were more—like dogecoin, litecoin (whose inventor now works for Coinbase), and ripple—but White says, “Nothing uniquely differentiated itself until Ethereum. While bitcoin is a fantastic global transaction network, we see Ethereum offering a worldwide computational network.”
Coinbase was the first bitcoin wallet to get mainstream recognition. It was also by far the best-funded bitcoin startup until themysterious 21 Inc. raised $116 million in a single roundlast year. Adding Ethereum to Coinbase, White says, “required a fresh look at how we design the platform. We wanted to keep it super simple, easy to understand, so that people like my dad, when they hear about Ethereum in the paper, and he wants to buy $100, he can go to Coinbase and it’s still a very simple process.”
If the casual investor does want to dip a toe into ether, Coinbase now allows it through a bank account, credit or debit card. Ether currently trades at around $12.
Coinbase expects to see “a very significant amount of interest.”
—
Daniel Roberts is a writer at Yahoo Finance, covering sports business and technology. Follow him on Twitter at @readDanwrite.
Read more:
The latest Bitcoin price hike is not all about Brexit
British bitcoin market sent incredible signals ahead of Brexit
Here’s why 21 Inc. is the most exciting bitcoin company right now
How early bitcoin leader Coinbase is staying relevant amid the blockchain craze || Texan gets 1-1/2 years in prison for running bitcoin Ponzi scheme: By Nate Raymond
NEW YORK, July 21 (Reuters) - A Texas man was sentenced to 1-1/2 years in prison on Thursday for operating a bitcoin-related Ponzi scheme that prosecutors say resulted in the first U.S. criminal securities fraud case related to the digital currency.
Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. District Judge Lewis Kaplan in Manhattan to forfeit $1.23 million and pay restitution in the same amount for operating what the judge called a "class Ponzi scheme."
"You defrauded innocent people," he said. "You did it, in the last analysis, for personal gain."
Shavers, who pleaded guilty in September 2015 to one count of securities fraud and who now supports himself as a cook, said in court he had "royally messed up," and had lost friends and embarrassed his family as a result of his fraud.
"I don't think this is something I'm ever going to get over," he said.
Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit.
Prosecutors said from 2011 to 2012, Shavers, 33, raised at least 764,000 bitcoins, which at the time were worth more than $4.5 million, for his Bitcoin Savings and Trust. He operated the business from his home, offering bitcoin-related investments through the internet.
Prosecutors said Shavers solicited the investments on the website Bitcoin Forum, and promised interest rates of 7 percent per week to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy.
While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said.
At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said.
In total, out of 100 investors, at least 48 suffered losses, prosecutors said. His lawyers said the losses equaled $1.23 million.
Prosecutors said Shavers also misappropriated bitcoins to purchase a used BMW M5 sedan, to buy have a $1,000 steakhouse dinner in Las Vegas and to go to spas and casinos.
The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157.
(Reporting by Nate Raymond in New York; Editing by David Gregorio) || Texan gets 1-1/2 years in prison for running bitcoin Ponzi scheme: By Nate Raymond NEW YORK, July 21 (Reuters) - A Texas man was sentenced to 1-1/2 years in prison on Thursday for operating a bitcoin-related Ponzi scheme that prosecutors say resulted in the first U.S. criminal securities fraud case related to the digital currency. Trendon Shavers, who operated Bitcoin Savings and Trust, was also ordered by U.S. District Judge Lewis Kaplan in Manhattan to forfeit $1.23 million and pay restitution in the same amount for operating what the judge called a "class Ponzi scheme." "You defrauded innocent people," he said. "You did it, in the last analysis, for personal gain." Shavers, who pleaded guilty in September 2015 to one count of securities fraud and who now supports himself as a cook, said in court he had "royally messed up," and had lost friends and embarrassed his family as a result of his fraud. "I don't think this is something I'm ever going to get over," he said. Shavers, a Prosper, Texas, resident who went by "pirateat40" online, was arrested in November 2014, two months after a federal judge in Texas ordered him to pay $40.7 million in a related U.S. Securities and Exchange Commission civil lawsuit. Prosecutors said from 2011 to 2012, Shavers, 33, raised at least 764,000 bitcoins, which at the time were worth more than $4.5 million, for his Bitcoin Savings and Trust. He operated the business from his home, offering bitcoin-related investments through the internet. Prosecutors said Shavers solicited the investments on the website Bitcoin Forum, and promised interest rates of 7 percent per week to investors who loaned bitcoins to Bitcoin Savings and Trust while he pursued a market arbitrage strategy. While Shavers invested some of the bitcoins with Mt. Gox, the now-defunct Tokyo-based bitcoin exchange, he largely in typical Ponzi scheme fashion used new investors' bitcoins to pay back prior investors, prosecutors said. At the peak of the scheme, Shavers controlled about 7 percent of bitcoins in public circulation, prosecutors said. Story continues In total, out of 100 investors, at least 48 suffered losses, prosecutors said. His lawyers said the losses equaled $1.23 million. Prosecutors said Shavers also misappropriated bitcoins to purchase a used BMW M5 sedan, to buy have a $1,000 steakhouse dinner in Las Vegas and to go to spas and casinos. The case is U.S. v. Shavers, U.S. District Court, Southern District of New York, No. 15-cr-00157. (Reporting by Nate Raymond in New York; Editing by David Gregorio) || Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches: For the second quarter in a row, Nasdaq led all other U.S. exchanges and captured 39 percent of exchange traded product listings and switches with 36 products in total for April, May and June.
Nasdaq added 13 new listings in June, which followed the addition offive new listings in Mayand18 new listings in April.
Jeff McCarthy, Nasdaq Vice President and Head of ETP Listings, said Nasdaq had tremendous success in attracting the industry’s leading ETP issuers to list on Nasdaq through the first half of the year.
“We grew the number of listings and switches to Nasdaq by 44 percent over the first quarter 2016, reinforcing Nasdaq as the exchange of choice for issuers introducing new and innovative products to market,” McCarthy said.
Related:Is the NYSE Losing Its Luster for ETFs?
In the first half of 2016, The Nasdaq Stock Market captured 39 percent of new ETP listings and switches across all exchanges.
In total, 61 ETPs have chosen Nasdaq thus far this year, among which 37 are new ETP launches, including products from BlackRock, State Street, Janus and AccuShares, and 24 are product switches from other US exchanges, bringing Nasdaq’s total ETP listings to 277.
Trending on ETF Trends
ARK Launches ETF Solely Focused on 3D Printing
SolidX Reveals Plan to Launch a Bitcoin ETF
A Big Day for ETFs as 5 Sponsors Launch New Products
O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup
AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF
Of Nasdaq’s first half of the year listings and switches, 29 track an index calculated and operated by Nasdaq.
Nasdaq was selected as the exchange of choice for 13 new ETP launches in June:
BlackRock launched two new funds that provide access to international and emerging market stocks that have positive environmental, social and governance characteristics; both launched June 30, 2016:
• iShares MSCI EAFE ESG Select ETF (ESGD)
• iShares MSCI EM ESG Select ETF (ESGE)
AccuShares launchedtwo oil market related Fundswhich began trading June 28, 2016:
• AccuShares S&P GSCI Crude Oil Excess Return Up Shares (OILU)
• AccuShares S&P GSCI Crude Oil Excess Return Down Shares (OILD)
Royal Bank of Canada launched an exchange traded note (ETN) that allocates between the S&P 500 and the Federal Funds rate, trading began June 28, 2016:
• RBC S&P 500 Trend Allocator PR Index ETN (TALL)
BlackRock also launchedtwo high yield ETFswhich began trading June 16, 2016:
• iShares Fallen Angels USD Bond ETF (FALN)
• iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF (HYXE)
First Trust launched the firstactively managed emerging market equity ETF; trading began June 15, 2016:
• First Trust RiverFront Dynamic Emerging Markets ETF (RFEM)
Janus launchedfour thematic healthy lifestyle based ETFsthat trade in Long‐Term Care, Health and Fitness, Organics and Obesity prevention; trading began June 9, 2016:
• The Long‐Term Care ETF (OLD)
• The Health and Fitness ETF (FITS)
• The Organics ETF (ORG)
• The Obesity ETF (SLIM)
State Street Global Advisors launched its first SPDR ETF to Nasdaqand whose index is owned and was developed by Dorsey, Wright & Associates, a Nasdaq Company; the fund began trading on June 2, 2016:
• SPDR Dorsey Wright Fixed Income Allocation ETF (DWFI)
Click hereto read the full story on ETF Trends. || Nasdaq Adds Big Q2 Haul of New ETP Listings, Switches: For the second quarter in a row, Nasdaq led all other U.S. exchanges and captured 39 percent of exchange traded product listings and switches with 36 products in total for April, May and June. Nasdaq added 13 new listings in June, which followed the addition of five new listings in May and 18 new listings in April . Jeff McCarthy, Nasdaq Vice President and Head of ETP Listings, said Nasdaq had tremendous success in attracting the industry’s leading ETP issuers to list on Nasdaq through the first half of the year. “We grew the number of listings and switches to Nasdaq by 44 percent over the first quarter 2016, reinforcing Nasdaq as the exchange of choice for issuers introducing new and innovative products to market,” McCarthy said. Related: Is the NYSE Losing Its Luster for ETFs? In the first half of 2016, The Nasdaq Stock Market captured 39 percent of new ETP listings and switches across all exchanges. In total, 61 ETPs have chosen Nasdaq thus far this year, among which 37 are new ETP launches, including products from BlackRock, State Street, Janus and AccuShares, and 24 are product switches from other US exchanges, bringing Nasdaq’s total ETP listings to 277. Trending on ETF Trends ARK Launches ETF Solely Focused on 3D Printing SolidX Reveals Plan to Launch a Bitcoin ETF A Big Day for ETFs as 5 Sponsors Launch New Products O’Leary’s O’Shares Seeks Big Additions to its ETF Lineup AdvisorShares, Cornerstone Roll Out Active Small-Cap ETF Of Nasdaq’s first half of the year listings and switches, 29 track an index calculated and operated by Nasdaq. Nasdaq was selected as the exchange of choice for 13 new ETP launches in June: BlackRock launched two new funds that provide access to international and emerging market stocks that have positive environmental, social and governance characteristics; both launched June 30, 2016: iShares MSCI EAFE ESG Select ETF ( ESGD ) iShares MSCI EM ESG Select ETF ( ESGE ) AccuShares launched two oil market related Funds which began trading June 28, 2016: Story continues AccuShares S&P GSCI Crude Oil Excess Return Up Shares ( OILU ) AccuShares S&P GSCI Crude Oil Excess Return Down Shares ( OILD ) Royal Bank of Canada launched an exchange traded note (ETN) that allocates between the S&P 500 and the Federal Funds rate, trading began June 28, 2016: RBC S&P 500 Trend Allocator PR Index ETN ( TALL ) BlackRock also launched two high yield ETFs which began trading June 16, 2016: iShares Fallen Angels USD Bond ETF ( FALN ) iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF ( HYXE ) First Trust launched the first actively managed emerging market equity ETF ; trading began June 15, 2016: First Trust RiverFront Dynamic Emerging Markets ETF ( RFEM ) Janus launched four thematic healthy lifestyle based ETFs that trade in Long‐Term Care, Health and Fitness, Organics and Obesity prevention; trading began June 9, 2016: The Long‐Term Care ETF ( OLD ) The Health and Fitness ETF ( FITS ) The Organics ETF ( ORG ) The Obesity ETF ( SLIM ) State Street Global Advisors launched its f irst SPDR ETF to Nasdaq and whose index is owned and was developed by Dorsey, Wright & Associates, a Nasdaq Company; the fund began trading on June 2, 2016: SPDR Dorsey Wright Fixed Income Allocation ETF ( DWFI ) Click here to read the full story on ETF Trends. || C&W Networks Selects Cologix to Unlock Traditional Connections Between North and South America: DENVER, CO and JACKSONVILLE, FL and MIAMI, FL--(Marketwired - Jul 21, 2016) - Cologix ™, a network neutral interconnection and data center company, announced today that C&W Networks , a subsidiary of Cable & Wireless Communications , (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin America region, has invested in the most advanced data center in its region by deploying a Point of Presence (PoP) in Cologix's JAX1 data center in Jacksonville (Florida) to further enhance C&W Networks' ongoing commitment in offering customers multiple routes for their traffic ecosystem and a robust industry leading network. Through their deployment in Cologix's Meet-Me-Room, C&W Networks can connect peers and customers to both their subsea and terrestrial networks. Last year, C&W Networks announced it was a member of the Pacific and Caribbean Cable System (PCCS) operating a 3,700 mile subsea cable system with its landing in the United States directly in Jacksonville. The submarine cable connects Aruba, Colombia, Curacao, Ecuador, Panama, Puerto Rico, the British Virgin Islands and Tortola, and then terminates in Jacksonville, Florida. Cologix operates the most connected data center and the Meet-Me-Room (JAX1) in the 421 W. Church carrier hotel. Cologix's JAX1 facility offers connectivity to 30+ LECS, MSOs, backbone networks, regional fiber networks, long haul dark fiber network, ISPs, content providers and cloud service providers. Cologix recently connected JAX1 to its enterprise grade data center at 4800 Spring Park Rd, JAX2, via a diverse dark fiber ring . The combined data center platform provides networks direct access to the largest and growing set of enterprises in the region and significant space and power capacity for growth. "Jacksonville is gaining a reputation as one of the key peering and interconnection points in North America providing cross-border opportunities and diversity which are important in network design. Our customers are recognizing that Jacksonville is part of another regional alternative for traffic between North and South America. We are very proud to be the central and only hub in the region connecting all of the subsea cables and major network providers to each other," stated Graham Williams, chief operating officer, Cologix. Story continues C&W Networks is a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring, fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. "PCCS is our fourth international submarine cable landing in the United States and our third in Florida," stated Paul Scott, President of C&W Networks. The deployment through Cologix in Jacksonville enables us to offer even greater route diversity, redundancy and interconnection to our customers which further enables their business to expand and grow. Mr. Scott further states that "The Cologix facility provides us an ideal exchange and peering platform that is strategically diverse from our established gateways in South Florida and the Caribbean." About Cologix Inc. Cologix Inc. is a network-neutral interconnection and colocation data center company headquartered in Denver. Cologix provides scalable interconnection services and secure, reliable colocation services. Cologix operates densely connected, strategically located facilities in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, Northern New Jersey, Toronto and Vancouver. With more than 450+ network choices and 24 prime interconnection locations, Cologix currently serves over 1,600 carrier, managed services, cloud, media, content, financial services and enterprise customers. The company's experienced local service teams are committed to providing its customers the highest standard of local customer support. To arrange a tour of the center closest to you, contact us at [email protected] . Follow Cologix on LinkedIn and Twitter . About C&W Networks C&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit: www.cwnetworks.com . About C&W Communications CWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our customers who subscribe to over 59 million 1 television, broadband internet and telephony services. We also serve over ten million1 mobile subscribers and offer Wi-Fi service across six million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) ( NASDAQ : LBTYK ) for our European operations, and the LiLAC Group ( NASDAQ : LILA ) ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of our operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Móvil and BTC. In addition, the LiLAC Group operates a submarine fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . Footnote 1 : Subscriber statistics for Liberty Global (including the LiLAC Group) and CWC are as of March 31, 2016 and December 31, 2015, respectively, and are based on each entity's subscriber counting policies. CWC's subscriber counting policies may differ from those of Liberty Global. Accordingly, the combined subscriber statistics are not necessarily indicative of the actual number of subscribers to be reported by the combined operations once CWC conforms to Liberty Global's subscriber counting policies. || C&W Networks Selects Cologix to Unlock Traditional Connections Between North and South America: DENVER, CO and JACKSONVILLE, FL and MIAMI, FL--(Marketwired - Jul 21, 2016) -Cologix™, anetwork neutral interconnectionanddata centercompany, announced today thatC&W Networks, a subsidiary ofCable & Wireless Communications, (C&W), one of the largest full service communications and entertainment providers in the Caribbean and Latin America region, has invested in the most advanced data center in its region by deploying a Point of Presence (PoP) in Cologix's JAX1 data center in Jacksonville (Florida) to further enhance C&W Networks' ongoing commitment in offering customers multiple routes for their traffic ecosystem and a robust industry leading network. Through their deployment in Cologix's Meet-Me-Room, C&W Networks can connect peers and customers to both their subsea and terrestrial networks. Last year, C&W Networks announced it was a member of the Pacific and Caribbean Cable System (PCCS) operating a 3,700 mile subsea cable system with its landing in the United States directly in Jacksonville. The submarine cable connects Aruba, Colombia, Curacao, Ecuador, Panama, Puerto Rico, the British Virgin Islands and Tortola, and then terminates in Jacksonville, Florida.
Cologix operates the most connected data center and the Meet-Me-Room (JAX1) in the421 W. Churchcarrier hotel. Cologix's JAX1 facility offers connectivity to 30+ LECS, MSOs, backbone networks, regional fiber networks, long haul dark fiber network, ISPs, content providers and cloud service providers. Cologix recently connected JAX1 to its enterprise grade data center at4800 Spring Park Rd, JAX2, via a diverse dark fiber ring. The combined data center platform provides networks direct access to the largest and growing set of enterprises in the region and significant space and power capacity for growth.
"Jacksonville is gaining a reputation as one of the key peering and interconnection points in North America providing cross-border opportunities and diversity which are important in network design. Our customers are recognizing that Jacksonville is part of another regional alternative for traffic between North and South America. We are very proud to be the central and only hub in the region connecting all of the subsea cables and major network providers to each other," stated Graham Williams, chief operating officer, Cologix.
C&W Networks is a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring, fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region.
"PCCS is our fourth international submarine cable landing in the United States and our third in Florida," stated Paul Scott, President of C&W Networks. The deployment through Cologix in Jacksonville enables us to offer even greater route diversity, redundancy and interconnection to our customers which further enables their business to expand and grow. Mr. Scott further states that "The Cologix facility provides us an ideal exchange and peering platform that is strategically diverse from our established gateways in South Florida and the Caribbean."
About Cologix Inc.Cologix Inc. is a network-neutral interconnection and colocation data center company headquartered in Denver. Cologix provides scalable interconnection services and secure, reliable colocation services. Cologix operates densely connected, strategically located facilities in Columbus, Dallas, Jacksonville, Lakeland, Minneapolis, Montreal, Northern New Jersey, Toronto and Vancouver. With more than 450+ network choices and 24 prime interconnection locations, Cologix currently serves over 1,600 carrier, managed services, cloud, media, content, financial services and enterprise customers. The company's experienced local service teams are committed to providing its customers the highest standard of local customer support. To arrange a tour of the center closest to you, contact us [email protected]. Follow Cologix onLinkedInandTwitter.
About C&W NetworksC&W Networks is a wholly owned subsidiary of Cable & Wireless Communications and a wholesale telecommunications service provider that offers broadband, IP capacity and a growing portfolio of managed services and integrated solutions to global, regional and local telecom carriers, TV cable companies, Internet Service Providers and Network Integrators. C&W Networks operates the largest subsea multi-ring fibre-optic network throughout the greater Caribbean, Central American and Andean region along with the most comprehensive fully meshed MPLS network in the region. Reaching 42 countries, the company's fully protected ringed submarine fibre optic network spans more than 48,000km. Cable routes include the Caribbean Optical-ring System (ARCOS-1), Colombia-Florida Express (CFX-1), EC-Link cable system, Fibralink, Maya 1, Eastern Caribbean Fiber Express (ECFS), Taino-Carib, East-West, Cayman-Jamaica Fibre system, Caribbean-Bermuda U.S (CBUS), Americas II, Gemini Bermuda, Pan America (PAN-AM), Antillas 1 and Pacific Caribbean Cable System (PCCS). For more information visit:www.cwnetworks.com.
About C&W CommunicationsCWC is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, CWC provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
CWC also operates a state-of-the-art submarine fiber network -- the most extensive in the region -- in over 30 markets.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. We invest in the infrastructure that empowers our customers to make the most of the digital revolution. Our scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect our customers who subscribe to over 59 million1television, broadband internet and telephony services. We also serve over ten million1 mobile subscribers and offer Wi-Fi service across six million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) (NASDAQ:LBTYK) for our European operations, and the LiLAC Group (NASDAQ:LILA) (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of our operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Móvil and BTC. In addition, the LiLAC Group operates a submarine fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com.
Footnote1: Subscriber statistics for Liberty Global (including the LiLAC Group) and CWC are as of March 31, 2016 and December 31, 2015, respectively, and are based on each entity's subscriber counting policies. CWC's subscriber counting policies may differ from those of Liberty Global. Accordingly, the combined subscriber statistics are not necessarily indicative of the actual number of subscribers to be reported by the combined operations once CWC conforms to Liberty Global's subscriber counting policies. || 25 Payment Tools for Small Businesses, Freelancers and Startups: Billing your customers is very important. Even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business -- based on how many payments you receive, the type of business you have and, of course, your budget.
I’ve worked with many payment companies over the past 10+ years. I’ve learned that not every payment company is created equal. For that reason, I’ve compiled a list of 25 payment tools to consider for your business. These options will expand the number of payment methods you can accept which will attract more clients, facilitate faster payment, and ensure a secure environment for both parties during every transaction you make.
Due is a payments solution company that offers credit card processing and international credit card processing. You get a low flat-rate transaction fee of 2.7 percent for credit card processing, includingglobal credit card payments. It features a digital wallet tool as well as the ability to handle ACH payments. The company has integrated PayPal and Stripe for further payment options. Due also offers time tracking and online invoicing.
PayPal has become one of the most trusted payment platforms online. It was one of the first that provided freelancers with a way to accept credit card and debit card payments without having to partner with a credit card processing company and face high monthly and transaction fees. Over time, PayPal has evolved into offering personal and business accounts, its own debit and credit card, a revolving credit line and business loans. It allows you to accept payment in foreign currency and then handles the currency exchange process for you for a minimal fee. Now, PayPal is beginning to accept Bitcoin so that you can make and accept cryptocurrency payments.
Related:20 Online Invoice Solutions That Offer More Than Just Invoicing
As part of PayPal, this company has bolstered the company’s payments expertise and provided more options for you to pass onto your customers -- like Venmo, Apple Pay, Android Pay, Bitcoin and debit and credit cards. There are no extra fees, including no fees for refunds, inactivity or failed transactions. You only pay for those transactions you actually carry out. After your first $50,000 in transactions, you will pay aslittle as 2.9 percent + $.30 per transaction.
Dwolla is a developer-friendly payments system that lets you customize how you make and receive recurring, bulk or single payments. Offering a free account with no transaction fees, it only links to a U.S. bank account or credit union account. There is no fee to set up your account, plus there are no transaction fees. However, Dwolla is strictly made for making payments within the U.S.
Authorize.net is a payments gateway that offers domestic and some international transactions for small to medium-sized businesses. You can accept all major credit cards, signature debit cards, echecks and digital paymentoptionslike Apple Pay, PayPal and Visa Checkout. Other features include automated recurring billing, a free suite of security and fraud prevention tools and the ability to synch with your Quickbooks. Although there are no annual renewal or hidden fees involved, there are some other fees to consider. There’s a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction.
2Checkout focuses on global payment acceptance, providing you with a secure and compliant gateway to do business in nearly every country around the world. It offers both online and mobile platforms for payments, including numerous language and currency options, recurring billing, hosted checkout and fraud protection. You can accept all major credit and debit cards as well as PayPal, and then get paid by bank or wire transfer. Transactions are 2.9 percent plus $0.30 per transaction. While there are no set-up or monthly fees, you will have fees like an extra 1 percent added on to each transaction from outside of the U.S., 2-5 percent charge above daily bank rate on currency conversion and a $20 charge back fee.
Square is a credit card processing company that provides a way for small businesses like yours to accept credit cards without carrying the burden of all those fees that typically get added in by other credit card processors. You will be able to accept credit cards anywhere and process gift cards with their free magstripe reader that works with the Square app on smartphones and tablets. Features include fraud protection and deposits on demand with payments received in your bank account in one to two business days. You only pay per transaction with no set-up or monthly fees. The fee is 2.75 percent per swipe for all major credit cards.
Stripe was built for developers to create custom payment solutions, but it can also be used in its basic form. Even as a standardized payment platform, it is packed with features like integrated mobile payments for iOS and Android, checkout, the ability to add coupons and recurring billing. As a global payment option, it works with over 100 currencies, as well as Bitcoin and local payment instruments like Alipay. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout.
Wepay is an online payments processing platform that is completely customizable. Its standard payments solution is fully integrated into your business, offers fraud prevention and fraud detection tools, direct bank transfer, recurring payments and multi-party payments, all major credit cards and ACH payments. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15.
Related:5 Features to Look For While Selecting the Right E-Payment Model
Popmoney is a way to send, request and receive money within the U.S. from bank account to bank account or debit card. It has a limited amount of daily and monthly funds that can be sent and received, making this ideal for smaller sized transactions. This highly secure payment solution is ideal for collecting money from groups or for recurring payments. With a debit card, you can receive the funds in as little as one business day while a bank account may take up to three business days. There is one small fee of $0.95 for each transaction, making this a low-cost payment option.
Although they do not list their pricing, they are known to be a competitively priced payment processing provider that focuses on service, security and transparent processes. They promise no fees and next-day funding on a wide range of payments, including major credit and debit cards, EMV, gift cards, PayPal, Apple Pay, Samsung Pay and Android Pay. They offer payment processing on any type of device and focus on EMV, tokenization and end-to-end encryption to deliver one of the most robust security solutions for card processing. They have other services for businesses, including payroll, POS, loyalty programs, ecommerce and billing solutions, mobile payments, gift cards and more.
Cybersource is an online payment processing company that offers a wide array of services, including gateway and processing connections, digital wallet and digital payments, debit and bank transfers, payer authentication, payments security, global tax calculation and more. It allows you to take and make payments in 190 countries and 40 currencies across all major and local payment cards as well as Alipay, PayPal, Visa Checkout, PayEase, Apple Pay and Android Pay. It does not list pricing but instead offers a custom program for businesses of all sizes.
Digital River is positioned as a true global payment processing company, working in 190 countries, including many emerging countries like China and India, as well as in 170 transaction and display currencies. It offers local and global card processing as well as transactions with retail and Internet banks. Its pricing is available by contacting the online payment processing company and working with them to develop a customized program for your business.
ecoPayz offers personal, business and merchant global payment processing services that do not require any recipient bank accounts. This is because this payments solution uses its own branded ecoCards that have a Visa or Mastercard logo and work as payment cards for transactions in 45 currencies. There is instant funding and free set-up for an ecoAccount that uses these virtual payment cards.
Creditcall links to all U.S. processors and UK acquirers, offering online and mobile payments for your business. It uses an EMV-ready payment gateway and virtual terminal to keep your transaction costs low. Creditcall allows you to customize your hosted payment page to seamlessly integrate it into your existing website.
Elavon Converge offers a number of services, including a solution for small businesses. With an online and mobile option, Elavon Converge provides a way to process credit cards, debit cards, electronic gift cards, electronic checks, Electronic Benefit Transfer (EBT) and mobile wallets like Apple Pay. The payment processing provider is also preparing its customers for the EMV transition. Pricing is also available by calling the company to get a customized payment processing program that fits your small business.
Neteller is a global payment processing company that helps businesses work with customers in 200 countries and across 15 languages. You will be able to accept a wide array of credit and debit cards and local payment options, including cryptocurrency like Bitcoin. Along with many deposit options, Neteller offers businesses instant payouts on these transactions.
Related:4 Tips for Revving Up Revenue When You Need It The Most
Nochex is a UK credit card processing company that was established to help companies in the UK work with consumers and businesses around the world, accepting payments from all the major debit and credit card companies. It offers free PCI and anti-fraud tools along with low fees and transparent pricing.
Payoneer specializes in the ability for a business to make mass payments to customers all over the world, but it also offers a payment processing solution. You will be able to work with 200 countries and 150 currencies. Payoneer lets you receive and withdraw funds through deposit in your local bank account, use of the Payoneer Prepaid Mastercard, or purchase through an online store affiliated with Payoneer’s network.
PayXpert is a globally known payments processing company that offers transaction rates as low as 1.5 percet based on volume and risk. They handle more than 40 currencies across 40 countries and work with 150 payment solutions. Features include a payment gateway, merchant account services, mobile and online payment functionality, credit card processing, data encryption and a virtual terminal.
As a global payments system solution, the company offers numerous POS, online and mobile payment processing options. Its online payment solutions include shopping carts, payment gateways, a virtual terminal and recurring payments. You can accept all major payment types, including credit, debit, gift and direct debit cards. The pricing is also customized to fit your business needs.
Payment Depot operates as a membership solution to offer businesses of all sizes access to wholesale credit card processing. It works for all major credit cards and delivers one of the lowest transaction rates available. For its basic membership, which costs $29 per month or $299 per year, you can process up to $20,000 per month and receive a rate of $0.25 per transaction. As your transactions grow in value per month you can tap into even lower transaction rates, from $0.15 all the way down to $0.05 per transaction with the highest volume of transaction value.
Payline Data is a credit card and debit card company that offers low rates for small businesses, helping them grow on a budget. Its simple plan is interchange plus 0.5 percent and $0.15 per transaction for online credit card processing for under $5,000 per month. The other plan is for those who do more than $5,000 per month. It is $15 per month plus a $0.10 per transaction as well as interchange plus 0.2 percent.
Charge.com offers many types of credit card processing services, including one made for small businesses. It comes with no set-up fees, low processing fees, free software and shopping card, no hidden fees and SSL secured transactions. Charge.com lets you process all major credit and debit cards online and through a mobile device like a tablet or smartphone.
Moneris Solutions is a U.S./Canadian payments processing company that offers a wide range of tools, including EMV solutions, online and mobile payments, gift card and loyalty programs, echecks, ACH direct deposit, recurring payments and even payroll processing. There are custom pricing models for businesses to match business size, volume and budget.
This is just a sampling of the growing number of payments companies that include credit card processors, global payment processing firms, online payments providers, digital payment companies and cryptocurrency payment businesses. As you build out your business, you’ll be able to offer a wide range of payment options, including ecash and echecks, digital currency and traditional payments across a world of currencies, and credit and debit cards. || 25 Payment Tools for Small Businesses, Freelancers and Startups: Billing your customers is very important. Even more critical is getting paid for those bills. Thanks to the ongoing evolution in the payments industry, there are more payment tools and platforms to choose from to help find the perfect option for your business -- based on how many payments you receive, the type of business you have and, of course, your budget. I’ve worked with many payment companies over the past 10+ years. I’ve learned that not every payment company is created equal. For that reason, I’ve compiled a list of 25 payment tools to consider for your business. These options will expand the number of payment methods you can accept which will attract more clients, facilitate faster payment, and ensure a secure environment for both parties during every transaction you make. 1. Due Due is a payments solution company that offers credit card processing and international credit card processing. You get a low flat-rate transaction fee of 2.7 percent for credit card processing, including global credit card payments . It features a digital wallet tool as well as the ability to handle ACH payments. The company has integrated PayPal and Stripe for further payment options. Due also offers time tracking and online invoicing. 2. PayPal PayPal has become one of the most trusted payment platforms online. It was one of the first that provided freelancers with a way to accept credit card and debit card payments without having to partner with a credit card processing company and face high monthly and transaction fees. Over time, PayPal has evolved into offering personal and business accounts, its own debit and credit card, a revolving credit line and business loans. It allows you to accept payment in foreign currency and then handles the currency exchange process for you for a minimal fee. Now, PayPal is beginning to accept Bitcoin so that you can make and accept cryptocurrency payments. Related: 20 Online Invoice Solutions That Offer More Than Just Invoicing 3. Braintree As part of PayPal, this company has bolstered the company’s payments expertise and provided more options for you to pass onto your customers -- like Venmo, Apple Pay, Android Pay, Bitcoin and debit and credit cards. There are no extra fees, including no fees for refunds, inactivity or failed transactions. You only pay for those transactions you actually carry out. After your first $50,000 in transactions, you will pay as little as 2.9 percent + $.30 per transaction . Story continues 4. Dwolla Dwolla is a developer-friendly payments system that lets you customize how you make and receive recurring, bulk or single payments. Offering a free account with no transaction fees, it only links to a U.S. bank account or credit union account. There is no fee to set up your account, plus there are no transaction fees. However, Dwolla is strictly made for making payments within the U.S. 5. Authorize.net Authorize.net is a payments gateway that offers domestic and some international transactions for small to medium-sized businesses. You can accept all major credit cards, signature debit cards, echecks and digital payment options like Apple Pay, PayPal and Visa Checkout. Other features include automated recurring billing, a free suite of security and fraud prevention tools and the ability to synch with your Quickbooks. Although there are no annual renewal or hidden fees involved, there are some other fees to consider. There’s a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction. 6. 2Checkout 2Checkout focuses on global payment acceptance, providing you with a secure and compliant gateway to do business in nearly every country around the world. It offers both online and mobile platforms for payments, including numerous language and currency options, recurring billing, hosted checkout and fraud protection. You can accept all major credit and debit cards as well as PayPal, and then get paid by bank or wire transfer. Transactions are 2.9 percent plus $0.30 per transaction. While there are no set-up or monthly fees, you will have fees like an extra 1 percent added on to each transaction from outside of the U.S., 2-5 percent charge above daily bank rate on currency conversion and a $20 charge back fee. 7. Square Square is a credit card processing company that provides a way for small businesses like yours to accept credit cards without carrying the burden of all those fees that typically get added in by other credit card processors. You will be able to accept credit cards anywhere and process gift cards with their free magstripe reader that works with the Square app on smartphones and tablets. Features include fraud protection and deposits on demand with payments received in your bank account in one to two business days. You only pay per transaction with no set-up or monthly fees. The fee is 2.75 percent per swipe for all major credit cards. 8. Stripe Stripe was built for developers to create custom payment solutions, but it can also be used in its basic form. Even as a standardized payment platform, it is packed with features like integrated mobile payments for iOS and Android, checkout, the ability to add coupons and recurring billing. As a global payment option, it works with over 100 currencies, as well as Bitcoin and local payment instruments like Alipay. You can also accept digital payment services like Apple Pay, Android Pay and AmEx Express Checkout. 9. Wepay Wepay is an online payments processing platform that is completely customizable. Its standard payments solution is fully integrated into your business, offers fraud prevention and fraud detection tools, direct bank transfer, recurring payments and multi-party payments, all major credit cards and ACH payments. Credit card processing fees are 2.9 percent plus $0.30 per transaction while ACH payment processing is 1 percent plus $0.30 per transaction. Charge backs are $15. Related: 5 Features to Look For While Selecting the Right E-Payment Model 10. Popmoney Popmoney is a way to send, request and receive money within the U.S. from bank account to bank account or debit card. It has a limited amount of daily and monthly funds that can be sent and received, making this ideal for smaller sized transactions. This highly secure payment solution is ideal for collecting money from groups or for recurring payments. With a debit card, you can receive the funds in as little as one business day while a bank account may take up to three business days. There is one small fee of $0.95 for each transaction, making this a low-cost payment option. 11. Heartland Payment Systems Although they do not list their pricing, they are known to be a competitively priced payment processing provider that focuses on service, security and transparent processes. They promise no fees and next-day funding on a wide range of payments, including major credit and debit cards, EMV, gift cards, PayPal, Apple Pay, Samsung Pay and Android Pay. They offer payment processing on any type of device and focus on EMV, tokenization and end-to-end encryption to deliver one of the most robust security solutions for card processing. They have other services for businesses, including payroll, POS, loyalty programs, ecommerce and billing solutions, mobile payments, gift cards and more. 12. Cybersource Cybersource is an online payment processing company that offers a wide array of services, including gateway and processing connections, digital wallet and digital payments, debit and bank transfers, payer authentication, payments security, global tax calculation and more. It allows you to take and make payments in 190 countries and 40 currencies across all major and local payment cards as well as Alipay, PayPal, Visa Checkout, PayEase, Apple Pay and Android Pay. It does not list pricing but instead offers a custom program for businesses of all sizes. 13. Digital River Digital River is positioned as a true global payment processing company, working in 190 countries, including many emerging countries like China and India, as well as in 170 transaction and display currencies. It offers local and global card processing as well as transactions with retail and Internet banks. Its pricing is available by contacting the online payment processing company and working with them to develop a customized program for your business. 14. ecoPayz ecoPayz offers personal, business and merchant global payment processing services that do not require any recipient bank accounts. This is because this payments solution uses its own branded ecoCards that have a Visa or Mastercard logo and work as payment cards for transactions in 45 currencies. There is instant funding and free set-up for an ecoAccount that uses these virtual payment cards. 15. Creditcall Creditcall links to all U.S. processors and UK acquirers, offering online and mobile payments for your business. It uses an EMV-ready payment gateway and virtual terminal to keep your transaction costs low. Creditcall allows you to customize your hosted payment page to seamlessly integrate it into your existing website. 16. Elavon Converge Elavon Converge offers a number of services, including a solution for small businesses. With an online and mobile option, Elavon Converge provides a way to process credit cards, debit cards, electronic gift cards, electronic checks, Electronic Benefit Transfer (EBT) and mobile wallets like Apple Pay. The payment processing provider is also preparing its customers for the EMV transition. Pricing is also available by calling the company to get a customized payment processing program that fits your small business. 17. Neteller Neteller is a global payment processing company that helps businesses work with customers in 200 countries and across 15 languages. You will be able to accept a wide array of credit and debit cards and local payment options, including cryptocurrency like Bitcoin. Along with many deposit options, Neteller offers businesses instant payouts on these transactions. Related: 4 Tips for Revving Up Revenue When You Need It The Most 18. Nochex Nochex is a UK credit card processing company that was established to help companies in the UK work with consumers and businesses around the world, accepting payments from all the major debit and credit card companies. It offers free PCI and anti-fraud tools along with low fees and transparent pricing. 19. Payoneer Payoneer specializes in the ability for a business to make mass payments to customers all over the world, but it also offers a payment processing solution. You will be able to work with 200 countries and 150 currencies. Payoneer lets you receive and withdraw funds through deposit in your local bank account, use of the Payoneer Prepaid Mastercard, or purchase through an online store affiliated with Payoneer’s network. 20. PayXpert PayXpert is a globally known payments processing company that offers transaction rates as low as 1.5 percet based on volume and risk. They handle more than 40 currencies across 40 countries and work with 150 payment solutions. Features include a payment gateway, merchant account services, mobile and online payment functionality, credit card processing, data encryption and a virtual terminal. 21. Worldpay As a global payments system solution, the company offers numerous POS, online and mobile payment processing options. Its online payment solutions include shopping carts, payment gateways, a virtual terminal and recurring payments. You can accept all major payment types, including credit, debit, gift and direct debit cards. The pricing is also customized to fit your business needs. 22. Payment Depot Payment Depot operates as a membership solution to offer businesses of all sizes access to wholesale credit card processing. It works for all major credit cards and delivers one of the lowest transaction rates available. For its basic membership, which costs $29 per month or $299 per year, you can process up to $20,000 per month and receive a rate of $0.25 per transaction. As your transactions grow in value per month you can tap into even lower transaction rates, from $0.15 all the way down to $0.05 per transaction with the highest volume of transaction value. 23. Payline Data Payline Data is a credit card and debit card company that offers low rates for small businesses, helping them grow on a budget. Its simple plan is interchange plus 0.5 percent and $0.15 per transaction for online credit card processing for under $5,000 per month. The other plan is for those who do more than $5,000 per month. It is $15 per month plus a $0.10 per transaction as well as interchange plus 0.2 percent. 24. Charge.com Charge.com offers many types of credit card processing services, including one made for small businesses. It comes with no set-up fees, low processing fees, free software and shopping card, no hidden fees and SSL secured transactions. Charge.com lets you process all major credit and debit cards online and through a mobile device like a tablet or smartphone. 25. Moneris Solutions Moneris Solutions is a U.S./Canadian payments processing company that offers a wide range of tools, including EMV solutions, online and mobile payments, gift card and loyalty programs, echecks, ACH direct deposit, recurring payments and even payroll processing. There are custom pricing models for businesses to match business size, volume and budget. A world of online payment options for your business. This is just a sampling of the growing number of payments companies that include credit card processors, global payment processing firms, online payments providers, digital payment companies and cryptocurrency payment businesses. As you build out your business, you’ll be able to offer a wide range of payment options, including ecash and echecks, digital currency and traditional payments across a world of currencies, and credit and debit cards.
[Social Media Buzz]
1 KOBO = 0.00001400 BTC
= 0.0092 USD
= 2.8382 NGN
= 0.1321 ZAR
= 0.9315 KES
#Kobocoin 2016-07-26 02:00 pic.twitter.com/udjvxYW8UM || Be judicious, buy your bitcoins at https://Bittylicious.com/refer/2465 £522.00 per BTC. (BPI +4.95%) #buy #bitcoin #banktrans || Goedkoopste Nederlandse aanbieder op dit moment is Clevercoin (http://www.bitcoinweb.nl/kopen-clevercoin …) - 0.00 Euro/bitcoin - http://www.bitcoinweb.nl/prijzen-bitcoins-vergelijken/ … || 1 KOBO = 0.00000997 BTC
= 0.0065 US...
|
651.78, 654.35, 655.03, 656.99, 655.05, 624.68, 606.27, 547.47, 566.35, 578.29
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66, 9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30, 9132.49, 9073.94, 9375.47, 9252.28, 9428.33, 9277.97, 9278.81, 9240.35, 9276.50, 9243.61, 9243.21, 9192.84, 9132.23, 9151.39, 9159.04, 9185.82, 9164.23, 9374.89, 9525.36, 9581.07, 9536.89, 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05.
|
[Bitcoin Technical Analysis for 2020-08-08]
Volume: 17572057837, RSI (14-day): 70.99, 50-day EMA: 10145.00, 200-day EMA: 9067.75
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Wall Street Is Getting More Upbeat About Square Stock — and Investors Have Noticed: 2020 has seen a market trouncing performance from fintech player Square (SQ). Since hitting the skids in mid-March with the price dropping to $38.09, shares have appreciated by an enormous 285%.
The latest uptick came after Square’s Q2 earnings report blew the estimates out of the water. The banking industry disruptor generated revenue of $1.92 billion, indicating year-over-year growth of 64.1% and handily beating consensus by $790 million. Non-GAAP EPS of $0.18 came ahead of the estimates by $0.22.
Although gross payment volume – a key metric – declined by 15% from the same period last year to $22.8 billion, the figure still beat the forecasts by 20%.
A big chunk of the uptick was driven by Cash App’s low-margin bitcoin trading revenue. Even so, removing the Bitcoin gains, Cash App revenue still increased by a hefty 140% up to $325 million. The peer-to-peer app now has over 30 million active users and accounted for almost half of Square’s gross profit in the quarter.
So, great news all around. But considering the stock’s almighty gains so far this year, is it wise to take out a position in Square following the extended run-up?
Most certainly, says Rosenblatt analystKenneth Hill. In fact, along with reiterating a Buy following the earnings results, the 5-star analyst raised the price target significantly - Hill’s new target is $181, up from the previous $136. Investors will be taking home a 23% gain should the analyst’s thesis play out over the next 12 months. (To watch Hill’s track record,click here)
While Square’s Q2 display was impressive, Hill argues the future looks even brighter: “We liked the strength displayed in 2Q as gross profit performance came in much better than we expected. That said, we liked the upgrade to the forward outlook even more. While the better-than-expected July metrics were a clear positive, the biggest takeaways for us were the Cash App engagement metrics and the emphasis on new investment in the business… We see the surge in investment activity as a way to supercharge the long-term growth trends already in place, given healthy payback and ROI metrics historically.”
Hill is not alone in his positive prognosis, as several analysts have recently upgraded Square’s rating too. However, there’s a dose of realism to Square’s Moderate Buy consensus rating; along with 11 Buys, there are 15 Holds and 2 Sells. Additionally, the average price target of $113.38 implies shares will drop by 23% in the year ahead. (See Square stock analysis on TipRanks)
To find good ideas for stocks trading at attractive valuations, visit TipRanks’Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. || Wall Street Is Getting More Upbeat About Square Stock — and Investors Have Noticed: 2020 has seen a market trouncing performance from fintech player Square ( SQ ). Since hitting the skids in mid-March with the price dropping to $38.09, shares have appreciated by an enormous 285%. The latest uptick came after Square’s Q2 earnings report blew the estimates out of the water. The banking industry disruptor generated revenue of $1.92 billion, indicating year-over-year growth of 64.1% and handily beating consensus by $790 million. Non-GAAP EPS of $0.18 came ahead of the estimates by $0.22. Although gross payment volume – a key metric – declined by 15% from the same period last year to $22.8 billion, the figure still beat the forecasts by 20%. A big chunk of the uptick was driven by Cash App’s low-margin bitcoin trading revenue. Even so, removing the Bitcoin gains, Cash App revenue still increased by a hefty 140% up to $325 million. The peer-to-peer app now has over 30 million active users and accounted for almost half of Square’s gross profit in the quarter. So, great news all around. But considering the stock’s almighty gains so far this year, is it wise to take out a position in Square following the extended run-up? Most certainly, says Rosenblatt analyst Kenneth Hill . In fact, along with reiterating a Buy following the earnings results, the 5-star analyst raised the price target significantly - Hill’s new target is $181, up from the previous $136. Investors will be taking home a 23% gain should the analyst’s thesis play out over the next 12 months. (To watch Hill’s track record, click here ) While Square’s Q2 display was impressive, Hill argues the future looks even brighter: “We liked the strength displayed in 2Q as gross profit performance came in much better than we expected. That said, we liked the upgrade to the forward outlook even more. While the better-than-expected July metrics were a clear positive, the biggest takeaways for us were the Cash App engagement metrics and the emphasis on new investment in the business… We see the surge in investment activity as a way to supercharge the long-term growth trends already in place, given healthy payback and ROI metrics historically.” Story continues Hill is not alone in his positive prognosis, as several analysts have recently upgraded Square’s rating too. However, there’s a dose of realism to Square’s Moderate Buy consensus rating; along with 11 Buys, there are 15 Holds and 2 Sells. Additionally, the average price target of $113.38 implies shares will drop by 23% in the year ahead. ( See Square stock analysis on TipRanks ) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy , a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment. || Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move: Bitcoin’s price is trending down and an Ethereum competitor is entering the DeFi race this weekend.
• Bitcoin(BTC) trading around $11,579 as of 20:00 UTC (4 p.m. ET). Slipping 2.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,348-$11,919
• BTC below 10-day and 50-day moving averages, a bearish signal for market technicians.
Bitcoin’s price was able to rally to as high as $11,917 Friday before losing momentum, falling back into the $11,500 range. “Over the past day, bitcoin tested the level of $11,900 but it did not succeed, and BTC slipped,” said Constantine Kogan, partner at crypto fund of funds BitBull Capital.
Read More:Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork
Related:Bitcoin Transaction Fees Dropped 58% Last Week as Congestion Eased
Bitcoin and gold continue to trade together. Gold is also down Friday, in the red 1.6% and at $2,030 as of press time. “The gold/BTC correlation is at an all-time high right now,” said Daniel Koehler, liquidity manager for cryptocurrency exchange OKCoin. “The one-month correlations between BTC and gold have seen a significant spike over the past two weeks, currently sitting at about 67%,” he added.
One downward trending day is not altering optimism about the crypto market, added Koehler. “With bitcoin following gold as a store of value, and DeFi pushing ETH, the excitement is palpable in the trading community right now.”
John Willock, CEO of digital asset liquidity provider Tritum, agrees. “Sentiment in the market is highly buoyant and generally positive market news is increasing confidence and aggression in positioning,” he said. “I expect to see bitcoin bounce back quickly to $12,000 with ether to $400 this weekend.”
The second-largest cryptocurrency by market capitalization (ETH),ether,was down Friday, trading around $347 after slipping 4.6% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Related:Bitcoin Suddenly Drops by $500 After Passing $12K [Updated]
Read More:Polkadot Releases Rococo, Test Environment for Interoperable ‘Parachains’
Smart contact platform Cardano intends to start producing proof-of-stake (PoS) mainnet blocks this weekend. Ethereum’s switch to PoS from its current proof-of-work setup is expected sometime by the end of the year.
Since the start of 2020, Cardano’s token,ada, has seen a market capitalization increase from $1 billion to $4.5 billion, according to CoinGecko. The platform, a competitor to Ethereum, has taken a methodical approach towards launchingand now has 770 pools staking almost 20% of ada supply.
George Clayton, managing partner of Cryptanalysis Capital, is looking forward to watching Cardano in the DeFi race, as smart contract capabilities for building decentralized applications on the platformare expected to launch later in 2020. “The transition to PoS mainnet is complete but stake pools do not start producing blocks until Aug. 8,” he said. “Very interested to see what happens with Cardano; that’s a big moment for the protocol.”
Digital assets on theCoinDesk 20are mostly in the red Friday. One notable winner as of 20:00 UTC (4:00 p.m. ET):
• chainlink(LINK) + 0.62%
Read More:Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• zcash(ZEC) – 8.1%
• tezos(XTZ) – 7.4%
• dash(DASH) – 7.4%
Read More:Ethereum Classic Attacker Double-Spends $1.68M in Second Attack
Equities:
• In Asia, the Nikkei 225 closed in the red 0.39% asweak corporate earnings spurred profit taking ahead of a three-day weekend in Japan.
• In Europe, the FTSE 100 ended the day flat, in the green 0.09%. asU.S. tensions with China countered better-than-expected job numbers.
• In the United States, the S&P 500 lost 0.40% asprogress slows on negotiations for fresh coronavirus economic stimulus.
Read More:NBA’s Spencer Dinwiddie, Andre Iguodala Join Dapper Labs $12M Funding
Commodities:
• Oil is down 1%. Price per barrel of West Texas Intermediate crude: $41.51.
Read More:Binance Says NY Banks Can Now Use Its Stablecoin After Approval
Treasurys:
• U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 5.4%.
Read More:Privacy Group Slams California Bill Putting Health Records on Blockchain
• Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move
• Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move || Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move: Bitcoin’s price is trending down and an Ethereum competitor is entering the DeFi race this weekend. Bitcoin (BTC) trading around $11,579 as of 20:00 UTC (4 p.m. ET). Slipping 2.4% over the previous 24 hours. Bitcoin’s 24-hour range: $11,348-$11,919 BTC below 10-day and 50-day moving averages, a bearish signal for market technicians. Bitcoin’s price was able to rally to as high as $11,917 Friday before losing momentum, falling back into the $11,500 range. “Over the past day, bitcoin tested the level of $11,900 but it did not succeed, and BTC slipped,” said Constantine Kogan, partner at crypto fund of funds BitBull Capital. Read More: Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork Related: Bitcoin Transaction Fees Dropped 58% Last Week as Congestion Eased Bitcoin and gold continue to trade together. Gold is also down Friday, in the red 1.6% and at $2,030 as of press time. “The gold/BTC correlation is at an all-time high right now,” said Daniel Koehler, liquidity manager for cryptocurrency exchange OKCoin. “The one-month correlations between BTC and gold have seen a significant spike over the past two weeks, currently sitting at about 67%,” he added. One downward trending day is not altering optimism about the crypto market, added Koehler. “With bitcoin following gold as a store of value, and DeFi pushing ETH, the excitement is palpable in the trading community right now.” John Willock, CEO of digital asset liquidity provider Tritum, agrees. “Sentiment in the market is highly buoyant and generally positive market news is increasing confidence and aggression in positioning,” he said. “I expect to see bitcoin bounce back quickly to $12,000 with ether to $400 this weekend.” Ethereum rival Cardano making progress The second-largest cryptocurrency by market capitalization (ETH), ether, was down Friday, trading around $347 after slipping 4.6% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Story continues Related: Bitcoin Suddenly Drops by $500 After Passing $12K [Updated] Read More: Polkadot Releases Rococo, Test Environment for Interoperable ‘Parachains’ Smart contact platform Cardano intends to start producing proof-of-stake (PoS) mainnet blocks this weekend. Ethereum’s switch to PoS from its current proof-of-work setup is expected sometime by the end of the year. Since the start of 2020, Cardano’s token, ada , has seen a market capitalization increase from $1 billion to $4.5 billion, according to CoinGecko. The platform, a competitor to Ethereum, has taken a methodical approach towards launching and now has 770 pools staking almost 20% of ada supply . George Clayton, managing partner of Cryptanalysis Capital, is looking forward to watching Cardano in the DeFi race, as smart contract capabilities for building decentralized applications on the platform are expected to launch later in 2020 . “The transition to PoS mainnet is complete but stake pools do not start producing blocks until Aug. 8,” he said. “Very interested to see what happens with Cardano; that’s a big moment for the protocol.” Other markets Digital assets on the CoinDesk 20 are mostly in the red Friday. One notable winner as of 20:00 UTC (4:00 p.m. ET): chainlink (LINK) + 0.62% Read More: Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars Notable losers as of 20:00 UTC (4:00 p.m. ET): zcash (ZEC) – 8.1% tezos (XTZ) – 7.4% dash (DASH) – 7.4% Read More: Ethereum Classic Attacker Double-Spends $1.68M in Second Attack Equities: In Asia, the Nikkei 225 closed in the red 0.39% as weak corporate earnings spurred profit taking ahead of a three-day weekend in Japan . In Europe, the FTSE 100 ended the day flat, in the green 0.09%. as U.S. tensions with China countered better-than-expected job numbers . In the United States, the S&P 500 lost 0.40% as progress slows on negotiations for fresh coronavirus economic stimulus . Read More: NBA’s Spencer Dinwiddie, Andre Iguodala Join Dapper Labs $12M Funding Commodities: Oil is down 1%. Price per barrel of West Texas Intermediate crude: $41.51. Read More: Binance Says NY Banks Can Now Use Its Stablecoin After Approval Treasurys: U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 5.4%. Read More: Privacy Group Slams California Bill Putting Health Records on Blockchain Related Stories Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move || Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move: Bitcoin’s price is trending down and an Ethereum competitor is entering the DeFi race this weekend.
• Bitcoin(BTC) trading around $11,579 as of 20:00 UTC (4 p.m. ET). Slipping 2.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,348-$11,919
• BTC below 10-day and 50-day moving averages, a bearish signal for market technicians.
Bitcoin’s price was able to rally to as high as $11,917 Friday before losing momentum, falling back into the $11,500 range. “Over the past day, bitcoin tested the level of $11,900 but it did not succeed, and BTC slipped,” said Constantine Kogan, partner at crypto fund of funds BitBull Capital.
Read More:Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork
Related:Bitcoin Transaction Fees Dropped 58% Last Week as Congestion Eased
Bitcoin and gold continue to trade together. Gold is also down Friday, in the red 1.6% and at $2,030 as of press time. “The gold/BTC correlation is at an all-time high right now,” said Daniel Koehler, liquidity manager for cryptocurrency exchange OKCoin. “The one-month correlations between BTC and gold have seen a significant spike over the past two weeks, currently sitting at about 67%,” he added.
One downward trending day is not altering optimism about the crypto market, added Koehler. “With bitcoin following gold as a store of value, and DeFi pushing ETH, the excitement is palpable in the trading community right now.”
John Willock, CEO of digital asset liquidity provider Tritum, agrees. “Sentiment in the market is highly buoyant and generally positive market news is increasing confidence and aggression in positioning,” he said. “I expect to see bitcoin bounce back quickly to $12,000 with ether to $400 this weekend.”
The second-largest cryptocurrency by market capitalization (ETH),ether,was down Friday, trading around $347 after slipping 4.6% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Related:Bitcoin Suddenly Drops by $500 After Passing $12K [Updated]
Read More:Polkadot Releases Rococo, Test Environment for Interoperable ‘Parachains’
Smart contact platform Cardano intends to start producing proof-of-stake (PoS) mainnet blocks this weekend. Ethereum’s switch to PoS from its current proof-of-work setup is expected sometime by the end of the year.
Since the start of 2020, Cardano’s token,ada, has seen a market capitalization increase from $1 billion to $4.5 billion, according to CoinGecko. The platform, a competitor to Ethereum, has taken a methodical approach towards launchingand now has 770 pools staking almost 20% of ada supply.
George Clayton, managing partner of Cryptanalysis Capital, is looking forward to watching Cardano in the DeFi race, as smart contract capabilities for building decentralized applications on the platformare expected to launch later in 2020. “The transition to PoS mainnet is complete but stake pools do not start producing blocks until Aug. 8,” he said. “Very interested to see what happens with Cardano; that’s a big moment for the protocol.”
Digital assets on theCoinDesk 20are mostly in the red Friday. One notable winner as of 20:00 UTC (4:00 p.m. ET):
• chainlink(LINK) + 0.62%
Read More:Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars
Notable losers as of 20:00 UTC (4:00 p.m. ET):
• zcash(ZEC) – 8.1%
• tezos(XTZ) – 7.4%
• dash(DASH) – 7.4%
Read More:Ethereum Classic Attacker Double-Spends $1.68M in Second Attack
Equities:
• In Asia, the Nikkei 225 closed in the red 0.39% asweak corporate earnings spurred profit taking ahead of a three-day weekend in Japan.
• In Europe, the FTSE 100 ended the day flat, in the green 0.09%. asU.S. tensions with China countered better-than-expected job numbers.
• In the United States, the S&P 500 lost 0.40% asprogress slows on negotiations for fresh coronavirus economic stimulus.
Read More:NBA’s Spencer Dinwiddie, Andre Iguodala Join Dapper Labs $12M Funding
Commodities:
• Oil is down 1%. Price per barrel of West Texas Intermediate crude: $41.51.
Read More:Binance Says NY Banks Can Now Use Its Stablecoin After Approval
Treasurys:
• U.S. Treasury bonds all climbed Friday. Yields, which move in the opposite direction as price, were up most on the 10-year, in the green 5.4%.
Read More:Privacy Group Slams California Bill Putting Health Records on Blockchain
• Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move
• Market Wrap: Bitcoin Dips to $11.5K; Cardano Is Making a Big DeFi Move || Grayscale files Ethereum Trust for SEC reporting company status: Crypto asset manager Grayscale has filed for its Ethereum Trust to become a Securities and Exchange Commission (SEC) reporting company, according to a Thursday announcement . The firm has filed a Form 10 with the regulator registering its shares in hopes of adding another registered crypto investment vehicle to its offerings. Grayscale's Bitcoin Trust (GBTC) already has reporting company status, nabbing an approval earlier this year. While it wouldn't change the structure of the existing product, it would require Grayscale file quarterly and annual reports with the SEC in addition to its current reporting requirements. Additionally, a reporting company seal of approval means investors would have an earlier liquidity opportunity as the holding period for shares cuts from a year to six months. Grayscale gained FINRA approval to list shares of its Ethereum Trust (ETHE) in May of last year. The ETHE and GBTC products are both popular crypto products on the over-the-counter markets, with the Ethereum Trust trading over 400% premium to net asset value (NAV) from March to June. It's steadily declined since June highs reaching 900%. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Grayscale files Ethereum Trust for SEC reporting company status: Crypto asset manager Grayscale has filed for its Ethereum Trust to become a Securities and Exchange Commission (SEC) reporting company, according to a Thursdayannouncement.
The firm has filed a Form 10 with the regulator registering its shares in hopes of adding another registered crypto investment vehicle to its offerings.
Grayscale's Bitcoin Trust (GBTC) already has reporting company status,nabbing an approvalearlier this year. While it wouldn't change the structure of the existing product, it would require Grayscale file quarterly and annual reports with the SEC in addition to its current reporting requirements. Additionally, a reporting company seal of approval means investors would have an earlier liquidity opportunity as the holding period for shares cuts from a year to six months.
Grayscale gainedFINRA approvalto list shares of its Ethereum Trust (ETHE) in May of last year. The ETHE and GBTC products are both popular crypto products on the over-the-counter markets, with the Ethereum Trusttrading over 400% premiumto net asset value (NAV) from March to June. It'ssteadily declinedsince June highs reaching 900%.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. || Money Reimagined: Warnings From an Argentine Tragedy: I attribute my early interest in bitcoin to my six years as a correspondent in Argentina. The lesson I took from that country’s repeated financial meltdowns is that any fiat monetary system requires a bedrock of trust in the nation’s governing institutions. When people don’t trust their government, the system is always prone to collapse. It wasn’t until I discovered bitcoin , four years after my 2009 departure from Buenos Aires, that I understood this clearly. I’d been well aware of Argentines’ lack of trust in government – the local commentariat endlessly talked of their leaders’ corruption. But only after learning of how bitcoin’s decentralized cryptographic protocol allowed users to transact without having to trust centralized intermediaries did I see the connection between that trust deficit and Argentina’s financial dysfunction. Related: The Fourth Era of Blockchain Governance You’re reading Money Reimagined , a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’s newsletters here . Argentina is by no means alone in this problem. But as its government finalizes yet another bond restructuring deal with investors, this time to write down $65 billion in foreign debt, and with its perpetually volatile economy facing its worst contraction ever , it’s worth exploring this more deeply. Now, more than ever, Argentina’s failures offer a cautionary tale, especially for the U.S. And with speculation growing over changes to the global financial system, cryptocurrency and blockchain models could help us design systems more resilient to this kind of failure. Note, this is not a “bitcoin fixes this” essay. Believing that bitcoin alone will save all Argentines – or Turks, Venezuelans or Filipinos – is, as Coinshares Chief Strategy Officer Meltem Demirors noted this week , naive and offensive. This hard-to-use technology is no silver bullet for the root causes of economic destitution. Story continues Related: Nonetheless, bitcoin’s decentralized blockchain-based system for exchange and record-keeping is a valuable frame of reference for assessing existing monetary governance and for thinking about alternatives. To paraphrase Marc Hochstein, CoinDesk’s executive editor (and last week’s replacement author of this newsletter), “blockchain doesn’t have all the answers, but it asks the right questions.” The untrustworthy sovereign To understand how Argentina’s financial system failed and the potential of a decentralized alternative, we must first review the history of money itself, the power structures it fosters, and the friction it creates. For the past 5,000 years, money has been closely associated with the idea of “the sovereign,” by which we essentially mean “the ruler.” Different communities have used different currencies – from wampum in the early American colonies to cigarettes in prisons – but it’s the ones issued by monarchs and state governments that dominate. That’s because of the sovereign’s unique power to mandate which currencies are legal tender and accepted in payment of taxes. In the 20th century, as the nation-state became entrenched as the core realm of political power, national governments cemented their quasi-monopolies as issuers of legal tender currencies. This was done in coordination with banks, to which they granted exclusive access to central bank reserves, treating them as agents for generating, distributing and circulating money. But while governments and their agent bankers could guarantee their currency’s dominance, they couldn’t control its value among users, who always found ways to sell an unwanted national currency for something of more lasting value: gold, or foreign currencies, or goods they’d stockpile before inflation eroded their purchasing power. They would seek fiat alternatives when governments exploited their unique currency-issuing powers to pursue their own self interests. Rigidly fixed currency regimes, such as the gold standard or Argentina’s 1990s dollar-pegged currency board, offer some protection against that risk. They’re intended as a policy straitjacket to prevent a government from abusing its citizens’ trust. Yet, the state’s power ultimately supersedes this straitjacket, as President Richard Nixon demonstrated by abandoning the dollar’s gold peg in 1971 and as Argentine President Eduardo Duhalde did by ending the Argentine peso’s dollar peg in 2001. Sovereign power is absolute. Let’s learn from Argentina’s tragedy to design a universal system that crowns the ‘sovereign self.’ At the end of the day, a currency’s viability hinges on the degree of trust people hold in their government. One could argue the United States’ relatively solid economic performance since 1971 and Argentina’s disastrous experiences over the same period reflect the comparative degree of institutional trust in each country’s system of government. (One could also argue the distinction between the two countries has narrowed dramatically in recent times.) In Argentina, the trust breakdown manifests as financial and economic volatility, much like anywhere else that’s prone to such boom-bust cycles. Such countries’ financial systems serve the interests of speculators, not their people. Short-sellers swarm in to sell stocks and bonds during a downturn, prompting governments to take drastic measures to stem the outflow of funds – such as the many times Argentina has limited bank withdrawals and transfers in failed bids to protect the peso, only to paralyze its payments system. Eventually, the country’s assets reach oversold levels – when a deal is done with bondholders, for example – which is when speculators return as “vulture funds” buying “distressed debt” to ride the inevitable rebound. It’s a dirty game, but they’re not the root of the problem. This system stems from an original sin: the government’s breach of its people’s trust. The sovereign self Unlike many hard-money bitcoiners, I don’t think the answer to these problems is to impose a hard limit on money supply. I’m not saying bitcoin isn’t valuable; on the contrary, its strict issuance regime gives it “digital gold” qualities that offer a powerful hedge against breaches of governmental trust. It’s just that deflationary currencies, as Argentina’s 1990s currency board showed, often serve solely the interests of savers. In times of economic contraction, economies need money that consumers and investors will put to work rather than HODL. (I see Crypto Twitter’s rage tweets coming at me already.) What solution, then, do bitcoin and other blockchain solutions offer to the “Argentine problem?” It lies, I think, in their radical new model of governance, one that turns the trust problem over to an open-source algorithm whose rules are defined by a permissionless network, a system whose rules Nixon could never have overridden. It’s not, per se, that bitcoin’s rules project a fixed 21-million coin supply 100 years from now, but that the rules themselves – whatever the community agrees to – cannot be changed by a centralized power. What we’re talking about is a different concept of “the sovereign.” This is about not having to trust Richard Nixon, Eduardo Duhalde, the Federal Reserve’s Jerome Powell or Jamie Dimon of JPMorgan. It’s about empowering us to choose what currency or system we want for our wellbeing or to exchange value with others. Whether we choose bitcoin, the dollar, gold, a stablecoin, or some other blockchain model, what most matters is the very freedom to choose. We need a system of choice that leaves those in power beholden to the choices of the individuals they deign to rule. Amid so much discussion about the future of the financial system, with even Goldman Sachs questioning the future of the dollar’s hegemony , let’s learn from Argentina’s tragedy to design a universal system that crowns the “sovereign self.” Privacy-positive performance By Galen Moore, CoinDesk Senior Research Analyst The world got a demonstration of bitcoin’s transparency recently, when a hacker took over the Twitter accounts of powerful individuals and companies, and used them to solicit bitcoin with a scam charity appeal. Crypto forensics experts and analysts, CoinDesk included, watched the hacker’s funds, analyzing their sources and where they were transferred. So-called privacy coins aim to shield crypto transactions from that kind of scrutiny. Three of them – dash , monero and zcash – feature in the CoinDesk 20 , a list of assets that show consistent market impact via consecutive quarters of verifiable trading volume. Bitcoin is the highest-volume asset in the CoinDesk 20 and the next-most heavily traded assets often exceed it in returns. This past week’s run-up is no exception. The privacy coins are standouts, in that their volumes are often in the bottom half of the ranking, but two out of the three are in the top five by returns, year-to-date. There’s little evidence the Twitter hack drove particular interest in privacy coins, but so far in 2020, the three coins with a privacy value proposition have punched above their weight. CoinDesk Research’s July Review has more on privacy coin volatility and correlations. We’ll continue tracking these projects over the summer. The global town hall GOLDEN MOMENT. The crypto world got excited this week by a resurgence in bitcoin and ether prices. As we went to print, BTC was testing $12,000 with a shot at its levels not seen since the great boom-bust of 2017-2018, and ETH , following a massive run-up from a bottom around $80 in early May, was toying with $400 and trading at its loftiest level since this time two years ago. But for the “normies,” surely this week’s historic market story belonged to gold. The price of the precious metal reached its highest level ever this week, surpassing $2,000 per ounce. This is a big deal, people. I’m no gold bug. I believe bitcoin is a better substitute for scarcity in the digital age and I think a functional currency should have malleability in its supply function, which neither bitcoin or gold offers. But, please, have some respect for gold. Its cultural value has lasted longer than any language, religion or ideology. It’s the ore from which kings through the ages minted their coins, the shiny substance that permeates our children’s fables, the alluring mineral that fueled the conquest of the Americas. There’s no magical meaning to the $2,000 level but let’s recognize the wisdom of the crowd that drove this run-up. Amid the most extreme downturn in the global economy for 90 years, and as confidence in the political leadership is being tested, the soaring value of an ancient commodity that serves as a hedge against political and financial dysfunction must give pause for thought. Is something about to break? INDEX ≠ ECONOMY. Last week, the S&P 500 returned to a level showing a positive return year-to-date and got within 40 points of its record high in late-February before COVID-19 sent markets into a tailspin mid-March. This happened as news broke that the U.S. economy contracted by an annualized rate of 32.9 percent in the second quarter. I feel like I should just end this item there. The juxtaposition is just so astounding. But we really should try to figure out how this could happen. Thankfully, Bloomberg contributor Barry Ritholtz has a column that lays out “Why Markets Don’t Seem to Care If the Economy Stinks.” His argument: market capitalization weightings within indexes such as the S&P are skewed toward a few key industries that are making an inordinate amount of money – especially technology – while those that reflect the COVID-devastated mainstream economy (e.g. retail and travel) occupy a tiny place within the indexes. He’s not arguing that things are great, but that we put too much meaning in indexes beyond the investment story they tell. Despite the habits of journalists over the decades, and despite the current U.S. president’s predilection for equating stock market rallies as a sign of economic strength, the experiences of Wall Street and Main Street are very divergent. That wouldn’t be a political issue per se, except that, in the current fiat system, the former absorbs far more benefit from monetary stimulus than the latter. COVID COLLATERAL. Caitlin Long, founder of Avanti Bank and advocate for Wyoming as a blockchain jurisdiction, is everywhere these days. Here she is as the co-author of a recent paper published by the International Monetary Fund, along with Charles Kahn, Professor Emeritus at the University of Illinois at Urbana-Champaign and IMF senior economist Manmohan Singh. They focus on the payment system efficiencies that could arise from having capital that would otherwise be tied up in bank reserves and deposits used as collateral to back tradable crypto tokens. The bit that stands out: the idea that the trillions in dollars in reserves that central banks have created as a result of their COVID-19 stimulus efforts are now crying out for this kind of treatment. Relevant reads Goldman Sachs Eyes Token as Bank Appoints Head of Digital Assets . A couple of months ago, Goldman Sachs was out there pooh-poohing bitcoin , telling an investor call that bitcoin and cryptocurrencies are not an asset class. Three months later and the Wall Street bellwether is taking a very much more nuanced position. It’s keen on the technology underlying cryptocurrencies and has hired a head of digital assets to explore a Goldman-issued token. Paddy Baker reports. TikTok and the Great Firewall of America . Missing the forest for the trees. That’s the impression one gets of the Trump Administration’s attack on Chinese-owned TikTok from this piece by Global Macro and Policy Editor Emily Parker. With the U.S. government now banning the social sharing app and Tencent’s WeChat service, Parker calls out hypocrisy. Concerns about data abuses by the Chinese government ignore the fact that U.S. companies are exploiting our data every day. ‘Crypto Instagram’ Is Becoming a Thing, Scams and All . If TikTok goes away in the U.S., expect many of that platform’s stars to migrate to Instagram. Be wary, though. As Leigh Cuen discovered, the Facebook-owned social media network is already a magnet for crypto scammers. It’s not just Twitter – fraudsters will thrive anywhere. US Lawmakers Don’t Want Proof-of-Stake Networks to Get Overtaxed . With Ethereum 2.0 on the horizon, the business of token-staking is poised to get bigger. Inevitably, this hard-to-pigeonhole new means of earning crypto income will raise questions from lawyers on how it should be treated for tax purposes. As we’ve seen in past crypto developments, a lack of understanding in Congress runs the risk of prompting regulatory over-reaction. So it’s pleasing to see that, as Nikhilesh De reports, a group of crypto-savvy lawmakers are trying to get ahead of that and prevent the risk of overtaxing. Social Engineering: A Plague on Crypto and Twitter, Unlikely to Stop . One silver lining to the massive Twitter hack last month is that it shed a light on how the real vulnerability in cybersecurity lies not with technology but with people. The crypto community is especially vulnerable, given the temptation that tokens represent to hackers. So, don’t miss this very useful explainer on these so-called social engineering attacks from Benjamin Powers and Nikhilesh De. Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork . You might call it Bitcoin’s Y2K moment. Don’t worry, it won’t kick in until the year 2106, but this bug will kill the protocol if the community doesn’t agree to a hard fork in the code to fix it. But Alyssa Hertig’s great write-up of this particular problem is really valuable. It’s a great window into the challenges that open-source crypto communities face in coordinating hard forks and, specifically, into the issue of “protocol ossification” – the idea that the bigger the network becomes the harder it is to make code changes. Related Stories Money Reimagined: Warnings From an Argentine Tragedy Money Reimagined: Warnings From an Argentine Tragedy || Money Reimagined: Warnings From an Argentine Tragedy: I attribute my early interest in bitcoin to my six years as a correspondent in Argentina.
The lesson I took from that country’s repeated financial meltdowns is that any fiat monetary system requires a bedrock of trust in the nation’s governing institutions. When people don’t trust their government, the system is always prone to collapse.
It wasn’t until I discoveredbitcoin, four years after my 2009 departure from Buenos Aires, that I understood this clearly. I’d been well aware of Argentines’ lack of trust in government – the local commentariat endlessly talked of their leaders’ corruption. But only after learning of how bitcoin’s decentralized cryptographic protocol allowed users to transactwithouthaving to trust centralized intermediaries did I see the connection between that trust deficit and Argentina’s financial dysfunction.
Related:The Fourth Era of Blockchain Governance
You’re readingMoney Reimagined, a weekly look at the technological, economic and social events and trends that are redefining our relationship with money and transforming the global financial system. You can subscribe to this and all of CoinDesk’snewsletters here.
Argentina is by no means alone in this problem. But as its governmentfinalizes yet another bond restructuringdeal with investors, this time to write down $65 billion in foreign debt, and with its perpetually volatile economy facingits worst contraction ever, it’s worth exploring this more deeply.
Now, more than ever, Argentina’s failures offer a cautionary tale, especially for the U.S. And with speculation growing over changes to the global financial system, cryptocurrency and blockchain models could help us design systems more resilient to this kind of failure.
Note, this isnota “bitcoin fixes this” essay. Believing that bitcoin alone will save all Argentines – or Turks, Venezuelans or Filipinos – is, as Coinshares Chief Strategy Officer Meltem Demirorsnoted this week, naive and offensive. This hard-to-use technology is no silver bullet for the root causes of economic destitution.
Related:
Nonetheless, bitcoin’s decentralized blockchain-based system for exchange and record-keeping is a valuable frame of reference for assessing existing monetary governance and for thinking about alternatives. To paraphrase Marc Hochstein, CoinDesk’s executive editor (and last week’s replacement author of this newsletter), “blockchain doesn’t have all the answers, but it asks the right questions.”
To understand how Argentina’s financial system failed and the potential of a decentralized alternative, we must first review the history of money itself, the power structures it fosters, and the friction it creates.
For the past 5,000 years, money has been closely associated with the idea of “the sovereign,” by which we essentially mean “the ruler.” Different communities have used different currencies – from wampum in the early American colonies to cigarettes in prisons – but it’s the ones issued by monarchs and state governments that dominate. That’s because of the sovereign’s unique power to mandate which currencies are legal tender and accepted in payment of taxes.
In the 20th century, as the nation-state became entrenched as the core realm of political power, national governments cemented their quasi-monopolies as issuers of legal tender currencies. This was done in coordination with banks, to which they granted exclusive access to central bank reserves, treating them as agents for generating, distributing and circulating money.
But while governments and their agent bankers could guarantee their currency’s dominance, they couldn’t control its value among users, who always found ways to sell an unwanted national currency for something of more lasting value: gold, or foreign currencies, or goods they’d stockpile before inflation eroded their purchasing power. They would seek fiat alternatives when governments exploited their unique currency-issuing powers to pursue their own self interests.
Rigidly fixed currency regimes, such as the gold standard or Argentina’s 1990s dollar-pegged currency board, offer some protection against that risk. They’re intended as a policy straitjacket to prevent a government from abusing its citizens’ trust.
Yet, the state’s power ultimately supersedes this straitjacket, as President Richard Nixon demonstrated by abandoning the dollar’s gold peg in 1971 and as Argentine President Eduardo Duhalde did by ending the Argentine peso’s dollar peg in 2001. Sovereign power is absolute.
Let’s learn from Argentina’s tragedy to design a universal system that crowns the ‘sovereign self.’
At the end of the day, a currency’s viability hinges on the degree of trust people hold in their government. One could argue the United States’ relatively solid economic performance since 1971 and Argentina’s disastrous experiences over the same period reflect the comparative degree of institutional trust in each country’s system of government. (One could also argue the distinction between the two countries has narrowed dramatically in recent times.)
In Argentina, the trust breakdown manifests as financial and economic volatility, much like anywhere else that’s prone to such boom-bust cycles.
Such countries’ financial systems serve the interests of speculators, not their people. Short-sellers swarm in to sell stocks and bonds during a downturn, prompting governments to take drastic measures to stem the outflow of funds – such as the many times Argentina has limited bank withdrawals and transfers in failed bids to protect the peso, only to paralyze its payments system. Eventually, the country’s assets reach oversold levels – when a deal is done with bondholders, for example – which is when speculators return as “vulture funds” buying “distressed debt” to ride the inevitable rebound. It’s a dirty game, but they’re not the root of the problem. This system stems from an original sin: the government’s breach of its people’s trust.
Unlike many hard-money bitcoiners, I don’t think the answer to these problems is to impose a hard limit on money supply.
I’m not saying bitcoin isn’t valuable; on the contrary, its strict issuance regime gives it “digital gold” qualities that offer a powerful hedge against breaches of governmental trust. It’s just that deflationary currencies, as Argentina’s 1990s currency board showed, often serve solely the interests of savers. In times of economic contraction, economies need money that consumers and investors will put to work rather than HODL. (I see Crypto Twitter’s rage tweets coming at me already.)
What solution, then, do bitcoin and other blockchain solutions offer to the “Argentine problem?” It lies, I think, in their radical new model of governance, one that turns the trust problem over to an open-source algorithm whose rules are defined by a permissionless network, a system whose rules Nixon could never have overridden. It’s not, per se, that bitcoin’s rules project a fixed 21-million coin supply 100 years from now, but that the rules themselves – whatever the community agrees to – cannot be changed by a centralized power.
What we’re talking about is a different concept of “the sovereign.” This is about not having to trust Richard Nixon, Eduardo Duhalde, the Federal Reserve’s Jerome Powell or Jamie Dimon of JPMorgan. It’s about empowering us to choose what currency or system we want for our wellbeing or to exchange value with others.
Whether we choose bitcoin, the dollar, gold, a stablecoin, or some other blockchain model, what most matters is the very freedom to choose. We need a system of choice that leaves those in power beholden to the choices of the individuals they deign to rule.
Amid so much discussion about the future of the financial system,with even Goldman Sachs questioning the future of the dollar’s hegemony, let’s learn from Argentina’s tragedy to design a universal system that crowns the “sovereign self.”
By Galen Moore, CoinDesk Senior Research Analyst
The world got a demonstration of bitcoin’s transparency recently, when a hacker took over the Twitter accounts of powerful individuals and companies, and used them to solicit bitcoin with a scam charity appeal. Crypto forensics experts and analysts, CoinDesk included, watched the hacker’s funds, analyzing their sources and where they were transferred.
So-called privacy coins aim to shield crypto transactions from that kind of scrutiny. Three of them –dash,moneroandzcash– feature in theCoinDesk 20, a list of assets that show consistent market impact via consecutive quarters of verifiable trading volume.
Bitcoin is the highest-volume asset in the CoinDesk 20 and the next-most heavily traded assets often exceed it in returns. This past week’s run-up is no exception. The privacy coins are standouts, in that their volumes are often in the bottom half of the ranking, but two out of the three are in the top five by returns, year-to-date.
There’s little evidence the Twitter hack drove particular interest in privacy coins, but so far in 2020, the three coins with a privacy value proposition have punched above their weight. CoinDesk Research’sJuly Reviewhas more on privacy coin volatility and correlations. We’ll continue tracking these projects over the summer.
GOLDEN MOMENT.The crypto world got excited this week by a resurgence in bitcoin and ether prices. As we went to print, BTC was testing $12,000 with a shot at its levels not seen since the great boom-bust of 2017-2018, andETH, following a massive run-up from a bottom around $80 in early May, was toying with $400 and trading at its loftiest level since this time two years ago. But for the “normies,” surely this week’s historic market story belonged to gold. The price of the precious metalreached its highest level ever this week, surpassing $2,000 per ounce.
This is a big deal, people. I’m no gold bug. I believe bitcoin is a better substitute for scarcity in the digital age and I think a functional currency should have malleability in its supply function, which neither bitcoin or gold offers. But, please, have some respect for gold. Its cultural value has lasted longer than any language, religion or ideology. It’s the ore from which kings through the ages minted their coins, the shiny substance that permeates our children’s fables, the alluring mineral that fueled the conquest of the Americas. There’s no magical meaning to the $2,000 level but let’s recognize the wisdom of the crowd that drove this run-up. Amid the most extreme downturn in the global economy for 90 years, and as confidence in the political leadership is being tested, the soaring value of an ancient commodity that serves as a hedge against political and financial dysfunction must give pause for thought. Is something about to break?
INDEX ≠ ECONOMY.Last week, the S&P 500 returned to a level showing a positive return year-to-date and got within 40 points of its record high in late-February before COVID-19 sent markets into a tailspin mid-March. This happened as news broke that the U.S. economy contracted by an annualized rate of 32.9 percent in the second quarter.
I feel like I should just end this item there. The juxtaposition is just so astounding. But we really should try to figure out how this could happen. Thankfully, Bloomberg contributor Barry Ritholtz has a column that lays out“Why Markets Don’t Seem to Care If the Economy Stinks.”His argument: market capitalization weightings within indexes such as the S&P are skewed toward a few key industries that are making an inordinate amount of money – especially technology – while those that reflect the COVID-devastated mainstream economy (e.g. retail and travel) occupy a tiny place within the indexes. He’s not arguing that things are great, but that we put too much meaning in indexes beyond the investment story they tell. Despite the habits of journalists over the decades, and despite the current U.S. president’s predilection for equating stock market rallies as a sign of economic strength, the experiences of Wall Street and Main Street are very divergent. That wouldn’t be a political issue per se, except that, in the current fiat system, the former absorbs far more benefit from monetary stimulus than the latter.
COVID COLLATERAL.Caitlin Long, founder of Avanti Bank and advocate for Wyoming as a blockchain jurisdiction, is everywhere these days.Here she is as the co-author of a recent paperpublished by the International Monetary Fund, along with Charles Kahn, Professor Emeritus at the University of Illinois at Urbana-Champaign and IMF senior economist Manmohan Singh. They focus on the payment system efficiencies that could arise from having capital that would otherwise be tied up in bank reserves and deposits used as collateral to back tradable crypto tokens. The bit that stands out: the idea that the trillions in dollars in reserves that central banks have created as a result of their COVID-19 stimulus efforts are now crying out for this kind of treatment.
Goldman Sachs Eyes Token as Bank Appoints Head of Digital Assets. A couple of months ago, Goldman Sachs wasout there pooh-poohing bitcoin, telling an investor call that bitcoin and cryptocurrencies are not an asset class. Three months later and the Wall Street bellwether is taking a very much more nuanced position. It’s keen on the technology underlying cryptocurrencies and has hired a head of digital assets to explore a Goldman-issued token. Paddy Baker reports.
TikTok and the Great Firewall of America. Missing the forest for the trees. That’s the impression one gets of the Trump Administration’s attack on Chinese-owned TikTok from this piece by Global Macro and Policy Editor Emily Parker. With the U.S. government now banning the social sharing app and Tencent’s WeChat service, Parker calls out hypocrisy. Concerns about data abuses by the Chinese government ignore the fact that U.S. companies are exploiting our data every day.
‘Crypto Instagram’ Is Becoming a Thing, Scams and All. If TikTok goes away in the U.S., expect many of that platform’s stars to migrate to Instagram. Be wary, though. As Leigh Cuen discovered, the Facebook-owned social media network is already a magnet for crypto scammers. It’s not just Twitter – fraudsters will thrive anywhere.
US Lawmakers Don’t Want Proof-of-Stake Networks to Get Overtaxed. With Ethereum 2.0 on the horizon, the business of token-staking is poised to get bigger. Inevitably, this hard-to-pigeonhole new means of earning crypto income will raise questions from lawyers on how it should be treated for tax purposes. As we’ve seen in past crypto developments, a lack of understanding in Congress runs the risk of prompting regulatory over-reaction. So it’s pleasing to see that, as Nikhilesh De reports, a group of crypto-savvy lawmakers are trying to get ahead of that and prevent the risk of overtaxing.
Social Engineering: A Plague on Crypto and Twitter, Unlikely to Stop. One silver lining to the massive Twitter hack last month is that it shed a light on how the real vulnerability in cybersecurity lies not with technology but with people. The crypto community is especially vulnerable, given the temptation that tokens represent to hackers. So, don’t miss this very useful explainer on these so-called social engineering attacks from Benjamin Powers and Nikhilesh De.
Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork. You might call it Bitcoin’s Y2K moment. Don’t worry, it won’t kick in until the year 2106, but this bug will kill the protocol if the community doesn’t agree to a hard fork in the code to fix it. But Alyssa Hertig’s great write-up of this particular problem is really valuable. It’s a great window into the challenges that open-source crypto communities face in coordinating hard forks and, specifically, into the issue of “protocol ossification” – the idea that the bigger the network becomes the harder it is to make code changes.
• Money Reimagined: Warnings From an Argentine Tragedy
• Money Reimagined: Warnings From an Argentine Tragedy || Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage: The Federal Reserve is rushing ahead with its payments platform, Russia’s largest bank is going in on blockchain and so is Goldman Sachs.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Fed Now!The Federal Reserve is working to get its FedNow payments platform up and running. Board Governor Lael Brainard said the U.S. central bank will debut its instant payment service“as soon as practically possible,”in 2023 or 2024. FedNow is being developed in response to private-sector, real-time, gross settlement initiatives. “By creating that neutral platform, banks in partnership with these other companies will be able to offer much more innovation services, services that we may not even be imagining,” Brainard said.
Related:First Mover: Bitcoin Hits $12K as Trump Orders Checks for Unemployed (Voters)
Banking CoinsSberbank, Russia’s biggest consumer bank, is launching ablockchain platform built on Hyperledger Fabric and mulling a stablecoin.The blockchain will be used for trade finance and potentially other existing lines of business. It’s an open system, with other banks or tech companies able to spin up nodes and build their own smart contracts. Anatoly Popov, Sberbank’s deputy chair, was quoted Wednesday saying the bank hopes to launch a ruble-backed stablecoin. The bank is waiting for a new digital assets law to come into force in January 2021, and after that will make the final decision. In similar news, Binance’sUSD stablecoin has been green-lightedby New York’s financial watchdog for use by banks and other financial institutions.
Funding the FutureOKCoin isawarding its largest individual grantyet to Bitcoin Core maintainer Marco Falke, the second-most prolific contributor in the software’s history. Awarded an Independent Developer Grant, “equivalent of a developer salary for the year,” Falke will continue maintaining the code base, help organize geographically dispersed developers and ensure updates are merged. “I am proud to see what Bitcoin Core is today and how everyone’s contributions shaped Bitcoin Core for the future,” he said. OKCoin has previously awarded grants to Bitcoin Core contributor Amiti Uttarwar and to open-source payment processor BTCPay.
All StarsDapper Labs raised another$12 million in a round led by five professional National Basketball Associationstars. Spencer Dinwiddie, Andre Iguodala, JaVale McGee, Aaron Gordon and Garrett Temple all invested along with Coinbase Ventures and existing partners Union Square Ventures and Andreessen Horowitz (a16z) Cultural Leadership Fund. The capital will be used for further development of blockchain games including the eventual launch of NBA Top Shot. “Sports are our most important vertical now,” Dapper Labs CEO Roham Gharegozlou said. To date, the firm has raised $51 million in seven rounds.
Exchange RaiseIDEX has raised$2.5 million to relaunch as a trading platformaccessible to market makers and algorithmic traders. The Ethereum-based hybrid exchange said Thursday the seed round cash – from G1 Ventures, Borderless Capital with other commits from Gnosis and Collider Ventures – would go to launching IDEX 2.0, a new, more liquid platform. The new exchange targets market makers, algorithmic and high-frequency traders. IDEX’s creator, Panama-based Aurora Labs, raised a $6 million ICO in early 2018.
• Japan’s new FSA chief stands firm on crypto regulation, calls forpush on digital yen.
• Upcoming crypto derivatives exchange Alpha5 raises more than $1.5 million in seed round. (The Block)
• OneCoin lawyers persuaded U.K.’s FCA to take down scam warning. (Decrypt)
• Uniswap sees 15-fold uptick in web traffic during DeFi boom. (Decrypt)
• The White House’s plan to purge Chinese tech from the internet is just bluster – for now. (The Verge)
Related:First Mover: Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars
Thursday, Goldman Sachs announced ithired a new global headto oversee its growing digit assets division.
Mathew McDermott, an internal hire,told CNBChe envisions a world where the entire financial system resides on distributed ledgers. What’s more, he sees this happening within the next decade.
“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain,” he said.
Tasked with preparing the bank for this imminent future, McDermott is doubling his team’s headcount and mulling the creation of the bank’s own “fiat digital token,” colloquially known as a stablecoin. He reportedly snagged one of JPMcoin’s architects from the rival firm.
While the news shows more than one Wall Street titan is thinking seriously about the commercial viability of blockchain, it’s also an inside look into the black boxes that banks have become.
“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,”Matt Taibbi wroteof the bank in the aftermath of the 2008 financial crisis.
Just a few months ago, aleaked slidedeckshowed Goldman analysts didn’t considerbitcoinand other cryptos investment grade. Now it seems the bellwether bank is keen on the underlying technology.
Goldman’s clients apparently ignored the bank’s own advice anyway. “We’ve definitely seen an uptick in interest across some of our institutional clients who are exploring how they can participate in this space,” McDermott said. “It definitely feels like there is a resurgence of interest in cryptocurrencies.”
Ether OptionTheetheroptions market is bustling, with open interestapproaching $400 million.“Open interest is now 2.5 times higher than it was just a few weeks ago, touching a new record,” noted Chris Thomas, head of digital assets for broker Swissquote. Approximately $351 million of this activity is on Netherlands-based platform Deribit. “There’s almost zero real institutional volume through these exchanges,” said Thomas. He indicated those using ether options are high-net-worth individuals or small cryptocurrency funds preparing for increased ETH volatility.
Not Baroque, RococoParity Technologies’ Polkadot has launched a testnet, Rococo, of theprotocol’s first parachain specification,according to a blog Thursday. Parachains underlie Parity Tech’s vision of a “protocol for protocols.” The Proof-of-Authority (PoA) network will enable three parachains attached to a “Substrate,” or a building kit for other blockchains to interoperate as a Polkadot parachain. This is the first test of this inter-blockchain communication.
Patronage Over ParsimonyNic Carter, a CoinDesk columnist and partner at Castle Island Ventures, thinksBitcoin’s unofficial and piecemeal system of funding developers is one of its strengths.“For those versed in the dynamics of open source, Bitcoin’s patronage system as a funding model should come as no surprise. Bitcoin works in ways that are not short-term expedient, but pay dividends in the final analysis. Of course, a protocol-derived pool of rewards with which to pay developers would have been much more convenient, but it would have completely undermined the political neutrality of the monetary system,” he writes.
History of Central BanksGeorge Selgin, director of the Cato Institute’s Center for Monetary and Financial Alternatives, joins The Breakdown towalk through the 200-year history of central banking.
• Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage
• Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage || Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage: The Federal Reserve is rushing ahead with its payments platform, Russia’s largest bank is going in on blockchain and so is Goldman Sachs.
You’re readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’snewsletters here.
Fed Now!The Federal Reserve is working to get its FedNow payments platform up and running. Board Governor Lael Brainard said the U.S. central bank will debut its instant payment service“as soon as practically possible,”in 2023 or 2024. FedNow is being developed in response to private-sector, real-time, gross settlement initiatives. “By creating that neutral platform, banks in partnership with these other companies will be able to offer much more innovation services, services that we may not even be imagining,” Brainard said.
Related:First Mover: Bitcoin Hits $12K as Trump Orders Checks for Unemployed (Voters)
Banking CoinsSberbank, Russia’s biggest consumer bank, is launching ablockchain platform built on Hyperledger Fabric and mulling a stablecoin.The blockchain will be used for trade finance and potentially other existing lines of business. It’s an open system, with other banks or tech companies able to spin up nodes and build their own smart contracts. Anatoly Popov, Sberbank’s deputy chair, was quoted Wednesday saying the bank hopes to launch a ruble-backed stablecoin. The bank is waiting for a new digital assets law to come into force in January 2021, and after that will make the final decision. In similar news, Binance’sUSD stablecoin has been green-lightedby New York’s financial watchdog for use by banks and other financial institutions.
Funding the FutureOKCoin isawarding its largest individual grantyet to Bitcoin Core maintainer Marco Falke, the second-most prolific contributor in the software’s history. Awarded an Independent Developer Grant, “equivalent of a developer salary for the year,” Falke will continue maintaining the code base, help organize geographically dispersed developers and ensure updates are merged. “I am proud to see what Bitcoin Core is today and how everyone’s contributions shaped Bitcoin Core for the future,” he said. OKCoin has previously awarded grants to Bitcoin Core contributor Amiti Uttarwar and to open-source payment processor BTCPay.
All StarsDapper Labs raised another$12 million in a round led by five professional National Basketball Associationstars. Spencer Dinwiddie, Andre Iguodala, JaVale McGee, Aaron Gordon and Garrett Temple all invested along with Coinbase Ventures and existing partners Union Square Ventures and Andreessen Horowitz (a16z) Cultural Leadership Fund. The capital will be used for further development of blockchain games including the eventual launch of NBA Top Shot. “Sports are our most important vertical now,” Dapper Labs CEO Roham Gharegozlou said. To date, the firm has raised $51 million in seven rounds.
Exchange RaiseIDEX has raised$2.5 million to relaunch as a trading platformaccessible to market makers and algorithmic traders. The Ethereum-based hybrid exchange said Thursday the seed round cash – from G1 Ventures, Borderless Capital with other commits from Gnosis and Collider Ventures – would go to launching IDEX 2.0, a new, more liquid platform. The new exchange targets market makers, algorithmic and high-frequency traders. IDEX’s creator, Panama-based Aurora Labs, raised a $6 million ICO in early 2018.
• Japan’s new FSA chief stands firm on crypto regulation, calls forpush on digital yen.
• Upcoming crypto derivatives exchange Alpha5 raises more than $1.5 million in seed round. (The Block)
• OneCoin lawyers persuaded U.K.’s FCA to take down scam warning. (Decrypt)
• Uniswap sees 15-fold uptick in web traffic during DeFi boom. (Decrypt)
• The White House’s plan to purge Chinese tech from the internet is just bluster – for now. (The Verge)
Related:First Mover: Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars
Thursday, Goldman Sachs announced ithired a new global headto oversee its growing digit assets division.
Mathew McDermott, an internal hire,told CNBChe envisions a world where the entire financial system resides on distributed ledgers. What’s more, he sees this happening within the next decade.
“In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain,” he said.
Tasked with preparing the bank for this imminent future, McDermott is doubling his team’s headcount and mulling the creation of the bank’s own “fiat digital token,” colloquially known as a stablecoin. He reportedly snagged one of JPMcoin’s architects from the rival firm.
While the news shows more than one Wall Street titan is thinking seriously about the commercial viability of blockchain, it’s also an inside look into the black boxes that banks have become.
“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,”Matt Taibbi wroteof the bank in the aftermath of the 2008 financial crisis.
Just a few months ago, aleaked slidedeckshowed Goldman analysts didn’t considerbitcoinand other cryptos investment grade. Now it seems the bellwether bank is keen on the underlying technology.
Goldman’s clients apparently ignored the bank’s own advice anyway. “We’ve definitely seen an uptick in interest across some of our institutional clients who are exploring how they can participate in this space,” McDermott said. “It definitely feels like there is a resurgence of interest in cryptocurrencies.”
Ether OptionTheetheroptions market is bustling, with open interestapproaching $400 million.“Open interest is now 2.5 times higher than it was just a few weeks ago, touching a new record,” noted Chris Thomas, head of digital assets for broker Swissquote. Approximately $351 million of this activity is on Netherlands-based platform Deribit. “There’s almost zero real institutional volume through these exchanges,” said Thomas. He indicated those using ether options are high-net-worth individuals or small cryptocurrency funds preparing for increased ETH volatility.
Not Baroque, RococoParity Technologies’ Polkadot has launched a testnet, Rococo, of theprotocol’s first parachain specification,according to a blog Thursday. Parachains underlie Parity Tech’s vision of a “protocol for protocols.” The Proof-of-Authority (PoA) network will enable three parachains attached to a “Substrate,” or a building kit for other blockchains to interoperate as a Polkadot parachain. This is the first test of this inter-blockchain communication.
Patronage Over ParsimonyNic Carter, a CoinDesk columnist and partner at Castle Island Ventures, thinksBitcoin’s unofficial and piecemeal system of funding developers is one of its strengths.“For those versed in the dynamics of open source, Bitcoin’s patronage system as a funding model should come as no surprise. Bitcoin works in ways that are not short-term expedient, but pay dividends in the final analysis. Of course, a protocol-derived pool of rewards with which to pay developers would have been much more convenient, but it would have completely undermined the political neutrality of the monetary system,” he writes.
History of Central BanksGeorge Selgin, director of the Cato Institute’s Center for Monetary and Financial Alternatives, joins The Breakdown towalk through the 200-year history of central banking.
• Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage
• Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage || Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage: The Federal Reserve is rushing ahead with its payments platform, Russia’s largest bank is going in on blockchain and so is Goldman Sachs. You’re reading Blockchain Bites , the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here . Top shelf Fed Now! The Federal Reserve is working to get its FedNow payments platform up and running. Board Governor Lael Brainard said the U.S. central bank will debut its instant payment service “as soon as practically possible,” in 2023 or 2024. FedNow is being developed in response to private-sector, real-time, gross settlement initiatives. “By creating that neutral platform, banks in partnership with these other companies will be able to offer much more innovation services, services that we may not even be imagining,” Brainard said. Related: First Mover: Bitcoin Hits $12K as Trump Orders Checks for Unemployed (Voters) Banking Coins Sberbank, Russia’s biggest consumer bank, is launching a blockchain platform built on Hyperledger Fabric and mulling a stablecoin. The blockchain will be used for trade finance and potentially other existing lines of business. It’s an open system, with other banks or tech companies able to spin up nodes and build their own smart contracts. Anatoly Popov, Sberbank’s deputy chair, was quoted Wednesday saying the bank hopes to launch a ruble-backed stablecoin. The bank is waiting for a new digital assets law to come into force in January 2021, and after that will make the final decision. In similar news, Binance’s USD stablecoin has been green-lighted by New York’s financial watchdog for use by banks and other financial institutions. Funding the Future OKCoin is awarding its largest individual grant yet to Bitcoin Core maintainer Marco Falke, the second-most prolific contributor in the software’s history. Awarded an Independent Developer Grant, “equivalent of a developer salary for the year,” Falke will continue maintaining the code base, help organize geographically dispersed developers and ensure updates are merged. “I am proud to see what Bitcoin Core is today and how everyone’s contributions shaped Bitcoin Core for the future,” he said. OKCoin has previously awarded grants to Bitcoin Core contributor Amiti Uttarwar and to open-source payment processor BTCPay. All Stars Dapper Labs raised another $12 million in a round led by five professional National Basketball Association stars. Spencer Dinwiddie, Andre Iguodala, JaVale McGee, Aaron Gordon and Garrett Temple all invested along with Coinbase Ventures and existing partners Union Square Ventures and Andreessen Horowitz (a16z) Cultural Leadership Fund. The capital will be used for further development of blockchain games including the eventual launch of NBA Top Shot. “Sports are our most important vertical now,” Dapper Labs CEO Roham Gharegozlou said. To date, the firm has raised $51 million in seven rounds. Story continues Exchange Raise IDEX has raised $2.5 million to relaunch as a trading platform accessible to market makers and algorithmic traders. The Ethereum-based hybrid exchange said Thursday the seed round cash – from G1 Ventures, Borderless Capital with other commits from Gnosis and Collider Ventures – would go to launching IDEX 2.0, a new, more liquid platform. The new exchange targets market makers, algorithmic and high-frequency traders. IDEX’s creator, Panama-based Aurora Labs, raised a $6 million ICO in early 2018. Quick bites Japan’s new FSA chief stands firm on crypto regulation, calls for push on digital yen . Upcoming crypto derivatives exchange Alpha5 raises more than $1.5 million in seed round. ( The Block ) OneCoin lawyers persuaded U.K.’s FCA to take down scam warning. ( Decrypt ) Uniswap sees 15-fold uptick in web traffic during DeFi boom. ( Decrypt ) The White House’s plan to purge Chinese tech from the internet is just bluster – for now. ( The Verge ) At stake Related: First Mover: Kyber CEO Predicts 2020 Transactions at $3B as DeFi Token Soars Thursday, Goldman Sachs announced it hired a new global head to oversee its growing digit assets division. Mathew McDermott, an internal hire, told CNBC he envisions a world where the entire financial system resides on distributed ledgers. What’s more, he sees this happening within the next decade. “In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain,” he said. Tasked with preparing the bank for this imminent future, McDermott is doubling his team’s headcount and mulling the creation of the bank’s own “fiat digital token,” colloquially known as a stablecoin. He reportedly snagged one of JPMcoin’s architects from the rival firm. While the news shows more than one Wall Street titan is thinking seriously about the commercial viability of blockchain, it’s also an inside look into the black boxes that banks have become. “The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money,” Matt Taibbi wrote of the bank in the aftermath of the 2008 financial crisis. Just a few months ago, a leaked slidedeck showed Goldman analysts didn’t consider bitcoin and other cryptos investment grade. Now it seems the bellwether bank is keen on the underlying technology. Goldman’s clients apparently ignored the bank’s own advice anyway. “We’ve definitely seen an uptick in interest across some of our institutional clients who are exploring how they can participate in this space,” McDermott said. “It definitely feels like there is a resurgence of interest in cryptocurrencies.” Market intel Ether Option The ether options market is bustling, with open interest approaching $400 million. “Open interest is now 2.5 times higher than it was just a few weeks ago, touching a new record,” noted Chris Thomas, head of digital assets for broker Swissquote. Approximately $351 million of this activity is on Netherlands-based platform Deribit. “There’s almost zero real institutional volume through these exchanges,” said Thomas. He indicated those using ether options are high-net-worth individuals or small cryptocurrency funds preparing for increased ETH volatility. Tech pod Not Baroque, Rococo Parity Technologies’ Polkadot has launched a testnet, Rococo, of the protocol’s first parachain specification, according to a blog Thursday. Parachains underlie Parity Tech’s vision of a “protocol for protocols.” The Proof-of-Authority (PoA) network will enable three parachains attached to a “Substrate,” or a building kit for other blockchains to interoperate as a Polkadot parachain. This is the first test of this inter-blockchain communication. Op-ed Patronage Over Parsimony Nic Carter, a CoinDesk columnist and partner at Castle Island Ventures, thinks Bitcoin’s unofficial and piecemeal system of funding developers is one of its strengths. “For those versed in the dynamics of open source, Bitcoin’s patronage system as a funding model should come as no surprise. Bitcoin works in ways that are not short-term expedient, but pay dividends in the final analysis. Of course, a protocol-derived pool of rewards with which to pay developers would have been much more convenient, but it would have completely undermined the political neutrality of the monetary system,” he writes. Podcast corner History of Central Banks George Selgin, director of the Cato Institute’s Center for Monetary and Financial Alternatives, joins The Breakdown to walk through the 200-year history of central banking. Who won #CryptoTwitter? Related Stories Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage Blockchain Bites: Goldman’s Hire, Ether’s Options, Bitcoin’s Patronage View comments || What Can Blockchain Really Do for Advertising? A Perfect Use Case With SaTT: In a highly competitive and rapidly digitizing business ecosystem, advertising plays a major role in a brand’s success. So much so, thataccording to MarketingDive, global ad spending was expected to grow at 5%, reaching $600 billion by the end of 2019, nearly half of which was to come from digital ads.
Apart from the direct use of technology, the boom in social media has significantly contributed to this growth. After all, advertisement is all about getting a brand in front of people: the more targeted, the better. With an expected3.43 billion global user base by 2023, social media platforms are some of the best resources to do so.
But despite rapid growth and rising importance, there are dark sides to traditional models of advertising.
The Pitfalls of Traditional Advertising
According to Juniper Research, by 2020 marketers around the world could be losing around $44 billion to ad frauds — by far, the biggest problem with traditional advertising. This is largely due to the fact that the industry is highly centralized and opaque.
Advertising agencies often act as intermediaries between advertisers and their audiences. Often, advertisers have to pay a hefty initial fee and a monthly subscription for running their advertisements. The advertiser has very little to no control over where their ads are placed or who clicks on them. Consequently, they bear the cost of the agency’s ineffective placement, while the overall advertising cost also ends up being significantly high.
While social media is a major space for running ad campaigns, traditional methods do not encourage the platforms’ users to participate. The end-users of social media are seen merely as consumers and not contributors. To a great extent, this limits the scope of ad campaigns on platforms that mostly run on user-generated content.
The Promise of Decentralized Advertising
Most of the shortcomings of traditional advertising are due to the industry’s centralized nature. In this context, Distributed Ledger Technology, especiallyblockchain, enables a more user-centric approach to advertising.
In blockchain advertising, advertisers can directly interact with end-users who, in turn, can contribute and monetize content and efforts towards an ad campaign. Before trying to understand this better with an example, let’s briefly outline the main benefits of using blockchain for advertising.
First, the elimination of intermediaries results in reduced costs. Usually, a major share of ad spending pays for the fee and other charges of the intermediaries. By using blockchain, advertisers don’t need to rank high on Google, alleviating the vicious cycle of having to consistently invest time and money into ranking high on Google search. In turn, this also significantly widens the scope as advertisers are no more dependent solely on certain agencies or oligarchies.
Second, with blockchain’s inherent transparency and security features (such as smart contracts), it’s possible to reinstate the consumer’s trust in advertising. Most importantly, this makes ad fraud virtually impossible, while making the industry more accountable as a whole.
Third, in blockchain advertising, consumers have complete control over the data that they share with advertisers. Further, blockchain technology ensures that advertisers cannot use this data in any other way than what has been previously agreed upon.
A Perfect Blockchain Advertising Case Study: The SaTT Platform
TheSaTTsolution was developed byAtayen, Incand is an Ethereum-based platform that uses smart contracts and an ERC20 token to facilitate advertisements transactions. Apart from safe, instant, and automated transactions, the decentralized platform employs robust applications to transparently quantify campaign results.
Using this incentivized platform, advertisers can launch campaigns in which other users can participate by sharing related content on their social networks. In return, they are rewarded with pre-determined SaTT tokens, which are based on several KPIs such as views, likes, and shares.
All users on the application are eligible to apply to promote a product or service they like and get rewarded in SaTT tokens and play the role of an influencer.
As companies are very attentive to their most engaged followers on social networks, SaTT is positioning itself as a revolutionary solution to reward them and considerably increase a company's exposure on social networks, without depending on a centralized entity.
Centralization, opacity, and high costs are some of the major problems with traditional advertising. Also, there’s a serious lack of user participation. Using blockchain technology, innovative startups are coming up with innovative solutions to these problems, ultimately helping revolutionize advertising.
As any user with a substantial social network following can create and monetize content for ad campaigns, these blockchain-based platforms also enable a paradigm shift in influencer marketing.
Disclaimer: Please consult your financial advisor before investing in any cryptocurrencies as they are volatile and pose risks for the average investor. This post is informational in nature and does not constitute financial advice. The writer of this article does not hold and has never held any position in SaTT.
See more from Benzinga
• Digitex Launches Commission-Free Bitcoin Futures Trading
• The Top 10 DeFi Projects To Watch In The Second Half Of 2020
• If Blockchain Can't Serve Gamers, It's Useless
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || What Can Blockchain Really Do for Advertising? A Perfect Use Case With SaTT: In a highly competitive and rapidly digitizing business ecosystem, advertising plays a major role in a brand’s success. So much so, that according to MarketingDive , global ad spending was expected to grow at 5%, reaching $600 billion by the end of 2019, nearly half of which was to come from digital ads. Apart from the direct use of technology, the boom in social media has significantly contributed to this growth. After all, advertisement is all about getting a brand in front of people: the more targeted, the better. With an expected 3.43 billion global user base by 2023 , social media platforms are some of the best resources to do so. But despite rapid growth and rising importance, there are dark sides to traditional models of advertising. The Pitfalls of Traditional Advertising According to Juniper Research , by 2020 marketers around the world could be losing around $44 billion to ad frauds — by far, the biggest problem with traditional advertising. This is largely due to the fact that the industry is highly centralized and opaque. Advertising agencies often act as intermediaries between advertisers and their audiences. Often, advertisers have to pay a hefty initial fee and a monthly subscription for running their advertisements. The advertiser has very little to no control over where their ads are placed or who clicks on them. Consequently, they bear the cost of the agency’s ineffective placement, while the overall advertising cost also ends up being significantly high. While social media is a major space for running ad campaigns, traditional methods do not encourage the platforms’ users to participate. The end-users of social media are seen merely as consumers and not contributors. To a great extent, this limits the scope of ad campaigns on platforms that mostly run on user-generated content. The Promise of Decentralized Advertising Most of the shortcomings of traditional advertising are due to the industry’s centralized nature. In this context, Distributed Ledger Technology, especially blockchain , enables a more user-centric approach to advertising. Story continues In blockchain advertising, advertisers can directly interact with end-users who, in turn, can contribute and monetize content and efforts towards an ad campaign. Before trying to understand this better with an example, let’s briefly outline the main benefits of using blockchain for advertising. First, the elimination of intermediaries results in reduced costs. Usually, a major share of ad spending pays for the fee and other charges of the intermediaries. By using blockchain, advertisers don’t need to rank high on Google, alleviating the vicious cycle of having to consistently invest time and money into ranking high on Google search. In turn, this also significantly widens the scope as advertisers are no more dependent solely on certain agencies or oligarchies. Second, with blockchain’s inherent transparency and security features (such as smart contracts), it’s possible to reinstate the consumer’s trust in advertising. Most importantly, this makes ad fraud virtually impossible, while making the industry more accountable as a whole. Third, in blockchain advertising, consumers have complete control over the data that they share with advertisers. Further, blockchain technology ensures that advertisers cannot use this data in any other way than what has been previously agreed upon. A Perfect Blockchain Advertising Case Study: The SaTT Platform The SaTT solution was developed by Atayen, Inc and is an Ethereum-based platform that uses smart contracts and an ERC20 token to facilitate advertisements transactions. Apart from safe, instant, and automated transactions, the decentralized platform employs robust applications to transparently quantify campaign results. Using this incentivized platform, advertisers can launch campaigns in which other users can participate by sharing related content on their social networks. In return, they are rewarded with pre-determined SaTT tokens, which are based on several KPIs such as views, likes, and shares. All users on the application are eligible to apply to promote a product or service they like and get rewarded in SaTT tokens and play the role of an influencer. As companies are very attentive to their most engaged followers on social networks, SaTT is positioning itself as a revolutionary solution to reward them and considerably increase a company's exposure on social networks, without depending on a centralized entity. Centralization, opacity, and high costs are some of the major problems with traditional advertising. Also, there’s a serious lack of user participation. Using blockchain technology, innovative startups are coming up with innovative solutions to these problems, ultimately helping revolutionize advertising. As any user with a substantial social network following can create and monetize content for ad campaigns, these blockchain-based platforms also enable a paradigm shift in influencer marketing. Disclaimer: Please consult your financial advisor before investing in any cryptocurrencies as they are volatile and pose risks for the average investor. This post is informational in nature and does not constitute financial advice. The writer of this article does not hold and has never held any position in SaTT. See more from Benzinga Digitex Launches Commission-Free Bitcoin Futures Trading The Top 10 DeFi Projects To Watch In The Second Half Of 2020 If Blockchain Can't Serve Gamers, It's Useless © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts: The California Energy Commission, the state’s primary energy policy and planning agency, is funding an experimental market for carbon-credit trading on a public blockchain. Under a plan announced Friday, demo digital tokens will be given to participating businesses that cut their carbon footprint by powering electric van sharing, said Eduardo Javier Muñoz, CEO of EVShare, a startup that’s now involved in the pilot through electric vehicle company Green Commuter. (EVShare is not a contractor with the Commission and the pilot is led by smart energy nonprofit Energy Coalition). If the pilot goes into production, the credits can be used to pay for electricity consumption, rides and services in the future. Mobility-related transactions will be recorded on the RSK blockchain, a smart contract-oriented platform that is similar to Ethereum but runs on top of the Bitcoin network. Transactions sent to a microgrid–a separate system from the city’s power grid–are being recorded by Community Electricity on the Energy Web Foundation’s blockchain. Related: 'Superman29' May Do Time: California Resident Pleads Guilty to Laundering Millions Using Illegal Bitcoin ATMs The market is part of a $20 million initiative that will track data related to solar panels, energy storage, electric vehicles and charging infrastructure in Bassett, an unincorporated community in Los Angeles County. The commission’s previously disclosed $9 million grant will cover nearly half the cost; Google, the University of California at Los Angeles and others are covering the remaining $11 million, according to EVShare. Read more: RSK Launches Interoperability Bridge Between Bitcoin and Ethereum The project aims to digitize carbon credit reporting, create opportunities for businesses to redeem credits and make electric vanpooling cheaper for Bassett residents, Muñoz said. “Today, carbon credit trading is not digitized,” he said. “It’s a very unconventional market … Now it will be easier to hold [credits] and trade them.” Story continues Related: IOV Labs Takes on Lightning Network With New Light Client It is rare for enterprise blockchain projects to use public networks , which are auditable by and open to all comers, instead of a private ledger restricted to authorized participants . Rarer still are enterprise experiments tied to Bitcoin; Ethereum has been the platform of choice for most corporates venturing into open-network territory . Green mind The Bassett initiative is the also latest attempt to streamline trading processes for carbon credits using blockchain record-keeping. In July, the InterWork Alliance announced that it was working on blockchain tools to prevent double-spending of carbon credits . The RSK blockchain will also register transactions between vehicles and solar panels, batteries and chargers. Records of their usage will be stored on-chain with the help of RIF, an identity product developed by RSK Labs, the startup that created the chain. The electric vans will be operated by Green Commuter. Phase 1 of the pilot included research and development, business collaboration and participation from the Bassett community. Phase 2, which the companies also announced Friday, will connect 50 houses to the solar grid over the course of two years, Muñoz said. Read more: Carbon Credits Have a Double-Spend Problem. This Microsoft-Backed Project Is Trying to Fix It Carbon credits permit companies to emit a certain amount of carbon dioxide and other greenhouse gases. Companies with unneeded carbon credits can sell them to other firms that emit more. EVShare aims to help 1,000 cities transition to a sustainable sharing economy over the next decade. The firm plans to connect solar home-energy systems with shared electric vans operated by Green Commuter . Excess energy is sold to a microgrid or used by households. UPDATE (July 7, 12:44 UTC): Because of inaccurate information initially provided by EVShare, an earlier version of this article incorrectly said the startup is leading the pilot; the nonprofit The Energy Coalition is, both organizations said. The article has also been updated to clarify that the carbon credits are not actually redeemable, just demos; that the pilot is connected to a microgrid, not the city’s power grid; that transactions on the microgrid will be recorded on a separate blockchain developed by Energy Web Foundation; and that Green Commuter is a contractor with the energy commission, not EVShare or RSK. Related Stories California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts || California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts: The California Energy Commission, the state’s primary energy policy and planning agency, is funding an experimental market for carbon-credit trading on a public blockchain.
Under a plan announced Friday, demo digital tokens will be given to participating businesses that cut their carbon footprint by powering electric van sharing, said Eduardo Javier Muñoz, CEO of EVShare, a startup that’s now involved in the pilot through electric vehicle company Green Commuter. (EVShare is not a contractor with the Commission and the pilot is led by smart energy nonprofit Energy Coalition). If the pilot goes into production, the credits can be used to pay for electricity consumption, rides and services in the future.
Mobility-related transactions will be recorded on the RSK blockchain, a smart contract-oriented platform that is similar to Ethereum but runs on top of the Bitcoin network. Transactions sent to a microgrid–a separate system from the city’s power grid–are being recorded byCommunity Electricityon the Energy Web Foundation’s blockchain.
Related:'Superman29' May Do Time: California Resident Pleads Guilty to Laundering Millions Using Illegal Bitcoin ATMs
The market is part of a $20 million initiative that will track data related to solar panels, energy storage, electric vehicles and charging infrastructure in Bassett, anunincorporated communityin Los Angeles County. The commission’s previously disclosed$9 million grantwill cover nearly half the cost; Google, the University of California at Los Angeles and others are covering the remaining $11 million, according to EVShare.
Read more:RSK Launches Interoperability Bridge Between Bitcoin and Ethereum
The project aims to digitize carbon credit reporting, create opportunities for businesses to redeem credits and make electric vanpooling cheaper for Bassett residents, Muñoz said.
“Today, carbon credit trading is not digitized,” he said. “It’s a very unconventional market … Now it will be easier to hold [credits] and trade them.”
Related:IOV Labs Takes on Lightning Network With New Light Client
It is rare for enterprise blockchain projects to usepublic networks, which are auditable by and open to all comers, instead of aprivate ledger restricted to authorized participants. Rarer still are enterprise experiments tied to Bitcoin;Ethereum has been the platform of choicefor mostcorporatesventuringintoopen-networkterritory.
The Bassett initiative is the also latest attempt to streamline trading processes for carbon credits using blockchain record-keeping. In July, the InterWork Alliance announced that it was working on blockchain tools toprevent double-spending of carbon credits.
The RSK blockchain will also register transactions between vehicles and solar panels, batteries and chargers. Records of their usage will be stored on-chain with the help of RIF, an identity product developed by RSK Labs, the startup that created the chain. The electric vans will be operated by Green Commuter.
Phase 1 of the pilot included research and development, business collaboration and participation from the Bassett community. Phase 2, which the companies also announced Friday, will connect 50 houses to the solar grid over the course of two years, Muñoz said.
Read more:Carbon Credits Have a Double-Spend Problem. This Microsoft-Backed Project Is Trying to Fix It
Carbon credits permit companies to emit a certain amount of carbon dioxide and other greenhouse gases. Companies with unneeded carbon credits can sell them to other firms that emit more.
EVShare aims to help 1,000 cities transition to a sustainable sharing economy over the next decade. The firm plans to connect solar home-energy systems with shared electric vans operated byGreen Commuter. Excess energy is sold to a microgrid or used by households.
UPDATE (July 7, 12:44 UTC):Because of inaccurate information initially provided by EVShare, an earlier version of this article incorrectly said the startup is leading the pilot; the nonprofit The Energy Coalition is, both organizations said.
The article has also been updated to clarify that the carbon credits are not actually redeemable, just demos; that the pilot is connected to a microgrid, not the city’s power grid; that transactions on the microgrid will be recorded on a separate blockchain developed by Energy Web Foundation; and that Green Commuter is a contractor with the energy commission, not EVShare or RSK.
• California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts
• California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts || California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts: The California Energy Commission, the state’s primary energy policy and planning agency, is funding an experimental market for carbon-credit trading on a public blockchain.
Under a plan announced Friday, demo digital tokens will be given to participating businesses that cut their carbon footprint by powering electric van sharing, said Eduardo Javier Muñoz, CEO of EVShare, a startup that’s now involved in the pilot through electric vehicle company Green Commuter. (EVShare is not a contractor with the Commission and the pilot is led by smart energy nonprofit Energy Coalition). If the pilot goes into production, the credits can be used to pay for electricity consumption, rides and services in the future.
Mobility-related transactions will be recorded on the RSK blockchain, a smart contract-oriented platform that is similar to Ethereum but runs on top of the Bitcoin network. Transactions sent to a microgrid–a separate system from the city’s power grid–are being recorded byCommunity Electricityon the Energy Web Foundation’s blockchain.
Related:'Superman29' May Do Time: California Resident Pleads Guilty to Laundering Millions Using Illegal Bitcoin ATMs
The market is part of a $20 million initiative that will track data related to solar panels, energy storage, electric vehicles and charging infrastructure in Bassett, anunincorporated communityin Los Angeles County. The commission’s previously disclosed$9 million grantwill cover nearly half the cost; Google, the University of California at Los Angeles and others are covering the remaining $11 million, according to EVShare.
Read more:RSK Launches Interoperability Bridge Between Bitcoin and Ethereum
The project aims to digitize carbon credit reporting, create opportunities for businesses to redeem credits and make electric vanpooling cheaper for Bassett residents, Muñoz said.
“Today, carbon credit trading is not digitized,” he said. “It’s a very unconventional market … Now it will be easier to hold [credits] and trade them.”
Related:IOV Labs Takes on Lightning Network With New Light Client
It is rare for enterprise blockchain projects to usepublic networks, which are auditable by and open to all comers, instead of aprivate ledger restricted to authorized participants. Rarer still are enterprise experiments tied to Bitcoin;Ethereum has been the platform of choicefor mostcorporatesventuringintoopen-networkterritory.
The Bassett initiative is the also latest attempt to streamline trading processes for carbon credits using blockchain record-keeping. In July, the InterWork Alliance announced that it was working on blockchain tools toprevent double-spending of carbon credits.
The RSK blockchain will also register transactions between vehicles and solar panels, batteries and chargers. Records of their usage will be stored on-chain with the help of RIF, an identity product developed by RSK Labs, the startup that created the chain. The electric vans will be operated by Green Commuter.
Phase 1 of the pilot included research and development, business collaboration and participation from the Bassett community. Phase 2, which the companies also announced Friday, will connect 50 houses to the solar grid over the course of two years, Muñoz said.
Read more:Carbon Credits Have a Double-Spend Problem. This Microsoft-Backed Project Is Trying to Fix It
Carbon credits permit companies to emit a certain amount of carbon dioxide and other greenhouse gases. Companies with unneeded carbon credits can sell them to other firms that emit more.
EVShare aims to help 1,000 cities transition to a sustainable sharing economy over the next decade. The firm plans to connect solar home-energy systems with shared electric vans operated byGreen Commuter. Excess energy is sold to a microgrid or used by households.
UPDATE (July 7, 12:44 UTC):Because of inaccurate information initially provided by EVShare, an earlier version of this article incorrectly said the startup is leading the pilot; the nonprofit The Energy Coalition is, both organizations said.
The article has also been updated to clarify that the carbon credits are not actually redeemable, just demos; that the pilot is connected to a microgrid, not the city’s power grid; that transactions on the microgrid will be recorded on a separate blockchain developed by Energy Web Foundation; and that Green Commuter is a contractor with the energy commission, not EVShare or RSK.
• California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts
• California Agency Backs Green-Energy Pilot Using RSK’s Bitcoin Smart Contracts || Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork: Most of us will be dead by then. Projected to happen in the year 2106, Bitcoin will suddenly stop running based on the code its network of users is running today. Users won’t be able to send bitcoin to others; miners securing Bitcoin’s global network will no longer serve a purpose. Bitcoin will just stop. The good news is the bug is easy to fix. It’s a problem Bitcoin developers have known about for years – since at least 2012, maybe earlier, according to Bitcoin Core contributor Pieter Wuille. To some developers, the Bitcoin bug potentially sheds light on the limits to Bitcoin’s decentralization, since the community will all need to join together to fix it. Related: Cardano Introduces Proof-of-Stake With 'Shelley' Hard Fork Read more: A Bitcoin Hard Fork? The Science of Contentious Code is Advancing “This is a consensus change but a very simple one, and I hope one that will be non-controversial,” Blockstream co-founder and engineer Pieter Wuille told CoinDesk in an email. “We have about 80 years left to address [the bug]. Who knows what might happen in such a time frame?” The bug is simple. Bitcoin blocks are the containers within which transactions are stored. Each Bitcoin block has a number tracking how many blocks come before it. But because of a limitation revolving around how block height numbers are stored, Bitcoin will run out of block numbers after block number 5101541. In other words, at a block height roughly 86 years into the future, it will be impossible to produce any new blocks. Hard fork Related: OpenEthereum Supported 50% of Ethereum Classic Nodes. Now It’s Leaving the Project The change requires what’s known as a “hard fork,” the most demanding method of making a change to a blockchain. Hard forks are tricky in that they’re not backwards-compatible, they require everyone running a Bitcoin node or miner to upgrade their software. Anyone who doesn’t do so will be left behind on a stonewalled version of Bitcoin that’s incapable of any activity. Story continues While some blockchains, such as Ethereum, execute hard forks regularly , a hard fork isn’t the happiest word in Bitcoin land. The last time a Bitcoin hard fork was attempted, it attracted vicious debate. Several big Bitcoin businesses and miners rallied around a hard fork called Segwit2x in 2017. The problem is that far from everyone in the community agreed with the change, so many saw it as an attempt to force the upgrade on the community, which doesn’t exactly jibe with Bitcoin’s ethos of leaderlessness. Read more: No Fork, No Fire: Segwit2x Nodes Stall Running Abandoned Bitcoin Code Because of this diary entry in Bitcoin’s history, when many people in Bitcoin hear the phrase “hard fork,” they think of a centralized power trying to impose a change. However, this bug fix hard fork comes in stark contrast to Bitcoin’s most famous hard fork attempt. Rather than attracting debate, the community and developers will most likely agree it is a change that needs to be made. After all, anyone who chooses not to upgrade their software will eventually be running a dead Bitcoin chain. Protocol ‘ossification’ The bug fix is unlikely to be a controversial hard fork change. But that doesn’t make the issue any less interesting. In conversation with CoinDesk, Gustavo J. Flores, head of Product and Research at Bitcoin tech startup Veriphi, argued it brings to light a limit to Bitcoin’s “protocol ossification.” Read more: Hard Fork vs Soft Fork Bringing to mind squishy cartilage hardening into bone over time, protocol ossification is the idea that Bitcoin will grow harder to change as it matures. The first several years of Bitcoin’s life, the protocol was immature and there were far fewer users and developers tinkering with the software, so the technology was easier to change. But Bitcoin may be hardening into a bony specimen that will be very difficult to change. “Protocol ossification means a certain point in time, some say it should be now, where Bitcoin doesn’t change anymore. The rules are set such as a country’s constitution would be set, unchangeable, since it would be too decentralized to coordinate any change,” Flores told CoinDesk. Just a dream? The reason many Bitcoin technologists think ossification is a good quality is because it is a sign the system is actually as decentralized as the community wants it to be, ensuring the system is really free from one person or entity stepping in and pushing through a change that isn’t good. Flores added that protocol ossification helps to “prevent future tentatives that would resemble Segwit2x, where some actors try to force an upgrade because they’re known developers or big businesses, and this ends up hurting Bitcoin because it’s either untested code or cryptography, or because the change removes the core value proposition or would decrease decentralization which would hurt the core value proposition over the long term. “However, this bug makes it desirable to be able to coordinate a hard fork to fix it, since we all want Bitcoin to be able to survive that deadline,” Flores said. “It basically brings us back to reality, where the dream of protocol ossification (which makes us achieve ultimate decentralization) is a further than expected and it might be just a dream, which we can get closer over time, but we can’t ever complete it since emergencies such as this, might present themselves,” Flores told CoinDesk. Related Stories Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork || Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork: Most of us will be dead by then.
Projected to happen in the year 2106, Bitcoin will suddenly stop running based on the code its network of users is running today. Users won’t be able to sendbitcointo others; miners securing Bitcoin’s global network will no longer serve a purpose. Bitcoin will just stop.
The good news is the bug is easy to fix. It’s a problem Bitcoin developers have known about for years – since at least 2012, maybe earlier, according to Bitcoin Core contributor Pieter Wuille. To some developers, the Bitcoin bug potentially sheds light on the limits to Bitcoin’s decentralization, since the community will all need to join together to fix it.
Related:Cardano Introduces Proof-of-Stake With 'Shelley' Hard Fork
Read more:A Bitcoin Hard Fork? The Science of Contentious Code is Advancing
“This is a consensus change but a very simple one, and I hope one that will be non-controversial,” Blockstream co-founder and engineer Pieter Wuille told CoinDesk in an email. “We have about 80 years left to address [the bug]. Who knows what might happen in such a time frame?”
The bug is simple. Bitcoin blocks are the containers within which transactions are stored. Each Bitcoin block has a number tracking how many blocks come before it. But because of a limitation revolving around how block height numbers are stored, Bitcoin will run out of block numbersafterblock number 5101541.
In other words, at a block height roughly 86 years into the future, it will be impossible to produce any new blocks.
Related:OpenEthereum Supported 50% of Ethereum Classic Nodes. Now It’s Leaving the Project
The change requires what’s known as a “hard fork,” the most demanding method of making a change to a blockchain. Hard forks are tricky in that they’re not backwards-compatible, they require everyone running a Bitcoin node or miner to upgrade their software. Anyone who doesn’t do so will be left behind on a stonewalled version of Bitcoin that’s incapable of any activity.
While some blockchains, such as Ethereum, execute hard forksregularly, a hard fork isn’t the happiest word in Bitcoin land.
The last time a Bitcoin hard fork was attempted, it attracted vicious debate. Several big Bitcoin businesses and miners rallied around a hard fork called Segwit2x in 2017. The problem is that far from everyone in the community agreed with the change, so many saw it as an attempt to force the upgrade on the community, which doesn’t exactly jibe with Bitcoin’s ethos of leaderlessness.
Read more:No Fork, No Fire: Segwit2x Nodes Stall Running Abandoned Bitcoin Code
Because of this diary entry in Bitcoin’s history, when many people in Bitcoin hear the phrase “hard fork,” they think of a centralized power trying to impose a change.
However, this bug fix hard fork comes in stark contrast to Bitcoin’s most famous hard fork attempt. Rather than attracting debate, the community and developers will most likely agree it is a change that needs to be made.
After all, anyone who chooses not to upgrade their software will eventually be running a dead Bitcoin chain.
The bug fix is unlikely to be a controversial hard fork change. But that doesn’t make the issue any less interesting.
In conversation with CoinDesk, Gustavo J. Flores, head of Product and Research at Bitcoin tech startup Veriphi, argued it brings to light a limit to Bitcoin’s “protocol ossification.”
Read more:Hard Fork vs Soft Fork
Bringing to mind squishy cartilage hardening into bone over time, protocol ossification is the idea that Bitcoin will grow harder to change as it matures. The first several years of Bitcoin’s life, the protocol was immature and there were far fewer users and developers tinkering with the software, so the technology was easier to change. But Bitcoin may be hardening into a bony specimen that will be very difficult to change.
“Protocol ossification means a certain point in time, some say it should be now, where Bitcoin doesn’t change anymore. The rules are set such as a country’s constitution would be set, unchangeable, since it would be too decentralized to coordinate any change,” Flores told CoinDesk.
The reason many Bitcoin technologists think ossification is a good quality is because it is a sign the system is actually as decentralized as the community wants it to be, ensuring the system is really free from one person or entity stepping in and pushing through a change that isn’t good.
Flores added that protocol ossification helps to “prevent future tentatives that would resemble Segwit2x, where some actors try to force an upgrade because they’re known developers or big businesses, and this ends up hurting Bitcoin because it’s either untested code or cryptography, or because the change removes the core value proposition or would decrease decentralization which would hurt the core value proposition over the long term.
“However, this bug makes it desirable to be able to coordinate a hard fork to fix it, since we all want Bitcoin to be able to survive that deadline,” Flores said.
“It basically brings us back to reality, where the dream of protocol ossification (which makes us achieve ultimate decentralization) is a further than expected and it might be just a dream, which we can get closer over time, but we can’t ever complete it since emergencies such as this, might present themselves,” Flores told CoinDesk.
• Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork
• Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork || Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork: Most of us will be dead by then.
Projected to happen in the year 2106, Bitcoin will suddenly stop running based on the code its network of users is running today. Users won’t be able to sendbitcointo others; miners securing Bitcoin’s global network will no longer serve a purpose. Bitcoin will just stop.
The good news is the bug is easy to fix. It’s a problem Bitcoin developers have known about for years – since at least 2012, maybe earlier, according to Bitcoin Core contributor Pieter Wuille. To some developers, the Bitcoin bug potentially sheds light on the limits to Bitcoin’s decentralization, since the community will all need to join together to fix it.
Related:Cardano Introduces Proof-of-Stake With 'Shelley' Hard Fork
Read more:A Bitcoin Hard Fork? The Science of Contentious Code is Advancing
“This is a consensus change but a very simple one, and I hope one that will be non-controversial,” Blockstream co-founder and engineer Pieter Wuille told CoinDesk in an email. “We have about 80 years left to address [the bug]. Who knows what might happen in such a time frame?”
The bug is simple. Bitcoin blocks are the containers within which transactions are stored. Each Bitcoin block has a number tracking how many blocks come before it. But because of a limitation revolving around how block height numbers are stored, Bitcoin will run out of block numbersafterblock number 5101541.
In other words, at a block height roughly 86 years into the future, it will be impossible to produce any new blocks.
Related:OpenEthereum Supported 50% of Ethereum Classic Nodes. Now It’s Leaving the Project
The change requires what’s known as a “hard fork,” the most demanding method of making a change to a blockchain. Hard forks are tricky in that they’re not backwards-compatible, they require everyone running a Bitcoin node or miner to upgrade their software. Anyone who doesn’t do so will be left behind on a stonewalled version of Bitcoin that’s incapable of any activity.
While some blockchains, such as Ethereum, execute hard forksregularly, a hard fork isn’t the happiest word in Bitcoin land.
The last time a Bitcoin hard fork was attempted, it attracted vicious debate. Several big Bitcoin businesses and miners rallied around a hard fork called Segwit2x in 2017. The problem is that far from everyone in the community agreed with the change, so many saw it as an attempt to force the upgrade on the community, which doesn’t exactly jibe with Bitcoin’s ethos of leaderlessness.
Read more:No Fork, No Fire: Segwit2x Nodes Stall Running Abandoned Bitcoin Code
Because of this diary entry in Bitcoin’s history, when many people in Bitcoin hear the phrase “hard fork,” they think of a centralized power trying to impose a change.
However, this bug fix hard fork comes in stark contrast to Bitcoin’s most famous hard fork attempt. Rather than attracting debate, the community and developers will most likely agree it is a change that needs to be made.
After all, anyone who chooses not to upgrade their software will eventually be running a dead Bitcoin chain.
The bug fix is unlikely to be a controversial hard fork change. But that doesn’t make the issue any less interesting.
In conversation with CoinDesk, Gustavo J. Flores, head of Product and Research at Bitcoin tech startup Veriphi, argued it brings to light a limit to Bitcoin’s “protocol ossification.”
Read more:Hard Fork vs Soft Fork
Bringing to mind squishy cartilage hardening into bone over time, protocol ossification is the idea that Bitcoin will grow harder to change as it matures. The first several years of Bitcoin’s life, the protocol was immature and there were far fewer users and developers tinkering with the software, so the technology was easier to change. But Bitcoin may be hardening into a bony specimen that will be very difficult to change.
“Protocol ossification means a certain point in time, some say it should be now, where Bitcoin doesn’t change anymore. The rules are set such as a country’s constitution would be set, unchangeable, since it would be too decentralized to coordinate any change,” Flores told CoinDesk.
The reason many Bitcoin technologists think ossification is a good quality is because it is a sign the system is actually as decentralized as the community wants it to be, ensuring the system is really free from one person or entity stepping in and pushing through a change that isn’t good.
Flores added that protocol ossification helps to “prevent future tentatives that would resemble Segwit2x, where some actors try to force an upgrade because they’re known developers or big businesses, and this ends up hurting Bitcoin because it’s either untested code or cryptography, or because the change removes the core value proposition or would decrease decentralization which would hurt the core value proposition over the long term.
“However, this bug makes it desirable to be able to coordinate a hard fork to fix it, since we all want Bitcoin to be able to survive that deadline,” Flores said.
“It basically brings us back to reality, where the dream of protocol ossification (which makes us achieve ultimate decentralization) is a further than expected and it might be just a dream, which we can get closer over time, but we can’t ever complete it since emergencies such as this, might present themselves,” Flores told CoinDesk.
• Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork
• Fixing This Bitcoin-Killing Bug Will (Eventually) Require a Hard Fork
[Social Media Buzz]
None available.
|
11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 39406.94, 39995.91, 40008.42, 42235.55, 41626.20, 39974.89, 39201.95, 38152.98, 39747.50, 40869.55, 42816.50, 44555.80, 43798.12, 46365.40, 45585.03, 45593.64, 44428.29, 47793.32, 47096.95, 47047.00, 46004.48, 44695.36, 44801.19, 46717.58, 49339.18, 48905.49, 49321.65, 49546.15, 47706.12, 48960.79, 46942.22, 49058.67, 48902.40, 48829.83, 47054.98, 47166.69, 48847.03, 49327.72, 50025.38, 49944.62, 51753.41, 52633.54, 46811.13, 46091.39, 46391.42, 44883.91, 45201.46, 46063.27, 44963.07, 47092.49, 48176.35, 47783.36, 47267.52, 48278.36, 47260.22, 42843.80, 40693.68, 43574.51, 44895.10, 42839.75, 42716.59, 43208.54, 42235.73, 41034.54, 41564.36, 43790.89, 48116.94, 47711.49, 48199.95, 49112.90, 51514.81, 55361.45, 53805.98, 53967.85, 54968.22, 54771.58, 57484.79, 56041.06, 57401.10, 57321.52, 61593.95, 60892.18, 61553.62, 62026.08, 64261.99, 65992.84, 62210.17, 60692.27, 61393.62, 60930.84.
|
[Bitcoin Technical Analysis for 2021-10-24]
Volume: 27316183882, RSI (14-day): 60.94, 50-day EMA: 53040.46, 200-day EMA: 45195.94
[Wider Market Context]
None available.
[Recent News (last 7 days)]
What Happens to Social Security When You Die?: The end of a person’s life doesn’t necessarily mean the end of their social security payments. Depending on factors like income and dependents,social security checks will still be issuedto someone else even after the original recipient passes away.
See:The Biggest Problems Facing Social SecurityFind:Can You Afford To Die in Your State?
According to the Social Security Administration website, if you work and pay into Social Security, part of those taxes go toward survivor benefits, which means your surviving spouse, children and even parents could be eligible for payments based on your earnings.
Likewise, you and your family could be eligible for benefits based on the earnings of someone else who died — as long as the deceased worked long enough to qualify for benefits.
If you have no survivors or dependents, the payments simply cease.
Whenever someone dies, the Social Security office should be notified immediately. This is usually handled by the funeral home, which sends in a form called Statement of Death by Funeral Director.
If that doesn’t happen, you’ll have to call the SSA — you cannot report a death or apply for survivor benefits online. If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday.
You’ll need to provide the deceased person’s social security number when applying. In the event of your death, your survivor will need to provide your social security number. The executor of the estate can also call Social Security, CNBC reported.
Here are some things to remember for those getting benefits on a spouse’s or parent’s record, according to the SSA:
• Social Security will automatically change any monthly benefits received to survivors’ benefits after it receives the report of death.
• The agency might be able to pay a Special Lump-Sum Death Payment automatically.
• One thing to keep in mind is that no social security benefits are due for the month of a person’s death.
“Any benefit that’s paid after the month of the person’s death needs to be refunded,” Peggy Sherman, a certified financial planner and lead advisor at Briaud Financial Advisors in College Station, Texas, told CNBC.
See:What Happens to Your Bitcoin When You Die?Find:Key Points COVID-19 Long-Haulers Need to Know About Applying for Social Security
Meanwhile, if your spouse or qualifying dependent were already getting money based on your record, that benefit will auto-convert to survivors benefits when the government gets notice of your death.
If the surviving spouse has already reached their own full retirement age, they can get their deceased spouse’s full benefit. You can apply for reduced benefits as early as age 60 — or age 50 if disabled —which is a couple of years earlier than the standard earliest claiming age of 62.
More From GOBankingRates
• Take Our Poll: Are You Actually Spending Your Child Tax Credit Payment?
• 5 Things Most Americans Don’t Know About Social Security
• Here’s How Much You Need To Earn To Be ‘Rich’ in Every State
• 5 Cities Around the World Experiencing a Housing Market Boom
This article originally appeared onGOBankingRates.com:What Happens to Social Security When You Die? || What Happens to Social Security When You Die?: Zinkevych / Getty Images/iStockphoto The end of a persons life doesnt necessarily mean the end of their social security payments. Depending on factors like income and dependents, social security checks will still be issued to someone else even after the original recipient passes away. See: The Biggest Problems Facing Social Security Find: Can You Afford To Die in Your State? According to the Social Security Administration website, if you work and pay into Social Security, part of those taxes go toward survivor benefits, which means your surviving spouse, children and even parents could be eligible for payments based on your earnings. Likewise, you and your family could be eligible for benefits based on the earnings of someone else who died as long as the deceased worked long enough to qualify for benefits. If you have no survivors or dependents, the payments simply cease. Whenever someone dies, the Social Security office should be notified immediately. This is usually handled by the funeral home, which sends in a form called Statement of Death by Funeral Director. If that doesnt happen, youll have to call the SSA you cannot report a death or apply for survivor benefits online. If you need to report a death or apply for survivor benefits, call 1-800-772-1213 (TTY 1-800-325-0778) between 8 a.m. and 7 p.m. Monday through Friday. Youll need to provide the deceased persons social security number when applying. In the event of your death, your survivor will need to provide your social security number. The executor of the estate can also call Social Security, CNBC reported. Here are some things to remember for those getting benefits on a spouses or parents record, according to the SSA: Social Security will automatically change any monthly benefits received to survivors benefits after it receives the report of death. The agency might be able to pay a Special Lump-Sum Death Payment automatically. One thing to keep in mind is that no social security benefits are due for the month of a persons death. Story continues Any benefit thats paid after the month of the persons death needs to be refunded, Peggy Sherman, a certified financial planner and lead advisor at Briaud Financial Advisors in College Station, Texas, told CNBC. See: What Happens to Your Bitcoin When You Die? Find: Key Points COVID-19 Long-Haulers Need to Know About Applying for Social Security Meanwhile, if your spouse or qualifying dependent were already getting money based on your record, that benefit will auto-convert to survivors benefits when the government gets notice of your death. If the surviving spouse has already reached their own full retirement age, they can get their deceased spouses full benefit. You can apply for reduced benefits as early as age 60 or age 50 if disabled which is a couple of years earlier than the standard earliest claiming age of 62 . More From GOBankingRates Take Our Poll: Are You Actually Spending Your Child Tax Credit Payment? 5 Things Most Americans Dont Know About Social Security Heres How Much You Need To Earn To Be Rich in Every State 5 Cities Around the World Experiencing a Housing Market Boom This article originally appeared on GOBankingRates.com : What Happens to Social Security When You Die? || Stimulus Money Could Cause the Stock Market to Plunge 15% by November: peshkov / Getty Images/iStockphoto Scott Minerd, global chief investment officer for financial firm Guggenheim, predicts that the stock market could drop 15% by November, according to a report by Business Insider. He blames the economic stimulus , noting that the central banks have “no exit plan.” See: Fourth Stimulus Won’t Happen, But These Federal Programs Aid Those In Financial Need Find: Senior Stimulus: Advocacy Group Proposes One-Time, $1,400 Payment for Social Security Recipients Scott Minerd, global chief investment officer for financial firm Guggenheim, predicts that the stock market could drop 15% by November, according to a report by Business Insider. He blames the economic stimulus, noting that the central banks have “no exit plan.” “For the time being, we’re just addicted to this,” he said earlier this week at the Milken Institute’s 2021 Global Conference. He explained that the central banks have lent $2.3 trillion in much-needed support for local businesses, households, financial markets and state and local governments during the pandemic. However, now the central banks are in the position of “running the markets,” he said, without a clear exit strategy to withdraw stimulus. There’s also the concern of inflation, BusinessInsider.com writes. Michael Burry of The Big Short, along with investment experts Leon Cooperman and Carl Icahn have also warned against the Fed overstimulating the economy. The Fed is likely to begin tapering bond purchases in December, according to BusinessInsider.com. A formal announcement may come at November’s Federal Open Markets Committee meeting. Biden’s stimulus package has also been blamed for rapid inflation in 2021, with a tight labor market, an increase in demand for goods and services as lockdowns ended, and supply chain challenges creating “the perfect storm for inflation,” GOBankingRates reported last month . See: Kraft Heinz to Consumers on Inflation-Related Price Hikes: ‘Get Used to It’ Find: Fed Downplaying Inflation? Economists Warn It Could ‘Accelerate Taper Process’ Story continues The Dow Jones Industrial Average opened up slightly this morning, hovering just past the $35,550 mark, less than 100 points shy of its 52-week high. The market was bolstered by Apple, Tesla, and the new Bitcoin futures ETF . More From GOBankingRates 5 Things Most Americans Don’t Know About Social Security 8 Ways Homeowners Can Save $1000s Every Year 8 Best Cryptocurrencies To Invest In for 2021 How Long $500K Will Last in Retirement in Each State This article originally appeared on GOBankingRates.com : Stimulus Money Could Cause the Stock Market to Plunge 15% by November || Stimulus Money Could Cause the Stock Market to Plunge 15% by November: Scott Minerd, global chief investment officer for financial firm Guggenheim, predicts that the stock market could drop 15% by November, according to a report by Business Insider.He blames the economic stimulus, noting that the central banks have “no exit plan.”
See:Fourth Stimulus Won’t Happen, But These Federal Programs Aid Those In Financial NeedFind:Senior Stimulus: Advocacy Group Proposes One-Time, $1,400 Payment for Social Security Recipients
Scott Minerd, global chief investment officer for financial firm Guggenheim, predicts that the stock market could drop 15% by November, according to a report by Business Insider. He blames the economic stimulus, noting that the central banks have “no exit plan.”
“For the time being, we’re just addicted to this,” he said earlier this week at the Milken Institute’s 2021 Global Conference. He explained that the central banks have lent $2.3 trillion in much-needed support for local businesses, households, financial markets and state and local governments during the pandemic. However, now the central banks are in the position of “running the markets,” he said, without a clear exit strategy to withdraw stimulus.
There’s also the concern of inflation, BusinessInsider.com writes. Michael Burry of The Big Short, along with investment experts Leon Cooperman and Carl Icahn have also warned against the Fed overstimulating the economy.
The Fed is likely to begin tapering bond purchases in December, according to BusinessInsider.com. A formal announcement may come at November’s Federal Open Markets Committee meeting.
Biden’s stimulus package has also been blamed for rapid inflation in 2021, with a tight labor market, an increase in demand for goods and services as lockdowns ended, and supply chain challenges creating “the perfect storm for inflation,”GOBankingRates reported last month.
See:Kraft Heinz to Consumers on Inflation-Related Price Hikes: ‘Get Used to It’Find:Fed Downplaying Inflation? Economists Warn It Could ‘Accelerate Taper Process’
The Dow Jones Industrial Average opened up slightly this morning, hovering just past the $35,550 mark, less than 100 points shy of its 52-week high. The market was bolstered by Apple, Tesla, andthe new Bitcoin futures ETF.
More From GOBankingRates
• 5 Things Most Americans Don’t Know About Social Security
• 8 Ways Homeowners Can Save $1000s Every Year
• 8 Best Cryptocurrencies To Invest In for 2021
• How Long $500K Will Last in Retirement in Each State
This article originally appeared onGOBankingRates.com:Stimulus Money Could Cause the Stock Market to Plunge 15% by November || Crypto Venue for Bets on Trump, JLo and Covid Faces U.S. Probe: (Bloomberg) -- It’s the go-to place for making crypto wagers on whether Donald Trump retakes the White House and Jennifer Lopez and Ben Affleck get engaged. It’s also under scrutiny by a top Wall Street regulator. Most Read from Bloomberg A Deep Dive Into Squid Game's World of Inequality Meet Six People Fighting Water Scarcity Across the Globe Hamburg Is at the Heart of Germany’s Growing Dilemma Over China The firm is Polymarket -- a New York-based platform that’s surged in popularity during the pandemic as a way for bettors to predict the outcomes of real-world events, including elections, ballgames and the private lives of celebrities. The problem? It may be breaking U.S. financial rules. The Commodity Futures Trading Commission is investigating whether Polymarket is letting customers improperly trade swaps or binary options and if it should be registered with the agency, according to people familiar with the matter. “Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry,” a spokeswoman for the firm said. The CFTC declined to comment. Led by 23-year-old founder Shayne Coplan, Polymarket is hot, facilitating some 4 billion shares since launching last year. The company has been in talks with investors on a new round of funding that could value it at almost $1 billion, according to two people with knowledge of the matter who asked not to be named because the discussions are private. As of Friday afternoon, Polymarket featured dozens of possible wagers, ranging from whether the Treasury Department will mint a $1 trillion coin by Nov. 5 to singer Nicki Minaj getting the Covid-19 vaccine by Nov. 29 to Elon Musk’s SpaceX reaching outer space by year’s end. Customers favor no Treasury coin, Minaj remaining unvaccinated and SpaceX coming up short. NFL Proposal While the CFTC is best known for policing banks’ derivatives desks and oil traders, it’s long been grappling with how to regulate event contracts like those offered by Polymarket. Amid tough questions from the CFTC, cryptocurrency exchange ErisX withdrew a proposal in March to offer futures contracts based on National Football League games, products that casinos could have used to hedge their sportsbooks. Story continues Read more: There’s a Plan to Bring Sports Gambling to the Futures Market Crucial to Polymarket is another asset class of the moment: crypto. Instead of U.S. dollars, customers who want to make trades have to use the USD coin, a stablecoin backed by Coinbase Global Inc. Stablecoins, whose values are pegged to fiat currencies, have gotten a lot of attention themselves from Washington in recent months. Government agencies, including the CFTC, are concerned the largely unregulated tokens have grown so big that they could put consumers at risk or threaten financial stability if Bitcoin and other cryptocurrencies crashed. The market value of USD coin is now $32.4 billion, up from $3.9 billion at the end of 2020, according to CoinMarketCap.com. A coin issued by Tether has grown to almost $70 billion from $21 billion over the same time period, making it the largest U.S. stablecoin. Read more: Stablecoin Tether Grows Into Crypto World’s $69 Billion Mystery CFTC investigations don’t always lead to enforcement cases and Polymarket hasn’t been accused of wrongdoing. If firms are sanctioned by the regulator, they can face fines and restrictions on offering products. Tremendous Value To handle the probe, Polymarket has retained James McDonald, a partner at law firm Sullivan & Cromwell who was head of the CFTC’s enforcement division until last year, said a person with knowledge of the hiring. McDonald didn’t respond to a request for comment. Polymarket has said it’s not only offering bettors a destination to make money, or lose their shirts. In an age of disinformation and fake news, the company argues it’s providing useful data on what’s likely to happen in the not-so-distant future on geopolitics and other important topics. “Via price discovery, you get this perpetually accurate forecast about the future of a given event,” Coplan said last year on the “Star Spangled Gamblers” podcast. “This is something that could have tremendous social value.” Polymarket doesn’t take custody of money or digital tokens, and it just displays existing markets live on the Ethereum blockchain, according to its website. The firm also doesn’t take the other side of customer trades. In a sign of the high interest, a separate website called “Polymarket Whales” has popped up that features the biggest bettors on closely watched contracts. Most Read from Bloomberg Businessweek Workers Press for Power in Rare Advance for U.S. Labor Movement You Could Be Competing With Bots to Buy Gifts This Christmas Colombia’s Rain Shaman Got Paid to Stop the Storms, Until He Couldn’t ©2021 Bloomberg L.P. || Crypto Venue for Bets on Trump, JLo and Covid Faces U.S. Probe: (Bloomberg) -- It’s the go-to place for making crypto wagers on whether Donald Trump retakes the White House and Jennifer Lopez and Ben Affleck get engaged. It’s also under scrutiny by a top Wall Street regulator. Most Read from Bloomberg A Deep Dive Into Squid Game's World of Inequality Meet Six People Fighting Water Scarcity Across the Globe Hamburg Is at the Heart of Germany’s Growing Dilemma Over China The firm is Polymarket -- a New York-based platform that’s surged in popularity during the pandemic as a way for bettors to predict the outcomes of real-world events, including elections, ballgames and the private lives of celebrities. The problem? It may be breaking U.S. financial rules. The Commodity Futures Trading Commission is investigating whether Polymarket is letting customers improperly trade swaps or binary options and if it should be registered with the agency, according to people familiar with the matter. “Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry,” a spokeswoman for the firm said. The CFTC declined to comment. Led by 23-year-old founder Shayne Coplan, Polymarket is hot, facilitating some 4 billion shares since launching last year. The company has been in talks with investors on a new round of funding that could value it at almost $1 billion, according to two people with knowledge of the matter who asked not to be named because the discussions are private. As of Friday afternoon, Polymarket featured dozens of possible wagers, ranging from whether the Treasury Department will mint a $1 trillion coin by Nov. 5 to singer Nicki Minaj getting the Covid-19 vaccine by Nov. 29 to Elon Musk’s SpaceX reaching outer space by year’s end. Customers favor no Treasury coin, Minaj remaining unvaccinated and SpaceX coming up short. NFL Proposal While the CFTC is best known for policing banks’ derivatives desks and oil traders, it’s long been grappling with how to regulate event contracts like those offered by Polymarket. Amid tough questions from the CFTC, cryptocurrency exchange ErisX withdrew a proposal in March to offer futures contracts based on National Football League games, products that casinos could have used to hedge their sportsbooks. Story continues Read more: There’s a Plan to Bring Sports Gambling to the Futures Market Crucial to Polymarket is another asset class of the moment: crypto. Instead of U.S. dollars, customers who want to make trades have to use the USD coin, a stablecoin backed by Coinbase Global Inc. Stablecoins, whose values are pegged to fiat currencies, have gotten a lot of attention themselves from Washington in recent months. Government agencies, including the CFTC, are concerned the largely unregulated tokens have grown so big that they could put consumers at risk or threaten financial stability if Bitcoin and other cryptocurrencies crashed. The market value of USD coin is now $32.4 billion, up from $3.9 billion at the end of 2020, according to CoinMarketCap.com. A coin issued by Tether has grown to almost $70 billion from $21 billion over the same time period, making it the largest U.S. stablecoin. Read more: Stablecoin Tether Grows Into Crypto World’s $69 Billion Mystery CFTC investigations don’t always lead to enforcement cases and Polymarket hasn’t been accused of wrongdoing. If firms are sanctioned by the regulator, they can face fines and restrictions on offering products. Tremendous Value To handle the probe, Polymarket has retained James McDonald, a partner at law firm Sullivan & Cromwell who was head of the CFTC’s enforcement division until last year, said a person with knowledge of the hiring. McDonald didn’t respond to a request for comment. Polymarket has said it’s not only offering bettors a destination to make money, or lose their shirts. In an age of disinformation and fake news, the company argues it’s providing useful data on what’s likely to happen in the not-so-distant future on geopolitics and other important topics. “Via price discovery, you get this perpetually accurate forecast about the future of a given event,” Coplan said last year on the “Star Spangled Gamblers” podcast. “This is something that could have tremendous social value.” Polymarket doesn’t take custody of money or digital tokens, and it just displays existing markets live on the Ethereum blockchain, according to its website. The firm also doesn’t take the other side of customer trades. In a sign of the high interest, a separate website called “Polymarket Whales” has popped up that features the biggest bettors on closely watched contracts. Most Read from Bloomberg Businessweek Workers Press for Power in Rare Advance for U.S. Labor Movement You Could Be Competing With Bots to Buy Gifts This Christmas Colombia’s Rain Shaman Got Paid to Stop the Storms, Until He Couldn’t ©2021 Bloomberg L.P. || Should you buy a bitcoin-futures ETF versus actual bitcoin or crypto stocks? Experts weigh in on the advantages of each.: Bitcoin has pushed to an all-time high above $66,000. Rafael Henrique/SOPA Images/LightRocket via Getty Images Bitcoin futures ETFs burst onto the scene this week, marking a new milestone for the crypto market. Insider talked to market experts about how the new ETFs compare to owning actual bitcoin. ProShares and Valkyrie launched their ETFs this week, with VanEck set to follow. A new type of exchange-traded fund sprang into the public markets this week with the arrival of ETFs tied to bitcoin futures. Bitcoin futures ETFs invest in contracts used to speculate on future prices for bitcoin. They can be purchased and sold like a stock and don't require buyers to hold an account at a cryptocurrency exchange or to have a crypto wallet. The ProShares Bitcoin Strategy ETF , which tracks CME bitcoin futures , launched on Tuesday and quickly pulled in $1 billion in assets under management. Valkyrie's Bitcoin Strategy ETF began trading Friday and asset management firm VanEck's Bitcoin Strategy ETF looks set to debut next week . "When you look at the market and its entirety, bitcoin is … one of the best-performing assets in history," Christopher Perkins, president of blockchain-focused investment firm CoinFund , told Insider this week. "Now, as I look at this asset class, you have to ask yourself, if you're an investment manager, 'What's the reputational risk of not being able to have exposure to the best-performing asset in eight of the last 10 years?'" he said. As companies bring their products to market, Insider talked to three experts about the advantages and disadvantages of buying bitcoin-futures ETFs, the digital coin itself, or stocks in companies with exposure to bitcoin. Bitcoin-futures ETFs While the debut of the futures ETF was a momentous occasion for the crypto market, there are some important differences and complexities investors should be aware of. According to Naeem Aslam, chief market analyst at AvaTrade , for mom-and-pop investors, "this is not the ETF for them." "A futures market trades on margin because you don't have the actual product, you are trading on a synthetic price movement," he said, and investors should anticipate that the price of bitcoin futures can differ from spot bitcoin prices. Story continues While bitcoin futures ETFs give investors some bitcoin exposure they have "deficiencies" and can be complex products for many retail investors, said William Cai, a partner at investment firm Wilshire Phoenix , which has an application for a registered spot-bitcoin product under review at the SEC. The key characteristic of futures markets is that contracts have expiration dates, said Cai, who previously traded commodities futures and other assets during his more than 10 years at JPMorgan. A fund has to roll contracts, meaning selling out the closest future before it expires, and then buy the next one. "This process runs into trading costs and the potential for front-running issues where other market participants know you are going to do this and they can … position it to take advantage of your actions," said Cai. Bitcoin-futures ETFs "were so easy out of the gate to get some of that synthetic exposure," to bitcoin, said Perkins, who before recently joining CoinFund was Citigroup's global co-head of futures, clearing, and foreign exchange prime brokerage. "It's not perfect cash exposure and costs do come with this … but by cash settling the future you don't have to worry about custody because you're not holding the assets," he said. Retail investors largely sat on the sidelines of the ProShares' product launch, according to Vanda Research, which tracks retail investing activity. Retail investors may be aware of the 'contango trap,' Vanda said, referring to a market condition where prices for futures contracts are higher than the spot price. In addition to the complexities of the underlying contracts, futures ETFs have some quirks. Strong demand for the ProShares Bitcoin Strategy ETF has already pushed the fund toward the limit of how many contracts it can hold, according to a Bloomberg report . The fund could spread out holdings into longer-dated contracts but that risks pulling the fund further away from bitcoin's spot performance. Bitcoin and crypto-linked stocks Aslam, a London-based former hedge fund trader, said he may use bitcoin-futures ETFs in the options market for puts when the time is right to venture into more complex strategies. Puts give an investor the right to sell an underlying asset. But Aslam suggested average retail investors who want bitcoin exposure purchase the digital currency itself. "The way that we have been buying bitcoin - through regulated exchanges, or exchanges that exist within those regulatory boundaries - is the best way to really go to buy bitcoin," he said. Many investors have gone the stock route to get exposure to bitcoin, including picking up shares of bitcoin miners Marathon Digital Holdings and Riot Blockchain as well as MicroStrategy , a data analytics company run by CEO and bitcoin bull Michael Saylor. The company held roughly 114,042 bitcoins as of last month. "I think going into stocks is a second-hand exposure," said Aslam. [Investors] are not going to get to enjoy the actual flavor of bitcoin, the actual momentum, or the volatility that we have in terms of bitcoin," he said. Buying crypto-linked stocks can add risks faced by individual companies along with systematic market risks, said Cai. "If you go through … companies that invest a lot of their money in bitcoin, I would say that is a proxy. But sometimes proxies can be useful if don't have access to other ways to do things you want to do." "But I would caution you really do have to know the risk that you're taking on," from buying crypto-linked stocks. "That is, it is only a proxy and not a direct reflection of bitcoin's price. They can diverge wildly," said Cai. Read the original article on Business Insider || Should you buy a bitcoin-futures ETF versus actual bitcoin or crypto stocks? Experts weigh in on the advantages of each.: • Bitcoin futures ETFs burst onto the scene this week, marking a new milestone for the crypto market.
• Insider talked to market experts about how the new ETFs compare to owning actual bitcoin.
• ProShares and Valkyrie launched their ETFs this week, with VanEck set to follow.
A new type of exchange-traded fund sprang into the public markets this week with the arrival of ETFs tied tobitcoinfutures.
Bitcoin futures ETFs invest in contracts used to speculate on future prices for bitcoin. They can be purchased and sold like a stock and don't require buyers to hold an account at a cryptocurrency exchange or to have a crypto wallet.
TheProShares Bitcoin Strategy ETF, which tracksCME bitcoin futures, launched on Tuesday and quickly pulled in $1 billion in assets under management.Valkyrie's Bitcoin Strategy ETFbegan trading Friday and asset management firm VanEck's Bitcoin Strategy ETFlooks set to debut next week.
"When you look at the market and its entirety, bitcoin is … one of the best-performing assets in history," Christopher Perkins, president ofblockchain-focused investment firm CoinFund, told Insider this week. "Now, as I look at this asset class, you have to ask yourself, if you're an investment manager, 'What's the reputational risk of not being able to have exposure to the best-performing asset in eight of the last 10 years?'" he said.
As companies bring their products to market, Insider talked to three experts about the advantages and disadvantages of buying bitcoin-futures ETFs, the digital coin itself, or stocks in companies with exposure to bitcoin.
While the debut of the futures ETF was a momentous occasion for the crypto market, there are some important differences and complexities investors should be aware of.
According to Naeem Aslam, chief market analyst atAvaTrade, for mom-and-pop investors, "this is not the ETF for them."
"A futures market trades on margin because you don't have the actual product, you are trading on a synthetic price movement," he said, and investors should anticipate that the price of bitcoin futures can differ from spot bitcoin prices.
While bitcoin futures ETFs give investors some bitcoin exposure they have "deficiencies" and can be complex products for many retail investors, said William Cai, a partner atinvestment firm Wilshire Phoenix, which has an application for a registered spot-bitcoin product under review at the SEC.
The key characteristic of futures markets is that contracts have expiration dates, said Cai, who previously traded commodities futures and other assets during his more than 10 years at JPMorgan. A fund has to roll contracts, meaning selling out the closest future before it expires, and then buy the next one.
"This process runs into trading costs and the potential for front-running issues where other market participants know you are going to do this and they can … position it to take advantage of your actions," said Cai.
Bitcoin-futures ETFs "were so easy out of the gate to get some of that synthetic exposure," to bitcoin, said Perkins, who before recently joining CoinFund was Citigroup's global co-head of futures, clearing, and foreign exchange prime brokerage. "It's not perfect cash exposure and costs do come with this … but by cash settling the future you don't have to worry about custody because you're not holding the assets," he said.
Retail investors largely sat on the sidelinesof the ProShares' product launch, according to Vanda Research, which tracks retail investing activity. Retail investors may be aware of the 'contango trap,' Vanda said, referring toa market conditionwhere prices for futures contracts are higher than the spot price.
In addition to the complexities of the underlying contracts, futures ETFs have some quirks. Strong demand for the ProShares Bitcoin Strategy ETF has already pushed the fund toward the limit of how many contracts it can hold,according to a Bloomberg report. The fund could spread out holdings into longer-dated contracts but that risks pulling the fund further away from bitcoin's spot performance.
Aslam, a London-based former hedge fund trader, said he may use bitcoin-futures ETFs in the options market for puts when the time is right to venture into more complex strategies. Puts give an investor the right to sell an underlying asset.
But Aslam suggested average retail investors who want bitcoin exposure purchase the digital currency itself. "The way that we have been buying bitcoin - through regulated exchanges, or exchanges that exist within those regulatory boundaries - is the best way to really go to buy bitcoin," he said.
Many investors have gone the stock route to get exposure to bitcoin, including picking up shares of bitcoin minersMarathon Digital HoldingsandRiot Blockchainas well asMicroStrategy, a data analytics company run by CEO and bitcoin bull Michael Saylor. The company held roughly 114,042 bitcoins as of last month.
"I think going into stocks is a second-hand exposure," said Aslam. [Investors] are not going to get to enjoy the actual flavor of bitcoin, the actual momentum, or the volatility that we have in terms of bitcoin," he said.
Buying crypto-linked stocks can add risks faced by individual companies along with systematic market risks, said Cai.
"If you go through … companies that invest a lot of their money in bitcoin, I would say that is a proxy. But sometimes proxies can be useful if don't have access to other ways to do things you want to do."
"But I would caution you really do have to know the risk that you're taking on," from buying crypto-linked stocks. "That is, it is only a proxy and not a direct reflection of bitcoin's price. They can diverge wildly," said Cai.
Read the original article onBusiness Insider || Exactly what we gain by going back out on the road: I’m on the road again, though with all due respect to Willie Nelson, I’m not sure I just can't wait to get on it.
This is about business travel of course and more specifically going to conferences, conventions, and the like. So yes, I’ve been getting back to that old familiar routine of airports, airplanes, hotel rooms, endless days, and very little sleep.
What’s it like to be a road warrior after an 18-month hiatus? Exasperating at times, never mind exhausting, but it’s also exhilarating. You cannot overestimate what we gain from in-person, face-to-face interaction, (even if it is masked). It also feels strange, normal, completely different, and the same-old, all at the same time. (How could it be anything but?)
Over the past few weeks I’ve just been to two events and will be attending two more in the coming weeks, including Yahoo Finance’s own All Markets Summit on Monday, Oct. 25, (tune in here), and then the Web Summit.
Of course, I’m not alone. Millions of business people across the country are revving their engines. And you can see that as evidenced by thiscalendar from the convention capital of the world, Las Vegas. Sadly you’re too late to go toMarijuana Business Daily - MjBizCon 2021, with Daymond John giving the keynote. That one ended yesterday and was positively buzzing (stinghere), according to a friend who reports that it was “as nuts as CES used to be.” Not to worry, Amazon Web Services re:Invent 2021 (at the Venetian) andCowboy Christmas 2021are coming up in November and December (of course), respectively. (Music toPenn & Teller’s ears.)
Some events are being executed successfully, likeThe Black Women’s Expo in ChicagoandCode Conference, which “needs no introduction. It's where Kara Swisher holds the power players of tech accountable in signature unscripted Red Chair interviews.” (Elon knows.)
Some have been less successful, like the Bitcoin 2021 conference in Miami back in June where some attendees tested positive for COVID-19 after the conference,according to CNBC. The event did not mandate masks or require proof of vaccination, CNBC reported. Then there was the debacle in February 2020 at aBiogen conference in Boston, which ascientific studyhas linked to as many as 300,000 cases of COVID. The worst.
That’s why with events likeCOP 26 UN Climate Change Conference in Glasgowcoming up next weekend, theWorld Economic Forum’s Annual Meeting in Davosin January, organizers are being super careful. Hybrid and all-virtual events are still very much in the mix, and those in-person events have all manner of COVID protocols, which I’ll get into shortly.
But remember too, some companies are not so anxious to send their people out on the road for a number of reasons. Leaving aside lingering and legitimate health concerns, there are also budgets and climate to consider.
Googlereportedly saved $1 billion a yearby having its employees work from home, much of that savings coming from almost zeroing out what the bean counters call “T&E” (travel and entertainment). Send your people back out on the road, and your spend goes back up. And what’s the return on investment there really? More on that later too.
As for climate concerns,Time Magazine reports:“Even if the pandemic ebbs, companies looking to become more environmentally sustainable won’t likely go back to the same volume of travel as before; corporations like Zurich Insurance Group AG, Bain & Company, and S&P Global have announced plans tocut business travel emissionsin the next few years, with Zurich aiming to reduce emissions by as much as 70% by next year.”
Bottom line: “Corporate travel programs are being totally revamped to incorporate trade offs that companies are willing to assess and evaluate,” says Nicolas Graf,a professor and associate dean at the Jonathan M. Tisch Center of Hospitality at New York University, who is organizing the NYU International Hospitality Industry Investment Conference, which will take place in Manhattan early next month. “Companies are increasingly questioning not only the cost side of sending people to most meetings but also the carbon emissions that go with them, especially air travel. It’s going to be a long and slow recovery.”
Having said that, there will be pressure on companies to reboot business travel as it’s such a huge part of the economy. Here’san Associated Press report from Sept. 9:
“A lot is riding on the revival of in-person meetings. Prior to the pandemic, conferences and trade shows generated more than $1 trillion in direct spending and attracted 1.5 billion attendees annually around the world, according to the Events Industry Council, a trade group."
The group hasn’t yet calculated the impact of the virus globally. But the Center for Exhibition Industry Research, which studies the economic impact of U.S. business-to-business trade shows, said those events alone were expected to generate $105 billion in direct and indirect spending in 2020. Instead, that plunged to $24 billion.”
Hanging over what I’m calling the Great Resumption like a lead balloon, is still COVID of course, and protecting against it, which adds massive amounts of friction into what were fraught processes to begin with, i.e., hotel check-in, conference registration and the agony of air travel. (Regarding the latter, check out thisbeautifully written piecefrom way back by the ever-insightful Tim Smith.)
Now add the mandatory TSA mask regs at airports and on planes (and the chuckleheads who ignore them), vaccine mandates at events, and negative COVID test requirements and well, you better be patient and leave extra time is all I can say. In particular is the tricky negative PCR test within 72 hours before you board some overseas flights. You have to time the test just right, so that you take it within 72 hours, but get the results back before take-off. (Think!)
You also may experience a new pain if you are flying long haul. That being the irritation of mask straps behind your ears for six hours (from say New York to LA), particularly on one side if you take a nap and are leaning on one ear.
Also note, a friend told me he was required to show a negative COVID test result to enter an airline club lounge. Pro-tip, carry some of those Abbott BinaxNOW home tests with you on the road. They may not always be accepted but they’re better than nothing and might be good for your own peace of mind at some point if you are feeling a bit peaked.
And so here then is my mini-travelogue, immediate past, present and future.
Concordia Annual Summit
This was my first foray back into the world of live events as some call them. Concordia was held at the Sheraton New York Times Square in late September to coincide with the United Nations General Assembly. In fact I should point out that the United Nations meeting itself was a hybrid.President Biden spoke in personto a half-filled hall, as many of the delegates and leaders declined to travel, includingChina’s President Xi Jinping who made his remarks remotely.
As Concordia was in New York City, I didn’t have to travel, (though a number of attendees did), so that was easy enough. Still, this was not back in 2019 by any means.
There were COVID protocols to abide by, including providing proof of vaccine (and ID). Concordia also administered a rapid test on the hotel premises. After that, entrez-vous, though masks were required at all times.
Matthew Swift, CEO of Concordia, reports that of his speakers, 100 were in person and 83 were virtual. I interviewed Raj Shah, president of the Rockefeller Foundation, (in person) and as we walked up on stage, we elbow-bumped John Kerry, U.S. Special Envoy, Lisa Jackson, vice president, environment, policy and social initiatives at Apple (AAPL) and Ryan Roslansky, CEO of LinkedIn, who were on the way down. Try doing that virtually!
It was also just great to be with people. Like my colleagues — Mike Claudio, Julie Hyman, and Justin Katz, whom I hadn't seen in ages. (Hi guys!) And to meet new people, like someone who later emailed me about a job, and another person who turned out to be friendly with someone at work. I also met with the CEO of one of the big waste companies who shared a cool idea I want to turn into a story. And a shipping company exec gave me key intel on the supply chain foul-up. I didn’t know any of this would happen beforehand. All I knew going in was that I was interviewing Raj. This was much much more. This was serendipity.
It’s what Graf from NYU calls, “Corridor discussions. Things you can’t say on Zoom. That’s what really excites me. That kind of emotional reconnection — we’ve been meeting on Zoom for the past two years but that’s really a missing ingredient.”
Milken Institute Global Conference
For this one I had to fly from New York to LA, which was all good despite wearing a mask for some eight hours (flights plus airport time.) Reminder: There can be delays getting cabs or Uber/Lyft to and from airports because of driver shortages. Remember too that some restaurants and hotels have labor shortages, as well. All that means factoring in extra time.
Milken also required attendees to be vaccinated and produce a negative PCR or antigen test. You also have to wear a Milken-issued KN95 mask. Your own mask, even if it was the same, was not accepted. Eating was only allowed in eating areas, ditto even for drinking water! COVID police patrolled the event making sure folks kept their masks on and up. A few events were held outdoors to reduce risk.
That said, none of these protocols hindered the event, and in short order attendees seemed to accept and even forget about them. Milken had animpressive roster of in-person speakerstoo. I have to say that hanging out backstage and conversing with the likes of Reed Hastings, Byron Allen, and Jean Case, as well as fellow journos like CNBC’s David Faber and Julia Boorstin was tons of fun and incredibly valuable for me.
Also this past Monday while I was at Milken, came a very stark reminder that COVID is still very present with the news that Colin Powell died from the disease.
Milken is a bit old-school. Guys wear ties, and lo and behold people were exchanging business cards (huh?) Despite that, much of the talk at Milken was about what work would be like going forward. In fact, I moderated two panels which focused on that. The first wasThinking Forward: A Business Evolutionwhere Infosys President Ravi Kumar spoke about a “hybrid paradox and a reshuffle in the human capital market.”
Meaning what?
“Seventy percent of the people are actually saying they want human connections,” says Kumar. “They want to come to conferences like this. Seventy percent of the people are actually saying they want flexibility. The same 70%. That’s what I call a hybrid paradox which will lead employers to look for more flexibility. [Psychologist, professor, author] Adam Grant, spoke about how flexibility is no longer about where you go to work and when you go to work, it's also about why you want to work. For a better purpose, working on your priorities, or working with the people you want to work with.”
In my second panel,Going Global: The Future of Work, Allen Media CEO Byron Allen talked about human capital. “It’s a very precious commodity. Folks can work wherever they want, they have many choices. And I've always made it clear, don't come to my company for a job, because I know you can have a job anywhere, come here to make history. It's far greater than just a career, we're here to change the paradigm. You shouldn't be here if you're uncomfortable with us challenging the system. This is about changing the world for the greater good. It's people before profits. When the world's biggest media companies laid everybody off, I wouldn't lay one person off. If I'm going to win the championships, I have to have a championship team. And the championship teams always have very little turnover.”
Allen went on to talk about hiring a key employee from another company: “I called her up. I introduced myself and told her what we were doing. And I asked her how much she was making. And she told me and I said, I’d like to double it. And would you like to start? And she said, Yes. We don't have a retention problem. Because people know they are a priority at our company no matter what. We pay them well, and we treat them well.”
Yahoo Finance’s All Markets Summit: The Path Forward
Up next on Monday, we’ll be hosting our mostly virtual event at the Nasdaq in Times Square. (I say mostly because while we won’t have a live audience, a few guests will join us in person and I’ll be there, too.) This is our eighth All Markets Summit and we’re thrilled to connect our audience of 100 million-plus (including you) with leaders and influencers in business, finance, cryptocurrencies, health care, public policy, social justice, philanthropy, climate change including Citigroup (C) CEO Jane Fraser, Zoom (ZM) CEO Eric Yuan, SEC Chair Gary Gensler, Surgeon General of the United States Dr. Vivek Murthy, Bank of America (BAC) CEO Brian Moynihan, and many more. See youhere, Monday from "9 To 5," (as Dolly Parton would say.)
Web Summit
A week after our All Markets Summit I’m off to Lisbon for the Web Summit, Nov. 1-4, where I’ll be doing a number of panels and interviews. Organizers expect some 40,000 attendees. (Yikes!) To access the Web Summit venue, “attendees will need photo identification (I have that) and an EU Digital COVID Certificate (I don’t have that), or a negative PCR test from within the last 72 hours or a negative antigen test from within the last 48 hours. (See what I mean about timing these babies just right.) And all attendees will be required to wear masks. Bigwigs there include the likes of Craig Federighi of Apple, Brad Smith of Microsoft (MSFT), and Nick Clegg and Chris Cox of Facebook (FB), as well as Frances Haugen, the Facebook whistleblower. (Whoa Frances. Careful who you bump into at the coffee bar!)
I’m curious how this mega-event works out, and a little wary too about health and safety. Maybe I’ll stay outside most of the time.
The big question of course is, is this all worth it? The tougher-than-ever travel, the COVID tests, the costs, emissions, and still the risk. I would answer that to a degree, as in, pick your spots, yes.
That business travel is coming is inevitable, just not to the way it was before. “There will be major changes in how people travel for business. These are not short-term changes; these are long-term systemic changes," says Henry Harteveldt, travel and hospitality analyst at Atmosphere Research Group. “Companies that exhibit and attend events will be a lot more thoughtful in determining where they invest their time and money. So the caliber of a conference is going to have to be even more compelling now than it was in 2019.”
Two things we learned in the pandemic. First, it’s much easier to get someone on a Zoom call than to schedule an in-person meeting. Second, it is almost indescribable what you miss when you don’t talk to people face-to-face.
So what we’re really trying to do is quantify the value of being together. Trying to weigh all those costs versus an almost intangible but nevertheless massive upside. The fact that when we aren’t together we don’t know what we miss.
I thought about that when I was backstage at the Milken conference talking privately to the sui generis investor Cathie Wood, CEO of Ark Invest, about moving her business to Florida. It was a great little conversation, though it wasn’t so much what she said but rather her gestures, mannerisms, and mien. And the look in her eyes. It was just a moment, but it was something no Zoom call orMetaverseroom could ever replicate — at least in my lifetime.
This article was featured in a Saturday edition of the Morning Brief on October 23, 2021. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET.Subscribe
Andy Serwer is editor-in-chief of Yahoo Finance. Follow him on Twitter:@serwer
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Instagram,YouTube,Facebook,Flipboard, andLinkedIn || Exactly what we gain by going back out on the road: NEW YORK, NEW YORK - SEPTEMBER 21: Iván Duque Márquez, President, Republic of Colombia and Sam Jacobs, Deputy Editor, TIME Magazine attend the 2021 Concordia Annual Summit - Day 2 at Sheraton New York on September 21, 2021 in New York City. (Photo by Riccardo Savi/Getty Images for Concordia Summit) (Riccardo Savi via Getty Images) I’m on the road again, though with all due respect to Willie Nelson, I’m not sure I just can't wait to get on it. This is about business travel of course and more specifically going to conferences, conventions, and the like. So yes, I’ve been getting back to that old familiar routine of airports, airplanes, hotel rooms, endless days, and very little sleep. What’s it like to be a road warrior after an 18-month hiatus? Exasperating at times, never mind exhausting, but it’s also exhilarating. You cannot overestimate what we gain from in-person, face-to-face interaction, (even if it is masked). It also feels strange, normal, completely different, and the same-old, all at the same time. (How could it be anything but?) Over the past few weeks I’ve just been to two events and will be attending two more in the coming weeks, including Yahoo Finance’s own All Markets Summit on Monday, Oct. 25, ( tune in here ), and then the Web Summit. Of course, I’m not alone. Millions of business people across the country are revving their engines. And you can see that as evidenced by this calendar from the convention capital of the world, Las Vegas . Sadly you’re too late to go to Marijuana Business Daily - MjBizCon 2021 , with Daymond John giving the keynote. That one ended yesterday and was positively buzzing ( sting here), according to a friend who reports that it was “as nuts as CES used to be.” Not to worry, Amazon Web Services re:Invent 2021 (at the Venetian) and Cowboy Christmas 2021 are coming up in November and December (of course), respectively. (Music to Penn & Teller’s ears. ) Some events are being executed successfully, like The Black Women’s Expo in Chicago and Code Conference , which “needs no introduction. It's where Kara Swisher holds the power players of tech accountable in signature unscripted Red Chair interviews.” (Elon knows.) Some have been less successful, like the Bitcoin 2021 conference in Miami back in June where some attendees tested positive for COVID-19 after the conference, according to CNBC . The event did not mandate masks or require proof of vaccination, CNBC reported. Then there was the debacle in February 2020 at a Biogen conference in Boston , which a scientific study has linked to as many as 300,000 cases of COVID. The worst. Story continues That’s why with events like COP 26 UN Climate Change Conference in Glasgow coming up next weekend, the World Economic Forum’s Annual Meeting in Davos in January, organizers are being super careful. Hybrid and all-virtual events are still very much in the mix, and those in-person events have all manner of COVID protocols, which I’ll get into shortly. John Gerzema, CEO of The Harris Poll, speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S., October 18, 2021. REUTERS/David Swanson (David Swanson / reuters) But remember too, some companies are not so anxious to send their people out on the road for a number of reasons. Leaving aside lingering and legitimate health concerns, there are also budgets and climate to consider. Google reportedly saved $1 billion a year by having its employees work from home, much of that savings coming from almost zeroing out what the bean counters call “T&E” (travel and entertainment). Send your people back out on the road, and your spend goes back up. And what’s the return on investment there really? More on that later too. As for climate concerns, Time Magazine reports: “Even if the pandemic ebbs, companies looking to become more environmentally sustainable won’t likely go back to the same volume of travel as before; corporations like Zurich Insurance Group AG, Bain & Company, and S&P Global have announced plans to cut business travel emissions in the next few years, with Zurich aiming to reduce emissions by as much as 70% by next year.” Bottom line: “Corporate travel programs are being totally revamped to incorporate trade offs that companies are willing to assess and evaluate,” says Nicolas Graf, a professor and associate dean at the Jonathan M. Tisch Center of Hospitality at New York University, who is organizing the NYU International Hospitality Industry Investment Conference, which will take place in Manhattan early next month. “Companies are increasingly questioning not only the cost side of sending people to most meetings but also the carbon emissions that go with them, especially air travel. It’s going to be a long and slow recovery.” Having said that, there will be pressure on companies to reboot business travel as it’s such a huge part of the economy. Here’s an Associated Press report from Sept. 9: “A lot is riding on the revival of in-person meetings. Prior to the pandemic, conferences and trade shows generated more than $1 trillion in direct spending and attracted 1.5 billion attendees annually around the world, according to the Events Industry Council, a trade group." The group hasn’t yet calculated the impact of the virus globally. But the Center for Exhibition Industry Research, which studies the economic impact of U.S. business-to-business trade shows, said those events alone were expected to generate $105 billion in direct and indirect spending in 2020. Instead, that plunged to $24 billion.” Hanging over what I’m calling the Great Resumption like a lead balloon, is still COVID of course, and protecting against it, which adds massive amounts of friction into what were fraught processes to begin with, i.e., hotel check-in, conference registration and the agony of air travel. (Regarding the latter, check out this beautifully written piece from way back by the ever-insightful Tim Smith.) Now add the mandatory TSA mask regs at airports and on planes (and the chuckleheads who ignore them), vaccine mandates at events, and negative COVID test requirements and well, you better be patient and leave extra time is all I can say. In particular is the tricky negative PCR test within 72 hours before you board some overseas flights. You have to time the test just right, so that you take it within 72 hours, but get the results back before take-off. (Think!) You also may experience a new pain if you are flying long haul. That being the irritation of mask straps behind your ears for six hours (from say New York to LA), particularly on one side if you take a nap and are leaning on one ear. Also note, a friend told me he was required to show a negative COVID test result to enter an airline club lounge. Pro-tip, carry some of those Abbott BinaxNOW home tests with you on the road. They may not always be accepted but they’re better than nothing and might be good for your own peace of mind at some point if you are feeling a bit peaked. And so here then is my mini-travelogue, immediate past, present and future. Concordia Annual Summit This was my first foray back into the world of live events as some call them. Concordia was held at the Sheraton New York Times Square in late September to coincide with the United Nations General Assembly. In fact I should point out that the United Nations meeting itself was a hybrid. President Biden spoke in person to a half-filled hall, as many of the delegates and leaders declined to travel, including China’s President Xi Jinping who made his remarks remotely. As Concordia was in New York City, I didn’t have to travel, (though a number of attendees did), so that was easy enough. Still, this was not back in 2019 by any means. There were COVID protocols to abide by, including providing proof of vaccine (and ID). Concordia also administered a rapid test on the hotel premises. After that, entrez-vous, though masks were required at all times. Matthew Swift, CEO of Concordia, reports that of his speakers, 100 were in person and 83 were virtual. I interviewed Raj Shah, president of the Rockefeller Foundation, (in person) and as we walked up on stage, we elbow-bumped John Kerry, U.S. Special Envoy, Lisa Jackson, vice president, environment, policy and social initiatives at Apple ( AAPL ) and Ryan Roslansky, CEO of LinkedIn, who were on the way down. Try doing that virtually! It was also just great to be with people. Like my colleagues — Mike Claudio, Julie Hyman, and Justin Katz, whom I hadn't seen in ages. (Hi guys!) And to meet new people, like someone who later emailed me about a job, and another person who turned out to be friendly with someone at work. I also met with the CEO of one of the big waste companies who shared a cool idea I want to turn into a story. And a shipping company exec gave me key intel on the supply chain foul-up. I didn’t know any of this would happen beforehand. All I knew going in was that I was interviewing Raj. This was much much more. This was serendipity. It’s what Graf from NYU calls, “Corridor discussions. Things you can’t say on Zoom. That’s what really excites me. That kind of emotional reconnection — we’ve been meeting on Zoom for the past two years but that’s really a missing ingredient.” Milken Institute Global Conference For this one I had to fly from New York to LA, which was all good despite wearing a mask for some eight hours (flights plus airport time.) Reminder: There can be delays getting cabs or Uber/Lyft to and from airports because of driver shortages. Remember too that some restaurants and hotels have labor shortages, as well. All that means factoring in extra time. Milken also required attendees to be vaccinated and produce a negative PCR or antigen test. You also have to wear a Milken-issued KN95 mask. Your own mask, even if it was the same, was not accepted. Eating was only allowed in eating areas, ditto even for drinking water! COVID police patrolled the event making sure folks kept their masks on and up. A few events were held outdoors to reduce risk. That said, none of these protocols hindered the event, and in short order attendees seemed to accept and even forget about them. Milken had an impressive roster of in-person speakers too. I have to say that hanging out backstage and conversing with the likes of Reed Hastings, Byron Allen, and Jean Case, as well as fellow journos like CNBC’s David Faber and Julia Boorstin was tons of fun and incredibly valuable for me. Also this past Monday while I was at Milken, came a very stark reminder that COVID is still very present with the news that Colin Powell died from the disease. Milken is a bit old-school. Guys wear ties, and lo and behold people were exchanging business cards (huh?) Despite that, much of the talk at Milken was about what work would be like going forward. In fact, I moderated two panels which focused on that. The first was Thinking Forward: A Business Evolution where Infosys President Ravi Kumar spoke about a “hybrid paradox and a reshuffle in the human capital market.” Meaning what? “Seventy percent of the people are actually saying they want human connections,” says Kumar. “They want to come to conferences like this. Seventy percent of the people are actually saying they want flexibility. The same 70%. That’s what I call a hybrid paradox which will lead employers to look for more flexibility. [Psychologist, professor, author] Adam Grant, spoke about how flexibility is no longer about where you go to work and when you go to work, it's also about why you want to work. For a better purpose, working on your priorities, or working with the people you want to work with.” In my second panel, Going Global: The Future of Work , Allen Media CEO Byron Allen talked about human capital. “It’s a very precious commodity. Folks can work wherever they want, they have many choices. And I've always made it clear, don't come to my company for a job, because I know you can have a job anywhere, come here to make history. It's far greater than just a career, we're here to change the paradigm. You shouldn't be here if you're uncomfortable with us challenging the system. This is about changing the world for the greater good. It's people before profits. When the world's biggest media companies laid everybody off, I wouldn't lay one person off. If I'm going to win the championships, I have to have a championship team. And the championship teams always have very little turnover.” Allen went on to talk about hiring a key employee from another company: “I called her up. I introduced myself and told her what we were doing. And I asked her how much she was making. And she told me and I said, I’d like to double it. And would you like to start? And she said, Yes. We don't have a retention problem. Because people know they are a priority at our company no matter what. We pay them well, and we treat them well.” Yahoo Finance’s All Markets Summit: The Path Forward Up next on Monday, we’ll be hosting our mostly virtual event at the Nasdaq in Times Square. (I say mostly because while we won’t have a live audience, a few guests will join us in person and I’ll be there, too.) This is our eighth All Markets Summit and we’re thrilled to connect our audience of 100 million-plus (including you) with leaders and influencers in business, finance, cryptocurrencies, health care, public policy, social justice, philanthropy, climate change including Citigroup ( C ) CEO Jane Fraser, Zoom ( ZM ) CEO Eric Yuan, SEC Chair Gary Gensler, Surgeon General of the United States Dr. Vivek Murthy, Bank of America ( BAC ) CEO Brian Moynihan, and many more. See you here , Monday from "9 To 5," ( as Dolly Parton would say. ) Web Summit A week after our All Markets Summit I’m off to Lisbon for the Web Summit, Nov. 1-4, where I’ll be doing a number of panels and interviews. Organizers expect some 40,000 attendees. (Yikes!) To access the Web Summit venue, “attendees will need photo identification (I have that) and an EU Digital COVID Certificate (I don’t have that), or a negative PCR test from within the last 72 hours or a negative antigen test from within the last 48 hours. (See what I mean about timing these babies just right.) And all attendees will be required to wear masks. Bigwigs there include the likes of Craig Federighi of Apple, Brad Smith of Microsoft ( MSFT ), and Nick Clegg and Chris Cox of Facebook ( FB ), as well as Frances Haugen, the Facebook whistleblower. (Whoa Frances. Careful who you bump into at the coffee bar!) I’m curious how this mega-event works out, and a little wary too about health and safety. Maybe I’ll stay outside most of the time. The big question of course is, is this all worth it? The tougher-than-ever travel, the COVID tests, the costs, emissions, and still the risk. I would answer that to a degree, as in, pick your spots, yes. That business travel is coming is inevitable, just not to the way it was before. “There will be major changes in how people travel for business. These are not short-term changes; these are long-term systemic changes," says Henry Harteveldt, travel and hospitality analyst at Atmosphere Research Group. “Companies that exhibit and attend events will be a lot more thoughtful in determining where they invest their time and money. So the caliber of a conference is going to have to be even more compelling now than it was in 2019.” Two things we learned in the pandemic. First, it’s much easier to get someone on a Zoom call than to schedule an in-person meeting. Second, it is almost indescribable what you miss when you don’t talk to people face-to-face. So what we’re really trying to do is quantify the value of being together. Trying to weigh all those costs versus an almost intangible but nevertheless massive upside. The fact that when we aren’t together we don’t know what we miss. I thought about that when I was backstage at the Milken conference talking privately to the sui generis investor Cathie Wood, CEO of Ark Invest, about moving her business to Florida. It was a great little conversation, though it wasn’t so much what she said but rather her gestures, mannerisms, and mien. And the look in her eyes. It was just a moment, but it was something no Zoom call or Metaverse room could ever replicate — at least in my lifetime. This article was featured in a Saturday edition of the Morning Brief on October 23, 2021. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Andy Serwer is editor-in-chief of Yahoo Finance. Follow him on Twitter: @serwer Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter , Instagram , YouTube , Facebook , Flipboard , and LinkedIn || Bitcoin (BTC) Cycles Are Lengthening – Hypothesis Confirmed: BeInCrypto –
Many crypto market participants profess faith in the cyclical nature of bitcoin (BTC), which is governed by the halving that takes place every four years. However, few have yet settled on the hypothesis that these cycles lengthen over time. It is about time to do so, as the new all-time high for BTC has just validated this hypothesis.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Bitcoin (BTC) Cycles Are Lengthening Hypothesis Confirmed: BeInCrypto Many crypto market participants profess faith in the cyclical nature of bitcoin (BTC), which is governed by the halving that takes place every four years. However, few have yet settled on the hypothesis that these cycles lengthen over time. It is about time to do so, as the new all-time high for BTC has just validated this hypothesis. This story was seen first on BeInCrypto Join our Telegram Group and get trading signals, a free trading course and more stories like this on BeInCrypto || Bitcoin (BTC) Cycles Are Lengthening – Hypothesis Confirmed: BeInCrypto –
Many crypto market participants profess faith in the cyclical nature of bitcoin (BTC), which is governed by the halving that takes place every four years. However, few have yet settled on the hypothesis that these cycles lengthen over time. It is about time to do so, as the new all-time high for BTC has just validated this hypothesis.
This storywas seen first onBeInCryptoJoin our Telegram Groupand get trading signals, a free trading course and more stories likethisonBeInCrypto || Weownomy Platform Launches 200 Million (WEOWNS) Staking Reward Program: The world's first peer-to-peer social media platform with a built in staking rewards program. Weownomy Weownomy Weownomy DELAWARE CITY, Del., Oct. 22, 2021 (GLOBE NEWSWIRE) -- Weownomy Platform has announced today the launch of Liquidity and staking rewards program. The 200 million WEOWNS stake program will be divided into three categories: - Remittance & Crypto trading where there are no transactions fees, participants get an extra amount when sending or receiving money; social media users are incentivized to post, share and interact with content on the Weownomy Platform in order to earn WEOWNS, which can be used as an exchange currency or cashed out into other cryptocurrencies or fiat currencies at any time. Weownomy's latest project, MyWEOWNS Debt Free Personal Economic Security Program , introduces a sustainable personal economic system that aims to enable people to thrive financially without being burdened by debt. In preparation for the launch of WeownomyChat, an instant messaging app in November 2021, the board approved to reward those who share its vision for the long-term success of a new alternative social media platform and its currency of kindness, WEOWNS. "This reward program is one way we can help share our vision of long-term success with those who are ready to be part of the WEOWNOMY revolution," said Ssemakula Peter Luyima. The World's First WEOWNS Economy Program The World's First WEOWNS Economy Program will be launched on 29 to 31, October 2021. The program provides 200 million WEOWNS to registered participants, allowing them to have a position in WEOWNS by holding the token. There are three ways of participation: 1) An individual or company can open an account with WeownomyPay and make their first WEOWNS transaction 2) A company can register with WEOWNS' click-to-earn WeownomyChat Ads as platform currency converted into other crypto or fiat currencies 3) Investors can stake Ether in WEOWNS' staking reward program period (October 29-31). WEOWNS has three key features: 1) It's backed by continual transaction 2) As people use WEOWNS, it becomes worth more because of the underlying principles of supply and demand, meaning you can earn an extra amount above your initial purchase price. 3) New opportunities for growth with increasing participants. For every WEOWNS coin created through the network, another will be destroyed through use or transaction. This makes it possible to have an infinite supply while still having value because demand will always be higher than supply, making this the most stable cryptocurrency ever made. Story continues The WEOWNS project is creating a new, and possibly revolutionary, way to distribute the wealth generated by staking. The entire reward pool is fixed, and 50 million WEOWNS will be distributed on a stake weighted basis to remaining qualifying participants at the end of each six-month period, according to a published schedule. WEOWNS provides an alternative to traditional staking platforms that give no guarantee that the total amount of rewards for participating will ever exceed initial investments. WEOWNS Reward Distribution Details The 200 million WEOWNS in the reward pool will be distributed over the course of four six-month periods for a total of two years on the dates below: PERIOD WEOWNS STAKING REWARDS PROGRAM DISTRIBTION DATES AMOUNT OF STAKE REWARD WEOWNS DISTRIBUTED Period 1 October 29, 2021 50,000,000 Period 2 April 29, 2022 50,000,000 Period 3 October 29, 2022 50,000,000 Period 4 April 29, 2023 50,000,000 WEOWNS: A Crypto Asset backed by Continual Transactions and Participants As it continues to be used, WEOWNs are destroyed in the process of transactions and by staking rewards. This means that for every WEOWN created through the network, another one will be destroyed at the same time. The entire staking reward pool is fixed and will be distributed on a stake-weighted basis only to remaining qualifying participants at the end of each six-month period. In the world of cryptocurrency, there are many different ways to earn a reward. Staking WEOWNS means locking them up in order to receive more of the coins. The reward one receives depends on how many coins are locked away by other people who are also staking their coins. To qualify for rewards from staking WEOWNS, they must be deposited into an eligible wallet that supports staking and not withdrawn during the period of time when they were active on the network. Weownomy offers an opportunity for WEOWNS holders to earn more through their stake by calculating how much they stand to receive based on different time periods. The longer the period, the higher your reward will be but you need to make sure that you have enough WEOWNS in your wallet for this type of long-term investment strategy. The only requirement for a qualifying wallet is that it must have over 1 WEOWNS in it on its own or combined with other wallets that also qualify. WEOWNS Liquidity Providers Rewards WEOWNS is a yield-bearing asset that allows holders to passively generate income through the process of staking their tokens. WEOWNS will generate revenue from two sources: 1% trading fee generated by the UniSwap decentralized exchange where it is listed; 5000 WEOWNS (represented in USD or any currency) is what is provided monthly to liquidity providers on UniSwap. The idea behind WEOWNS is simple: if one does stake tokens, they stand to receive stake rewards in the form of ETH and/or WEOWNS tokens for doing so. For example, if one does stake 100 WEOWNS tokens using ( ETH/WEOWNS liquidity pool ) for six months, in return he/she gets rewarded 5,000 WEOWNS tokens (depending on the current price) . Go to ETH/WEOWNS liquidity pool and click on +Add Liquidity in the top right The Program begins on Oct. 25, 2021 at 3 p.m. Eastern Time. WEOWNS and the Staking Reward Program WEOWNS is a Proof of Stake (PoS) token that provides holders with passive income on the Ethereum network. This means that users can lock up their WEOWNS tokens in order to receive rewards for staking them. WEOWNS Token global investors can provide liquidity to ETH/WEOWNS liquidity pool in equal proportion on Uniswap (V3) as follows: 1) 100% ETH/WEOWNS liquidity pool staking rewards go to investor for a minimum of 30 days 2) Whitelist your address 3) An investor can Open WeownomyPay Account to exchange WEOWNS into xZAR tokens. WEOWNS to Integrate xZAR Stablecoin for Transactions WEOWNS will officially use xZAR South African stablecoin pegged 1:1 with South African Rand (ZAR) for transactions. The use for xZAR will start initially with the 30,000 co-owners who will exchange WEOWNS into xZAR tokens.WEOWNS Users will be able to convert it back into Rands (ZAR) via AltCoinTrader.co.za, South Africa. About WEOWNS WEOWNS https://weowns.global is a new currency that was created to address the shortcomings of Bitcoin. WEOWNS is designed to be used as an incentive for people who want to do good in their communities, not just mine bitcoins. WEOWNS incentivizes entrepreneurs and users to act with kindness towards one another by building trust through commitments made. This means that any user or entrepreneur who follows the precept should generally be expected to be more successful than otherwise, because they will have earned more WEOWNS. About Weownomy Weownomy Platform Corporation, Incorporated in the State of Delaware https://www.weownomy.global is launching a subscription-based, open and participatory platform. A new redefined social network that facilitates people's participation in the democratic process of defining their own rules for their future, generating an ownership structure where every person has rights to share in the proceeds generated by this new economy and hence true economic equality. Media Ssemakula Peter Luyima [email protected] President and CEO Weownomy Platform Corporation Related Images Image 1: Weownomy Weownomy Platform This content was issued through the press release distribution service at Newswire.com . Attachment Weownomy View comments || Weownomy Platform Launches 200 Million (WEOWNS) Staking Reward Program: The world's first peer-to-peer social media platform with a built in staking rewards program.
DELAWARE CITY, Del., Oct. 22, 2021 (GLOBE NEWSWIRE) -- Weownomy Platform has announced today the launch of Liquidity and staking rewards program. The 200 million WEOWNS stake program will be divided into three categories: - Remittance & Crypto trading where there are no transactions fees, participants get an extra amount when sending or receiving money; social media users are incentivized to post, share and interact with content on the Weownomy Platform in order to earn WEOWNS, which can be used as an exchange currency or cashed out into other cryptocurrencies or fiat currencies at any time.
Weownomy's latest project,MyWEOWNS Debt Free Personal Economic Security Program, introduces a sustainable personal economic system that aims to enable people to thrive financially without being burdened by debt.
In preparation for the launch of WeownomyChat, an instant messaging app in November 2021, the board approved to reward those who share its vision for the long-term success of a new alternative social media platform and its currency of kindness, WEOWNS.
"This reward program is one way we can help share our vision of long-term success with those who are ready to be part of the WEOWNOMY revolution," said Ssemakula Peter Luyima.
The World's First WEOWNS Economy Program
The World's First WEOWNS Economy Program will be launched on 29 to 31, October 2021. The program provides 200 million WEOWNS to registered participants, allowing them to have a position in WEOWNS by holding the token. There are three ways of participation: 1) An individual or company can open an account with WeownomyPay and make their first WEOWNS transaction 2) A company can register with WEOWNS' click-to-earn WeownomyChat Ads as platform currency converted into other crypto or fiat currencies 3) Investors can stake Ether in WEOWNS' staking reward program period (October 29-31).
WEOWNS has three key features: 1) It's backed by continual transaction 2) As people use WEOWNS, it becomes worth more because of the underlying principles of supply and demand, meaning you can earn an extra amount above your initial purchase price. 3) New opportunities for growth with increasing participants. For every WEOWNS coin created through the network, another will be destroyed through use or transaction. This makes it possible to have an infinite supply while still having value because demand will always be higher than supply, making this the most stable cryptocurrency ever made.
The WEOWNS project is creating a new, and possibly revolutionary, way to distribute the wealth generated by staking. The entire reward pool is fixed, and 50 million WEOWNS will be distributed on a stake weighted basis to remaining qualifying participants at the end of each six-month period, according to a published schedule. WEOWNS provides an alternative to traditional staking platforms that give no guarantee that the total amount of rewards for participating will ever exceed initial investments.
WEOWNS Reward Distribution Details
The 200 million WEOWNS in the reward pool will be distributed over the course of four six-month periods for a total of two years on the dates below:
[{"PERIOD": "Period 1", "WEOWNS STAKING REWARDS PROGRAM DISTRIBTION DATES": "October 29, 2021", "AMOUNT OF STAKE REWARD WEOWNS DISTRIBUTED": "50,000,000"}, {"PERIOD": "Period 2", "WEOWNS STAKING REWARDS PROGRAM DISTRIBTION DATES": "April 29, 2022", "AMOUNT OF STAKE REWARD WEOWNS DISTRIBUTED": "50,000,000"}, {"PERIOD": "Period 3", "WEOWNS STAKING REWARDS PROGRAM DISTRIBTION DATES": "October 29, 2022", "AMOUNT OF STAKE REWARD WEOWNS DISTRIBUTED": "50,000,000"}, {"PERIOD": "Period 4", "WEOWNS STAKING REWARDS PROGRAM DISTRIBTION DATES": "April 29, 2023", "AMOUNT OF STAKE REWARD WEOWNS DISTRIBUTED": "50,000,000"}]
WEOWNS: A Crypto Asset backed by Continual Transactions and Participants
As it continues to be used, WEOWNs are destroyed in the process of transactions and by staking rewards. This means that for every WEOWN created through the network, another one will be destroyed at the same time. The entire staking reward pool is fixed and will be distributed on a stake-weighted basis only to remaining qualifying participants at the end of each six-month period.
In the world of cryptocurrency, there are many different ways to earn a reward. Staking WEOWNS means locking them up in order to receive more of the coins. The reward one receives depends on how many coins are locked away by other people who are also staking their coins.
To qualify for rewards from staking WEOWNS, they must be deposited into an eligible wallet that supports staking and not withdrawn during the period of time when they were active on the network.
Weownomy offers an opportunity for WEOWNS holders to earn more through their stake by calculating how much they stand to receive based on different time periods. The longer the period, the higher your reward will be but you need to make sure that you have enough WEOWNS in your wallet for this type of long-term investment strategy.
The only requirement for a qualifying wallet is that it must have over 1 WEOWNS in it on its own or combined with other wallets that also qualify.
WEOWNS Liquidity Providers Rewards
WEOWNS is a yield-bearing asset that allows holders to passively generate income through the process of staking their tokens. WEOWNS will generate revenue from two sources: 1% trading fee generated by the UniSwap decentralized exchange where it is listed; 5000 WEOWNS (represented in USD or any currency) is what is provided monthly to liquidity providers on UniSwap.
The idea behind WEOWNS is simple: if one does stake tokens, they stand to receive stake rewards in the form of ETH and/or WEOWNS tokens for doing so. For example, if one does stake 100 WEOWNS tokens using (ETH/WEOWNS liquidity pool) for six months, in return he/she gets rewarded 5,000 WEOWNS tokens (depending on the current price).
Go toETH/WEOWNS liquidity pooland click on +Add Liquidity in the top right
The Program begins onOct. 25, 2021 at 3 p.m. Eastern Time.
WEOWNS and the Staking Reward Program
WEOWNS is a Proof of Stake (PoS) token that provides holders with passive income on the Ethereum network. This means that users can lock up their WEOWNS tokens in order to receive rewards for staking them.
WEOWNS Token global investors can provide liquidity toETH/WEOWNS liquidity poolin equal proportion on Uniswap (V3) as follows:
1) 100%ETH/WEOWNS liquidity poolstaking rewards go to investor for a minimum of 30 days
2)Whitelist your address
3) An investor can Open WeownomyPay Account to exchange WEOWNS intoxZAR tokens.
WEOWNS to Integrate xZAR Stablecoin for Transactions
WEOWNS will officially use xZAR South African stablecoin pegged 1:1 with South African Rand (ZAR) for transactions. The use for xZAR will start initially with the 30,000 co-owners who will exchange WEOWNS into xZAR tokens.WEOWNS Users will be able to convert it back into Rands (ZAR) via AltCoinTrader.co.za, South Africa.
About WEOWNS
WEOWNShttps://weowns.globalis a new currency that was created to address the shortcomings of Bitcoin. WEOWNS is designed to be used as an incentive for people who want to do good in their communities, not just mine bitcoins. WEOWNS incentivizes entrepreneurs and users to act with kindness towards one another by building trust through commitments made. This means that any user or entrepreneur who follows the precept should generally be expected to be more successful than otherwise, because they will have earned more WEOWNS.
About Weownomy
Weownomy Platform Corporation, Incorporated in the State of Delawarehttps://www.weownomy.globalis launching a subscription-based, open and participatory platform. A new redefined social network that facilitates people's participation in the democratic process of defining their own rules for their future, generating an ownership structure where every person has rights to share in the proceeds generated by this new economy and hence true economic equality.
Media
Ssemakula Peter Luyima
[email protected]
President and CEO
Weownomy Platform Corporation
Related Images
Image 1: WeownomyWeownomy Platform
This content was issued through thepress release distribution service at Newswire.com.
Attachment
• Weownomy || The Crypto Daily – Movers and Shakers – October 23rd, 2021: Bitcoin , BTC to USD, fell by 2.40% on Friday. Following a 5.76% slide on Thursday, Bitcoin ended the day at $60,706.0. A bullish start to the day saw Bitcoin rise to a late morning intraday high $63,729.0 before hitting reverse. Falling short of the first major resistance level at $65,290, Bitcoin slid to a late afternoon intraday low $60,013.0. Bitcoin fell through the first major support level at $60,502 before briefly revisiting $61,000 levels. A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$61,000 levels. The near-term bullish trend remained intact, supported the latest return to $66,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a mixed day on Friday. Crypto.com Coin (-0.48%), Ethereum (-2.03%), Litecoin (-2.97%), and Ripple’s XRP (-0.03%) joined Bitcoin in the red. It was a bullish day for the rest of the majors, however. Polkadot lead the way, rallying by 4.09%, with Binance Coin (+1.75%) and Chainlink (+1.41%) also finding relatively strong support. Bitcoin Cash SV (+0.32%) and Cardano’s ADA (+0.89%) trailed the front runners, however. In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,525bn. Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Friday low 45.15%. At the time of writing, Bitcoin’s dominance stood at 45.25%. This Morning At the time of writing, Bitcoin was down by 60,610.8. A mixed start saw Bitcoin rise to an early morning high $60,769.0 before falling to a low $60,579.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a bearish start to the day. At the time of writing, Chainlink was down by 0.32% to lead the way down. For the Bitcoin Day Ahead Bitcoin would need to move through the $61,483 pivot to bring the first major resistance level at $62,952 into play. Story continues Support from the broader market would be needed for Bitcoin to break out from $62,500 levels. Barring a broad-based crypto rally, the first major resistance level and Friday’s high $63,729.0 would likely cap the upside. In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $65,199. Failure to move through the $61,483 would bring the first major support level at $59,236 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels, however. The second major support level sits at $57,767. This article was originally posted on FX Empire More From FXEMPIRE: European Equities: A Week in Review – 22/10/21 Natural Gas Price Forecast – Natural Gas Markets Give Up Early Gains The Crypto Daily – Movers and Shakers – October 23rd, 2021 S&P 500 Price Forecast – Stock Markets Slowing Down The Weekly Wrap – Inflationary Pressures Shift Monetary Policy Expectations, Pegging Back the Dollar Gold Weekly Price Forecast – Gold Markets Push Through a Trendline || The Crypto Daily – Movers and Shakers – October 23rd, 2021: Bitcoin, BTC to USD, fell by 2.40% on Friday. Following a 5.76% slide on Thursday, Bitcoin ended the day at $60,706.0.
A bullish start to the day saw Bitcoin rise to a late morning intraday high $63,729.0 before hitting reverse.
Falling short of the first major resistance level at $65,290, Bitcoin slid to a late afternoon intraday low $60,013.0.
Bitcoin fell through the first major support level at $60,502 before briefly revisiting $61,000 levels.
A bearish end to the day, however, saw Bitcoin fall back to end the day at sub-$61,000 levels.
The near-term bullish trend remained intact, supported the latest return to $66,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Friday.
Crypto.com Coin(-0.48%),Ethereum(-2.03%),Litecoin(-2.97%), andRipple’s XRP(-0.03%) joined Bitcoin in the red.
It was a bullish day for the rest of the majors, however.
Polkadot lead the way, rallying by 4.09%, withBinance Coin(+1.75%) andChainlink(+1.41%) also finding relatively strong support.
Bitcoin Cash SV(+0.32%) andCardano’s ADA(+0.89%) trailed the front runners, however.
In the current week, the crypto total market fell to a Monday low $2,386bn before rising to a Thursday high $2,741bn. At the time of writing, the total market cap stood at $2,525bn.
Bitcoin’s dominance rose to a Wednesday high 47.72% before falling to a Friday low 45.15%. At the time of writing, Bitcoin’s dominance stood at 45.25%.
At the time of writing, Bitcoin was down by 60,610.8. A mixed start saw Bitcoin rise to an early morning high $60,769.0 before falling to a low $60,579.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Chainlink was down by 0.32% to lead the way down.
Bitcoin would need to move through the $61,483 pivot to bring the first major resistance level at $62,952 into play.
Support from the broader market would be needed for Bitcoin to break out from $62,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $63,729.0 would likely cap the upside.
In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $65,199.
Failure to move through the $61,483 would bring the first major support level at $59,236 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$58,000 levels, however. The second major support level sits at $57,767.
Thisarticlewas originally posted on FX Empire
• European Equities: A Week in Review – 22/10/21
• Natural Gas Price Forecast – Natural Gas Markets Give Up Early Gains
• The Crypto Daily – Movers and Shakers – October 23rd, 2021
• S&P 500 Price Forecast – Stock Markets Slowing Down
• The Weekly Wrap – Inflationary Pressures Shift Monetary Policy Expectations, Pegging Back the Dollar
• Gold Weekly Price Forecast – Gold Markets Push Through a Trendline || Second Bitcoin-Linked ETF Launches, Aims To Provide ‘Exposure to a Wider Audience of Investors’: It’s off to the exchange traded funds (ETFs) Bitcoin futures races. FollowingProShares Bitcoin Strategy ETF’s successful debut earlier this week, the Valkyrie Bitcoin Strategy fund began trading on the Nasdaq exchange today under the ticker “BTF.”
Crypto Trading:Why Knowing the Difference Between ETFs and Futures-Based ETFs Is KeyFind:8 Best Cryptocurrencies To Invest In for 2021
ProShares’ ETF ended Wednesday with $1.1 billion under management after trading volume topped $1.2 billion, according to a press release — that’s the quickest that an ETF has reached the $1 billion mark, according to Bloomberg. The launch Tuesday was met with almost off-the-charts demand, ranking as the second heaviest-traded ETF debut on record, Bloomberg adds. It alsosent the price of Bitcoin to a new recordof more than $66,000 high. This morning, Bitcoin was at $62,000, according to CoinMarketCap.
Valkyrie’s ETF aims to solely track the value of Chicago Mercantile Exchange (CME) Bitcoin futures, according to Valkyrie. Bitcoin futures, which are agreements to buy or sell an asset in the future at a specific price, are fully regulated in the U.S. on the CME. The goal of the fund — which does not invest directly in Bitcoin — is to track the value of these products in a liquid basket of securities. “By doing so, BTF provides exposure to a wider audience of investors, advisors and more, without the pitfalls and hurdles typically associated with investing directly in crypto assets,” the company said in a statement.
“The price of bitcoin futures should be expected to differ from the current price of bitcoin. As a result, the performance of the Fund should be expected to differ from the performance of the spot price of bitcoin,” the statement continued.
Related:New Crypto Copy-Trading Platform Helps Those ‘In the Know’ Guide Beginners Toward Success
Unlike Bitcoin ETF applications that the SEC has rejected, the ProShares and fund is based on futures contracts and were filed under mutual fund rules that SEC chairman Gary Gensler has said provide “significant investor protections.” This comes eight years after the first Bitcoin ETF application was filed, and follows theSecurities and Exchange Commission’s (SEC) stalling on such approvals. While a far cry from a “pure” Bitcoin-only ETF, the new ETF is giving traders and investors hope that this could pave the way for overall approval.
Stephen Stonberg, CEO of exchangeBittrex Global, told GOBankingRates that Valkyrie Bitcoin ETF’s green light from regulators is another monumental moment for the crypto industry. “The ProShares Bitcoin Strategy ETF listing on the NYSE and Valkyrie Bitcoin ETF’s upcoming listing will lead to wider acceptance of crypto, more rigorous adoption amongst retail and institutional investors, and a subtle harmony between traditional finance and the digital assets sector,” he said. “These listings do not represent the last actions we can expect to see from traditional finance, but the first. If anything, this week in crypto is foreshadowing what’s yet to come.”
VanEck is set to also start trading next week with its own Bitcoin-futures ETF. The firm updated its SEC filing, saying that its VanEck Bitcoin Strategy ETF will be available “as soon as practicable” after this coming Saturday, Oct. 23, according to the filing.
Elliot Johnson, CIO and COO ofEvolve ETFs, launched one of the world’s first Bitcoin ETFs, the world’s first Ether ETF and Canada’s first multi-crypto ETF, trading on the Toronto Stock Exchange. He told GOBankingRates that “while there is typically strong first mover advantage, investor interest in crypto is still very early and we expect there to be many successful issuers. That said, investors strongly prefer physical crypto ETFs to futures when they have access to them. These new ETFs in the US are just a step along the way to wider adoption.”
See:Alternative Energy Bitcoin Mining Company Debuts IPO With Higher Stock PricesExplore:Is There a Way To Short Bitcoin? Michael Burry of ‘The Big Short’ Fame Ponders Before Quitting Twitter
Indeed, in anotherindicator that things might move faster, Grayscale Investments announced it had filed with the SEC to convert its Bitcoin Trust into a Bitcoin Spot ETF “on the heels of the SEC’s clearance of a Bitcoin Futures ETF,” according to an announcement earlier this week. “As we file to convert GBTC into an ETF, the natural next step in the product’s evolution, we recognize this as an important moment for our investors, our industry partners, and all those who realize the potential of digital currencies to transform our future,” Michael Sonnenshein, CEO of Grayscale Investments, said in the announcement.
Mike Creadon, President of DeFi Devs, Lead Community Developers ofAccumulate Protocol, told GOBankingRates that the Valkyrie BTC ETF story is a watershed moment in financial history. “Finally, the nation’s most important regulator is acknowledging what ‘hodlers’ have been saying all along: Bitcoin is a real asset that’s here to stay,” he said.
“Just yesterday, the bond behemoth PIMCO with $2.2 trillion in assets said they’re moving into crypto. This is a natural progression, because like any other financial services firm, you won’t be in business in 10 years if you have no digital asset strategy or exposure to decentralized finance (DeFi),” Creadon continued. “The Valkyrie BTC ETF story is a demonstration of the fact the asset managers need clean exposure to this exploding asset class. No doubt the biggest financial institutions in the world likely sat down with regulators and told them: ‘You have to give us access. We can’t be left on the sidelines any longer.’ History is changing before our very eyes.”
More From GOBankingRates
• Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips
• 10 Reasons You Should Claim Social Security Early
• 5 Reasons Why You Need a Cash-Back Card in Your Wallet
• When Social Security Runs Out: What the Program Will Look Like in 2035
Last updated: October 22, 2021
This article originally appeared onGOBankingRates.com:Second Bitcoin-Linked ETF Launches, Aims To Provide ‘Exposure to a Wider Audience of Investors’ || Second Bitcoin-Linked ETF Launches, Aims To Provide ‘Exposure to a Wider Audience of Investors’: dulezidar / iStock.com It’s off to the exchange traded funds (ETFs) Bitcoin futures races. Following ProShares Bitcoin Strategy ETF’s successful debut earlier this week , the Valkyrie Bitcoin Strategy fund began trading on the Nasdaq exchange today under the ticker “BTF.” Crypto Trading: Why Knowing the Difference Between ETFs and Futures-Based ETFs Is Key Find: 8 Best Cryptocurrencies To Invest In for 2021 ProShares’ ETF ended Wednesday with $1.1 billion under management after trading volume topped $1.2 billion, according to a press release — that’s the quickest that an ETF has reached the $1 billion mark, according to Bloomberg. The launch Tuesday was met with almost off-the-charts demand, ranking as the second heaviest-traded ETF debut on record, Bloomberg adds. It also sent the price of Bitcoin to a new record of more than $66,000 high. This morning, Bitcoin was at $62,000, according to CoinMarketCap. Valkyrie’s ETF aims to solely track the value of Chicago Mercantile Exchange (CME) Bitcoin futures, according to Valkyrie. Bitcoin futures, which are agreements to buy or sell an asset in the future at a specific price, are fully regulated in the U.S. on the CME. The goal of the fund — which does not invest directly in Bitcoin — is to track the value of these products in a liquid basket of securities. “By doing so, BTF provides exposure to a wider audience of investors, advisors and more, without the pitfalls and hurdles typically associated with investing directly in crypto assets,” the company said in a statement. “The price of bitcoin futures should be expected to differ from the current price of bitcoin. As a result, the performance of the Fund should be expected to differ from the performance of the spot price of bitcoin,” the statement continued. Related: New Crypto Copy-Trading Platform Helps Those ‘In the Know’ Guide Beginners Toward Success Unlike Bitcoin ETF applications that the SEC has rejected, the ProShares and fund is based on futures contracts and were filed under mutual fund rules that SEC chairman Gary Gensler has said provide “significant investor protections.” This comes eight years after the first Bitcoin ETF application was filed, and follows the Securities and Exchange Commission’s (SEC) stalling on such approvals . While a far cry from a “pure” Bitcoin-only ETF, the new ETF is giving traders and investors hope that this could pave the way for overall approval. Story continues Stephen Stonberg, CEO of exchange Bittrex Global , told GOBankingRates that Valkyrie Bitcoin ETF’s green light from regulators is another monumental moment for the crypto industry. “The ProShares Bitcoin Strategy ETF listing on the NYSE and Valkyrie Bitcoin ETF’s upcoming listing will lead to wider acceptance of crypto, more rigorous adoption amongst retail and institutional investors, and a subtle harmony between traditional finance and the digital assets sector,” he said. “These listings do not represent the last actions we can expect to see from traditional finance, but the first. If anything, this week in crypto is foreshadowing what’s yet to come.” VanEck is set to also start trading next week with its own Bitcoin-futures ETF. The firm updated its SEC filing, saying that its VanEck Bitcoin Strategy ETF will be available “as soon as practicable” after this coming Saturday, Oct. 23, according to the filing. Elliot Johnson, CIO and COO of Evolve ETFs , launched one of the world’s first Bitcoin ETFs, the world’s first Ether ETF and Canada’s first multi-crypto ETF, trading on the Toronto Stock Exchange. He told GOBankingRates that “while there is typically strong first mover advantage, investor interest in crypto is still very early and we expect there to be many successful issuers. That said, investors strongly prefer physical crypto ETFs to futures when they have access to them. These new ETFs in the US are just a step along the way to wider adoption.” See: Alternative Energy Bitcoin Mining Company Debuts IPO With Higher Stock Prices Explore: Is There a Way To Short Bitcoin? Michael Burry of ‘The Big Short’ Fame Ponders Before Quitting Twitter Indeed, in another indicator that things might move faster , Grayscale Investments announced it had filed with the SEC to convert its Bitcoin Trust into a Bitcoin Spot ETF “on the heels of the SEC’s clearance of a Bitcoin Futures ETF,” according to an announcement earlier this week. “As we file to convert GBTC into an ETF, the natural next step in the product’s evolution, we recognize this as an important moment for our investors, our industry partners, and all those who realize the potential of digital currencies to transform our future,” Michael Sonnenshein, CEO of Grayscale Investments, said in the announcement. Mike Creadon, President of DeFi Devs, Lead Community Developers of Accumulate Protocol , told GOBankingRates that the Valkyrie BTC ETF story is a watershed moment in financial history. “Finally, the nation’s most important regulator is acknowledging what ‘hodlers’ have been saying all along: Bitcoin is a real asset that’s here to stay,” he said. “Just yesterday, the bond behemoth PIMCO with $2.2 trillion in assets said they’re moving into crypto. This is a natural progression, because like any other financial services firm, you won’t be in business in 10 years if you have no digital asset strategy or exposure to decentralized finance (DeFi),” Creadon continued. “The Valkyrie BTC ETF story is a demonstration of the fact the asset managers need clean exposure to this exploding asset class. No doubt the biggest financial institutions in the world likely sat down with regulators and told them: ‘You have to give us access. We can’t be left on the sidelines any longer.’ History is changing before our very eyes.” More From GOBankingRates Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips 10 Reasons You Should Claim Social Security Early 5 Reasons Why You Need a Cash-Back Card in Your Wallet When Social Security Runs Out: What the Program Will Look Like in 2035 Last updated: October 22, 2021 This article originally appeared on GOBankingRates.com : Second Bitcoin-Linked ETF Launches, Aims To Provide ‘Exposure to a Wider Audience of Investors’ || Second Bitcoin-Linked ETF Launches, Aims To Provide ‘Exposure to a Wider Audience of Investors’: It’s off to the exchange traded funds (ETFs) Bitcoin futures races. FollowingProShares Bitcoin Strategy ETF’s successful debut earlier this week, the Valkyrie Bitcoin Strategy fund began trading on the Nasdaq exchange today under the ticker “BTF.”
Crypto Trading:Why Knowing the Difference Between ETFs and Futures-Based ETFs Is KeyFind:8 Best Cryptocurrencies To Invest In for 2021
ProShares’ ETF ended Wednesday with $1.1 billion under management after trading volume topped $1.2 billion, according to a press release — that’s the quickest that an ETF has reached the $1 billion mark, according to Bloomberg. The launch Tuesday was met with almost off-the-charts demand, ranking as the second heaviest-traded ETF debut on record, Bloomberg adds. It alsosent the price of Bitcoin to a new recordof more than $66,000 high. This morning, Bitcoin was at $62,000, according to CoinMarketCap.
Valkyrie’s ETF aims to solely track the value of Chicago Mercantile Exchange (CME) Bitcoin futures, according to Valkyrie. Bitcoin futures, which are agreements to buy or sell an asset in the future at a specific price, are fully regulated in the U.S. on the CME. The goal of the fund — which does not invest directly in Bitcoin — is to track the value of these products in a liquid basket of securities. “By doing so, BTF provides exposure to a wider audience of investors, advisors and more, without the pitfalls and hurdles typically associated with investing directly in crypto assets,” the company said in a statement.
“The price of bitcoin futures should be expected to differ from the current price of bitcoin. As a result, the performance of the Fund should be expected to differ from the performance of the spot price of bitcoin,” the statement continued.
Related:New Crypto Copy-Trading Platform Helps Those ‘In the Know’ Guide Beginners Toward Success
Unlike Bitcoin ETF applications that the SEC has rejected, the ProShares and fund is based on futures contracts and were filed under mutual fund rules that SEC chairman Gary Gensler has said provide “significant investor protections.” This comes eight years after the first Bitcoin ETF application was filed, and follows theSecurities and Exchange Commission’s (SEC) stalling on such approvals. While a far cry from a “pure” Bitcoin-only ETF, the new ETF is giving traders and investors hope that this could pave the way for overall approval.
Stephen Stonberg, CEO of exchangeBittrex Global, told GOBankingRates that Valkyrie Bitcoin ETF’s green light from regulators is another monumental moment for the crypto industry. “The ProShares Bitcoin Strategy ETF listing on the NYSE and Valkyrie Bitcoin ETF’s upcoming listing will lead to wider acceptance of crypto, more rigorous adoption amongst retail and institutional investors, and a subtle harmony between traditional finance and the digital assets sector,” he said. “These listings do not represent the last actions we can expect to see from traditional finance, but the first. If anything, this week in crypto is foreshadowing what’s yet to come.”
VanEck is set to also start trading next week with its own Bitcoin-futures ETF. The firm updated its SEC filing, saying that its VanEck Bitcoin Strategy ETF will be available “as soon as practicable” after this coming Saturday, Oct. 23, according to the filing.
Elliot Johnson, CIO and COO ofEvolve ETFs, launched one of the world’s first Bitcoin ETFs, the world’s first Ether ETF and Canada’s first multi-crypto ETF, trading on the Toronto Stock Exchange. He told GOBankingRates that “while there is typically strong first mover advantage, investor interest in crypto is still very early and we expect there to be many successful issuers. That said, investors strongly prefer physical crypto ETFs to futures when they have access to them. These new ETFs in the US are just a step along the way to wider adoption.”
See:Alternative Energy Bitcoin Mining Company Debuts IPO With Higher Stock PricesExplore:Is There a Way To Short Bitcoin? Michael Burry of ‘The Big Short’ Fame Ponders Before Quitting Twitter
Indeed, in anotherindicator that things might move faster, Grayscale Investments announced it had filed with the SEC to convert its Bitcoin Trust into a Bitcoin Spot ETF “on the heels of the SEC’s clearance of a Bitcoin Futures ETF,” according to an announcement earlier this week. “As we file to convert GBTC into an ETF, the natural next step in the product’s evolution, we recognize this as an important moment for our investors, our industry partners, and all those who realize the potential of digital currencies to transform our future,” Michael Sonnenshein, CEO of Grayscale Investments, said in the announcement.
Mike Creadon, President of DeFi Devs, Lead Community Developers ofAccumulate Protocol, told GOBankingRates that the Valkyrie BTC ETF story is a watershed moment in financial history. “Finally, the nation’s most important regulator is acknowledging what ‘hodlers’ have been saying all along: Bitcoin is a real asset that’s here to stay,” he said.
“Just yesterday, the bond behemoth PIMCO with $2.2 trillion in assets said they’re moving into crypto. This is a natural progression, because like any other financial services firm, you won’t be in business in 10 years if you have no digital asset strategy or exposure to decentralized finance (DeFi),” Creadon continued. “The Valkyrie BTC ETF story is a demonstration of the fact the asset managers need clean exposure to this exploding asset class. No doubt the biggest financial institutions in the world likely sat down with regulators and told them: ‘You have to give us access. We can’t be left on the sidelines any longer.’ History is changing before our very eyes.”
More From GOBankingRates
• Find Out Who Made GOBankingRates’ Best Credit Cards Lists and Get Helpful Tips
• 10 Reasons You Should Claim Social Security Early
• 5 Reasons Why You Need a Cash-Back Card in Your Wallet
• When Social Security Runs Out: What the Program Will Look Like in 2035
Last updated: October 22, 2021
This article originally appeared onGOBankingRates.com:Second Bitcoin-Linked ETF Launches, Aims To Provide ‘Exposure to a Wider Audience of Investors’
[Social Media Buzz]
None available.
|
63039.82, 60363.79, 58482.39, 60622.14, 62227.96, 61888.83, 61318.96, 61004.41, 63226.40, 62970.05
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 9677.11, 9905.17, 10990.87, 10912.82, 11100.47, 11111.21, 11323.47, 11759.59, 11053.61, 11246.35, 11205.89, 11747.02, 11779.77, 11601.47, 11754.05, 11675.74, 11878.11, 11410.53, 11584.93, 11784.14, 11768.87, 11865.70, 11892.80, 12254.40, 11991.23, 11758.28, 11878.37, 11592.49, 11681.83, 11664.85, 11774.60, 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89.
|
[Bitcoin Technical Analysis for 2020-10-22]
Volume: 34729759598, RSI (14-day): 80.99, 50-day EMA: 11178.28, 200-day EMA: 10169.00
[Wider Market Context]
Gold Price: 1901.10, Gold RSI: 48.07
Oil Price: 40.64, Oil RSI: 51.52
[Recent News (last 7 days)]
Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs: Bitcoin (BTC) has risen above $13,000 in less than 24 hours afterbreaking the $12,000 levelon newsPayPal will support cryptocurrencies on its platform.
• Prices of BTC rose to $13,005.51 at 22:22 UTC (6:22 p.m. ET) by press time, representing a 8.7% gain in the past 24 hours, according to CoinDesk’s Bitcoin Price Index (BPI).
• The 24-hour price range: $11,898.03 – $13,030.86.
• The oldest cryptocurrency has continued its price rally after payment giant PayPalannouncedit will allow its users to buy, sell and hold cryptocurrencies.
• The new service initially will support bitcoin, bitcoin cash (BCH), ether (ETH) and litecoin (LTC).
• Prices for bitcoin cash, ether and litecoin also rallied on the news, up between 7% and 13%in the past 24 hours.
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs || Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs: Bitcoin (BTC) has risen above $13,000 in less than 24 hours afterbreaking the $12,000 levelon newsPayPal will support cryptocurrencies on its platform.
• Prices of BTC rose to $13,005.51 at 22:22 UTC (6:22 p.m. ET) by press time, representing a 8.7% gain in the past 24 hours, according to CoinDesk’s Bitcoin Price Index (BPI).
• The 24-hour price range: $11,898.03 – $13,030.86.
• The oldest cryptocurrency has continued its price rally after payment giant PayPalannouncedit will allow its users to buy, sell and hold cryptocurrencies.
• The new service initially will support bitcoin, bitcoin cash (BCH), ether (ETH) and litecoin (LTC).
• Prices for bitcoin cash, ether and litecoin also rallied on the news, up between 7% and 13%in the past 24 hours.
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
• Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs || Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs: Bitcoin ( BTC ) has risen above $13,000 in less than 24 hours after breaking the $12,000 level on news PayPal will support cryptocurrencies on its platform . Prices of BTC rose to $13,005.51 at 22:22 UTC (6:22 p.m. ET) by press time, representing a 8.7% gain in the past 24 hours, according to CoinDesks Bitcoin Price Index (BPI). The 24-hour price range: $11,898.03 $13,030.86. The oldest cryptocurrency has continued its price rally after payment giant PayPal announced it will allow its users to buy, sell and hold cryptocurrencies. The new service initially will support bitcoin, bitcoin cash ( BCH ), ether ( ETH ) and litecoin ( LTC ). Prices for bitcoin cash, ether and litecoin also rallied on the news, up between 7% and 13%in the past 24 hours. Related Stories Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs || Daily Crunch: Quibi is shutting down: The end is in sight forQuibi,PayPal adds cryptocurrency support and Netflix tests a new promotional strategy. This is your Daily Crunch for October 21, 2020.
The big story: Quibi is shutting down
The much-hyped streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised nearly $2 billion in funding, isshutting down, according to reports inThe InformationandThe Wall Street Journal.
Katzenberg, a longtime Hollywood executive, hadblamed the coronavirus pandemicfor a lackluster launch in May — an app designed for on-the-go viewing didn't have much appeal when people were largely stuck at home. And whatever the reason, none of Quibi's shows ever became a breakout hit.
Quibi executives confirmed the newsin a post on Medium.
The tech giants
PayPal to let you buy and sell cryptocurrencies in the US— In partnership with Paxos, PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first.
Facebook is working on Neighborhoods, a Nextdoor clone based on local groups— Facebook said that Neighborhoods currently is live only in Calgary, Canada.
Netflix to test free weekend-long access in India— The streaming service recently stopped offering a month of complimentary access to new users in the United States.
Startups, funding and venture capital
Syte, an e-commerce visual search platform, gets $30M Series C to expand in the US and Asia— Launched in 2015 to focus on visual search for clothing, Syte’s technology now covers other verticals, like jewelry and home decor.
June’s third-gen smart oven goes up for pre-order, starting at $599— It's been two years since the smart oven's last major update.
Mine raises $9.5M to help people take control of their personal data— Mine scans users’ inboxes to help them understand who has access to their personal data.
Advice and analysis from Extra Crunch
Founders don’t need to be full-time to start raising venture capital— John Vrionis and Sarah Leary of Unusual Ventures told us that lightweight investing matters in the early days of a company.
Dear Sophie: What visa options exist for a grad co-founding a startup?— The latest edition of immigration lawyer Sophie Alcorn's column answering immigration-related questions about working at tech companies.
Lessons from Datto’s IPO pricing and revenue multiple— How do you value slower, more profitable software growth?
(Reminder: Extra Crunch is our membership program, which aims to democratize information about startups.You can sign up here.)
Everything else
Sam’s Club will deploy autonomous floor-scrubbing robots in all of its US locations— Sam’s Club parent company Walmart is already using robotics to perform inventory in its own stores.
AOC’s Among Us stream topped 435,000 concurrent viewers— The purpose of the stream, which drew a massive crowd, was to get out the vote as we head into the general election.
Coalition for App Fairness, a group fighting for app store reforms, adds 20 new partners— The coalition claims that both Apple and Google engage in anti-competitive behavior.
The Daily Crunch is TechCrunch's roundup of our biggest and most important stories. If you'd like to get this delivered to your inbox every day at around 3pm Pacific, you cansubscribe here. || PayPal bitcoin acceptance sees cryptocurrency price shoot up $1,000: Bitcoin’s price surge d after PayPal announced support for the cryptocurrency (Getty Images/iStockphoto) PayPal has announced that customers will be able to store and spend bitcoin and other cryptocurrencies through its online platform, causing bitcoin’s price to shoot up to its highest price since July 2019. The world’s most popular cryptocurrency hit $12,800 (£9,700) following Wednesday’s announcement, up more than $1,000 from 24 hours earlier. PayPal’s support opens up cryptocurrencies to its 346 million customers worldwide, allowing them to shop with them at the 26 million merchants on PayPal’s network. The new service makes PayPal one of the largest US companies to provide consumers access to cryptocurrencies, which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods. The San Jose, California-based company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and companies may develop, president and chief executive Dan Schulman said in an interview. "We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role," he said. US account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021. The ability to make payments with cryptocurrencies will be available from early next year, the company said. Bitcoin’s price (green) and market cap (blue) have experienced extreme volatility since 2017CoinMarketCap Other mainstream fintech companies, such as mobile payments provider Square Inc and stock trading app firm Robinhood Markets Inc, allow users to buy and sell cryptocurrencies, but PayPal's launch is noteworthy given its size. The company has 346 million active accounts around the world and processed $222 billion in payments in the second quarter. PayPal's shares were up 4 per cent at 1418 GMT, set for their best day in a month. Bitcoin hit its highest since July 2019 on the news. It was last up 4.8% at $12,494, taking gains for the original and biggest cryptocurrency above 75 per cent for the year. Story continues Cryptocurrency market players said the size of PayPal meant the move would be a plus for bitcoin prices. "The price impact will be positive overall," Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London, said. "There's no comparison with regards to the potential exposure between the upside of PayPal offering this, and the upside of any similar previous offering." Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF — PayPal (@PayPal) October 21, 2020 Bitcoin and other virtual coins have struggled to become established as widely used forms of payment, despite being around for more than a decade. Cryptocurrencies' volatility is attractive for speculators, but poses risks for merchants and shoppers. Transactions are also slower and more costly than other mainstream payment systems. PayPal believes its new system will address these issues as payments will be settled using traditional currencies, such as the US dollar. This means PayPal will be managing the risk of price fluctuations and merchants will receive payments in virtual coins. "We are going about it in a fundamentally different way to make sure we provide the maximum amount of safety to our merchants," Schulman said. PayPal's service comes as some central banks have announced plans to develop digital versions of their currencies, following a Facebook-led cryptocurrency project Libra in 2019, which was met by strong regulatory pushback.. PayPal was among the founding members of this project but dropped out after a few months. PayPal has secured the first conditional cryptocurrency licence from the New York State Department of Financial Services. The company will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin, it said. PayPal is teaming up with cryptocurrency firm Paxos Trust Company to offer the service. “The decision by one of the biggest payment companies in the world to allow customers to buy, sell and hold Bitcoin is yet another example that exposes Bitcoin deniers and cryptocurrency cynics as being on the wrong side of history," said Nigel Green, CEO of financial advisory firm deVere Group. “Let’s be clear: This is a major step forward towards the mass adoption of digital currencies.” Additional reporting from agencies. Read more How bitcoin, gold and other assets have fared through the pandemic || PayPal bitcoin acceptance sees cryptocurrency price shoot up $1,000: Bitcoin’s price surge d after PayPal announced support for the cryptocurrency (Getty Images/iStockphoto) PayPal has announced that customers will be able to store and spend bitcoin and other cryptocurrencies through its online platform, causing bitcoin’s price to shoot up to its highest price since July 2019. The world’s most popular cryptocurrency hit $12,800 (£9,700) following Wednesday’s announcement, up more than $1,000 from 24 hours earlier. PayPal’s support opens up cryptocurrencies to its 346 million customers worldwide, allowing them to shop with them at the 26 million merchants on PayPal’s network. The new service makes PayPal one of the largest US companies to provide consumers access to cryptocurrencies, which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods. The San Jose, California-based company hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that central banks and companies may develop, president and chief executive Dan Schulman said in an interview. "We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role," he said. US account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. PayPal plans to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021. The ability to make payments with cryptocurrencies will be available from early next year, the company said. Bitcoin’s price (green) and market cap (blue) have experienced extreme volatility since 2017CoinMarketCap Other mainstream fintech companies, such as mobile payments provider Square Inc and stock trading app firm Robinhood Markets Inc, allow users to buy and sell cryptocurrencies, but PayPal's launch is noteworthy given its size. The company has 346 million active accounts around the world and processed $222 billion in payments in the second quarter. PayPal's shares were up 4 per cent at 1418 GMT, set for their best day in a month. Bitcoin hit its highest since July 2019 on the news. It was last up 4.8% at $12,494, taking gains for the original and biggest cryptocurrency above 75 per cent for the year. Story continues Cryptocurrency market players said the size of PayPal meant the move would be a plus for bitcoin prices. "The price impact will be positive overall," Joseph Edwards of Enigma Securities, a cryptocurrency brokerage in London, said. "There's no comparison with regards to the potential exposure between the upside of PayPal offering this, and the upside of any similar previous offering." Today, we are announcing the launch of a new service that will enable customers to buy, hold and sell #Cryptocurrency directly from their PayPal account. https://t.co/QS6JRmG9hs pic.twitter.com/uHBatfZkbF — PayPal (@PayPal) October 21, 2020 Bitcoin and other virtual coins have struggled to become established as widely used forms of payment, despite being around for more than a decade. Cryptocurrencies' volatility is attractive for speculators, but poses risks for merchants and shoppers. Transactions are also slower and more costly than other mainstream payment systems. PayPal believes its new system will address these issues as payments will be settled using traditional currencies, such as the US dollar. This means PayPal will be managing the risk of price fluctuations and merchants will receive payments in virtual coins. "We are going about it in a fundamentally different way to make sure we provide the maximum amount of safety to our merchants," Schulman said. PayPal's service comes as some central banks have announced plans to develop digital versions of their currencies, following a Facebook-led cryptocurrency project Libra in 2019, which was met by strong regulatory pushback.. PayPal was among the founding members of this project but dropped out after a few months. PayPal has secured the first conditional cryptocurrency licence from the New York State Department of Financial Services. The company will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin, it said. PayPal is teaming up with cryptocurrency firm Paxos Trust Company to offer the service. “The decision by one of the biggest payment companies in the world to allow customers to buy, sell and hold Bitcoin is yet another example that exposes Bitcoin deniers and cryptocurrency cynics as being on the wrong side of history," said Nigel Green, CEO of financial advisory firm deVere Group. “Let’s be clear: This is a major step forward towards the mass adoption of digital currencies.” Additional reporting from agencies. Read more How bitcoin, gold and other assets have fared through the pandemic || Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops: Bitcoin blows past its previous 2020 high while ether’s crypto market share dips from its 2020 high in September.
• Bitcoin(BTC) trading around $12,709 as of 20:00 UTC (4 p.m. ET). Gaining 6.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,863-$12,916
• BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price has been on a tear this week, rising for the third straight day and hitting as high as $12,916 on spot exchange Bitstamp on Wednesday. The recent development from payments firm PayPal confirming it will incorporate crypto for its users and merchants helped sparked the record 2020 high for the world’s oldest cryptocurrency, at $12,709 as of press time.
Read More:PayPal Pledges to Bring Crypto to 26M Merchants, Confirming Market Entry
Related:First Mover: The FOMO Takes Over as PayPal Play Sparks Bitcoin Rally to $13K
“PayPal dropped the most important piece of news for large retail adoption this year, full support for bitcoin,” noted Henrik Kugelberg, an over-the-counter crypto trader based in Sweden. PayPal’s stock price (NASDAQ: PYPL) is also hitting record highs in 2020 and is up 92% this year so far.
The potential for bitcoin to be inserted further into consumer finance is what is helping its bull run, noted Zac Prince, CEO of crypto lender BlockFi. “This coalescing of fintech and bitcoin is yet another bullish development for investors,” he said. “It’s going to be an exciting 12 months ahead as bitcoin continues to expand further into consumer finance.”
It is not just the PayPal news helping bitcoin trend higher, noted Micah Erstling, a trader at GSR. “It’s promising to see bitcoin holding above the $12,000 mark with continued institutional interest and wider regulated adoption taking place,” Erstling told CoinDesk. Federal Reserve Chair Jerome Powell’s speech on central bank digital currencies (CBDC) “clearly demonstrates that digital assets are being taken seriously, while Square and PayPal headlines are fueling a better digital ecosystem via payments and treasury.”
The last time bitcoin hit this price level was back on July 10, 2019. The overall excitement has led to volume on major USD/BTC spot exchanges Wednesday that were much higher than normal, at $1,165,166,691 as of press time. In fact, the last time volume was so high was back on Sept. 4, when daily volume was $1,089,417,516.
Related:Forget Ethereum, DeFi Is Being Built on Bitcoin
Several market analysts see bitcoin heading much higher before 2020 is over, including Katie Stockton, a technical analyst for Fairlead Strategies.“The breakout in July put the next major resistance on the chart at the 2019 high, aligned with a long-term Fibonacci retracement level near $14,000, she said. “We think a test of this level is likely in the months ahead.”
Constantin Kogan, a partner at cryptocurrency fund-of-funds BitBull Capital, echoed that sentiment. “Bitcoin has a good chance of reaching its $14,000 resistance mark for about a two-times gain this year as the market hasn’t fully absorbed all the positive news.”
As for derivatives, bitcoin open interest on CME, a venue for sophisticated investors that is often used to hedge risks, has been on an uptrend, noted William Purdy, a derivatives trader and founder of analysis firm PurdyAlerts.
“Futures open interest rising as price rising is a bullish trend that suggests the trend will likely to continue as fresh money is seen entering the market,” said Purdy. “CME volume surging shows strong institutional interest.”
Read More:Kik, SEC Propose $5M Settlement Over $100M ICO, Ending Yearlong Battle
However, quant trader QCP Capital highlighted some 2020 uncertainty still ahead in its investor note Wednesday. “We look to the U.S. elections as a medium-term risk still. With all the regulatory reminders we’ve already had this month, anything emanating from that department around election time would be a major cause for concern.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday trading around $391 and climbing 6.2% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
After hitting a 2020 high of 14% on Sept. 1, ether’s share of the cryptocurrency market cap has declined. A measure of an asset versus the larger crypto market capitalization, “dominance” is a metric traders watch to gauge sentiment. As of press time, the number was at 11.7% Wednesday.
Despite the drop, George Clayton, managing partner at investment firm Cryptanalysis Capital, doesn’t put too much stock in ether’s dominance decline and remains ebullient on decentralized finance, or DeFi, deployed on the Ethereum network. “DeFi has Ethereum going gangbusters – lots of utility going on,” he said “I cannot be bearish ETH.”
Digital assets on theCoinDesk 20are all green Wednesday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• litecoin(LTC) + 12.2%
• chainlink(LINK) + 9%
• bitcoin cash(BCH) + 7.5%
Read More:Litecoin Surges After PayPal Includes It Among the Cryptos Customers Can Buy, Sell, Hold
Equities:
• The Nikkei 225 in Asia ended the day in the green 0.31%,led higher by gains in consumer holding company Takara Holdings, up 7.6%.
• Europe’s FTSE 100 closed in the red 1.9% asa stronger British pound, which hurts multinational companies, weighed on sentiment.
• In the United States the S&P 500 was flat, up 0.10% asinvestors signaled their uncertainty amid the ongoing coronavirus-related stimulus talks by U.S. lawmakers and the Trump administration.
Commodities:
• Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $40.03.
• Gold was in the green 0.86% and at $1,924 as of press time.
Treasurys:
• U.S. Treasury bond yields were mixed Wednesday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.811 and in the green 2.5%.
• Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops
• Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops || Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops: Bitcoin blows past its previous 2020 high while ether’s crypto market share dips from its 2020 high in September. Bitcoin (BTC) trading around $12,709 as of 20:00 UTC (4 p.m. ET). Gaining 6.4% over the previous 24 hours. Bitcoin’s 24-hour range: $11,863-$12,916 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin’s price has been on a tear this week, rising for the third straight day and hitting as high as $12,916 on spot exchange Bitstamp on Wednesday. The recent development from payments firm PayPal confirming it will incorporate crypto for its users and merchants helped sparked the record 2020 high for the world’s oldest cryptocurrency, at $12,709 as of press time. Read More: PayPal Pledges to Bring Crypto to 26M Merchants, Confirming Market Entry Related: First Mover: The FOMO Takes Over as PayPal Play Sparks Bitcoin Rally to $13K “PayPal dropped the most important piece of news for large retail adoption this year, full support for bitcoin,” noted Henrik Kugelberg, an over-the-counter crypto trader based in Sweden. PayPal’s stock price (NASDAQ: PYPL) is also hitting record highs in 2020 and is up 92% this year so far. The potential for bitcoin to be inserted further into consumer finance is what is helping its bull run, noted Zac Prince, CEO of crypto lender BlockFi. “This coalescing of fintech and bitcoin is yet another bullish development for investors,” he said. “It’s going to be an exciting 12 months ahead as bitcoin continues to expand further into consumer finance.” It is not just the PayPal news helping bitcoin trend higher, noted Micah Erstling, a trader at GSR. “It’s promising to see bitcoin holding above the $12,000 mark with continued institutional interest and wider regulated adoption taking place,” Erstling told CoinDesk. Federal Reserve Chair Jerome Powell’s speech on central bank digital currencies (CBDC) “clearly demonstrates that digital assets are being taken seriously, while Square and PayPal headlines are fueling a better digital ecosystem via payments and treasury.” Story continues The last time bitcoin hit this price level was back on July 10, 2019. The overall excitement has led to volume on major USD/BTC spot exchanges Wednesday that were much higher than normal, at $1,165,166,691 as of press time. In fact, the last time volume was so high was back on Sept. 4, when daily volume was $1,089,417,516. Related: Forget Ethereum, DeFi Is Being Built on Bitcoin Several market analysts see bitcoin heading much higher before 2020 is over, including Katie Stockton, a technical analyst for Fairlead Strategies. “ The breakout in July put the next major resistance on the chart at the 2019 high, aligned with a long-term Fibonacci retracement level near $14,000, she said. “We think a test of this level is likely in the months ahead.” Constantin Kogan, a partner at cryptocurrency fund-of-funds BitBull Capital, echoed that sentiment. “Bitcoin has a good chance of reaching its $14,000 resistance mark for about a two-times gain this year as the market hasn’t fully absorbed all the positive news.” As for derivatives, bitcoin open interest on CME, a venue for sophisticated investors that is often used to hedge risks, has been on an uptrend, noted William Purdy, a derivatives trader and founder of analysis firm PurdyAlerts. “Futures open interest rising as price rising is a bullish trend that suggests the trend will likely to continue as fresh money is seen entering the market,” said Purdy. “CME volume surging shows strong institutional interest.” Read More: Kik, SEC Propose $5M Settlement Over $100M ICO, Ending Yearlong Battle However, quant trader QCP Capital highlighted some 2020 uncertainty still ahead in its investor note Wednesday. “We look to the U.S. elections as a medium-term risk still. With all the regulatory reminders we’ve already had this month, anything emanating from that department around election time would be a major cause for concern.” Ether dominance slips Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday trading around $391 and climbing 6.2% in 24 hours as of 20:00 UTC (4:00 p.m. ET). After hitting a 2020 high of 14% on Sept. 1, ether’s share of the cryptocurrency market cap has declined. A measure of an asset versus the larger crypto market capitalization, “dominance” is a metric traders watch to gauge sentiment. As of press time, the number was at 11.7% Wednesday. Despite the drop, George Clayton, managing partner at investment firm Cryptanalysis Capital, doesn’t put too much stock in ether’s dominance decline and remains ebullient on decentralized finance, or DeFi, deployed on the Ethereum network. “DeFi has Ethereum going gangbusters – lots of utility going on,” he said “I cannot be bearish ETH.” Other markets Digital assets on the CoinDesk 20 are all green Wednesday. Notable winners as of 20:00 UTC (4:00 p.m. ET): litecoin (LTC) + 12.2% chainlink (LINK) + 9% bitcoin cash (BCH) + 7.5% Read More: Litecoin Surges After PayPal Includes It Among the Cryptos Customers Can Buy, Sell, Hold Equities: The Nikkei 225 in Asia ended the day in the green 0.31%, led higher by gains in consumer holding company Takara Holdings, up 7.6% . Europe’s FTSE 100 closed in the red 1.9% as a stronger British pound, which hurts multinational companies, weighed on sentiment . In the United States the S&P 500 was flat, up 0.10% as investors signaled their uncertainty amid the ongoing coronavirus-related stimulus talks by U.S. lawmakers and the Trump administration . Commodities: Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $40.03. Gold was in the green 0.86% and at $1,924 as of press time. Treasurys: U.S. Treasury bond yields were mixed Wednesday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.811 and in the green 2.5%. Related Stories Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops || Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops: Bitcoin blows past its previous 2020 high while ether’s crypto market share dips from its 2020 high in September.
• Bitcoin(BTC) trading around $12,709 as of 20:00 UTC (4 p.m. ET). Gaining 6.4% over the previous 24 hours.
• Bitcoin’s 24-hour range: $11,863-$12,916
• BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin’s price has been on a tear this week, rising for the third straight day and hitting as high as $12,916 on spot exchange Bitstamp on Wednesday. The recent development from payments firm PayPal confirming it will incorporate crypto for its users and merchants helped sparked the record 2020 high for the world’s oldest cryptocurrency, at $12,709 as of press time.
Read More:PayPal Pledges to Bring Crypto to 26M Merchants, Confirming Market Entry
Related:First Mover: The FOMO Takes Over as PayPal Play Sparks Bitcoin Rally to $13K
“PayPal dropped the most important piece of news for large retail adoption this year, full support for bitcoin,” noted Henrik Kugelberg, an over-the-counter crypto trader based in Sweden. PayPal’s stock price (NASDAQ: PYPL) is also hitting record highs in 2020 and is up 92% this year so far.
The potential for bitcoin to be inserted further into consumer finance is what is helping its bull run, noted Zac Prince, CEO of crypto lender BlockFi. “This coalescing of fintech and bitcoin is yet another bullish development for investors,” he said. “It’s going to be an exciting 12 months ahead as bitcoin continues to expand further into consumer finance.”
It is not just the PayPal news helping bitcoin trend higher, noted Micah Erstling, a trader at GSR. “It’s promising to see bitcoin holding above the $12,000 mark with continued institutional interest and wider regulated adoption taking place,” Erstling told CoinDesk. Federal Reserve Chair Jerome Powell’s speech on central bank digital currencies (CBDC) “clearly demonstrates that digital assets are being taken seriously, while Square and PayPal headlines are fueling a better digital ecosystem via payments and treasury.”
The last time bitcoin hit this price level was back on July 10, 2019. The overall excitement has led to volume on major USD/BTC spot exchanges Wednesday that were much higher than normal, at $1,165,166,691 as of press time. In fact, the last time volume was so high was back on Sept. 4, when daily volume was $1,089,417,516.
Related:Forget Ethereum, DeFi Is Being Built on Bitcoin
Several market analysts see bitcoin heading much higher before 2020 is over, including Katie Stockton, a technical analyst for Fairlead Strategies.“The breakout in July put the next major resistance on the chart at the 2019 high, aligned with a long-term Fibonacci retracement level near $14,000, she said. “We think a test of this level is likely in the months ahead.”
Constantin Kogan, a partner at cryptocurrency fund-of-funds BitBull Capital, echoed that sentiment. “Bitcoin has a good chance of reaching its $14,000 resistance mark for about a two-times gain this year as the market hasn’t fully absorbed all the positive news.”
As for derivatives, bitcoin open interest on CME, a venue for sophisticated investors that is often used to hedge risks, has been on an uptrend, noted William Purdy, a derivatives trader and founder of analysis firm PurdyAlerts.
“Futures open interest rising as price rising is a bullish trend that suggests the trend will likely to continue as fresh money is seen entering the market,” said Purdy. “CME volume surging shows strong institutional interest.”
Read More:Kik, SEC Propose $5M Settlement Over $100M ICO, Ending Yearlong Battle
However, quant trader QCP Capital highlighted some 2020 uncertainty still ahead in its investor note Wednesday. “We look to the U.S. elections as a medium-term risk still. With all the regulatory reminders we’ve already had this month, anything emanating from that department around election time would be a major cause for concern.”
Ether(ETH), the second-largest cryptocurrency by market capitalization, was up Wednesday trading around $391 and climbing 6.2% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
After hitting a 2020 high of 14% on Sept. 1, ether’s share of the cryptocurrency market cap has declined. A measure of an asset versus the larger crypto market capitalization, “dominance” is a metric traders watch to gauge sentiment. As of press time, the number was at 11.7% Wednesday.
Despite the drop, George Clayton, managing partner at investment firm Cryptanalysis Capital, doesn’t put too much stock in ether’s dominance decline and remains ebullient on decentralized finance, or DeFi, deployed on the Ethereum network. “DeFi has Ethereum going gangbusters – lots of utility going on,” he said “I cannot be bearish ETH.”
Digital assets on theCoinDesk 20are all green Wednesday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
• litecoin(LTC) + 12.2%
• chainlink(LINK) + 9%
• bitcoin cash(BCH) + 7.5%
Read More:Litecoin Surges After PayPal Includes It Among the Cryptos Customers Can Buy, Sell, Hold
Equities:
• The Nikkei 225 in Asia ended the day in the green 0.31%,led higher by gains in consumer holding company Takara Holdings, up 7.6%.
• Europe’s FTSE 100 closed in the red 1.9% asa stronger British pound, which hurts multinational companies, weighed on sentiment.
• In the United States the S&P 500 was flat, up 0.10% asinvestors signaled their uncertainty amid the ongoing coronavirus-related stimulus talks by U.S. lawmakers and the Trump administration.
Commodities:
• Oil was down 2.6%. Price per barrel of West Texas Intermediate crude: $40.03.
• Gold was in the green 0.86% and at $1,924 as of press time.
Treasurys:
• U.S. Treasury bond yields were mixed Wednesday. Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.811 and in the green 2.5%.
• Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops
• Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 21, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/611630/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 21, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/611630/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / October 21, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.comALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/611630/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ASICLine releases 5nm ASIC Miners: PowerBox ASIC Miner ASIC Miner ST. PAUL, Minn., Oct. 21, 2020 (GLOBE NEWSWIRE) -- ASICLine Inc. is pleased to announce the official release of its new 5nm ASIC miners FirstLine and PowerBox. Both these multi-algorithm miners have been designed with the goal of ensuring lightning fast hash rate, maximum energy efficiency, and fastest return on investment for all crypto mining enthusiasts regardless of their experience. Both the products are now up for sale via the company’s website www.asicline.com and can be shipped worldwide in just 7 days. ASIC mining is the latest buzzword in the world of crypto mining with a significantly higher speed and efficiency compared to the conventional GPU mining. To guarantee profitability for its customers, ASICLine has come up with two miners offering unrivalled hash rates and exceptionally low power consumption. FirstLine: Bitcoin 410 TH/s, Litecoin 60 GH/s, Ethereum 8 GH/s, and Monero 3 MH/s, and 650 W power consumption. PowerBox: Bitcoin 1250 TH/s, Litecoin 180 GH/s, Ethereum 24 GH/s, and Monero 9 MH/s, and 1800 W power consumption. ASICLine miners can be used easily by anyone without any difficulty. Users just need to connect the unit to a power socket and access it through WiFi or cable, enter the pool data or choose ASICLine’s free mining pool and start mining. All these miners are delivered pre-configured with Linux based system equipped with ASICLine software, offering an easy to use interface. “We have been working relentlessly to bring the benefits of the latest ASIC technology to common people for a price that is within their reach. If you are looking make a decent profit out of crypto mining, your search ends right here at ASICLine,” said ASICLine CEO Martin Muller. To find out more, please visit https://asicline.com/ About ASICLine: ASICLine was founded by a team comprising of multiple investors dedicated to bringing the latest ASIC technology miners to the market before the so-called technology giants use them for a long time for their own profit and dump them on the market when they are no longer profitable. Whenever a new generation of ASIC is available, ASICLine is committed to bringing it to the public for a price they can afford. The company is now offering an advanced range of ASIC miners with guaranteed profitability. Story continues A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/df9ced69-abac-4c3d-a6fc-a5da262a1c92 CONTACT: Nicolas Smit [email protected] +1 (206) 965-8243 || ASICLine releases 5nm ASIC Miners: ST. PAUL, Minn., Oct. 21, 2020 (GLOBE NEWSWIRE) -- ASICLine Inc. is pleased to announce the official release of its new 5nm ASIC miners FirstLine and PowerBox. Both these multi-algorithm miners have been designed with the goal of ensuring lightning fast hash rate, maximum energy efficiency, and fastest return on investment for all crypto mining enthusiasts regardless of their experience. Both the products are now up for sale via the company’s website www.asicline.com and can be shipped worldwide in just 7 days.
ASIC mining is the latest buzzword in the world of crypto mining with a significantly higher speed and efficiency compared to the conventional GPU mining. To guarantee profitability for its customers, ASICLine has come up with two miners offering unrivalled hash rates and exceptionally low power consumption.
FirstLine: Bitcoin 410 TH/s, Litecoin 60 GH/s, Ethereum 8 GH/s, and Monero 3 MH/s, and 650 W power consumption.
PowerBox: Bitcoin 1250 TH/s, Litecoin 180 GH/s, Ethereum 24 GH/s, and Monero 9 MH/s, and 1800 W power consumption.
ASICLine miners can be used easily by anyone without any difficulty. Users just need to connect the unit to a power socket and access it through WiFi or cable, enter the pool data or choose ASICLine’s free mining pool and start mining. All these miners are delivered pre-configured with Linux based system equipped with ASICLine software, offering an easy to use interface.
“We have been working relentlessly to bring the benefits of the latest ASIC technology to common people for a price that is within their reach. If you are looking make a decent profit out of crypto mining, your search ends right here at ASICLine,” said ASICLine CEO Martin Muller.
To find out more, please visithttps://asicline.com/
About ASICLine: ASICLine was founded by a team comprising of multiple investors dedicated to bringing the latest ASIC technology miners to the market before the so-called technology giants use them for a long time for their own profit and dump them on the market when they are no longer profitable. Whenever a new generation of ASIC is available, ASICLine is committed to bringing it to the public for a price they can afford. The company is now offering an advanced range of ASIC miners with guaranteed profitability.
A photo accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/df9ced69-abac-4c3d-a6fc-a5da262a1c92
CONTACT: Nicolas Smit [email protected] +1 (206) 965-8243 || ‘We Are Able to Get Things Done.’ Women Are at the Forefront of Nigeria’s Police Brutality Protests: A demonstrator stands atop a vehicle and shouts slogans as others carry banners while blocking a road leading to the airport in Lagos on Oct. 12, 2020. A demonstrator stands atop a vehicle and shouts slogans as others carry banners while blocking a road leading to the airport in Lagos on Oct. 12, 2020. Credit - Seun Sanni—Reuters Before Tuesday, the mood among #endSARS protesters in Lagos was optimistic. For more than two weeks, protesters across Nigeria have taken to the streets calling for an end to police brutality and the dissolution of the Special Anti-Robbery Squad (or SARS) police unit. But after violence on Tuesday night, which rights groups say left 12 people dead , many are afraid. “A lot of us at the forefront are terrified for our lives. We’ve never lived through anything like this in Lagos. We watched people get killed yesterday on social media,” says Jola Ayeye, a 28-year-old screenwriter based in Lagos. An on-the-ground investigation by Amnesty International confirmed Wednesday that the Nigerian army and police killed at least 12 peaceful protesters in two Lagos suburbs the previous evening, as thousands of people protested against police brutality as part of the #EndSARS movement. Witnesses said several unarmed, peaceful protesters were shot dead at Lekki toll gate in Lagos, Nigeria on Oct. 20, as video footage emerged on social media appearing to show the Nigerian military firing live rounds at a crowd protesting as part of the #endSARS movement. Eyewitnesses at a separate protest site in Alausa told Amnesty International that they were attacked by a team of soldiers and policemen, leaving at least two people dead and one critically injured. At least 56 people have died across the country since the nationwide protests began on Oct. 8, with about 38 killed on Tuesday alone, according to Amnesty International. Read More: The Nigerian Army Shot Dead at Least 12 Peaceful Protesters in Lagos, Rights Group Says. Here’s What to Know The SARS unit has been the target of protests since 2017, but protesters say this latest wave is different than what came before. The movement is leaderless but driven by a younger generation of Nigerians, tired of being profiled by SARS operatives, who often carry out violent ambushes in plain clothes with little impunity. An Amnesty International report earlier this year documented at least 82 cases of torture, ill treatment and extra-judicial execution by SARS between January 2017 and May 2020, mostly targeting young men between the ages of 18 and 35. Although the Nigerian government announced that the SARS unit would be disbanded on Oct. 11, protesters are skeptical that will lead to real change—authorities have made and broken several promises regarding the disbandment and reforms of SARS over the past four years. Story continues Protesters gather at Lagos' Lekki toll gate during a demonstration against police brutality on Oct. 15, 2020. Pierre Favennec—AFP/Getty Images Nigerian DJ Obianuju Catherine Udeh, better known as DJ Switch, livestreamed on Instagram from Lekki on Tuesday evening and filmed the army shooting rounds of live fire at crowds. “Every Nigerian, especially [those in] the diaspora who had no other way to witness this, owes this woman everything,” says London-based Onis Chukwueke-Uba, 25, who was one of more than 150,000 Instagram users watching DJ Switch’s live video as events unfolded in Lagos. DJ Switch is one of many women on the frontlines of these protests, which began in early October and are among the most widespread wave of protests in Nigeria campaigning against police brutality . Ayeye, and her podcast co-host Feyikemi Abudu, both based in Lagos, have also become a core part of Nigeria’s protest movement against police brutality, helping spread information on Twitter, raising and distributing funds for protesters and organizing security, medical assistance and legal aid. “This is the first time, at least in my lifetime here, that people are saying ‘ enough is enough ’,” says 27-year-old Abudu, who currently runs a start-up. She began fundraising a few days after the nationwide protests started on Oct. 8, wanting to provide breakfast for protesters in Lagos. Read More: “I Really Thought My Life Was Going to End.’ Inside the Protests Taking on Police Brutality in Nigeria “Young women are having a critical role in sustaining this movement, and young people across Nigeria feel like leaders in their own right,” says Oluwaseun Ayodeji Osowobi, a womens’ rights activist who was on last year’s TIME 100 Next list. Osowobi’s organization, Stand to End Rape, has been providing mental health support for protesters on the front line. As a service-provider helping young women survivors recover from gender-based violence, she knows first-hand the trauma SARS has inflicted on Nigeria’s young people. “Nobody is really safe. I know mothers who have lost their children, I know women who have been raped by these people, I know those who have died, so I have a responsibility too to make sure I fight for the rights of young Nigerians,” she says. Abudu and Ayeye recall speaking about their frustrations with SARS on their podcast in 2017, during the first wave of campaigns against the unit. They didn’t imagine that three years later, they would be helping organize a support system for protesters, fielding calls in the middle of the night, and directing participants to safety via social media. “We joke that Feyikemi has built a state in ten days,” says Ayeye, referring to volunteers that have come together to organize food, medical assistance and legal aid to support protesters. “The organization and bravery of women really underpins this whole movement,” she says. Nigeria has a history of women organizing protests . Aisha Yesufu, 46, was a co-organizer of the Bring Back Our Girls movement that called for the safe return of the Chibok schoolgirls kidnapped by Boko Haram in 2014. She says she is proud of the young women who have mobilized during this protest movement. “The Bring Back Our Girls movement was a protest of empathy. #endSARS is more about survival. These are young men and women who are being killed by those who are supposed to protect them, and who are fighting for their life,” says Yesufu, whose photo with her fist raised at the forefront of protests in Abuja on Oct. 10 has been shared widely as a symbol of the protests. Both Abudu and Ayeye, as well as Osowobi, are part of Feminist Coalition , a collective of Nigerian women who formed in July 2020 to work around feminist causes and the advancement of women’s rights in Nigeria. The group has been instrumental in fundraising to support the protesters on the ground through Bitcoin donations, and has issued daily reports of the money they’ve raised and distributed to ensure accountability. As of Oct. 19, the group had raised more than 74 million naira, equivalent to almost $200,000. All three women are hoping that their activities during the protests could improve things for women in the country more broadly, as well greater equality for other marginalized groups, including LGBTQ people who have experienced hostility and homophobia during protests. “It is incredible for me because especially in this country, where a lot of people have these backwards views about women in leadership positions, I’m hoping this will allow people to see that you need women at the top, at every level of society,” Abudu says. “Simply, we are able to get things done.” Dear @jack thanks for supporting our #EndSARS #EndSWAT plight. Have you met the stallion @AishaYesufu ? We call her the 🇳🇬 Statue of Liberty. On behalf her teeming fans. I request that you verify her account. Thanks in advance.😁 Comrades, RT if you’re with me. pic.twitter.com/jSSE85QMPU — WizkidtheGreatest 🐐 (@WizkidtheLegend) October 14, 2020 All are reeling from the shock of the deaths at Lekki and Alausa on Tuesday night. Yesufu says she is numb, and Ayeye and Abudu say they are afraid for the dead and injured protesters in their city. The Feminist Coalition is now helping support injured protesters , as well as encouraging others to stay safe and stay at home . There is also fear among protesters that the government will try to change the narrative of events. Witnesses told Amnesty International that shortly before the shootings, CCTV cameras at the Lekki toll gate were removed by government officials and the electricity was cut in an attempt to hide evidence. Abudu and others have been encouraging protesters on social media to document what happened to them to ensure the truth about what happened at Lekki is told. “Something has to give,” Ayeye said via WhatsApp on Wednesday. “We cannot keep living like this.” || ‘We Are Able to Get Things Done.’ Women Are at the Forefront of Nigeria’s Police Brutality Protests: A demonstrator stands atop a vehicle and shouts slogans as others carry banners while blocking a road leading to the airport in Lagos on Oct. 12, 2020. A demonstrator stands atop a vehicle and shouts slogans as others carry banners while blocking a road leading to the airport in Lagos on Oct. 12, 2020. Credit - Seun Sanni—Reuters Before Tuesday, the mood among #endSARS protesters in Lagos was optimistic. For more than two weeks, protesters across Nigeria have taken to the streets calling for an end to police brutality and the dissolution of the Special Anti-Robbery Squad (or SARS) police unit. But after violence on Tuesday night, which rights groups say left 12 people dead , many are afraid. “A lot of us at the forefront are terrified for our lives. We’ve never lived through anything like this in Lagos. We watched people get killed yesterday on social media,” says Jola Ayeye, a 28-year-old screenwriter based in Lagos. An on-the-ground investigation by Amnesty International confirmed Wednesday that the Nigerian army and police killed at least 12 peaceful protesters in two Lagos suburbs the previous evening, as thousands of people protested against police brutality as part of the #EndSARS movement. Witnesses said several unarmed, peaceful protesters were shot dead at Lekki toll gate in Lagos, Nigeria on Oct. 20, as video footage emerged on social media appearing to show the Nigerian military firing live rounds at a crowd protesting as part of the #endSARS movement. Eyewitnesses at a separate protest site in Alausa told Amnesty International that they were attacked by a team of soldiers and policemen, leaving at least two people dead and one critically injured. At least 56 people have died across the country since the nationwide protests began on Oct. 8, with about 38 killed on Tuesday alone, according to Amnesty International. Read More: The Nigerian Army Shot Dead at Least 12 Peaceful Protesters in Lagos, Rights Group Says. Here’s What to Know The SARS unit has been the target of protests since 2017, but protesters say this latest wave is different than what came before. The movement is leaderless but driven by a younger generation of Nigerians, tired of being profiled by SARS operatives, who often carry out violent ambushes in plain clothes with little impunity. An Amnesty International report earlier this year documented at least 82 cases of torture, ill treatment and extra-judicial execution by SARS between January 2017 and May 2020, mostly targeting young men between the ages of 18 and 35. Although the Nigerian government announced that the SARS unit would be disbanded on Oct. 11, protesters are skeptical that will lead to real change—authorities have made and broken several promises regarding the disbandment and reforms of SARS over the past four years. Story continues Protesters gather at Lagos' Lekki toll gate during a demonstration against police brutality on Oct. 15, 2020. Pierre Favennec—AFP/Getty Images Nigerian DJ Obianuju Catherine Udeh, better known as DJ Switch, livestreamed on Instagram from Lekki on Tuesday evening and filmed the army shooting rounds of live fire at crowds. “Every Nigerian, especially [those in] the diaspora who had no other way to witness this, owes this woman everything,” says London-based Onis Chukwueke-Uba, 25, who was one of more than 150,000 Instagram users watching DJ Switch’s live video as events unfolded in Lagos. DJ Switch is one of many women on the frontlines of these protests, which began in early October and are among the most widespread wave of protests in Nigeria campaigning against police brutality . Ayeye, and her podcast co-host Feyikemi Abudu, both based in Lagos, have also become a core part of Nigeria’s protest movement against police brutality, helping spread information on Twitter, raising and distributing funds for protesters and organizing security, medical assistance and legal aid. “This is the first time, at least in my lifetime here, that people are saying ‘ enough is enough ’,” says 27-year-old Abudu, who currently runs a start-up. She began fundraising a few days after the nationwide protests started on Oct. 8, wanting to provide breakfast for protesters in Lagos. Read More: “I Really Thought My Life Was Going to End.’ Inside the Protests Taking on Police Brutality in Nigeria “Young women are having a critical role in sustaining this movement, and young people across Nigeria feel like leaders in their own right,” says Oluwaseun Ayodeji Osowobi, a womens’ rights activist who was on last year’s TIME 100 Next list. Osowobi’s organization, Stand to End Rape, has been providing mental health support for protesters on the front line. As a service-provider helping young women survivors recover from gender-based violence, she knows first-hand the trauma SARS has inflicted on Nigeria’s young people. “Nobody is really safe. I know mothers who have lost their children, I know women who have been raped by these people, I know those who have died, so I have a responsibility too to make sure I fight for the rights of young Nigerians,” she says. Abudu and Ayeye recall speaking about their frustrations with SARS on their podcast in 2017, during the first wave of campaigns against the unit. They didn’t imagine that three years later, they would be helping organize a support system for protesters, fielding calls in the middle of the night, and directing participants to safety via social media. “We joke that Feyikemi has built a state in ten days,” says Ayeye, referring to volunteers that have come together to organize food, medical assistance and legal aid to support protesters. “The organization and bravery of women really underpins this whole movement,” she says. Nigeria has a history of women organizing protests . Aisha Yesufu, 46, was a co-organizer of the Bring Back Our Girls movement that called for the safe return of the Chibok schoolgirls kidnapped by Boko Haram in 2014. She says she is proud of the young women who have mobilized during this protest movement. “The Bring Back Our Girls movement was a protest of empathy. #endSARS is more about survival. These are young men and women who are being killed by those who are supposed to protect them, and who are fighting for their life,” says Yesufu, whose photo with her fist raised at the forefront of protests in Abuja on Oct. 10 has been shared widely as a symbol of the protests. Both Abudu and Ayeye, as well as Osowobi, are part of Feminist Coalition , a collective of Nigerian women who formed in July 2020 to work around feminist causes and the advancement of women’s rights in Nigeria. The group has been instrumental in fundraising to support the protesters on the ground through Bitcoin donations, and has issued daily reports of the money they’ve raised and distributed to ensure accountability. As of Oct. 19, the group had raised more than 74 million naira, equivalent to almost $200,000. All three women are hoping that their activities during the protests could improve things for women in the country more broadly, as well greater equality for other marginalized groups, including LGBTQ people who have experienced hostility and homophobia during protests. “It is incredible for me because especially in this country, where a lot of people have these backwards views about women in leadership positions, I’m hoping this will allow people to see that you need women at the top, at every level of society,” Abudu says. “Simply, we are able to get things done.” Dear @jack thanks for supporting our #EndSARS #EndSWAT plight. Have you met the stallion @AishaYesufu ? We call her the 🇳🇬 Statue of Liberty. On behalf her teeming fans. I request that you verify her account. Thanks in advance.😁 Comrades, RT if you’re with me. pic.twitter.com/jSSE85QMPU — WizkidtheGreatest 🐐 (@WizkidtheLegend) October 14, 2020 All are reeling from the shock of the deaths at Lekki and Alausa on Tuesday night. Yesufu says she is numb, and Ayeye and Abudu say they are afraid for the dead and injured protesters in their city. The Feminist Coalition is now helping support injured protesters , as well as encouraging others to stay safe and stay at home . There is also fear among protesters that the government will try to change the narrative of events. Witnesses told Amnesty International that shortly before the shootings, CCTV cameras at the Lekki toll gate were removed by government officials and the electricity was cut in an attempt to hide evidence. Abudu and others have been encouraging protesters on social media to document what happened to them to ensure the truth about what happened at Lekki is told. “Something has to give,” Ayeye said via WhatsApp on Wednesday. “We cannot keep living like this.” || Blockchain-powered Micro-Economies will Transform Mobile Payments, Says Fuse.io CEO Mark Smargon: Almost 60% of the world today has access to the internet and smartphones. The increased accessibility resulted in a drop in cash paymentsfrom 89% to 77%between 2013 and 2018. And simultaneously mobile payments have grown increasingly common throughout the world.
Alipay, the payments subsidiary of Chinese conglomerate Alibaba (NASDAQ:BABA), alone boasts of more than1.3 billion users globallyas of March 2020. Other mobile payment giants such as WeChat Pay, PayPal (NASDAQ:PYPL), and ApplePay also have hundreds of millions of users and contribute largely to thetrillion-dollar global mobile payments market. Mobile payment applications have made payments easier and have introduced better ways to engage potential customers.
Mark Smargon, the Founder and CEO of the blockchain-powered mobile payments platform Fuse, however, says that all the mainstream payment applications we know today are poorly modelled from a business perspective. Or, to be more specific, he adds, they’re meant to serve their creators.
Mark Smargon
As Smargon puts it, he has been involved in the blockchain industry since the time it wasn’t even conventionally called the “blockchain industry.” He founded a blockchain platform called Colu in 2014 to solve payment problems that affected business owners and consumers every day. From there, he moved to Fuse aiming to make blockchain technology easy and practical to use for the mainstream users.
Even though the likes of PayPal and Alipay dominate the mobile payments industry,, the industry is ripe for disruption, stresses the Fuse CEO. The very foundation of the mobile payments ecosystem is similar to that of the centralized financial institutions that lack many key features.
The centralized nature of these payment applications is a major part of the problem. Even with extreme levels of technological advancement and easy connectivity, Smargon questions, why should payment providers charge between 3% and 6% as payment fees?
One of the main reasons, he points out, is that they can, and users around the world do not have alternatives that can challenge their authority. In fact, PayPal evencharges a 2.9% feeeven when sellers make a full refund. The company rolled out the policy in April 2019 but withdrew it aftercommunity backlash, but it introduced the same policy again later in 2019.
Smargon further notes the other shortcomings of existing mobile payment applications saying, “Even if we disregard the monetary expense at which we receive these services, there are other critical drawbacks that affect all. The centralization of these platforms creates data monopolies and prevents competition because of high costs, and it’s the end consumers that suffer due to that. They are also susceptible to cyber attacks that may lead to the theft of users’ data.”
For businesses and communities that rely on these applications, there are almost no customization options that may allow them to better interact with their customers, he adds. And quite certainly, developing an exclusive application from the scratch is not a viable option for all.
The advent of Bitcoin, the blockchain as well as the cryptocurrency, in 2008 marked the Eureka moment for innovators who wanted to challenge the financial system as it stood. It was the beginning of laying the foundation for a new financial system. The use of blockchain and cryptocurrency can immensely improve the current financial system including mobile payments for businesses, communities, and individuals alike.
Blockchain technology was first used to disrupt the banking and payments system. It marked the beginning of the transition from a centralized system to a peer-to-peer decentralized one.
As one of the early adopters of blockchain and cryptocurrency, Smargon says, blockchain is our way forward in finance. He explains that they are possibly the best solution for major problems in today’s mobile payment applications.
As decentralized ledgers that are not restricted by geographical borders, blockchains can rid mobile payment applications of central entities. Without the need for centralized companies, these applications will have a lower cost of operation and can provide cheaper transactions.
Additionally, being a borderless technology, blockchains treat both local and international payments the same way. Thus, a blockchain-powered mobile payment application can process internationaltransactions with high speed and efficiencysimilar to how it processes local transactions.
In a blockchain-based mobile wallet such as Fuse, the users are in full control of their funds and data, claims Smargon. Also, he says that Fuse allows businesses and communities of all sizes to easily create micro-economies within the payment platform. These micro-economies are sub payment ecosystems within Fuse’s main ecosystem.
While it is powered by the Fuse chain and anchored to the Ethereum network, he affirms that deploying a micro-economy on the platform does not require any technical expertise. Emphasizing on the benefits of micro-economies, he says that businesses and communities will be able to develop customized wallets that are in sync with their value proposition and also suit their users or members:
“Using theFuse Studio, which is a smart contract for deploying micro-economies, anyone can create an exclusive token for their custom business wallet. They can set specific rules for its usage, develop unique bounty and customer loyalty programs, minimize transaction fees and so on. It is also possible to add various plugins and fiat payment options such as debit/credit cards and bank transfers.”
All these features combined willgive community owners more controlover how they want their users to utilize their tokens. It will help innovators bridge the gap between businesses and blockchain technology and let more businesses leverage the benefits it has to offer, says Smargon. The ability to link fiat payments to theseblockchain-powered mobile paymentapplications will bring together the best of both worlds and serve users and businesses better.
As a conclusion, Smargon says, when blockchain-powered mobile payment applications start gaining adoption, many may not even realize that there’s any involvement of blockchain technology. And that’s one of the main goals of Fuse. The platform intends to place blockchain technology so effortlessly in the background that no matter how complex it is on the inside, it does not compromise on the user experience of mobile payments, he stresses, achieved through what Fuse calls their ‘veiled crypto’ design philosophy.
Many industries still operate with the same methods and follow the same rules that were set decades ago. The financial system especially is far behind the technological curve. The use of blockchain as the foundation layer of mobile payment applications can effectively solve critical challenges businesses and communities face while using traditional apps. While blockchain may not yet be mainstream, the rapid innovation and adoption across the technical landscape may soon bring the benefits of the technology in mobile payments to a majority of the population.
Disclosure: None. || Blockchain-powered Micro-Economies will Transform Mobile Payments, Says Fuse.io CEO Mark Smargon: Almost 60% of the world today has access to the internet and smartphones. The increased accessibility resulted in a drop in cash payments from 89% to 77% between 2013 and 2018. And simultaneously mobile payments have grown increasingly common throughout the world. Alipay, the payments subsidiary of Chinese conglomerate Alibaba (NASDAQ: BABA ), alone boasts of more than 1.3 billion users globally as of March 2020. Other mobile payment giants such as WeChat Pay, PayPal (NASDAQ: PYPL ), and ApplePay also have hundreds of millions of users and contribute largely to the trillion-dollar global mobile payments market . Mobile payment applications have made payments easier and have introduced better ways to engage potential customers. Mark Smargon, the Founder and CEO of the blockchain-powered mobile payments platform Fuse, however, says that all the mainstream payment applications we know today are poorly modelled from a business perspective. Or, to be more specific, he adds, they’re meant to serve their creators. Mark Smargon As Smargon puts it, he has been involved in the blockchain industry since the time it wasn’t even conventionally called the “blockchain industry.” He founded a blockchain platform called Colu in 2014 to solve payment problems that affected business owners and consumers every day. From there, he moved to Fuse aiming to make blockchain technology easy and practical to use for the mainstream users. Problems with Current Mobile Payment Platform Even though the likes of PayPal and Alipay dominate the mobile payments industry,, the industry is ripe for disruption, stresses the Fuse CEO. The very foundation of the mobile payments ecosystem is similar to that of the centralized financial institutions that lack many key features. The centralized nature of these payment applications is a major part of the problem. Even with extreme levels of technological advancement and easy connectivity, Smargon questions, why should payment providers charge between 3% and 6% as payment fees? One of the main reasons, he points out, is that they can, and users around the world do not have alternatives that can challenge their authority. In fact, PayPal even charges a 2.9% fee even when sellers make a full refund. The company rolled out the policy in April 2019 but withdrew it after community backlash , but it introduced the same policy again later in 2019. Smargon further notes the other shortcomings of existing mobile payment applications saying, “Even if we disregard the monetary expense at which we receive these services, there are other critical drawbacks that affect all. The centralization of these platforms creates data monopolies and prevents competition because of high costs, and it’s the end consumers that suffer due to that. They are also susceptible to cyber attacks that may lead to the theft of users’ data.” Story continues For businesses and communities that rely on these applications, there are almost no customization options that may allow them to better interact with their customers, he adds. And quite certainly, developing an exclusive application from the scratch is not a viable option for all. The advent of Bitcoin, the blockchain as well as the cryptocurrency, in 2008 marked the Eureka moment for innovators who wanted to challenge the financial system as it stood. It was the beginning of laying the foundation for a new financial system. The use of blockchain and cryptocurrency can immensely improve the current financial system including mobile payments for businesses, communities, and individuals alike. Blockchain for Mobile Payments and Micro-Economies Blockchain technology was first used to disrupt the banking and payments system. It marked the beginning of the transition from a centralized system to a peer-to-peer decentralized one. As one of the early adopters of blockchain and cryptocurrency, Smargon says, blockchain is our way forward in finance. He explains that they are possibly the best solution for major problems in today’s mobile payment applications. As decentralized ledgers that are not restricted by geographical borders, blockchains can rid mobile payment applications of central entities. Without the need for centralized companies, these applications will have a lower cost of operation and can provide cheaper transactions. Additionally, being a borderless technology, blockchains treat both local and international payments the same way. Thus, a blockchain-powered mobile payment application can process international transactions with high speed and efficiency similar to how it processes local transactions. In a blockchain-based mobile wallet such as Fuse, the users are in full control of their funds and data, claims Smargon. Also, he says that Fuse allows businesses and communities of all sizes to easily create micro-economies within the payment platform. These micro-economies are sub payment ecosystems within Fuse’s main ecosystem. While it is powered by the Fuse chain and anchored to the Ethereum network, he affirms that deploying a micro-economy on the platform does not require any technical expertise. Emphasizing on the benefits of micro-economies, he says that businesses and communities will be able to develop customized wallets that are in sync with their value proposition and also suit their users or members: “Using the Fuse Studio , which is a smart contract for deploying micro-economies, anyone can create an exclusive token for their custom business wallet. They can set specific rules for its usage, develop unique bounty and customer loyalty programs, minimize transaction fees and so on. It is also possible to add various plugins and fiat payment options such as debit/credit cards and bank transfers.” All these features combined will give community owners more control over how they want their users to utilize their tokens. It will help innovators bridge the gap between businesses and blockchain technology and let more businesses leverage the benefits it has to offer, says Smargon. The ability to link fiat payments to these blockchain-powered mobile payment applications will bring together the best of both worlds and serve users and businesses better. As a conclusion, Smargon says, when blockchain-powered mobile payment applications start gaining adoption, many may not even realize that there’s any involvement of blockchain technology. And that’s one of the main goals of Fuse. The platform intends to place blockchain technology so effortlessly in the background that no matter how complex it is on the inside, it does not compromise on the user experience of mobile payments, he stresses, achieved through what Fuse calls their ‘veiled crypto’ design philosophy. Blockchain-powered Payments are the Future Many industries still operate with the same methods and follow the same rules that were set decades ago. The financial system especially is far behind the technological curve. The use of blockchain as the foundation layer of mobile payment applications can effectively solve critical challenges businesses and communities face while using traditional apps. While blockchain may not yet be mainstream, the rapid innovation and adoption across the technical landscape may soon bring the benefits of the technology in mobile payments to a majority of the population. Disclosure: None. View comments || Bitcoin surges to yearly high on PayPal news: Bitcoin is trading at a 16-month high on the back of news that PayPal will incorporate cryptocurrency services within its platform over the coming weeks. PayPals decision to add functionality for digital assets gives cryptocurrency exposure to its 346 million active users. According to Reuters , PayPal also has plans to let users spend cryptocurrencies across its 26 million merchants from early 2021. Bitcoin reacted as expected to the news as it broke above the $12,500 level of resistance following a rejection on August 17. If it can close todays daily candle above the $12,800 mark it could well signal a new bullish phase in the market, with the $20,000 all-time high being closer than its been for a significant period of time. BTCUSD chart by TradingView The PayPal news follows institutional investment from the likes of Square and Microstrategy, with the two tech companies investing $475 million and $50 million into Bitcoin over the past few months. While Bitcoin has rallied on the news, altcoins have started to suffer, with Ethereum falling by 6.88% against Bitcoin since the turn of the week. Potential upside targets for Bitcoin are beginning to emerge at both $13,150 and $13,800, although it wouldnt be a surprise to see the worlds largest cryptocurrency begin to test 2017 levels as the news continues to be priced in. For more news, guides and cryptocurrency analysis, click here . View comments || Bitcoin surges to yearly high on PayPal news: Bitcoin is trading at a 16-month high on the back of news that PayPal will incorporate cryptocurrency services within its platform over the coming weeks. PayPals decision to add functionality for digital assets gives cryptocurrency exposure to its 346 million active users. According to Reuters , PayPal also has plans to let users spend cryptocurrencies across its 26 million merchants from early 2021. Bitcoin reacted as expected to the news as it broke above the $12,500 level of resistance following a rejection on August 17. If it can close todays daily candle above the $12,800 mark it could well signal a new bullish phase in the market, with the $20,000 all-time high being closer than its been for a significant period of time. BTCUSD chart by TradingView The PayPal news follows institutional investment from the likes of Square and Microstrategy, with the two tech companies investing $475 million and $50 million into Bitcoin over the past few months. While Bitcoin has rallied on the news, altcoins have started to suffer, with Ethereum falling by 6.88% against Bitcoin since the turn of the week. Potential upside targets for Bitcoin are beginning to emerge at both $13,150 and $13,800, although it wouldnt be a surprise to see the worlds largest cryptocurrency begin to test 2017 levels as the news continues to be priced in. For more news, guides and cryptocurrency analysis, click here . View comments
[Social Media Buzz]
None available.
|
12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 3673.84, 3915.71, 3947.09, 3999.82, 3954.12, 4005.53, 4142.53, 3810.43, 3882.70, 3854.36, 3851.05, 3854.79, 3859.58, 3864.42, 3847.18, 3761.56, 3896.38, 3903.94, 3911.48, 3901.13, 3963.31, 3951.60, 3905.23, 3909.16, 3906.72, 3924.37, 3960.91, 4048.73, 4025.23, 4032.51, 4071.19, 4087.48, 4029.33, 4023.97, 4035.83, 4022.17, 3963.07, 3985.08, 4087.07, 4069.11, 4098.37, 4106.66, 4105.40, 4158.18, 4879.88, 4973.02, 4922.80, 5036.68, 5059.82, 5198.90, 5289.77, 5204.96, 5324.55, 5064.49, 5089.54, 5096.59, 5167.72, 5067.11, 5235.56, 5251.94, 5298.39, 5303.81, 5337.89, 5314.53, 5399.37, 5572.36, 5464.87, 5210.52, 5279.35, 5268.29, 5285.14, 5247.35, 5350.73, 5402.70, 5505.28, 5768.29, 5831.17, 5795.71, 5746.81, 5829.50, 5982.46, 6174.53, 6378.85, 7204.77, 6972.37, 7814.92, 7994.42, 8205.17, 7884.91, 7343.90.
|
[Bitcoin Technical Analysis for 2019-05-17]
Volume: 30066644905, RSI (14-day): 65.35, 50-day EMA: 5782.31, 200-day EMA: 5082.65
[Wider Market Context]
Gold Price: 1274.50, Gold RSI: 42.97
Oil Price: 62.76, Oil RSI: 52.65
[Recent News (last 7 days)]
Researcher Nears Launch of Ava, a Crypto & Potential Ethereum Killer: ByCCN: The crypto ecosystem often explores which blockchain will emerge as the ‘Ethereum killer.’ So far, no network has been able to muscle the second-biggest blockchain off its perch, but now there’s a new kid in town – Ava, and it has Bitcoin,Ethereum, and even Visa in its sights.
Ava is a new cryptocurrency that uses a consensus protocol known as Avalanche, whose creators similar to Bitcoin are anonymous only they go by Team Rocket. Avalanche is designed to combine the “best of both worlds” from the Nakamoto Consensus and Classical Consensus, according to Cornell University Associate ProfessorEmin Gun Sirerin a recent presentation.
Bitcoin transactions take 10 minutes or more to be completed, and Ethereum can handle about 15 transactions per second, though both are feverishly scaling. Avalanche is designed to deliver “two-second” payments and thousands of transactions per second, which could catapult crypto microtransactions into the mainstream. The new protocol is also designed to scale “from 10,000 nodes up to 10 million nodes,” Sirer said in a recent presentation. Scalability is an issue that has plagued the Ethereum network.
Sirer is close to launching the new cryptocurrency and network based on Avalanche, according to aBloomberg report. The network that the academic describes sounds a lot like what Ethereum 2.0 is becoming. Much like Ethereum, a variety of applications can also be built on top of it.
Sirer, who is also co-director of the Initiative for Cryptocurrencies and Smart Contracts, described to Bloomberg a platform that sounds a lot like Ethereum’s use case as an ICO platform. In addition to the native Ava cryptocurrency, the Ava platform can host other tokens for industries such as real estate, for example. He told Bloomberg:
“You can create a digital asset on top of Ava, a coin X. And then you can say, I want my coin to support Bitcoin transactions as well as Zcash – you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.” || Researcher Nears Launch of Ava, a Crypto & Potential Ethereum Killer: Emin Gun Sirer is launching a new crypto Ava using the Avalanche consensus protocol that sounds a lot like Ethereum. | Source: Shutterstock By CCN : The crypto ecosystem often explores which blockchain will emerge as the ‘Ethereum killer.’ So far, no network has been able to muscle the second-biggest blockchain off its perch, but now there’s a new kid in town – Ava, and it has Bitcoin, Ethereum , and even Visa in its sights. Ava is a new cryptocurrency that uses a consensus protocol known as Avalanche, whose creators similar to Bitcoin are anonymous only they go by Team Rocket. Avalanche is designed to combine the “best of both worlds” from the Nakamoto Consensus and Classical Consensus, according to Cornell University Associate Professor Emin Gun Sirer in a recent presentation. Yes, a new coin, Ava, based on a new blockchain maintained by the Avalanche protocol. — Emin Gün Sirer (@el33th4xor) June 19, 2018 Bitcoin transactions take 10 minutes or more to be completed, and Ethereum can handle about 15 transactions per second, though both are feverishly scaling. Avalanche is designed to deliver “two-second” payments and thousands of transactions per second, which could catapult crypto microtransactions into the mainstream. The new protocol is also designed to scale “from 10,000 nodes up to 10 million nodes,” Sirer said in a recent presentation. Scalability is an issue that has plagued the Ethereum network. Sirer is close to launching the new cryptocurrency and network based on Avalanche, according to a Bloomberg report . The network that the academic describes sounds a lot like what Ethereum 2.0 is becoming. Much like Ethereum, a variety of applications can also be built on top of it. Sirer, who is also co-director of the Initiative for Cryptocurrencies and Smart Contracts, described to Bloomberg a platform that sounds a lot like Ethereum’s use case as an ICO platform. In addition to the native Ava cryptocurrency, the Ava platform can host other tokens for industries such as real estate, for example. He told Bloomberg: “You can create a digital asset on top of Ava, a coin X. And then you can say, I want my coin to support Bitcoin transactions as well as Zcash – you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.” Read the full story on CCN.com . || Startup Veil Forks Augur to Create Prediction Markets for 2020 Election: Prediction market and derivatives platform Veil announced Wednesday that it deployed a new version of Augur, the decentralized prediction market protocol.
Called AugurLite, the application was created in order to support bets on the upcoming U.S. presidential election.
Speaking at the Token Summit conference in New York, Veil co-founder and CEO Paul Fletcher-Hill explained:
Coinbase Pro Lists EOS, Augur’s REP and MakerDAO’s MKR Tokens
Augur normally is able to support long-running prediction markets. However, at present, the ethereum-based application is gearing up for a major upgrade to be activated sometime this year. As stated in aMediumpost last October, the upgrade will require migration of all existing betting tokens – called REP tokens – to be moved to a new set of upgraded smart contracts.
As a result, Fletcher-Hill insisted the creation of these prediction markets on Augur now would make the bets “susceptible to dispute” later.
Emphasizing that AugurLite was created not as a competitor to Augur but rather out of a clear need, Fletcher-Hill also reiterated that Veil would still be supporting the main Augur application and its forthcoming upgrade.
Numerai Token Sale Raises $11 Million From VC Firms Paradigm, Placeholder
Launched officiallyin January,Veil offers users a web interface to place bets on certain Augur prediction markets with greater speed and ease. As previously reported, the company does this by offering users instant settlement where outcomes of prediction markets are clear.
“We will continue to support the creation and trading of [Augur] markets on Veil and are excited to integrate Augur v2 when it is upgraded later this year,” Veil said viaTwitteryesterday.
However, feedback on the newly released AugurLite application has been somewhat mixed.
Outside of enabling long-term bets on the 2020 U.S. presidential election, AugurLite also differs from its predecessor by relying on a different oracle service. Oracles are how real-world data is collected and represented on the blockchain.
Augur hosts a native oracle service to ensure the data being gathered by the application is true and secure. AugurLite does not have a built-in oracle but rather leaves the decision up to the prediction market creator to source from a third-party oracle.
As stated on its officialGitHubpage:
“No oracle is built into the protocol. Instead, markets have a resolver which can reference any oracle—an Augur market, Chainlink feed, or any arbitrary smart contract state.”
Because of this, certain Augur community members have labeled AugurLite as a more centralized application than Augur.
“Seems like you’re losing the pieces that Augur interesting – global liquidity and trustlessness,” Ryan Sean Adam, founder of crypto investment firm Mythos Capital,tweetedWednesday.
To this, Joey Krug, the co-chief investment officer of Pantera Capital, alsotweetedabout the initiative:
“Augur has a few value propositions: no limit, low fees, global liquidity, and being trustless is an important component of enabling that. Companies like Veil compromise on all three.”
But AugurLite according to Fletcher-Hill isn’t meant to replace or compete with Augur.
“It’s not a generalizable fork, it’s merely something our users had asked for these 2020 markets,” Fletcher-Hill said.
Brady Dale contributed reporting.
From left: Joey Krug, Tom Kysar and Paul Fletcher-Hill speak at Token Summit 2019, photo by Brady Dale for CoinDesk
• LedgerX Unveils Betting Market for 2020’s Bitcoin Block Reward Halving
• Augur Interface Veil Acquires Search Engine for Prediction Markets || Startup Veil Forks Augur to Create Prediction Markets for 2020 Election: Prediction market and derivatives platform Veil announced Wednesday that it deployed a new version of Augur, the decentralized prediction market protocol. Called AugurLite, the application was created in order to support bets on the upcoming U.S. presidential election. Speaking at the Token Summit conference in New York, Veil co-founder and CEO Paul Fletcher-Hill explained: Coinbase Pro Lists EOS, Augur’s REP and MakerDAO’s MKR Tokens “What we’ve done, is very recently we wanted to support the 2020 elections. … No one has been able to support long-running markets on Augur, so what we’ve done is take some of the infrastructure to run [AugurLite].” Augur normally is able to support long-running prediction markets. However, at present, the ethereum-based application is gearing up for a major upgrade to be activated sometime this year. As stated in a Medium post last October, the upgrade will require migration of all existing betting tokens – called REP tokens – to be moved to a new set of upgraded smart contracts. As a result, Fletcher-Hill insisted the creation of these prediction markets on Augur now would make the bets “susceptible to dispute” later. Emphasizing that AugurLite was created not as a competitor to Augur but rather out of a clear need, Fletcher-Hill also reiterated that Veil would still be supporting the main Augur application and its forthcoming upgrade. Numerai Token Sale Raises $11 Million From VC Firms Paradigm, Placeholder Launched officially in January, Veil offers users a web interface to place bets on certain Augur prediction markets with greater speed and ease. As previously reported, the company does this by offering users instant settlement where outcomes of prediction markets are clear. “We will continue to support the creation and trading of [Augur] markets on Veil and are excited to integrate Augur v2 when it is upgraded later this year,” Veil said via Twitter yesterday. Mixed feelings However, feedback on the newly released AugurLite application has been somewhat mixed. Story continues Outside of enabling long-term bets on the 2020 U.S. presidential election, AugurLite also differs from its predecessor by relying on a different oracle service. Oracles are how real-world data is collected and represented on the blockchain. Augur hosts a native oracle service to ensure the data being gathered by the application is true and secure. AugurLite does not have a built-in oracle but rather leaves the decision up to the prediction market creator to source from a third-party oracle. As stated on its official GitHub page: “No oracle is built into the protocol. Instead, markets have a resolver which can reference any oracle—an Augur market, Chainlink feed, or any arbitrary smart contract state.” Because of this, certain Augur community members have labeled AugurLite as a more centralized application than Augur. “Seems like you’re losing the pieces that Augur interesting – global liquidity and trustlessness,” Ryan Sean Adam, founder of crypto investment firm Mythos Capital, tweeted Wednesday. To this, Joey Krug, the co-chief investment officer of Pantera Capital, also tweeted about the initiative: “Augur has a few value propositions: no limit, low fees, global liquidity, and being trustless is an important component of enabling that. Companies like Veil compromise on all three.” But AugurLite according to Fletcher-Hill isn’t meant to replace or compete with Augur. “It’s not a generalizable fork, it’s merely something our users had asked for these 2020 markets,” Fletcher-Hill said. Brady Dale contributed reporting. From left: Joey Krug, Tom Kysar and Paul Fletcher-Hill speak at Token Summit 2019, photo by Brady Dale for CoinDesk Related Stories LedgerX Unveils Betting Market for 2020’s Bitcoin Block Reward Halving Augur Interface Veil Acquires Search Engine for Prediction Markets || SEC Negotiations Have Cost Kik $5 Million, Says CEO: Kik’s CEO says the company has spent $5 million engaging with the U.S. Securities and Exchange Commission (SEC) over what the regulator claims was an unregistered securities sale. Kik, a messaging platform founded by Canadian entrepreneur Ted Livingston in 2010, raised $98 million in an initial coin offering (ICO) at the end of 2017 to support its kin cryptocurrency and ecosystem. The SEC later indicated the sale may have violated U.S. securities laws, and that SEC staff would recommend bringing an enforcement action against the company. On Thursday, Livingston told CoinDesk at Token Summit in New York that this hasn’t happened yet, but that both his firm and the regulator have been in talks since late 2017. SEC Slaps Blockchain Author Alex Tapscott, Firm With Fines Over Securities Violations “We’ve spent a lot of money on this, over $5 million,” he told CoinDesk. “We’ve spent a lot of time on this, we’ve spent the last 18 months traveling to Washington.” In November 2018, the SEC filed a formal letter, known as a Wells notice . In Kik’s response to the SEC, the company highlighted a clause in existing law that says currencies are not securities, a comment Livingston echoed Thursday. Livingston maintains that kin is being used as a currency, adding: “In the last month alone, over a million people earned kin from 40 different apps, from 40 different companies. Over a quarter million people used kin, making it the most-used cryptocurrency in the world, and they’re not even willing to say that’s not a security.” SEC Again Delays Decision on Bitwise Bitcoin ETF Approval “It just continues to drag out,” he said. While Livingston said he does not have any plans to sue the SEC for greater regulatory clarity, he did say the agency needs to provide clear guidance. “Enough is enough, you’ve been promising clarity for years now, somebody needs to go to court and get this settled,” he said. Livingston said he does want to work with the SEC, however. Story continues Addressing the securities regulator, he said: “We want to find a win-win with you, we understand the tough position you’re in, but at the same time innovation needs to move forward.” Regulatory uncertainty may be holding back the U.S. cryptocurrency industry, Livingston and others have argued during Blockchain Week. Developers need to pause as they try to determine what regulatory agencies might think of a particular innovation or process, he said, which slows down work. Indeed, many companies may be afraid of regulatory action, with only one “no-action” letter issued by the SEC to date. Competition is another issue, Livingston said. “You have companies like Binance, who look at what Coinbase does and say, ‘We’ll do that but we’ll do it everywhere but the U.S.’ – and now Binance has replaced Coinbase as the top exchange in the world,” he explained, adding: “We do not want to get Binance’d.” Ted Livingston speaks at an event in New York, photo by Brady Dale for CoinDesk Related Stories SEC’s Crypto Czar Says Exchanges That List IEOs May Face Legal Risks A New Crypto ETF Has Just Been Filed With the U.S. SEC || SEC Negotiations Have Cost Kik $5 Million, Says CEO: Kik’s CEO says the company has spent $5 million engaging with the U.S. Securities and Exchange Commission (SEC) over what the regulator claims was an unregistered securities sale.
Kik, a messaging platform founded by Canadian entrepreneur Ted Livingston in 2010,raised $98 millionin an initial coin offering (ICO) at the end of 2017 to support its kin cryptocurrency and ecosystem. The SEC later indicated the sale may have violated U.S. securities laws, and that SEC staff would recommend bringing an enforcement action against the company.
On Thursday, Livingston told CoinDesk at Token Summit in New York that this hasn’t happened yet, but that both his firm and the regulator have been in talks since late 2017.
SEC Slaps Blockchain Author Alex Tapscott, Firm With Fines Over Securities Violations
“We’ve spent a lot of money on this, over $5 million,” he told CoinDesk. “We’ve spent a lot of time on this, we’ve spent the last 18 months traveling to Washington.”
In November 2018, the SEC filed a formal letter, known asa Wells notice. InKik’s responseto the SEC, the company highlighted a clause in existing law that says currencies are not securities, a comment Livingston echoed Thursday.
Livingston maintains that kin is being used as a currency, adding:
“In the last month alone, over a million people earned kin from 40 different apps, from 40 different companies. Over a quarter million people used kin, making it the most-used cryptocurrency in the world, and they’re not even willing to say that’s not a security.”
SEC Again Delays Decision on Bitwise Bitcoin ETF Approval
“It just continues to drag out,” he said.
While Livingston said he does not have any plans to sue the SEC for greater regulatory clarity, he did say the agency needs to provide clear guidance.
“Enough is enough, you’ve been promising clarity for years now, somebody needs to go to court and get this settled,” he said.
Livingston said he does want to work with the SEC, however.
Addressing the securities regulator, he said:
“We want to find a win-win with you, we understand the tough position you’re in, but at the same time innovation needs to move forward.”
Regulatory uncertainty may be holding back the U.S. cryptocurrency industry, Livingston and others have argued during Blockchain Week. Developers need to pause as they try to determine what regulatory agencies might think of a particular innovation or process, he said, which slows down work.
Indeed, many companies may be afraid of regulatory action, with only one“no-action” letterissued by the SEC to date.
Competition is another issue, Livingston said.
“You have companies like Binance, who look at what Coinbase does and say, ‘We’ll do that but we’ll do it everywhere but the U.S.’ – and now Binance has replaced Coinbase as the top exchange in the world,” he explained, adding:
“We do not want to get Binance’d.”
Ted Livingston speaks at an event in New York, photo by Brady Dale for CoinDesk
• SEC’s Crypto Czar Says Exchanges That List IEOs May Face Legal Risks
• A New Crypto ETF Has Just Been Filed With the U.S. SEC || John McAfee Bashes Bitcoin and Ethereum but Touts ‘Adorable’ Dogecoin: ByCCN:John McAfeeis famous for predicting that the bitcoin price will hit $1,000,000 at some point or he’ll eat his own appendage. What you might not know is that he dislikes Ethereum and doesn’t even care that much for BTC, either. Yes, the reason is as silly as you might have hoped. Meanwhile, similar to Tesla CEOElon Musk, McAfee has a soft spot for meme-fueled cryptocurrencyDogecoin.
He’s got a point. Ethereum is a mouthful. His methodology also brings bitcoin into his crosshairs, and it turns out despite his bullish attitude for the price, McAfee has always been a Doge man.
If we analyze this extremely complex methodology, certain truths arise. Buterin is certainly a slender man and as it turns out on occasion fits the profile of dressing oddly.
I’m not sure we need much more proof than that photo to understand John McAfee’s concerns. It is refreshing to see the tech provocateur giving us some meaningful insight like this. After theSatoshi Nakamotostoryline fizzled out, things had been a little dull on planet McAfee.
Read the full story on CCN.com. || John McAfee Bashes Bitcoin and Ethereum but Touts Adorable Dogecoin: John McAfee's reasons for not liking bitcoin and Ethereum are as ridiculous as his meteoric BTC price prediction. | Source: (i) Flickr (ii) Shutterstock; Edited by CCN By CCN : John McAfee is famous for predicting that the bitcoin price will hit $1,000,000 at some point or hell eat his own appendage. What you might not know is that he dislikes Ethereum and doesnt even care that much for BTC, either. Yes, the reason is as silly as you might have hoped. Meanwhile, similar to Tesla CEO Elon Musk , McAfee has a soft spot for meme-fueled cryptocurrency Dogecoin . Folks asking my opinion of Ethereum: Well . . .. Frankly, I prefer one syllable coins and am not fond of Ethereum's spelling. Additionally, many of my friends who hold Ethereum dress oddly. And, of course, Buterin looks underfed to me. But do not take this as investment advice. John McAfee (@officialmcafee) May 15, 2019 John McAfee Is Merely Predicting Bitcoins Rise, Doesnt Care For It Hes got a point. Ethereum is a mouthful. His methodology also brings bitcoin into his crosshairs, and it turns out despite his bullish attitude for the price, McAfee has always been a Doge man. Did I say I liked it? Merely predicting its rise. The name itself connotes "Tiny Coin". My friends own hearty sounding coins, or adorable coins like "Doge". I could cop out of course and say "BTC" but then that's three syllables and would demonstrate my ignorance. John McAfee (@officialmcafee) May 15, 2019 If we analyze this extremely complex methodology, certain truths arise. Buterin is certainly a slender man and as it turns out on occasion fits the profile of dressing oddly. Aha!!!! Mimicking the God of Ethereum. That explains it. John McAfee (@officialmcafee) May 15, 2019 Crypto Community Adores John McAfee Wisdom Im not sure we need much more proof than that photo to understand John McAfees concerns. It is refreshing to see the tech provocateur giving us some meaningful insight like this. After the Satoshi Nakamoto storyline fizzled out, things had been a little dull on planet McAfee. Read the full story on CCN.com . || John McAfee Bashes Bitcoin and Ethereum but Touts ‘Adorable’ Dogecoin: ByCCN:John McAfeeis famous for predicting that the bitcoin price will hit $1,000,000 at some point or he’ll eat his own appendage. What you might not know is that he dislikes Ethereum and doesn’t even care that much for BTC, either. Yes, the reason is as silly as you might have hoped. Meanwhile, similar to Tesla CEOElon Musk, McAfee has a soft spot for meme-fueled cryptocurrencyDogecoin.
He’s got a point. Ethereum is a mouthful. His methodology also brings bitcoin into his crosshairs, and it turns out despite his bullish attitude for the price, McAfee has always been a Doge man.
If we analyze this extremely complex methodology, certain truths arise. Buterin is certainly a slender man and as it turns out on occasion fits the profile of dressing oddly.
I’m not sure we need much more proof than that photo to understand John McAfee’s concerns. It is refreshing to see the tech provocateur giving us some meaningful insight like this. After theSatoshi Nakamotostoryline fizzled out, things had been a little dull on planet McAfee.
Read the full story on CCN.com. || Report: Coinbase Negotiates Acquisition of Xapo’s Bitcoin Custody Business: AmericanmajorcryptocurrencyexchangeCoinbaseis reportedly negotiating the acquisition of the bitcoin (BTC) custody business of cryptocurrency wallet provider Xapo, technology-focused media outlet the Blockreportedon May 16.
Sources familiar with the matter reportedly told the Block that Coinbase has been vying with the digital currency wing ofUnited Statesfinancial services giant Fidelity, Fidelity Digital Assets, for Xapo over the past several weeks to advance its custody business.
Following the closure of the deal, Coinbase will reportedly pay about $50 million in cash to Xapo, with a contingent earn-out for remaining with the company.
Founded in 2014, Xapo is aHong Kong-based firm that provides a BTC wallet and a cold storage vault, as well as bitcoin-based debit card services. The company is backed by leading industry players such as venture capital firms Greylock Partners and Index Ventures, crypto investment companies Digital Currency Group,WinklevossCapital and Blockchain Capital. Xapo reportedly holds $5.5 billion in assets under custody.
Earlier this month, Cointelegraph reported that Coinbase CEO Brian Armstrongsaidthat Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch. He also mentioned that 70 institutions signed up to the service during that period.
Coinbase officiallylaunchedits custody service for institutional investors in July of last year. At the time, the company revealed that it would enable its new institutional clients “to participate in the crypto ecosystem through proof of stake and distributed governance.” The company’s custody offering was set to be secured through a compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC).
This week, Coinbasemadea massive expansion of USD Coin (USDC) trading to customers in 85 countries. Along with the USDC announcement, Coinbase also revealed a major global expansion, adding 50 more jurisdictions to its coverage, including such countries asBrazil,South AfricaandTaiwan, among others.
• Coinbase Earn Now Available to the Public in Over 100 Countries
• What Crypto Exchanges Do to Comply With KYC, AML and CFT Regulations
• Major Crypto Exchange in Korea Shut Down in April: 2018 Was a Nightmare for Most
• Bitcoin Will Be ‘Alive and Well,’ Says Renowned Emerging Markets Investor Mark Mobius || Report: Coinbase Negotiates Acquisition of Xapo’s Bitcoin Custody Business: AmericanmajorcryptocurrencyexchangeCoinbaseis reportedly negotiating the acquisition of the bitcoin (BTC) custody business of cryptocurrency wallet provider Xapo, technology-focused media outlet the Blockreportedon May 16.
Sources familiar with the matter reportedly told the Block that Coinbase has been vying with the digital currency wing ofUnited Statesfinancial services giant Fidelity, Fidelity Digital Assets, for Xapo over the past several weeks to advance its custody business.
Following the closure of the deal, Coinbase will reportedly pay about $50 million in cash to Xapo, with a contingent earn-out for remaining with the company.
Founded in 2014, Xapo is aHong Kong-based firm that provides a BTC wallet and a cold storage vault, as well as bitcoin-based debit card services. The company is backed by leading industry players such as venture capital firms Greylock Partners and Index Ventures, crypto investment companies Digital Currency Group,WinklevossCapital and Blockchain Capital. Xapo reportedly holds $5.5 billion in assets under custody.
Earlier this month, Cointelegraph reported that Coinbase CEO Brian Armstrongsaidthat Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch. He also mentioned that 70 institutions signed up to the service during that period.
Coinbase officiallylaunchedits custody service for institutional investors in July of last year. At the time, the company revealed that it would enable its new institutional clients “to participate in the crypto ecosystem through proof of stake and distributed governance.” The company’s custody offering was set to be secured through a compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC).
This week, Coinbasemadea massive expansion of USD Coin (USDC) trading to customers in 85 countries. Along with the USDC announcement, Coinbase also revealed a major global expansion, adding 50 more jurisdictions to its coverage, including such countries asBrazil,South AfricaandTaiwan, among others.
• Coinbase Earn Now Available to the Public in Over 100 Countries
• What Crypto Exchanges Do to Comply With KYC, AML and CFT Regulations
• Major Crypto Exchange in Korea Shut Down in April: 2018 Was a Nightmare for Most
• Bitcoin Will Be ‘Alive and Well,’ Says Renowned Emerging Markets Investor Mark Mobius || Report: Coinbase Negotiates Acquisition of Xapo’s Bitcoin Custody Business: American major cryptocurrency exchange Coinbase is reportedly negotiating the acquisition of the bitcoin ( BTC ) custody business of cryptocurrency wallet provider Xapo, technology-focused media outlet the Block reported on May 16. Sources familiar with the matter reportedly told the Block that Coinbase has been vying with the digital currency wing of United States financial services giant Fidelity, Fidelity Digital Assets, for Xapo over the past several weeks to advance its custody business. Following the closure of the deal, Coinbase will reportedly pay about $50 million in cash to Xapo, with a contingent earn-out for remaining with the company. Founded in 2014, Xapo is a Hong Kong -based firm that provides a BTC wallet and a cold storage vault, as well as bitcoin-based debit card services. The company is backed by leading industry players such as venture capital firms Greylock Partners and Index Ventures, crypto investment companies Digital Currency Group, Winklevoss Capital and Blockchain Capital. Xapo reportedly holds $5.5 billion in assets under custody. Earlier this month, Cointelegraph reported that Coinbase CEO Brian Armstrong said that Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch. He also mentioned that 70 institutions signed up to the service during that period. Coinbase officially launched its custody service for institutional investors in July of last year. At the time, the company revealed that it would enable its new institutional clients “to participate in the crypto ecosystem through proof of stake and distributed governance.” The company’s custody offering was set to be secured through a compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC). This week, Coinbase made a massive expansion of USD Coin (USDC) trading to customers in 85 countries. Along with the USDC announcement, Coinbase also revealed a major global expansion, adding 50 more jurisdictions to its coverage, including such countries as Brazil , South Africa and Taiwan , among others. Related Articles: Coinbase Earn Now Available to the Public in Over 100 Countries What Crypto Exchanges Do to Comply With KYC, AML and CFT Regulations Major Crypto Exchange in Korea Shut Down in April: 2018 Was a Nightmare for Most Bitcoin Will Be ‘Alive and Well,’ Says Renowned Emerging Markets Investor Mark Mobius || Ethereum Price Jumps to 8-Month High After Bitcoin Plunges $645: ByCCN: Bitcoin’s breathtaking rally has dominated the headlines in recent weeks, but today it’s the second-largest cryptocurrency’s turn to enjoy the spotlight. Theethereum pricesurged as high as $281.77 on Thursday, launching ETH to an eight-month high.
The cryptocurrency asset witnessed massive capital influx into its market when its frontrunnerbitcoin began to correctfrom its overbought territory. The inverse correlation signified that bitcoin investors were hedging into the ether market, a theory further validated by ETH’s 16% appreciation against bitcoin in the last 24 hours, as shown in the chart below.
The ethereum price rose more than 15% against bitcoin. | SOURCE: COINMARKETCAP.COM
Thebitcoin price, as CCNreported, doubled during a breakneck 45-day bull run, bringing its gains for 2019 to an impressive 119.26%. The move allowed the cryptocurrency to break above several crucial resistance targets, the last being $8,000, to reclaim a nine-month high of $8,391 on Bitstamp.
The ethereum price, meanwhile, held relatively flat. The cryptocurrency failed to catalyze a massive rally like bitcoin did – at least until May 11 when it suddenly popped more than 20%. The surprise upside movement matured into a full-fledged interim bull run, and ETH ultimately soared 63.59% in just six days.
Notably, the bitcoin price corrected lower today, plunging more than 7.5% to an intraday low at $7,746. As of the time of writing, BTC/USD stood at $7,941 for a daily loss of around 2%.
Read the full story on CCN.com. || Ethereum Price Jumps to 8-Month High After Bitcoin Plunges $645: The ethereum price soared to an eight-month high as a previously red-hot bitcoin plunged $645. | Source: Shutterstock By CCN : Bitcoins breathtaking rally has dominated the headlines in recent weeks, but today its the second-largest cryptocurrencys turn to enjoy the spotlight. The ethereum price surged as high as $281.77 on Thursday, launching ETH to an eight-month high. Ethereum Price Finally Joins the Crypto Party The cryptocurrency asset witnessed massive capital influx into its market when its frontrunner bitcoin began to correct from its overbought territory. The inverse correlation signified that bitcoin investors were hedging into the ether market, a theory further validated by ETHs 16% appreciation against bitcoin in the last 24 hours, as shown in the chart below. ethereum price chart The ethereum price rose more than 15% against bitcoin. | SOURCE: COINMARKETCAP.COM The bitcoin price , as CCN reported , doubled during a breakneck 45-day bull run, bringing its gains for 2019 to an impressive 119.26%. The move allowed the cryptocurrency to break above several crucial resistance targets, the last being $8,000, to reclaim a nine-month high of $8,391 on Bitstamp. The ethereum price, meanwhile, held relatively flat. The cryptocurrency failed to catalyze a massive rally like bitcoin did at least until May 11 when it suddenly popped more than 20%. The surprise upside movement matured into a full-fledged interim bull run, and ETH ultimately soared 63.59% in just six days. $ETH #ETHEREUM Against $BTC : Very very bullish movements and broke the important 0.03 level. Needs to find support. Against $USD : Resistance hit. Calmer patterns now to find support seems likely. This will generally give space to smaller altcoins to follow -> cycles. pic.twitter.com/SclI00w3Cv Crypto Michaël (@CryptoMichNL) May 16, 2019 Notably, the bitcoin price corrected lower today, plunging more than 7.5% to an intraday low at $7,746. As of the time of writing, BTC/USD stood at $7,941 for a daily loss of around 2%. Read the full story on CCN.com . || Ethereum Price Jumps to 8-Month High After Bitcoin Plunges $645: ByCCN: Bitcoin’s breathtaking rally has dominated the headlines in recent weeks, but today it’s the second-largest cryptocurrency’s turn to enjoy the spotlight. Theethereum pricesurged as high as $281.77 on Thursday, launching ETH to an eight-month high.
The cryptocurrency asset witnessed massive capital influx into its market when its frontrunnerbitcoin began to correctfrom its overbought territory. The inverse correlation signified that bitcoin investors were hedging into the ether market, a theory further validated by ETH’s 16% appreciation against bitcoin in the last 24 hours, as shown in the chart below.
The ethereum price rose more than 15% against bitcoin. | SOURCE: COINMARKETCAP.COM
Thebitcoin price, as CCNreported, doubled during a breakneck 45-day bull run, bringing its gains for 2019 to an impressive 119.26%. The move allowed the cryptocurrency to break above several crucial resistance targets, the last being $8,000, to reclaim a nine-month high of $8,391 on Bitstamp.
The ethereum price, meanwhile, held relatively flat. The cryptocurrency failed to catalyze a massive rally like bitcoin did – at least until May 11 when it suddenly popped more than 20%. The surprise upside movement matured into a full-fledged interim bull run, and ETH ultimately soared 63.59% in just six days.
Notably, the bitcoin price corrected lower today, plunging more than 7.5% to an intraday low at $7,746. As of the time of writing, BTC/USD stood at $7,941 for a daily loss of around 2%.
Read the full story on CCN.com. || 3 Targeted ETFs to Ride Developing Market Waves: This article was originally published onETFTrends.com.
As a number of global market trends quickly develop, investors can look to targeted exchange traded funds to tap into these growth opportunities.
"Enormous changes in demographics, innovation, technology, and changing tastes are reshaping the world around us," Simeon Hyman, Global Investment Strategist at ProShares, said on the recent webcast,Pet Care, Infrastructure & Online Retail—Investing in Today’s Global Trends.
"The ensuing disruption is also creating winners and losers across the investment landscape," Hyman added. "In fact, these changes are creating opportunities that cut across traditional segments such as geography, market capitalization, sector or industry."
For example, the U.S. is witnessing a proliferation in pet ownership. According to the American Pet Products Association (APPA), around 68% of U.S. households have pets, compared to 56% in 1988. There are even more households that have pets than have children.
Generational trends are behind the rise of pet ownership, notably the baby boomers and millennials demographics. A decade ago, only 34% of people over 70 had pets, but as baby boomers began to cross into their 70s, the percentage has reached 40%. Meanwhile, millennials are becoming pet owners before, or even in place of, having children.
Additionally, similar trends are happening across Europe as well as in the emerging markets, including China, India, Southeast-Asia, Latin America, with the rise of disposable income and a growing middle class.
"If these generational trends continue, boomers and millennials could drive pet ownership for decades to come," Kieran Kirwan, Director of Investment Strategy at ProShares, said.
The loyal companionship has created a big business segment. The U.S. pet care industry has expanded steadily since 2001, even through the Great Recession, and it has experienced twice the percentage growth of GDP since 2007. Global pet care industry sales was $132 billion in 2016 and are projected to increase to $203 billion by 2025. Breaking dome some of the numbers, an estimated $18 billion was spent on veterinary care in the U.S. over 2018, there is an average $30 billion in annual spending on dog food alone, 43% of owners buy on impulse for their pets and 79% believe the quality of their pets' food should match their own.
ETF investors can look to targeted ETF strategies such as theProShares Pet Care ETF (PAWZ)to capture the growth in the pet care industry.
In the infrastructure space, there is a never-ending need for investments to update or repair aging communication, transportation, water and energy networks. According to American Society of Civil Engineers, existing U.S. infrastructure is crumbling and in need of major investment
"It’s important we understand that it’s a global opportunity. While here in the States we are just starting to embrace the notion of investing in infrastructure, investors in Canada, Europe, Australia and the developing world have viewed this asset class as a potentially attractive opportunity," Kirwan said.
An estimated $79 trillion will be spent on global infrastructure from 2016 through 2040, but the investments still fall short by $15 trillion of the required $94 trillion needed.
As infrastructure investments have been receiving renewed attention, the theme is benefiting some ETFs, like theProShares DJ Brookfield Global Infrastructure ETF (TOLZ) . TOLZ focuses on companies whose assets include airports, toll roads, ports, communications, electricity distribution, oil and gas storage and transport, and water in both developed and emerging markets.
Additionally, the surging growth in online retail also opens up another opportunity in an advancing digital age.
"Online retail is soaring. It has disrupted the entire retail sector, putting pressure on traditional stores and fundamentally changed the retail landscape," Hyman said.
"What’s does retail’s future look like? Shopping is going digital," he added.
Online retail has been rapidly expanding. Global e-commerce sales doubled between 2014 and 2018 to $2.8 trillion annually from $1.3 trillion. By 2020, an estimated 2 billion people are expected to be digital shoppers, or a 19% jump from 2018 levels, as more people, notably from emerging economies where barely half the population is online, gain access to the internet. Almost one third of consumers are already shopping online at least weekly and 75% at least once a month.
Online retail is still in the early stages of a long-term trend. Online percentage of global retail sales is currently about 12%, but it is projected to rise to 17.5% of total sales and surpass $4 trillion annually by 2021.
With the increased popularity of e-commerce and the decline of traditional brick-and-mortar shops, investors can also capture this growing trend through a fund like theProShares Online Retail ETF (ONLN) , which provides exposure to online retailers.
Financial advisors who are interested in learning more about sector investment ideas canwatch the webcast here on demand.
POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM
• SPY ETF Quote
• VOO ETF Quote
• QQQ ETF Quote
• VTI ETF Quote
• JNUG ETF Quote
• Top 34 Gold ETFs
• Top 34 Oil ETFs
• Top 57 Financials ETFs
• President Trump Weighs Whether Or Not To Go To War With Iran
• Horizons ETFs Delivers First Canadian Uranium ETF
• U.S. Markets Continue Rebound On Positive Earnings And Trade News
• Bitcoin Tear Continues As BTC Breaches $8,000
• New Bitcoin ETF Filed as BTC Price Eyes $8K
READ MORE AT ETFTRENDS.COM > || 3 Targeted ETFs to Ride Developing Market Waves: This article was originally published on ETFTrends.com. As a number of global market trends quickly develop, investors can look to targeted exchange traded funds to tap into these growth opportunities. "Enormous changes in demographics, innovation, technology, and changing tastes are reshaping the world around us," Simeon Hyman, Global Investment Strategist at ProShares, said on the recent webcast, Pet Care, Infrastructure & Online Retail—Investing in Today’s Global Trends . "The ensuing disruption is also creating winners and losers across the investment landscape," Hyman added. "In fact, these changes are creating opportunities that cut across traditional segments such as geography, market capitalization, sector or industry." For example, the U.S. is witnessing a proliferation in pet ownership. According to the American Pet Products Association (APPA), around 68% of U.S. households have pets, compared to 56% in 1988. There are even more households that have pets than have children. Generational trends are behind the rise of pet ownership, notably the baby boomers and millennials demographics. A decade ago, only 34% of people over 70 had pets, but as baby boomers began to cross into their 70s, the percentage has reached 40%. Meanwhile, millennials are becoming pet owners before, or even in place of, having children. Additionally, similar trends are happening across Europe as well as in the emerging markets, including China, India, Southeast-Asia, Latin America, with the rise of disposable income and a growing middle class. "If these generational trends continue, boomers and millennials could drive pet ownership for decades to come," Kieran Kirwan, Director of Investment Strategy at ProShares, said. The loyal companionship has created a big business segment. The U.S. pet care industry has expanded steadily since 2001, even through the Great Recession, and it has experienced twice the percentage growth of GDP since 2007. Global pet care industry sales was $132 billion in 2016 and are projected to increase to $203 billion by 2025. Breaking dome some of the numbers, an estimated $18 billion was spent on veterinary care in the U.S. over 2018, there is an average $30 billion in annual spending on dog food alone, 43% of owners buy on impulse for their pets and 79% believe the quality of their pets' food should match their own. Story continues ETF investors can look to targeted ETF strategies such as the ProShares Pet Care ETF (PAWZ) to capture the growth in the pet care industry. In the infrastructure space, there is a never-ending need for investments to update or repair aging communication, transportation, water and energy networks. According to American Society of Civil Engineers, existing U.S. infrastructure is crumbling and in need of major investment "It’s important we understand that it’s a global opportunity. While here in the States we are just starting to embrace the notion of investing in infrastructure, investors in Canada, Europe, Australia and the developing world have viewed this asset class as a potentially attractive opportunity," Kirwan said. An estimated $79 trillion will be spent on global infrastructure from 2016 through 2040, but the investments still fall short by $15 trillion of the required $94 trillion needed. As infrastructure investments have been receiving renewed attention, the theme is benefiting some ETFs, like the ProShares DJ Brookfield Global Infrastructure ETF ( TOLZ ) . TOLZ focuses on companies whose assets include airports, toll roads, ports, communications, electricity distribution, oil and gas storage and transport, and water in both developed and emerging markets. Additionally, the surging growth in online retail also opens up another opportunity in an advancing digital age. "Online retail is soaring. It has disrupted the entire retail sector, putting pressure on traditional stores and fundamentally changed the retail landscape," Hyman said. "What’s does retail’s future look like? Shopping is going digital," he added. Online retail has been rapidly expanding. Global e-commerce sales doubled between 2014 and 2018 to $2.8 trillion annually from $1.3 trillion. By 2020, an estimated 2 billion people are expected to be digital shoppers, or a 19% jump from 2018 levels, as more people, notably from emerging economies where barely half the population is online, gain access to the internet. Almost one third of consumers are already shopping online at least weekly and 75% at least once a month. Online retail is still in the early stages of a long-term trend. Online percentage of global retail sales is currently about 12%, but it is projected to rise to 17.5% of total sales and surpass $4 trillion annually by 2021. With the increased popularity of e-commerce and the decline of traditional brick-and-mortar shops, investors can also capture this growing trend through a fund like the ProShares Online Retail ETF ( ONLN ) , which provides exposure to online retailers. Financial advisors who are interested in learning more about sector investment ideas can watch the webcast here on demand . POPULAR ARTICLES AND RESOURCES FROM ETFTRENDS.COM SPY ETF Quote VOO ETF Quote QQQ ETF Quote VTI ETF Quote JNUG ETF Quote Top 34 Gold ETFs Top 34 Oil ETFs Top 57 Financials ETFs President Trump Weighs Whether Or Not To Go To War With Iran Horizons ETFs Delivers First Canadian Uranium ETF U.S. Markets Continue Rebound On Positive Earnings And Trade News Bitcoin Tear Continues As BTC Breaches $8,000 New Bitcoin ETF Filed as BTC Price Eyes $8K READ MORE AT ETFTRENDS.COM > || Shocking! ‘Bitcoin Wins the Trade War’ as Chinese Investors Pile In: ByCCN: Bitcoin is on a tear as the price of the flagship cryptocurrency has gone supersonic in 2019. It is widely believed that bitcoin’s remarkable rally is a result of booming institutional interest in the cryptocurrency, as investors are looking for alternative asset classes to park their funds at a time when the stock market is in turmoil and the global economy is on edge.
But it looks like institutional buying isn’t the only catalyst driving bitcoin’s price. The Chinese arereportedlypiling into bitcoin, believing it to be a safe investment at a time when the yuan is taking a hit thanks to the U.S.-China trade war.
The Chinese government has a hostile approach toward bitcoin, delivering blow after blow to the cryptocurrency industry in general. From shuttering exchanges to outlawing ICOs and considering a ban on mining activities, the Chinese government has made it clear that it doesn’t love crypto.
But the Chinese people are counting on bitcoin a time when the yuan is crumbling under the pressure of the trade war.
The Chinese yuan slipped to itslowest levelin the last six months earlier this week after the country announced countermeasures againstTrump’s tariffs.
The yuan suffered its steepest single-day drop since last July after China announced that it will impose tariffs in the range of 5% to 25% on $60 billion worth of U.S. goods. Analysts believe that the Chinese are dumping the yuan in favor of BTC.
Read the full story on CCN.com. || Shocking! Bitcoin Wins the Trade War as Chinese Investors Pile In: To the government's chagrin, Chinese demand seems to be pumping the bitcoin price as the yuan weakens on account of the U.S.-China trade war. | Source: Shutterstock By CCN : Bitcoin is on a tear as the price of the flagship cryptocurrency has gone supersonic in 2019. It is widely believed that bitcoins remarkable rally is a result of booming institutional interest in the cryptocurrency, as investors are looking for alternative asset classes to park their funds at a time when the stock market is in turmoil and the global economy is on edge. But it looks like institutional buying isnt the only catalyst driving bitcoins price. The Chinese are reportedly piling into bitcoin, believing it to be a safe investment at a time when the yuan is taking a hit thanks to the U.S.-China trade war. In a period where: political tensions escalate between US and China, global equity markets fall sharply VIX largest spike in many months global yield curves flatten/invert #bitcoin has RISEN and >$6,000 Crypto showing its value as an uncorrelated asset. Thomas Lee (@fundstrat) May 9, 2019 China Suddenly Loves Bitcoin The Chinese government has a hostile approach toward bitcoin, delivering blow after blow to the cryptocurrency industry in general. From shuttering exchanges to outlawing ICOs and considering a ban on mining activities, the Chinese government has made it clear that it doesnt love crypto. But the Chinese people are counting on bitcoin a time when the yuan is crumbling under the pressure of the trade war. The Chinese yuan slipped to its lowest level in the last six months earlier this week after the country announced countermeasures against Trumps tariffs . The yuan suffered its steepest single-day drop since last July after China announced that it will impose tariffs in the range of 5% to 25% on $60 billion worth of U.S. goods. Analysts believe that the Chinese are dumping the yuan in favor of BTC. Read the full story on CCN.com . View comments || Shocking! ‘Bitcoin Wins the Trade War’ as Chinese Investors Pile In: ByCCN: Bitcoin is on a tear as the price of the flagship cryptocurrency has gone supersonic in 2019. It is widely believed that bitcoin’s remarkable rally is a result of booming institutional interest in the cryptocurrency, as investors are looking for alternative asset classes to park their funds at a time when the stock market is in turmoil and the global economy is on edge.
But it looks like institutional buying isn’t the only catalyst driving bitcoin’s price. The Chinese arereportedlypiling into bitcoin, believing it to be a safe investment at a time when the yuan is taking a hit thanks to the U.S.-China trade war.
The Chinese government has a hostile approach toward bitcoin, delivering blow after blow to the cryptocurrency industry in general. From shuttering exchanges to outlawing ICOs and considering a ban on mining activities, the Chinese government has made it clear that it doesn’t love crypto.
But the Chinese people are counting on bitcoin a time when the yuan is crumbling under the pressure of the trade war.
The Chinese yuan slipped to itslowest levelin the last six months earlier this week after the country announced countermeasures againstTrump’s tariffs.
The yuan suffered its steepest single-day drop since last July after China announced that it will impose tariffs in the range of 5% to 25% on $60 billion worth of U.S. goods. Analysts believe that the Chinese are dumping the yuan in favor of BTC.
Read the full story on CCN.com.
[Social Media Buzz]
Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging. (This is why the world needs bitcoin) via /r/Bitcoin https://t.co/nSjzCBjuus #bitcoin || HackTeam sell 7000 BTC with 70% Discount from compromised exchange Binance
#Binance #bitcoin || @weston_law @thegrupeco @CaliforniaDSS #Lawyers #lawyersaidingcorruption #Lawyers #lawyer #bitcoin #blockchains #Blockchain #copyright #attorney #AttorneyGeneral @OIGUSPS @USPS @USPSbiz @USPSHelp @vitkaE @HealthRIGHT360 https://t.c...
|
7271.21, 8197.69, 7978.31, 7963.33, 7680.07, 7881.85, 7987.37, 8052.54, 8673.22, 8805.78
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7238.97, 7290.09, 7317.99, 7422.65, 7293.00, 7193.60, 7200.17, 6985.47, 7344.88, 7410.66, 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80.
|
[Bitcoin Technical Analysis for 2020-03-24]
Volume: 48221910672, RSI (14-day): 47.20, 50-day EMA: 7648.08, 200-day EMA: 8261.02
[Wider Market Context]
Gold Price: 1660.20, Gold RSI: 59.96
Oil Price: 24.01, Oil RSI: 28.46
[Recent News (last 7 days)]
Uber sees silver linings for its business even amid coronavirus crisis: It will come as no surprise to anyone that Uber is seeing a 60% decline in customers ordering rides in the cities hit hardest by coronavirus. Americans are practicing social distancing and working from home, and with so many businesses closed, there’s nowhere for them to go. And yet, Uber stock closed Monday up 5%, even as the major indices fell. Uber is up 7% over the past five trading days, while the S&P and Dow are each down around 16% in that time. The stock surge began Thursday, spiking more than 40% after CEO Dara Khosrowshahi, on a call with analysts, rattled off a list of optimistic notes for Uber amid coronavirus, despite the giant hit to its ride business. Most importantly, Khosrowshahi said that Uber had $10 billion in cash at the end of February, and that even in a worst-case scenario where coronavirus brings its rides business down 80%, Uber would have $4 billion in cash at the end of the year, plus access to a $2 billion “debt revolver.” Cash became the big Uber headline of the day on Thursday, but some of the other silver linings Khosrowshahi listed might be even more interesting in the long run. Uber CEO Dara Khosrowshahi. (PHILIP PACHECO/AFP via Getty Images) Uber Eats is seeing a big boost as people stay home and order food delivery, Khosrowshahi said, noting that is the case “even in Seattle,” one of the U.S. cities hit hardest by the virus. Uber has also implemented a hiring freeze and pulled back $150 million worth in incentives, like promo codes and discounts it offers to riders. Shrinking incentives is something critics of both Uber and Lyft have wanted to see for months as they look for the two companies to shift their focus from customer acquisition to profitability. Interestingly, Khosrowshahi’s call also appeared to pull Lyft stock 30% higher on Thursday, even though Lyft did not share any news about its cash on hand. It might have helped that Khosrowshahi said on the call that the coronavirus crisis could lead to big market consolidation—which would likely be good for Uber and Lyft, the dominant U.S. market leaders. Khosrowshahi earned additional points on Monday when he asked President Trump, in a public letter, for financial relief for gig economy workers like Uber drivers . “My goal in writing to you is not to ask for a bailout for Uber, but rather for support for the independent workers on our platform,” he wrote, “and, once we move past the immediate crisis, the opportunity to legally provide them with a real safety net going forward.” All of this might be cold comfort for most shareholders overall. Even though Uber stock has seen a pop in the last few days as a result of Khosrowshahi’s coronavirus optimism, it has still deeply underperformed the market since it went public nearly one year ago, down 42% since its IPO day and is viewed as one of the poster children for the disappointing tech IPOs of 2019. Story continues — Daniel Roberts is an editor-at-large at Yahoo Finance. Follow him on Twitter at @ readDanwrite . Read more on how coronavirus is hitting a wide range of companies and industries: Movie theaters seek bailout as coronavirus devastates business Coronavirus puts 'extreme pressure' on all three pillars of Disney's business Adidas CEO emailed store employees about coronavirus: ‘Closing is easy, staying open requires courage’ Bitcoin is crashing even more than stocks amid coronavirus Read more on Uber and Lyft: Uber, Lyft stock performance shows ‘appetite for risk has diminished’ Gett shuts down Juno, partners with Lyft in profitability push Uber is taking a page from the Amazon playbook Uber has lived through a parade of executive exits before its IPO View comments || Uber sees silver linings for its business even amid coronavirus crisis: It will come as no surprise to anyone that Uber is seeing a 60% decline in customers ordering rides in the cities hit hardest by coronavirus. Americans are practicing social distancing and working from home, and with so many businesses closed, there’s nowhere for them to go.
And yet, Uber stock closed Monday up 5%, even as the major indices fell. Uber is up 7% over the past five trading days, while the S&P and Dow are each down around 16% in that time.
The stock surge began Thursday, spiking more than 40% after CEO Dara Khosrowshahi, on a call with analysts, rattled off a list of optimistic notes for Uber amid coronavirus, despite the giant hit to its ride business.
Most importantly, Khosrowshahi said that Uber had $10 billion in cash at the end of February, and that even in a worst-case scenario where coronavirus brings its rides business down 80%,Uber would have $4 billion in cashat the end of the year, plus access to a $2 billion “debt revolver.”
Cash became the big Uber headline of the day on Thursday, but some of the other silver linings Khosrowshahi listed might be even more interesting in the long run.
Uber Eats is seeing a big boost as people stay home and order food delivery, Khosrowshahi said, noting that is the case “even in Seattle,” one of the U.S. cities hit hardest by the virus.
Uber has also implemented a hiring freeze and pulled back $150 million worth in incentives, like promo codes and discounts it offers to riders. Shrinking incentives is something critics of both Uber and Lyft have wanted to see for months as they look for the two companies to shift their focus from customer acquisition to profitability.
Interestingly, Khosrowshahi’s call also appeared to pull Lyft stock 30% higher on Thursday, even though Lyft did not share any news about its cash on hand. It might have helped that Khosrowshahi said on the call that the coronavirus crisis could lead to big market consolidation—which would likely be good for Uber and Lyft, the dominant U.S. market leaders.
Khosrowshahi earned additional points on Monday when he asked President Trump, in a public letter,for financial relief for gig economy workers like Uber drivers. “My goal in writing to you is not to ask for a bailout for Uber, but rather for support for the independent workers on our platform,” he wrote, “and, once we move past the immediate crisis, the opportunity to legally provide them with a real safety net going forward.”
All of this might be cold comfort for most shareholders overall. Even though Uber stock has seen a pop in the last few days as a result of Khosrowshahi’s coronavirus optimism, it has still deeply underperformed the market since it went public nearly one year ago, down 42% since its IPO day and is viewed as one of the poster children for the disappointing tech IPOs of 2019.
—
Daniel Roberts is an editor-at-large at Yahoo Finance. Follow him on Twitter at @readDanwrite.
Read more on how coronavirus is hitting a wide range of companies and industries:
Movie theaters seek bailout as coronavirus devastates business
Coronavirus puts 'extreme pressure' on all three pillars of Disney's business
Adidas CEO emailed store employees about coronavirus: ‘Closing is easy, staying open requires courage’
Bitcoin is crashing even more than stocks amid coronavirus
Read more on Uber and Lyft:
Uber, Lyft stock performance shows ‘appetite for risk has diminished’
Gett shuts down Juno, partners with Lyft in profitability push
Uber is taking a page from the Amazon playbook
Uber has lived through a parade of executive exits before its IPO || Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis: How would a bitcoin economy react to coronavirus? For now, we don’t know. However, we can turn to a proxy for insight:gold.
Bitcoin’s(BTC) “digital gold” narrative has stuck well, namely because of the cryptocurrency’s low issuance supply schedule and a hard cap of21 million bitcoins. In turn, theory on how a gold-based economy would react to an external shock such as the current global pandemic lends itself into a look at a future bitcoin economy.
AsCoinDesk reported Monday, both bitcoin and gold rose on news of the U.S. Federal Reserve extending an indeterminate amount of aid to the private market. From a supply perspective, both assets sit still while the Fed feverishly tries to outpace COVID-19.
Related:Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill
“The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions,” the central banksaidMonday.
With such a policy’s incumbent inflation concerns – where infinite supply depresses the value of the U.S. dollar – what would an alternative world look like? What would the macroeconomic story be in a world where bitcoin or gold was dominant as a means of exchange?
For one, the value of a gold-based money would not artificially inflate, Mark Thornton, Austrian economist at the Ludwig von Mises Institute, told CoinDesk. (However, mainstream economists hold concerns that central bankers would have far fewer levers to pull in times of financial collapse.)
Like any market, gold’s value is determined jointly by supply and demand but has natural limits to the amount supplied in a given year. On average, the amount of gold mined per year hovers around 2 percent of gold’s total known supply.
Related:BitMEX Open Interest Collapses After Controversial Long Squeeze
Indeed, the price of gold has gone up in recent years mostly because gold is priced in dollar terms, Thornton said. As the amount of dollars on the market increases, so does gold’s price.
Additionally, gold – a safe-haven asset – acts as a hedge on inflation in financial crisis environments such as now. In the long run, bitcoin proponents such as Messari co-founder Dan McArdle believe BTC’s conservative features will bring it long-term value similar to that of gold.
For Austrian economists like Thornton, gold’s value comes down to economic theory first posited in “Principles of Economics” (1871) by Austrian school founder Carl Menger. To briefly summarize, Menger said everyone determines value subjectively while a society creates a price one can buy or sell on the open market.
Gold’s value is readily demonstrated by its continued use as a store of value, particularly during recessions or financial crises.
“The supply schedule for gold is relatively stable. The quantity of gold supplied is a response to the demand for gold and its price,” Thornton said.
But how would a gold-based economy differ from our current economy? A stable medium of exchange would force people to be more responsible with the money they have, Roy Sebag, co-founder of precious metal custodian Goldmoney, told CoinDesk in an email.
This responsibility would lead to two outcomes: A stable money supply would make it difficult to stack up large corporate debts, limiting the dangers of a 2008-style financial crisis. But it would also help distribute wealth across the economy more efficiently than current systems do, Sebag said.
First, Sebag said a fiat-based system that is known to inflate the currency to protect against business failings leads to companies taking out too much debt. (Think of commercial airlinesbuying back stockin heady times as opposed to investing in their services, what some might consider a moral hazard.) Sebag says his point can be readily seen on Capitol Hill today – where Congress is weighing a multitrillion-dollar stimulus package with protections for firmssuch as Boeing.
“Under a gold monetary standard, leveraging a balance sheet in any circumstance is a risky proposition,” Sebag said.
Instead, failures would be allowed to happen – but they would not become this colossal in the first place. “Failure happens often and resilience becomes the integral ingredient in defining prosperity,” Sebag said of what a gold-based system would look like.
See also:Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package
Second, if people were able to plan financially on long time horizons, then retirees would not be put in a precarious position every time the economy blows the top. Sebag goes as far as to claim the elderly would boost the economy during a recession as opposed to being crushed by it.
Indeed, the Dow Jones Industrial Average has lost over 30 percent since its peak in February 2019. Many people’sretirement plans are underwater.
A gold economy, Sebag said, would allow people to plan for the future with a key metric: the interest rate.
Historically, Sebag said the natural interest rate – meaning the cost of future money when not set by a government – sat around 5 percent. Compare this to the rate-by-decree coming out of the Federal Reserve and periodic percentage drops: It’s hard to plan for the future when you don’t know what your assets will be worth in six months.
A bitcoin economy is laughably far off from a mainstream perspective – even more so than a gold-based economy. Bitcoin’s market cap sits below $200 billion while the Dow hit as high as$8 trillion in December 2019. Gold’s current market cap is around $9 trillion.
Yet, a savings-based money like gold or bitcoin becomes more attractive as the Fed and Washington lawmakers push toward fiscal extremes.
“In a gold-based economy without interest rate manipulation, taxes and so forth, people would have much more savings and far less debt. But now, with the Fed and paper money inflation, we have very little savings and gargantuan debt,” Thornton said.
• Bitcoin Halving, Explained
• Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’ || Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis: How would a bitcoin economy react to coronavirus? For now, we dont know. However, we can turn to a proxy for insight: gold . Bitcoins (BTC) digital gold narrative has stuck well, namely because of the cryptocurrencys low issuance supply schedule and a hard cap of 21 million bitcoins . In turn, theory on how a gold-based economy would react to an external shock such as the current global pandemic lends itself into a look at a future bitcoin economy. As CoinDesk reported Monday , both bitcoin and gold rose on news of the U.S. Federal Reserve extending an indeterminate amount of aid to the private market. From a supply perspective, both assets sit still while the Fed feverishly tries to outpace COVID-19. Related: Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions, the central bank said Monday. With such a policys incumbent inflation concerns where infinite supply depresses the value of the U.S. dollar what would an alternative world look like? What would the macroeconomic story be in a world where bitcoin or gold was dominant as a means of exchange? Gold during down times For one, the value of a gold-based money would not artificially inflate, Mark Thornton, Austrian economist at the Ludwig von Mises Institute, told CoinDesk. (However, mainstream economists hold concerns that central bankers would have far fewer levers to pull in times of financial collapse.) Like any market, golds value is determined jointly by supply and demand but has natural limits to the amount supplied in a given year. On average, the amount of gold mined per year hovers around 2 percent of golds total known supply. Related: BitMEX Open Interest Collapses After Controversial Long Squeeze Indeed, the price of gold has gone up in recent years mostly because gold is priced in dollar terms, Thornton said. As the amount of dollars on the market increases, so does golds price. Story continues Additionally, gold a safe-haven asset acts as a hedge on inflation in financial crisis environments such as now. In the long run, bitcoin proponents such as Messari co-founder Dan McArdle believe BTCs conservative features will bring it long-term value similar to that of gold. For Austrian economists like Thornton, golds value comes down to economic theory first posited in Principles of Economics (1871) by Austrian school founder Carl Menger. To briefly summarize, Menger said everyone determines value subjectively while a society creates a price one can buy or sell on the open market. Golds value is readily demonstrated by its continued use as a store of value, particularly during recessions or financial crises. The supply schedule for gold is relatively stable. The quantity of gold supplied is a response to the demand for gold and its price, Thornton said. A gold-based economy But how would a gold-based economy differ from our current economy? A stable medium of exchange would force people to be more responsible with the money they have, Roy Sebag, co-founder of precious metal custodian Goldmoney, told CoinDesk in an email. This responsibility would lead to two outcomes: A stable money supply would make it difficult to stack up large corporate debts, limiting the dangers of a 2008-style financial crisis. But it would also help distribute wealth across the economy more efficiently than current systems do, Sebag said. First, Sebag said a fiat-based system that is known to inflate the currency to protect against business failings leads to companies taking out too much debt. (Think of commercial airlines buying back stock in heady times as opposed to investing in their services, what some might consider a moral hazard.) Sebag says his point can be readily seen on Capitol Hill today where Congress is weighing a multitrillion-dollar stimulus package with protections for firms such as Boeing . Under a gold monetary standard, leveraging a balance sheet in any circumstance is a risky proposition, Sebag said. Instead, failures would be allowed to happen but they would not become this colossal in the first place. Failure happens often and resilience becomes the integral ingredient in defining prosperity, Sebag said of what a gold-based system would look like. See also: Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package Second, if people were able to plan financially on long time horizons, then retirees would not be put in a precarious position every time the economy blows the top. Sebag goes as far as to claim the elderly would boost the economy during a recession as opposed to being crushed by it. Indeed, the Dow Jones Industrial Average has lost over 30 percent since its peak in February 2019. Many peoples retirement plans are underwater . A gold economy, Sebag said, would allow people to plan for the future with a key metric: the interest rate. Historically, Sebag said the natural interest rate meaning the cost of future money when not set by a government sat around 5 percent. Compare this to the rate-by-decree coming out of the Federal Reserve and periodic percentage drops: Its hard to plan for the future when you dont know what your assets will be worth in six months. Two extremes A bitcoin economy is laughably far off from a mainstream perspective even more so than a gold-based economy. Bitcoins market cap sits below $200 billion while the Dow hit as high as $8 trillion in December 2019 . Golds current market cap is around $9 trillion. Yet, a savings-based money like gold or bitcoin becomes more attractive as the Fed and Washington lawmakers push toward fiscal extremes. In a gold-based economy without interest rate manipulation, taxes and so forth, people would have much more savings and far less debt. But now, with the Fed and paper money inflation, we have very little savings and gargantuan debt, Thornton said. Related Stories Bitcoin Halving, Explained Bitcoin Marches on $7K as Traditional Markets Cheer Feds QE Bazooka || Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis: How would a bitcoin economy react to coronavirus? For now, we don’t know. However, we can turn to a proxy for insight:gold.
Bitcoin’s(BTC) “digital gold” narrative has stuck well, namely because of the cryptocurrency’s low issuance supply schedule and a hard cap of21 million bitcoins. In turn, theory on how a gold-based economy would react to an external shock such as the current global pandemic lends itself into a look at a future bitcoin economy.
AsCoinDesk reported Monday, both bitcoin and gold rose on news of the U.S. Federal Reserve extending an indeterminate amount of aid to the private market. From a supply perspective, both assets sit still while the Fed feverishly tries to outpace COVID-19.
Related:Stocks, Bitcoin Rally on Prospects for US Senate Stimulus Bill
“The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions,” the central banksaidMonday.
With such a policy’s incumbent inflation concerns – where infinite supply depresses the value of the U.S. dollar – what would an alternative world look like? What would the macroeconomic story be in a world where bitcoin or gold was dominant as a means of exchange?
For one, the value of a gold-based money would not artificially inflate, Mark Thornton, Austrian economist at the Ludwig von Mises Institute, told CoinDesk. (However, mainstream economists hold concerns that central bankers would have far fewer levers to pull in times of financial collapse.)
Like any market, gold’s value is determined jointly by supply and demand but has natural limits to the amount supplied in a given year. On average, the amount of gold mined per year hovers around 2 percent of gold’s total known supply.
Related:BitMEX Open Interest Collapses After Controversial Long Squeeze
Indeed, the price of gold has gone up in recent years mostly because gold is priced in dollar terms, Thornton said. As the amount of dollars on the market increases, so does gold’s price.
Additionally, gold – a safe-haven asset – acts as a hedge on inflation in financial crisis environments such as now. In the long run, bitcoin proponents such as Messari co-founder Dan McArdle believe BTC’s conservative features will bring it long-term value similar to that of gold.
For Austrian economists like Thornton, gold’s value comes down to economic theory first posited in “Principles of Economics” (1871) by Austrian school founder Carl Menger. To briefly summarize, Menger said everyone determines value subjectively while a society creates a price one can buy or sell on the open market.
Gold’s value is readily demonstrated by its continued use as a store of value, particularly during recessions or financial crises.
“The supply schedule for gold is relatively stable. The quantity of gold supplied is a response to the demand for gold and its price,” Thornton said.
But how would a gold-based economy differ from our current economy? A stable medium of exchange would force people to be more responsible with the money they have, Roy Sebag, co-founder of precious metal custodian Goldmoney, told CoinDesk in an email.
This responsibility would lead to two outcomes: A stable money supply would make it difficult to stack up large corporate debts, limiting the dangers of a 2008-style financial crisis. But it would also help distribute wealth across the economy more efficiently than current systems do, Sebag said.
First, Sebag said a fiat-based system that is known to inflate the currency to protect against business failings leads to companies taking out too much debt. (Think of commercial airlinesbuying back stockin heady times as opposed to investing in their services, what some might consider a moral hazard.) Sebag says his point can be readily seen on Capitol Hill today – where Congress is weighing a multitrillion-dollar stimulus package with protections for firmssuch as Boeing.
“Under a gold monetary standard, leveraging a balance sheet in any circumstance is a risky proposition,” Sebag said.
Instead, failures would be allowed to happen – but they would not become this colossal in the first place. “Failure happens often and resilience becomes the integral ingredient in defining prosperity,” Sebag said of what a gold-based system would look like.
See also:Bitcoin, Gold Spike as Fed Unveils Unlimited Coronavirus Stimulus Package
Second, if people were able to plan financially on long time horizons, then retirees would not be put in a precarious position every time the economy blows the top. Sebag goes as far as to claim the elderly would boost the economy during a recession as opposed to being crushed by it.
Indeed, the Dow Jones Industrial Average has lost over 30 percent since its peak in February 2019. Many people’sretirement plans are underwater.
A gold economy, Sebag said, would allow people to plan for the future with a key metric: the interest rate.
Historically, Sebag said the natural interest rate – meaning the cost of future money when not set by a government – sat around 5 percent. Compare this to the rate-by-decree coming out of the Federal Reserve and periodic percentage drops: It’s hard to plan for the future when you don’t know what your assets will be worth in six months.
A bitcoin economy is laughably far off from a mainstream perspective – even more so than a gold-based economy. Bitcoin’s market cap sits below $200 billion while the Dow hit as high as$8 trillion in December 2019. Gold’s current market cap is around $9 trillion.
Yet, a savings-based money like gold or bitcoin becomes more attractive as the Fed and Washington lawmakers push toward fiscal extremes.
“In a gold-based economy without interest rate manipulation, taxes and so forth, people would have much more savings and far less debt. But now, with the Fed and paper money inflation, we have very little savings and gargantuan debt,” Thornton said.
• Bitcoin Halving, Explained
• Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’ || Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree: Gold is up Monday and so are most cryptocurrencies, seemingly buoyed by the U.S. Federal Reserve’s drastic quantitative easing action to thwart the coronavirus’ effects on markets and the economy. Bitcoin (BTC) is up 7 percent as of 20:30 UTC. Over the past 24 hours it has been trading in a $5,600-$6,600 range coming out of a quiet weekend for the crypto market. Crypto asset performances to note on the day include bitcoin cash (BCH) up 13 percent, litecoin (LTC) in the green 7 percent and bitcoin SV (BSV) up 6 percent. The only asset down in the dumps on CoinDesk’s asset board today is Decred , down less than a percent. Related: BitMEX Open Interest Collapses After Controversial Long Squeeze The Fed’s announcement of open-ended asset purchases plus $300 billion in emergency lending programs to stave off further economic downfall coincided with a boost in crypto and gold prices. The yellow metal is up 3 percent as of 20:30 UTC. However, the central bank’s move wasn’t enough to stop the S&P 500’s continued downward slide. It was down 2 percent as of 20:30 UTC. The S&P 500 is at 2016 levels, erasing nearly four years of gains. “It is increasingly likely that volatility and uncertainty associated with the coronavirus pandemic continue to increase in the near term across the global financial markets, as we have seen throughout March,” said Dan Zuller, partner at crypto research firm Vision Hill. The U.S. is in the midst of an unprecedented economic halt, with no end in sight. The state of New York has been among those hit hardest, according to Centers for Disease Control data . See also: Bitcoin: A Global Port in a Market Storm? Related: Bitcoin Halving, Explained “As the Fed implements more programs to backstop the financial system, such as this morning’s announcement of them buying corporate bonds and agency MBS [mortgage-backed securities], we will see the pressure ease on bitcoin and gold from the collateral selling/leverage unwind side,” said Siddhartha Jha, founder of Arbol, a blockchain-based weather insurance platform. Story continues Cryptocurrency investors are keen to see what happens should possible endless money printing boost spending. “The price to pay is inflation in the long run. Inflation expectations are popping and the long end of the treasuries (sic) curve is already pricing it in,” economist and trader Alex Kruger noted in a tweet . It remains to be seen how government measures will affect inflation rates going forward, but it could make investors look towards alternative asset classes such as cryptocurrencies or gold. Yet, these assets still might not be what people want since a shock to the system can cause people to sell assets for cash to stuff in a mattress . Jha, a former Wall Street analyst now focused on crypto with his startup Arbol, recalls the previous financial crisis vividly, and has a key insight of the days before crypto. “In 2008, as I was in the midst of the crisis at JPMorgan’s interest rates desk, goId was expected to provide safety but collapsed around the Lehman Brothers bankruptcy,” he said. Related Stories Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’ Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis || Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree: Gold is up Monday and so are most cryptocurrencies, seemingly buoyed by the U.S. Federal Reserve’sdrastic quantitative easing actionto thwart the coronavirus’ effects on markets and the economy.
Bitcoin(BTC) is up 7 percent as of 20:30 UTC. Over the past 24 hours it has been trading in a $5,600-$6,600 range coming out of a quiet weekend for the crypto market.
Crypto asset performances to note on the day includebitcoin cash(BCH) up 13 percent,litecoin(LTC) in the green 7 percent andbitcoin SV(BSV) up 6 percent. The only asset down in the dumps on CoinDesk’s asset board today isDecred, down less than a percent.
Related:BitMEX Open Interest Collapses After Controversial Long Squeeze
The Fed’sannouncement of open-ended asset purchasesplus $300 billion in emergency lending programs to stave off further economic downfall coincided with a boost in crypto and gold prices. The yellow metal is up 3 percent as of 20:30 UTC. However, the central bank’s move wasn’t enough to stop the S&P 500’s continued downward slide. It was down 2 percent as of 20:30 UTC. The S&P 500 is at 2016 levels, erasing nearly four years of gains.
“It is increasingly likely that volatility and uncertainty associated with the coronavirus pandemic continue to increase in the near term across the global financial markets, as we have seen throughout March,” said Dan Zuller, partner at crypto research firm Vision Hill.
The U.S. is in the midst of an unprecedented economic halt, with no end in sight. The state of New York has been among those hit hardest,according to Centers for Disease Control data.
See also:Bitcoin: A Global Port in a Market Storm?
Related:Bitcoin Halving, Explained
“As the Fed implements more programs to backstop the financial system, such as this morning’s announcement of them buying corporate bonds and agency MBS [mortgage-backed securities], we will see the pressure ease on bitcoin and gold from the collateral selling/leverage unwind side,” said Siddhartha Jha, founder of Arbol, a blockchain-based weather insurance platform.
Cryptocurrency investors are keen to see what happens should possible endless money printing boost spending.
“The price to pay is inflation in the long run. Inflation expectations are popping and the long end of the treasuries (sic) curve is already pricing it in,” economist and trader Alex Krugernoted in a tweet.
It remains to be seen how government measures will affect inflation rates going forward, but it could make investors look towards alternative asset classes such as cryptocurrencies or gold. Yet, these assets still might not be what people want since a shock to the system can cause people to sell assets forcash to stuff in a mattress.
Jha, a former Wall Street analyst now focused on crypto with his startup Arbol, recalls the previous financial crisis vividly, and has a key insight of the days before crypto. “In 2008, as I was in the midst of the crisis at JPMorgan’s interest rates desk, goId was expected to provide safety but collapsed around the Lehman Brothers bankruptcy,” he said.
• Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’
• Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis || Bitcoin, Ethereum & Litecoin - American Wrap: 3/23/2020: Bitcoin Price Analysis: BTC is still in an upward trajectory and 7K is the next target for the bulls
The price of BTC/USD has pushed higher on the first trading day of the week as sentiment improves. There is a large consolidation area at the moment and every time the price breaks out it moves back in pretty swiftly. The triangle pattern has now been broken to the upside and sometimes the pattern is tested before the continuation takes place. The blue horizontal like could be the next support if the price breaks lower.
Ethereum Price Prediction: ETH/USD deeper fall is looming
Ethereum price is trading in the red by 5.70% in the session on Monday.
ETH/USD is moving within very narrowing trading conditions, with a breakout south eyed.
The bears have room to capitalize, following a week recovery attempt from the bulls last week.
Litecoin Price Analysis: LTC can't break past 40.00
Litecoin has had a good start to the week as LTC/USD pushed over 7% higher. Most of the major cryptocurrencies are higher but LTC/USD is the second-best performing major after Bitcoin. Since the heave falls seen between the 24th February and 12th March the price has consolidated between 25.00 and 43.97. Can the bull break out of this zone?
Image sourced from Pixabay
See more from Benzinga
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/19/2020
• Bitcoin, Ethereum Classic & Litecoin - American Wrap: 3/18/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/17/2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Litecoin - American Wrap: 3/23/2020: Bitcoin Price Analysis: BTC is still in an upward trajectory and 7K is the next target for the bulls
The price of BTC/USD has pushed higher on the first trading day of the week as sentiment improves. There is a large consolidation area at the moment and every time the price breaks out it moves back in pretty swiftly. The triangle pattern has now been broken to the upside and sometimes the pattern is tested before the continuation takes place. The blue horizontal like could be the next support if the price breaks lower.
Ethereum Price Prediction: ETH/USD deeper fall is looming
Ethereum price is trading in the red by 5.70% in the session on Monday.
ETH/USD is moving within very narrowing trading conditions, with a breakout south eyed.
The bears have room to capitalize, following a week recovery attempt from the bulls last week.
Litecoin Price Analysis: LTC can't break past 40.00
Litecoin has had a good start to the week as LTC/USD pushed over 7% higher. Most of the major cryptocurrencies are higher but LTC/USD is the second-best performing major after Bitcoin. Since the heave falls seen between the 24th February and 12th March the price has consolidated between 25.00 and 43.97. Can the bull break out of this zone?
Image sourced from Pixabay
See more from Benzinga
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/19/2020
• Bitcoin, Ethereum Classic & Litecoin - American Wrap: 3/18/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/17/2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Litecoin - American Wrap: 3/23/2020: Bitcoin Price Analysis: BTC is still in an upward trajectory and 7K is the next target for the bulls The price of BTC/USD has pushed higher on the first trading day of the week as sentiment improves. There is a large consolidation area at the moment and every time the price breaks out it moves back in pretty swiftly. The triangle pattern has now been broken to the upside and sometimes the pattern is tested before the continuation takes place. The blue horizontal like could be the next support if the price breaks lower. Ethereum Price Prediction: ETH/USD deeper fall is looming Ethereum price is trading in the red by 5.70% in the session on Monday. ETH/USD is moving within very narrowing trading conditions, with a breakout south eyed. The bears have room to capitalize, following a week recovery attempt from the bulls last week. Litecoin Price Analysis: LTC can't break past 40.00 Litecoin has had a good start to the week as LTC/USD pushed over 7% higher. Most of the major cryptocurrencies are higher but LTC/USD is the second-best performing major after Bitcoin. Since the heave falls seen between the 24th February and 12th March the price has consolidated between 25.00 and 43.97. Can the bull break out of this zone? Image sourced from Pixabay See more from Benzinga Bitcoin, Ethereum & Litecoin - American Wrap: 3/19/2020 Bitcoin, Ethereum Classic & Litecoin - American Wrap: 3/18/2020 Bitcoin, Ethereum & Litecoin - American Wrap: 3/17/2020 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ethereum Climbs 10% In Rally: Investing.com - Ethereum was trading at $136.02 by 19:59 (23:59 GMT) on the Investing.com Index on Monday, up 10.01% on the day. It was the largest one-day percentage gain since March 23.
The move upwards pushed Ethereum's market cap up to $14.83B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.
Ethereum had traded in a range of $120.20 to $136.93 in the previous twenty-four hours.
Over the past seven days, Ethereum has seen a rise in value, as it gained 19.63%. The volume of Ethereum traded in the twenty-four hours to time of writing was $14.10B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $109.6742 to $151.8461 in the past 7 days.
At its current price, Ethereum is still down 90.44% from its all-time high of $1,423.20 set on January 13, 2018.
Bitcoin was last at $6,468.8 on the Investing.com Index, up 10.00% on the day.
XRP was trading at $0.15862 on the Investing.com Index, a gain of 6.77%.
Bitcoin's market cap was last at $117.60B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.91B or 0.00% of the total cryptocurrency market value.
Related Articles
In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked
Litecoin Climbs 10% In a Green Day
Alongside Market Relief Package, US CFTC Warns of COVID-19-Linked Crypto Scams || Ethereum Climbs 10% In Rally: Ethereum Climbs 10% In Rally Investing.com - Ethereum was trading at $136.02 by 19:59 (23:59 GMT) on the Investing.com Index on Monday, up 10.01% on the day. It was the largest one-day percentage gain since March 23. The move upwards pushed Ethereum's market cap up to $14.83B, or 0.00% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B. Ethereum had traded in a range of $120.20 to $136.93 in the previous twenty-four hours. Over the past seven days, Ethereum has seen a rise in value, as it gained 19.63%. The volume of Ethereum traded in the twenty-four hours to time of writing was $14.10B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $109.6742 to $151.8461 in the past 7 days. At its current price, Ethereum is still down 90.44% from its all-time high of $1,423.20 set on January 13, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $6,468.8 on the Investing.com Index, up 10.00% on the day. XRP was trading at $0.15862 on the Investing.com Index, a gain of 6.77%. Bitcoin's market cap was last at $117.60B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.91B or 0.00% of the total cryptocurrency market value. Related Articles In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked Litecoin Climbs 10% In a Green Day Alongside Market Relief Package, US CFTC Warns of COVID-19-Linked Crypto Scams View comments || Bitcoin Climbs 10% As Investors Gain Confidence: Investing.com - Bitcoin was trading at $6,473.5 by 19:54 (23:54 GMT) on the Investing.com Index on Monday, up 10.06% on the day. It was the largest one-day percentage gain since March 23.
The move upwards pushed Bitcoin's market cap up to $117.3B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $5,710.8 to $6,564.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 26.9%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $46.5B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $4,946.4961 to $6,858.0732 in the past 7 days.
At its current price, Bitcoin is still down 67.42% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $135.40 on the Investing.com Index, up 9.59% on the day.
XRP was trading at $0.15846 on the Investing.com Index, a gain of 5.91%.
Ethereum's market cap was last at $14.8B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.9B or 0.00% of the total cryptocurrency market value.
Related Articles
In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked
Litecoin Climbs 10% In a Green Day
Ethereum Climbs 10% In Rally || Bitcoin Climbs 10% As Investors Gain Confidence: Investing.com - Bitcoin was trading at $6,473.5 by 19:54 (23:54 GMT) on the Investing.com Index on Monday, up 10.06% on the day. It was the largest one-day percentage gain since March 23.
The move upwards pushed Bitcoin's market cap up to $117.3B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.
Bitcoin had traded in a range of $5,710.8 to $6,564.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 26.9%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $46.5B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $4,946.4961 to $6,858.0732 in the past 7 days.
At its current price, Bitcoin is still down 67.42% from its all-time high of $19,870.62 set on December 17, 2017.
Ethereum was last at $135.40 on the Investing.com Index, up 9.59% on the day.
XRP was trading at $0.15846 on the Investing.com Index, a gain of 5.91%.
Ethereum's market cap was last at $14.8B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.9B or 0.00% of the total cryptocurrency market value.
Related Articles
In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked
Litecoin Climbs 10% In a Green Day
Ethereum Climbs 10% In Rally || Bitcoin Climbs 10% As Investors Gain Confidence: Bitcoin Climbs 10% As Investors Gain Confidence Investing.com - Bitcoin was trading at $6,473.5 by 19:54 (23:54 GMT) on the Investing.com Index on Monday, up 10.06% on the day. It was the largest one-day percentage gain since March 23. The move upwards pushed Bitcoin's market cap up to $117.3B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B. Bitcoin had traded in a range of $5,710.8 to $6,564.7 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a rise in value, as it gained 26.9%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $46.5B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $4,946.4961 to $6,858.0732 in the past 7 days. At its current price, Bitcoin is still down 67.42% from its all-time high of $19,870.62 set on December 17, 2017. Elsewhere in cryptocurrency trading Ethereum was last at $135.40 on the Investing.com Index, up 9.59% on the day. XRP was trading at $0.15846 on the Investing.com Index, a gain of 5.91%. Ethereum's market cap was last at $14.8B or 0.00% of the total cryptocurrency market cap, while XRP's market cap totaled $6.9B or 0.00% of the total cryptocurrency market value. Related Articles In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked Litecoin Climbs 10% In a Green Day Ethereum Climbs 10% In Rally || Bitcoin: A Global Port in a Market Storm?: Noelle Acheson is a veteran of company analysis and CoinDesk’s director of research. The opinions expressed in this article are the author’s own.
The following article originally appeared inInstitutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets.Sign up for free here.
After the market storms of the past couple of weeks, we could all use some (relatively) good news. And it’s this: Storms bring destruction but also clarity.
Related:Bitcoin’s Approaching ‘Halving,’ Explained
As I write,bitcoin(BTC) is bouncing, but who knows what wild swings it will have gone through by the time this is published? So, bitcoin’s price is not where to look for clarity now. It’s more existential than that.
Out of the chaos of the last couple of weeks, in which everything moved together, a clearer distinction has emerged between asset classes.
Greater clarity itself may be good news, but what we’re seeing is not.
Let’s walk through the new fundamentals.
Related:Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’
First, equities: Expected earnings are down across the board, possibly by a whopping amount. A couple of weeks ago, in the U.S. and Europe, business was humming along, albeit with trepidation. Now,bars and restaurants are closedin many population centers, events have been cancelled, shops are shut, planes are grounded…. The list of sectors impacted by the necessary virus precautions is long and alarming.
Next, government bonds: If there’s one thing the bond market hates, it’s inflation. The unwinding of globalization as a result of constricting supply chains will push up manufacturing costs which will feed through to prices. Liberally sprinkle money around the system in the hopes of stimulating spending, in a supply crisis, and you add to the inflationary pressure. Nominal yields on public debt are at historically low levels; inflation will push even more real yields into negative territory.
For those worried about inflation, bitcoin is even more resistant than gold.
As for corporate bonds, the sharp drop in earnings coupled with increasing costs could trigger a wave of defaults.
What about gold? The traditional safe haven will probably do well in the medium term as investors remember its anti-inflationary properties. Gold traditionally outperforms in low-rate environments – no shortage of those these days. Plus, its lack of income makes it less vulnerable to drops in economic activity.
And then there’s bitcoin. Its high volatility makes it unsuitable for many investors. But those who think gold makes sense in this world gone mad are most likely going to take a closer look, especially after the perspective-changing storm we’ve just weathered (with probably more to come). Even those skeptical of gold’s place in a diversified portfolio are bound to be curious about a digital alternative that solves for some of the metal’s weak points while revealing relationships with the broader economy that no other asset has.
Last week I wrote about howit’s not a safe haven. Here’s the thing: it doesn’t need to be.
See also:As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again
For those worried about inflation, bitcoin is even more resistant than gold. Its hard cap and pre-programmed supply are immune to fluctuations in price. A sharp jump in the price of gold, however, is likely to bring more supply onto the market as production ramps up, and could even impact the estimated supply limit as alternative mining methods become profitable.
For those worried about a sharp economic slump, bitcoin is practically the only asset not directly impacted by macroeconomics. There’s no income to cut and no supply chains to hinder access. External factors such as energy costs and supply chains can impactminer economics, but bitcoin itself adjusts for shifts in the maintenance of its network. When miners close down, bitcoin becomes cheaper to mine, which eventually makes the enterprise profitable again.
What makes bitcoin even more of a unique asset class is it can beindirectlyimpacted by macroeconomics, in a big way. The impact will come from many vectors, but especially loose monetary policy, the currency markets, emerging economies and populist tendencies.
1)Loose monetary policy: With central banks around the world hitting the markets with whatever they can, money supply constraints have beenthrown out the window. As this crisis unfolds, the amount of money that will enter the system to help out not only markets but also citizens and companies will dwarf what we saw in 2008. Back then, the markets were threatening to drive the economy into a wall, so reassuring them was paramount. Now the threat to the economy is driving markets into the wall. The usual tactics that assuage market panics aren’t going to stimulate demand that is reeling from mandated shutdowns, job losses and generalized fear.
Printing money could perhaps help if it actually gets into the hands of the consumers, but that will create inflationary pressure in an economy with no tools left to fight it. The usual anti-inflation weapon is raising interest rates – but doing that in a heavily indebted environment could trigger waves of corporate and even sovereign defaults.
Growing inflationary pressures and steady currency debasement will most likely increase interest in disinflationary assets such as bitcoin and gold that can also be used for payment in some circumstances.
2)Currency markets: Investors around the world are fleeing into dollars, pushing up its value relative to other currencies. This could help the U.S. consumer by making imports cheaper, if imports weren’t disrupted by supply chain constrictions. But with a stronger dollar, U.S. manufacturing will become uncompetitive, and foreign holders of dollar-denominated debt could get pushed into default. Other countries’ import and debt service costs will skyrocket, weakening their currencies and pushing up the dollar even further.
The ballooning demand for dollars could lead to a currency liquidity crunch – the swap lines extended to foreign central banks in last Sunday’s Fed intervention were expanded even further on Thursday, a worrying sign that the initial measure wasn’t enough to relieve the strain on the FX markets.
See Also:Into the Unknown: No Limit on Fed Money Injections
Calls are growing for concerted action similar to the 1985Plaza Accord, but getting economic powers to follow the lead of an “America First” government whose leader based much of his campaign on promises of a wall is going to be a much harder challenge than in the post-stagflation desperation of the late 20th century.With fractures in the global currency order becoming increasingly apparent, economists and investors will be asking what the next monetary order will look like. Bitcoin may or may not be part of that solution but it isa new tool in the box.
3)Emerging economies: The sharp escalation of dollar-based prices, combined with a demand crunch, could push non-dollar economies into recession, which is likely to lead to social unrest. In some parts of the world, this could be met with swift retaliation or even regime change. The confiscatory bias of political parties navigating a power struggle couldintensify interestin a liquid and semi-private store of value.
4)Populist tendencies: While more established democracies will deal with recessions and social unrest through negotiations and trade-offs, even they could veer towards populist tendencies. These will most likely take the form of additional support for overwrought health systems, as well as for citizens and companies hit hard by mandated shutdowns and resulting slump in demand.
To keep up the pretence of balanced budgets, this support is likely to be paid for through fiscal policy, which means tax increases. While bitcoin should never be used to avoid taxes (never, ok?), investors in some jurisdictions may feel that the risk of stiff penalties when caught is worth it.
But more importantly, fiscal measures are generally more lenient on capital gains than on high incomes, in the spirit of encouraging investment. This could push high-net-worth individuals towards assets with a high risk-return profile.
In a market where everything goes up, the resulting dust can blur big-picture vision. After a drenching storm there is damage, but the dust is gone. Edges are sharper and colors are more vibrant. To stretch a metaphor even further, maybe the sun won’t be out for a while, but as we look anew at previously held assumptions, it is likely investors around the world will see in bitcoin attributes that until now have not been so important.
This is not investment advice, obviously, and all investors work under different risk-return parameters. It is a reminder that we should all question assumptions, get informed, ask different questions and think things through. And now is a better time to do that than ever before.
Disclosure: Nothing in this newsletter should be taken as investment advice. The author is a long-term holder of a small amount of bitcoin and ether. Her opinions are her own and do not necessarily reflect those of CoinDesk.
• Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis
• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree || Bitcoin: A Global Port in a Market Storm?: Noelle Acheson is a veteran of company analysis and CoinDesk’s director of research. The opinions expressed in this article are the author’s own.
The following article originally appeared inInstitutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets.Sign up for free here.
After the market storms of the past couple of weeks, we could all use some (relatively) good news. And it’s this: Storms bring destruction but also clarity.
Related:Bitcoin’s Approaching ‘Halving,’ Explained
As I write,bitcoin(BTC) is bouncing, but who knows what wild swings it will have gone through by the time this is published? So, bitcoin’s price is not where to look for clarity now. It’s more existential than that.
Out of the chaos of the last couple of weeks, in which everything moved together, a clearer distinction has emerged between asset classes.
Greater clarity itself may be good news, but what we’re seeing is not.
Let’s walk through the new fundamentals.
Related:Bitcoin Marches on $7K as Traditional Markets Cheer Fed’s QE ‘Bazooka’
First, equities: Expected earnings are down across the board, possibly by a whopping amount. A couple of weeks ago, in the U.S. and Europe, business was humming along, albeit with trepidation. Now,bars and restaurants are closedin many population centers, events have been cancelled, shops are shut, planes are grounded…. The list of sectors impacted by the necessary virus precautions is long and alarming.
Next, government bonds: If there’s one thing the bond market hates, it’s inflation. The unwinding of globalization as a result of constricting supply chains will push up manufacturing costs which will feed through to prices. Liberally sprinkle money around the system in the hopes of stimulating spending, in a supply crisis, and you add to the inflationary pressure. Nominal yields on public debt are at historically low levels; inflation will push even more real yields into negative territory.
For those worried about inflation, bitcoin is even more resistant than gold.
As for corporate bonds, the sharp drop in earnings coupled with increasing costs could trigger a wave of defaults.
What about gold? The traditional safe haven will probably do well in the medium term as investors remember its anti-inflationary properties. Gold traditionally outperforms in low-rate environments – no shortage of those these days. Plus, its lack of income makes it less vulnerable to drops in economic activity.
And then there’s bitcoin. Its high volatility makes it unsuitable for many investors. But those who think gold makes sense in this world gone mad are most likely going to take a closer look, especially after the perspective-changing storm we’ve just weathered (with probably more to come). Even those skeptical of gold’s place in a diversified portfolio are bound to be curious about a digital alternative that solves for some of the metal’s weak points while revealing relationships with the broader economy that no other asset has.
Last week I wrote about howit’s not a safe haven. Here’s the thing: it doesn’t need to be.
See also:As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again
For those worried about inflation, bitcoin is even more resistant than gold. Its hard cap and pre-programmed supply are immune to fluctuations in price. A sharp jump in the price of gold, however, is likely to bring more supply onto the market as production ramps up, and could even impact the estimated supply limit as alternative mining methods become profitable.
For those worried about a sharp economic slump, bitcoin is practically the only asset not directly impacted by macroeconomics. There’s no income to cut and no supply chains to hinder access. External factors such as energy costs and supply chains can impactminer economics, but bitcoin itself adjusts for shifts in the maintenance of its network. When miners close down, bitcoin becomes cheaper to mine, which eventually makes the enterprise profitable again.
What makes bitcoin even more of a unique asset class is it can beindirectlyimpacted by macroeconomics, in a big way. The impact will come from many vectors, but especially loose monetary policy, the currency markets, emerging economies and populist tendencies.
1)Loose monetary policy: With central banks around the world hitting the markets with whatever they can, money supply constraints have beenthrown out the window. As this crisis unfolds, the amount of money that will enter the system to help out not only markets but also citizens and companies will dwarf what we saw in 2008. Back then, the markets were threatening to drive the economy into a wall, so reassuring them was paramount. Now the threat to the economy is driving markets into the wall. The usual tactics that assuage market panics aren’t going to stimulate demand that is reeling from mandated shutdowns, job losses and generalized fear.
Printing money could perhaps help if it actually gets into the hands of the consumers, but that will create inflationary pressure in an economy with no tools left to fight it. The usual anti-inflation weapon is raising interest rates – but doing that in a heavily indebted environment could trigger waves of corporate and even sovereign defaults.
Growing inflationary pressures and steady currency debasement will most likely increase interest in disinflationary assets such as bitcoin and gold that can also be used for payment in some circumstances.
2)Currency markets: Investors around the world are fleeing into dollars, pushing up its value relative to other currencies. This could help the U.S. consumer by making imports cheaper, if imports weren’t disrupted by supply chain constrictions. But with a stronger dollar, U.S. manufacturing will become uncompetitive, and foreign holders of dollar-denominated debt could get pushed into default. Other countries’ import and debt service costs will skyrocket, weakening their currencies and pushing up the dollar even further.
The ballooning demand for dollars could lead to a currency liquidity crunch – the swap lines extended to foreign central banks in last Sunday’s Fed intervention were expanded even further on Thursday, a worrying sign that the initial measure wasn’t enough to relieve the strain on the FX markets.
See Also:Into the Unknown: No Limit on Fed Money Injections
Calls are growing for concerted action similar to the 1985Plaza Accord, but getting economic powers to follow the lead of an “America First” government whose leader based much of his campaign on promises of a wall is going to be a much harder challenge than in the post-stagflation desperation of the late 20th century.With fractures in the global currency order becoming increasingly apparent, economists and investors will be asking what the next monetary order will look like. Bitcoin may or may not be part of that solution but it isa new tool in the box.
3)Emerging economies: The sharp escalation of dollar-based prices, combined with a demand crunch, could push non-dollar economies into recession, which is likely to lead to social unrest. In some parts of the world, this could be met with swift retaliation or even regime change. The confiscatory bias of political parties navigating a power struggle couldintensify interestin a liquid and semi-private store of value.
4)Populist tendencies: While more established democracies will deal with recessions and social unrest through negotiations and trade-offs, even they could veer towards populist tendencies. These will most likely take the form of additional support for overwrought health systems, as well as for citizens and companies hit hard by mandated shutdowns and resulting slump in demand.
To keep up the pretence of balanced budgets, this support is likely to be paid for through fiscal policy, which means tax increases. While bitcoin should never be used to avoid taxes (never, ok?), investors in some jurisdictions may feel that the risk of stiff penalties when caught is worth it.
But more importantly, fiscal measures are generally more lenient on capital gains than on high incomes, in the spirit of encouraging investment. This could push high-net-worth individuals towards assets with a high risk-return profile.
In a market where everything goes up, the resulting dust can blur big-picture vision. After a drenching storm there is damage, but the dust is gone. Edges are sharper and colors are more vibrant. To stretch a metaphor even further, maybe the sun won’t be out for a while, but as we look anew at previously held assumptions, it is likely investors around the world will see in bitcoin attributes that until now have not been so important.
This is not investment advice, obviously, and all investors work under different risk-return parameters. It is a reminder that we should all question assumptions, get informed, ask different questions and think things through. And now is a better time to do that than ever before.
Disclosure: Nothing in this newsletter should be taken as investment advice. The author is a long-term holder of a small amount of bitcoin and ether. Her opinions are her own and do not necessarily reflect those of CoinDesk.
• Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis
• Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree || Bitcoin: A Global Port in a Market Storm?: Noelle Acheson is a veteran of company analysis and CoinDesks director of research. The opinions expressed in this article are the authors own. The following article originally appeared in Institutional Crypto by CoinDesk , a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here . After the market storms of the past couple of weeks, we could all use some (relatively) good news. And its this: Storms bring destruction but also clarity. Related: Bitcoins Approaching Halving, Explained As I write, bitcoin (BTC) is bouncing, but who knows what wild swings it will have gone through by the time this is published? So, bitcoins price is not where to look for clarity now. Its more existential than that. Out of the chaos of the last couple of weeks, in which everything moved together, a clearer distinction has emerged between asset classes. Greater clarity itself may be good news, but what were seeing is not. Lets walk through the new fundamentals. Come rain or shine Related: Bitcoin Marches on $7K as Traditional Markets Cheer Feds QE Bazooka First, equities: Expected earnings are down across the board, possibly by a whopping amount. A couple of weeks ago, in the U.S. and Europe, business was humming along, albeit with trepidation. Now, bars and restaurants are closed in many population centers, events have been cancelled, shops are shut, planes are grounded
. The list of sectors impacted by the necessary virus precautions is long and alarming. Next, government bonds: If theres one thing the bond market hates, its inflation. The unwinding of globalization as a result of constricting supply chains will push up manufacturing costs which will feed through to prices. Liberally sprinkle money around the system in the hopes of stimulating spending, in a supply crisis, and you add to the inflationary pressure. Nominal yields on public debt are at historically low levels; inflation will push even more real yields into negative territory. Story continues For those worried about inflation, bitcoin is even more resistant than gold. As for corporate bonds, the sharp drop in earnings coupled with increasing costs could trigger a wave of defaults. What about gold? The traditional safe haven will probably do well in the medium term as investors remember its anti-inflationary properties. Gold traditionally outperforms in low-rate environments no shortage of those these days. Plus, its lack of income makes it less vulnerable to drops in economic activity. And then theres bitcoin. Its high volatility makes it unsuitable for many investors. But those who think gold makes sense in this world gone mad are most likely going to take a closer look, especially after the perspective-changing storm weve just weathered (with probably more to come). Even those skeptical of golds place in a diversified portfolio are bound to be curious about a digital alternative that solves for some of the metals weak points while revealing relationships with the broader economy that no other asset has. Last week I wrote about how its not a safe haven . Heres the thing: it doesnt need to be. S ee also: As This Crisis Worsens, Bitcoin Will Become a Safe Haven Again For those worried about inflation, bitcoin is even more resistant than gold. Its hard cap and pre-programmed supply are immune to fluctuations in price. A sharp jump in the price of gold, however, is likely to bring more supply onto the market as production ramps up, and could even impact the estimated supply limit as alternative mining methods become profitable. For those worried about a sharp economic slump, bitcoin is practically the only asset not directly impacted by macroeconomics. Theres no income to cut and no supply chains to hinder access. External factors such as energy costs and supply chains can impact miner economics , but bitcoin itself adjusts for shifts in the maintenance of its network. When miners close down, bitcoin becomes cheaper to mine, which eventually makes the enterprise profitable again. Save it for a rainy day What makes bitcoin even more of a unique asset class is it can be indirectly impacted by macroeconomics, in a big way. The impact will come from many vectors, but especially loose monetary policy, the currency markets, emerging economies and populist tendencies. 1) Loose monetary policy : With central banks around the world hitting the markets with whatever they can, money supply constraints have been thrown out the window . As this crisis unfolds, the amount of money that will enter the system to help out not only markets but also citizens and companies will dwarf what we saw in 2008. Back then, the markets were threatening to drive the economy into a wall, so reassuring them was paramount. Now the threat to the economy is driving markets into the wall. The usual tactics that assuage market panics arent going to stimulate demand that is reeling from mandated shutdowns, job losses and generalized fear. Printing money could perhaps help if it actually gets into the hands of the consumers, but that will create inflationary pressure in an economy with no tools left to fight it. The usual anti-inflation weapon is raising interest rates but doing that in a heavily indebted environment could trigger waves of corporate and even sovereign defaults. Growing inflationary pressures and steady currency debasement will most likely increase interest in disinflationary assets such as bitcoin and gold that can also be used for payment in some circumstances. 2) Currency markets : Investors around the world are fleeing into dollars, pushing up its value relative to other currencies. This could help the U.S. consumer by making imports cheaper, if imports werent disrupted by supply chain constrictions. But with a stronger dollar, U.S. manufacturing will become uncompetitive, and foreign holders of dollar-denominated debt could get pushed into default. Other countries import and debt service costs will skyrocket, weakening their currencies and pushing up the dollar even further. The ballooning demand for dollars could lead to a currency liquidity crunch the swap lines extended to foreign central banks in last Sundays Fed intervention were expanded even further on Thursday, a worrying sign that the initial measure wasnt enough to relieve the strain on the FX markets. See Also: Into the Unknown: No Limit on Fed Money Injections Calls are growing for concerted action similar to the 1985 Plaza Accord , but getting economic powers to follow the lead of an America First government whose leader based much of his campaign on promises of a wall is going to be a much harder challenge than in the post-stagflation desperation of the late 20th century. With fractures in the global currency order becoming increasingly apparent, economists and investors will be asking what the next monetary order will look like. Bitcoin may or may not be part of that solution but it is a new tool in the box . 3) Emerging economies : The sharp escalation of dollar-based prices, combined with a demand crunch, could push non-dollar economies into recession, which is likely to lead to social unrest. In some parts of the world, this could be met with swift retaliation or even regime change. The confiscatory bias of political parties navigating a power struggle could intensify interest in a liquid and semi-private store of value. 4) Populist tendencies : While more established democracies will deal with recessions and social unrest through negotiations and trade-offs, even they could veer towards populist tendencies. These will most likely take the form of additional support for overwrought health systems, as well as for citizens and companies hit hard by mandated shutdowns and resulting slump in demand. To keep up the pretence of balanced budgets, this support is likely to be paid for through fiscal policy, which means tax increases. While bitcoin should never be used to avoid taxes (never, ok?), investors in some jurisdictions may feel that the risk of stiff penalties when caught is worth it. But more importantly, fiscal measures are generally more lenient on capital gains than on high incomes, in the spirit of encouraging investment. This could push high-net-worth individuals towards assets with a high risk-return profile. Chasing rainbows In a market where everything goes up, the resulting dust can blur big-picture vision. After a drenching storm there is damage, but the dust is gone. Edges are sharper and colors are more vibrant. To stretch a metaphor even further, maybe the sun wont be out for a while, but as we look anew at previously held assumptions, it is likely investors around the world will see in bitcoin attributes that until now have not been so important. This is not investment advice, obviously, and all investors work under different risk-return parameters. It is a reminder that we should all question assumptions, get informed, ask different questions and think things through. And now is a better time to do that than ever before. Disclosure: Nothing in this newsletter should be taken as investment advice. The author is a long-term holder of a small amount of bitcoin and ether. Her opinions are her own and do not necessarily reflect those of CoinDesk. Related Stories Bitcoin and Gold: Evaluating Hard-Cap Currencies in Times of Financial Crisis Investors Look to Gold, Crypto After Fed Goes on QE Buying Spree || Carnage in the Crypto Markets Indicates a Need for Circuit Breakers and Better Exchanges: The global COVID-19 crisis has sent the world’s markets into a tailspin, with virtually every asset class affected. On Monday, March 9, the NYSE tripped its circuit breakers for only the second time in history as the S&P 500 (NYSE:S&P)dropped by 7%just three minutes into the day’s trading. Leading companies’ stocks like Microsoft (NYSE:MSFT) and Tesla (NYSE:TSLA) dropping 30% and 60% respectively. Across the pond, London’s FTSE 100 index suffered itsworst single-day dropsince 2008, when Lehman Brothers collapsed.
The carnage continued later in the week once President Trump confirmed he was banning travel from European countries. Thefutures markets reacted, and circuit breakers kicked in once again when trading opened on the morning of Thursday, March 12.
[caption id="attachment_575832" align="aligncenter" width="750"]
Image By peshkov - Adobe Stock[/caption]
This time, the bearish sentiment also hit the cryptocurrency markets. Because digital assets are inherently more volatile than traditional stocks, the drop was even more dramatic. On March 12, Bitcoin experienced the biggest single-day drop since 2013, losing around 40% of its value.
[caption id="attachment_823352" align="aligncenter" width="529"]
Source: Coinmarketcap[/caption]
Mass Liquidations in Bitcoin Futures
When the last drop happened back in 2013, the only way to trade Bitcoin was on the spot markets. Futures trading has only been possible since 2016 when BitMEX launched crypto-backed futures contracts. Since the CME and Cboe launched regulated Bitcoin futures products at the end of 2017, a move that’s thought to have contributed to Bitcoin reaching its all-time high, the market for futures has boomed. In October 2019,Bloomberg reportedthat futures trading was catching up to the spot markets accounting for around half of all trading volume.
So, during the recent bloodbath, it was futures traders who were among the worst hit. On March 12, BitMEX liquidated $863m worth of contracts.
[caption id="attachment_823353" align="aligncenter" width="559"]
Source: Skew[/caption]
On the same day, BitMEX and several other exchanges experienced downtime. BitMEX was out for around 45 minutes in two separate incidents. These outages effectively served as a circuit breaker, halting trading and allowing the price of Bitcoin to recover to about $5k, thus preventing further liquidations.
BitMEX claims the outages were caused by DDOS attacks. However, commentators in the crypto spacespeculatedthat BitMEX had deliberately taken itself offline to prevent the price of Bitcoin falling further. BitMEX denied this, attributing the issue to a hardware problem with its cloud service provider.
If this is the case, then it seems that BitMEX is stating that it’s reliant on server overloads to act as a de facto circuit breaker in the event of a market freefall. This seems to be a shaky measure for managing the price of Bitcoin.
Calls for Circuit Breakers
As a result of the market turmoil, others in the space, including Tushar Jain of Multicoin Capital,pointed outthat the industry needs to do more to ensure circuit breakers are in place. On March 19,Coindesk reportedthat Huobi, which operates in both the spot and futures markets, had implemented a circuit breaker of sorts. Although it doesn’t prevent all trading on the platform in the event of market volatility, it will stop liquidations on leveraged positions. The report also said that liquidations could happen gradually, rather than in immediate response to a specific event.
Newer exchanges to the market appear to have already anticipated the circuit breaker problem and have implemented their own means of managing auto-liquidations. Bybit is an exchange that’s taken a similar approach Huobi, although this was already in place long before the market carnage resulting from the coronavirus panic.
Creating a Safety Net
TheBybit websitestates that it has a matching engine capable of managing up to 100,000 transactions per second. Therefore, it can’t take the same risks that BitMEX does, relying on server overloads to act as a kill switch. Instead, Bybit manages the risk of liquidations through its policies. It operates a partial liquidation process using what it calls “risk limit levels,” which prevent an immediate full liquidation of any given position.
This means that traders must select a risk limit level when they open their position. Assuming it’s not set to the lowest level, the Bybit engine will first dynamically reduce the position’s maintenance margin to a lower risk limit level to help avoid liquidation. If this is insufficient, the engine will next cancel all active orders, following by automatically submitting a fill-or-kill order to offset the margin difference.
If all of these measures fail to mitigate, then the engine will finally liquidate the position. Bybit uses an insurance fund to cover losses resulting from closing the position below the bankruptcy price.
Bybit also operates a dual price structure, using both the mark price and the last traded price. This means that the market price never deviates significantly from the spot price, avoiding the risk of liquidation resulting from price manipulation.
Pulling Liquidity from Other Venues
FTX is another newer crypto derivatives exchange usingdifferent measuresto manage liquidations. It operates a “backstop liquidity provider” system, whereby it uses liquidity providers who opt to step in if any given position looks to be in danger of liquidation. The liquidity provider will take over the position before it goes bankrupt and hedge their books at other exchanges.
Perhaps thanks to these innovative approaches, both Bybit and FTX are emerging as serious competitors to rival BitMEX. In the immediate aftermath of what can only be called crypto’s Black Thursday, Bybit and FTX overtook BitMEX in trading of Ether-backed futures.
[caption id="attachment_823354" align="aligncenter" width="528"]
Source: Skew[/caption]
It’s worth noting that ETHUSD traders were among the worst-affected by forced liquidations on BitMEX the day before, with the exchange havingdistributed a refundworth 40 BTC to 156 parties.
The cryptocurrency markets still have a lot to learn from the traditional finance markets, and ultimately, circuit breakers could prove to be a viable means of preventing price crashes. However, if exchanges such as Bybit and FTX can prove that their measures are just as effective, perhaps it will quiet the calls from those in the community keen to implement circuit breakers. Whether or not BitMEX decides to take a more managed approach to the price crash risk remains to be seen.
Disclosure: None || Carnage in the Crypto Markets Indicates a Need for Circuit Breakers and Better Exchanges: The global COVID-19 crisis has sent the world’s markets into a tailspin, with virtually every asset class affected. On Monday, March 9, the NYSE tripped its circuit breakers for only the second time in history as the S&P 500 (NYSE: S & P ) dropped by 7% just three minutes into the day’s trading. Leading companies’ stocks like Microsoft (NYSE: MSFT ) and Tesla (NYSE: TSLA ) dropping 30% and 60% respectively. Across the pond, London’s FTSE 100 index suffered its worst single-day drop since 2008, when Lehman Brothers collapsed. The carnage continued later in the week once President Trump confirmed he was banning travel from European countries. The futures markets reacted , and circuit breakers kicked in once again when trading opened on the morning of Thursday, March 12. [caption id="attachment_575832" align="aligncenter" width="750"] Market Crash Image By peshkov - Adobe Stock[/caption] This time, the bearish sentiment also hit the cryptocurrency markets. Because digital assets are inherently more volatile than traditional stocks, the drop was even more dramatic. On March 12, Bitcoin experienced the biggest single-day drop since 2013, losing around 40% of its value. [caption id="attachment_823352" align="aligncenter" width="529"] Source: Coinmarketcap[/caption] Mass Liquidations in Bitcoin Futures When the last drop happened back in 2013, the only way to trade Bitcoin was on the spot markets. Futures trading has only been possible since 2016 when BitMEX launched crypto-backed futures contracts. Since the CME and Cboe launched regulated Bitcoin futures products at the end of 2017, a move that’s thought to have contributed to Bitcoin reaching its all-time high, the market for futures has boomed. In October 2019, Bloomberg reported that futures trading was catching up to the spot markets accounting for around half of all trading volume. So, during the recent bloodbath, it was futures traders who were among the worst hit. On March 12, BitMEX liquidated $863m worth of contracts. [caption id="attachment_823353" align="aligncenter" width="559"] Source: Skew[/caption] On the same day, BitMEX and several other exchanges experienced downtime. BitMEX was out for around 45 minutes in two separate incidents. These outages effectively served as a circuit breaker, halting trading and allowing the price of Bitcoin to recover to about $5k, thus preventing further liquidations. BitMEX claims the outages were caused by DDOS attacks. However, commentators in the crypto space speculated that BitMEX had deliberately taken itself offline to prevent the price of Bitcoin falling further. BitMEX denied this, attributing the issue to a hardware problem with its cloud service provider. Story continues If this is the case, then it seems that BitMEX is stating that it’s reliant on server overloads to act as a de facto circuit breaker in the event of a market freefall. This seems to be a shaky measure for managing the price of Bitcoin. Calls for Circuit Breakers As a result of the market turmoil, others in the space, including Tushar Jain of Multicoin Capital, pointed out that the industry needs to do more to ensure circuit breakers are in place. On March 19, Coindesk reported that Huobi, which operates in both the spot and futures markets, had implemented a circuit breaker of sorts. Although it doesn’t prevent all trading on the platform in the event of market volatility, it will stop liquidations on leveraged positions. The report also said that liquidations could happen gradually, rather than in immediate response to a specific event. Newer exchanges to the market appear to have already anticipated the circuit breaker problem and have implemented their own means of managing auto-liquidations. Bybit is an exchange that’s taken a similar approach Huobi, although this was already in place long before the market carnage resulting from the coronavirus panic. Creating a Safety Net The Bybit website states that it has a matching engine capable of managing up to 100,000 transactions per second. Therefore, it can’t take the same risks that BitMEX does, relying on server overloads to act as a kill switch. Instead, Bybit manages the risk of liquidations through its policies. It operates a partial liquidation process using what it calls “risk limit levels,” which prevent an immediate full liquidation of any given position. This means that traders must select a risk limit level when they open their position. Assuming it’s not set to the lowest level, the Bybit engine will first dynamically reduce the position’s maintenance margin to a lower risk limit level to help avoid liquidation. If this is insufficient, the engine will next cancel all active orders, following by automatically submitting a fill-or-kill order to offset the margin difference. If all of these measures fail to mitigate, then the engine will finally liquidate the position. Bybit uses an insurance fund to cover losses resulting from closing the position below the bankruptcy price. Bybit also operates a dual price structure, using both the mark price and the last traded price. This means that the market price never deviates significantly from the spot price, avoiding the risk of liquidation resulting from price manipulation. Pulling Liquidity from Other Venues FTX is another newer crypto derivatives exchange using different measures to manage liquidations. It operates a “backstop liquidity provider” system, whereby it uses liquidity providers who opt to step in if any given position looks to be in danger of liquidation. The liquidity provider will take over the position before it goes bankrupt and hedge their books at other exchanges. Perhaps thanks to these innovative approaches, both Bybit and FTX are emerging as serious competitors to rival BitMEX. In the immediate aftermath of what can only be called crypto’s Black Thursday, Bybit and FTX overtook BitMEX in trading of Ether-backed futures. [caption id="attachment_823354" align="aligncenter" width="528"] Source: Skew[/caption] It’s worth noting that ETHUSD traders were among the worst-affected by forced liquidations on BitMEX the day before, with the exchange having distributed a refund worth 40 BTC to 156 parties. The cryptocurrency markets still have a lot to learn from the traditional finance markets, and ultimately, circuit breakers could prove to be a viable means of preventing price crashes. However, if exchanges such as Bybit and FTX can prove that their measures are just as effective, perhaps it will quiet the calls from those in the community keen to implement circuit breakers. Whether or not BitMEX decides to take a more managed approach to the price crash risk remains to be seen. Disclosure: None View comments
[Social Media Buzz]
None available.
|
6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 7411.32, 7769.22, 8163.69, 8079.86, 7879.07, 8166.55, 8037.54, 8192.49, 8144.19, 8827.76, 8807.01, 8723.79, 8929.04, 8942.81, 8706.25, 8657.64, 8745.89, 8680.88, 8406.52, 8445.43, 8367.85, 8596.83, 8909.82, 9358.59, 9316.63, 9508.99, 9350.53, 9392.88, 9344.37, 9293.52, 9180.96, 9613.42, 9729.80, 9795.94, 9865.12, 10116.67, 9856.61, 10208.24, 10326.05, 10214.38, 10312.12, 9889.42, 9934.43, 9690.14, 10142.00, 9633.39, 9608.48, 9686.44, 9663.18, 9924.52, 9650.17, 9341.71, 8820.52, 8784.49, 8672.46, 8599.51, 8562.45, 8869.67, 8787.79, 8755.25, 9078.76, 9122.55, 8909.95, 8108.12, 7923.64, 7909.73, 7911.43, 4970.79, 5563.71, 5200.37, 5392.31, 5014.48, 5225.63, 5238.44, 6191.19, 6198.78, 6185.07, 5830.25, 6416.31, 6734.80, 6681.06, 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39.
|
[Bitcoin Technical Analysis for 2020-04-03]
Volume: 38976504903, RSI (14-day): 49.85, 50-day EMA: 7272.86, 200-day EMA: 8093.89
[Wider Market Context]
Gold Price: 1633.70, Gold RSI: 55.39
Oil Price: 28.34, Oil RSI: 46.15
[Recent News (last 7 days)]
Venture production studio Thesis closes a $7.7 million funding round as it prepares for tBTC’s launch in April: Thesis, the team behind the Keep protocol, has secured $7.7 million in a fresh funding round led by Paradigm Capital, with participation from firms including Fenbushi Capital and Collaborative Funds. The venture production studio is preparing to launch its tBTC product on April 27.
Thesis has been working with cross-chain financial service provider Summa to develop the tBTC protocol, which will be the first major app on the Keep network.
As The Block previouslyexplained, tBTC is an ERC-20 token fully collateralized by bitcoin and redeemable at any time. Users looking to spend their bitcoin on Ethereum can simply deposit their bitcoin into a threshold signature contact. After the signing group sends a proof of deposit to the Ethereum chain, a tBTC token will be minted and sent to the bitcoin holder’s Ethereum wallet.
"Decentralized financial applications on Ethereum have seen clear demand," said Paradigm co-founder Fred Ehrsam said in a statement. "Bitcoin is the world's largest cryptocurrency. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, and tBTC is a credible attempt to do exactly that."
There have been a number of Ethereum-based tokens pegged to Bitcoin, including Wrapped Bitcoin (WBTC), ImToken’s imBTC, and Synthetix’ sBTC. tBTC’s differentiator lies in its redemption feature, which is something that projects like WBTC still lack even until today.
According to Thesis CEO Matt Luongo, the team plans to integrate with lending platforms like Compound shortly after launch. However, Compound CEO Robert Leshner previously told The Block that low liquidity could potentially prevent the token from becoming a collateral option in the near future. || Venture production studio Thesis closes a $7.7 million funding round as it prepares for tBTCs launch in April: Thesis, the team behind the Keep protocol, has secured $7.7 million in a fresh funding round led by Paradigm Capital, with participation from firms including Fenbushi Capital and Collaborative Funds. The venture production studio is preparing to launch its tBTC product on April 27. Thesis has been working with cross-chain financial service provider Summa to develop the tBTC protocol, which will be the first major app on the Keep network. As The Block previously explained , tBTC is an ERC-20 token fully collateralized by bitcoin and redeemable at any time. Users looking to spend their bitcoin on Ethereum can simply deposit their bitcoin into a threshold signature contact. After the signing group sends a proof of deposit to the Ethereum chain, a tBTC token will be minted and sent to the bitcoin holders Ethereum wallet. "Decentralized financial applications on Ethereum have seen clear demand," said Paradigm co-founder Fred Ehrsam said in a statement. "Bitcoin is the world's largest cryptocurrency. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, and tBTC is a credible attempt to do exactly that." There have been a number of Ethereum-based tokens pegged to Bitcoin, including Wrapped Bitcoin (WBTC), ImTokens imBTC, and Synthetix sBTC. tBTCs differentiator lies in its redemption feature, which is something that projects like WBTC still lack even until today. According to Thesis CEO Matt Luongo, the team plans to integrate with lending platforms like Compound shortly after launch. However, Compound CEO Robert Leshner previously told The Block that low liquidity could potentially prevent the token from becoming a collateral option in the near future. || As Governments Rush to Track Coronavirus, Honduras May Offer a Privacy-First Model: The coronavirus crisis will certainly havelasting impacts, but some measures may prove less harmful than others.
While countries like Israel andChinaimplement coronavirus emergency measures that digitally trackcivilian locationdata andhealth records, an entrepreneur in Honduras developed a blockchain-powered equivalent with an acute focus on privacy.
The bootstrapped startup Emerge is working with the Inter-American Development Bank, the tech company Penta Network and the Emergency Response Unit of the Honduran government to launch an app this week called Civitas. This software program will associate people’s government ID numbers with unique blockchain records they can use for telemedicine and permits to leave the house on specific errands. Roughly3.2 million peopleare currently living in lockdown-affected areas of Honduras.
Related:How Blockchain Tech Can Make Coronavirus Relief More Effective
“It’s to better manage how people who are experiencing symptoms circulate,” said Emerge CEO Lucia Gallardo. “The last digits on your ID number determines which days you circulate.”
Just like inIsrael, Hondurans who live in lockdown areas can be fined or face criminal charges if they violate quarantine protocols, she said. In the capital city, Tegucigalpa, Gallardo said people are only allowed to leave their homes at designated times or for specific tasks. There are time slots each week, such as Monday and Wednesday from 7-9 a.m., when people in each category are allowed to shop for groceries or go out without a permit. Otherwise, civilians require a permit for outdoor errands like visiting the health care clinic.
So the Emerge team is rolling out Civitas this week to roughly 25,000 Hondurans, then quickly expanding to all 18 regions of the country with confirmed cases.
If someone feels ill, they will engage with health care specialists from the National University of Honduras to determine if the symptoms could be related to the coronavirus. People with such cases are directed to facilities that specialize in treating the virus, to reduce exposure among vulnerable populations in other hospitals.
Related:Binance Donated $2.4M in Coronavirus Medical Supplies; CZ Pledges More
“The health center validates the permit that proves they were assigned to this health clinic,” Gallardo said. “Each time they go to the clinic, if they have to go more than once, is recorded and it’s all tied to the [Civitas] ID. It’s not a full history of the person’s life. It’s the history since they started the telemedicine file.”
The mobile app’s blockchain records serve multiple functions in aregionaccused by critics of having a particularlycorrupt public health care system.
The Civitas record cannot be easily altered nor denied, at least not electronically, so censorship resistance can help establish trust in publichealth care options. Even if you’repooror from avulnerable minority,this record shows when and where the user has the right to access care. Users who don’t get care won’t go unnoticed.
When doctors scan the app, they can see the symptoms and notes described via the telemedicine service, which streamlines care. The plan is to eventually include outdoor shopping schedules and other logistics as well, which is automated based on ID numbers and employment type. Most importantly, this data isn’t shared with agencies beyond the healthcare system.
“The government doesn’t view the health records, it’s a patient record for the health care provider,” Gallardo said. “Police don’t get to see your profile. [On the permit] they just see a yes or no question about whether the person is allowed to be circulating at that time.”
If law enforcement wants to monitor who is breaking quarantine, they need to patrol neighborhoods. This app doesn’t track location data nor keep lasting records of social graphs. There’s no social credit scores, unlike the tracking programs inChinaor the programNSO Groupis working on in Israel. Instead, Civitas is used for emergency alerts, telemedicine, verification and other similar functions.
“We can guarantee, probably, a phone per household but not a smartphone,” Gallardo said. “For those without [internet] connectivity, they can interact with the app via text messaging.”
The variety of emergency coronavirus programs raiselegal questionsin each jurisdiction, which offer lessons for countries still crystalizing their response plans.
TheUnited Nationsis relying heavily on the same Chinese technology companies known forcensoring informationabout the coronavirus, like WeChat’s parent company Tencent, for emergency communications despitefree speechconcerns. However, from the perspective of eToro CEO Yoni Assia in Israel, at least surveillance programs are merely a public acknowledgement of existing government powers.
“People are naive to think governments weren’t doing that [mass surveillance] or having that capability before,” Assia said. “The only difference here is they want people to engage with that data to keep people safe.”
Both Emerge and the Israeli tech companyNSO Groupare in talks with several governments eager to implement national tracking programs to curtail the virus.
“It would require minimal adaptation to suit other countries, especially in emerging markets,” Gallardo said.
In the United States, companies likeAppleandGoogleare involved with developing the Trump administration’s screening program.
Google, in particular, owns a staggering amount ofbehavioral user data. There are other companies researching more privacy-forward coronavirus tracking models as well, according to Nym Technologies CEO Harry Halpin, although such efforts aren’t connected to any government and are still in a theoretical stage.
Privacy experts are concerned about thelong-term implicationsof these programs. Yet, attorney Preston Byrne of Anderson Kill’s technology group said there’s reason to believe Americans have legal protections other nations may not.
“With regard to cellphone location data specifically, in the U.S. citizens enjoy a substantial expectation of privacy in relation to their physical movements,” Byrne said.
With regards to subscriber data, like IP addresses andmetadatain text messages or emails, Byrne added companies are “not free to provide these communications voluntarily to the government except in very limited circumstances including an emergency involving death or serious bodily injury.”
In short, Americans can generally choose which apps to use. American police can’t usemass surveillanceto show up at someone’s house if a phone is turned off, asreportedlyhappened inTaiwan. Even in Israel’s case, courts promptly ruled on which organizations canaccess and collectdata. Plus, Israel’s consumer-facing mobile app, called “Shield” in Hebrew, isopen sourceso anyone can review it.
If the White House adopts a comparable software initiative, Americans have a right to choose their connectivity tools and advocate for open source apps. They can also protect their privacy rights in court, according to Byrne.
Back in Honduras, Gallardo argued technologists should design software programs to specifically do certain things and not allow other types of data collection. Rather than waiting for litigation to assert privacy rights, this can help prevent government overreach in the future.
“What might it look like if, later down the line, whether you’ve tested positive for coronavirus has an impact on how people view you?” she said. “When you’re designing inclusively, these are questions you’ve asked yourself from the beginning.”
• Ether-Bitcoin Price Volatility Spread Hits 4-Month Low
• Blockchain Gaming, Messaging Apps See User Growth Amid Coronavirus Lockdowns || As Governments Rush to Track Coronavirus, Honduras May Offer a Privacy-First Model: The coronavirus crisis will certainly have lasting impacts , but some measures may prove less harmful than others. While countries like Israel and China implement coronavirus emergency measures that digitally track civilian location data and health records , an entrepreneur in Honduras developed a blockchain-powered equivalent with an acute focus on privacy. The bootstrapped startup Emerge is working with the Inter-American Development Bank, the tech company Penta Network and the Emergency Response Unit of the Honduran government to launch an app this week called Civitas. This software program will associate peoples government ID numbers with unique blockchain records they can use for telemedicine and permits to leave the house on specific errands. Roughly 3.2 million people are currently living in lockdown-affected areas of Honduras. Related: How Blockchain Tech Can Make Coronavirus Relief More Effective Its to better manage how people who are experiencing symptoms circulate, said Emerge CEO Lucia Gallardo. The last digits on your ID number determines which days you circulate. Just like in Israel , Hondurans who live in lockdown areas can be fined or face criminal charges if they violate quarantine protocols, she said. In the capital city, Tegucigalpa, Gallardo said people are only allowed to leave their homes at designated times or for specific tasks. There are time slots each week, such as Monday and Wednesday from 7-9 a.m., when people in each category are allowed to shop for groceries or go out without a permit. Otherwise, civilians require a permit for outdoor errands like visiting the health care clinic. So the Emerge team is rolling out Civitas this week to roughly 25,000 Hondurans, then quickly expanding to all 18 regions of the country with confirmed cases. If someone feels ill, they will engage with health care specialists from the National University of Honduras to determine if the symptoms could be related to the coronavirus. People with such cases are directed to facilities that specialize in treating the virus, to reduce exposure among vulnerable populations in other hospitals. Story continues Related: Binance Donated $2.4M in Coronavirus Medical Supplies; CZ Pledges More The health center validates the permit that proves they were assigned to this health clinic, Gallardo said. Each time they go to the clinic, if they have to go more than once, is recorded and its all tied to the [Civitas] ID. Its not a full history of the persons life. Its the history since they started the telemedicine file. Blockchain features The mobile apps blockchain records serve multiple functions in a region accused by critics of having a particularly corrupt public health care system . The Civitas record cannot be easily altered nor denied, at least not electronically, so censorship resistance can help establish trust in public health care options . Even if youre poor or from a vulnerable minority, this record shows when and where the user has the right to access care. Users who dont get care wont go unnoticed. When doctors scan the app, they can see the symptoms and notes described via the telemedicine service, which streamlines care. The plan is to eventually include outdoor shopping schedules and other logistics as well, which is automated based on ID numbers and employment type. Most importantly, this data isnt shared with agencies beyond the healthcare system. The government doesnt view the health records, its a patient record for the health care provider, Gallardo said. Police dont get to see your profile. [On the permit] they just see a yes or no question about whether the person is allowed to be circulating at that time. If law enforcement wants to monitor who is breaking quarantine, they need to patrol neighborhoods. This app doesnt track location data nor keep lasting records of social graphs. Theres no social credit scores, unlike the tracking programs in China or the program NSO Group is working on in Israel. Instead, Civitas is used for emergency alerts, telemedicine, verification and other similar functions. We can guarantee, probably, a phone per household but not a smartphone, Gallardo said. For those without [internet] connectivity, they can interact with the app via text messaging. Global insights The variety of emergency coronavirus programs raise legal questions in each jurisdiction, which offer lessons for countries still crystalizing their response plans. The United Nations is relying heavily on the same Chinese technology companies known for censoring information about the coronavirus, like WeChats parent company Tencent, for emergency communications despite free speech concerns. However, from the perspective of eToro CEO Yoni Assia in Israel, at least surveillance programs are merely a public acknowledgement of existing government powers. People are naive to think governments werent doing that [mass surveillance] or having that capability before, Assia said. The only difference here is they want people to engage with that data to keep people safe. Both Emerge and the Israeli tech company NSO Group are in talks with several governments eager to implement national tracking programs to curtail the virus. It would require minimal adaptation to suit other countries, especially in emerging markets, Gallardo said. USA In the United States, companies like Apple and Google are involved with developing the Trump administrations screening program. Google, in particular, owns a staggering amount of behavioral user data . There are other companies researching more privacy-forward coronavirus tracking models as well, according to Nym Technologies CEO Harry Halpin, although such efforts arent connected to any government and are still in a theoretical stage. Privacy experts are concerned about the long-term implications of these programs. Yet, attorney Preston Byrne of Anderson Kills technology group said theres reason to believe Americans have legal protections other nations may not. With regard to cellphone location data specifically, in the U.S. citizens enjoy a substantial expectation of privacy in relation to their physical movements, Byrne said. With regards to subscriber data, like IP addresses and metadata in text messages or emails, Byrne added companies are not free to provide these communications voluntarily to the government except in very limited circumstances including an emergency involving death or serious bodily injury. In short, Americans can generally choose which apps to use. American police cant use mass surveillance to show up at someones house if a phone is turned off, as reportedly happened in Taiwan . Even in Israels case, courts promptly ruled on which organizations can access and collect data. Plus, Israels consumer-facing mobile app, called Shield in Hebrew, is open source so anyone can review it. If the White House adopts a comparable software initiative, Americans have a right to choose their connectivity tools and advocate for open source apps. They can also protect their privacy rights in court, according to Byrne. Back in Honduras, Gallardo argued technologists should design software programs to specifically do certain things and not allow other types of data collection. Rather than waiting for litigation to assert privacy rights, this can help prevent government overreach in the future. What might it look like if, later down the line, whether youve tested positive for coronavirus has an impact on how people view you? she said. When youre designing inclusively, these are questions youve asked yourself from the beginning. Related Stories Ether-Bitcoin Price Volatility Spread Hits 4-Month Low Blockchain Gaming, Messaging Apps See User Growth Amid Coronavirus Lockdowns || Bitcoin, Ethereum & Litecoin - American Wrap: 4/2/2020: Bitcoin Shoots Back Above $7000 Jumping A Chunky 7%
The price via the 60-minute chart view had been narrowing for most of the day, trading conditions were very much tight. Given the price behaviour is was prone to a breakout, having formed a bullish pennant structure.
Market bulls were able to capitalize on this, which invited the most recent strong wave of buying pressure. BTC/USD jumped up to the highest levels that have been seen since 12 March, when the price had been hit at the time by some strong selling.
Ethereum Price Prediction: ETH/USD Running At Four Straight Days Of Gains As The Bulls Maintain Hope
Ethereum price is trading in the green by 0.40% in the session on Wednesday.
ETH/USD is running towards four consecutive days in the green, despite the narrowing.
Upside is largely limited by supply at the $140 price mark.
Litecoin Price Forecast: LTC/USD Must Break Down And Hold Above To Avoid Another Steep Fall
Litecoin price is trading in positive territory by 3.55% in the session on Thursday.
LTC/USD at present is edging towards another day in the green, which would mark the fourth.
The price continues to be limited to the upside by the barrier at the psychological $40 mark.
Image sourced from Pixabay
See more from Benzinga
• Bitcoin, Ethereum & Litecoin - American Wrap: 4/1/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/31/20
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/30/2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Litecoin - American Wrap: 4/2/2020: Bitcoin Shoots Back Above $7000 Jumping A Chunky 7% The price via the 60-minute chart view had been narrowing for most of the day, trading conditions were very much tight. Given the price behaviour is was prone to a breakout, having formed a bullish pennant structure. Market bulls were able to capitalize on this, which invited the most recent strong wave of buying pressure. BTC/USD jumped up to the highest levels that have been seen since 12 March, when the price had been hit at the time by some strong selling. Ethereum Price Prediction: ETH/USD Running At Four Straight Days Of Gains As The Bulls Maintain Hope Ethereum price is trading in the green by 0.40% in the session on Wednesday. ETH/USD is running towards four consecutive days in the green, despite the narrowing. Upside is largely limited by supply at the $140 price mark. Litecoin Price Forecast: LTC/USD Must Break Down And Hold Above To Avoid Another Steep Fall Litecoin price is trading in positive territory by 3.55% in the session on Thursday. LTC/USD at present is edging towards another day in the green, which would mark the fourth. The price continues to be limited to the upside by the barrier at the psychological $40 mark. Image sourced from Pixabay See more from Benzinga Bitcoin, Ethereum & Litecoin - American Wrap: 4/1/2020 Bitcoin, Ethereum & Litecoin - American Wrap: 3/31/20 Bitcoin, Ethereum & Litecoin - American Wrap: 3/30/2020 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & Litecoin - American Wrap: 4/2/2020: Bitcoin Shoots Back Above $7000 Jumping A Chunky 7%
The price via the 60-minute chart view had been narrowing for most of the day, trading conditions were very much tight. Given the price behaviour is was prone to a breakout, having formed a bullish pennant structure.
Market bulls were able to capitalize on this, which invited the most recent strong wave of buying pressure. BTC/USD jumped up to the highest levels that have been seen since 12 March, when the price had been hit at the time by some strong selling.
Ethereum Price Prediction: ETH/USD Running At Four Straight Days Of Gains As The Bulls Maintain Hope
Ethereum price is trading in the green by 0.40% in the session on Wednesday.
ETH/USD is running towards four consecutive days in the green, despite the narrowing.
Upside is largely limited by supply at the $140 price mark.
Litecoin Price Forecast: LTC/USD Must Break Down And Hold Above To Avoid Another Steep Fall
Litecoin price is trading in positive territory by 3.55% in the session on Thursday.
LTC/USD at present is edging towards another day in the green, which would mark the fourth.
The price continues to be limited to the upside by the barrier at the psychological $40 mark.
Image sourced from Pixabay
See more from Benzinga
• Bitcoin, Ethereum & Litecoin - American Wrap: 4/1/2020
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/31/20
• Bitcoin, Ethereum & Litecoin - American Wrap: 3/30/2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Brazilian Financial Regulators Will Vet Companies and Political Appointees on a Blockchain: Brazil’s financial regulators launched an information-sharing blockchain platform called PIER on Wednesday.
At launch, the blockchain pulls data from three of Brazil’s four major financial institutions: the private insurance superintendent (SUSEP), the Banco Central do Brasil (BCB) and securities regulator (CVM), PIER’s main backers. Social security supervisor PREVIC also plans to join.
Once it does, PIER will unite Brazil’sentire financial oversight ecosysteminwhat CVM called“a vast integrated database” that accelerates the speed with which each can administer its slice of Brazil’s$1.9 trillion economy– Latin America’s largest by far.
Related:As Governments Rush to Track Coronavirus, Honduras May Offer a Privacy-First Model
One use of the platform would be to conduct background checks on political appointees,according to BCB.
“Our objective is that this system promotes gains to the market, given the more efficient, safe and adequate supervision and enforcement to the new technological scenario that we are experiencing” said CVM President Marcelo Barbosa in a press release.
PIER grants bureaucrats access to their sister agencies’ real-time records on company sanctions, financial performance and business associates “in seconds,” according to BCB. It’s an easy, online bridge between previously siloed data troves.
“This makes it possible to drastically reduce the time period for assessing requirements,” said Daniel Bichuette, deputy head of the BCB’s Financial System Organization Department, in the press release.
Related:CoinTracker Adds 6 Industry Partnerships for Its Crypto Tax Reporting Tool
Each agency envisions using PIER to improve their oversight efficiency. For example, BCB said in a press release that PIER can streamline its vetting of elected officials appointed to financial institution posts – specifically the examination of their qualifications and business reputation. The central bankis chargedwith conducting such investigations.
CVM, for its part, said PIER can boost corporate investigations.
The project is expected to reduce the time it takes to conduct cross-regulator investigations as well as the cost. CVM did not immediately respond to requests for hard numbers.
It’s also being seen as a more secure means of storing information.
“Building PIER, using blockchain, allows the use of decentralized, tested technology whose native functionalities mean that there is no need to build the system from scratch,” BCB software manager Eduardo Weller said in the press release.
Based on BCB’s description of PIER, the underlying blockchain appears to utilize a consensus-based mechanism with multiple nodes and a digital signature system. BCB did not immediately respond to requests for a deeper technical overview.
BCB will add yet more government databases to PIER over time, saying the system “has the potential to aggregate databases from outside the financial system,” the press release said. Possible additions include data from: “judiciary, trade boards and international financial stability bodies.”
PIER’s debut is two years in the making. BCB, which first developed PIER and now administers it, disclosed PIER’s existence inJune 2018. Project lead Gabriela Ruberg did not respond to a request for comment.
Brazil’s financial sector often looks to blockchain’s potential. Private banks have issuedsecurity tokenson the Tezos blockchain andminted Brazilian real-backed stablecoinson Ethereum. As the PIER press release notes: “The use of Blockchain in financial services has been growing in the market.”
The regulators, and especially BCB, havebeen similarly bullish. The four now running PIER launched ablockchain sandboxin June 2019.
This embrace of blockchain’s technological potential comes in striking contrast to its wider views on cryptocurrency. BCB officialshave likenedbitcoin to a pyramid scheme. Even so, they have stressed that the tech is different from its individual applications.
• Election App Voatz Just Got Kicked Out of a Major Bug Bounty Program
• Can Bitcoin Survive the Climate Change Revolution? || Brazilian Financial Regulators Will Vet Companies and Political Appointees on a Blockchain: Brazils financial regulators launched an information-sharing blockchain platform called PIER on Wednesday. At launch, the blockchain pulls data from three of Brazils four major financial institutions: the private insurance superintendent (SUSEP), the Banco Central do Brasil (BCB) and securities regulator (CVM), PIERs main backers. Social security supervisor PREVIC also plans to join. Once it does, PIER will unite Brazils entire financial oversight ecosystem in what CVM called a vast integrated database that accelerates the speed with which each can administer its slice of Brazils $1.9 trillion economy Latin Americas largest by far. Related: As Governments Rush to Track Coronavirus, Honduras May Offer a Privacy-First Model One use of the platform would be to conduct background checks on political appointees, according to BCB . Our objective is that this system promotes gains to the market, given the more efficient, safe and adequate supervision and enforcement to the new technological scenario that we are experiencing said CVM President Marcelo Barbosa in a press release. PIER grants bureaucrats access to their sister agencies real-time records on company sanctions, financial performance and business associates in seconds, according to BCB. Its an easy, online bridge between previously siloed data troves. This makes it possible to drastically reduce the time period for assessing requirements, said Daniel Bichuette, deputy head of the BCBs Financial System Organization Department, in the press release. Related: CoinTracker Adds 6 Industry Partnerships for Its Crypto Tax Reporting Tool Each agency envisions using PIER to improve their oversight efficiency. For example, BCB said in a press release that PIER can streamline its vetting of elected officials appointed to financial institution posts specifically the examination of their qualifications and business reputation. The central bank is charged with conducting such investigations. Story continues CVM, for its part, said PIER can boost corporate investigations. The project is expected to reduce the time it takes to conduct cross-regulator investigations as well as the cost. CVM did not immediately respond to requests for hard numbers. Its also being seen as a more secure means of storing information. Building PIER, using blockchain, allows the use of decentralized, tested technology whose native functionalities mean that there is no need to build the system from scratch, BCB software manager Eduardo Weller said in the press release. Based on BCBs description of PIER, the underlying blockchain appears to utilize a consensus-based mechanism with multiple nodes and a digital signature system. BCB did not immediately respond to requests for a deeper technical overview. BCB will add yet more government databases to PIER over time, saying the system has the potential to aggregate databases from outside the financial system, the press release said. Possible additions include data from: judiciary, trade boards and international financial stability bodies. PIERs debut is two years in the making. BCB, which first developed PIER and now administers it, disclosed PIERs existence in June 2018 . Project lead Gabriela Ruberg did not respond to a request for comment. Brazils financial sector often looks to blockchains potential. Private banks have issued security tokens on the Tezos blockchain and minted Brazilian real-backed stablecoins on Ethereum. As the PIER press release notes: The use of Blockchain in financial services has been growing in the market. The regulators, and especially BCB, have been similarly bullish . The four now running PIER launched a blockchain sandbox in June 2019. This embrace of blockchains technological potential comes in striking contrast to its wider views on cryptocurrency. BCB officials have likened bitcoin to a pyramid scheme. Even so, they have stressed that the tech is different from its individual applications. Related Stories Election App Voatz Just Got Kicked Out of a Major Bug Bounty Program Can Bitcoin Survive the Climate Change Revolution? || Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed: Bitcoin(BTC) rose Thursday for the fourth straight session and briefly climbed above $7,000 for the first time in three weeks.
The bellwether cryptocurrency was up 2.5 percent to $6,821 as of 19:22 UTC (3:22 p.m. in New York.) Earlier, the price rallied as high as $7,236 before pulling back.
The four-day increase has helped bitcoin claw back some of its losses during the first three months of the year, when the spreading coronavirus and increasingly dire economic prospects sparked a flight for cash among investors in both traditional and digital-asset markets.
Related:Ether-Bitcoin Price Volatility Spread Hits 4-Month Low
Joe DiPasquale, CEO of BitBull Capital, a San Francisco-based hedge fund specializing in cryptocurrencies, said he saw no clear driver of Thursday’s move. Market signals show a growing conviction among bitcoin traders that prices won’t fall below $6,000 in the short term, but rallies above $7,000 appear to be drawing in sellers, he said.
See also:Crypto Wants Stronger Public Response to Coronavirus, CoinDesk Survey Shows
“You have so many people trying to swing trade on crypto,” DiPasquale said in a phone interview.
Traditional financial markets were whipsawed again as Wall Street investors speculated that major oil producers including Saudi Arabia and Russia might agree on production cuts to help to stabilize prices. Oil jumped 22 percent to $24.77 a barrel, and the Standard & Poor’s 500 Index rose 2.3 percent.
Related:Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High
The S&P 500 is still down 22 percent for the year to date, while bitcoin has now trimmed its 2020 losses to just 5.5 percent.
DiPasquale said many bitcoin traders are looking ahead to May’s expected “halving,” when the supply of new units of the cryptocurrency issued by the underlying blockchain network is scheduled to drop by 50 percent. The once-every-four-years-event was coded into the 11-year-old bitcoin’s original programming as a way of minimizing inflation.
See also:Bitcoin Halving, Explained.
The halving comes as the U.S. Federal Reserve is poised to inject an estimated $4 trillion of new liquidity into the global financial system to help stabilize markets, roughly equivalent to the total amount of money created on the central bank’s balance sheet since its founding in 1913. Investors including Mike Novogratz, CEO of the cryptocurrency-focused investment firm Galaxy Digital, say such moves could “debase” the value of the dollar.
“That literally is a printing press,” Novogratz told CNBC on Thursday. “I’m getting calls from real big investors we’ve never seen before, saying, `Tell me about this bitcoin.'”
Novogratz said he expects bitcoin’s price to double within the next six months and potentially climb above its previous record near $20,000 by the end of the year.
Marc Hochsteincontributed reporting.UPDATE (April 2, 21:00 UTC):An earlier version of this article misstated the date of the last time bitcoin traded above $7,000. It was March 12, not 11. The article has also been updated with new information.
• Bitcoin Enters Historically Strong Quarter With 3% Price Gain
• Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s Halving || Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed: Bitcoin(BTC) rose Thursday for the fourth straight session and briefly climbed above $7,000 for the first time in three weeks.
The bellwether cryptocurrency was up 2.5 percent to $6,821 as of 19:22 UTC (3:22 p.m. in New York.) Earlier, the price rallied as high as $7,236 before pulling back.
The four-day increase has helped bitcoin claw back some of its losses during the first three months of the year, when the spreading coronavirus and increasingly dire economic prospects sparked a flight for cash among investors in both traditional and digital-asset markets.
Related:Ether-Bitcoin Price Volatility Spread Hits 4-Month Low
Joe DiPasquale, CEO of BitBull Capital, a San Francisco-based hedge fund specializing in cryptocurrencies, said he saw no clear driver of Thursday’s move. Market signals show a growing conviction among bitcoin traders that prices won’t fall below $6,000 in the short term, but rallies above $7,000 appear to be drawing in sellers, he said.
See also:Crypto Wants Stronger Public Response to Coronavirus, CoinDesk Survey Shows
“You have so many people trying to swing trade on crypto,” DiPasquale said in a phone interview.
Traditional financial markets were whipsawed again as Wall Street investors speculated that major oil producers including Saudi Arabia and Russia might agree on production cuts to help to stabilize prices. Oil jumped 22 percent to $24.77 a barrel, and the Standard & Poor’s 500 Index rose 2.3 percent.
Related:Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High
The S&P 500 is still down 22 percent for the year to date, while bitcoin has now trimmed its 2020 losses to just 5.5 percent.
DiPasquale said many bitcoin traders are looking ahead to May’s expected “halving,” when the supply of new units of the cryptocurrency issued by the underlying blockchain network is scheduled to drop by 50 percent. The once-every-four-years-event was coded into the 11-year-old bitcoin’s original programming as a way of minimizing inflation.
See also:Bitcoin Halving, Explained.
The halving comes as the U.S. Federal Reserve is poised to inject an estimated $4 trillion of new liquidity into the global financial system to help stabilize markets, roughly equivalent to the total amount of money created on the central bank’s balance sheet since its founding in 1913. Investors including Mike Novogratz, CEO of the cryptocurrency-focused investment firm Galaxy Digital, say such moves could “debase” the value of the dollar.
“That literally is a printing press,” Novogratz told CNBC on Thursday. “I’m getting calls from real big investors we’ve never seen before, saying, `Tell me about this bitcoin.'”
Novogratz said he expects bitcoin’s price to double within the next six months and potentially climb above its previous record near $20,000 by the end of the year.
Marc Hochsteincontributed reporting.UPDATE (April 2, 21:00 UTC):An earlier version of this article misstated the date of the last time bitcoin traded above $7,000. It was March 12, not 11. The article has also been updated with new information.
• Bitcoin Enters Historically Strong Quarter With 3% Price Gain
• Bitcoin Takes Tumble, Traders Fret Correlation and Next Month’s Halving || Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-Off May Have Passed: Bitcoin (BTC) rose Thursday for the fourth straight session and briefly climbed above $7,000 for the first time in three weeks. The bellwether cryptocurrency was up 2.5 percent to $6,821 as of 19:22 UTC (3:22 p.m. in New York.) Earlier, the price rallied as high as $7,236 before pulling back. The four-day increase has helped bitcoin claw back some of its losses during the first three months of the year, when the spreading coronavirus and increasingly dire economic prospects sparked a flight for cash among investors in both traditional and digital-asset markets. Related: Ether-Bitcoin Price Volatility Spread Hits 4-Month Low Joe DiPasquale, CEO of BitBull Capital, a San Francisco-based hedge fund specializing in cryptocurrencies, said he saw no clear driver of Thursdays move. Market signals show a growing conviction among bitcoin traders that prices wont fall below $6,000 in the short term, but rallies above $7,000 appear to be drawing in sellers, he said. See also: Crypto Wants Stronger Public Response to Coronavirus, CoinDesk Survey Shows You have so many people trying to swing trade on crypto, DiPasquale said in a phone interview. Traditional financial markets were whipsawed again as Wall Street investors speculated that major oil producers including Saudi Arabia and Russia might agree on production cuts to help to stabilize prices. Oil jumped 22 percent to $24.77 a barrel, and the Standard & Poors 500 Index rose 2.3 percent. Related: Bitcoin Extends Rally as Trading Volume for CME Futures Hits Three-Week High The S&P 500 is still down 22 percent for the year to date, while bitcoin has now trimmed its 2020 losses to just 5.5 percent. DiPasquale said many bitcoin traders are looking ahead to Mays expected halving, when the supply of new units of the cryptocurrency issued by the underlying blockchain network is scheduled to drop by 50 percent. The once-every-four-years-event was coded into the 11-year-old bitcoins original programming as a way of minimizing inflation. Story continues See also: Bitcoin Halving, Explained. The halving comes as the U.S. Federal Reserve is poised to inject an estimated $4 trillion of new liquidity into the global financial system to help stabilize markets, roughly equivalent to the total amount of money created on the central banks balance sheet since its founding in 1913. Investors including Mike Novogratz, CEO of the cryptocurrency-focused investment firm Galaxy Digital, say such moves could debase the value of the dollar. That literally is a printing press, Novogratz told CNBC on Thursday. Im getting calls from real big investors weve never seen before, saying, `Tell me about this bitcoin.' Novogratz said he expects bitcoins price to double within the next six months and potentially climb above its previous record near $20,000 by the end of the year. Marc Hochstein contributed reporting. UPDATE (April 2, 21:00 UTC): An earlier version of this article misstated the date of the last time bitcoin traded above $7,000. It was March 12, not 11. The article has also been updated with new information. Related Stories Bitcoin Enters Historically Strong Quarter With 3% Price Gain Bitcoin Takes Tumble, Traders Fret Correlation and Next Months Halving || The Gross Law Firm Announces Class Actions on Behalf of Shareholders of TVTY, CAN and INO: NEW YORK, NY / ACCESSWIRE / April 2, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery. Tivity Health, Inc. ( TVTY ) Investors Affected : March 8, 2019 - February 19, 2020 A class action has commenced on behalf of certain shareholders in Tivity Health, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) following the Nutrisystem Acquisition, Tivity's Nutrition segment faced significant operational challenges; (ii) the foregoing would foreseeably have a significant impact on Tivity's revenues; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times. Shareholders may find more information at https://securitiesclasslaw.com/securities/tivity-health-inc-loss-submission-form/?id=5894&from=1 Canaan Inc. ( CAN ) Investors Affected : publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering. A class action has commenced on behalf of certain shareholders in Canaan Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers. Story continues Shareholders may find more information at https://securitiesclasslaw.com/securities/canaan-inc-loss-submission-form/?id=5894&from=1 Inovio Pharmaceuticals, Inc. ( INO ) Investors Affected : February 14, 2020 - March 9, 2020 A class action has commenced on behalf of certain shareholders in Inovio Pharmaceuticals, Inc. According to a filed complaint, throughout the class period, defendants made misleading statements about the company's development of a purported vaccine for the novel coronavirus, artificially inflating the company's share price and resulting in significant investor losses. Shareholders may find more information at https://securitiesclasslaw.com/securities/inovio-pharmaceuticals-inc-loss-submission-form/?id=5894&from=1 The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: The Gross Law Firm 15 West 38th Street, 12th floor New York, NY, 10018 Email: [email protected] Phone: (212) 537-9430 Fax: (833) 862-7770 SOURCE: The Gross Law Firm View source version on accesswire.com: https://www.accesswire.com/583678/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-TVTY-CAN-and-INO || The Gross Law Firm Announces Class Actions on Behalf of Shareholders of TVTY, CAN and INO: NEW YORK, NY / ACCESSWIRE / April 2, 2020 /The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.
Tivity Health, Inc. (TVTY)
Investors Affected : March 8, 2019 - February 19, 2020
A class action has commenced on behalf of certain shareholders in Tivity Health, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) following the Nutrisystem Acquisition, Tivity's Nutrition segment faced significant operational challenges; (ii) the foregoing would foreseeably have a significant impact on Tivity's revenues; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/tivity-health-inc-loss-submission-form/?id=5894&from=1
Canaan Inc. (CAN)
Investors Affected : publicly traded securities of Canaan, including its American Depository Shares pursuant and/or traceable to the Company's registration statement and related prospectus issued in connection with the Company's November 20, 2019 initial public offering.
A class action has commenced on behalf of certain shareholders in Canaan Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the purported "strategic cooperation" was actually a transaction with a related party; (2) the company's financial health was worse than what was actually reported; (3) the company had recently removed numerous distributors from its website just prior to the initial public offering, many of which were small or suspicious businesses; and (4) several of the Company's largest Chinese clients in prior years were clients who were not in the Bitcoin mining industry and, thus, would likely not be repeat customers.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/canaan-inc-loss-submission-form/?id=5894&from=1
Inovio Pharmaceuticals, Inc. (INO)
Investors Affected : February 14, 2020 - March 9, 2020
A class action has commenced on behalf of certain shareholders in Inovio Pharmaceuticals, Inc. According to a filed complaint, throughout the class period, defendants made misleading statements about the company's development of a purported vaccine for the novel coronavirus, artificially inflating the company's share price and resulting in significant investor losses.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/inovio-pharmaceuticals-inc-loss-submission-form/?id=5894&from=1
The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email:[email protected]: (212) 537-9430Fax: (833) 862-7770
SOURCE:The Gross Law Firm
View source version on accesswire.com:https://www.accesswire.com/583678/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-TVTY-CAN-and-INO || Makers of Keep Protocol Raise $7.7M to Bring Trustless BTC to DeFi: With a forthcoming product that may entice more decentralized finance (DeFi) players to incorporate bitcoin-backed tokens, Thesis has closed a $7.7 million deal by selling its Keep tokens to some of crypto’s top investors. Announced Thursday, Thesis will shortly debut TBTC, a trustless platform for making bitcoin-backed tBTC tokens on Ethereum. The private keys guarding the BTC are stored using Keep , the firm’s system for storing secrets in a usable fashion on the world computer. Few secrets are more useful and valuable than bitcoin private keys. That said, a vocal cohort of bitcoin partisans has been very publicly skeptical of DeFi, but TBTC’s creator doesn’t think that represents the broader view. After all, more people hold bitcoin than ever before . Related: Coinbase Pumps $1.1M USDC Into DeFi Sites Uniswap and PoolTogether “The silent majority of most bitcoin and ETH people aren’t maximalists,” Matt Luongo told CoinDesk in a phone call. Luongo is the CEO and founder of Thesis , a blockchain development studio. The idea for Keep arose out of building bitcoin rewards app Fold , which needed ways to store data in public, privately. While not committing to a precise timeline, Luongo said both Keep and TBTC will go live at the same time – in a matter of “weeks not months.” The new funding round was led by Paradigm Capital , with participation from Fenbushi Capital, Collaborative Fund and others. In December 2018, Keep had a prior round that included participation from Andreessen Horowitz, Polychain Capital and Draper Associates. “Decentralized financial applications on Ethereum have seen clear demand,” Paradigm co-founder Fred Ehrsam said in a statement. “Bitcoin is the world’s largest cryptocurrency. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, and tBTC is a credible attempt to do exactly that.” Related: Tether CTO Claims USDT Stablecoin Can Boost DeFi Liquidity Luongo is himself extremely long BTC, but he’s not one of those bitcoin diehards who dismisses DeFi. Story continues “I think the whole Bitcoin-Ethereum cultural split has outlived its usefulness,” he said. What’s different about tBTC Bitcoin is already on Ethereum, most notably with wBTC, an ERC-20 token created by BitGo . Naturally, wBTC builds on its creator’s strengths. BitGo serves as the custodian and lets anyone check its BTC balances against outstanding wBTC. But having a centralized, identifiable custodian could potentially introduce censorship risks in the eyes of some users. Conversely, TBTC is an application built to allow trustless storage of the bitcoin backing tBTC tokens. To mint one tBTC, a user contacts the Keep network, which designates a wallet for storing the bitcoin. The keys for that wallet are held in a multi-sig structure across several nodes on the Keep network that have staked KEEP tokens. This is just what Keep was built for, Luongo explained. “It let’s you operate with private material and choose people to hold it randomly,” he said. The chosen nodes collateralize the BTC with ETH at 150 percent of the value of the underlying BTC. Then the tBTC token gets minted to the bitcoin owner’s wallet. That token can be used in DeFi apps that accept it (more on that later). Anytime they want to unlock their bitcoin, the tBTC creator simply needs to return an equal amount of tBTC to the smart contract, which will burn the tBTC and return the bitcoin to a wallet the user controls. BTC’s DeFi advantages Interestingly, Luongo said, ETH is likely to work better for collateral for BTC than a stablecoin, because the two cryptos tend to be fairly correlated. So if BTC price makes a big move, ETH will probably make a similar move, making it less likely for the ETH collateral to get liquidated. There’s very little reason to have bitcoin on Ethereum if there’s nothing to do with it, though, so the product will only work well if DeFi applications adopt tBTC. In part, Luongo explained, that’s why Thesis sought a fresh round of funding. “As TBTC is the first app on Keep we want to make sure it lands,” Luongo said. Stani Kulechov runs Aave (formerly ETHLend), the number four application on DeFi, according to DeFi Pulse . Aave has a half-million dollars worth of wBTC on the application, which is fairly small compared to other tokens its users stake. “I think DeFi is still alien to Bitcoin holders,” Kulechov told CoinDesk in an email. That said, he also believes that the yields found in DeFi are attracting more and more hodlers. His company has been watching tBTC along with other projects working to get BTC onto Ethereum, such as Ren and pTokens . “These new alternatives are actually bringing quite innovative solutions to reduce trust and custody,” Kulechov wrote. “That might be another factor that could accelerate BTC liquidity into Ethereum.” Related Stories Investors in Polychain Capital’s Crypto Hedge Fund Saw 1,332% Gains – If They Stomached the Dips Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach || Makers of Keep Protocol Raise $7.7M to Bring Trustless BTC to DeFi: With a forthcoming product that may entice more decentralized finance (DeFi) players to incorporate bitcoin-backed tokens, Thesis has closed a $7.7 million deal by selling its Keep tokens to some of crypto’s top investors.
Announced Thursday, Thesis will shortly debut TBTC, a trustless platform for making bitcoin-backed tBTC tokens on Ethereum. The private keys guarding theBTCare stored usingKeep, the firm’s system for storing secrets in a usable fashion on the world computer. Few secrets are more useful and valuable than bitcoin private keys.
That said, a vocal cohort of bitcoin partisans has been very publicly skeptical of DeFi, but TBTC’s creator doesn’t think that represents the broader view. After all, more people hold bitcointhan ever before.
Related:Coinbase Pumps $1.1M USDC Into DeFi Sites Uniswap and PoolTogether
“The silent majority of most bitcoin andETHpeople aren’t maximalists,” Matt Luongo told CoinDesk in a phone call.
Luongo is the CEO and founder ofThesis, a blockchain development studio. The idea for Keep arose outof building bitcoin rewards app Fold, which needed ways to store data in public, privately. While not committing to a precise timeline, Luongo said both Keep and TBTC will go live at the same time – in a matter of “weeks not months.”
The new funding round was led byParadigm Capital, with participation from Fenbushi Capital, Collaborative Fund and others. In December 2018, Keep had a prior round that included participation from Andreessen Horowitz, Polychain Capital and Draper Associates.
“Decentralized financial applications on Ethereum have seen clear demand,” Paradigm co-founder Fred Ehrsam said in a statement. “Bitcoin is the world’s largest cryptocurrency. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, and tBTC is a credible attempt to do exactly that.”
Related:Tether CTO Claims USDT Stablecoin Can Boost DeFi Liquidity
Luongo is himself extremely long BTC, but he’s not one of those bitcoin diehards who dismisses DeFi.
“I think the whole Bitcoin-Ethereum cultural split has outlived its usefulness,” he said.
Bitcoin is already on Ethereum, most notably with wBTC, an ERC-20 token created byBitGo.
Naturally, wBTC builds on its creator’s strengths. BitGo serves as the custodian and lets anyone check its BTC balances against outstanding wBTC. But having a centralized, identifiable custodian could potentially introduce censorship risks in the eyes of some users.
Conversely, TBTC is an application built to allow trustless storage of the bitcoin backing tBTC tokens. To mint one tBTC, a user contacts the Keep network, which designates a wallet for storing the bitcoin. The keys for that wallet are held in a multi-sig structure across several nodes on the Keep network that have staked KEEP tokens.
This is just what Keep was built for, Luongo explained. “It let’s you operate with private material and choose people to hold it randomly,” he said.
The chosen nodes collateralize the BTC with ETH at 150 percent of the value of the underlying BTC. Then the tBTC token gets minted to the bitcoin owner’s wallet.
That token can be used in DeFi apps that accept it (more on that later). Anytime they want to unlock their bitcoin, the tBTC creator simply needs to return an equal amount of tBTC to the smart contract, which will burn the tBTC and return the bitcoin to a wallet the user controls.
Interestingly, Luongo said, ETH is likely to work better for collateral for BTC than a stablecoin, because the two cryptos tend to be fairly correlated. So if BTC price makes a big move, ETH will probably make a similar move, making it less likely for the ETH collateral to get liquidated.
There’s very little reason to have bitcoin on Ethereum if there’s nothing to do with it, though, so the product will only work well if DeFi applications adopt tBTC. In part, Luongo explained, that’s why Thesis sought a fresh round of funding.
“As TBTC is the first app on Keep we want to make sure it lands,” Luongo said.
Stani Kulechov runsAave(formerly ETHLend), the number four application on DeFi, accordingto DeFi Pulse. Aave has a half-million dollars worth of wBTC on the application, which is fairly small compared to other tokens its users stake.
“I think DeFi is still alien to Bitcoin holders,” Kulechov told CoinDesk in an email.
That said, he also believes that the yields found in DeFi are attracting more and more hodlers. His company has been watching tBTC along with other projects working to get BTC onto Ethereum, such asRenandpTokens.
“These new alternatives are actually bringing quite innovative solutions to reduce trust and custody,” Kulechov wrote. “That might be another factor that could accelerate BTC liquidity into Ethereum.”
• Investors in Polychain Capital’s Crypto Hedge Fund Saw 1,332% Gains – If They Stomached the Dips
• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach || Makers of Keep Protocol Raise $7.7M to Bring Trustless BTC to DeFi: With a forthcoming product that may entice more decentralized finance (DeFi) players to incorporate bitcoin-backed tokens, Thesis has closed a $7.7 million deal by selling its Keep tokens to some of crypto’s top investors.
Announced Thursday, Thesis will shortly debut TBTC, a trustless platform for making bitcoin-backed tBTC tokens on Ethereum. The private keys guarding theBTCare stored usingKeep, the firm’s system for storing secrets in a usable fashion on the world computer. Few secrets are more useful and valuable than bitcoin private keys.
That said, a vocal cohort of bitcoin partisans has been very publicly skeptical of DeFi, but TBTC’s creator doesn’t think that represents the broader view. After all, more people hold bitcointhan ever before.
Related:Coinbase Pumps $1.1M USDC Into DeFi Sites Uniswap and PoolTogether
“The silent majority of most bitcoin andETHpeople aren’t maximalists,” Matt Luongo told CoinDesk in a phone call.
Luongo is the CEO and founder ofThesis, a blockchain development studio. The idea for Keep arose outof building bitcoin rewards app Fold, which needed ways to store data in public, privately. While not committing to a precise timeline, Luongo said both Keep and TBTC will go live at the same time – in a matter of “weeks not months.”
The new funding round was led byParadigm Capital, with participation from Fenbushi Capital, Collaborative Fund and others. In December 2018, Keep had a prior round that included participation from Andreessen Horowitz, Polychain Capital and Draper Associates.
“Decentralized financial applications on Ethereum have seen clear demand,” Paradigm co-founder Fred Ehrsam said in a statement. “Bitcoin is the world’s largest cryptocurrency. Building a bridge that allows Bitcoin to interact with DeFi makes a lot of sense, and tBTC is a credible attempt to do exactly that.”
Related:Tether CTO Claims USDT Stablecoin Can Boost DeFi Liquidity
Luongo is himself extremely long BTC, but he’s not one of those bitcoin diehards who dismisses DeFi.
“I think the whole Bitcoin-Ethereum cultural split has outlived its usefulness,” he said.
Bitcoin is already on Ethereum, most notably with wBTC, an ERC-20 token created byBitGo.
Naturally, wBTC builds on its creator’s strengths. BitGo serves as the custodian and lets anyone check its BTC balances against outstanding wBTC. But having a centralized, identifiable custodian could potentially introduce censorship risks in the eyes of some users.
Conversely, TBTC is an application built to allow trustless storage of the bitcoin backing tBTC tokens. To mint one tBTC, a user contacts the Keep network, which designates a wallet for storing the bitcoin. The keys for that wallet are held in a multi-sig structure across several nodes on the Keep network that have staked KEEP tokens.
This is just what Keep was built for, Luongo explained. “It let’s you operate with private material and choose people to hold it randomly,” he said.
The chosen nodes collateralize the BTC with ETH at 150 percent of the value of the underlying BTC. Then the tBTC token gets minted to the bitcoin owner’s wallet.
That token can be used in DeFi apps that accept it (more on that later). Anytime they want to unlock their bitcoin, the tBTC creator simply needs to return an equal amount of tBTC to the smart contract, which will burn the tBTC and return the bitcoin to a wallet the user controls.
Interestingly, Luongo said, ETH is likely to work better for collateral for BTC than a stablecoin, because the two cryptos tend to be fairly correlated. So if BTC price makes a big move, ETH will probably make a similar move, making it less likely for the ETH collateral to get liquidated.
There’s very little reason to have bitcoin on Ethereum if there’s nothing to do with it, though, so the product will only work well if DeFi applications adopt tBTC. In part, Luongo explained, that’s why Thesis sought a fresh round of funding.
“As TBTC is the first app on Keep we want to make sure it lands,” Luongo said.
Stani Kulechov runsAave(formerly ETHLend), the number four application on DeFi, accordingto DeFi Pulse. Aave has a half-million dollars worth of wBTC on the application, which is fairly small compared to other tokens its users stake.
“I think DeFi is still alien to Bitcoin holders,” Kulechov told CoinDesk in an email.
That said, he also believes that the yields found in DeFi are attracting more and more hodlers. His company has been watching tBTC along with other projects working to get BTC onto Ethereum, such asRenandpTokens.
“These new alternatives are actually bringing quite innovative solutions to reduce trust and custody,” Kulechov wrote. “That might be another factor that could accelerate BTC liquidity into Ethereum.”
• Investors in Polychain Capital’s Crypto Hedge Fund Saw 1,332% Gains – If They Stomached the Dips
• Bitcoin and Ether Prices Stagnate as Traders Take Wait-and-See Approach || Which Cryptos To Buy And When: The Straight Answers With No Ax To Grind: Stock market volatility has been bleeding into the crypto markets ... We’re inching steadily closer to Bitcoin’s halving, an event expected to shake up the crypto sphere ... And the greed/fear propaganda of yesteryear is back. How do you navigate through this labyrinth of market confusion and misinformation? Simple. You use cold, hard data and objective, independent, non-conflicted logic. That’s what we do. And that’s how we come up with our Weiss Crypto Ratings. Here’s a quick summary of the three coins that get our top ratings right now ... Bitcoin (BTC) Technology/Adoption: “A” Market Performance: “D-” Overall Rating: “B+” A decade ago, Bitcoin created a decentralized monetary system and declared independence from any institution, both public and private. Now fast forward 11 years. You should see three important developments ... First , you see Bitcoin functioning as a fully digital payment system owned and controlled by absolutely no one. No asset, whether digital or not, has ever performed that function in that way — with one possible exception: Gold. But in modern times, that function for gold has been little more than a dream held by a minority — never a reality experienced by a majority. Until now. Second , you see how that unique feature has propelled Bitcoin’s growth from zero to a worldwide asset currently worth approximately $114 billion. Why? Because Bitcoin offers a legitimate alternative to fiat money. It is neutral and borderless. And it was created to be an answer to a global debt crisis. Third , you see that new challenges have emerged ... new blockchain technologies have been created to address them ... never-before-imagined possibilities have burst onto the scene ... and the crypto-asset industry that Bitcoin launched has moved far beyond the simple peer-to-peer payments it once aimed to revolutionize. And that leads us to ... Ethereum (ETH) Story continues Technology/Adoption: “A” Market Performance: “E+” Overall Rating: “B+” While Bitcoin was the world's first public blockchain, Ethereum was the first major improvement. Ethereum used the same technology that made Bitcoin successful and took it one step further. It allowed developers to create virtually any application through “smart contracts.” Thus, Ethereum is viewed as the world's first globally distributed public computer. But it wasn’t done with just improving Bitcoin. Ethereum is determined to improve itself. Currently, Ethereum is so popular that the network is routinely overloaded. Transaction times can sometimes become agonizingly slow. Transaction fees can often be exorbitantly expensive. But, provided it can be fixed, this is a good problem to have because ... Chronic congestion signals vast and growing adoption, arguably the single most important factor in the long-term success of any cryptocurrency. And it can be fixed. Developers are working on an upgrade: Ethereum 2.0. The hope is that with this upgrade, transaction time will drop to between three and six seconds. Bottom line: We have already upgraded Ethereum's technology grade once. And further upgrades are very possible as we get more clarity on how all this will play out. This combined with its high adoption rating makes Ethereum very attractive. Cardano (ADA) Technology/Adoption: “B+” Market Performance: “E+” Overall Rating: “B-” Cardano is one of the most complex of all the cryptos we rate. Like other third-generation cryptos, Cardano aspires to be a new and improved version of Ethereum. But what most sets it apart from the crowd is the way developers are going about building it out: Slowly and methodically. Why? Because they place top value on getting stuff right the first time. Compare that to teams that are hell-bent on rushing new features to market ... sitting back ... and waiting to see what breaks down under the stress of real-world usage. The latter may be a tolerable strategy for software confined to non-mission-critical applications like gaming. But it’s intolerable for serious use-cases to which Cardano aspires to provide: Critical infrastructure to the global financial system. And this dedication to getting things right attracts top-level mathematicians, engineers, and computer scientists. For them, it's a chance to work side by side with the best of the best. And this is reflected in one of the highest Technology scores of all the cryptos we rate. In many ways, Cardano is setting new standards for what distributed ledger technology should look like. What to Do Now First , if you’re a long-term investor willing to ride out any near-term storms, this is a good time to get in at relatively good prices. Second , be sure to watch for your Weiss Crypto Alert issues. And if you’re reading this online, be sure to sign up to get them in your inbox. Third , learn all about our Weiss Crypto Ratings. They are the only crypto ratings issued by a financial rating agency. Plus, to our knowledge, they’re the only ones created with total independence and no conflicts of interest. Check out Weiss Crypto Ratings and Indexes: https://www.benzinga.com/cryptocurrency/weiss-crypto-ratings/ https://www.benzinga.com/cryptocurrency/weiss-crypto-indexes/ Image sourced from Pixabay See more from Benzinga Traditional Markets Are Collapsing-- Is This A Part Of The Solution? A Look At A More Advanced Stablecoin Next Up For DLT Disruption? The .2 TRILLION Insurance Industry © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Which Cryptos To Buy And When: The Straight Answers With No Ax To Grind: Stock market volatility has been bleeding into the crypto markets ... We’re inching steadily closer to Bitcoin’s halving, an event expected to shake up the crypto sphere ... And the greed/fear propaganda of yesteryear is back. How do you navigate through this labyrinth of market confusion and misinformation? Simple. You use cold, hard data and objective, independent, non-conflicted logic. That’s what we do. And that’s how we come up with our Weiss Crypto Ratings. Here’s a quick summary of the three coins that get our top ratings right now ... Bitcoin (BTC) Technology/Adoption: “A” Market Performance: “D-” Overall Rating: “B+” A decade ago, Bitcoin created a decentralized monetary system and declared independence from any institution, both public and private. Now fast forward 11 years. You should see three important developments ... First , you see Bitcoin functioning as a fully digital payment system owned and controlled by absolutely no one. No asset, whether digital or not, has ever performed that function in that way — with one possible exception: Gold. But in modern times, that function for gold has been little more than a dream held by a minority — never a reality experienced by a majority. Until now. Second , you see how that unique feature has propelled Bitcoin’s growth from zero to a worldwide asset currently worth approximately $114 billion. Why? Because Bitcoin offers a legitimate alternative to fiat money. It is neutral and borderless. And it was created to be an answer to a global debt crisis. Third , you see that new challenges have emerged ... new blockchain technologies have been created to address them ... never-before-imagined possibilities have burst onto the scene ... and the crypto-asset industry that Bitcoin launched has moved far beyond the simple peer-to-peer payments it once aimed to revolutionize. And that leads us to ... Ethereum (ETH) Story continues Technology/Adoption: “A” Market Performance: “E+” Overall Rating: “B+” While Bitcoin was the world's first public blockchain, Ethereum was the first major improvement. Ethereum used the same technology that made Bitcoin successful and took it one step further. It allowed developers to create virtually any application through “smart contracts.” Thus, Ethereum is viewed as the world's first globally distributed public computer. But it wasn’t done with just improving Bitcoin. Ethereum is determined to improve itself. Currently, Ethereum is so popular that the network is routinely overloaded. Transaction times can sometimes become agonizingly slow. Transaction fees can often be exorbitantly expensive. But, provided it can be fixed, this is a good problem to have because ... Chronic congestion signals vast and growing adoption, arguably the single most important factor in the long-term success of any cryptocurrency. And it can be fixed. Developers are working on an upgrade: Ethereum 2.0. The hope is that with this upgrade, transaction time will drop to between three and six seconds. Bottom line: We have already upgraded Ethereum's technology grade once. And further upgrades are very possible as we get more clarity on how all this will play out. This combined with its high adoption rating makes Ethereum very attractive. Cardano (ADA) Technology/Adoption: “B+” Market Performance: “E+” Overall Rating: “B-” Cardano is one of the most complex of all the cryptos we rate. Like other third-generation cryptos, Cardano aspires to be a new and improved version of Ethereum. But what most sets it apart from the crowd is the way developers are going about building it out: Slowly and methodically. Why? Because they place top value on getting stuff right the first time. Compare that to teams that are hell-bent on rushing new features to market ... sitting back ... and waiting to see what breaks down under the stress of real-world usage. The latter may be a tolerable strategy for software confined to non-mission-critical applications like gaming. But it’s intolerable for serious use-cases to which Cardano aspires to provide: Critical infrastructure to the global financial system. And this dedication to getting things right attracts top-level mathematicians, engineers, and computer scientists. For them, it's a chance to work side by side with the best of the best. And this is reflected in one of the highest Technology scores of all the cryptos we rate. In many ways, Cardano is setting new standards for what distributed ledger technology should look like. What to Do Now First , if you’re a long-term investor willing to ride out any near-term storms, this is a good time to get in at relatively good prices. Second , be sure to watch for your Weiss Crypto Alert issues. And if you’re reading this online, be sure to sign up to get them in your inbox. Third , learn all about our Weiss Crypto Ratings. They are the only crypto ratings issued by a financial rating agency. Plus, to our knowledge, they’re the only ones created with total independence and no conflicts of interest. Check out Weiss Crypto Ratings and Indexes: https://www.benzinga.com/cryptocurrency/weiss-crypto-ratings/ https://www.benzinga.com/cryptocurrency/weiss-crypto-indexes/ Image sourced from Pixabay See more from Benzinga Traditional Markets Are Collapsing-- Is This A Part Of The Solution? A Look At A More Advanced Stablecoin Next Up For DLT Disruption? The .2 TRILLION Insurance Industry © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ripple Engineers Publish Design for Private Transactions on XRP Ledger: A new proposal specification from Ripple’s software developers would allow users to send private transactions to one another using the XRP ledger.
In aGitHub submissionearlier this week, Ripple engineer Nik Bougalis said he and a group of other Ripple developers had designed a new private payment system for the XRP ledger to protect exchange users from malicious third parties.
Bougalis, who is responsible for XRP’s server software, said a system of “blinded tags” would make private transactions possible on the ledger. They would present a string of numbers that would be meaningful only for the intended recipient and appear random to everyone else.
Related:P2P Exchange Hodl Hodl Takes First Step in Bringing Private Bitcoin Trades to BlueWallet Users
“[I]f blinded tags are in use, an attacker capable of observing every payment transaction will be unable to isolate a pair of transactions that refer to the same unblinded tag,” Bougalis said.
See also:Digital Custodian Anchorage Adds XRP Storage for Institutional Customers
Cryptocurrency exchanges hold users’ XRP in the same wallet address, which is separated into various sub-wallets. To differentiate between the different holdings, sub-wallets use 32-bit source and destination tags to identify a transaction recipient.
At present, tags are publicly viewable and, if used frequently, can be associated with a particular user. Some exchanges already generate new tags for every transaction, but there are only a finite number of tags available. Although this isn’t an immediate issue, there comes a point where exchanges will be unable to generate any new tags.
Related:Why Are Crypto Companies Going to Abu Dhabi?
Bougalis’ proposal would also mean users could toggle blinded tags on or off. They would work as a single function so the network doesn’t become overburdened.
Using blinded tags not only protects users’ identity, but it also acts as an effective “workaround” for preserving the number of destination and source tags available to exchanges, Bougalis added. As blinded tags leverage an existing tag infrastructure on exchanges, it’s uncertain whether users sending XRP between standalone wallets would be able to do so privately.
See also:Amended Lawsuit Against Ripple Now Offers Theory That XRP May Not Be a Security
It was not immediately clear if Ripple intends to add blinded tags in the near future or if this is a more exploratory suggestion. A spokesperson said they were receiving feedback and would review it if 80 percent of trusted validators supported the proposal.
CoinDesk approached Bougalis for comment but had not received a response by the time we went to press
UPDATE (April 3 14:40 UTC): This article has been updated to include comments from a Ripple spokesperson.
• As Governments Rush to Track Coronavirus, Honduras May Offer a Privacy-First Model
• Digital Custodian Anchorage Adds XRP Storage for Institutional Customers
[Social Media Buzz]
None available.
|
6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29, 47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33, 47093.85, 46339.76, 46188.45, 45137.77, 49631.24, 48378.99, 50538.24, 48561.17, 48927.30, 48912.38, 51206.69, 52246.52, 54824.12, 56008.55, 57805.12, 57332.09, 61243.09, 59302.32, 55907.20, 56804.90, 58870.89, 57858.92, 58346.65, 58313.64, 57523.42, 54529.14, 54738.95, 52774.27, 51704.16, 55137.31, 55973.51, 55950.75, 57750.20, 58917.69, 58918.83, 59095.81, 59384.31, 57603.89, 58758.55, 59057.88, 58192.36, 56048.94, 58323.95, 58245.00, 59793.23, 60204.96, 59893.45, 63503.46, 63109.70, 63314.01, 61572.79, 60683.82, 56216.18, 55724.27, 56473.03, 53906.09, 51762.27, 51093.65, 50050.87, 49004.25, 54021.75, 55033.12, 54824.70, 53555.11, 57750.18, 57828.05.
|
[Bitcoin Technical Analysis for 2021-05-01]
Volume: 42836427360, RSI (14-day): 54.81, 50-day EMA: 55132.84, 200-day EMA: 40297.52
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Ebang International Reports Financial Results for Fiscal Year 2020: HANGZHOU, China, April 30, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced its financial results for the fiscal year ended December 31, 2020. Operational and Financial Highlights for Fiscal Year 2020 Total computing power sold in fiscal year 2020 was 0.50 million TH/s, representing a year-over-year decrease of 91.64% from 5.97 million TH/s in fiscal year 2019. Total net revenues in fiscal year 2020 were US$19.00 million representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019. Gross loss in fiscal year 2020 was US$2.90 million representing a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019. Net loss in fiscal year 2020 was US$32.11 million compared to US$41.07 million in fiscal year 2019. Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “The negative impact and unprecedented challenges caused by COVID-19 on businesses around the world is well documented, and we are not immune to them. Our chip suppliers have reduced their production capacity, resulting in our shortage of raw materials during the fiscal year of 2020. To ensure the resilience of our business operations and deliver solid performance after the market condition resumes normal, we have been actively optimizing our revenue structure based on the productivity ratio and strategically exploring expansion into blockchain-enabled financial services. For example, we positioned our overseas expansion by establishing subsidiaries globally and acquiring relevant licenses or authorizations for our cryptocurrency exchange business.” Continued Hu, “We are committed to our mission in strengthening the technological innovation in our products and services to ensure their competitiveness in the global cryptocurrency market. As previously noted, in 2021, we will increase investments in high performance ASIC chips and mining machines. Our abundant cash reserve allows us to expand the revenue sources from our current business and optimize the development of our blockchain industry chain. We believe our current businesses have solid potential and we are working hard to deliver results going forward that will demonstrate sequential improvement in operating and financial metrics.” Financial Results for Fiscal Year 2020 Total net revenues in fiscal year 2020 were US$19.00 million representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019. The year-over-year decrease in total net revenues was primarily due to the combined impact of COVID-19 such as travel restrictions, mandatory quarantines and suspension of business activities, which have caused severe disruptions and uncertainties to the Company’s business operations and adversely affected the Company’s results of operations and financial condition. For instance, the Company’s chip suppliers have reduced their production capacity due to the impact of the COVID-19, resulting in the Company’s shortage of raw materials during the first half of 2020. And together with the Bitcoin halving event, which significantly affected the expected returns on Bitcoin related activities such as mining, and in turn resulted in a much lower demand and average selling price of the Company’s Bitcoin mining machines. Story continues Cost of revenues in fiscal year 2020 was US$21.90 million compared to US$139.62 million in fiscal year 2019. The year-over-year decrease in cost of revenues was in line with the changes in the Company’s sales and the decrease in inventory write-down. Gross loss in fiscal year 2020 were US$2.90 million representing a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019. Total operating expenses in fiscal year 2020 were US$23.75 million compared to US$20.08 million in fiscal year 2019. Selling expenses in fiscal year 2020 were US$0.93 million compared to US$1.21 million in fiscal year 2019. The year-over-year decrease in selling expenses was in line with the decrease in the Company’s sales as well as reduced salary and bonus expenses relating to selling activities. General and administrative expenses in fiscal year 2020 were US$22.82 million compared to US$18.87 million in fiscal year 2019. The year-over-year increase in general and administrative expenses was primarily due to increase in professional fee related to the IPO process. Loss from operations in fiscal year 2020 was US$26.65 million compared to US$50.65 million in fiscal year 2019. Interest income in fiscal year 2020 was US$0.82 million compared to US$0.22 million in fiscal year 2019. The year-over-year increase in interest income was primarily due to the increase in the interest income from our investments in bonds after our IPO in 2020 and there was no bond investment in 2019. Government grants in fiscal year 2020 were US$4.01 million compared to US$6.30 million in fiscal year 2019. The year-over-year decrease in government grants was primarily due to the decrease of non-recurring rebates from local government. Net loss in fiscal year 2020 was US$32.11 million compared to US$41.07 million in fiscal year 2019. Net loss attributable to Ebang International Holdings Inc. in fiscal year 2020 was US$30.67 million compared to US$42.40 million in fiscal year 2019. Basic and diluted net loss per shares in fiscal year 2020 were both US$0.25 compared to US$0.38 in fiscal year 2019. Cash and cash equivalents were US$13.67 million as of December 31, 2020, compared with US$3.46 million as of December 31, 2019. About Ebang International Holdings Inc. Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/ . Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law. Investor Relations Contact For investor and media inquiries, please contact: Ebang International Holdings Inc. Email: [email protected] Ascent Investor Relations LLC Ms. Tina Xiao Tel: (917) 609-0333 Email: [email protected] EBANG INTERNATIONAL HOLDINGS INC. CONSOLIDATED BALANCE SHEETS (Stated in US dollars) December 31, 2020 December 31, 2019 ASSETS Current assets: Cash and cash equivalents $ 13,669,439 $ 3,464,262 Restricted cash, current 406,857 2,270,588 Debt investments 40,835,000 - Accounts receivable, net 7,205,113 8,128,178 Notes receivable 765,967 - Advances to suppliers 221,186 1,062,049 Inventories, net 3,845,091 13,088,542 Prepayments 522,808 591,031 Other current assets, net 1,128,599 224,452 Total current assets 68,600,060 28,829,102 Non-current assets: Property, plant and equipment, net 29,123,243 13,224,761 Intangible assets, net 23,077,435 3,784,153 Operating lease right-of-use assets 898,335 1,280,076 Operating lease right-of-use assets - related party 17,701 37,266 Restricted cash, non-current 47,455 43,317 Deferred tax assets - 8,542,715 VAT recoverable 21,897,063 21,954,169 Other assets 538,934 4,915,487 Total non-current assets 75,600,166 53,781,944 Total assets $ 144,200,226 $ 82,611,046 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,762,187 $ 11,832,003 Notes payable 1,087,673 - Accrued liabilities and other payables 21,921,614 13,739,041 Loans due within one year, less unamortized debt issuance costs 765,967 4,864,697 Operating lease liabilities, current 659,807 793,521 Operating lease liabilities – related party, current 17,701 37,266 Income taxes payable 556,137 521,648 Due to related party 5,652,833 6,242,824 Advances from customers 832,842 1,015,675 Total current liabilities 34,256,761 39,046,675 Non-current liabilities: Long-term loans – related party - 17,632,000 Deferred tax liabilities 872 - Operating lease liabilities, non-current 118,827 361,747 Total non-current liabilities 119,699 17,993,747 Total liabilities 34,376,460 57,040,422 Equity: Ordinary share, HKD0.001 par value, 380,000,000 shares authorized, nil and 111,771,000 shares issued and outstanding at December 31, 2020 and 2019, respectively - 14,330 Class A ordinary share, HKD0.001 par value, 333,374,217 shares authorized, 89,009,554 and nil shares issued and outstanding as of December 31, 2020 and 2019, respectively 11,411 - Class B ordinary share, HKD0.001 par value, 46,625,783 shares authorized, 46,625,783 and nil shares issued and outstanding as of December 31, 2020 and 2019, respectively 5,978 - Additional paid-in capital 138,288,921 23,888,023 Statutory reserves 11,049,847 11,049,847 Accumulated deficit (38,581,419 ) (7,905,999 ) Accumulated other comprehensive loss (7,648,332 ) (9,066,842 ) Total Ebang International Holdings Inc. shareholders’ equity 103,126,406 17,979,359 Non-controlling interest 6,697,360 7,591,265 Total equity 109,823,766 25,570,624 Total liabilities and equity $ 144,200,226 $ 82,611,046 EBANG INTERNATIONAL HOLDINGS INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Stated in US dollars) For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 Product revenue $ 9,677,278 $ 93,255,813 $ 310,856,407 Service revenue 9,327,023 15,804,253 8,185,386 Total revenues 19,004,301 109,060,066 319,041,793 Cost of revenues 21,903,644 139,623,799 294,596,001 Gross profit (loss) (2,899,343 ) (30,563,733 ) 24,445,792 Operating expenses: Selling expenses 925,373 1,213,294 4,095,835 General and administrative expenses 22,822,085 18,870,794 51,410,864 Total operating expenses 23,747,458 20,084,088 55,506,699 Loss from operations (26,646,801 ) (50,647,821 ) (31,060,907 ) Other income (expenses): Interest income 824,435 217,200 453,991 Interest expenses (728,346 ) (2,041,491 ) (921,047 ) Other income 81,733 84,992 1,139,514 Exchange gain (loss) (288,346 ) 5,693,798 (403,544 ) Government grants 4,006,567 6,298,893 798,680 VAT refund - 9,138 27,368,030 Other expenses (108,624 ) (287,530 ) (8,289,391 ) Total other income 3,787,419 9,975,000 20,146,233 Loss before income taxes provision (22,859,382 ) (40,672,821 ) (10,914,674 ) Income taxes provision 9,251,542 400,311 899,586 Net Loss (32,110,924 ) (41,073,132 ) (11,814,260 ) Less: net income (loss) attributable to non-controlling interest (1,435,504 ) 1,330,237 494,234 Net loss attributable to Ebang International Holdings Inc. $ (30,675,420 ) $ (42,403,369 ) $ (12,308,494 ) Comprehensive loss Net loss $ (32,110,924 ) $ (41,073,132 ) $ (11,814,260 ) Other comprehensive income (loss): Foreign currency translation adjustment 1,960,109 (1,188,488 ) (11,363,682 ) Total comprehensive loss (30,150,815 ) (42,261,620 ) (23,177,942 ) Less: comprehensive income (loss) attributable to non- controlling interest (893,905 ) 1,330,237 494,234 Comprehensive loss attributable to Ebang International Holdings Inc. $ (29,256,910 ) $ (43,591,857 ) $ (23,672,176 ) Net loss per ordinary share attributable to Ebang International Holdings Inc. Basic $ (0.25 ) $ (0.38 ) $ (0.36 ) Diluted $ (0.25 ) $ (0.38 ) $ (0.36 ) Weighted average ordinary shares outstanding Basic 121,941,226 111,771,000 33,808,506 Diluted 121,941,226 111,771,000 33,808,506 View comments || Ebang International Reports Financial Results for Fiscal Year 2020: HANGZHOU, China, April 30, 2021 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (Nasdaq: EBON, the “Company,” “we” or “our”), a blockchain technology company in the global market, today announced its financial results for the fiscal year ended December 31, 2020.
Operational and Financial Highlights for Fiscal Year 2020
Total computing power soldin fiscal year 2020 was 0.50 million TH/s, representing a year-over-year decrease of 91.64% from 5.97 million TH/s in fiscal year 2019.
Total net revenuesin fiscal year 2020 were US$19.00 million representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019.
Gross lossin fiscal year 2020 was US$2.90 million representing a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019.
Net lossin fiscal year 2020 was US$32.11 million compared to US$41.07 million in fiscal year 2019.
Mr. Dong Hu, Chairman and Chief Executive Officer of the Company, commented, “The negative impact and unprecedented challenges caused by COVID-19 on businesses around the world is well documented, and we are not immune to them. Our chip suppliers have reduced their production capacity, resulting in our shortage of raw materials during the fiscal year of 2020. To ensure the resilience of our business operations and deliver solid performance after the market condition resumes normal, we have been actively optimizing our revenue structure based on the productivity ratio and strategically exploring expansion into blockchain-enabled financial services. For example, we positioned our overseas expansion by establishing subsidiaries globally and acquiring relevant licenses or authorizations for our cryptocurrency exchange business.”
Continued Hu, “We are committed to our mission in strengthening the technological innovation in our products and services to ensure their competitiveness in the global cryptocurrency market. As previously noted, in 2021, we will increase investments in high performance ASIC chips and mining machines. Our abundant cash reserve allows us to expand the revenue sources from our current business and optimize the development of our blockchain industry chain. We believe our current businesses have solid potential and we are working hard to deliver results going forward that will demonstrate sequential improvement in operating and financial metrics.”
Financial Results for Fiscal Year 2020
Total net revenuesin fiscal year 2020 were US$19.00 million representing an 82.57% year-over-year decrease from US$109.06 million in fiscal year 2019. The year-over-year decrease in total net revenues was primarily due to the combined impact of COVID-19 such as travel restrictions, mandatory quarantines and suspension of business activities, which have caused severe disruptions and uncertainties to the Company’s business operations and adversely affected the Company’s results of operations and financial condition. For instance, the Company’s chip suppliers have reduced their production capacity due to the impact of the COVID-19, resulting in the Company’s shortage of raw materials during the first half of 2020. And together with the Bitcoin halving event, which significantly affected the expected returns on Bitcoin related activities such as mining, and in turn resulted in a much lower demand and average selling price of the Company’s Bitcoin mining machines.
Cost of revenuesin fiscal year 2020 was US$21.90 million compared to US$139.62 million in fiscal year 2019. The year-over-year decrease in cost of revenues was in line with the changes in the Company’s sales and the decrease in inventory write-down.
Gross lossin fiscal year 2020 were US$2.90 million representing a 90.51% year-over-year decrease from US$30.56 million in fiscal year 2019.
Total operating expensesin fiscal year 2020 were US$23.75 million compared to US$20.08 million in fiscal year 2019.
• Selling expensesin fiscal year 2020 were US$0.93 million compared to US$1.21 million in fiscal year 2019. The year-over-year decrease in selling expenses was in line with the decrease in the Company’s sales as well as reduced salary and bonus expenses relating to selling activities.
• General and administrative expensesin fiscal year 2020 were US$22.82 million compared to US$18.87 million in fiscal year 2019. The year-over-year increase in general and administrative expenses was primarily due to increase in professional fee related to the IPO process.
Loss from operationsin fiscal year 2020 was US$26.65 million compared to US$50.65 million in fiscal year 2019.
Interest incomein fiscal year 2020 was US$0.82 million compared to US$0.22 million in fiscal year 2019. The year-over-year increase in interest income was primarily due to the increase in the interest income from our investments in bonds after our IPO in 2020 and there was no bond investment in 2019.
Government grantsin fiscal year 2020 were US$4.01 million compared to US$6.30 million in fiscal year 2019. The year-over-year decrease in government grants was primarily due to the decrease of non-recurring rebates from local government.
Net lossin fiscal year 2020 was US$32.11 million compared to US$41.07 million in fiscal year 2019.
Net loss attributable to Ebang International Holdings Inc.in fiscal year 2020 was US$30.67 million compared to US$42.40 million in fiscal year 2019.
Basic and diluted net loss per sharesin fiscal year 2020 were both US$0.25 compared to US$0.38 in fiscal year 2019.
Cash and cash equivalents wereUS$13.67 million as of December 31, 2020, compared with US$3.46 million as of December 31, 2019.
About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visithttps://ir.ebang.com.cn/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.Email:[email protected]
Ascent Investor Relations LLCMs. Tina XiaoTel: (917) 609-0333Email:[email protected]
EBANG INTERNATIONAL HOLDINGS INC.CONSOLIDATED BALANCE SHEETS(Stated in US dollars)
[{"": "", "December 31,2020": "", "December 31,2019": ""}, {"": "", "December 31,2020": "", "December 31,2019": ""}, ["Cash and cash equivalents", "$", "13,669,439", "", "", "$", "3,464,262", ""], ["Restricted cash, current", "", "406,857", "", "", "", "2,270,588", ""], ["Debt investments", "", "40,835,000", "", "", "", "-", ""], ["Accounts receivable, net", "", "7,205,113", "", "", "", "8,128,178", ""], ["Notes receivable", "", "765,967", "", "", "", "-", ""], ["Advances to suppliers", "", "221,186", "", "", "", "1,062,049", ""], ["Inventories, net", "", "3,845,091", "", "", "", "13,088,542", ""], ["Prepayments", "", "522,808", "", "", "", "591,031", ""], ["Other current assets, net", "", "1,128,599", "", "", "", "224,452", ""], ["Total current assets", "", "68,600,060", "", "", "", "28,829,102", ""], ["", "", "", "", "", "", "", ""], ["Non-current assets:", "", "", "", "", "", "", ""], ["Property, plant and equipment, net", "", "29,123,243", "", "", "", "13,224,761", ""], ["Intangible assets, net", "", "23,077,435", "", "", "", "3,784,153", ""], ["Operating lease right-of-use assets", "", "898,335", "", "", "", "1,280,076", ""], ["Operating lease right-of-use assets - related party", "", "17,701", "", "", "", "37,266", ""], ["Restricted cash, non-current", "", "47,455", "", "", "", "43,317", ""], ["Deferred tax assets", "", "-", "", "", "", "8,542,715", ""], ["VAT recoverable", "", "21,897,063", "", "", "", "21,954,169", ""], ["Other assets", "", "538,934", "", "", "", "4,915,487", ""], ["Total non-current assets", "", "75,600,166", "", "", "", "53,781,944", ""], ["", "", "", "", "", "", "", ""], ["Total assets", "$", "144,200,226", "", "", "$", "82,611,046", ""], ["", "", "", "", "", "", "", ""], ["LIABILITIES AND EQUITY", "", "", "", "", "", "", ""], ["Current liabilities:", "", "", "", "", "", "", ""], ["Accounts payable", "$", "2,762,187", "", "", "$", "11,832,003", ""], ["Notes payable", "", "1,087,673", "", "", "", "-", ""], ["Accrued liabilities and other payables", "", "21,921,614", "", "", "", "13,739,041", ""], ["Loans due within one year, less unamortized debt issuance costs", "", "765,967", "", "", "", "4,864,697", ""], ["Operating lease liabilities, current", "", "659,807", "", "", "", "793,521", ""], ["Operating lease liabilities \u2013 related party, current", "", "17,701", "", "", "", "37,266", ""], ["Income taxes payable", "", "556,137", "", "", "", "521,648", ""], ["Due to related party", "", "5,652,833", "", "", "", "6,242,824", ""], ["Advances from customers", "", "832,842", "", "", "", "1,015,675", ""], ["Total current liabilities", "", "34,256,761", "", "", "", "39,046,675", ""], ["", "", "", "", "", "", "", ""], ["Non-current liabilities:", "", "", "", "", "", "", ""], ["Long-term loans \u2013 related party", "", "-", "", "", "", "17,632,000", ""], ["Deferred tax liabilities", "", "872", "", "", "", "-", ""], ["Operating lease liabilities, non-current", "", "118,827", "", "", "", "361,747", ""], ["Total non-current liabilities", "", "119,699", "", "", "", "17,993,747", ""], ["", "", "", "", "", "", "", ""], ["Total liabilities", "", "34,376,460", "", "", "", "57,040,422", ""], ["", "", "", "", "", "", "", ""], ["Equity:", "", "", "", "", "", "", ""], ["Ordinary share, HKD0.001 par value, 380,000,000 shares authorized, niland 111,771,000 shares issued and outstanding at December 31, 2020 and2019, respectively", "", "-", "", "", "", "14,330", ""], ["Class A ordinary share, HKD0.001 par value, 333,374,217 sharesauthorized, 89,009,554 and nil shares issued and outstanding as ofDecember 31, 2020 and 2019, respectively", "", "11,411", "", "", "", "-", ""], ["Class B ordinary share, HKD0.001 par value, 46,625,783 sharesauthorized, 46,625,783 and nil shares issued and outstanding as ofDecember 31, 2020 and 2019, respectively", "", "5,978", "", "", "", "-", ""], ["Additional paid-in capital", "", "138,288,921", "", "", "", "23,888,023", ""], ["Statutory reserves", "", "11,049,847", "", "", "", "11,049,847", ""], ["Accumulated deficit", "", "(38,581,419", ")", "", "", "(7,905,999", ")"], ["Accumulated other comprehensive loss", "", "(7,648,332", ")", "", "", "(9,066,842", ")"], ["Total Ebang International Holdings Inc. shareholders\u2019 equity", "", "103,126,406", "", "", "", "17,979,359", ""], ["", "", "", "", "", "", "", ""], ["Non-controlling interest", "", "6,697,360", "", "", "", "7,591,265", ""], ["", "", "", "", "", "", "", ""], ["Total equity", "", "109,823,766", "", "", "", "25,570,624", ""], ["", "", "", "", "", "", "", ""], ["Total liabilities and equity", "$", "144,200,226", "", "", "$", "82,611,046", ""], [""], [""]]
EBANG INTERNATIONAL HOLDINGS INC.CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(Stated in US dollars)
[["Product revenue", "$", "9,677,278", "", "", "$", "93,255,813", "", "", "$", "310,856,407", ""], ["Service revenue", "", "9,327,023", "", "", "", "15,804,253", "", "", "", "8,185,386", ""], ["Total revenues", "", "19,004,301", "", "", "", "109,060,066", "", "", "", "319,041,793", ""], ["Cost of revenues", "", "21,903,644", "", "", "", "139,623,799", "", "", "", "294,596,001", ""], ["Gross profit (loss)", "", "(2,899,343", ")", "", "", "(30,563,733", ")", "", "", "24,445,792", ""], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Operating expenses:", "", "", "", "", "", "", "", "", "", "", ""], ["Selling expenses", "", "925,373", "", "", "", "1,213,294", "", "", "", "4,095,835", ""], ["General and administrative expenses", "", "22,822,085", "", "", "", "18,870,794", "", "", "", "51,410,864", ""], ["Total operating expenses", "", "23,747,458", "", "", "", "20,084,088", "", "", "", "55,506,699", ""], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Loss from operations", "", "(26,646,801", ")", "", "", "(50,647,821", ")", "", "", "(31,060,907", ")"], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Other income (expenses):", "", "", "", "", "", "", "", "", "", "", ""], ["Interest income", "", "824,435", "", "", "", "217,200", "", "", "", "453,991", ""], ["Interest expenses", "", "(728,346", ")", "", "", "(2,041,491", ")", "", "", "(921,047", ")"], ["Other income", "", "81,733", "", "", "", "84,992", "", "", "", "1,139,514", ""], ["Exchange gain (loss)", "", "(288,346", ")", "", "", "5,693,798", "", "", "", "(403,544", ")"], ["Government grants", "", "4,006,567", "", "", "", "6,298,893", "", "", "", "798,680", ""], ["VAT refund", "", "-", "", "", "", "9,138", "", "", "", "27,368,030", ""], ["Other expenses", "", "(108,624", ")", "", "", "(287,530", ")", "", "", "(8,289,391", ")"], ["Total other income", "", "3,787,419", "", "", "", "9,975,000", "", "", "", "20,146,233", ""], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Loss before income taxes provision", "", "(22,859,382", ")", "", "", "(40,672,821", ")", "", "", "(10,914,674", ")"], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Income taxes provision", "", "9,251,542", "", "", "", "400,311", "", "", "", "899,586", ""], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Net Loss", "", "(32,110,924", ")", "", "", "(41,073,132", ")", "", "", "(11,814,260", ")"], ["Less: net income (loss) attributable to non-controlling interest", "", "(1,435,504", ")", "", "", "1,330,237", "", "", "", "494,234", ""], ["Net loss attributable to Ebang International Holdings Inc.", "$", "(30,675,420", ")", "", "$", "(42,403,369", ")", "", "$", "(12,308,494", ")"], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Comprehensive loss", "", "", "", "", "", "", "", "", "", "", ""], ["Net loss", "$", "(32,110,924", ")", "", "$", "(41,073,132", ")", "", "$", "(11,814,260", ")"], ["Other comprehensive income (loss):", "", "", "", "", "", "", "", "", "", "", ""], ["Foreign currency translation adjustment", "", "1,960,109", "", "", "", "(1,188,488", ")", "", "", "(11,363,682", ")"], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Total comprehensive loss", "", "(30,150,815", ")", "", "", "(42,261,620", ")", "", "", "(23,177,942", ")"], ["Less: comprehensive income (loss) attributable to non-controlling interest", "", "(893,905", ")", "", "", "1,330,237", "", "", "", "494,234", ""], ["Comprehensive loss attributable to EbangInternational Holdings Inc.", "$", "(29,256,910", ")", "", "$", "(43,591,857", ")", "", "$", "(23,672,176", ")"], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Net loss per ordinary share attributable to EbangInternational Holdings Inc.", "", "", "", "", "", "", "", "", "", "", ""], ["Basic", "$", "(0.25", ")", "", "$", "(0.38", ")", "", "$", "(0.36", ")"], ["Diluted", "$", "(0.25", ")", "", "$", "(0.38", ")", "", "$", "(0.36", ")"], ["", "", "", "", "", "", "", "", "", "", "", ""], ["Weighted average ordinary shares outstanding", "", "", "", "", "", "", "", "", "", "", ""], ["Basic", "", "121,941,226", "", "", "", "111,771,000", "", "", "", "33,808,506", ""], ["Diluted", "", "121,941,226", "", "", "", "111,771,000", "", "", "", "33,808,506", ""]] || China Faces Steady ESG Head Winds: [Editors note: This article originally appeared on ETF Stream] London With China already underweight in socially responsible (SRI) emerging market indices, how long will it be until the Chinese states anti-human rights actions pose an existential risk to China ESG ETFs? This question will be increasingly in focus as the government looks to tighten its grip on tech companies and the world comes to rely more heavily on Chinese manufacturing to power the clean energy transition. Examinations of ESG standards often struggle with what these mean to different people in different places. For instance, in the US, the focus is more heavily on social issues like equality and representation while in Europe, environmental issues take precedence. At a glance, Chinas ESG potential seems to favour the European, climate-focused approach. Despite its manufacturing activity and population size making it the worlds largest polluter, the countrys efforts to reduce its emissions have outstripped any western country in terms of scale. For instance, following a peak in deaths related to the countrys air pollution in 2013, by 2020 these deaths were reduced to pre-1990 levels. Likewise, following a collective effort, 74 Chinese cities reduced their particulate count by an average of 33% in just four years from 2013, according to research published in The Lancet Planetary Health journal. Ambitious Policy While these improvements come from a fairly low basis with transitions away from high-polluting domestic activities like woodfires for cooking they are just a recent example of ambitious Chinese environmental policy. These moves give investors confidence when the country makes pledges such as carbon neutrality by 2060, and these kinds of promises are what is giving Chinese securities ESG staying power. An area where China will continue struggling is on the social element of ESG. While some would argue that ESG standards are entirely relative to different regions, it is reasonable to assume that western investors do not outright abandon their western moral norms when allocating assets outside of their home country. Also, while less exacting than SRI criteria, investor understanding of ESG should maintain some moral baseline. Story continues Of course, we should avoid being overly simplistic. Western countries have their own controversies and it is a dangerous game conflating state policy with the actions of individual companies. However, the situation in China currently distinguishes itself in two ways. First, the grounds for condemning the ongoing situation in Xinjiang are particularly strong with various countries not just sanctioning Chinese officials but now officially declaring the situation a genocide including the US State Department and the UK government last week. Second, and crucially, Chinese companies have far less autonomy than their western counterparts. Chinese Big Tech Too Powerful Whereas US companies continued rolling out green initiatives, such as Amazons solar acquisitions and electric vehicle fleet, even as President Donald Trump withdrew US participation in the Paris Agreement, Chinese companies' activities are increasingly being brought into the Communist Partys (CCP) fold, according to Bloomberg . One well-documented example of public-private collaboration on political policy was Tencents data sharing with the CCP from 2019. In this instance, the company was asked to supply security forces with the data of over a billion users from its WeChat and QQ platforms. According to Dutch hacker Victor Gevers, data on the conversations, payments and travel habits of millions of Uyghur Muslims were passed onto Chinese police and used to censor and track Uyghurs both within the country and overseas. Whether forced into complicity or willingly complying, Sarah Cook , research director for China, Taiwan and Hong Kong at Freedom House, said Tencents actions undoubtedly contributed to the torture and arrest of innocent people. Anyone concerned about human rights, electoral interference by foreign powers or privacy violations by tech giants should divest from the firm, including retirement funds, Cook stressed. Socially responsible investment plans should exclude Tencent from their portfolios if they have not already. Products tracking the more stringent MSCI EM SRI index already exclude Tencent. However, ESG strategies such as the KraneShares MSCI China ESG Leaders UCITS ETF (KESG) and UBS ETF MSCI China Universal UCITS ETF (CNSG) both feature Tencent among their top holdings. Myriad Rationale The reasons given for these kinds of appearances in ESG products are usually fourfold. Either they are the least bad of the options on offer; it is hard to remove individual securities from an underlying index; they perform well on a particular area of ESG; and areas of concern can be addressed via engagement with individual companies. The first two points were somewhat undermined in January of this year during an initial assessment of UBS by the regulator, National Contact Point (NCP) of Switzerland. The NCP found that among CNSGs holdings was Hikvision, a subsidiary of a Chinese military conglomerate and one of the principal suppliers and operators of surveillance equipment used to spy on Uyghurs in Xinjiang province. Not only does this show very bad apples can be found in ESG baskets, but Hikvision was removed from all MSCI indices effective 5 January, showing contentious holdings can be removed from indices when enough resistance is offered. On the third reason performing well on an area of ESG we can assume Tencent has a prominent role in indices such as the MSCI China ESG Universal 5% Issuer Capped index for the same reason as companies like Alibaba: they are large-cap tech firms with relatively low carbon footprints versus the scale of their operations. It is on the fourth justification the possibility of engagement we should be most concerned. Whereas shareholders and asset managers can usually pressure companies into some form of action, as seen with Shell on its controversies in Nigeria and Boohoo with its garment suppliers, there is a real fear that any growth in the states control over Chinese big tech may leave private stakeholders with limited influence. Following Jack Mas comparison of Chinese state lenders to pawnbrokers last October, Chinese authorities responded to the former Alibaba chairmans comments by suspending the Ant Group initial public offering (IPO). Tinderbox Of Tension Ma is something of a tinderbox. Often outspoken against the way the Chinese state conducts business, he helps the tension to resurface between the states desire to celebrate the success of Chinese big tech and its urge to control companies growing power and leverage their capabilities for its own ends. Unfortunately, the suspension of the Ant IPO last year appears to have just been the start of the CCPs latest offensive against big tech autonomy. Now, offering an olive branch to the state once again, Tencent founder Pony Ma is calling for tighter regulation of his own company as well as eCommerce and ride-hailing services more generally. Meanwhile, anticipating state encroachment, Ma remains in hiding, while Simon Hu and Colin Huang have stepped down from their positions as heads of Ant Group and Pinduoduo, respectively. The tech companies we have mentioned span across social media, eCommerce, gaming, online payments and media. The expectation is that the states next move will be to impose controls over these firms data, which could amount to nationalisation of databases covering the habits of over a billion people. Though laws currently exist meaning Chinese personal data belongs to individuals, this obstacle only exists because the CCP allows it to. According to Robin Zhu, senior analyst, managing director of China Internet at AB Bernstein, uncertainty over which types of data the state could demand have weighed on Chinese big tech shares. For now, the state's initial effort to encourage giants such as Alibaba and Tencent to share data appears to be being led by the People's Bank of China. Whether this data handover does occur and whether it is used to track Uyghur Muslims as Tencents data was previously, are two ongoing concerns investors need to keep in mind when investing in China ESG ETFs. Chinese big tech may soon be forced into being complicit in unethical activities and face possible regulatory retaliation from western authorities. Clean Conscience For Clean Energy? Another angle for ESG-minded investors to be mindful of is exposure to Xinjiang supply chains while trying to target the clean energy megatrend. Though clean energy thematic ETFs are not titled as ESG products, they usually score well on ESG criteria versus traditional energy exposures and often attract a similar investment audience. An issue with these products is that they increasingly rely on companies operating out of the Xinjiang autonomous zone and thus, according to US public policy think-tank, the American Enterprise Institute , may be at risk of using forced Uyghur labour. An example of such a product is Europes most popular thematic ETF, the iShares Global Clean Energy UCITS ETF (INRG), whose underlying index has for some time held Daqo New Energy, a company named by US senators Marco Rubio and Jeff Merkley for sourcing polysilicon from the Xinjiang region. Furthermore, in a recent index rebalance, INRG added two clean energy companies which are majority-owned by the Chinese state China Longyuan and Goldwind with the latter manufacturing windfarm components in Xinjiang. Cascading Problems However, the problem goes well beyond the companies operating directly out of Xinjiang, and in fact covers many firms further down the supply chain. According to Xiaoting Wang, BloombergNEF solar analyst, Xinjiang accounts for almost half of the global production of polysilicon, a vital component in solar panels. Meanwhile, the US produces less than 5% of the worlds solar-grade polysilicon. The costs of transitioning Xinjiangs share of polysilicon production onto other regions would be considerable and would reflect in the returns of public and private stakeholders. Offering a small taste of this were natural disasters and coronavirus disruption in 2020, which saw the materials price by 65% last autumn, according to IHS Markit. Despite this, solar developers are aware of the political risks of relying on components from Xinjiang. The Solar Energy Industries Association in November began encouraging companies to shift their supply chains and by February 2020, almost 200 agreed to exclude forced labour by tracing the source of their raw materials. Derek Scissors , resident scholar at the AEI, said it seems impossible to imagine successfully engaging on these issues, and added Chinese companies will only be able to relocate operations to a point deemed acceptable by the central government. Scissors added on companies ESG compatibility in their current state: ESG is supposed to prioritise factors other than returns, and solar equipment can be made somewhere with far better conditions, if at a higher price. It is not reasonable or ethical to expose investors to Xinjiang repression while claiming to be ESG-compatible. Takeaway On Uyghur Genocide Complicity & ESG There may be a lack of clarity on what ESG means but the industry cannot bias screens towards one set of criteria and completely neglect another in this case the social element. At present, two of the three China ESG ETFs available to European investors are given Trackinsight 's lowest rating for sustainability, while the third is scored as 'far to mediocre'. ESG indexers and ETF issuers should probably align their mandates more closely with the SRI model and be underweight China until the situation in Xinjiang is resolved. Alternatively, products offering ethical tilts to China exposure should be labelled purely as climate or environment strategies so as not to mislead investors that there are less bad actors on E, S and G criteria. If the scenarios discussed continue to play out, those staying in China ESG ETFs should prepare to see their exposure to the Uyghur genocide intensify and could potentially also suffer political risks as a consequence. Recommended Stories Hot Reads: ARKs Wood Still A Bitcoin Believer ETF Prime Podcast: Europe Report & 1st Mutual Fund Conversion ETF Tracks LGBTQ Friendly Companies Hot Reads: S&P Fined Over Volatility Index Permalink | © Copyright 2021 ETF.com. All rights reserved || China Faces Steady ESG Head Winds: [Editor’s note:This article originally appearedon ETF Stream]
London– With China already underweight in socially responsible (SRI) emerging market indices, how long will it be until the Chinese state’s anti-human rights actions pose an existential risk to China ESG ETFs? This question will be increasingly in focus as the government looks to tighten its grip on tech companies and the world comes to rely more heavily on Chinese manufacturing to power the clean energy transition.
Examinations of ESG standards often struggle with what these mean to different people in different places. For instance, in the US, the focus is more heavily on social issues like equality and representation while in Europe, environmental issues take precedence.
At a glance, China’s ESG potential seems to favour the European, climate-focused approach. Despite its manufacturing activity and population size making it the world’s largest polluter, the country’s efforts to reduce its emissions have outstripped any western country in terms of scale.
For instance, following a peak in deaths related to the country’s air pollution in 2013, by 2020 these deaths were reduced to pre-1990 levels. Likewise, following a collective effort, 74 Chinese cities reduced their particulate count by an average of 33% in just four years from 2013, according toresearch publishedinThe LancetPlanetary Health journal.
Ambitious Policy
While these improvements come from a fairly low basis – with transitions away from high-polluting domestic activities like woodfires for cooking – they are just a recent example of ambitious Chinese environmental policy. These moves give investors confidence when the country makes pledges such as carbon neutrality by 2060, and these kinds of promises are what is giving Chinese securities ESG staying power.
An area where China will continue struggling is on the social element of ESG. While some would argue that ESG standards are entirely relative to different regions, it is reasonable to assume that western investors do not outright abandon their western moral norms when allocating assets outside of their home country. Also, while less exacting than SRI criteria, investor understanding of ESG should maintain some moral baseline.
Of course, we should avoid being overly simplistic. Western countries have their own controversies and it is a dangerous game conflating state policy with the actions of individual companies. However, the situation in China currently distinguishes itself in two ways.
First, the grounds for condemning the ongoing situation in Xinjiang are particularly strong with various countries not just sanctioning Chinese officials but now officially declaring the situation a genocide – including the US State Department and the UK government last week. Second, and crucially, Chinese companies have far less autonomy than their western counterparts.
Chinese Big Tech Too Powerful
Whereas US companies continued rolling out green initiatives, such as Amazon’s solar acquisitions and electric vehicle fleet, even as President Donald Trump withdrew US participation in the Paris Agreement, Chinese companies' activities are increasingly being brought into the Communist Party’s (CCP) fold, according toBloomberg.
One well-documented example of public-private collaboration on political policy was Tencent’s data sharing with the CCP from 2019. In this instance, the company was asked to supply security forces with the data of over a billion users from its WeChat and QQ platforms.
According to Dutch hacker Victor Gevers, data on the conversations, payments and travel habits of millions of Uyghur Muslims were passed onto Chinese police and used to censor and track Uyghurs both within the country and overseas.
Whether forced into complicity or willingly complying,Sarah Cook, research director for China, Taiwan and Hong Kong at Freedom House, said Tencent’s actions undoubtedly contributed to the torture and arrest of innocent people.
“Anyone concerned about human rights, electoral interference by foreign powers or privacy violations by tech giants should divest from the firm, including retirement funds,” Cook stressed. “Socially responsible investment plans should exclude Tencent from their portfolios if they have not already.”
Products tracking the more stringent MSCI EM SRI index already exclude Tencent. However, ESG strategies such as theKraneShares MSCI China ESG Leaders UCITS ETF(KESG) andUBS ETF MSCI China Universal UCITS ETF(CNSG) both feature Tencent among their top holdings.
Myriad Rationale
The reasons given for these kinds of appearances in ESG products are usually fourfold. Either they are the least bad of the options on offer; it is hard to remove individual securities from an underlying index; they perform well on a particular area of ESG; and areas of concern can be addressed via engagement with individual companies.
The first two points were somewhat undermined in January of this year during an initial assessment of UBS by the regulator, National Contact Point (NCP) of Switzerland. The NCP found that among CNSG’s holdings was Hikvision, a subsidiary of a Chinese military conglomerate and one of the principal suppliers and operators of surveillance equipment used to spy on Uyghurs in Xinjiang province.
Not only does this show very ‘bad apples’ can be found in ESG baskets, but Hikvision was removed from allMSCIindices effective 5 January, showing contentious holdings can be removed from indices when enough resistance is offered.
On the third reason – performing well on an area of ESG – we can assume Tencent has a prominent role in indices such as the MSCI China ESG Universal 5% Issuer Capped index for the same reason as companies like Alibaba: they are large-cap tech firms with relatively low carbon footprints versus the scale of their operations.
It is on the fourth justification – the possibility of engagement – we should be most concerned. Whereas shareholders and asset managers can usually pressure companies into some form of action, as seen with Shell on its controversies in Nigeria and Boohoo with its garment suppliers, there is a real fear that any growth in the state’s control over Chinese big tech may leave private stakeholders with limited influence.
Following Jack Ma’s comparison of Chinese state lenders to pawnbrokers last October, Chinese authorities responded to the former Alibaba chairman’s comments by suspending the Ant Group initial public offering (IPO).
Tinderbox Of Tension
Ma is something of a tinderbox. Often outspoken against the way the Chinese state conducts business, he helps the tension to resurface between the state’s desire to celebrate the success of Chinese big tech and its urge to control companies’ growing power and leverage their capabilities for its own ends.
Unfortunately, the suspension of the Ant IPO last year appears to have just been the start of the CCP’s latest offensive against big tech autonomy.
Now, offering an olive branch to the state once again, Tencent founder Pony Ma is calling for tighter regulation of his own company as well as eCommerce and ride-hailing services more generally. Meanwhile, anticipating state encroachment, Ma remains in hiding, while Simon Hu and Colin Huang have stepped down from their positions as heads of Ant Group and Pinduoduo, respectively.
The tech companies we have mentioned span across social media, eCommerce, gaming, online payments and media. The expectation is that the state’s next move will be to impose controls over these firms’ data, which could amount to nationalisation of databases covering the habits of over a billion people.
Though laws currently exist meaning Chinese personal data belongs to individuals, this obstacle only exists because the CCP allows it to. According to Robin Zhu, senior analyst, managing director of China Internet at AB Bernstein, uncertainty over which types of data the state could demand have weighed on Chinese big tech shares. For now, the state's initial effort to encourage giants such as Alibaba and Tencent to share data appears to be being led by the People's Bank of China.
Whether this data handover does occur and whether it is used to track Uyghur Muslims as Tencent’s data was previously, are two ongoing concerns investors need to keep in mind when investing in China ESG ETFs. Chinese big tech may soon be forced into being complicit in unethical activities and face possible regulatory retaliation from western authorities.
Clean Conscience For Clean Energy?
Another angle for ESG-minded investors to be mindful of is exposure to Xinjiang supply chains while trying to target the clean energy megatrend. Though clean energy thematic ETFs are not titled as ESG products, they usually score well on ESG criteria versus traditional energy exposures and often attract a similar investment audience.
An issue with these products is that they increasingly rely on companies operating out of the Xinjiang autonomous zone and thus, according to US public policy think-tank, theAmerican Enterprise Institute, may be at risk of using forced Uyghur labour.
An example of such a product is Europe’s most popular thematic ETF, theiShares Global Clean Energy UCITS ETF(INRG), whose underlying index has for some time held Daqo New Energy, a company named by US senators Marco Rubio and Jeff Merkley for sourcing polysilicon from the Xinjiang region.
Furthermore, in a recent index rebalance, INRG added two clean energy companies which are majority-owned by the Chinese state – China Longyuan and Goldwind – with the latter manufacturing windfarm components in Xinjiang.
Cascading Problems
However, the problem goes well beyond the companies operating directly out of Xinjiang, and in fact covers many firms further down the supply chain. According to Xiaoting Wang, BloombergNEF solar analyst, Xinjiang accounts for almost half of the global production of polysilicon, a vital component in solar panels. Meanwhile, the US produces less than 5% of the world’s solar-grade polysilicon.
The costs of transitioning Xinjiang’s share of polysilicon production onto other regions would be considerable and would reflect in the returns of public and private stakeholders. Offering a small taste of this were natural disasters and coronavirus disruption in 2020, which saw the material’s price by 65% last autumn, according to IHS Markit.
Despite this, solar developers are aware of the political risks of relying on components from Xinjiang. The Solar Energy Industries Association in November began encouraging companies to shift their supply chains and by February 2020, almost 200 agreed to exclude forced labour by tracing the source of their raw materials.
Derek Scissors, resident scholar at the AEI, said it seems impossible to imagine successfully engaging on these issues, and added Chinese companies will only be able to relocate operations to a point deemed acceptable by the central government.
Scissors added on companies’ ESG compatibility in their current state: “ESG is supposed to prioritise factors other than returns, and solar equipment can be made somewhere with far better conditions, if at a higher price.
“It is not reasonable or ethical to expose investors to Xinjiang repression while claiming to be ESG-compatible.”
Takeaway On Uyghur Genocide Complicity & ESG
There may be a lack of clarity on what ESG means but the industry cannot bias screens towards one set of criteria and completely neglect another – in this case the social element. At present, two of the three China ESG ETFs available to European investors are givenTrackinsight's lowest rating for sustainability, while the third is scored as 'far to mediocre'.
ESG indexers and ETF issuers should probably align their mandates more closely with the SRI model and be underweight China until the situation in Xinjiang is resolved. Alternatively, products offering ethical tilts to China exposure should be labelled purely as ‘climate’ or ‘environment’ strategies so as not to mislead investors that there are less bad actors on E, S and G criteria.
If the scenarios discussed continue to play out, those staying in China ESG ETFs should prepare to see their exposure to the Uyghur genocide intensify and could potentially also suffer political risks as a consequence.
Recommended Stories
• Hot Reads: ARK’s Wood Still A Bitcoin Believer
• ETF Prime Podcast: Europe Report & 1st Mutual Fund Conversion
• ETF Tracks LGBTQ Friendly Companies
• Hot Reads: S&P Fined Over Volatility Index
Permalink| © Copyright 2021ETF.com.All rights reserved || Stock Market Today: Stocks Sag Despite Slew of Earnings Beats: Stocks going lower Getty Images Wall Street finished the week on a down note Friday, ignoring even more sterling first-quarter earnings reports. John Butters, senior earnings analyst for FactSet, says that 60% of the S&P 500's components have reported Q1 earnings, and, so far, 86% of those companies have reported a positive earnings-per-share surprise. SEE MORE Kiplinger Income 25 "If 86% is the final percentage, it will mark the highest percentage of S&P 500 companies reporting positive EPS surprises since FactSet began tracking this metric in 2008," he says. Estimates have been strong, too. "The second quarter marked the second-highest increase in the bottom-up EPS estimate during the first month of a quarter since FactSet began tracking this metric in 2002, trailing only Q1 2018 (+4.9%)," Butters adds. Amazon.com ( AMZN , -0.1%) was the latest to beat expectations, reporting profits of $15.79 per share that clobbered estimates for $9.45 and announcing a 44% surge in sales. Twitter ( TWTR , -15.2%) earnings beat the Street as well, but shares plunged on disappointing numbers of "monetizable daily users" and Q2 revenue forecasts. Sign up for Kiplinger's FREE Closing Bell e-letter: Our daily look at the stock market's moves, and what moves investors should make. The Dow Jones Industrial Average (-0.5% to 33,874), S&P 500 (-0.7% to 4,181) and Nasdaq Composite (-0.9% to 13,962) all finished in the red – and have effectively been flat over the past two weeks. Ally Invest president Lule Demmissie suggests that investors are increasingly getting anxious. "The mindset has switched from 'what could go right?' to 'what could go wrong?'" she says. SEE MORE Dividend Increases: 15 Stocks Announcing Massive Hikes Other action in the stock market today: Chevron ( CVX , -3.6%) skidded after reporting first-quarter earnings. While Chevron beat on the bottom line, revenue fell short of expectations. Fellow oil giant Exxon Mobil ( XOM , -2.9%) also retreated today, as weakness in the energy sector overshadowed the company's first profitable quarter in a year on stronger-than-expected revenue. Skyworks Solutions ( SWKS , -8.4%) was another post-earnings loser. The semiconductor name reported profit and revenue above estimates for its fiscal second quarter, but a tepid current-quarter outlook was the likely weight on shares. The small-cap Russell 2000 dropped 1.3% to 2,266. U.S. crude oil futures slumped 2.2% to settle at $63.58 per barrel. Gold futures finished fractionally lower at $1,767.70 an ounce. The CBOE Volatility Index (VIX) jumped 5.4% to 18.56. Bitcoin prices jumped 7.3% to $56,900. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues And a quick reminder to Warren Buffett faithful that Berkshire Hathaway's ( BRK.B ) annual meeting, which we preview here , will take place Saturday. stock chart for 043021 YCharts A Boffo 100 Days for Biden Despite Friday's losses, President Joe Biden has now presided over one of the best market performances ever during an American president's first 100 days in office. SEE MORE 35 Ways to Earn Up to 10% on Your Money For instance, the 8.6% gain for the Dow since inauguration is the best 100-day rally for any president since Lyndon Johnson, who was inaugurated in November 1963 and enjoyed a 9.2% run after 100 days. Many individual-share gains have been far more generous; 25 stocks have popped between 39% and 97% in Biden's first few months . And the S&P 500's performance, on an annualized basis, puts Biden among the best presidents for investors of all time at this early stage. Will that hold up throughout his presidency? We simply have no way of knowing. But what we do know is that Biden has clearly telegraphed his various policy proposals, from the stimulus package that cleared Congress in March to his recently proposed American Jobs Plan, and that allows investors to identify potential winners should the votes go the president's way. Read on as we take a fresh look at many stocks (and a couple of funds) that should continue to benefit if Biden continues to score policy wins . SEE MORE The 21 Best Stocks to Buy for 2021 View comments || Stock Market Today: Stocks Sag Despite Slew of Earnings Beats: Stocks going lower Getty Images Wall Street finished the week on a down note Friday, ignoring even more sterling first-quarter earnings reports. John Butters, senior earnings analyst for FactSet, says that 60% of the S&P 500's components have reported Q1 earnings, and, so far, 86% of those companies have reported a positive earnings-per-share surprise. SEE MORE Kiplinger Income 25 "If 86% is the final percentage, it will mark the highest percentage of S&P 500 companies reporting positive EPS surprises since FactSet began tracking this metric in 2008," he says. Estimates have been strong, too. "The second quarter marked the second-highest increase in the bottom-up EPS estimate during the first month of a quarter since FactSet began tracking this metric in 2002, trailing only Q1 2018 (+4.9%)," Butters adds. Amazon.com ( AMZN , -0.1%) was the latest to beat expectations, reporting profits of $15.79 per share that clobbered estimates for $9.45 and announcing a 44% surge in sales. Twitter ( TWTR , -15.2%) earnings beat the Street as well, but shares plunged on disappointing numbers of "monetizable daily users" and Q2 revenue forecasts. Sign up for Kiplinger's FREE Closing Bell e-letter: Our daily look at the stock market's moves, and what moves investors should make. The Dow Jones Industrial Average (-0.5% to 33,874), S&P 500 (-0.7% to 4,181) and Nasdaq Composite (-0.9% to 13,962) all finished in the red – and have effectively been flat over the past two weeks. Ally Invest president Lule Demmissie suggests that investors are increasingly getting anxious. "The mindset has switched from 'what could go right?' to 'what could go wrong?'" she says. SEE MORE Dividend Increases: 15 Stocks Announcing Massive Hikes Other action in the stock market today: Chevron ( CVX , -3.6%) skidded after reporting first-quarter earnings. While Chevron beat on the bottom line, revenue fell short of expectations. Fellow oil giant Exxon Mobil ( XOM , -2.9%) also retreated today, as weakness in the energy sector overshadowed the company's first profitable quarter in a year on stronger-than-expected revenue. Skyworks Solutions ( SWKS , -8.4%) was another post-earnings loser. The semiconductor name reported profit and revenue above estimates for its fiscal second quarter, but a tepid current-quarter outlook was the likely weight on shares. The small-cap Russell 2000 dropped 1.3% to 2,266. U.S. crude oil futures slumped 2.2% to settle at $63.58 per barrel. Gold futures finished fractionally lower at $1,767.70 an ounce. The CBOE Volatility Index (VIX) jumped 5.4% to 18.56. Bitcoin prices jumped 7.3% to $56,900. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.) Story continues And a quick reminder to Warren Buffett faithful that Berkshire Hathaway's ( BRK.B ) annual meeting, which we preview here , will take place Saturday. stock chart for 043021 YCharts A Boffo 100 Days for Biden Despite Friday's losses, President Joe Biden has now presided over one of the best market performances ever during an American president's first 100 days in office. SEE MORE 35 Ways to Earn Up to 10% on Your Money For instance, the 8.6% gain for the Dow since inauguration is the best 100-day rally for any president since Lyndon Johnson, who was inaugurated in November 1963 and enjoyed a 9.2% run after 100 days. Many individual-share gains have been far more generous; 25 stocks have popped between 39% and 97% in Biden's first few months . And the S&P 500's performance, on an annualized basis, puts Biden among the best presidents for investors of all time at this early stage. Will that hold up throughout his presidency? We simply have no way of knowing. But what we do know is that Biden has clearly telegraphed his various policy proposals, from the stimulus package that cleared Congress in March to his recently proposed American Jobs Plan, and that allows investors to identify potential winners should the votes go the president's way. Read on as we take a fresh look at many stocks (and a couple of funds) that should continue to benefit if Biden continues to score policy wins . SEE MORE The 21 Best Stocks to Buy for 2021 View comments || One woman’s counterfeit coupon scheme cost stores $31 million in losses, feds say: Federal investigators said they found $1 million worth of counterfeit coupons strewn about a home in Virginia Beach while executing a search warrant last year. But the real cache was on the computer. Lori Ann Talens, 41, is accused of designing more than 13,000 fake coupons that ultimately cost retailers and manufacturers at least $31 million in losses, the U.S. Attorney’s Office for the Eastern District of Virginia said. She and her husband, 43-year-old Pacifico Talens, pleaded guilty to the scheme this week. “Counterfeiting coupons harms the entire retail industry and causes financial loss to consumers, businesses, and the economy,” U.S. Attorney Raj Parekh said in a news release. “As this case demonstrates, those who use illegal get-rich-quick schemes to deceive others will be brought to justice.” Defense attorneys representing the couple did not immediately respond to McClatchy News’ request for comment Friday. Pacifico and Lori Talens waived their right to an indictment and pleaded guilty to mail fraud on Tuesday and Thursday, court documents show. Lori Talens also pleaded guilty to wire and health care fraud. At her sentencing on Aug. 31, she faces up to 50 years in prison, prosecutors said. Pacifico Talens faces up to 20 years in prison when he is sentenced Aug. 19. The coupon scheme lasted from April 2017 to May 2020, according to statements of fact accompanying their plea deals. During that time, prosecutors said Lori Talens targeted “coupon enthusiasts” on Facebook and the instant messaging app Telegram to sell them counterfeits. She reportedly went by the name “MasterChef.” “These counterfeit coupons were virtually indistinguishable from authentic coupons and were often created with inflated values, far in excess of what an authentic coupon would offer, in order to receive items from retail for free or for a greatly reduced price,” prosecutors said. Customers reportedly paid the couple for the fake coupons using Bitcoin and PayPal. According to court documents, Pacifico Talens tested the coupons at stores, sold them to his coworkers and helped ship them to his wife’s customers. Story continues But not long after the scheme began, prosecutors said a suspicious coupon enthusiast reached out to the Coupon Information Center to report Lori and Pacifico Talens. The Coupon Information Center is a nonprofit association made up of consumer product manufacturers “dedicated to fighting coupon misredemption and fraud,” according to its website. The person told the center they were invited to a private messaging group offering counterfeit coupons for sale. The executive director later relayed the report to the U.S. Postal Inspection Service, prosecutors said. For the next two years, the person reportedly agreed to buy counterfeit coupons from Lori Talens and send them to the Coupon Information Center and federal investigators. Prosecutors said the packages always came from “MasterChef Designs” or “MasterChef Artwork” with a return address in Maryland. Investigators traced “MasterChef” to an address in Virginia Beach where the couple lived using the metadata in a photo of she sent to the informant. Agents conducted a search of the house in May last year and found $1 million worth of counterfeit coupons “scattered throughout her house,” prosecutors said in court filings. They also searched her computer, where they reportedly found the designs for 13,315 counterfeit coupons. With the help of a company that helps process redeemed coupons for major coupon manufacturers, investigators ultimately determined the estimated losses totaled $31.8 million. Lori Talens was also accused of defrauding Medicaid and the Supplemental Nutrition Assistance Program, known as SNAP, by filing applications without mentioning her husband’s income or the illegitimate income she earned from the counterfeit coupons. Prosecutors said the total losses to Medicaid and SNAP were $43,000. Virginia mailman hoards 4,935 pieces of mail to deliver ‘when he found time,’ feds say A $250 online coupon to a grocery store sounds too good to be true. Turns out, it was. He used $5,000 in fake coupons at an NC grocery store, but now he may pay big time || One woman’s counterfeit coupon scheme cost stores $31 million in losses, feds say: Federal investigators said they found $1 million worth of counterfeit coupons strewn about a home in Virginia Beach while executing a search warrant last year. But the real cache was on the computer. Lori Ann Talens, 41, is accused of designing more than 13,000 fake coupons that ultimately cost retailers and manufacturers at least $31 million in losses, the U.S. Attorney’s Office for the Eastern District of Virginia said. She and her husband, 43-year-old Pacifico Talens, pleaded guilty to the scheme this week. “Counterfeiting coupons harms the entire retail industry and causes financial loss to consumers, businesses, and the economy,” U.S. Attorney Raj Parekh said in a news release. “As this case demonstrates, those who use illegal get-rich-quick schemes to deceive others will be brought to justice.” Defense attorneys representing the couple did not immediately respond to McClatchy News’ request for comment Friday. Pacifico and Lori Talens waived their right to an indictment and pleaded guilty to mail fraud on Tuesday and Thursday, court documents show. Lori Talens also pleaded guilty to wire and health care fraud. At her sentencing on Aug. 31, she faces up to 50 years in prison, prosecutors said. Pacifico Talens faces up to 20 years in prison when he is sentenced Aug. 19. The coupon scheme lasted from April 2017 to May 2020, according to statements of fact accompanying their plea deals. During that time, prosecutors said Lori Talens targeted “coupon enthusiasts” on Facebook and the instant messaging app Telegram to sell them counterfeits. She reportedly went by the name “MasterChef.” “These counterfeit coupons were virtually indistinguishable from authentic coupons and were often created with inflated values, far in excess of what an authentic coupon would offer, in order to receive items from retail for free or for a greatly reduced price,” prosecutors said. Customers reportedly paid the couple for the fake coupons using Bitcoin and PayPal. According to court documents, Pacifico Talens tested the coupons at stores, sold them to his coworkers and helped ship them to his wife’s customers. Story continues But not long after the scheme began, prosecutors said a suspicious coupon enthusiast reached out to the Coupon Information Center to report Lori and Pacifico Talens. The Coupon Information Center is a nonprofit association made up of consumer product manufacturers “dedicated to fighting coupon misredemption and fraud,” according to its website. The person told the center they were invited to a private messaging group offering counterfeit coupons for sale. The executive director later relayed the report to the U.S. Postal Inspection Service, prosecutors said. For the next two years, the person reportedly agreed to buy counterfeit coupons from Lori Talens and send them to the Coupon Information Center and federal investigators. Prosecutors said the packages always came from “MasterChef Designs” or “MasterChef Artwork” with a return address in Maryland. Investigators traced “MasterChef” to an address in Virginia Beach where the couple lived using the metadata in a photo of she sent to the informant. Agents conducted a search of the house in May last year and found $1 million worth of counterfeit coupons “scattered throughout her house,” prosecutors said in court filings. They also searched her computer, where they reportedly found the designs for 13,315 counterfeit coupons. With the help of a company that helps process redeemed coupons for major coupon manufacturers, investigators ultimately determined the estimated losses totaled $31.8 million. Lori Talens was also accused of defrauding Medicaid and the Supplemental Nutrition Assistance Program, known as SNAP, by filing applications without mentioning her husband’s income or the illegitimate income she earned from the counterfeit coupons. Prosecutors said the total losses to Medicaid and SNAP were $43,000. Virginia mailman hoards 4,935 pieces of mail to deliver ‘when he found time,’ feds say A $250 online coupon to a grocery store sounds too good to be true. Turns out, it was. He used $5,000 in fake coupons at an NC grocery store, but now he may pay big time || Bitcoin rises 6.54% to $57,098.08: (Reuters) - Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, is up 105.9% from the year's low of $27,734 on Jan. 4. It is down 12% from the year's high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close.
(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler) || Bitcoin rises 6.54% to $57,098.08: (Reuters) - Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, is up 105.9% from the year's low of $27,734 on Jan. 4. It is down 12% from the year's high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close.
(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler) || Bitcoin rises 6.54% to $57,098.08: (Reuters) - Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, is up 105.9% from the year's low of $27,734 on Jan. 4. It is down 12% from the year's high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close.
(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler) || Bitcoin rises 6.54% to $57,098.08: (Reuters) - Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close.
Bitcoin, the world's biggest and best-known cryptocurrency, is up 105.9% from the year's low of $27,734 on Jan. 4. It is down 12% from the year's high of $64,895.22 on April 14.
Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close.
(Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler) || Bitcoin rises 6.54% to $57,098.08: (Reuters) - Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 105.9% from the year's low of $27,734 on Jan. 4. It is down 12% from the year's high of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close. (Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler) || Bitcoin rises 6.54% to $57,098.08: (Reuters) - Bitcoin rose 6.54% to $57,098.08 on Friday, adding $3,504.11 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 105.9% from the year's low of $27,734 on Jan. 4. It is down 12% from the year's high of $64,895.22 on April 14. Ether, the coin linked to the ethereum blockchain network, rose 1.06 % to $2,787.35 on Friday, adding $29.29 to its previous close. (Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler) View comments || Is Dogecoin Dead? Elon Musk and Mark Cuban Say ‘So Much No’: WhenDogecoin(CCC:DOGE-USD) enthusiasts created #DogeDay, many hoped that Dogecoin prices would go to $1. Even fifty cents would have been acceptable.
Source: Shutterstock
Instead, Apr. 20 marked one of Dogecoin’s worst days on record. Within hours, the coin had dropped from its open of around 40 cents to a close of 32 cents. By the end of the week, the “meme coin” had sunk below 20 cents, wiping out $25 billion of investor wealth.
“There was anxiety with larger investors who had big positions that the dog had its day coming and wanted to exit,”said Eric Schiffer, the head of a private equity firm called The Patriarch Organization.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
For all purposes, it looked like Dogecoin was dead.
But momentum bulls would have the last laugh. As celebrities like Mark Cuban and Elon Musk began tweeting about the cryptocurrency, investors began to buy back in. Almost magically, Dogecoin prices started to rise again.
• 10 of the Top Nasdaq Blue-Chip Stocks to Buy
Now, as investors try to make sense of an asset with “zero intrinsic value,” momentum investors will continue to confound traditional ones. As this week has shown, Dogecoin might be dead — but just not quite yet.
Cryptocurrency’s biggest inside joke has long confused conventional investors. All coins already have zero intrinsic value and Dogecoin made a point to satirize that fact. Its original 2013 code awarded up to one billion coins per solved block, making DOGE virtually unusable as a form of currency.
Fast forward to 2021, however, and DOGE has emerged as one of the most serious money-makers of the year. $10,000 invested in Dogecoin at the start of the year would have turned to over $870,000 at its peak. Ordinary retail investors becameovernight millionaires.
Technologically, Dogecoin has also grown up. Its once ludicrous mining reward system now runs on a system that mimics a 2.5% inflation rate. A “merged mining” ability also allows miners to process DOGE in parallel withLitecoin(CCC:LTE-USD), significantly increasing its mining pool.
Yet, Dogecoin prices seem to have a life of their own. Its major technological overhauls in 2014 coincided with a huge collapse in value. Three years later, the opposite was true; though developmentvirtually ceasedin Q1 2017, Dogecoin prices would rise 3700% by the end of that year. Theexplanation for these movementsvaries, from a failedRedditinvestment scheme to a broader cryptocurrency mania.
Recently, DOGE price movements have become stranger still. On Jan. 28,Tesla(NASDAQ:TSLA) CEO Elon Musk tweeted the first of many posts referencing Dogecoin — a photoshopped issue of“Dogue”magazine with Cinza the Whippet on the cover. DOGE prices jumped 500% by the next day, creating a pattern of price rises following any mention by the new Tweeter-in-Chief.
Source: Thompson Reuters
Dogecoin prices after Elon Musk tweet
Other celebrities have since jumped on board. In February, billionaire Mark Cuban toldForbesthat he had bought Dogecoin for his son.
“It’s fun, it’s exciting and educational for him,” Cubansaid during the interview. “It gives you a better chance of winning than a lottery ticket.”
That educational lesson might have earned investors billions. By mid-April, Dogecoin’s prices rose so high that itbriefly replacedXRP(CCC:XRP-USD) as the world’s fourth-largest currency.
When cryptocurrencies took off in the early 2010s,Bitcoin(CCC:BTC-USD) dominated. Creating new wallets was a cumbersome process and few investors ventured beyond what they already knew. As such, Bitcoin held at least95% market dominance through 2016.
As high-quality exchanges started appearing, however, Bitcoin’s early lead became less critical. Newer exchanges allowed customers to buy dozens of different coins without creating a new wallet for each currency. The technological barriers to new altcoins started to crumble.
In its place, the power of celebrity started taking over. Coins likeCardano(CCC:ADA-USD),Polkadot(CCC:DOT-USD) andStellar(CCC:XLM-USD) soon climbed the crypto ranks thanks to their all-star development teams.
In some cases, technology didn’t even seem to matter. In March,Tron(CCC:TRON-USD) CEO Justin Sun made headlines after losing a high-profile$69 million auctionfor the most expensive NFT (non-fungible token) artwork to date. The currency of the well-known“hype man of the century”would go on to nearly quadruple by mid-April, despite Tron’s severe plagiarism issues (Sun would go on to blame this on bad“translation”).
Today, these same celebrity forces are now driving Dogecoin prices higher. It doesn’t seem to matter that Dogecoin has virtually no development team, nor that its technology is practically identical to Litecoin’s. As more high-profile names jump on board, the cryptocurrency’s price only seems to go in one direction: up.
Dogecoin’s “celebrity effect” has also coincided with a broader shift towards momentum investing — a byproduct of social media’s role in promoting cryptocurrencies. Many coins now have dedicated fan bases who unwittingly create feedback loops in a coin’s price. Rising prices draw more social-media interest, which causes more buyers to join and so on.
The results have been nothing short of breathtaking. An investor who bought one thetop-10 mentioned new coins on Twitterin mid-2020 could have seen their investment triple the return of Bitcoin. (Only one of these typically risky initial coin offerings, or ICOs, would sink from its initial price.)
The rise of momentum investing has even caught several experienced crypto investors off guard. In May 2020, California-based Cryptolab Capitalshuttered its doorsafter a string of poor Bitcoin returns. Firms like Virgil Capital wouldresort to fraudto keep the illusion of success going.
Momentum, however, is a double-edged sword. The same“hot money”investors are often the first to sell, creating an unrelenting downward spiral. That’s why Dogecoin’s 50% decline last week had investors concerned. Without intervention, the coin was surely set to fall further.
Fortunately for Dogecoin holders, though, the coin’s backers had other plans. As Elon Musk and fellow celebrities took to social media in support, DOGE prices started to rise. By the time Musk tweeted“The Dogefather”at 2:20 a.m. on Apr. 28, prices would hit 32 cents the following morning.
For Dogecoin, these recoveries matter. Most late-game cryptocurrency investors are“buyers looking to make money,”notes Richard Partington, economics correspondent atThe Guardian. Price declines tend to trigger more selling.
Trading volume makes the case. DOGE’s initial run to 40 cents coincided with a flurry of buying. As prices came down, volumes remained elevated. In other words, investors were selling out faster than new buyers were entering.
Chartists often frustrate fundamental stock pickers with terms like“breakouts”to describe initial price gains leading to further rises (or vice versa to the downside). In the case of Dogecoin, they have a point — a small nudge by a well-timed tweet can become the catalyst to send DOGE to the moon.
So, with Dogecoin, invest thoughtfully. It’s no longer investors who are in control of the rocket ship; it’s the famous backers who support the currency of this strange new world.
On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing.
• Why Everyone Is Investing in 5G All WRONG
• It doesn’t matter if you have $500 in savings or $5 million. Do this now.
• Top Stock Picker Reveals His Next Potential 500% Winner
• Stock Prodigy Who Found NIO at $2… Says Buy THIS Now
The postIs Dogecoin Dead? Elon Musk and Mark Cuban Say ‘So Much No’appeared first onInvestorPlace. || Is Dogecoin Dead? Elon Musk and Mark Cuban Say ‘So Much No’: When Dogecoin (CCC: DOGE-USD ) enthusiasts created #DogeDay, many hoped that Dogecoin prices would go to $1. Even fifty cents would have been acceptable. A close-up shot of a Dogecoin (DOGE) concept token. Source: Shutterstock Instead, Apr. 20 marked one of Dogecoin’s worst days on record. Within hours, the coin had dropped from its open of around 40 cents to a close of 32 cents. By the end of the week, the “meme coin” had sunk below 20 cents, wiping out $25 billion of investor wealth. “There was anxiety with larger investors who had big positions that the dog had its day coming and wanted to exit,” said Eric Schiffer , the head of a private equity firm called The Patriarch Organization. InvestorPlace - Stock Market News, Stock Advice & Trading Tips For all purposes, it looked like Dogecoin was dead. But momentum bulls would have the last laugh. As celebrities like Mark Cuban and Elon Musk began tweeting about the cryptocurrency, investors began to buy back in. Almost magically, Dogecoin prices started to rise again. 10 of the Top Nasdaq Blue-Chip Stocks to Buy Now, as investors try to make sense of an asset with “zero intrinsic value,” momentum investors will continue to confound traditional ones. As this week has shown, Dogecoin might be dead — but just not quite yet. Dogecoin Prices: The World’s $40 Billion Prank Cryptocurrency’s biggest inside joke has long confused conventional investors. All coins already have zero intrinsic value and Dogecoin made a point to satirize that fact. Its original 2013 code awarded up to one billion coins per solved block, making DOGE virtually unusable as a form of currency. Fast forward to 2021, however, and DOGE has emerged as one of the most serious money-makers of the year. $10,000 invested in Dogecoin at the start of the year would have turned to over $870,000 at its peak. Ordinary retail investors became overnight millionaires . Technologically, Dogecoin has also grown up. Its once ludicrous mining reward system now runs on a system that mimics a 2.5% inflation rate. A “merged mining” ability also allows miners to process DOGE in parallel with Litecoin (CCC: LTE-USD ), significantly increasing its mining pool. Story continues Yet, Dogecoin prices seem to have a life of their own. Its major technological overhauls in 2014 coincided with a huge collapse in value. Three years later, the opposite was true; though development virtually ceased in Q1 2017, Dogecoin prices would rise 3700% by the end of that year. The explanation for these movements varies, from a failed Reddit investment scheme to a broader cryptocurrency mania. Recently, DOGE price movements have become stranger still. On Jan. 28, Tesla (NASDAQ: TSLA ) CEO Elon Musk tweeted the first of many posts referencing Dogecoin — a photoshopped issue of “Dogue” magazine with Cinza the Whippet on the cover. DOGE prices jumped 500% by the next day, creating a pattern of price rises following any mention by the new Tweeter-in-Chief. Dogecoin Prices after Elon Musk Tweet Source: Thompson Reuters Dogecoin prices after Elon Musk tweet Other celebrities have since jumped on board. In February, billionaire Mark Cuban told Forbes that he had bought Dogecoin for his son. “It’s fun, it’s exciting and educational for him,” Cuban said during the interview . “It gives you a better chance of winning than a lottery ticket.” That educational lesson might have earned investors billions. By mid-April, Dogecoin’s prices rose so high that it briefly replaced XRP (CCC: XRP-USD ) as the world’s fourth-largest currency. The Driving Forces of Dogecoin When cryptocurrencies took off in the early 2010s, Bitcoin (CCC: BTC-USD ) dominated. Creating new wallets was a cumbersome process and few investors ventured beyond what they already knew. As such, Bitcoin held at least 95% market dominance through 2016 . As high-quality exchanges started appearing, however, Bitcoin’s early lead became less critical. Newer exchanges allowed customers to buy dozens of different coins without creating a new wallet for each currency. The technological barriers to new altcoins started to crumble. In its place, the power of celebrity started taking over. Coins like Cardano (CCC: ADA-USD ), Polkadot (CCC: DOT-USD ) and Stellar (CCC: XLM-USD ) soon climbed the crypto ranks thanks to their all-star development teams. In some cases, technology didn’t even seem to matter. In March, Tron (CCC: TRON-USD ) CEO Justin Sun made headlines after losing a high-profile $69 million auction for the most expensive NFT (non-fungible token) artwork to date. The currency of the well-known “hype man of the century” would go on to nearly quadruple by mid-April, despite Tron’s severe plagiarism issues (Sun would go on to blame this on bad “translation” ). Today, these same celebrity forces are now driving Dogecoin prices higher. It doesn’t seem to matter that Dogecoin has virtually no development team, nor that its technology is practically identical to Litecoin’s. As more high-profile names jump on board, the cryptocurrency’s price only seems to go in one direction: up. Momentum Becomes the Driving Force Dogecoin’s “celebrity effect” has also coincided with a broader shift towards momentum investing — a byproduct of social media’s role in promoting cryptocurrencies. Many coins now have dedicated fan bases who unwittingly create feedback loops in a coin’s price. Rising prices draw more social-media interest, which causes more buyers to join and so on. The results have been nothing short of breathtaking. An investor who bought one the top-10 mentioned new coins on Twitter in mid-2020 could have seen their investment triple the return of Bitcoin. (Only one of these typically risky initial coin offerings, or ICOs, would sink from its initial price.) The rise of momentum investing has even caught several experienced crypto investors off guard. In May 2020, California-based Cryptolab Capital shuttered its doors after a string of poor Bitcoin returns. Firms like Virgil Capital would resort to fraud to keep the illusion of success going. Momentum, however, is a double-edged sword. The same “hot money” investors are often the first to sell, creating an unrelenting downward spiral. That’s why Dogecoin’s 50% decline last week had investors concerned. Without intervention, the coin was surely set to fall further. Elon Musk to the Rescue Fortunately for Dogecoin holders, though, the coin’s backers had other plans. As Elon Musk and fellow celebrities took to social media in support, DOGE prices started to rise. By the time Musk tweeted “The Dogefather” at 2:20 a.m. on Apr. 28, prices would hit 32 cents the following morning. For Dogecoin, these recoveries matter. Most late-game cryptocurrency investors are “buyers looking to make money,” notes Richard Partington, economics correspondent at The Guardian . Price declines tend to trigger more selling. Trading volume makes the case. DOGE’s initial run to 40 cents coincided with a flurry of buying. As prices came down, volumes remained elevated. In other words, investors were selling out faster than new buyers were entering. Chartists often frustrate fundamental stock pickers with terms like “breakouts” to describe initial price gains leading to further rises (or vice versa to the downside). In the case of Dogecoin, they have a point — a small nudge by a well-timed tweet can become the catalyst to send DOGE to the moon. So, with Dogecoin, invest thoughtfully. It’s no longer investors who are in control of the rocket ship; it’s the famous backers who support the currency of this strange new world. On the date of publication, Tom Yeung did not have (either directly or indirectly) any positions in the securities mentioned in this article. Tom Yeung, CFA, is a registered investment advisor on a mission to bring simplicity to the world of investing. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Is Dogecoin Dead? Elon Musk and Mark Cuban Say ‘So Much No’ appeared first on InvestorPlace . || The Gross Law Firm Announces Class Actions on Behalf of Shareholders of VLDR, REGI and EBS: NEW YORK, NY / ACCESSWIRE / April 30, 2021 /The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.
Velodyne Lidar, Inc. (NASDAQ:VLDR)
Investors Affected : July 2, 2020 - March 17, 2021
A class action has commenced on behalf of certain shareholders in Velodyne Lidar, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) certain of Velodyne's directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company's officers and directors; (2) the Company was investigating the foregoing matters; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/velodyne-lidar-inc-loss-submission-form/?id=15370&from=1
Renewable Energy Group, Inc. (NASDAQ:REGI)
Investors Affected : May 3, 2018 - February 25, 2021
A class action has commenced on behalf of certain shareholders in Renewable Energy Group, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by the Company and was instead added by the Company's customers; (2) as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020; (3) as a result, Renewable Energy's revenue and net income were overstated for certain periods; (4) there was a material weakness in the Company's internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/renewable-energy-group-inc-loss-submission-form/?id=15370&from=1
Emergent Biosolutions Inc. (NYSE:EBS)
Investors Affected : July 6, 2020 - March 31, 2021
A class action has commenced on behalf of certain shareholders in Emergent Biosolutions Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Emergent's Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (ii) these longstanding contamination risks and quality control issues at Emergent's facility led to a string of FDA citations; (iii) the Company previously had to discard the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards; and (iv) as a result of the foregoing, Defendants' public statements about Emergent's ability and capacity to mass manufacture multiple COVID-19 vaccines at its Baltimore manufacturing site were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders may find more information athttps://securitiesclasslaw.com/securities/emergent-biosolutions-inc-loss-submission-form/?id=15370&from=1
The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:The Gross Law Firm15 West 38th Street, 12th floorNew York, NY, 10018Email:[email protected]: (212) 537-9430Fax: (833) 862-7770
SOURCE:The Gross Law Firm
View source version on accesswire.com:https://www.accesswire.com/643639/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-VLDR-REGI-and-EBS || The Gross Law Firm Announces Class Actions on Behalf of Shareholders of VLDR, REGI and EBS: NEW YORK, NY / ACCESSWIRE / April 30, 2021 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery. Velodyne Lidar, Inc. (NASDAQ:VLDR) Investors Affected : July 2, 2020 - March 17, 2021 A class action has commenced on behalf of certain shareholders in Velodyne Lidar, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) certain of Velodyne's directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company's officers and directors; (2) the Company was investigating the foregoing matters; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Shareholders may find more information at https://securitiesclasslaw.com/securities/velodyne-lidar-inc-loss-submission-form/?id=15370&from=1 Renewable Energy Group, Inc. (NASDAQ:REGI) Investors Affected : May 3, 2018 - February 25, 2021 A class action has commenced on behalf of certain shareholders in Renewable Energy Group, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by the Company and was instead added by the Company's customers; (2) as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020; (3) as a result, Renewable Energy's revenue and net income were overstated for certain periods; (4) there was a material weakness in the Company's internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Story continues Shareholders may find more information at https://securitiesclasslaw.com/securities/renewable-energy-group-inc-loss-submission-form/?id=15370&from=1 Emergent Biosolutions Inc. (NYSE:EBS) Investors Affected : July 6, 2020 - March 31, 2021 A class action has commenced on behalf of certain shareholders in Emergent Biosolutions Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Emergent's Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (ii) these longstanding contamination risks and quality control issues at Emergent's facility led to a string of FDA citations; (iii) the Company previously had to discard the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards; and (iv) as a result of the foregoing, Defendants' public statements about Emergent's ability and capacity to mass manufacture multiple COVID-19 vaccines at its Baltimore manufacturing site were materially false and/or misleading and/or lacked a reasonable basis. Shareholders may find more information at https://securitiesclasslaw.com/securities/emergent-biosolutions-inc-loss-submission-form/?id=15370&from=1 The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: The Gross Law Firm 15 West 38th Street, 12th floor New York, NY, 10018 Email: [email protected] Phone: (212) 537-9430 Fax: (833) 862-7770 SOURCE: The Gross Law Firm View source version on accesswire.com: https://www.accesswire.com/643639/The-Gross-Law-Firm-Announces-Class-Actions-on-Behalf-of-Shareholders-of-VLDR-REGI-and-EBS || Turkey wages war on cryptocurrencies, and investors lose a fortune: Turkey faces a crisis not unique in emerging economies: soaring inflation, plunging demand for its debt, and a bruising unemployment rate. Add to that a pliant central bank governor beholden to autocrat President Recep Tayyip Erdoğan who is not above installing his son-in-law as finance minister, and you get all the conditions forrampant cryptocurrency speculation.
That speculation came to an abrupt end two weeks ago when Turkey revealed plans to ban these software-based “digital tokens” as a form of payment starting from April 30 in an attempt to combat a flight from the tanking Turkish lira.
The move spooked investors. Days after the freshly installed head of the central bank made the announcement,Thodex, along with another exchange platform in Turkey called Vebitcoin,collapsed. Thodex founder Fatih Faruk Özer escaped to Albania, and a number of his family members were detained by the authorities, according to state security officials.
An international manhunt is currently underway to locate the 27-year-old Özer and secure $2 billion in digital tokens he allegedly embezzled from 390,000 users of Thodex, the exchange platform he founded.
Although a social media account in Özer's name denied claims he absconded with investor money, Turkish authorities reportedly issued a “Red Notice,” an international wanted person alert. When contacted byFortune, Interpol declined to comment without the consent of the Turkish authorities.
In any case, the digital tokens are nowhere to be found, and throughout Turkey, investors are distraught. Estimates vary for how much they have lost.
Aykan Erdemir, senior director of the Foundation for Defense of Democracies’ Turkey Program, said the central bank ban incited fear that even holding cryptocurrencies, a hedge against double-digit inflation and lira devaluation, might be eventually declared illegal.
“This was basically a government attempt to try to control Turkey’s payment ecosystem. Ultimately Erdoğan has his eyes on Turkish citizens’ savings,” he saidin a podcast.
“Cryptocurrency is Turkey’s final frontier. It’s almost like the last safe haven citizens believe is out of Erdoğan’s reach.”
The developments capped a turbulent start to the year for Turkey in which Erdoğansacked his hawkish central bank governor, Naci Ağbal, in March just four months into the job for clamping down on runaway inflation,now pegged at 16%.
Many Turks sought to protect their savings byconverting them into digital as well as physical assets like gold. Ağbal's successor, the country's fourth head of monetary policy in two years,paradoxically argued high rates are in fact responsible for rising pricesrather than their solution.
But digital currencies have not proved to be the safe havens they sought.
“Any time someone invests in such highly speculative assets like cryptos, they must at all times be prepared to cope with the eventuality of a complete loss of their capital,” Oliver Geiseler, partner at financial services consultancy Capco, toldFortune.
https://twitter.com/RobinBrooksIIF/status/1385942121929220096?s=20
Prior to the crackdown, estimates suggested between $1 billion and $2 billion in cryptocurrency was traded daily across the globe, and Turkey tied with Peru as fourth with about 16% of the total, according to aStatista survey recently cited by the World Economic Forum.
An increasing number of consumers hope to hedge against the loss of their purchasing power by diversifying into digital tokens. Advocates argue they offer protection in a world where institutions like the Federal Reserve penalize savers by maintaining interest rates at zero and expanding money supply, in part to ease the strains on stretched state treasuries.
Prices for digital currencies like Ethereum and Dogecoin have surged recently amid growing social acceptance, with [hotlink]Tesla[/hotlink] evenaccepting Bitcoinsince this year. Industry insiders warn, however, that the Turkish debacle proves they might not be for amateurs.
Renato Fazzone, from FTI Consulting’s technology practice in Düsseldorf, warned the boom in Bitcoin interest driven by trends such as those seen in Turkey can backfire on investors at any time.
“Consumers enticed by the opportunity for quick gains should leave cryptocurrencies well alone unless they have studied the issue in depth, since these assets are extremely volatile and lack any real regulation,” the senior managing director toldFortune.
“At the same time, platforms should consider the responsibility they bear on behalf of their customers, screening them in advance to gauge their level of sophistication and risk appetite in order to protect them from unwittingly making grave mistakes,” he added.
The general manager of the Basel-based Bank of International Settlements (BIS), Agustín Carstens,blasted Bitcoin earlier this year, arguing it lacked any intrinsic value and consumed more electricity than all of Switzerland.
“If digital currencies are needed, central banks should be the ones to issue them,” he said in January.
BIS, which represents the interests of the Fed, Bank of England, and more, warned this month the supervision of cryptocurrencies remained at a nascent stage, with many of the world’s leading economies still in the process of developing an approach to crypto assets.
While the Turkish government, worried about the flight from the lira, might harbor selfish motivations for clamping down on currencies out of its direct control, there are many legitimate regulatory concerns over the twin risks of tokens used for money laundering and financing terrorism.
In October, the U.S. Financial Crimes Enforcement Network imposed a$60 million fine against Larry Dean Harmon, the founder of crypto service providers Helix and Coin Ninja, after the bureau discovered some of the 1.2 million in undocumented transactions involved narcotics traffickers, counterfeiters, and other criminals.
“There is a principle in banking circles that is particularly important in the context of digital tokens, which is ‘KYC’—know your customer,” Capco's Geiseler said. “If it turns out cryptocurrency you received as part of a transaction was acquired illegally, then you can be considered complicit in a worst-case scenario.”
It's not just Turks that are embracing the trend toward digital tokens. According to a survey by U.S. broker [hotlink]Charles Schwab[/hotlink], young British investors aretwice as likely to buy an asset like Bitcoinas they are to buy stocks.
“Cryptocurrencies seem to be the flavor of the month,” said U.K. managing director Richard Flynn in a statement that suggested a note of disapproval. “A diversified portfolio, balanced across asset classes and sectors, is a more sensible, time-tested approach.”
The firm told analysts last week it would like to see “more regulatory clarity” before entering the market.
In Turkey's case, the regulatory clarity came via a partial ban. For now at least, owning digital tokens is still legal even if paying with them is not.
This may only be cold comfort to the thousands of Turks who have put their money in cryptocurrencies. But investing in unregulated assets that exist uneasily alongside legal tender issued by government fiat is not for the faint of heart.
This story was originally featured onFortune.com || Turkey wages war on cryptocurrencies, and investors lose a fortune: Turkey faces a crisis not unique in emerging economies: soaring inflation, plunging demand for its debt, and a bruising unemployment rate. Add to that a pliant central bank governor beholden to autocrat President Recep Tayyip Erdoğan who is not above installing his son-in-law as finance minister, and you get all the conditions for rampant cryptocurrency speculation . That speculation came to an abrupt end two weeks ago when Turkey revealed plans to ban these software-based “digital tokens” as a form of payment starting from April 30 in an attempt to combat a flight from the tanking Turkish lira. The move spooked investors. Days after the freshly installed head of the central bank made the announcement, Thodex, along with another exchange platform in Turkey called Vebitcoin, collapsed. Thodex founder Fatih Faruk Özer escaped to Albania, and a number of his family members were detained by the authorities, according to state security officials. An international manhunt is currently underway to locate the 27-year-old Özer and secure $2 billion in digital tokens he allegedly embezzled from 390,000 users of Thodex, the exchange platform he founded. Although a social media account in Özer's name denied claims he absconded with investor money, Turkish authorities reportedly issued a “Red Notice,” an international wanted person alert. When contacted by Fortune , Interpol declined to comment without the consent of the Turkish authorities. Distraught investors In any case, the digital tokens are nowhere to be found, and throughout Turkey, investors are distraught. Estimates vary for how much they have lost. Aykan Erdemir, senior director of the Foundation for Defense of Democracies’ Turkey Program, said the central bank ban incited fear that even holding cryptocurrencies, a hedge against double-digit inflation and lira devaluation, might be eventually declared illegal. “This was basically a government attempt to try to control Turkey’s payment ecosystem. Ultimately Erdoğan has his eyes on Turkish citizens’ savings,” he said in a podcast . Story continues “Cryptocurrency is Turkey’s final frontier. It’s almost like the last safe haven citizens believe is out of Erdoğan’s reach.” The developments capped a turbulent start to the year for Turkey in which Erdoğan sacked his hawkish central bank governor , Naci Ağbal, in March just four months into the job for clamping down on runaway inflation, now pegged at 16% . Many Turks sought to protect their savings by converting them into digital as well as physical assets like gold . Ağbal's successor, the country's fourth head of monetary policy in two years, paradoxically argued high rates are in fact responsible for rising prices rather than their solution. But digital currencies have not proved to be the safe havens they sought. “Any time someone invests in such highly speculative assets like cryptos, they must at all times be prepared to cope with the eventuality of a complete loss of their capital,” Oliver Geiseler, partner at financial services consultancy Capco, told Fortune. https://twitter.com/RobinBrooksIIF/status/1385942121929220096?s=20 Prior to the crackdown, estimates suggested between $1 billion and $2 billion in cryptocurrency was traded daily across the globe, and Turkey tied with Peru as fourth with about 16% of the total, according to a Statista survey recently cited by the World Economic Forum . An increasing number of consumers hope to hedge against the loss of their purchasing power by diversifying into digital tokens. Advocates argue they offer protection in a world where institutions like the Federal Reserve penalize savers by maintaining interest rates at zero and expanding money supply, in part to ease the strains on stretched state treasuries. Speculation Prices for digital currencies like Ethereum and Dogecoin have surged recently amid growing social acceptance, with [hotlink]Tesla[/hotlink] even accepting Bitcoin since this year. Industry insiders warn, however, that the Turkish debacle proves they might not be for amateurs. Renato Fazzone, from FTI Consulting’s technology practice in Düsseldorf, warned the boom in Bitcoin interest driven by trends such as those seen in Turkey can backfire on investors at any time. “Consumers enticed by the opportunity for quick gains should leave cryptocurrencies well alone unless they have studied the issue in depth, since these assets are extremely volatile and lack any real regulation,” the senior managing director told Fortune . “At the same time, platforms should consider the responsibility they bear on behalf of their customers, screening them in advance to gauge their level of sophistication and risk appetite in order to protect them from unwittingly making grave mistakes,” he added. The general manager of the Basel-based Bank of International Settlements (BIS), Agustín Carstens, blasted Bitcoin earlier this year , arguing it lacked any intrinsic value and consumed more electricity than all of Switzerland. “If digital currencies are needed, central banks should be the ones to issue them,” he said in January. BIS, which represents the interests of the Fed, Bank of England, and more, warned this month the supervision of cryptocurrencies remained at a nascent stage, with many of the world’s leading economies still in the process of developing an approach to crypto assets. Selfish motivations? While the Turkish government, worried about the flight from the lira, might harbor selfish motivations for clamping down on currencies out of its direct control, there are many legitimate regulatory concerns over the twin risks of tokens used for money laundering and financing terrorism. In October, the U.S. Financial Crimes Enforcement Network imposed a $60 million fine against Larry Dean Harmon , the founder of crypto service providers Helix and Coin Ninja, after the bureau discovered some of the 1.2 million in undocumented transactions involved narcotics traffickers, counterfeiters, and other criminals. “There is a principle in banking circles that is particularly important in the context of digital tokens, which is ‘KYC’—know your customer,” Capco's Geiseler said. “If it turns out cryptocurrency you received as part of a transaction was acquired illegally, then you can be considered complicit in a worst-case scenario.” It's not just Turks that are embracing the trend toward digital tokens. According to a survey by U.S. broker [hotlink]Charles Schwab[/hotlink], young British investors are twice as likely to buy an asset like Bitcoin as they are to buy stocks. “Cryptocurrencies seem to be the flavor of the month,” said U.K. managing director Richard Flynn in a statement that suggested a note of disapproval. “A diversified portfolio, balanced across asset classes and sectors, is a more sensible, time-tested approach.” The firm told analysts last week it would like to see “ more regulatory clarity ” before entering the market. In Turkey's case, the regulatory clarity came via a partial ban. For now at least, owning digital tokens is still legal even if paying with them is not. This may only be cold comfort to the thousands of Turks who have put their money in cryptocurrencies. But investing in unregulated assets that exist uneasily alongside legal tender issued by government fiat is not for the faint of heart. This story was originally featured on Fortune.com
[Social Media Buzz]
None available.
|
56631.08, 57200.29, 53333.54, 57424.01, 56396.52, 57356.40, 58803.78, 58232.32, 55859.80, 56704.57
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65, 8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70, 6890.52, 6973.53, 6844.23, 7083.80, 7456.11, 6853.84, 6811.47, 6636.32, 6911.09, 7023.52, 6770.73, 6834.76, 6968.32, 7889.25, 7895.96, 7986.24, 8329.11, 8058.67.
|
[Bitcoin Technical Analysis for 2018-04-16]
Volume: 5631309824, RSI (14-day): 54.09, 50-day EMA: 8346.85, 200-day EMA: 8790.32
[Wider Market Context]
Gold Price: 1347.50, Gold RSI: 55.81
Oil Price: 66.22, Oil RSI: 58.51
[Recent News (last 7 days)]
AUD/USD and NZD/USD Fundamental Daily Forecast Risk-On Session Will Be Supportive for Aussie: The Australian Dollar is trading slightly better early Monday, showing no dramatic reaction to the bombing of the Syrian chemical factories by a U.S.-led coalition early Saturday (local time). The price action reflects a general calm in the financial markets which is a strong indication that todays price action will be driven by investor appetite for risk. Crude oil is also trading lower after opening flat and posting an initial surge to the upside. U.S. equity market are trading higher. Upside momentum could continue to strengthen in the Aussie if stock continue their rally. At 2214 GMT, the AUD/USD is trading .7767, up 0.0008 or +0.10%. Daily AUD/USD Another factor that could be supportive for the Australian Dollar is the easing of tensions between the U.S. and China over the trade dispute. Despite concerns about higher tariff proposals, ongoing negotiations should limit their effects. However, the currency could turn lower swiftly if higher tariff are actually imposed on more products and countries. The earnings season will also heat up this week, with more than 10% of the companies in the S&P 500 reporting their first quarter results. Robust earnings could underpin stock prices that could lead to increased demand for risk, making the Australian Dollar a more attractive asset. There are no major reports out of Australia early Monday. The U.S. will report Core Retail Sales which are expected to come in at 0.2%. Retail Sales are expected to jump 0.4% from -0.1%. The Empire State Manufacturing Index is expected to come in at 19.8, down from 22.5. Business Inventories are expected to come in at 0.6%, matching last months report. The NAHB Housing Market Index is expected to rise a notch to 71. Finally, Federal Open Market Committee Member Raphael Bostic is scheduled to speech. Recently, he said he favors raising interest rates twice more this year, but was open to shifting his view if the outlook warranted a different policy approach. My forecast had three moves for this year, Atlanta Fed President Raphael Bostic said on March 23, To the extent growth accelerates more than our models predict, then four could be prudent. If it comes in less than our models predict, then two could be prudent. This article was originally posted on FX Empire More From FXEMPIRE: USD/CAD Fundamental Analysis week of April 16, 2018 AUD/USD and NZD/USD Fundamental Weekly Forecast RBA Minutes, AUS Employment, NZ CPI on Tap This Week GBP/USD Fundamental Analysis week of April 16, 2018 DAX Index Fundamental Analysis week of April 16, 2018 Bitcoin Holds on to $8,000, with $9,000 looking out of reach for now USD/JPY Fundamental Weekly Forecast Risk On? Risk Off? Traders Will Respond to Risk Sentiment View comments || AUD/USD and NZD/USD Fundamental Daily Forecast – Risk-On Session Will Be Supportive for Aussie: The Australian Dollar is trading slightly better early Monday, showing no dramatic reaction to the bombing of the Syrian chemical factories by a U.S.-led coalition early Saturday (local time). The price action reflects a general calm in the financial markets which is a strong indication that today’s price action will be driven by investor appetite for risk.
Crude oil is also trading lower after opening flat and posting an initial surge to the upside. U.S. equity market are trading higher. Upside momentum could continue to strengthen in the Aussie if stock continue their rally.
At 2214 GMT, theAUD/USDis trading .7767, up 0.0008 or +0.10%.
Another factor that could be supportive for the Australian Dollar is the easing of tensions between the U.S. and China over the trade dispute. Despite concerns about higher tariff proposals, ongoing negotiations should limit their effects. However, the currency could turn lower swiftly if higher tariff are actually imposed on more products and countries.
The earnings season will also heat up this week, with more than 10% of the companies in the S&P 500 reporting their first quarter results. Robust earnings could underpin stock prices that could lead to increased demand for risk, making the Australian Dollar a more attractive asset.
There are no major reports out of Australia early Monday. The U.S. will report Core Retail Sales which are expected to come in at 0.2%. Retail Sales are expected to jump 0.4% from -0.1%.
The Empire State Manufacturing Index is expected to come in at 19.8, down from 22.5. Business Inventories are expected to come in at 0.6%, matching last month’s report. The NAHB Housing Market Index is expected to rise a notch to 71.
Finally, Federal Open Market Committee Member Raphael Bostic is scheduled to speech. Recently, he said he favors raising interest rates twice more this year, but was open to shifting his view if the outlook warranted a different policy approach.
“My forecast had three moves for this year,” Atlanta Fed President Raphael Bostic said on March 23, “To the extent growth accelerates more than our models predict, then four could be prudent. If it comes in less than our models predict, then two could be prudent.”
Thisarticlewas originally posted on FX Empire
• USD/CAD Fundamental Analysis – week of April 16, 2018
• AUD/USD and NZD/USD Fundamental Weekly Forecast – RBA Minutes, AUS Employment, NZ CPI on Tap This Week
• GBP/USD Fundamental Analysis – week of April 16, 2018
• DAX Index Fundamental Analysis – week of April 16, 2018
• Bitcoin Holds on to $8,000, with $9,000 looking out of reach for now
• USD/JPY Fundamental Weekly Forecast – Risk On? Risk Off? Traders Will Respond to Risk Sentiment || Smart Speakers Are No Longer Just a Novelty: With the release of the Echo smart speaker in late 2014, a new category of tech gadgets was born. Powered byAmazon's(NASDAQ: AMZN)Alexa digital assistant, the device combined the artificial intelligence capabilities of voice recognition and language processing with a rudimentary speaker for home use. The voice-controlled Echo quickly became a hit with consumers, who used the smart speaker to stream music, set alarms, and order pizza.
The early success of the device quickly spawned competition, withAlphabet(NASDAQ: GOOGL)(NASDAQ: GOOG)releasing the Google Home in late 2016, andApple(NASDAQ: AAPL)debuting its HomePod earlier this year.
Recent research suggests that the smart speaker, which was initially viewed as a novelty, is becoming much more mainstream.
Smart speakers are now entering the mainstream. Image source: Amazon.
Smart speakers can now be found in 20% of U.S. homes with Wi-Fi -- which represents a 67% increase between November and February -- according to dataprovided bycomScore. That puts these devices in an estimated 18.7 million homes.
Data source: comScore. Chart by author.
There are a number of factors that contributed to the recent uptick in adoption, including new device offerings and lower price points.
The Google Home Max and Home Mini were bothannounced in Octoberand were available during the important holiday shopping season, with the Mini priced at $29 to take advantage of the seasonal demand.
Amazon stole Google's thunder by announcinga variety of new Echo devicesand price points in September. The company added the Echo Spot, a smart alarm clock that can do many of the same things an Echo can do, but with a 2.5-inch touchscreen that can also make video calls, and the Echo Plus, which has a built-in hub for smart-home devices. Amazon also offered its most popular device, the Echo Dot for $29 for the holidays.
One of the more intriguing questions regarding these smart speakers is how they will contribute to the bottom line of their respective companies. Unfortunately, it's complicated.
Apple is hoping to appeal to audiophiles and those already locked into its ecosystem. At $349, the HomePod is among the higher priced smart speakers, ensuring that Apple collects its typically high margins.
The Google Home retails for $129. At this point, it's unclear how Google plans to monetize its devices. Company executives were asked that very same question by an analyst during thefourth quarter conference call, and CEO Sundar Pichai said, "There are a lot of interesting ideas internally ... We see a lot of potential, but the guidance I've given the teams is to be squarely focused on user experience. We are really getting started ... So, you'll see us focused on user experience there for a while to come."
Google Home wants a piece of the smart speaker market. Image source: Google.
Of the three, Amazon has the clearest path to additional revenue. Some suggest the company is making little or no money on the devices themselves, which range in price from $49 to $229 each. However, Amazon is using them to increase customer engagement, which appears to be working.
The ability to use voice control to order or reorder products directly from Amazon's e-commerce website was a stroke of genius and it appears to be paying off. Independent research shows that customers that use the Echo tend to spend $1,700 annually, on average, much more than the $1,000 spent by the average Amazon customer,according toConsumer Intelligence Research Partners.
Amazon Music vice president Steve Boom revealed another way the company benefits from Alexa and Echo. He pointed to the growing base of smart speakers as a catalyst for increasing adoption of its Music Unlimited streaming service. Boom said the company had "tens of millions" of paying customers, and that its subscriber roles have more than doubled in the past six months.
It's important to remember that it is still early innings for these devices and the full extent of their reach has yet to be seen. Amazon is offering the Alexa Development Kit to companies that want to include Alexa's voice control into their own products. There are currently 50 third-party Alexa devices, but that number could soon spike to the hundreds or thousands. And that's how Amazon wants it.
Alexa, are you becoming ubiquitous?
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.Danny Venaowns shares of Alphabet (A shares), Amazon, and Apple. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. || Smart Speakers Are No Longer Just a Novelty: With the release of the Echo smart speaker in late 2014, a new category of tech gadgets was born. Powered by Amazon 's (NASDAQ: AMZN) Alexa digital assistant, the device combined the artificial intelligence capabilities of voice recognition and language processing with a rudimentary speaker for home use. The voice-controlled Echo quickly became a hit with consumers, who used the smart speaker to stream music, set alarms, and order pizza. The early success of the device quickly spawned competition, with Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) releasing the Google Home in late 2016, and Apple (NASDAQ: AAPL) debuting its HomePod earlier this year. Recent research suggests that the smart speaker, which was initially viewed as a novelty, is becoming much more mainstream. Amazon Echo on a kitchen counter near a coffee cup and blueberries. Smart speakers are now entering the mainstream. Image source: Amazon. The next must-have device? Smart speakers can now be found in 20% of U.S. homes with Wi-Fi -- which represents a 67% increase between November and February -- according to data provided by comScore. That puts these devices in an estimated 18.7 million homes. Bar chart showing smart speaker penetration, growing from 8% in Jun 2017 to 20% in February 2018. Data source: comScore. Chart by author. There are a number of factors that contributed to the recent uptick in adoption, including new device offerings and lower price points. The Google Home Max and Home Mini were both announced in October and were available during the important holiday shopping season, with the Mini priced at $29 to take advantage of the seasonal demand. Amazon stole Google's thunder by announcing a variety of new Echo devices and price points in September. The company added the Echo Spot, a smart alarm clock that can do many of the same things an Echo can do, but with a 2.5-inch touchscreen that can also make video calls, and the Echo Plus, which has a built-in hub for smart-home devices. Amazon also offered its most popular device, the Echo Dot for $29 for the holidays. Will it move the needle? One of the more intriguing questions regarding these smart speakers is how they will contribute to the bottom line of their respective companies. Unfortunately, it's complicated. Story continues Apple is hoping to appeal to audiophiles and those already locked into its ecosystem. At $349, the HomePod is among the higher priced smart speakers, ensuring that Apple collects its typically high margins. The Google Home retails for $129. At this point, it's unclear how Google plans to monetize its devices. Company executives were asked that very same question by an analyst during the fourth quarter conference call , and CEO Sundar Pichai said, "There are a lot of interesting ideas internally ... We see a lot of potential, but the guidance I've given the teams is to be squarely focused on user experience. We are really getting started ... So, you'll see us focused on user experience there for a while to come." Google Home with numerous base colors in an array. Google Home wants a piece of the smart speaker market. Image source: Google. Show me the money Of the three, Amazon has the clearest path to additional revenue. Some suggest the company is making little or no money on the devices themselves, which range in price from $49 to $229 each. However, Amazon is using them to increase customer engagement, which appears to be working. The ability to use voice control to order or reorder products directly from Amazon's e-commerce website was a stroke of genius and it appears to be paying off. Independent research shows that customers that use the Echo tend to spend $1,700 annually, on average, much more than the $1,000 spent by the average Amazon customer, according to Consumer Intelligence Research Partners. Amazon Music vice president Steve Boom revealed another way the company benefits from Alexa and Echo. He pointed to the growing base of smart speakers as a catalyst for increasing adoption of its Music Unlimited streaming service. Boom said the company had "tens of millions" of paying customers, and that its subscriber roles have more than doubled in the past six months. Early days It's important to remember that it is still early innings for these devices and the full extent of their reach has yet to be seen. Amazon is offering the Alexa Development Kit to companies that want to include Alexa's voice control into their own products. There are currently 50 third-party Alexa devices, but that number could soon spike to the hundreds or thousands. And that's how Amazon wants it. Alexa, are you becoming ubiquitous? More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Danny Vena owns shares of Alphabet (A shares), Amazon, and Apple. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy . || End 'Wild West' days of cryptocurrencies, Ripple urges UK regulators: Ripple, the world’s third largest digital currency, has urged British regulators to follow in the footsteps of Japan and implement new rules to end the “Wild West” days of the cryptocurrency market.
Ryan Zagone, head of regulatory relations at the transactions innovator and digital currency, called on UK regulators to strike a balance between “capturing risk and enabling innovation”. He highlighted three “pillars” for lawmakers to target in regulation: consumer protection, anti-money laundering and financial stability.
“We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators,” said Mr Zagone, comparing the regulatory environment on cryptocurrencies to the early days of the internet.
Japan overhauled its rules on Bitcoin last year, introducing legislation to protect consumers and forcing cryptocurrency exchanges to comply with anti-money laundering regulation. But revamping rules to include new crypto-assets has been slower moving in the UK.
Mr Zagone said that Japan had been a “leader” and could be used as a blueprint for other nations including Britain. Chancellor Philip Hammond unveiled a new taskforce last month to help safeguard consumers and included representatives from the Treasury, the Bank of England and financial watchdog the FCA.
He said the taskforce would help the UK “manage the risks around crypto-assets”. Bank of England Governor Mark Carney warned that Bitcoin and other cryptocurrencies face a regulatory clampdown, saying that they had all the “hallmarks of a bubble”.
The cryptocurrency market was rocked earlier this year by authorities across the globe signalling that they would crack down on the sector as the Bitcoin craze gripped markets. But Mr Zagone argued that regulation is needed to help the market mature and draw in new entrants.
“Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors,” he said.
Retail investors are thought to have had their fingers burnt by the cryptocurrency market’s incredible rise and fall. Its price skyrocketed to a peak of more than $19,500 (£13,700) in December before tumbling back to $6,600 this month.
Analysts at Barclays recently compared Bitcoin to “an infectious disease”. || End 'Wild West' days of cryptocurrencies, Ripple urges UK regulators: Ripple, the third largest digital currency, wants regulators in the UK to toughen industry rules - Ripple Ripple, the worlds third largest digital currency, has urged British regulators to follow in the footsteps of Japan and implement new rules to end the Wild West days of the cryptocurrency market. Ryan Zagone, head of regulatory relations at the transactions innovator and digital currency, called on UK regulators to strike a balance between capturing risk and enabling innovation. He highlighted three pillars for lawmakers to target in regulation: consumer protection, anti-money laundering and financial stability. Were at that time now where we need more clarity and rules and we need more certainty. Its a good time to start revisiting that wait and see approach taken by regulators, said Mr Zagone, comparing the regulatory environment on cryptocurrencies to the early days of the internet. Japan overhauled its rules on Bitcoin last year, introducing legislation to protect consumers and forcing cryptocurrency exchanges to comply with anti-money laundering regulation. But revamping rules to include new crypto-assets has been slower moving in the UK. Bitcoin | Your essential guide Mr Zagone said that Japan had been a leader and could be used as a blueprint for other nations including Britain. Chancellor Philip Hammond unveiled a new taskforce last month to help safeguard consumers and included representatives from the Treasury, the Bank of England and financial watchdog the FCA. He said the taskforce would help the UK manage the risks around crypto-assets. Bank of England Governor Mark Carney warned that Bitcoin and other cryptocurrencies face a regulatory clampdown, saying that they had all the hallmarks of a bubble. The cryptocurrency market was rocked earlier this year by authorities across the globe signalling that they would crack down on the sector as the Bitcoin craze gripped markets. But Mr Zagone argued that regulation is needed to help the market mature and draw in new entrants. Regulation creates the guardrails on the highway that allows new entrants to come in, particularly institutional investors, he said. Retail investors are thought to have had their fingers burnt by the cryptocurrency markets incredible rise and fall. Its price skyrocketed to a peak of more than $19,500 (£13,700) in December before tumbling back to $6,600 this month. Analysts at Barclays recently compared Bitcoin to an infectious disease. || 2018 Standard Deduction: How Much It Is and Why You're More Likely Than Ever to Use It: It can be complicated to do your taxes, and so any chance you can get to keep things simple is usually much appreciated. The standard deduction is one instance in which the IRS gives you a break, and in the past, about 7 in 10 taxpayers every year have taken advantage of the standard deduction to save time and effort in figuring out what all their itemized deductions would be.
Tax reformmade dramatic changes to the standard deduction, boosting its size considerably. At the same time, by limiting some of the things that taxpayers can itemize, the new tax rules made it likely that an even larger percentage of returns in 2018 will include the standard deduction. Let's look more closely at what the amounts for the standard deduction in 2018 will be and why you'll probably use it when you file next year.
Image source: Getty Images.
During most years, standard deductions go up by small amounts to reflect inflation. But thanks to tax reform, the increases in the standard deduction for 2018 were really big.
[{"Filing Status": "Single", "Standard Deduction for 2018 Tax Year": "$12,000", "Change from 2017": "+$5,650"}, {"Filing Status": "Married filing jointly", "Standard Deduction for 2018 Tax Year": "$24,000", "Change from 2017": "+$11,300"}, {"Filing Status": "Head of household", "Standard Deduction for 2018 Tax Year": "$18,000", "Change from 2017": "+$8,650"}, {"Filing Status": "Married filing separately", "Standard Deduction for 2018 Tax Year": "$12,000", "Change from 2017": "+$5,650"}]
Source: IRS.
In addition, some taxpayers get even larger standard deductions. If you're 65 or older, then you can add $1,600 to your standard deduction if you're single or $1,300 if you're married. Those who are blind get the same boost to their standard deduction.
However, there are some taxpayers who aren't allowed to claim the full standard deduction amount. If you are someone else's dependent for tax purposes, then a lower standard deduction of $1,050 applies. Those dependents who have earned income can qualify for a higher standard deduction that's equal to their total earned income plus $350, up to the normal standard deduction amount for the dependent.
It's pretty easy to understand why more taxpayers are likely to take the standard deduction in 2018 than in previous years. With such huge increases to the standard deduction amount, it'll take a lot more itemized deductions in order to make it worth it to go to the extra trouble of itemizing. For instance, many single taxpayers who were able to come up with $8,000, $9,000, or $10,000 in itemized deductions won't be able to get above the new $12,000 amount. Old strategies in which you coulddouble up on deductionsto get over the lower standard deduction amount will likely no longer work for most taxpayers.
In addition, the new tax laws also put some limitations on itemized deductions that didn't exist previously. The most important new limit is on state and local taxes, for which you'll no longer be able to claim more than $10,000 as an itemized deduction. For many higher-income taxpayers, the state and local tax deduction was an essential part of what made it worth it to itemize.
That doesn't mean that you shouldn't take the trouble to see if you'd do better by itemizing. If the math works to your advantage, then taking the time to prepare Schedule A and itemize your deductions should result in tax savings. Don't be surprised, though, if you discover that even though you've itemized your deductions in past years, it no longer makes sense to do so in light of the larger standard deduction amounts for 2018 and beyond.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || 2018 Standard Deduction: How Much It Is and Why You're More Likely Than Ever to Use It: It can be complicated to do your taxes, and so any chance you can get to keep things simple is usually much appreciated. The standard deduction is one instance in which the IRS gives you a break, and in the past, about 7 in 10 taxpayers every year have taken advantage of the standard deduction to save time and effort in figuring out what all their itemized deductions would be. Tax reform made dramatic changes to the standard deduction, boosting its size considerably. At the same time, by limiting some of the things that taxpayers can itemize, the new tax rules made it likely that an even larger percentage of returns in 2018 will include the standard deduction. Let's look more closely at what the amounts for the standard deduction in 2018 will be and why you'll probably use it when you file next year. Keyboard with blue tax button. Image source: Getty Images. How much the standard deduction amounts for 2018 went up During most years, standard deductions go up by small amounts to reflect inflation. But thanks to tax reform, the increases in the standard deduction for 2018 were really big. Filing Status Standard Deduction for 2018 Tax Year Change from 2017 Single $12,000 +$5,650 Married filing jointly $24,000 +$11,300 Head of household $18,000 +$8,650 Married filing separately $12,000 +$5,650 Source: IRS. In addition, some taxpayers get even larger standard deductions. If you're 65 or older, then you can add $1,600 to your standard deduction if you're single or $1,300 if you're married. Those who are blind get the same boost to their standard deduction. However, there are some taxpayers who aren't allowed to claim the full standard deduction amount. If you are someone else's dependent for tax purposes, then a lower standard deduction of $1,050 applies. Those dependents who have earned income can qualify for a higher standard deduction that's equal to their total earned income plus $350, up to the normal standard deduction amount for the dependent. Story continues Why a lot more people will take the standard deduction It's pretty easy to understand why more taxpayers are likely to take the standard deduction in 2018 than in previous years. With such huge increases to the standard deduction amount, it'll take a lot more itemized deductions in order to make it worth it to go to the extra trouble of itemizing. For instance, many single taxpayers who were able to come up with $8,000, $9,000, or $10,000 in itemized deductions won't be able to get above the new $12,000 amount. Old strategies in which you could double up on deductions to get over the lower standard deduction amount will likely no longer work for most taxpayers. In addition, the new tax laws also put some limitations on itemized deductions that didn't exist previously. The most important new limit is on state and local taxes, for which you'll no longer be able to claim more than $10,000 as an itemized deduction. For many higher-income taxpayers, the state and local tax deduction was an essential part of what made it worth it to itemize. That doesn't mean that you shouldn't take the trouble to see if you'd do better by itemizing. If the math works to your advantage, then taking the time to prepare Schedule A and itemize your deductions should result in tax savings. Don't be surprised, though, if you discover that even though you've itemized your deductions in past years, it no longer makes sense to do so in light of the larger standard deduction amounts for 2018 and beyond. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || 3 Top Gold ETFs -- Which Is the Best to Buy?: When it comes to investing in gold, there are two main ways to do it -- buy physical gold, or invest through an exchange-traded fund (ETF). Although the ETF route comes with an annual expense ratio, there are some big advantages as well, such as not having to store or insure the gold yourself.
There are three major gold ETFs in the market:SPDR Gold Shares(NYSEMKT: GLD)is by far the largest, but theiShares Gold Trust(NYSEMKT: IAU)andETFS Physical Swiss Gold Shares(NYSEMKT: SGOL)also have large amounts of assets. Here's a rundown of these three ETFs, and which looks like the most attractive choice.
Image source: Getty Images.
There are several reasons you may want to consider adding some gold to your portfolio.
For one thing, gold's value tends to keep up with inflation over time. While the supply of U.S. currency increases over time, leading to inflation, there is a finite amount of gold in the world. Sure, more gold is being mined, but there's not an unlimited supply. The effect of this is that gold has an intrinsic ability to keep up with inflation over time.
Gold also tends to outperform other investment assets, such as stocks, during tough times. For example, during 2008 when the financial crisis hit, the S&P 500 dropped by 38.5% while gold actually rose by 4.3% for the year.
On a similar note, gold can help add diversification to your portfolio, as it isn't closely coordinated to other assets. For example, stock investments tend to move up and down along with other stock investments. But gold can often move in the opposite direction of stocks, as it is seen as a "safe" asset by investors.
To sum up these points, gold can be a great complement to a well-rounded portfolio of stock and bond investments. It can be an excellent way to hedge your portfolio in times of poor stock market performance or high inflation.
Anexchange-traded fund, or ETF, is an investment vehicle that pools investors money in order to invest in a certain asset or group of assets. For example, an S&P 500 ETF would pool its investors' money and buy the 500 stocks in the S&P 500 index.
ETFs aresimilar in principle to mutual funds, with one major difference. Unlikemutual funds, ETFs are listed on major exchanges and trade like stocks. In other words, there is no minimum investment into an ETF -- you can just buy one share. And, whereas mutual fund buying and selling transactions are completed just once per day, ETFs can be continuously bought or sold at any time the market is open.
One logical question many people have is, "OK, I've decided to add some gold to my portfolio, but why shouldn't I just buy some physical gold?"
This certainly makes sense, on the surface. After all, an exchange-traded fund will charge you a recurring fee to own gold, known as theexpense ratio. It may seem like you can avoid that ongoing expense by simply buying some gold bullion and holding on to it, but it's a little more complicated than that.
Don't forget the challenges of owning physical gold. First, if you buy gold bullion, you'll almost always have to pay a premium over the spot price. As I write this, gold is trading at $1,358.60 per ounce. A quick check on one of the most popular precious metal exchanges, APMEX, shows that the least I can expect to pay for a single ounce of gold bullion is $1,388.49. So, I'm paying roughly $30 more (or a 2.2% markup) to buy my gold.
In addition, you'll either need to pay for a secure place to store your gold (such as a safe deposit box), insurance in case your gold is stolen, or you'll need to bear the risk that if your gold goes missing, you'll lose your entire investment.
When investing through an ETF, you won't have any of these worries. The fund's managers ensure that your gold is safe and that you aren't paying too much of a premium. This can certainly be worth paying a small annual fee for.
In fact, the SPDR Gold Trust, the largest gold ETF in the market, states in its fact sheet, "For many investors, the transaction costs related to the shares are expected to be lower than the costs associated with the purchase, storage, and insurance of physical gold."
In addition, an ETF is likely to be a far more liquid investment than physical gold.Liquidityis generally defined as the ability to sell an investment quickly at its full market value, or very close to it. You can certainly sell gold quickly, but a precious metal dealer isn't likely to give you full market value. On the other hand, shares of an ETF can be sold at their market price, immediately, with a simple click of a button.
As of this writing, there are three major gold ETFs (defined as more than $200 million in assets) to choose from.
[{"Fund (Symbol)": "SPDR Gold Shares", "Net Asset Value": "$36 billion", "Current Share Price": "$128.03", "Expense Ratio": "0.40%", "3-Year Annualized Return": "3.29%"}, {"Fund (Symbol)": "iShares Gold Trust", "Net Asset Value": "$12 billion", "Current Share Price": "$12.96", "Expense Ratio": "0.25%", "3-Year Annualized Return": "3.45%"}, {"Fund (Symbol)": "ETFS Physical Swiss Gold Shares", "Net Asset Value": "$1 billion", "Current Share Price": "$130.59", "Expense Ratio": "0.39%", "3-Year Annualized Return": "3.30%"}]
Data source: TD Ameritrade. ETF data retrieved on April 11, 2018.
Unlike with most ETF comparisons, there's no need to compare the portfolios of the three funds -- they are virtually identical. All three aim to invest 100% of their assets in physical gold, although they all clearly state that they may need to hold small cash positions from time to time.
As one example, according to the SPDR Gold Trust's prospectus, "The Trust holds gold bars and from time to time, issues Baskets [groups of shares] in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the shares to reflect the performance of the price of gold bullion, less the Trust's expenses." As of the latest prospectus, the trust held about 26.8 million ounces of gold.
The other two funds have similar statements in their prospectuses. The iShares Gold Trust says, "The assets of the Trust consist primarily of gold held by the Custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash." And the ETF Securities Physical Swiss Gold Shares prospectus states, "Proceeds received by the Trust from the issuance and sale of Baskets, including the Shares (as described on the front page of this prospectus), will consist of gold deposits and, possibly from time to time, cash."
The only major difference between the three funds is the cost involved. And although the difference between iShares' low 0.25% expense ratio and the SPDR fund's 0.40% may sound quite small, it can add up significantly over time.
For example, let's say that you invest $10,000 and the price of gold increases at an average rate of 5% per year over the next 30 years. With a 0.25% expense ratio, your investment would grow to about $40,200. On the other hand, with a 0.40% expense ratio, you'd have a final investment value of roughly $38,500 -- about $1,700 less.
As you can see in the chart, the annualized returns of these three ETFs differ almostexactlyin proportion to the differences in the expense ratios, as would be expected among ETFs with identical investment portfolios.
Because of the fee difference, I'd suggest the iShares Gold Trust for investors who want to add some exposure to the precious metal to their investment portfolio.
To be clear, all three funds are likely to be cheaper than owning physical gold bullion. Paying to insure and store gold can easily surpass the 0.40% of your assets each year that the most expensive of the three charges, and that doesn't even take the purchase premium into account.
Having said that, lower fees are almost always better when you're talking about the exact same investment portfolio. If I were to add gold to my portfolio today, the iShares Gold Trust would be my top choice.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Matthew Frankelhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || 3 Top Gold ETFs -- Which Is the Best to Buy?: When it comes to investing in gold, there are two main ways to do it -- buy physical gold, or invest through an exchange-traded fund (ETF). Although the ETF route comes with an annual expense ratio, there are some big advantages as well, such as not having to store or insure the gold yourself. There are three major gold ETFs in the market: SPDR Gold Shares (NYSEMKT: GLD) is by far the largest, but the iShares Gold Trust (NYSEMKT: IAU) and ETFS Physical Swiss Gold Shares (NYSEMKT: SGOL) also have large amounts of assets. Here's a rundown of these three ETFs, and which looks like the most attractive choice. Four gold bars on a gold-colored background. Image source: Getty Images. Why add gold to your portfolio? There are several reasons you may want to consider adding some gold to your portfolio. For one thing, gold's value tends to keep up with inflation over time. While the supply of U.S. currency increases over time, leading to inflation, there is a finite amount of gold in the world. Sure, more gold is being mined, but there's not an unlimited supply. The effect of this is that gold has an intrinsic ability to keep up with inflation over time. Gold also tends to outperform other investment assets, such as stocks, during tough times. For example, during 2008 when the financial crisis hit, the S&P 500 dropped by 38.5% while gold actually rose by 4.3% for the year. On a similar note, gold can help add diversification to your portfolio, as it isn't closely coordinated to other assets. For example, stock investments tend to move up and down along with other stock investments. But gold can often move in the opposite direction of stocks, as it is seen as a "safe" asset by investors. To sum up these points, gold can be a great complement to a well-rounded portfolio of stock and bond investments. It can be an excellent way to hedge your portfolio in times of poor stock market performance or high inflation. What is an ETF? An exchange-traded fund , or ETF, is an investment vehicle that pools investors money in order to invest in a certain asset or group of assets. For example, an S&P 500 ETF would pool its investors' money and buy the 500 stocks in the S&P 500 index. Story continues ETFs are similar in principle to mutual funds , with one major difference. Unlike mutual funds , ETFs are listed on major exchanges and trade like stocks. In other words, there is no minimum investment into an ETF -- you can just buy one share. And, whereas mutual fund buying and selling transactions are completed just once per day, ETFs can be continuously bought or sold at any time the market is open. Why use an ETF to invest in gold? One logical question many people have is, "OK, I've decided to add some gold to my portfolio, but why shouldn't I just buy some physical gold?" This certainly makes sense, on the surface. After all, an exchange-traded fund will charge you a recurring fee to own gold, known as the expense ratio . It may seem like you can avoid that ongoing expense by simply buying some gold bullion and holding on to it, but it's a little more complicated than that. Don't forget the challenges of owning physical gold. First, if you buy gold bullion, you'll almost always have to pay a premium over the spot price. As I write this, gold is trading at $1,358.60 per ounce. A quick check on one of the most popular precious metal exchanges, APMEX, shows that the least I can expect to pay for a single ounce of gold bullion is $1,388.49. So, I'm paying roughly $30 more (or a 2.2% markup) to buy my gold. In addition, you'll either need to pay for a secure place to store your gold (such as a safe deposit box), insurance in case your gold is stolen, or you'll need to bear the risk that if your gold goes missing, you'll lose your entire investment. When investing through an ETF, you won't have any of these worries. The fund's managers ensure that your gold is safe and that you aren't paying too much of a premium. This can certainly be worth paying a small annual fee for. In fact, the SPDR Gold Trust, the largest gold ETF in the market, states in its fact sheet, "For many investors, the transaction costs related to the shares are expected to be lower than the costs associated with the purchase, storage, and insurance of physical gold." In addition, an ETF is likely to be a far more liquid investment than physical gold. Liquidity is generally defined as the ability to sell an investment quickly at its full market value, or very close to it. You can certainly sell gold quickly, but a precious metal dealer isn't likely to give you full market value. On the other hand, shares of an ETF can be sold at their market price, immediately, with a simple click of a button. The three largest gold ETFs As of this writing, there are three major gold ETFs (defined as more than $200 million in assets) to choose from. Fund (Symbol) Net Asset Value Current Share Price Expense Ratio 3-Year Annualized Return SPDR Gold Shares $36 billion $128.03 0.40% 3.29% iShares Gold Trust $12 billion $12.96 0.25% 3.45% ETFS Physical Swiss Gold Shares $1 billion $130.59 0.39% 3.30% Data source: TD Ameritrade. ETF data retrieved on April 11, 2018. Unlike with most ETF comparisons, there's no need to compare the portfolios of the three funds -- they are virtually identical. All three aim to invest 100% of their assets in physical gold, although they all clearly state that they may need to hold small cash positions from time to time. As one example, according to the SPDR Gold Trust's prospectus, "The Trust holds gold bars and from time to time, issues Baskets [groups of shares] in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the shares to reflect the performance of the price of gold bullion, less the Trust's expenses." As of the latest prospectus, the trust held about 26.8 million ounces of gold. The other two funds have similar statements in their prospectuses. The iShares Gold Trust says, "The assets of the Trust consist primarily of gold held by the Custodian on behalf of the Trust. However, there may be situations where the Trust will unexpectedly hold cash." And the ETF Securities Physical Swiss Gold Shares prospectus states, "Proceeds received by the Trust from the issuance and sale of Baskets, including the Shares (as described on the front page of this prospectus), will consist of gold deposits and, possibly from time to time, cash." The major difference The only major difference between the three funds is the cost involved. And although the difference between iShares' low 0.25% expense ratio and the SPDR fund's 0.40% may sound quite small, it can add up significantly over time. For example, let's say that you invest $10,000 and the price of gold increases at an average rate of 5% per year over the next 30 years. With a 0.25% expense ratio, your investment would grow to about $40,200. On the other hand, with a 0.40% expense ratio, you'd have a final investment value of roughly $38,500 -- about $1,700 less. As you can see in the chart, the annualized returns of these three ETFs differ almost exactly in proportion to the differences in the expense ratios, as would be expected among ETFs with identical investment portfolios. Which is the best gold ETF for you? Because of the fee difference, I'd suggest the iShares Gold Trust for investors who want to add some exposure to the precious metal to their investment portfolio. To be clear, all three funds are likely to be cheaper than owning physical gold bullion. Paying to insure and store gold can easily surpass the 0.40% of your assets each year that the most expensive of the three charges, and that doesn't even take the purchase premium into account. Having said that, lower fees are almost always better when you're talking about the exact same investment portfolio. If I were to add gold to my portfolio today, the iShares Gold Trust would be my top choice. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew Frankel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Is bluebird bio, Inc. a Buy on the Dip?: Shares ofbluebird bio Inc.(NASDAQ: BLUE)have tumbled from all-time highs reached just a few weeks ago. That's a little surprising when you consider this pre-commercial biotech is heading into the home stretch with not one, but three experimental gene therapy treatments that could be worth billions.
Is the recent pullback an opportunity to pick up a top biotech stock at a fair price?
Image source: Getty Images.
Bluebird bio Inc. doesn't have anything it can sell yet, but a bursting late-stage pipeline could make it one of thebest gene therapy stocksto own over the next several years. By mid-2018 the company expects to release data from the pivotal Northstar-207 study intended to support a European marketing application the company thinks it can submit before the end of the year.
Northstar-207 is testing LentiGlobin's ability to help patients with transfusion-dependent beta-thalassemia (TDT) reduce their dependence on frequent blood transfusions. By allowing patients to produce functional hemoglobin on their own, the drug has allowed a majority of patients enrolled in earlier studies to go over a year without a transfusion.
Early LentiGlobin studies include similar success stories from patients with another hemoglobin related disorder, sickle cell disease. Marketing applications that could eventually expand LentiGlobin's addressable population from beta-thalassemia to the larger sickle-cell indication might not be that far behind. A successful launch for both indications could drive annual LentiGlobin sales past $3 billion at its peak.
Bluebird has a second gene therapy program nearing the finish line that uses the same delivery technique as LentiGlobin called Lenti-D. This candidate gets a lot less attention because it addresses an ultra-rare disease called cerebral adrenoleukodystrophy, but its ability to help children born with the debilitating disease lead more normal lives has been downright incredible. So far 15 of the first 17 patients treated reached the main goal in a study the company is expanding to include 30 patients total. Investors can expect regulatory filings in 2019.
Image source: Getty Images.
In addition to two proprietary programs nearing the finish line, bluebird also sports a blood cancer candidate that's being developed in partnership withCelgene(NASDAQ: CELG). The big biotech recently agreed to share 50% of costs and profits associated with bb2121, an experimental chimeric antigen T-cell (CAR-T) therapy for the treatment of multiple myeloma. Celgene already records around $10 billion in annual sales from its existing multiple myeloma drugs, and there's a good chance bb2121 can become a $1 billion-plus blockbuster as well.
Multiple myeloma patients that have relapsed after more than one line of therapy are notoriously difficult to treat, but 94% of patients in a group receiving bb2121 showed responses. Moreover, 9 of 10 evaluated for minimal residual disease showed no trace of the disease.
Given the amazing early results we've already seen, odds of approval for all three of the company's late-stage candidates seem better than average, if early observations hold up. Perhaps the most troubling problem with bluebird is that its $8.9 billionmarket capis supported by data from fewer people than you'll probably find in a mid-western shopping mall on a Tuesday. At the very least, investors should remain braced for long delays if regulators send applications back with requests for further lengthy studies.
If bluebird's lucky enough to earn on-schedule approvals for all three of its late-stage drugs, getting end payers to foot the bill for treatments likely to carry six-figure price tags for a single dose could be tougher than hoped. Treatment with bb2121 involves a lengthy and expensive process that trains a patient's own T-cells to recognize a target often found on cancer cells. LentiGlobin also involves removal and reinfusion of blood cells after their individual off-site training sessions.
Bluebird's Celgene partnership could also run headlong into competition from a similar CAR-T treatment directed against the same target. Chinese upstart, Legend Biotech popped up out of nowhere last winter with solid multiple myeloma results from an initial 35-patient trial with LCAR-B38M. After seeing 94% of these relapsed, drug-resistant patients enter complete remission following treatment with the therapy,Johnson & Johnsonquickly offered the company $350 million upfront for co-development rights.
The treatment is already under review in China. J&J will probably need to run another trial to satisfy the FDA, but you can count on the world's largest healthcare company to steer the program through America's regulatory maze as quickly as possible.
If bb2121, Lenti-D, and LentiGlobin launch, but fizzle on the tarmac, there isn't much for the company to fall back on. Bluebird's pipeline beyond the trio is limited to another Celgene partnered multiple myeloma candidate in very early human testing, called bb21217, and a second sickle-cell candidate ready to begin clinical trials later this year.
A recent market cap of around $8.9 billion could rise in the long run, but LentiGlobinandbb2121 need to succeed in the commercial setting to make that happen. Until we see complex, cell-based therapies put up blockbuster sales, it would be irresponsible to assume any company will do so in its first few attempts. I'll reconsider the stock if it dips further, but for now, bluebird bio stays on my watchlist.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Cory Renauerowns shares of Celgene and Johnson & Johnson. The Motley Fool owns shares of and recommends Bluebird Bio, Celgene, and Johnson & Johnson. The Motley Fool has the following options: short May 2018 $140 calls on Johnson & Johnson. The Motley Fool has adisclosure policy. || Is bluebird bio, Inc. a Buy on the Dip?: Shares of bluebird bio Inc. (NASDAQ: BLUE) have tumbled from all-time highs reached just a few weeks ago. That's a little surprising when you consider this pre-commercial biotech is heading into the home stretch with not one, but three experimental gene therapy treatments that could be worth billions. Is the recent pullback an opportunity to pick up a top biotech stock at a fair price? Person scratching their head while looking at a bunch of question marks on a chalkboard. Image source: Getty Images. Reasons to be excited Bluebird bio Inc. doesn't have anything it can sell yet, but a bursting late-stage pipeline could make it one of the best gene therapy stocks to own over the next several years. By mid-2018 the company expects to release data from the pivotal Northstar-207 study intended to support a European marketing application the company thinks it can submit before the end of the year. Northstar-207 is testing LentiGlobin's ability to help patients with transfusion-dependent beta-thalassemia (TDT) reduce their dependence on frequent blood transfusions. By allowing patients to produce functional hemoglobin on their own, the drug has allowed a majority of patients enrolled in earlier studies to go over a year without a transfusion. Early LentiGlobin studies include similar success stories from patients with another hemoglobin related disorder, sickle cell disease. Marketing applications that could eventually expand LentiGlobin's addressable population from beta-thalassemia to the larger sickle-cell indication might not be that far behind. A successful launch for both indications could drive annual LentiGlobin sales past $3 billion at its peak. Bluebird has a second gene therapy program nearing the finish line that uses the same delivery technique as LentiGlobin called Lenti-D. This candidate gets a lot less attention because it addresses an ultra-rare disease called cerebral adrenoleukodystrophy, but its ability to help children born with the debilitating disease lead more normal lives has been downright incredible. So far 15 of the first 17 patients treated reached the main goal in a study the company is expanding to include 30 patients total. Investors can expect regulatory filings in 2019. Story continues Laboratory scientist looking close-up at a medicine capsule. Image source: Getty Images. In addition to two proprietary programs nearing the finish line, bluebird also sports a blood cancer candidate that's being developed in partnership with Celgene (NASDAQ: CELG) . The big biotech recently agreed to share 50% of costs and profits associated with bb2121, an experimental chimeric antigen T-cell (CAR-T) therapy for the treatment of multiple myeloma. Celgene already records around $10 billion in annual sales from its existing multiple myeloma drugs, and there's a good chance bb2121 can become a $1 billion-plus blockbuster as well. Multiple myeloma patients that have relapsed after more than one line of therapy are notoriously difficult to treat, but 94% of patients in a group receiving bb2121 showed responses. Moreover, 9 of 10 evaluated for minimal residual disease showed no trace of the disease. Reasons to be nervous Given the amazing early results we've already seen, odds of approval for all three of the company's late-stage candidates seem better than average, if early observations hold up. Perhaps the most troubling problem with bluebird is that its $8.9 billion market cap is supported by data from fewer people than you'll probably find in a mid-western shopping mall on a Tuesday. At the very least, investors should remain braced for long delays if regulators send applications back with requests for further lengthy studies. If bluebird's lucky enough to earn on-schedule approvals for all three of its late-stage drugs, getting end payers to foot the bill for treatments likely to carry six-figure price tags for a single dose could be tougher than hoped. Treatment with bb2121 involves a lengthy and expensive process that trains a patient's own T-cells to recognize a target often found on cancer cells. LentiGlobin also involves removal and reinfusion of blood cells after their individual off-site training sessions. Bluebird's Celgene partnership could also run headlong into competition from a similar CAR-T treatment directed against the same target. Chinese upstart, Legend Biotech popped up out of nowhere last winter with solid multiple myeloma results from an initial 35-patient trial with LCAR-B38M. After seeing 94% of these relapsed, drug-resistant patients enter complete remission following treatment with the therapy, Johnson & Johnson quickly offered the company $350 million upfront for co-development rights. The treatment is already under review in China. J&J will probably need to run another trial to satisfy the FDA, but you can count on the world's largest healthcare company to steer the program through America's regulatory maze as quickly as possible. Putting it together If bb2121, Lenti-D, and LentiGlobin launch, but fizzle on the tarmac, there isn't much for the company to fall back on. Bluebird's pipeline beyond the trio is limited to another Celgene partnered multiple myeloma candidate in very early human testing, called bb21217, and a second sickle-cell candidate ready to begin clinical trials later this year. A recent market cap of around $8.9 billion could rise in the long run, but LentiGlobin and bb2121 need to succeed in the commercial setting to make that happen. Until we see complex, cell-based therapies put up blockbuster sales, it would be irresponsible to assume any company will do so in its first few attempts. I'll reconsider the stock if it dips further, but for now, bluebird bio stays on my watchlist. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Cory Renauer owns shares of Celgene and Johnson & Johnson. The Motley Fool owns shares of and recommends Bluebird Bio, Celgene, and Johnson & Johnson. The Motley Fool has the following options: short May 2018 $140 calls on Johnson & Johnson. The Motley Fool has a disclosure policy . || JetBlue's Service Quality Is Improving Dramatically: Back in January,The Wall Street Journal(subscription required) revealed thatJetBlue Airways(NASDAQ: JBLU)ranked last in its annual scorecard of the best and worst U.S. airlines for 2017. In 2015 and 2016, JetBlue had been a solid middle-of-the-pack performer, but terrible results in every category related to delays and cancellations doomed it last year.
This made JetBlue's showing in the 2018 edition of the Airline Quality Rating report all the more shocking. Despite its flight delay woes, the carrier marginally improved its score year over year and placed third overall among the top 12 U.S. airlines -- up from fourth a year earlier.
JetBlue took the No. 3 spot in this year's Airline Quality Rating report. Image source: JetBlue Airways.
JetBlue's surprisingly good score was driven by substantial improvements in its performance during the second half of 2017: particularly in November and December. This puts the carrier in good shape as it tries to move further up the rankings this year.
The annual Airline Quality Rating study attempts to measure the quality of airlines' operations as objectively as possible. Airlines are scored on four criteria: 1) on-time performance; 2) the rate of involuntary denied boardings (i.e. passengers getting "bumped" from a flight); 3) the percentage of checked bags that are lost or arrive late; and 4) the rate of official complaints by passengers to the U.S. Department of Transportation.
In the 2018 report, Alaska Airlines -- a unit ofAlaska Air(NYSE: ALK)-- came in first for the second consecutive year. Meanwhile,Delta Air Lines(NYSE: DAL)came up justshort of the No. 1 ranking again, although it would have reached first place if the researchers had treated Alaska Airlines and its merger partner Virgin America as a single airline.
JetBlue reached third place primarily due to its enviable baggage-handling performance. It was No. 2 in the industry on that dimension, making up for its poor on-time performance. JetBlue's complaint rate was somewhat better than the industry average, while its rate of involuntary denied boardings was somewhat worse.
Alaska Airlines was the top-ranked airline in the 2018 Airline Quality Rating study. Image source: Alaska Airlines.
JetBlue faced a series of challenges in 2017. First, it had to deal with runway closures at its two largest bases: New York's JFK Airport and Boston's Logan Airport. Both airports are heavily congested during the best of times. The runway closures caused delays to spiral out of control, hurting JetBlue disproportionately. (To be fair, JetBlue also contributed to its problems by not building enough cushion into its flight schedules, something it has fixed for 2018.)
At JFK, one runway was closed from late February through early June and then from September to mid-November. There was also nighttime work over the summer. As a result, the number of air traffic control delays roughly doubled. In Boston, a major runway was closed from mid-May until late June, with additional work continuing until November.
Second, JetBlue's big presence in Florida and its position as the No. 1 airline in the Caribbean meant that it was hit hard by Hurricanes Irma and Maria in September. These storms caused thousands of flight cancellations and even more delays.
The net result was that JetBlue's on-time arrival rate averaged just 66% from May to September, trailing the industry average by more than 12-percentage points.
Third, JetBlue entered 2017 without enough spare aircraft. Early in the year, maintenance issues sometimes forced it to substitute 150-seat A320s for 200-seat A321s. As a result, JetBlue "bumped" passengers at a higher rate than any other airline in the first quarter of 2017 -- even though itnever overbooks its flights!
By mid-November, JetBlue no longer had to cope with runway closures at its top two airports. It had also taken several steps to improve reliability, such as reducing aircraft utilization, padding its schedules with extra time where necessary, and implementing new procedures for boarding and cleaning its aircraft.
This drove a remarkable turnaround in its performance. JetBlue's on-time arrival rate was within 2-percentage points of the industry average in November and just 6-percentage points behind in December. Involuntary denied boardings plunged from 1,415 in the first quarter to just three in the fourth quarter. Not surprisingly, this also reduced customer complaints compared to the rest of the year.
As a result, JetBlue posted the best quality score in the industry in December and trailed only Delta in November.
This doesn't necessarily mean that JetBlue will overtake Alaska Airlines and Delta Air Lines in next year's Airline Quality Rating report. Indeed, JetBlue has started 2018 with another uptick in flight delays and cancellations due to a series of severe winter storms that hit the Northeast. Yet the carrier has shown that over the course of a normal year, it can hold its own with the best in the industry in terms of overall service quality. That's of critical importance because Alaska and Delta are two of JetBlue's biggest competitors and will use any advantage to steal its customers.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Adam Levine-Weinbergowns shares of Alaska Air Group, Delta Air Lines, and JetBlue Airways and is long January 2019 $10 calls on JetBlue Airways. The Motley Fool recommends JetBlue Airways. The Motley Fool has adisclosure policy. || JetBlue's Service Quality Is Improving Dramatically: Back in January, The Wall Street Journal (subscription required) revealed that JetBlue Airways (NASDAQ: JBLU) ranked last in its annual scorecard of the best and worst U.S. airlines for 2017. In 2015 and 2016, JetBlue had been a solid middle-of-the-pack performer, but terrible results in every category related to delays and cancellations doomed it last year. This made JetBlue's showing in the 2018 edition of the Airline Quality Rating report all the more shocking. Despite its flight delay woes, the carrier marginally improved its score year over year and placed third overall among the top 12 U.S. airlines -- up from fourth a year earlier. A JetBlue Airways plane preparing to land JetBlue took the No. 3 spot in this year's Airline Quality Rating report. Image source: JetBlue Airways. JetBlue's surprisingly good score was driven by substantial improvements in its performance during the second half of 2017: particularly in November and December. This puts the carrier in good shape as it tries to move further up the rankings this year. Summing up JetBlue's scorecard The annual Airline Quality Rating study attempts to measure the quality of airlines' operations as objectively as possible. Airlines are scored on four criteria: 1) on-time performance; 2) the rate of involuntary denied boardings (i.e. passengers getting "bumped" from a flight); 3) the percentage of checked bags that are lost or arrive late; and 4) the rate of official complaints by passengers to the U.S. Department of Transportation. In the 2018 report, Alaska Airlines -- a unit of Alaska Air (NYSE: ALK) -- came in first for the second consecutive year. Meanwhile, Delta Air Lines (NYSE: DAL) came up just short of the No. 1 ranking again , although it would have reached first place if the researchers had treated Alaska Airlines and its merger partner Virgin America as a single airline. JetBlue reached third place primarily due to its enviable baggage-handling performance. It was No. 2 in the industry on that dimension, making up for its poor on-time performance. JetBlue's complaint rate was somewhat better than the industry average, while its rate of involuntary denied boardings was somewhat worse. Story continues Alaska Airlines plane flying over clouds Alaska Airlines was the top-ranked airline in the 2018 Airline Quality Rating study. Image source: Alaska Airlines. External events and execution issues created a perfect storm JetBlue faced a series of challenges in 2017. First, it had to deal with runway closures at its two largest bases: New York's JFK Airport and Boston's Logan Airport. Both airports are heavily congested during the best of times. The runway closures caused delays to spiral out of control, hurting JetBlue disproportionately. (To be fair, JetBlue also contributed to its problems by not building enough cushion into its flight schedules, something it has fixed for 2018.) At JFK, one runway was closed from late February through early June and then from September to mid-November. There was also nighttime work over the summer. As a result, the number of air traffic control delays roughly doubled. In Boston, a major runway was closed from mid-May until late June, with additional work continuing until November. Second, JetBlue's big presence in Florida and its position as the No. 1 airline in the Caribbean meant that it was hit hard by Hurricanes Irma and Maria in September. These storms caused thousands of flight cancellations and even more delays. The net result was that JetBlue's on-time arrival rate averaged just 66% from May to September, trailing the industry average by more than 12-percentage points. Third, JetBlue entered 2017 without enough spare aircraft. Early in the year, maintenance issues sometimes forced it to substitute 150-seat A320s for 200-seat A321s. As a result, JetBlue "bumped" passengers at a higher rate than any other airline in the first quarter of 2017 -- even though it never overbooks its flights ! JetBlue has made huge strides By mid-November, JetBlue no longer had to cope with runway closures at its top two airports. It had also taken several steps to improve reliability, such as reducing aircraft utilization, padding its schedules with extra time where necessary, and implementing new procedures for boarding and cleaning its aircraft. This drove a remarkable turnaround in its performance. JetBlue's on-time arrival rate was within 2-percentage points of the industry average in November and just 6-percentage points behind in December. Involuntary denied boardings plunged from 1,415 in the first quarter to just three in the fourth quarter. Not surprisingly, this also reduced customer complaints compared to the rest of the year. As a result, JetBlue posted the best quality score in the industry in December and trailed only Delta in November. This doesn't necessarily mean that JetBlue will overtake Alaska Airlines and Delta Air Lines in next year's Airline Quality Rating report. Indeed, JetBlue has started 2018 with another uptick in flight delays and cancellations due to a series of severe winter storms that hit the Northeast. Yet the carrier has shown that over the course of a normal year, it can hold its own with the best in the industry in terms of overall service quality. That's of critical importance because Alaska and Delta are two of JetBlue's biggest competitors and will use any advantage to steal its customers. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Adam Levine-Weinberg owns shares of Alaska Air Group, Delta Air Lines, and JetBlue Airways and is long January 2019 $10 calls on JetBlue Airways. The Motley Fool recommends JetBlue Airways. The Motley Fool has a disclosure policy . || The F-35 (Finally) Graduates From Its Flight Testing Phase, but Turbulence Remains: Lockheed Martin's(NYSE: LMT)F-35 flew its final developmental flight test on April 11, ending 11 years of tests that included 9,200 sorties and 17,000 flight hours through a range of conditions. It's a major milestone for the most expensive weapons platform in history, but challenges remain before the fighter can be declared the success that Lockheed investors hope it will be.
Program officials were understandably cheery in announcing the completion of the last test flight in what is known as the system development and demonstration (SDD) phase of the F-35's life cycle, in which more than 65,000 test points were evaluated. Despite the F-35's bleeding-edge technologies and requirements for vertical landings and other innovations, there have been no injuries or deaths and no aircraft lost during the more than 11 years since the prototype first flew in December 2006.
An F-35 lands at Naval Air Station Patuxent River in Maryland after a test flight. Image source: Lockheed Martin.
Greg Ulmer, a Lockheed Martin vice president and general manager of the F-35 program, said in a statement: "The F-35 flight test program represents the most comprehensive, rigorous, and the safest developmental flight test program in aviation history. The joint government and industry team demonstrated exceptional collaboration and expertise, and the results have given the men and women who fly the F-35 great confidence in its transformational capability."
With the development testing now complete, F-35 testing will move to a stage where Lockheed will be updating and improving specific components of the aircraft and testing as they go. While the SDD flights are complete, the development phase will continue with an operational test and evaluation followed by a Pentagon decision on whether to go into full-rate aircraft production.
While the F-35 development wins high marks for safety, there has been plenty of drama along the way. Program costs, including bottlenecks in the supply chain, spiraled far beyond initial expectations, so much so that the Pentagon was forced to reassess whether to continue development in 2010.
More recently, F-35 shipments were halted last year due to corrosion around fastener holes. Lockheed and the Pentagon quickly figured out how to resolve the issue, but the Department of Defense (DoD) this month has again stopped accepting new plane deliveries because of a dispute with Lockheed Martin over who will pay for the fix. An annual report from the DoD's testing unit called efforts to improve the reliability of the fighter "stagnant," saying the jet's availability for missions when needed stands at about 50%.
Costs continue to be an issue. Pentagon officials in Marchexpressed frustration over the pace of negotiationsover the next batch of F-35s to be ordered, and the government warned it could be forced to cut its total F-35 order by as much as one-third, or about 590 jets, due to the high costs of operating and maintaining the aircraft.
Lockheed is in a tough situation when it comes to pricing. With each batch of jets expected to be priced at a discount to the previous order, the company must be careful not to give up too much too soon and jeopardize total program profitability. But with President Donald Trump leading a chorus of critics of F-35 costs and praising lower-cost alternatives fromBoeing, the company is in a tough negotiating position.
Lockheed shareholders can raise a toast along with company officials in celebration of the milestone, knowing the F-35 is a lethal war machine and that there are no worries that the F-35could simply be a dud. But while it seems certain that the F-35 will command skies all over the globe for decades to come, unfortunately the overall profitability of the plane for Lockheed during that time period is much less clear.
Lockheed Martin knew it was taking on a challenge when it beat out Boeing to produce the most sophisticated warplane ever built, a program expected to generate more than $1 trillion in revenue for suppliers over the course of this century. With challenges come setbacks, and unexpected expenses.
Failure of the F-35, however remote the possibility, would have been a catastrophe for Lockheed. Fortunately, that outcome is now off the table. But until the company finds a way to work out the cost issues and demonstrate it can sustain margins on the F-35 despite Pentagon pushback, F-35 milestones are no reason to buy Lockheed shares.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Lou Whitemanhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || The F-35 (Finally) Graduates From Its Flight Testing Phase, but Turbulence Remains: Lockheed Martin 's (NYSE: LMT) F-35 flew its final developmental flight test on April 11, ending 11 years of tests that included 9,200 sorties and 17,000 flight hours through a range of conditions. It's a major milestone for the most expensive weapons platform in history, but challenges remain before the fighter can be declared the success that Lockheed investors hope it will be. Safe and eventually successful tests Program officials were understandably cheery in announcing the completion of the last test flight in what is known as the system development and demonstration (SDD) phase of the F-35's life cycle, in which more than 65,000 test points were evaluated. Despite the F-35's bleeding-edge technologies and requirements for vertical landings and other innovations, there have been no injuries or deaths and no aircraft lost during the more than 11 years since the prototype first flew in December 2006. F-35 landing An F-35 lands at Naval Air Station Patuxent River in Maryland after a test flight. Image source: Lockheed Martin. Greg Ulmer, a Lockheed Martin vice president and general manager of the F-35 program, said in a statement: "The F-35 flight test program represents the most comprehensive, rigorous, and the safest developmental flight test program in aviation history. The joint government and industry team demonstrated exceptional collaboration and expertise, and the results have given the men and women who fly the F-35 great confidence in its transformational capability." With the development testing now complete, F-35 testing will move to a stage where Lockheed will be updating and improving specific components of the aircraft and testing as they go. While the SDD flights are complete, the development phase will continue with an operational test and evaluation followed by a Pentagon decision on whether to go into full-rate aircraft production. Issues remain While the F-35 development wins high marks for safety, there has been plenty of drama along the way. Program costs, including bottlenecks in the supply chain, spiraled far beyond initial expectations, so much so that the Pentagon was forced to reassess whether to continue development in 2010. Story continues More recently, F-35 shipments were halted last year due to corrosion around fastener holes. Lockheed and the Pentagon quickly figured out how to resolve the issue, but the Department of Defense (DoD) this month has again stopped accepting new plane deliveries because of a dispute with Lockheed Martin over who will pay for the fix. An annual report from the DoD's testing unit called efforts to improve the reliability of the fighter " stagnant ," saying the jet's availability for missions when needed stands at about 50%. Costs continue to be an issue. Pentagon officials in March expressed frustration over the pace of negotiations over the next batch of F-35s to be ordered, and the government warned it could be forced to cut its total F-35 order by as much as one-third, or about 590 jets, due to the high costs of operating and maintaining the aircraft. Lockheed is in a tough situation when it comes to pricing. With each batch of jets expected to be priced at a discount to the previous order, the company must be careful not to give up too much too soon and jeopardize total program profitability. But with President Donald Trump leading a chorus of critics of F-35 costs and praising lower-cost alternatives from Boeing , the company is in a tough negotiating position. A success, but how much of a success? Lockheed shareholders can raise a toast along with company officials in celebration of the milestone, knowing the F-35 is a lethal war machine and that there are no worries that the F-35 could simply be a dud . But while it seems certain that the F-35 will command skies all over the globe for decades to come, unfortunately the overall profitability of the plane for Lockheed during that time period is much less clear. Lockheed Martin knew it was taking on a challenge when it beat out Boeing to produce the most sophisticated warplane ever built, a program expected to generate more than $1 trillion in revenue for suppliers over the course of this century. With challenges come setbacks, and unexpected expenses. Failure of the F-35, however remote the possibility, would have been a catastrophe for Lockheed. Fortunately, that outcome is now off the table. But until the company finds a way to work out the cost issues and demonstrate it can sustain margins on the F-35 despite Pentagon pushback, F-35 milestones are no reason to buy Lockheed shares. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || Amazon and Walmart Battle for Control of Flipkart: Since its acquisition of Jet.com in 2016,Walmart(NYSE: WMT)has shown that it doesn't intend to remain idle while the trend toward e-commerce passes it by. The world's largest retailer has made an increasing number of moves designed to break the stranglehold enjoyed byAmazon.com(NASDAQ: AMZN).
The acquisition of numerous multichannel retailers, its forays into shipping and customer pickup, and its willingness to experiment with initiatives designed to target millennial shoppers are examples ofsteps Walmart has taken to competein the ongoing shift to e-commerce. While the company was initially viewed as an also-ran, many now believe that Walmart could provide significant competition for Amazon as more and more sales move online.
Now it appears India has become their latest battleground.
India represents a great opportunity for e-commerce growth. Image source: Getty Images.
Amazon and Walmart are in a heated battle to acquire India's biggest online retailer, Flipkart. While reports about the potential for such a deal have been around for several years, the rumor mill switched into high gear recently, with numerous business publications indicating that negotiations between Flipkart and the two would-be acquirers are ongoing.
Walmart and Amazon are both bidding for a controlling interest in the company, accordingto reportsby Bloomberg. Walmart is said to be initially seeking a minority stake that could increase to as much as 50% to 60% over time, depending on which existing investors would be willing to sell. Flipkart's largest shareholder is Japanese telecom and internet giantSoftBank, which invested $2.5 billion in the company last year. Other investors include investment firm Tiger Global Management, Chinese internet conglomerateTencent,eBay, andMicrosoft.
Walmart is said to be ahead in the discussions, as the company would face less regulatory scrutiny than Amazon, Flipkart's biggest rival in India's e-commerce market. If Amazon were to acquire its Indian competitor, it would control an estimated 80% of the country's online sales. If Walmart were to gain control of the company, it would mark its biggest investment yet in e-commerce.
It's easy to see why both companies are keen to make bold entries into this emerging online powerhouse. India is home to more than 1.3 billion people, and more than two-thirds of them are younger than 35. Online sales in India are expected to grow at a compound annual rate of 30% between now and 2026, topping $200 billion, up from just $15 billion in 2016. At that rate, e-commerce could account for 12% of the country's retail sales, up from only 2% today.
Flipkart is billed as India's top online retailer, though some believe that Amazon may have taken the lead. The company was founded in 2007 by two former Amazon employees, and modeled after their former employer. The site was initially envisioned as an online bookseller, and has evolved into the most valuable start-up in India, currently valued between $17 billion and $19 billion.
Amazon wants to control e-commerce in India. Image source: Amazon.
This isn't the first time either Amazon or Walmart has sought to expand its domain via a major acquisition.
Early last year, Amazon made its first major move into the Middle East,acquiring e-commerce platform Souq.comin a deal estimated at $650 million. Walmart, for its part, paid $3.3 billion for Jet.com, along with a host of other smaller retailers to boost its omnichannel capability.
Over the last several years, Walmart has emerged as one of few companies with the scale to take on Amazon head to head. Gaining a foothold in a market that represents the world's second-largest population would be an important win for either company. Stay tuned.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft.Danny Venaowns shares of Amazon and has the following options: long January 2019 $18 calls on eBay and short April 2018 $35 calls on eBay. The Motley Fool owns shares of and recommends Amazon, eBay, and Tencent Holdings. The Motley Fool has adisclosure policy. || Here's How the IRS Calculates Your Income Tax: The U.S. tax code is quite complex, so it's no wonder than many Americans don't know how their income tax is determined. When calculating the amount of federal income tax you owe, the IRS goes through several steps, such as excluding certain items from your income, applying the current tax brackets, and making adjustments for any tax credits you qualify for.
With that in mind, here's an overview of how the IRS calculates your income tax, so you can get an idea of where your 2017, 2018, and future tax bills are coming from.
Image source: Getty Images.
First, the IRS starts with yourgross income, which includes all of the money that you make. In addition to income from your job, this also includes business income, retirement income, interest income, dividend income, and capital gains from selling investments, just to name some of the most common sources. (Note: long-term capital gains and qualified dividends are considered separately when calculating tax, which I'll get to in a bit.)
As an example, let's say that you earned the following income in 2017:
• Salary of $50,000
• Net business profit of $20,000 from doing consulting work
• Interest income of $5,000
In this case, your gross income for the year would be $75,000. However, you don't pay taxes on your gross income -- this simply serves as the starting point.
Next, certain adjustments are applied to your gross income to determine -- you guessed it -- youradjusted gross income, or AGI. These are also known as"above the line" deductions, because you can use them regardless of whether you itemize deductions or take the standard deduction.
Adjustments to your income include:
• Deductible retirement contributions to atraditional IRAor to a self-employed retirement plan such as a SEP-IRA (Note: 401(k) and similar plan contributions are generally already excluded from the income listed on your W-2).
• Student loan interest, up to a maximum of $2,500.
• K-12 educator expenses, up to $250.
• Moving expenses, if your move was connected to a new job (discontinued for the 2018 tax year).
• Alimony paid, although it must be claimed as income by the recipient (discontinued for divorces after December 31, 2018).
• Bad debts -- if you're owed money and can't collect.
• Tuition and fees -- Up to $4,000 if you qualify and don't also claim the American Opportunity Credit or Lifetime Learning Credit.
If any of these apply to you, subtract them from your gross income to arrive at your AGI.
Continuing our example, let's say that your gross income is $75,000 and that you have the following adjustments for 2017:
• Traditional IRA contributions of $3,000
• Student loan interest of $2,000
These would be subtracted from your gross income to arrive at an adjusted gross income of $70,000.
Next comes tax deductions. Now, Americans havetwo choices. They can add up all of the tax deductions to which they're entitled, or they can choose to take the standard deduction.
For the 2017 tax year (the return you filed or will file in 2018), thestandard deductionis $6,350 for single filers, and $12,700 for married couples filing jointly. For the 2018 tax year, the standard deduction is increasing to $12,000 and $24,000 for single and joint filers, respectively.
You can choose to take your corresponding standard deduction, or take all of your actual tax deductions, whichever is higher.Mortgage interest,charitable contributions, state and local taxes, and certainmedical expensesare some of the most common ones, but there are many other possible deductions.
The majority of Americans use the standard deduction, but it's often a good idea to calculate your taxes using both methods to see which is most advantageous.
For example, let's say that in our hypothetical example with an AGI of $70,000 in 2017, this taxpayer is single and has the following deductions:
• $5,000 in mortgage insurance
• $1,500 in charitable contributions
• $1,000 in state income taxes
This adds up to $7,500, higher than the $6,350 standard deduction for 2017. So, they would use the higher figure, resulting in $62,500 in remaining income.
There's one more step to determine taxable income for the 2017 tax year -- the personal exemption.
The personal exemption is disappearing after the 2017 tax year as part of theTax Cuts and Jobs Act, but for 2017 returns, each taxpayer and their dependents are entitled to a $4,050 personal exemption (although this phases out for high-income taxpayers).
So, in our example, this single filer would subtract a personal exemption of $4,050, finally arriving at their taxable income of $58,450.
Of course, if you're reading this in preparation for your 2018 tax return (the one you'll file in 2019), ignore this section.
Next, your taxable income will be applied to the marginal tax brackets. They're called marginal tax brackets because not all of your taxable income is taxed at the same rate. For example, consider the single tax brackets for 2017.
[{"10%": "15%", "$0-$9,325": "$9,326-$37,950", "10% of your taxable income": "$932.50 plus 15% of your income above $9,325"}, {"10%": "25%", "$0-$9,325": "$37,951-$91,900", "10% of your taxable income": "$5,226.25 plus 25% of your income above $37,950"}, {"10%": "28%", "$0-$9,325": "$91,901-$191,650", "10% of your taxable income": "$18,713.75 plus 28% of your income above $91,900"}, {"10%": "33%", "$0-$9,325": "$191,651-$416,700", "10% of your taxable income": "$46,643.75 plus 33% of your income above $191,650"}, {"10%": "35%", "$0-$9,325": "$416,701-$418,400", "10% of your taxable income": "$120,910.25 plus 35% of your income above $416,700"}, {"10%": "39.6%", "$0-$9,325": "$418,401 and above", "10% of your taxable income": "$121,505.25 plus 39.6% of your income above $418,400"}]
Data source: IRS.
What this means is that the 10% tax rate will always be applied to the first $9,325 of income, regardless of how much a taxpayer made.
For our example of a single taxpayer with 2017 taxable income of $58,450, the chart shows that they would fall into the 25% tax bracket. Using the formula in the left column tells us that this taxpayer would have a total federal income tax of $10,351.25 for the 2017 tax year.
For reference, here are complete guides to the2017 tax bracketsand2018 tax brackets. Be sure to use the correct bracket for your filing status.
It's also important to realize that the tax brackets for 2017 tax returns areverydifferent than the tax brackets that will be applied to 2018 returns, so be sure you're looking at the correct tax year.
As far as qualifieddividendand long-termcapital gainstaxes go, they are taxed at different, more favorable rates of 0%, 15%, or 20%, depending on the taxpayer's marginal tax brackets. High-income taxpayers may also have to pay an additional 3.8% net investment income tax on any dividends or capital gains as well.
We're not quite done yet. The last step is to apply any tax credits to which you are entitled. Unlike deductions, which reduce the amount of your income subject to tax, tax credits reduce the amount of tax you owe dollar-for-dollar.
There are many tax credits available, but some of the most common credits are:
• TheAmerican Opportunity CreditandLifetime Learning Creditfor qualified tuition and fees.
• TheChild Tax Credit.
• TheEarned Income Tax Credit, or EITC.
• TheChild and Dependent Carecredit.
• The Retirement Savings Contributions Credit, orSavers Credit.
So, let's say that in our example of a taxpayer who has calculated a 2017 federal income tax of $10,351.25, this individual qualifies for a Lifetime Learning Credit of $1,000. This would be subtracted from their tax bill, reducing it to $9,351.25.
So, this is how the IRS calculates your tax bill for the year. However, keep in mind that employees pay taxes as they go in the form of paycheck withholdings.
To determine how much you'll actually owe the IRS on Tax Day, take the tax you calculated in step six, and subtract the amount that was withheld from your paychecks for federal income tax for the year. You can generally find this information on your last pay stub for the year, listed under the year-to-date (YTD) column. If this produces a positive number, this is how much you can expect toowethe IRS. On the other hand, if the result is negative (more common), this is how much of a tax refund you can expect to get back.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || Here's How the IRS Calculates Your Income Tax: The U.S. tax code is quite complex, so it's no wonder than many Americans don't know how their income tax is determined. When calculating the amount of federal income tax you owe, the IRS goes through several steps, such as excluding certain items from your income, applying the current tax brackets, and making adjustments for any tax credits you qualify for. With that in mind, here's an overview of how the IRS calculates your income tax, so you can get an idea of where your 2017, 2018, and future tax bills are coming from. IRS tax forms surrounded by money. Image source: Getty Images. Step one: Your gross income First, the IRS starts with your gross income , which includes all of the money that you make. In addition to income from your job, this also includes business income, retirement income, interest income, dividend income, and capital gains from selling investments, just to name some of the most common sources. (Note: long-term capital gains and qualified dividends are considered separately when calculating tax, which I'll get to in a bit.) As an example, let's say that you earned the following income in 2017: Salary of $50,000 Net business profit of $20,000 from doing consulting work Interest income of $5,000 In this case, your gross income for the year would be $75,000. However, you don't pay taxes on your gross income -- this simply serves as the starting point. Step two: Determining your adjusted gross income (AGI) Next, certain adjustments are applied to your gross income to determine -- you guessed it -- your adjusted gross income , or AGI. These are also known as "above the line" deductions , because you can use them regardless of whether you itemize deductions or take the standard deduction. Adjustments to your income include: Deductible retirement contributions to a traditional IRA or to a self-employed retirement plan such as a SEP-IRA (Note: 401(k) and similar plan contributions are generally already excluded from the income listed on your W-2). Student loan interest , up to a maximum of $2,500. K-12 educator expenses, up to $250. Moving expenses , if your move was connected to a new job (discontinued for the 2018 tax year). Alimony paid, although it must be claimed as income by the recipient (discontinued for divorces after December 31, 2018). Bad debts -- if you're owed money and can't collect. Tuition and fees -- Up to $4,000 if you qualify and don't also claim the American Opportunity Credit or Lifetime Learning Credit. Story continues If any of these apply to you, subtract them from your gross income to arrive at your AGI. Continuing our example, let's say that your gross income is $75,000 and that you have the following adjustments for 2017: Traditional IRA contributions of $3,000 Student loan interest of $2,000 These would be subtracted from your gross income to arrive at an adjusted gross income of $70,000. Step three: Apply deductions to find your taxable income Next comes tax deductions. Now, Americans have two choices . They can add up all of the tax deductions to which they're entitled, or they can choose to take the standard deduction. For the 2017 tax year (the return you filed or will file in 2018), the standard deduction is $6,350 for single filers, and $12,700 for married couples filing jointly. For the 2018 tax year, the standard deduction is increasing to $12,000 and $24,000 for single and joint filers, respectively. You can choose to take your corresponding standard deduction, or take all of your actual tax deductions, whichever is higher. Mortgage interest , charitable contributions , state and local taxes, and certain medical expenses are some of the most common ones, but there are many other possible deductions. The majority of Americans use the standard deduction, but it's often a good idea to calculate your taxes using both methods to see which is most advantageous. For example, let's say that in our hypothetical example with an AGI of $70,000 in 2017, this taxpayer is single and has the following deductions: $5,000 in mortgage insurance $1,500 in charitable contributions $1,000 in state income taxes This adds up to $7,500, higher than the $6,350 standard deduction for 2017. So, they would use the higher figure, resulting in $62,500 in remaining income. Step four: Apply your personal exemptions (for 2017 returns only) There's one more step to determine taxable income for the 2017 tax year -- the personal exemption. The personal exemption is disappearing after the 2017 tax year as part of the Tax Cuts and Jobs Act , but for 2017 returns, each taxpayer and their dependents are entitled to a $4,050 personal exemption (although this phases out for high-income taxpayers). So, in our example, this single filer would subtract a personal exemption of $4,050, finally arriving at their taxable income of $58,450. Of course, if you're reading this in preparation for your 2018 tax return (the one you'll file in 2019), ignore this section. Step five: Use the tax brackets Next, your taxable income will be applied to the marginal tax brackets. They're called marginal tax brackets because not all of your taxable income is taxed at the same rate. For example, consider the single tax brackets for 2017. 10% $0-$9,325 10% of your taxable income 15% $9,326-$37,950 $932.50 plus 15% of your income above $9,325 25% $37,951-$91,900 $5,226.25 plus 25% of your income above $37,950 28% $91,901-$191,650 $18,713.75 plus 28% of your income above $91,900 33% $191,651-$416,700 $46,643.75 plus 33% of your income above $191,650 35% $416,701-$418,400 $120,910.25 plus 35% of your income above $416,700 39.6% $418,401 and above $121,505.25 plus 39.6% of your income above $418,400 Data source: IRS. What this means is that the 10% tax rate will always be applied to the first $9,325 of income, regardless of how much a taxpayer made. For our example of a single taxpayer with 2017 taxable income of $58,450, the chart shows that they would fall into the 25% tax bracket. Using the formula in the left column tells us that this taxpayer would have a total federal income tax of $10,351.25 for the 2017 tax year. For reference, here are complete guides to the 2017 tax brackets and 2018 tax brackets . Be sure to use the correct bracket for your filing status. It's also important to realize that the tax brackets for 2017 tax returns are very different than the tax brackets that will be applied to 2018 returns, so be sure you're looking at the correct tax year. As far as qualified dividend and long-term capital gains taxes go, they are taxed at different, more favorable rates of 0%, 15%, or 20%, depending on the taxpayer's marginal tax brackets. High-income taxpayers may also have to pay an additional 3.8% net investment income tax on any dividends or capital gains as well. Step six: Apply any tax credits We're not quite done yet. The last step is to apply any tax credits to which you are entitled. Unlike deductions, which reduce the amount of your income subject to tax, tax credits reduce the amount of tax you owe dollar-for-dollar. There are many tax credits available, but some of the most common credits are: The American Opportunity Credit and Lifetime Learning Credit for qualified tuition and fees. The Child Tax Credit. The Earned Income Tax Credit , or EITC. The Child and Dependent Care credit. The Retirement Savings Contributions Credit, or Savers Credit. So, let's say that in our example of a taxpayer who has calculated a 2017 federal income tax of $10,351.25, this individual qualifies for a Lifetime Learning Credit of $1,000. This would be subtracted from their tax bill, reducing it to $9,351.25. How much you'll actually owe the IRS So, this is how the IRS calculates your tax bill for the year. However, keep in mind that employees pay taxes as they go in the form of paycheck withholdings. To determine how much you'll actually owe the IRS on Tax Day, take the tax you calculated in step six, and subtract the amount that was withheld from your paychecks for federal income tax for the year. You can generally find this information on your last pay stub for the year, listed under the year-to-date (YTD) column. If this produces a positive number, this is how much you can expect to owe the IRS. On the other hand, if the result is negative (more common), this is how much of a tax refund you can expect to get back. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || Inside NVIDIA Corp.'s Leveraged Business Model: Graphics specialist NVIDIA (NASDAQ: NVDA) has become one of the hottest publicly traded technology companies, and it's not hard to see why. NVIDIA is connected to just about every hot technology buzzword out there, including gaming , artificial intelligence, and self-driving cars. What's incredible is that NVIDIA seems to do so much even though it's far from the biggest spender among its peers in the semiconductor industry. Last year, NVIDIA spent around $1.8 billion on research and development -- a hefty sum, to be sure, but a mere fraction of what other, less valuable chip companies spend. An NVIDIA Titan Xp graphics card. Image source: NVIDIA. For example, Qualcomm spent about $5.5 billion in research and development in its most recent fiscal year, yet its market capitalization is a mere $81 billion -- roughly half that of NVIDIA's. During its financial analyst day, NVIDIA showed just how its research and development spending is split, giving insight into how the company can be so efficient. Let's dive in, shall we? Shared investments leveraged in multiple segments NVIDIA says that during its last fiscal year, 50% of its research and development spending was applied to the development of new graphics processor architecture designs. Forty percent of its spending was on the software that makes those graphics processors usable in their respective domains. The remainder of the company's investments -- around 10% -- were dedicated specifically toward its key markets. The idea here is that NVIDIA gets a lot of mileage out of the foundational investments in graphics processor architecture and related software and can, with relatively minimal incremental cost, apply those investments to pursue its key markets. Illustrating the point The above theory is nice, but let's see how NVIDIA actually applies it in practice. Back in 2016, NVIDIA introduced a new graphics processor architecture called Pascal. Now, Pascal didn't represent a single product, but it was, instead, a building block for a whole range of products spanning from chips destined for the automotive market all the way through the company's highest-end artificial intelligence processors. Story continues Here's a list of products that incorporated NVIDIA's Pascal architecture: GeForce 10-series gaming graphics processors (GP108, GP107, GP104, GP102). Tesla P-series processors for artificial intelligence and high-performance computing (Tesla P100, Tesla P40, Tesla P4). NVIDIA's Tegra X2 system-on-a-chip used in NVIDIA's automotive platforms. NVIDIA still had to do the legwork to bring the Pascal architecture to the many different chips that I listed above, and it still had to develop key software to make each processor usable on their intended platforms, but the key is that the work is much easier because all of these processors leverage the same basic architecture. What this means for investors Ultimately, NVIDIA's laser focus on building a single graphics architecture and proliferating it across multiple markets means that the company can pour significant development resources into building the best graphics architecture that it can and squeezing the most out of it in each of the target markets. It's an efficient way to do business and has allowed NVIDIA to enjoy significant profit growth in excess of its revenue growth in recent years, which has helped to propel the stock price upward. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Ashraf Eassa owns shares of Qualcomm. The Motley Fool owns shares of and recommends Nvidia. The Motley Fool owns shares of Qualcomm. The Motley Fool has a disclosure policy .
[Social Media Buzz]
Current Bitcoin Price
All Forks = $8,811.00 0.14%
--
$BTC = $7,992.48 0.24%
$BCH = $752.33 -0.08%
$BTG = $51.81 1.51%
$BCD = $2.90 6.74%
$SBTC = $12.47 -0.03% || better app for trade nice and easy
i recommend
Sign up for Luno and get ZAR 10.00 worth of Bitcoin when you buy or sell ZAR 500.00 (exchange excluded), using
https://www.luno.com/invite/VUTTE || #BTC Average: 8155.33$
#Bitfinex - 8141.90$
#Poloniex - 8149.66$
#Bitstamp - 8166.31$
#Coinbase - 8142.00$
#Binance - 8128.8...
|
7902.09, 8163.42, 8294.31, 8845.83, 8895.58, 8802.46, 8930.88, 9697.50, 8845.74, 9281.51
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 11366.13, 11488.36, 11323.40, 11542.50, 11506.87, 11711.51, 11680.82, 11970.48, 11414.03, 10245.30, 10511.81, 10169.57, 10280.35, 10369.56, 10131.52, 10242.35, 10363.14, 10400.92, 10442.17, 10323.76, 10680.84, 10796.95, 10974.91, 10948.99, 10944.59, 11094.35, 10938.27, 10462.26, 10538.46, 10246.19, 10760.07, 10692.72, 10750.72, 10775.27, 10709.65, 10844.64, 10784.49, 10619.45, 10575.97, 10549.33, 10669.58, 10793.34, 10604.41, 10668.97, 10915.69, 11064.46, 11296.36, 11384.18, 11555.36, 11425.90, 11429.51, 11495.35, 11322.12, 11358.10, 11483.36, 11742.04, 11916.33, 12823.69, 12965.89, 12931.54, 13108.06, 13031.17, 13075.25, 13654.22, 13271.29, 13437.88, 13546.52, 13781.00, 13737.11, 13550.49, 13950.30, 14133.71, 15579.85, 15565.88, 14833.75, 15479.57, 15332.32, 15290.90, 15701.34, 16276.34, 16317.81, 16068.14, 15955.59, 16716.11, 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00.
|
[Bitcoin Technical Analysis for 2020-11-22]
Volume: 41280434226, RSI (14-day): 79.00, 50-day EMA: 14524.73, 200-day EMA: 11569.09
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M: Cryptocurrency firm Pantera Capital has raised another $5 million for its bitcoin fund, bringing the total to $134 million, according to a form D filing with the U.S. Securities and Exchange Commission. Formed in 2013, the Pantera Bitcoin Fund Ltd. was the first U.S.-based bitcoin fund. In an investor letter at the end of 2017, Pantera boasted a 25,004% return on the fund, mainly due to the bitcoin bull run of that year. Recently, CoinDesk discovered that Pantera’s venture funds hadn’t fared well in comparison to the S&P 500 . The venture funds Pantera Capital raised in August 2013 and August 2014 have returned 46.5% and 15.9% from their inception to September 2019, respectively. Related: Y Combinator, Pantera Back $3M Investment in New Crypto Derivatives Exchange Of course, that performance may have improved as of late due to bitcoin’s recent bull run. As of press time, the price of bitcoin has risen around 159% year to date. CORRECTION (Nov. 22, 01:41 UTC): Pantera reported raising an additional $5 million in its most recent filing, not $134 million as this article originally stated. Related Stories Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M || Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M: Cryptocurrency firm Pantera Capital has raised another $5 million for its bitcoin fund, bringing the total to $134 million, according to aform D filingwith the U.S. Securities and Exchange Commission.
Formed in 2013, the Pantera Bitcoin Fund Ltd. was the first U.S.-basedbitcoinfund. In an investor letter at the end of 2017, Panteraboasted a 25,004% return on the fund,mainly due to the bitcoin bull run of that year.
Recently, CoinDeskdiscovered that Pantera’s venture funds hadn’t fared well in comparison to the S&P 500. The venture funds Pantera Capital raised in August 2013 and August 2014 have returned 46.5% and 15.9% from their inception to September 2019, respectively.
Related:Y Combinator, Pantera Back $3M Investment in New Crypto Derivatives Exchange
Of course, that performance may have improved as of late due to bitcoin’s recent bull run. As of press time, the price of bitcoin has risen around 159% year to date.
CORRECTION (Nov. 22, 01:41 UTC):Pantera reported raising an additional $5 million in its most recent filing, not $134 million as this article originally stated.
• Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M
• Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M
• Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M || Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M: Cryptocurrency firm Pantera Capital has raised another $5 million for its bitcoin fund, bringing the total to $134 million, according to aform D filingwith the U.S. Securities and Exchange Commission.
Formed in 2013, the Pantera Bitcoin Fund Ltd. was the first U.S.-basedbitcoinfund. In an investor letter at the end of 2017, Panteraboasted a 25,004% return on the fund,mainly due to the bitcoin bull run of that year.
Recently, CoinDeskdiscovered that Pantera’s venture funds hadn’t fared well in comparison to the S&P 500. The venture funds Pantera Capital raised in August 2013 and August 2014 have returned 46.5% and 15.9% from their inception to September 2019, respectively.
Related:Y Combinator, Pantera Back $3M Investment in New Crypto Derivatives Exchange
Of course, that performance may have improved as of late due to bitcoin’s recent bull run. As of press time, the price of bitcoin has risen around 159% year to date.
CORRECTION (Nov. 22, 01:41 UTC):Pantera reported raising an additional $5 million in its most recent filing, not $134 million as this article originally stated.
• Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M
• Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M
• Pantera Raises Additional $5M for Its Bitcoin Fund, Bringing Total to $134M || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / November 21, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$18,560.67", "-$0.00", "$0.17", "$38,429 M", "$344,304 M"], ["Ethereum", "ETH/USD", "$537.96", "$0.05", "$0.18", "$19,715 M", "$61,070 M"], ["XRP", "XRP/USD", "$0.41", "$0.27", "$0.53", "$14,325 M", "$18,464 M"], ["Litecoin", "LTC/USD", "$84.90", "$0.02", "$0.36", "$6,482 M", "$5,596 M"], ["Bitcoin Cash", "BCH/USD", "$294.11", "$0.15", "$0.15", "$5,540 M", "$5,464 M"], ["Bitcoin SV", "BSV/USD", "$191.04", "$0.15", "$0.22", "$1,180 M", "$3,549 M"], ["EOS", "EOS/USD", "$3.13", "$0.12", "$0.24", "$5,430 M", "$2,936 M"], ["Monero", "XMR/USD", "$126.65", "$0.03", "$0.08", "$1,038 M", "$2,250 M"], ["Stellar", "XLM/USD", "$0.10", "$0.18", "$0.26", "$577 M", "$2,152 M"], ["Dash", "DASH/USD", "$90.34", "$0.08", "$0.18", "$605 M", "$888 M"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/617852/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / November 21, 2020 /ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD).
Real-Time Market Data is available atwww.alt5pro.comand Real-Time Market Data feed is also available atwww.alt5sigma.com.ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH
[["Digital Asset", "Pair", "Price", "24hr Chg", "7d Chg", "24/hr Volume", "MarketCap"], ["Bitcoin", "BTC/USD", "$18,560.67", "-$0.00", "$0.17", "$38,429 M", "$344,304 M"], ["Ethereum", "ETH/USD", "$537.96", "$0.05", "$0.18", "$19,715 M", "$61,070 M"], ["XRP", "XRP/USD", "$0.41", "$0.27", "$0.53", "$14,325 M", "$18,464 M"], ["Litecoin", "LTC/USD", "$84.90", "$0.02", "$0.36", "$6,482 M", "$5,596 M"], ["Bitcoin Cash", "BCH/USD", "$294.11", "$0.15", "$0.15", "$5,540 M", "$5,464 M"], ["Bitcoin SV", "BSV/USD", "$191.04", "$0.15", "$0.22", "$1,180 M", "$3,549 M"], ["EOS", "EOS/USD", "$3.13", "$0.12", "$0.24", "$5,430 M", "$2,936 M"], ["Monero", "XMR/USD", "$126.65", "$0.03", "$0.08", "$1,038 M", "$2,250 M"], ["Stellar", "XLM/USD", "$0.10", "$0.18", "$0.26", "$577 M", "$2,152 M"], ["Dash", "DASH/USD", "$90.34", "$0.08", "$0.18", "$605 M", "$888 M"]]
About ALT 5 Sigma Inc.
ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance.
ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visitwww.alt5sigma.com.
Contact:
Andre BeauchesneTel. [email protected]
For more information on ALT 5 Pay, visitwww.alt5pay.comFor more information on ALT 5 Pro, visitwww.alt5pro.com
SOURCE:ALT 5 Sigma Inc.
View source version on accesswire.com:https://www.accesswire.com/617852/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH: NEW YORK, NY / ACCESSWIRE / November 21, 2020 / ALT 5 Sigma Inc. an emerging leader in blockchain powered financial platforms provides its daily digital instruments market summary for Bitcoin (BTC/USD), Ether (ETH/USD), Litecoin (LTC/USD). Real-Time Market Data is available at www.alt5pro.com and Real-Time Market Data feed is also available at www.alt5sigma.com . ALT 5 Sigma Digital Instrument Market Summary for BTC, ETH, LTC, BCH Market Summary Saturday, November 21 2020 at 4:11:20 PM Digital Asset Pair Price 24hr Chg 7d Chg 24/hr Volume MarketCap Bitcoin BTC/USD $18,560.67 -$0.00 $0.17 $38,429 M $344,304 M Ethereum ETH/USD $537.96 $0.05 $0.18 $19,715 M $61,070 M XRP XRP/USD $0.41 $0.27 $0.53 $14,325 M $18,464 M Litecoin LTC/USD $84.90 $0.02 $0.36 $6,482 M $5,596 M Bitcoin Cash BCH/USD $294.11 $0.15 $0.15 $5,540 M $5,464 M Bitcoin SV BSV/USD $191.04 $0.15 $0.22 $1,180 M $3,549 M EOS EOS/USD $3.13 $0.12 $0.24 $5,430 M $2,936 M Monero XMR/USD $126.65 $0.03 $0.08 $1,038 M $2,250 M Stellar XLM/USD $0.10 $0.18 $0.26 $577 M $2,152 M Dash DASH/USD $90.34 $0.08 $0.18 $605 M $888 M About ALT 5 Sigma Inc. ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency and compliance. ALT 5 provides its clients the ability to buy, sell and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers. ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services. For more information, visit www.alt5sigma.com . Story continues Contact: Andre Beauchesne Tel. 1-800-204-6203 [email protected] For more information on ALT 5 Pay, visit www.alt5pay.com For more information on ALT 5 Pro, visit www.alt5pro.com SOURCE: ALT 5 Sigma Inc. View source version on accesswire.com: https://www.accesswire.com/617852/ALT-5-Sigma-Digital-Instrument-Market-Summary-for-BTC-ETH-LTC-BCH || Coinbase Has Raked in $14B in New Institutional Assets Since April: Coinbase has seen a $14 billion increase in institutional assets under custody since April, its head of institutional coverage at Coinbase said in a YouTube interview published on Friday. Brett Tejpaul told interviewer Eliisabetta Bartolini, partner at Heidrick & Struggles, that institutional assets under custody were $6 billion when he joined the firm in April and have grown to $20 billion today. Tejpaul came to Coinbase after 25 years in sales and trading in the traditional financial markets with stints at Barclays and JPMorgan. Tejpaul credited this growth in part to Coinbase’s acquisition of Tagomi in May. Related: Bitcoin News Roundup for Nov. 17, 2020 “It radically transformed our ability to cater to institutional clients that want to use smart order routing and algorithmic execution,” he said. “Our trading volumes are 20 times what they were in the beginning of the year.” The firm is now measuring new capital coming in for bitcoin in the billions, Tejpaul said. The veteran banker also said that adding JPMorgan Chase as its banking partner and Deloitte as its auditor has given Coinbase more compliance credibility. Related Stories Coinbase Has Raked in $14B in New Institutional Assets Since April Coinbase Has Raked in $14B in New Institutional Assets Since April Coinbase Has Raked in $14B in New Institutional Assets Since April || Coinbase Has Raked in $14B in New Institutional Assets Since April: Coinbase has seen a $14 billion increase in institutional assets under custody since April, its head of institutional coverage at Coinbase said in aYouTube interviewpublished on Friday.
Brett Tejpaul told interviewer Eliisabetta Bartolini, partner at Heidrick & Struggles, that institutional assets under custody were $6 billion when hejoined the firm in Apriland have grown to $20 billion today. Tejpaul came to Coinbase after 25 years in sales and trading in the traditional financial markets with stints at Barclays and JPMorgan.
Tejpaul credited this growth in part toCoinbase’s acquisition of Tagomiin May.
Related:Bitcoin News Roundup for Nov. 17, 2020
“It radically transformed our ability to cater to institutional clients that want to use smart order routing and algorithmic execution,” he said. “Our trading volumes are 20 times what they were in the beginning of the year.”
The firm is now measuring new capital coming in forbitcoinin the billions, Tejpaul said. The veteran banker also said that adding JPMorgan Chase as its banking partner and Deloitte as its auditor has given Coinbase more compliance credibility.
• Coinbase Has Raked in $14B in New Institutional Assets Since April
• Coinbase Has Raked in $14B in New Institutional Assets Since April
• Coinbase Has Raked in $14B in New Institutional Assets Since April || Benzinga's Bulls And Bears Of The Week: Moderna, Palantir, Tesla And More: • Benzinga has examined the prospects for many investorfavorite stocksover the past week.
• The bullish calls this past week included a struggling retailer and a Warren Buffett pick.
• A COVID-19 vaccine frontrunner and a pot stock were featured among the week's bearish calls.
Investors and analysts had plenty to mull over last week, from good news onthe COVID-19 vaccinefront, to tension between theFederal Reserve and U.S. Treasury, toearnings seasonwinding down with results frombig retailersahead of the holiday shopping season. Despite all that, the big U.S. indexes ended the week essentially flat.
Also in the past week,big tech CEOswere in front of U.S. Congress again, a long-awaitednew S&P 500 memberwas announced, ane-commerce colossusexpanded its empire again, andan aerospace giantfinally got the nod it wanted. Investors read the latest tea leaves from theOracle of Omaha, and rumors suggested thatthe iPhone makermay have yet one more surprise.
Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
Bulls
"Morgan Stanley Upgrades Tesla On Growth Potential In Embedded Businesses" by Aditya Raghunath examines how a "profound model shift" could lead to increased revenue generation atTesla Inc(NASDAQ:TSLA) beyond the sale of its renowned electric vehicles.
In "How Bank Of America Has Become One Of Warren Buffett's Best Investments," Wayne Duggan discusses whyBank of America Corp(NYSE:BAC) is the only large U.S. bank that Buffett is buying, according to the latest 13F form. How much upside in the bank stock do analysts see in the next 12 months?
DraftKings Inc(NASDAQ:DKNG) could see strong growth from a growing market and growing share in existing markets, according to Chris Katje's "DraftKings Gets New 0 Price Target With Strong Market Share, Brand." In addition, one other online sports betting pick is also included.
Priya Nigam's "Kohl's Analyst Drops Bear Stance On Vaccine Tailwinds, Activist Presence" is focused on the tailwinds that should propel department store operatorKohl's Corporation(NYSE:KSS) stock, beyond the better-than-expected quarterly results just posted.
For additional bullish calls in the past week, also have a look at the following:
• 5 Warren Buffett Stocks To Buy For Under
• As Bitcoin Nears K, A Citibank Analyst Projects 0K Levels Next Year
• Will Ford Or General Motors Stock Grow More By 2025?
Bears
Shanthi Rexaline's "Why This Moderna Analyst Downgraded Biopharma Despite Positive COVID-19 Vaccine News" shows why one keyModerna Inc(NASDAQ:MRNA) analyst was not impressed by the latest positive developments. Is the best-case scenario reflected in the share price?
Soros Fund Management would not be a buyer ofPalantir Technologies(NYSE:PLTR) today as it does not approve of the big data company's business practices. Read more about this in "George Soros Regrets Buying Palantir, Will Sell Stake" by Chris Katje. In fact, the firm has sold all shares it was allowed to sell and says it will continue to do so.
In Mohit Manghnani's "Activist Investor Elliott Exits AT&T, Buys Uniti, Boosts Dell," see what other stakes Elliott Management eliminated in the third quarter besidesAT&T Inc(NYSE:T) and what stakes it has trimmed. The Paul Singer-founded activist hedge fund also initiated positions and increased stakes in the period as well, of course.
"Why Jefferies Is Losing Its Tilray Buzz" by Jayson Derrick makes the case that the bullish view onTilray Inc(NASDAQ:TLRY) can no longer be justified after its third-quarter earnings report. Are the cannabis company's projections "overly bullish"? The featured analyst points out that it has a history of getting its outlook wrong.
Be sure to check out these additional bearish calls:BofA Cautions Auto Investors After 'Too Fast And Furious Recovery'andWHO Advises Against Gilead's Remdesivir For COVID-19 Despite FDA Approval.
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by followingBenzingaon Twitter.
See more from Benzinga
• Click here for options trades from Benzinga
• Barron's Picks And Pans: Alibaba, Intel, Target, Visa And More
• Last Week's Notable Insider Buys: Kraft, IBM, Vertex And More
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Benzinga's Bulls And Bears Of The Week: Moderna, Palantir, Tesla And More: Benzinga has examined the prospects for many investor favorite stocks over the past week. The bullish calls this past week included a struggling retailer and a Warren Buffett pick. A COVID-19 vaccine frontrunner and a pot stock were featured among the week's bearish calls. Investors and analysts had plenty to mull over last week, from good news on the COVID-19 vaccine front, to tension between the Federal Reserve and U.S. Treasury , to earnings season winding down with results from big retailers ahead of the holiday shopping season. Despite all that, the big U.S. indexes ended the week essentially flat. Also in the past week, big tech CEOs were in front of U.S. Congress again, a long-awaited new S&P 500 member was announced, an e-commerce colossus expanded its empire again, and an aerospace giant finally got the nod it wanted. Investors read the latest tea leaves from the Oracle of Omaha , and rumors suggested that the iPhone maker may have yet one more surprise. Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look. Bulls " Morgan Stanley Upgrades Tesla On Growth Potential In Embedded Businesses " by Aditya Raghunath examines how a "profound model shift" could lead to increased revenue generation at Tesla Inc (NASDAQ: TSLA ) beyond the sale of its renowned electric vehicles. In " How Bank Of America Has Become One Of Warren Buffett's Best Investments ," Wayne Duggan discusses why Bank of America Corp (NYSE: BAC ) is the only large U.S. bank that Buffett is buying, according to the latest 13F form. How much upside in the bank stock do analysts see in the next 12 months? DraftKings Inc (NASDAQ: DKNG ) could see strong growth from a growing market and growing share in existing markets, according to Chris Katje's " DraftKings Gets New 0 Price Target With Strong Market Share, Brand ." In addition, one other online sports betting pick is also included. Story continues Priya Nigam's " Kohl's Analyst Drops Bear Stance On Vaccine Tailwinds, Activist Presence " is focused on the tailwinds that should propel department store operator Kohl's Corporation (NYSE: KSS ) stock, beyond the better-than-expected quarterly results just posted. For additional bullish calls in the past week, also have a look at the following: 5 Warren Buffett Stocks To Buy For Under As Bitcoin Nears K, A Citibank Analyst Projects 0K Levels Next Year Will Ford Or General Motors Stock Grow More By 2025? Bears Shanthi Rexaline's " Why This Moderna Analyst Downgraded Biopharma Despite Positive COVID-19 Vaccine News " shows why one key Moderna Inc (NASDAQ: MRNA ) analyst was not impressed by the latest positive developments. Is the best-case scenario reflected in the share price? Soros Fund Management would not be a buyer of Palantir Technologies (NYSE: PLTR ) today as it does not approve of the big data company's business practices. Read more about this in " George Soros Regrets Buying Palantir, Will Sell Stake " by Chris Katje. In fact, the firm has sold all shares it was allowed to sell and says it will continue to do so. In Mohit Manghnani's " Activist Investor Elliott Exits AT&T, Buys Uniti, Boosts Dell ," see what other stakes Elliott Management eliminated in the third quarter besides AT&T Inc (NYSE: T ) and what stakes it has trimmed. The Paul Singer-founded activist hedge fund also initiated positions and increased stakes in the period as well, of course. " Why Jefferies Is Losing Its Tilray Buzz " by Jayson Derrick makes the case that the bullish view on Tilray Inc (NASDAQ: TLRY ) can no longer be justified after its third-quarter earnings report. Are the cannabis company's projections "overly bullish"? The featured analyst points out that it has a history of getting its outlook wrong. Be sure to check out these additional bearish calls: BofA Cautions Auto Investors After 'Too Fast And Furious Recovery' and WHO Advises Against Gilead's Remdesivir For COVID-19 Despite FDA Approval . At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. See more from Benzinga Click here for options trades from Benzinga Barron's Picks And Pans: Alibaba, Intel, Target, Visa And More Last Week's Notable Insider Buys: Kraft, IBM, Vertex And More © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common?: Recapping a wild week in bitcoin price action that has drawn out numerous previously-quiet HODLers.
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
This episode is sponsored byCrypto.comandNexo.io.
• Traditional markets: The tension between vaccine optimism and a growing national wave of economy-disrupting lockdowns
• Regulatory landscape: Crypto ally Brian Brooks nominated for full term at OCC while SEC Chair Jay Clayton steps down early
• BitcoinMiners: Sold out until Spring
• Celebrities and Financiers coming to theBitcoinspace
• Monday |Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible
• Tuesday |HODL FOMO vs. Speculative FOMO: Why This Bitcoin Bull Market Will Be Different
• Wednesday |Vijay Boyapati’s Four Mental Models for Valuing Bitcoin
• Thursday |A Crypto Ally as Top US Bank Regulator?
• Friday |10 Metrics Where Bitcoin Has Already Hit New All-Time Highs
Related:John Lennon's Son Says Bitcoin ‘Empowers’ People Like Never Before
Formore episodesand free early access before our regular 3 p.m. Eastern time releases, subscribe withApple Podcasts,Spotify,Pocketcasts,Google Podcasts,Castbox,Stitcher,RadioPublica,iHeartRadioorRSS.
• What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common?
• What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common?
• What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common? || What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common?: Recapping a wild week in bitcoin price action that has drawn out numerous previously-quiet HODLers. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . This episode is sponsored by Crypto.com and Nexo.io . On this edition of The Breakdown weekly recap, NLW discusses: Traditional markets: The tension between vaccine optimism and a growing national wave of economy-disrupting lockdowns Regulatory landscape: Crypto ally Brian Brooks nominated for full term at OCC while SEC Chair Jay Clayton steps down early Bitcoin Miners: Sold out until Spring Celebrities and Financiers coming to the Bitcoin space This week on The Breakdown: Monday | Bitcoin at $318,000 Next December? One Citibank Exec Says It’s Possible Tuesday | HODL FOMO vs. Speculative FOMO: Why This Bitcoin Bull Market Will Be Different Wednesday | Vijay Boyapati’s Four Mental Models for Valuing Bitcoin Thursday | A Crypto Ally as Top US Bank Regulator? Friday | 10 Metrics Where Bitcoin Has Already Hit New All-Time Highs Related: John Lennon's Son Says Bitcoin ‘Empowers’ People Like Never Before For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts , Spotify , Pocketcasts , Google Podcasts , Castbox , Stitcher , RadioPublica , iHeartRadio or RSS . Related Stories What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common? What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common? What Do Mexico’s Second Wealthiest Billionaire and Arya Stark Have in Common? || XRP Rises More Than 30% as Altcoins Piggyback on Bitcoins Wave: XRP has surged to 16-month highs, leading a pack of cryptocurrencies all benefiting from bitcoins rally toward historic levels. XRP , the native asset of the XRP ledger, developed by payment-focused blockchain firm Ripple Labs, climbed to as high as $0.437564 before retreating to $0.413853 at press time, reaching the highest price point since July 2019, according to The CoinDesk 20 . The third-largest cryptocurrency by market value has gained over 33% in the past 24 hours, extending the year-to-date gain to 116%. Related: Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B Other alternative cryptocurrencies such as ether , litecoin , cardano , bitcoin SV , EOS , tezos and tron are also flashing green. Most of these coins have picked up a bullish momentum in the past few days, seemingly tracking bitcoin s fast move toward the record high of $19,783 reached in December 2017. Altcoins are high beta assets and usually move in the same direction as bitcoin, but more, trader and analyst Alex Kruger tweeted on Friday. Alternative cryptocurrencies can be considered as leveraged bitcoin plays, according to Kruger. Bitcoin, the top cryptocurrency by market capitalization, has charted a steep rally from $10,000 to nearly $19,000 in the past eight weeks. At the currency price of $18,736, bitcoin is a little over 5% from setting a new lifetime high, while XRP is still down about 89% from its record high of $3.84 set in January 2018, according to data source Messari. Related: Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines XRP and other altcoins may also be rising in reaction to a proposed rule by the U.S. Office of the Comptroller of the Currency that would forbid banks to blacklist legal industries including, presumably, cryptocurrency firms. The proposed rule is likely welcome news to businesses in the space, which have long struggled to obtain, or keep, bank accounts in the U.S. Related Stories XRP Rises More Than 30% as Altcoins Piggyback on Bitcoins Wave XRP Rises More Than 30% as Altcoins Piggyback on Bitcoins Wave || XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave: XRP has surged to 16-month highs, leading a pack of cryptocurrencies all benefiting from bitcoin’s rally toward historic levels.
XRP, the native asset of the XRP ledger, developed by payment-focused blockchain firm Ripple Labs, climbed to as high as $0.437564 before retreating to $0.413853 at press time, reaching the highest price point since July 2019, according toThe CoinDesk 20.
The third-largest cryptocurrency by market value has gained over 33% in the past 24 hours, extending the year-to-date gain to 116%.
Related:Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B
Other alternative cryptocurrencies such asether,litecoin,cardano,bitcoin SV,EOS,tezosandtronare also flashing green. Most of these coins have picked up a bullish momentum in the past few days, seemingly trackingbitcoin‘s fast move toward the record high of $19,783 reached in December 2017.
“Altcoins are high beta assets and usually move in the same direction as bitcoin, but more,” trader and analystAlex Kruger tweetedon Friday. Alternative cryptocurrencies can be considered as leveraged bitcoin plays, according to Kruger.
Bitcoin, the top cryptocurrency by market capitalization, has charted a steep rally from $10,000 to nearly $19,000 in the past eight weeks.
At the currency price of $18,736, bitcoin is a little over 5% from setting a new lifetime high, while XRP is still down about 89% from its record high of $3.84 set in January 2018,according todata source Messari.
Related:Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines
XRP and other altcoins may also be rising in reaction to a proposed rule by the U.S. Office of the Comptroller of the Currency that would forbid banks to blacklist legal industries – including, presumably, cryptocurrency firms. The proposed rule is likely welcome news to businesses in the space, which have long struggled to obtain, or keep, bank accounts in the U.S.
• XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave
• XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave || XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave: XRP has surged to 16-month highs, leading a pack of cryptocurrencies all benefiting from bitcoin’s rally toward historic levels.
XRP, the native asset of the XRP ledger, developed by payment-focused blockchain firm Ripple Labs, climbed to as high as $0.437564 before retreating to $0.413853 at press time, reaching the highest price point since July 2019, according toThe CoinDesk 20.
The third-largest cryptocurrency by market value has gained over 33% in the past 24 hours, extending the year-to-date gain to 116%.
Related:Market Wrap: Bitcoin Hits $18.8K as Total Crypto Locked in DeFi Passes $14B
Other alternative cryptocurrencies such asether,litecoin,cardano,bitcoin SV,EOS,tezosandtronare also flashing green. Most of these coins have picked up a bullish momentum in the past few days, seemingly trackingbitcoin‘s fast move toward the record high of $19,783 reached in December 2017.
“Altcoins are high beta assets and usually move in the same direction as bitcoin, but more,” trader and analystAlex Kruger tweetedon Friday. Alternative cryptocurrencies can be considered as leveraged bitcoin plays, according to Kruger.
Bitcoin, the top cryptocurrency by market capitalization, has charted a steep rally from $10,000 to nearly $19,000 in the past eight weeks.
At the currency price of $18,736, bitcoin is a little over 5% from setting a new lifetime high, while XRP is still down about 89% from its record high of $3.84 set in January 2018,according todata source Messari.
Related:Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines
XRP and other altcoins may also be rising in reaction to a proposed rule by the U.S. Office of the Comptroller of the Currency that would forbid banks to blacklist legal industries – including, presumably, cryptocurrency firms. The proposed rule is likely welcome news to businesses in the space, which have long struggled to obtain, or keep, bank accounts in the U.S.
• XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave
• XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave || Bitcoin is surging in 2020 and nearing its all time high — here's why: Bitcoin topped $18,600 on Friday, continuing a vertical climb that accelerated in early October. The largest digital currency by market cap isup 160% in 2020, andup 190% since March 15, following acrash in the second week of Marchthat saw the price drop 25%.
Now it’s not far from its all-time-high of around $19,800 toward the end of December 2017.
Bitcoin (BTC) bulls are hoping this time is different. And it is, judging by the breathless media coverage and general mania: there isn’t any.
Read more:Bitcoin: 74 questions answered
In the previous bull run, financial (and non-financial) press went into a frenzy, in many cases covering bitcoin for the first time, and the price hike became a cultural conversation around Thanksgiving dinner tables. Stories proliferated of crypto newbies buying up bitcoin on exchanges, many of whom lost their shirts when bitcoin dropped precipitously in January 2018.
This time, the coverage has been muted. Perhaps you can chalk that up to the mental toll of the pandemic or the distraction of the U.S. presidential election. (The debate feels in many ways similar to the debate around whylive sports TV ratings are way down.) Or it could be a sign that the price hike is less remarkable because the public now knows about bitcoin, and it has become less of an oddity. That can be a positive indicator for its future use and mainstream acceptance.
Growing acceptance, both by consumer-facing companies and Wall Street institutions, provides much of the explanation for bitcoin’s 2020 run. Here are some of the recent news events and trends that have boosted bitcoin.
Over the past couple of years, a range of Wall Street investment firms and financial institutions have gravitated toward cryptocurrency—even if just dipping a toe in by putting a sliver of their assets into bitcoin or altcoins.
That rising interest helped Grayscale Investments, the largest crypto investment firm,top $10 billion in assets in the third quarter. (Grayscale is owned by Barry Silbert’s Digital Currency Group, the single largest investor in cryptocurrency startups, whichowns the news site CoinDesk.) Grayscale offerspublicly traded funds pegged to the pricesof bitcoin, bitcoin cash, litecoin, ether, ethereum classic, XRP, Zcash, and others. In Q2 of this year, more than a dozen well-known Wall Street firmsdisclosed with the SEC new investments in Grayscale Bitcoin Trust (GBTC), including ARK Invest and Boston Private Wealth.
Thanks to bitcoin prices, Galaxy Digital, the crypto investment firm of Mike Novogratz,saw profit of $44.3 million in Q3 2020, a huge turnaround from losses of $68.2 million in Q3 2019.
Reports of traditional finance embracing crypto have fueled more buying. “Bitcoin thrives off network value, so the more people who adopt it, the more parabolically the price rises,”Tom Lee of Fundstrat saidon Yahoo Finance Live on Friday. “We’ve seen a pretty substantial increase in engagement this year, and I’ve been pretty surprised, because it is institutional.”
Even big banks have appeared to warm to bitcoin.
Goldman Sachs in August named a new head of digital assets, Matthew McDermott, and hereportedly plans to double the headcount of Goldman’s crypto team. (Back in 2018, then-CEO Lloyd Blankfein saidit would be “arrogant” to dismiss bitcoin entirely, but more recently, on a call in May, Goldman analysts declared cryptocurrencies “not an asset class.”)
JPMorgan last yearlaunched JPM Coin, an internal digital token for use by the bank’s institutional clients, which runs on the Quorum blockchain that JPM developed and is overseen by JPM’s blockchain unit Onyx. At the time of launch, Onyx CEO Umar Farooq wrote in a blog post, “We have always believed in the potential of blockchain technology, and we are supportive of cryptocurrencies as long as they are properly controlled and regulated.”
More recently, JPMbegan allowing customer transfers in and out of Coinbase and Gemini, two U.S. crypto exchange sites. All of this looks like JPM at the very least acknowledging the future viability of digital assets. (Jamie Dimon this week said bitcoin is still “not my cup of tea,” but he also said, “We will always support blockchain technology.”)
The institutional trend started well before the pandemic made bitcoin an even more appealing asset. If you ask Grayscale managing director Michael Sonnenshein, increased regulatory attention, plus the approval of bitcoin futures contracts from places like CBE and Cboe, have all served to make Wall Street feel more comfortable about crypto. “Institutional investment, regulatory clarity, futures contracts—there’s so much that has developed and solidified around the ecosystem,” Sonnensheintold Yahoo Finance in May.
Back in May,bitcoin underwent its third “halving”(or “halvening,” as some prefer), the event that happens every four years when the reward that bitcoin “miners” receive formining bitcoin(using expensive computers to upload bundles of bitcoin transaction records to the bitcoin blockchain) gets cut in half as a built-in mechanism to slow the creation of new bitcoins and limit bitcoin’s supply. The new mining reward is 6.25 bitcoins per block; from 2016 until 2020 it was 12.5 bitcoins.
Historically, the Halving itself does not prompt an immediate spike in the bitcoin price. After the 2012 Halving, bitcoin saw a marginal increase over a few weeks, then went on a massive ride in the next months. This year, the price increased slightly in the days after the Halving, and by two weeks later had dropped below where it was before the Halving.
But as Fundstrat’s Tom Lee points out, “History says that the year that follows the Halvenings is much more important” for price than the weeks and months that follow it. The 2020 halving is not likely the chief cause of the current price rally, but it didn’t hurt, since it’s an event that reminds investors of bitcoin’s scarcity.
Bitcoin’s price swings can be very headline-driven: sometimes a single news item about a major name praising or trashing bitcoin can move the price in the short-term. Warren Buffett (“That is not investing”), Charlie Munger (“disgusting... stupid... turds”), Jamie Dimon (“fraud... worse than tulip bulbs”), and Nouriel Roubini (“mother of all scams”) are some of the big names that have trashed bitcoin in years past.
But in May, hedge fund titanPaul Tudor Jones revealed he has put nearly 2% of his portfolio into bitcoin. He called it a “great speculation... I look at it as one tiny part of the portfolio... it may end up being the best performer of all of them.” And this month, billionaire investorStan Druckenmiller revealed that he owns some bitcoin, telling CNBC he owns a lot more gold than bitcoin, but “frankly, if the gold bet works, the bitcoin bet will probably work better, because it’s thinner, more illiquid and has a lot more beta to it.”
This week, another representative of a huge Wall Street name had positive things to say about bitcoin. BlackRock’s fixed income CIO Rick Rieder,speaking on CNBC, said, “I think cryptocurrency is here to stay, and I think it is durable... I think digital currency, and the receptivity, particularly millennials’ receptivity of technology and cryptocurrency, is real, digital payment systems are real. So I think bitcoin is here to stay... Do I think it’s a durable mechanism that I think will take the place of gold, to a large extent? Yeah, I do, because it's so much more functional than passing a bar of gold around.”
More and more, the rhetoric from Wall Street types is changing. Even if these old-school investors are not exactly pumping crypto with great fervor, more of them are acknowledging that bitcoin, which has now existed for more than 10 years, is not about to collapse.
PayPal (PYPL) on Oct. 21 made major waves in the payments world when itannounced it will soon allow buying, holding, and trading of bitcoin and other cryptocurrencies, and paying with bitcoin, in its PayPal and Venmo apps. The news sent PayPal shares to an all-time-high and prompted an instant leg higher for bitcoin and some other altcoins.
Bitcoin was already on the upswing before PayPal’s announcement, but after that news the bitcoin chart line went vertical, and many attribute bitcoin’s recent price ride directly to PayPal. It is certainly a major consumer-facing name publicly showing its faith in crypto, and if the young people who use Venmo for all their peer-to-peer payments buy bitcoin once PayPal adds it (the same young people that haveflocked to Robinhood to buy stocksduring the pandemic), that could send the price soaring more dramatically.
Square (SQ) is another mainstream fintech name to show love to bitcoin, stemming directly fromCEO Jack Dorsey’s crypto fanaticism. In 2018,Square added the ability to buy and hold bitcoin to its Cash App, and this year the company went a step further by separately investing in $50 million worth of bitcoin as an asset for its balance sheet.Square’s bitcoin bet is paying off: its bitcoin revenue from Cash App trading was $1.63 billion in Q3, up 618% from Q3 2019, and its Q3 bitcoin profit was $32 million, up 1,500% from Q3 2019.
Finally, it’s worth mentioning Facebook’s (FB) attempt last year tolaunch its own cryptocurrency Libra, which, despite regulatory interference and launch delays, was seen as a major step forward for crypto since it shows that the world’s biggest social network believes in digital assets and aims to implement them on its platform.
One common take on bitcoin’s strong gains during the pandemic is thatquantitative easing actionsby the U.S. Federal Reserve and stimulus programs by governments around the world have been good for bitcoin because they underscore its scarcity. There will only ever be 21 million bitcoin created, so the supply is capped, and bitcoin has no central governing body that could step in and pump out more.
“There are so many uncertainties in this pandemic, but one thing that seems almost assured is when you print trillions of dollars more paper money, it’s going to drive up bitcoin and other cryptocurrencies,” Dan Morehead, CEO of crypto investment firm Pantera Capital,said on Yahoo Finance Live in August. “Gold’s going to go up, bitcoin’s going to go up. It is a hedge to paper currency being debased.”
Bitcoin jumped big in the days after Election Day (when a winner was still not clear) because it thrives when there is mainstream economic uncertainty—then it climbed further once it became clear Democrat Joe Biden would win, since it increased the likelihood of another imminent pandemic stimulus package. As the thinking goes, government monetary aid strengthens the appeal of bitcoin.
In 2021, a divided U.S. government, Dan Morehead wrote in a client note on Friday, “would likely result in more pressure on the Federal Reserve to expand their balance sheet. This money printing will inflate the price of things whose quantity cannot beeased—like gold, bitcoin, real assets, and even equities. It feels like bitcoin is going to melt up here.”
—
Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @readDanwrite.
Read more:
Why bitcoin and altcoins are hot again this summer
Square's bitcoin bet is paying off
Jamie Dimon says bitcoin is 'not my cup of tea' even as JPMorgan has warmed to crypto
What you need to know about Ant Financial, potentially the largest IPO in history
Amazon tells employees to delete Tik Tok, then says email was ‘sent in error’
Why Square’s embrace of bitcoin was 'brilliant'
Jamie Dimon has questions about Facebook’s cryptocurrency Libra
Lloyd Blankfein: It would be ‘arrogant’ to dismiss bitcoin entirely || Bitcoin is surging in 2020 and nearing its all time high here's why: Bitcoin topped $18,600 on Friday, continuing a vertical climb that accelerated in early October. The largest digital currency by market cap is up 160% in 2020 , and up 190% since March 15 , following a crash in the second week of March that saw the price drop 25%. Now its not far from its all-time-high of around $19,800 toward the end of December 2017. Bitcoin ( BTC ) bulls are hoping this time is different. And it is, judging by the breathless media coverage and general mania: there isnt any. Read more: Bitcoin: 74 questions answered In the previous bull run, financial (and non-financial) press went into a frenzy, in many cases covering bitcoin for the first time, and the price hike became a cultural conversation around Thanksgiving dinner tables. Stories proliferated of crypto newbies buying up bitcoin on exchanges, many of whom lost their shirts when bitcoin dropped precipitously in January 2018. This time, the coverage has been muted. Perhaps you can chalk that up to the mental toll of the pandemic or the distraction of the U.S. presidential election. (The debate feels in many ways similar to the debate around why live sports TV ratings are way down .) Or it could be a sign that the price hike is less remarkable because the public now knows about bitcoin, and it has become less of an oddity. That can be a positive indicator for its future use and mainstream acceptance. Growing acceptance, both by consumer-facing companies and Wall Street institutions, provides much of the explanation for bitcoins 2020 run. Here are some of the recent news events and trends that have boosted bitcoin. A woman stands next to a bus stop covered with Cryptocurrency electronic cash Bitcoin advertisement in Hong Kong, Sept. 24, 2020. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images) Increasing institutional adoption Over the past couple of years, a range of Wall Street investment firms and financial institutions have gravitated toward cryptocurrencyeven if just dipping a toe in by putting a sliver of their assets into bitcoin or altcoins. That rising interest helped Grayscale Investments, the largest crypto investment firm, top $10 billion in assets in the third quarter . (Grayscale is owned by Barry Silberts Digital Currency Group, the single largest investor in cryptocurrency startups, which owns the news site CoinDesk .) Grayscale offers publicly traded funds pegged to the prices of bitcoin, bitcoin cash, litecoin, ether, ethereum classic, XRP, Zcash, and others. In Q2 of this year, more than a dozen well-known Wall Street firms disclosed with the SEC new investments in Grayscale Bitcoin Trust (GBTC) , including ARK Invest and Boston Private Wealth. Story continues Thanks to bitcoin prices, Galaxy Digital, the crypto investment firm of Mike Novogratz, saw profit of $44.3 million in Q3 2020 , a huge turnaround from losses of $68.2 million in Q3 2019. Reports of traditional finance embracing crypto have fueled more buying. Bitcoin thrives off network value, so the more people who adopt it, the more parabolically the price rises, Tom Lee of Fundstrat said on Yahoo Finance Live on Friday. Weve seen a pretty substantial increase in engagement this year, and Ive been pretty surprised, because it is institutional. Even big banks have appeared to warm to bitcoin. Goldman Sachs in August named a new head of digital assets, Matthew McDermott, and he reportedly plans to double the headcount of Goldmans crypto team . (Back in 2018, then-CEO Lloyd Blankfein said it would be arrogant to dismiss bitcoin entirely , but more recently, on a call in May, Goldman analysts declared cryptocurrencies not an asset class .) JPMorgan last year launched JPM Coin , an internal digital token for use by the banks institutional clients, which runs on the Quorum blockchain that JPM developed and is overseen by JPMs blockchain unit Onyx. At the time of launch, Onyx CEO Umar Farooq wrote in a blog post, We have always believed in the potential of blockchain technology, and we are supportive of cryptocurrencies as long as they are properly controlled and regulated. More recently, JPM began allowing customer transfers in and out of Coinbase and Gemini , two U.S. crypto exchange sites. All of this looks like JPM at the very least acknowledging the future viability of digital assets. (Jamie Dimon this week said bitcoin is still not my cup of tea , but he also said, We will always support blockchain technology.) A man uses the Ethereum ATM in Hong Kong, Friday, May 11, 2018. Ethereum is one of the world's popular virtual currencies. (AP Photo/Kin Cheung) The institutional trend started well before the pandemic made bitcoin an even more appealing asset. If you ask Grayscale managing director Michael Sonnenshein, increased regulatory attention, plus the approval of bitcoin futures contracts from places like CBE and Cboe, have all served to make Wall Street feel more comfortable about crypto. Institutional investment, regulatory clarity, futures contractstheres so much that has developed and solidified around the ecosystem, Sonnenshein told Yahoo Finance in May . Third bitcoin Halving happened in May Back in May, bitcoin underwent its third halving (or halvening, as some prefer), the event that happens every four years when the reward that bitcoin miners receive for mining bitcoin (using expensive computers to upload bundles of bitcoin transaction records to the bitcoin blockchain) gets cut in half as a built-in mechanism to slow the creation of new bitcoins and limit bitcoins supply. The new mining reward is 6.25 bitcoins per block; from 2016 until 2020 it was 12.5 bitcoins. Historically, the Halving itself does not prompt an immediate spike in the bitcoin price. After the 2012 Halving, bitcoin saw a marginal increase over a few weeks, then went on a massive ride in the next months. This year, the price increased slightly in the days after the Halving, and by two weeks later had dropped below where it was before the Halving. But as Fundstrats Tom Lee points out, History says that the year that follows the Halvenings is much more important for price than the weeks and months that follow it. The 2020 halving is not likely the chief cause of the current price rally, but it didnt hurt, since its an event that reminds investors of bitcoins scarcity. Wall Street figures soften their rhetoric Bitcoins price swings can be very headline-driven: sometimes a single news item about a major name praising or trashing bitcoin can move the price in the short-term. Warren Buffett ( That is not investing ), Charlie Munger ( disgusting... stupid... turds ), Jamie Dimon ( fraud... worse than tulip bulbs ), and Nouriel Roubini ( mother of all scams ) are some of the big names that have trashed bitcoin in years past. But in May, hedge fund titan Paul Tudor Jones revealed he has put nearly 2% of his portfolio into bitcoin . He called it a great speculation... I look at it as one tiny part of the portfolio... it may end up being the best performer of all of them. And this month, billionaire investor Stan Druckenmiller revealed that he owns some bitcoin , telling CNBC he owns a lot more gold than bitcoin, but frankly, if the gold bet works, the bitcoin bet will probably work better, because its thinner, more illiquid and has a lot more beta to it. Paul Tudor Jones, founder and chief investment officer of Tudor Investment Corporation, speaks at the Sohn Investment Conference in New York, May 5, 2014. REUTERS/Eduardo Munoz This week, another representative of a huge Wall Street name had positive things to say about bitcoin. BlackRocks fixed income CIO Rick Rieder, speaking on CNBC , said, I think cryptocurrency is here to stay, and I think it is durable... I think digital currency, and the receptivity, particularly millennials receptivity of technology and cryptocurrency, is real, digital payment systems are real. So I think bitcoin is here to stay... Do I think its a durable mechanism that I think will take the place of gold, to a large extent? Yeah, I do, because it's so much more functional than passing a bar of gold around. More and more, the rhetoric from Wall Street types is changing. Even if these old-school investors are not exactly pumping crypto with great fervor, more of them are acknowledging that bitcoin, which has now existed for more than 10 years, is not about to collapse. PayPal and Square buy in PayPal ( PYPL ) on Oct. 21 made major waves in the payments world when it announced it will soon allow buying, holding, and trading of bitcoin and other cryptocurrencies , and paying with bitcoin, in its PayPal and Venmo apps. The news sent PayPal shares to an all-time-high and prompted an instant leg higher for bitcoin and some other altcoins. Bitcoin was already on the upswing before PayPals announcement, but after that news the bitcoin chart line went vertical, and many attribute bitcoins recent price ride directly to PayPal. It is certainly a major consumer-facing name publicly showing its faith in crypto, and if the young people who use Venmo for all their peer-to-peer payments buy bitcoin once PayPal adds it (the same young people that have flocked to Robinhood to buy stocks during the pandemic), that could send the price soaring more dramatically. Bitcoin price in 2020, through Nov. 20 at 10pm EST. Square ( SQ ) is another mainstream fintech name to show love to bitcoin, stemming directly from CEO Jack Dorseys crypto fanaticism . In 2018, Square added the ability to buy and hold bitcoin to its Cash App , and this year the company went a step further by separately investing in $50 million worth of bitcoin as an asset for its balance sheet. Squares bitcoin bet is paying off : its bitcoin revenue from Cash App trading was $1.63 billion in Q3, up 618% from Q3 2019, and its Q3 bitcoin profit was $32 million, up 1,500% from Q3 2019. Finally, its worth mentioning Facebooks ( FB ) attempt last year to launch its own cryptocurrency Libra , which, despite regulatory interference and launch delays, was seen as a major step forward for crypto since it shows that the worlds biggest social network believes in digital assets and aims to implement them on its platform. Pandemic stimulus One common take on bitcoins strong gains during the pandemic is that quantitative easing actions by the U.S. Federal Reserve and stimulus programs by governments around the world have been good for bitcoin because they underscore its scarcity. There will only ever be 21 million bitcoin created, so the supply is capped, and bitcoin has no central governing body that could step in and pump out more. There are so many uncertainties in this pandemic, but one thing that seems almost assured is when you print trillions of dollars more paper money, its going to drive up bitcoin and other cryptocurrencies, Dan Morehead, CEO of crypto investment firm Pantera Capital, said on Yahoo Finance Live in August . Golds going to go up, bitcoins going to go up. It is a hedge to paper currency being debased. Bitcoin jumped big in the days after Election Day (when a winner was still not clear) because it thrives when there is mainstream economic uncertaintythen it climbed further once it became clear Democrat Joe Biden would win, since it increased the likelihood of another imminent pandemic stimulus package. As the thinking goes, government monetary aid strengthens the appeal of bitcoin. In 2021, a divided U.S. government, Dan Morehead wrote in a client note on Friday, would likely result in more pressure on the Federal Reserve to expand their balance sheet. This money printing will inflate the price of things whose quantity cannot be eased like gold, bitcoin, real assets, and even equities. It feels like bitcoin is going to melt up here. Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @ readDanwrite . Read more: Why bitcoin and altcoins are hot again this summer Square's bitcoin bet is paying off Jamie Dimon says bitcoin is 'not my cup of tea' even as JPMorgan has warmed to crypto What you need to know about Ant Financial, potentially the largest IPO in history Amazon tells employees to delete Tik Tok, then says email was sent in error Why Squares embrace of bitcoin was 'brilliant' Jamie Dimon has questions about Facebooks cryptocurrency Libra Lloyd Blankfein: It would be arrogant to dismiss bitcoin entirely || Bitcoin is surging in 2020 and nearing its all time high — here's why: Bitcoin topped $18,600 on Friday, continuing a vertical climb that accelerated in early October. The largest digital currency by market cap isup 160% in 2020, andup 190% since March 15, following acrash in the second week of Marchthat saw the price drop 25%.
Now it’s not far from its all-time-high of around $19,800 toward the end of December 2017.
Bitcoin (BTC) bulls are hoping this time is different. And it is, judging by the breathless media coverage and general mania: there isn’t any.
Read more:Bitcoin: 74 questions answered
In the previous bull run, financial (and non-financial) press went into a frenzy, in many cases covering bitcoin for the first time, and the price hike became a cultural conversation around Thanksgiving dinner tables. Stories proliferated of crypto newbies buying up bitcoin on exchanges, many of whom lost their shirts when bitcoin dropped precipitously in January 2018.
This time, the coverage has been muted. Perhaps you can chalk that up to the mental toll of the pandemic or the distraction of the U.S. presidential election. (The debate feels in many ways similar to the debate around whylive sports TV ratings are way down.) Or it could be a sign that the price hike is less remarkable because the public now knows about bitcoin, and it has become less of an oddity. That can be a positive indicator for its future use and mainstream acceptance.
Growing acceptance, both by consumer-facing companies and Wall Street institutions, provides much of the explanation for bitcoin’s 2020 run. Here are some of the recent news events and trends that have boosted bitcoin.
Over the past couple of years, a range of Wall Street investment firms and financial institutions have gravitated toward cryptocurrency—even if just dipping a toe in by putting a sliver of their assets into bitcoin or altcoins.
That rising interest helped Grayscale Investments, the largest crypto investment firm,top $10 billion in assets in the third quarter. (Grayscale is owned by Barry Silbert’s Digital Currency Group, the single largest investor in cryptocurrency startups, whichowns the news site CoinDesk.) Grayscale offerspublicly traded funds pegged to the pricesof bitcoin, bitcoin cash, litecoin, ether, ethereum classic, XRP, Zcash, and others. In Q2 of this year, more than a dozen well-known Wall Street firmsdisclosed with the SEC new investments in Grayscale Bitcoin Trust (GBTC), including ARK Invest and Boston Private Wealth.
Thanks to bitcoin prices, Galaxy Digital, the crypto investment firm of Mike Novogratz,saw profit of $44.3 million in Q3 2020, a huge turnaround from losses of $68.2 million in Q3 2019.
Reports of traditional finance embracing crypto have fueled more buying. “Bitcoin thrives off network value, so the more people who adopt it, the more parabolically the price rises,”Tom Lee of Fundstrat saidon Yahoo Finance Live on Friday. “We’ve seen a pretty substantial increase in engagement this year, and I’ve been pretty surprised, because it is institutional.”
Even big banks have appeared to warm to bitcoin.
Goldman Sachs in August named a new head of digital assets, Matthew McDermott, and hereportedly plans to double the headcount of Goldman’s crypto team. (Back in 2018, then-CEO Lloyd Blankfein saidit would be “arrogant” to dismiss bitcoin entirely, but more recently, on a call in May, Goldman analysts declared cryptocurrencies “not an asset class.”)
JPMorgan last yearlaunched JPM Coin, an internal digital token for use by the bank’s institutional clients, which runs on the Quorum blockchain that JPM developed and is overseen by JPM’s blockchain unit Onyx. At the time of launch, Onyx CEO Umar Farooq wrote in a blog post, “We have always believed in the potential of blockchain technology, and we are supportive of cryptocurrencies as long as they are properly controlled and regulated.”
More recently, JPMbegan allowing customer transfers in and out of Coinbase and Gemini, two U.S. crypto exchange sites. All of this looks like JPM at the very least acknowledging the future viability of digital assets. (Jamie Dimon this week said bitcoin is still “not my cup of tea,” but he also said, “We will always support blockchain technology.”)
The institutional trend started well before the pandemic made bitcoin an even more appealing asset. If you ask Grayscale managing director Michael Sonnenshein, increased regulatory attention, plus the approval of bitcoin futures contracts from places like CBE and Cboe, have all served to make Wall Street feel more comfortable about crypto. “Institutional investment, regulatory clarity, futures contracts—there’s so much that has developed and solidified around the ecosystem,” Sonnensheintold Yahoo Finance in May.
Back in May,bitcoin underwent its third “halving”(or “halvening,” as some prefer), the event that happens every four years when the reward that bitcoin “miners” receive formining bitcoin(using expensive computers to upload bundles of bitcoin transaction records to the bitcoin blockchain) gets cut in half as a built-in mechanism to slow the creation of new bitcoins and limit bitcoin’s supply. The new mining reward is 6.25 bitcoins per block; from 2016 until 2020 it was 12.5 bitcoins.
Historically, the Halving itself does not prompt an immediate spike in the bitcoin price. After the 2012 Halving, bitcoin saw a marginal increase over a few weeks, then went on a massive ride in the next months. This year, the price increased slightly in the days after the Halving, and by two weeks later had dropped below where it was before the Halving.
But as Fundstrat’s Tom Lee points out, “History says that the year that follows the Halvenings is much more important” for price than the weeks and months that follow it. The 2020 halving is not likely the chief cause of the current price rally, but it didn’t hurt, since it’s an event that reminds investors of bitcoin’s scarcity.
Bitcoin’s price swings can be very headline-driven: sometimes a single news item about a major name praising or trashing bitcoin can move the price in the short-term. Warren Buffett (“That is not investing”), Charlie Munger (“disgusting... stupid... turds”), Jamie Dimon (“fraud... worse than tulip bulbs”), and Nouriel Roubini (“mother of all scams”) are some of the big names that have trashed bitcoin in years past.
But in May, hedge fund titanPaul Tudor Jones revealed he has put nearly 2% of his portfolio into bitcoin. He called it a “great speculation... I look at it as one tiny part of the portfolio... it may end up being the best performer of all of them.” And this month, billionaire investorStan Druckenmiller revealed that he owns some bitcoin, telling CNBC he owns a lot more gold than bitcoin, but “frankly, if the gold bet works, the bitcoin bet will probably work better, because it’s thinner, more illiquid and has a lot more beta to it.”
This week, another representative of a huge Wall Street name had positive things to say about bitcoin. BlackRock’s fixed income CIO Rick Rieder,speaking on CNBC, said, “I think cryptocurrency is here to stay, and I think it is durable... I think digital currency, and the receptivity, particularly millennials’ receptivity of technology and cryptocurrency, is real, digital payment systems are real. So I think bitcoin is here to stay... Do I think it’s a durable mechanism that I think will take the place of gold, to a large extent? Yeah, I do, because it's so much more functional than passing a bar of gold around.”
More and more, the rhetoric from Wall Street types is changing. Even if these old-school investors are not exactly pumping crypto with great fervor, more of them are acknowledging that bitcoin, which has now existed for more than 10 years, is not about to collapse.
PayPal (PYPL) on Oct. 21 made major waves in the payments world when itannounced it will soon allow buying, holding, and trading of bitcoin and other cryptocurrencies, and paying with bitcoin, in its PayPal and Venmo apps. The news sent PayPal shares to an all-time-high and prompted an instant leg higher for bitcoin and some other altcoins.
Bitcoin was already on the upswing before PayPal’s announcement, but after that news the bitcoin chart line went vertical, and many attribute bitcoin’s recent price ride directly to PayPal. It is certainly a major consumer-facing name publicly showing its faith in crypto, and if the young people who use Venmo for all their peer-to-peer payments buy bitcoin once PayPal adds it (the same young people that haveflocked to Robinhood to buy stocksduring the pandemic), that could send the price soaring more dramatically.
Square (SQ) is another mainstream fintech name to show love to bitcoin, stemming directly fromCEO Jack Dorsey’s crypto fanaticism. In 2018,Square added the ability to buy and hold bitcoin to its Cash App, and this year the company went a step further by separately investing in $50 million worth of bitcoin as an asset for its balance sheet.Square’s bitcoin bet is paying off: its bitcoin revenue from Cash App trading was $1.63 billion in Q3, up 618% from Q3 2019, and its Q3 bitcoin profit was $32 million, up 1,500% from Q3 2019.
Finally, it’s worth mentioning Facebook’s (FB) attempt last year tolaunch its own cryptocurrency Libra, which, despite regulatory interference and launch delays, was seen as a major step forward for crypto since it shows that the world’s biggest social network believes in digital assets and aims to implement them on its platform.
One common take on bitcoin’s strong gains during the pandemic is thatquantitative easing actionsby the U.S. Federal Reserve and stimulus programs by governments around the world have been good for bitcoin because they underscore its scarcity. There will only ever be 21 million bitcoin created, so the supply is capped, and bitcoin has no central governing body that could step in and pump out more.
“There are so many uncertainties in this pandemic, but one thing that seems almost assured is when you print trillions of dollars more paper money, it’s going to drive up bitcoin and other cryptocurrencies,” Dan Morehead, CEO of crypto investment firm Pantera Capital,said on Yahoo Finance Live in August. “Gold’s going to go up, bitcoin’s going to go up. It is a hedge to paper currency being debased.”
Bitcoin jumped big in the days after Election Day (when a winner was still not clear) because it thrives when there is mainstream economic uncertainty—then it climbed further once it became clear Democrat Joe Biden would win, since it increased the likelihood of another imminent pandemic stimulus package. As the thinking goes, government monetary aid strengthens the appeal of bitcoin.
In 2021, a divided U.S. government, Dan Morehead wrote in a client note on Friday, “would likely result in more pressure on the Federal Reserve to expand their balance sheet. This money printing will inflate the price of things whose quantity cannot beeased—like gold, bitcoin, real assets, and even equities. It feels like bitcoin is going to melt up here.”
—
Daniel Roberts is an editor-at-large at Yahoo Finance and closely covers bitcoin and blockchain. Follow him on Twitter at @readDanwrite.
Read more:
Why bitcoin and altcoins are hot again this summer
Square's bitcoin bet is paying off
Jamie Dimon says bitcoin is 'not my cup of tea' even as JPMorgan has warmed to crypto
What you need to know about Ant Financial, potentially the largest IPO in history
Amazon tells employees to delete Tik Tok, then says email was ‘sent in error’
Why Square’s embrace of bitcoin was 'brilliant'
Jamie Dimon has questions about Facebook’s cryptocurrency Libra
Lloyd Blankfein: It would be ‘arrogant’ to dismiss bitcoin entirely || The Crypto Daily – Movers and Shakers – November 21st, 2020: Bitcoin, BTC to USD, rallied by 4.73% on Friday. Following on from a 0.25% gain on Thursday, Bitcoin ended the day at $18,660.0. It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $17,753 before making a move. Steering clear of the first major support level at $17,386, Bitcoin rallied to a late afternoon intraday high $18,810.0. Bitcoin broke through the first major resistance level at $18,208 and the second major resistance level at $18,598. A late pullback saw Bitcoin briefly fall back through the second major resistance level before wrapping up the day at $18,600 levels. The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,657 to form a near-term bearish trend. The Rest of the Pack Across the rest of the majors, it was a bullish day on Friday. Cardano’s ADA surged by 11.71% to lead the way. Crypto.com Coin (+9.45%), Ethereum (+8.16%), and Ripple’s XRP (+8.74%) also rallied on the day. Binance Coin (+3.04%), Bitcoin Cash SV (+5.05%), Chainlink (+3.49%), Litecoin (+1.25%), and Polkadot (+4.94%) trailed the front runners. In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Saturday morning high $526.31bn. At the time of writing, the total market cap stood at $522.55bn. Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 66.94%. This Morning At the time of writing, Bitcoin was up by 0.94% to $18,836.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,629.4 before rising to a high $18,899.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Binance Coin was down by 0.15% to buck the trend early on. It was a bullish start to the day for the rest of the majors, however. Story continues At the time of writing, Crypto.com Coin was up by 6.71% to lead the way. For the Bitcoin Day Ahead Bitcoin would need to avoid a fall through the pivot level at $18,408 to bring the first major resistance level at $19,062 into play. Support from the broader market would be needed for Bitcoin to break through to $19,000 levels. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another crypto breakout, Bitcoin could test resistance at $19,500 before any pullback. The second major resistance level sits at $19,465. Failure to avoid a fall through the $18,408 pivot would bring the first major support level at $18,005 into play. Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$18,000 levels. The second major support level sits at $17,351. This article was originally posted on FX Empire More From FXEMPIRE: Natural Gas Price Prediction – Prices Consolidate Recent Losses Gold Weekly Price Forecast – Gold Markets Form a Hammer Gold Price Forecast – Gold Markets Continue to Find Buyers USD/JPY Weekly Price Forecast – US Dollar Continues Grind Lower Natural Gas Price Forecast – Natural Gas Markets Recover on Friday Natural Gas Weekly Price Forecast – Natural Gas Finding Buyers || The Crypto Daily – Movers and Shakers – November 21st, 2020: Bitcoin, BTC to USD, rallied by 4.73% on Friday. Following on from a 0.25% gain on Thursday, Bitcoin ended the day at $18,660.0.
It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $17,753 before making a move.
Steering clear of the first major support level at $17,386, Bitcoin rallied to a late afternoon intraday high $18,810.0.
Bitcoin broke through the first major resistance level at $18,208 and the second major resistance level at $18,598.
A late pullback saw Bitcoin briefly fall back through the second major resistance level before wrapping up the day at $18,600 levels.
The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,657 to form a near-term bearish trend.
Across the rest of the majors, it was a bullish day on Friday.
Cardano’s ADA surged by 11.71% to lead the way.
Crypto.com Coin (+9.45%), Ethereum (+8.16%), and Ripple’s XRP (+8.74%) also rallied on the day.
Binance Coin (+3.04%), Bitcoin Cash SV (+5.05%), Chainlink (+3.49%), Litecoin (+1.25%), and Polkadot (+4.94%) trailed the front runners.
In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Saturday morning high $526.31bn. At the time of writing, the total market cap stood at $522.55bn.
Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 66.94%.
At the time of writing, Bitcoin was up by 0.94% to $18,836.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,629.4 before rising to a high $18,899.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin was down by 0.15% to buck the trend early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 6.71% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $18,408 to bring the first major resistance level at $19,062 into play.
Support from the broader market would be needed for Bitcoin to break through to $19,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $19,500 before any pullback. The second major resistance level sits at $19,465.
Failure to avoid a fall through the $18,408 pivot would bring the first major support level at $18,005 into play.
Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$18,000 levels. The second major support level sits at $17,351.
Thisarticlewas originally posted on FX Empire
• Natural Gas Price Prediction – Prices Consolidate Recent Losses
• Gold Weekly Price Forecast – Gold Markets Form a Hammer
• Gold Price Forecast – Gold Markets Continue to Find Buyers
• USD/JPY Weekly Price Forecast – US Dollar Continues Grind Lower
• Natural Gas Price Forecast – Natural Gas Markets Recover on Friday
• Natural Gas Weekly Price Forecast – Natural Gas Finding Buyers
[Social Media Buzz]
None available.
|
18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 6716.44, 6469.80, 6242.19, 5922.04, 6429.84, 6438.64, 6606.78, 6793.62, 6733.39, 6867.53, 6791.13, 7271.78, 7176.41, 7334.10, 7302.09, 6865.49, 6859.08, 6971.09, 6845.04, 6842.43, 6642.11, 7116.80, 7096.18, 7257.67, 7189.42, 6881.96, 6880.32, 7117.21, 7429.72, 7550.90, 7569.94, 7679.87, 7795.60, 7807.06, 8801.04, 8658.55, 8864.77, 8988.60, 8897.47, 8912.65, 9003.07, 9268.76, 9951.52, 9842.67, 9593.90, 8756.43, 8601.80, 8804.48, 9269.99, 9733.72, 9328.20, 9377.01, 9670.74, 9726.58, 9729.04, 9522.98, 9081.76, 9182.58, 9209.29, 8790.37, 8906.93, 8835.05, 9181.02, 9525.75, 9439.12, 9700.41, 9461.06, 10167.27, 9529.80, 9656.72, 9800.64, 9665.53, 9653.68, 9758.85, 9771.49, 9795.70, 9870.09, 9321.78, 9480.84, 9475.28, 9386.79, 9450.70, 9538.02, 9480.25, 9411.84, 9288.02, 9332.34, 9303.63, 9648.72, 9629.66.
|
[Bitcoin Technical Analysis for 2020-06-23]
Volume: 17006433272, RSI (14-day): 54.68, 50-day EMA: 9223.15, 200-day EMA: 8539.05
[Wider Market Context]
Gold Price: 1772.10, Gold RSI: 62.85
Oil Price: 40.37, Oil RSI: 64.72
[Recent News (last 7 days)]
World-first Quantitative Seeding Exchange, Mercury Exchange Is Coming!: NEW YORK, NY / ACCESSWIRE / June 22, 2020 / Bitcoin, born 12 years ago, has experienced its 3rd halving. After countless death alerts, Bitcoin had grown into a trillion-dollar market, attracting considerable attention both from retail investors and institutional capitals. During each round of the bull-bear trend transformation, the industry had changed and evolved gradually. However, no matter the changes, exchanges have always been at the top of this industry. Reputable fund houses are progressively entering the crypto scene. A new round of exchange battles is about to happen. How to break through the existing business model and seize the high ground is especially essential in the exchange competition. Recently, a dark horse exchange called Mercury Exchange ( https://merexchange.com/ ) has attracted considerable attention. With its core quantitative technology, innovative seeding project model, combined with "unlock by trade" business strategy, Mercury Exchange has emerged rapidly and becomes popular among a lot of communities. Mercury Exchange 4 C ore A dvantages As the world's first intelligent quantitative trading platform, Mercury Exchange provides one-stop incubation solutions for seeding projects through AI quantitative systems and professional market value management tools. Unique trading mechanisms help community, traders, exchange; project management reach a consensus towards pricing and growth. Compared to other existing exchanges, Mercury Exchange does have 4 core advantages: 1. Ultra-high P erformance To fulfill high trading demands for all users, MerEX matching engine is capable of sustaining 1.4 million TPS, as well as 20 million simultaneous users' activity. Multi-currency trading pairs and derivatives are also provided with utmost security, deep liquidity & ultra-low latency. 2. Multi-level R isk C ontrol S ecurity The safety of users' funds has always been the primary goal of exchanges. Therefore, Mercury Exchange introduces a multiple level risk control system for users on different caliber, by using dual firewall technology (hardware firewall and software firewall) to achieve the best safety of funds. Story continues 3. Bull trend Strategy for Seeding Pr oject s New seeding projects usually have to pay a large sum of listing fees to the crypto exchanges. Due to a lack of regulations, exchanges will manipulate and dump the coin after listing (manipulated and dumped by exchanges) , causing losses and distrust to investors. With a lack of professional market management experiences, seeding projects may also suffer from malicious selling and manipulation by early investors, short sniping by quantitative institutions and provisional rollback on trades by exchange, etc., which will eventually lead to the breakdown of the project. Targeting such problems, the "Seeding Project Plan" came into the picture. Before the project gets listed, a non-breakdown agreement will be signed by Mercury Exchange and the project. Meanwhile, seeding projects will be carefully analyzed and screened through pre-listing. Multiple software provided to users helps to cater to different strategy models for gaining profits. Under the unique trading system of Mercury Exchange, every transaction will push up the traded price of seeding projects. Upon fulfilling the required volume, the price of the seeding crypto project will increase. All traders can choose to buy in at a significant discount price as an option compares to the current market price for seed projects only. Discounted seeding crypto will be locked upon purchase. Traders need to trade and unlock, which can be up to 0.5 % of the traded sum. Targeting projects with varying maturity, few categories of trading zones have was set up, including Seeding Zone, OTC Zone, Mainstream Crypto Zone, IEO Zone, Contract Zone, and more. These provide the perfect environment for seed projects to enter the mainstream crypto community shortly. 4. Quantitative Technology In response to issues of insufficient transaction depth, liquidity shortage, Mercury Exchange formulates a series of strategies for market value management with its exclusive quantitative technology and AI actuarial system. It helps to push up crypto pricing helping investors gaining lucrative profits. Introducing Mercury Exchange Platform Token, MCX Issued by Mercury Exchange, MCX is based on Ethereum smart contract. With a total supply of 1 Billion, it will be released over 10 years. More than 180 countries blockchain enthusiasts have supported MCX. Traders can choose to purchase locked MCX at a discounted rate compared to the market price. The more you trade, the higher the proportion of unlocking locked MCX. Especially in terms of trading fee commission rebate, Mercury Exchange is the first to maximize benefits for users. Its rebate ratio is as high as 90%! Compared with other trading platforms such as Kucoin or Binance, it is incredibly tempting for users. As a gas fuel in the Mercury exchange ecosystem, MCX has been applied to multiple scenarios. For example, MCX can be used as an alternative for a trading fee discount. Also, MCX can be used to participate in IEOs or new coin fund-raising campaign and can be used for specific advertising on Mercury Exchange as well. Besides the scenarios within Mercury's internal ecosystem, online applications, offline markets like shopping malls, payment solutions can be applied too. MCX will not conduct ICO, in combination with AI qualitative trade mechanism, MCX will not have the risk of price dumping issues. Also, being backed by an experienced market-value management team, its value and price will be a guaranteed bullish trend. Also, Mercury Exchange will launch a "buy-back" scheme and "token burning" mechanism in the future to ensure that the value of MCX continues to soar. Conclusion In the post-epidemic era, the global pattern has changed dramatically. However, this situation provides an ideal environment for the digital economy era growth. Perhaps Mercury Exchange current online solution is just what the crypto community needs. Only time will tell. Contact: Mercury Exchange Mia Bao +1 (321) 800-3487 [email protected] https://merexchange.com/ SOURCE: View source version on accesswire.com: https://www.accesswire.com/594824/World-first-Quantitative-Seeding-Exchange-Mercury-Exchange-Is-Coming || World-first Quantitative Seeding Exchange, Mercury Exchange Is Coming!: NEW YORK, NY / ACCESSWIRE / June 22, 2020 /Bitcoin, born 12 years ago, has experienced its 3rd halving. After countless death alerts, Bitcoin had grown into a trillion-dollar market, attracting considerable attention both from retail investors and institutional capitals. During each round of the bull-bear trend transformation, the industry had changed and evolved gradually. However, no matter the changes, exchanges have always been at the top of this industry. Reputable fund houses are progressively entering the crypto scene. A new round of exchange battles is about to happen.
How to break through the existing business model and seize the high ground is especially essential in the exchange competition. Recently, a dark horse exchange called Mercury Exchange (https://merexchange.com/) has attracted considerable attention. With its core quantitative technology, innovative seeding project model, combined with "unlock by trade" business strategy, Mercury Exchange has emerged rapidly and becomes popular among a lot of communities.
MercuryExchange 4CoreAdvantages
As the world's first intelligent quantitative trading platform, Mercury Exchange provides one-stop incubation solutions for seeding projects through AI quantitative systems and professional market value management tools. Unique trading mechanisms help community, traders, exchange; project management reach a consensus towards pricing and growth. Compared to other existing exchanges, Mercury Exchange does have 4 core advantages:
1. Ultra-highPerformance
To fulfill high trading demands for all users, MerEX matching engine is capable of sustaining 1.4 million TPS, as well as 20 million simultaneous users' activity. Multi-currency trading pairs and derivatives are also provided with utmost security, deep liquidity & ultra-low latency.
2.Multi-levelRiskControlSecurity
The safety of users' funds has always been the primary goal of exchanges. Therefore, Mercury Exchange introduces a multiple level risk control system for users on different caliber, by using dual firewall technology (hardware firewall and software firewall) to achieve the best safety of funds.
3.Bull trend Strategy for Seeding Projects
New seeding projects usually have to pay a large sum of listing fees to the crypto exchanges. Due to a lack of regulations, exchanges will manipulate and dump the coin after listing (manipulated and dumped by exchanges) , causing losses and distrust to investors.
With a lack of professional market management experiences, seeding projects may also suffer from malicious selling and manipulation by early investors, short sniping by quantitative institutions and provisional rollback on trades by exchange, etc., which will eventually lead to the breakdown of the project.
Targeting such problems, the "Seeding Project Plan" came into the picture. Before the project gets listed, a non-breakdown agreement will be signed by Mercury Exchange and the project. Meanwhile, seeding projects will be carefully analyzed and screened through pre-listing. Multiple software provided to users helps to cater to different strategy models for gaining profits.
Under the unique trading system of Mercury Exchange, every transaction will push up the traded price of seeding projects. Upon fulfilling the required volume, the price of the seeding crypto project will increase. All traders can choose to buy in at a significant discount price as an option compares to the current market price for seed projects only. Discounted seeding crypto will be locked upon purchase. Traders need to trade and unlock, which can be up to 0.5 % of the traded sum.
Targeting projects with varying maturity, few categories of trading zones have was set up, including Seeding Zone, OTC Zone, Mainstream Crypto Zone, IEO Zone, Contract Zone, and more. These provide the perfect environment for seed projects to enter the mainstream crypto community shortly.
4. Quantitative Technology
In response to issues of insufficient transaction depth, liquidity shortage, Mercury Exchange formulates a series of strategies for market value management with its exclusive quantitative technology and AI actuarial system. It helps to push up crypto pricing helping investors gaining lucrative profits.
Introducing Mercury Exchange Platform Token, MCX
Issued by Mercury Exchange, MCX is based on Ethereum smart contract. With a total supply of 1 Billion, it will be released over 10 years. More than 180 countries blockchain enthusiasts have supported MCX. Traders can choose to purchase locked MCX at a discounted rate compared to the market price. The more you trade, the higher the proportion of unlocking locked MCX.
Especially in terms of trading fee commission rebate, Mercury Exchange is the first to maximize benefits for users. Its rebate ratio is as high as 90%! Compared with other trading platforms such as Kucoin or Binance, it is incredibly tempting for users.
As a gas fuel in the Mercury exchange ecosystem, MCX has been applied to multiple scenarios. For example, MCX can be used as an alternative for a trading fee discount. Also, MCX can be used to participate in IEOs or new coin fund-raising campaign and can be used for specific advertising on Mercury Exchange as well.
Besides the scenarios within Mercury's internal ecosystem, online applications, offline markets like shopping malls, payment solutions can be applied too.
MCX will not conduct ICO, in combination with AI qualitative trade mechanism, MCX will not have the risk of price dumping issues. Also, being backed by an experienced market-value management team, its value and price will be a guaranteed bullish trend.
Also, Mercury Exchange will launch a "buy-back" scheme and "token burning" mechanism in the future to ensure that the value of MCX continues to soar.
Conclusion
In the post-epidemic era, the global pattern has changed dramatically. However, this situation provides an ideal environment for the digital economy era growth. Perhaps Mercury Exchange current online solution is just what the crypto community needs. Only time will tell.
Contact:
Mercury ExchangeMia Bao+1 (321) [email protected]://merexchange.com/
SOURCE:
View source version on accesswire.com:https://www.accesswire.com/594824/World-first-Quantitative-Seeding-Exchange-Mercury-Exchange-Is-Coming || New Zealand seizes $90 million in assets of Russian cybercrime suspect: WELLINGTON (Reuters) - New Zealand police has seized assets worth NZ$140 million ($90.68 million) linked to a Russian man suspected of laundering billions of dollars in digital currency. The police said it seized the assets because they were being held in a New Zealand company owned by Alexander Vinnik, who is accused of masterminding a bitcoin laundering ring and is wanted by both France and the United States. This is the largest restraint of funds in New Zealand Police history, the department said in a statement late on Monday. U.S. authorities accuse Vinnik of running BTC-e - a digital currency exchange used to trade bitcoin - to facilitate crimes ranging from computer hacking to drug trafficking since 2011. Vinnik has denied the charges, saying he was a technical consultant to BTC-e and not its operator. He was arrested on money laundering allegations in Greece in 2017 and has since been extradited to France where he remains in custody. He is also wanted in Russia on lesser charges. New Zealand Police Commissioner Andrew Coster said the funds are likely to reflect profits gained from the victimisation of thousands of people globally. "However, this restraint demonstrates that New Zealand is not, and will not be, a safe haven for the illicit proceeds generated from crime in other parts of the world," he said. New Zealand Police said it worked closely with the U.S. Internal Revenue Service on the case and has applied to the High Court seeking forfeiture of these funds. ($1 = 1.5439 New Zealand dollars) (Reporting by Praveen Menon; editing by Grant McCool) || New Zealand seizes $90 million in assets of Russian cybercrime suspect: WELLINGTON (Reuters) - New Zealand police has seized assets worth NZ$140 million ($90.68 million) linked to a Russian man suspected of laundering billions of dollars in digital currency. The police said it seized the assets because they were being held in a New Zealand company owned by Alexander Vinnik, who is accused of masterminding a bitcoin laundering ring and is wanted by both France and the United States. This is the largest restraint of funds in New Zealand Police history, the department said in a statement late on Monday. U.S. authorities accuse Vinnik of running BTC-e - a digital currency exchange used to trade bitcoin - to facilitate crimes ranging from computer hacking to drug trafficking since 2011. Vinnik has denied the charges, saying he was a technical consultant to BTC-e and not its operator. He was arrested on money laundering allegations in Greece in 2017 and has since been extradited to France where he remains in custody. He is also wanted in Russia on lesser charges. New Zealand Police Commissioner Andrew Coster said the funds are likely to reflect profits gained from the victimisation of thousands of people globally. "However, this restraint demonstrates that New Zealand is not, and will not be, a safe haven for the illicit proceeds generated from crime in other parts of the world," he said. New Zealand Police said it worked closely with the U.S. Internal Revenue Service on the case and has applied to the High Court seeking forfeiture of these funds. ($1 = 1.5439 New Zealand dollars) (Reporting by Praveen Menon; editing by Grant McCool) || New Zealand seizes $90 million in assets of Russian cybercrime suspect: WELLINGTON (Reuters) - New Zealand police has seized assets worth NZ$140 million ($90.68 million) linked to a Russian man suspected of laundering billions of dollars in digital currency.
The police said it seized the assets because they were being held in a New Zealand company owned by Alexander Vinnik, who is accused of masterminding a bitcoin laundering ring and is wanted by both France and the United States.
This is the largest restraint of funds in New Zealand Police history, the department said in a statement late on Monday.
U.S. authorities accuse Vinnik of running BTC-e - a digital currency exchange used to trade bitcoin - to facilitate crimes ranging from computer hacking to drug trafficking since 2011.
Vinnik has denied the charges, saying he was a technical consultant to BTC-e and not its operator.
He was arrested on money laundering allegations in Greece in 2017 and has since been extradited to France where he remains in custody. He is also wanted in Russia on lesser charges.
New Zealand Police Commissioner Andrew Coster said the funds are likely to reflect profits gained from the victimisation
of thousands of people globally.
"However, this restraint demonstrates that New Zealand is not, and will not be, a safe haven for the illicit proceeds generated from crime in other parts of the world," he said.
New Zealand Police said it worked closely with the U.S. Internal Revenue Service on the case and has applied to the High Court seeking forfeiture of these funds.
($1 = 1.5439 New Zealand dollars)
(Reporting by Praveen Menon; editing by Grant McCool) || New Zealand seizes $90 million in assets of Russian cybercrime suspect: WELLINGTON (Reuters) - New Zealand police has seized assets worth NZ$140 million ($90.68 million) linked to a Russian man suspected of laundering billions of dollars in digital currency. The police said it seized the assets because they were being held in a New Zealand company owned by Alexander Vinnik, who is accused of masterminding a bitcoin laundering ring and is wanted by both France and the United States. This is the largest restraint of funds in New Zealand Police history, the department said in a statement late on Monday. U.S. authorities accuse Vinnik of running BTC-e - a digital currency exchange used to trade bitcoin - to facilitate crimes ranging from computer hacking to drug trafficking since 2011. Vinnik has denied the charges, saying he was a technical consultant to BTC-e and not its operator. He was arrested on money laundering allegations in Greece in 2017 and has since been extradited to France where he remains in custody. He is also wanted in Russia on lesser charges. New Zealand Police Commissioner Andrew Coster said the funds are likely to reflect profits gained from the victimisation of thousands of people globally. "However, this restraint demonstrates that New Zealand is not, and will not be, a safe haven for the illicit proceeds generated from crime in other parts of the world," he said. New Zealand Police said it worked closely with the U.S. Internal Revenue Service on the case and has applied to the High Court seeking forfeiture of these funds. ($1 = 1.5439 New Zealand dollars) (Reporting by Praveen Menon; editing by Grant McCool) || India Must Not Drop Out of Crypto Arms Race: (Bloomberg Opinion) -- Talk about cutting off the nose to spite the face: For a second time, India wants to ban cryptocurrencies.
Harnessing the power of tokens residing on distributed ledgers can save the world’s biggest recipient of money transfers billions of dollars annually. Regulating digital assets and allowing the industry to grow can also keep India in the reckoning as both China and Silicon Valley try to reshape the global payments industry.
But instead of trying to match President Xi Jinping’s resolve to make blockchains the focus of China’s next big technological push, New Delhi wants to retreat — when it was just about to move forward. Earlier, a central bank directive had ordered commercial lenders to stay away from customers dealing in digital assets. But after the Supreme Court overruled the monetary authority in March, the Finance Ministry has decided to introduce a law to prohibit cryptos, the Economic Times reported recently.
Any such law might still get challenged. Binance Holdings Ltd., the top spot exchange for virtual currencies by trading volume, is joining a crypto lobby group in India. The industry doesn’t want to go down without a fight in an important future market. Yet for a nascent local talent pool just beginning to feel hopeful about its prospects, an existential crisis has arrived instead.
A perverse outcome will be to drive Bitcoin and other private alternatives to fiat money underground; transactions will occur outside the banking system and stay under the radar of regulators. Money-laundering and terror-financing risks won’t go away. They’ll just become harder to detect. Bad crypto will drive out good crypto. Top brains will leave India or look for other problems to solve.
Who stands to lose the most? Last year, Indian families received $83 billion from members working overseas, more than any other country. Capital controls make it harder to take funds out, but at $19 billion, outbound flows for education, travel, or overseas asset purchases by residents were still significant.
The coronavirus will no doubt make 2020 the annus horribilis for migrants. The World Bank Is forecasting a 23% slump in remittances to India. In these times, every dollar saved by a nurse from Kerala who’s helping Covid-19 patients in the U.S. and supporting a family thousands of miles away matters more than ever.
Yet it costs in excess of $10 to send $200 to India. And 5.3% is the average. Singapore-to-India transfers are cheap at 2% because the two countries allow each others’ major lenders a presence. By contrast, the Thailand-India corridor, which requires handovers across a chain of correspondent banks, could cost 12%. Or $24 on a $200 transfer.
Expenses pile up as sending institutions must maintain idle liquidity with correspondent banks in foreign countries, earning little and running the risk of currency depreciation. Cryptography is helpful in such situations. Establishing ownership of funds with hard-to-crack secrets bypasses the need to establish trust with costly pre-funded accounts.
And if hackers can steal hundreds of millions of dollars of digital assets, blind trust in an accounts-based system often costs more. As the Wirecard AG scandal shows, investors can wake up one morning and realize that 1.9 billion euros ($2.1 billion) they thought had gone to the German payment processor’s accounts in the Philippines probably didn’t exist.
Meanwhile, the Philippines, which also gets large remittances, allows money to come in as XRP virtual tokens and get converted into pesos. It takes seconds and is 40% to 60% cheaper than traditional means, according to Ripple Labs Inc., the U.S. digital money transfer firm behind XRP.
As Ripple argues, for crypto processors to operate in India, the government needs to follow the Singapore model of categorizing digital assets. Some, like Bitcoin or Ethereum, are means of payment. Others are security tokens that give the holder rights similar to stocks or bonds. The regulatory noose around them has tightened after many initial coin sales defrauded investors. In between are utility tokens, which are like in-store vouchers. They give rights, but only on a blockchain.
Allowing rupees to be swapped for permissible payment tokens in regulated quantities, and for the latter to be used without contravening the country’s foreign-exchange management law, would be the logical next steps. Instead, India’s regulators seem to be living in a fantasy land where they hold blockchain to be good, but crypto assets to be evil.
At first glance, they seem to be copying the Chinese playbook. While elevating distributed ledgers to a “strategic frontier technology” since 2016, Beijing has rejected the notion that bitcoin is legal tender. However, it hasn’t banned people from holding it as a commodity. This year, it even started piloting a central bank-issued digital yuan. If U.S.-China relations continue to nosedive, Beijing wants to be prepared with an alternative to the Western financial system, a parallel track to Swift(1) .
Soon enough, Facebook Inc.-sponsored Libra will come in with its own vision of a modern payment system. Even a small nation like Singapore is exploring the potential of central bank virtual currencies with its Project Ubin. If New Delhi wants a voice in a world of two clashing superpowers, and competing networks for moving money as cheaply as information, it needs to build its own capabilities. A ban will be self-defeating. India needs crypto, both for financial inclusion today and strategic heft tomorrow.
(1) Society for Worldwide Interbank Financial Telecommunications, or Swift, is a member-owned cooperative that provides the infrastructure for movement of money around the world.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.
For more articles like this, please visit us atbloomberg.com/opinion
Subscribe nowto stay ahead with the most trusted business news source.
©2020 Bloomberg L.P. || India Must Not Drop Out of Crypto Arms Race: (Bloomberg Opinion) -- Talk about cutting off the nose to spite the face: For a second time, India wants to ban cryptocurrencies. Harnessing the power of tokens residing on distributed ledgers can save the world’s biggest recipient of money transfers billions of dollars annually. Regulating digital assets and allowing the industry to grow can also keep India in the reckoning as both China and Silicon Valley try to reshape the global payments industry. But instead of trying to match President Xi Jinping’s resolve to make blockchains the focus of China’s next big technological push, New Delhi wants to retreat — when it was just about to move forward. Earlier, a central bank directive had ordered commercial lenders to stay away from customers dealing in digital assets. But after the Supreme Court overruled the monetary authority in March, the Finance Ministry has decided to introduce a law to prohibit cryptos, the Economic Times reported recently. Any such law might still get challenged. Binance Holdings Ltd., the top spot exchange for virtual currencies by trading volume, is joining a crypto lobby group in India. The industry doesn’t want to go down without a fight in an important future market. Yet for a nascent local talent pool just beginning to feel hopeful about its prospects, an existential crisis has arrived instead. A perverse outcome will be to drive Bitcoin and other private alternatives to fiat money underground; transactions will occur outside the banking system and stay under the radar of regulators. Money-laundering and terror-financing risks won’t go away. They’ll just become harder to detect. Bad crypto will drive out good crypto. Top brains will leave India or look for other problems to solve. Who stands to lose the most? Last year, Indian families received $83 billion from members working overseas, more than any other country. Capital controls make it harder to take funds out, but at $19 billion, outbound flows for education, travel, or overseas asset purchases by residents were still significant. Story continues The coronavirus will no doubt make 2020 the annus horribilis for migrants. The World Bank Is forecasting a 23% slump in remittances to India. In these times, every dollar saved by a nurse from Kerala who’s helping Covid-19 patients in the U.S. and supporting a family thousands of miles away matters more than ever. Yet it costs in excess of $10 to send $200 to India. And 5.3% is the average. Singapore-to-India transfers are cheap at 2% because the two countries allow each others’ major lenders a presence. By contrast, the Thailand-India corridor, which requires handovers across a chain of correspondent banks, could cost 12%. Or $24 on a $200 transfer. Expenses pile up as sending institutions must maintain idle liquidity with correspondent banks in foreign countries, earning little and running the risk of currency depreciation. Cryptography is helpful in such situations. Establishing ownership of funds with hard-to-crack secrets bypasses the need to establish trust with costly pre-funded accounts. And if hackers can steal hundreds of millions of dollars of digital assets, blind trust in an accounts-based system often costs more. As the Wirecard AG scandal shows, investors can wake up one morning and realize that 1.9 billion euros ($2.1 billion) they thought had gone to the German payment processor’s accounts in the Philippines probably didn’t exist. Meanwhile, the Philippines, which also gets large remittances, allows money to come in as XRP virtual tokens and get converted into pesos. It takes seconds and is 40% to 60% cheaper than traditional means, according to Ripple Labs Inc., the U.S. digital money transfer firm behind XRP. As Ripple argues, for crypto processors to operate in India, the government needs to follow the Singapore model of categorizing digital assets. Some, like Bitcoin or Ethereum, are means of payment. Others are security tokens that give the holder rights similar to stocks or bonds. The regulatory noose around them has tightened after many initial coin sales defrauded investors. In between are utility tokens, which are like in-store vouchers. They give rights, but only on a blockchain. Allowing rupees to be swapped for permissible payment tokens in regulated quantities, and for the latter to be used without contravening the country’s foreign-exchange management law, would be the logical next steps. Instead, India’s regulators seem to be living in a fantasy land where they hold blockchain to be good, but crypto assets to be evil. At first glance, they seem to be copying the Chinese playbook. While elevating distributed ledgers to a “strategic frontier technology” since 2016, Beijing has rejected the notion that bitcoin is legal tender. However, it hasn’t banned people from holding it as a commodity. This year, it even started piloting a central bank-issued digital yuan. If U.S.-China relations continue to nosedive, Beijing wants to be prepared with an alternative to the Western financial system, a parallel track to Swift(1) . Soon enough, Facebook Inc.-sponsored Libra will come in with its own vision of a modern payment system. Even a small nation like Singapore is exploring the potential of central bank virtual currencies with its Project Ubin. If New Delhi wants a voice in a world of two clashing superpowers, and competing networks for moving money as cheaply as information, it needs to build its own capabilities. A ban will be self-defeating. India needs crypto, both for financial inclusion today and strategic heft tomorrow. (1) Society for Worldwide Interbank Financial Telecommunications, or Swift, is a member-owned cooperative that provides the infrastructure for movement of money around the world. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News. For more articles like this, please visit us at bloomberg.com/opinion Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P. || Handshake Goes Live With an Uncensorable Internet Browser: Handshake set out to disrupt the World Wide Web of internet names. Now its looking to reinvent browsing. Today, as the Handshake Network records its 1 millionth transaction, HandyBrowser will go live . Its a dedicated way to access the uncensorable internet ecosystem made possible through the distributed Handshake Network, as well as anything else you would normally search for. This is a pivotal moment for Handshake, much like the advent of Web3 tech in general, Steven McKie, HandyBrowsers technical manager and CEO of Amentum, said in a phone call. After building the peer-to-peer Handshake network as a labor of love with two partners, lead developer Alex Smith and quality-assurance specialist Thomas Costanzo, McKie hopes to entice peers, developers and investors. Related: With Arweave's 'Lazy' Approach to Smart Contracts, Its Version of Web3 Does More See also: The Domain Startups Building an Uncensorable Internet on Top of Ethereum We just want folks to geek out on it, McKie said, adding this private and uncensorable web browser is an if you build it, they will come-type bet on the future. Under development for over two years, Handshake minimizes the role of centralized authorities in the internets basic infrastructure. The much-anticipated protocol garnered significant buzz at launch in February, though remained more of a hobbyist pursuit. HandyBrowser is aimed at all-comers, who dont necessarily want to know whats driving the car, only that the car gets from A to B safely. Built using NW.js and Chromium , the browser runs a full Handshake node and light client to enable access to Handshake-compatible sites and the traditional web. In doing so, it strengthens the Handshake protocol and disintermediates the centralized players in web browsing. Related: Bitcoin News Roundup for May 28, 2020 Without all the bloat of the modern web, the internet is even better, McKie said. Every site you know and love will load more quickly. Story continues Revolutionizing web browsing is one of blockchains most championed use cases, and has attracted competing players with varying levels of success. Namecoin, an early fork of Bitcoin, tried to turn web search into a type of transaction . It saw little traction. Meanwhile, the Brave browser, which rewards users for their attention, now has 13.5 million monthly users. Even IBM filed a patent to get in on the game. When asked if HandyBrowser is looking to outcompete Chrome , Opera or Brave , McKie said its more like co-opertition, a portmanteau of cooperation and competition. The browser can serve simply as a redundant mirror to the internet, but also can be forked and modified to suit the dominant players. Revolutionizing web browsing is one of blockchains most championed use cases. I use Chrome and Brave. If Handshake makes parts of those better? Awesome. That just means the web is better. Weve done our part. If Handshake becomes a default browser that the open-source community embraces, cool. Or if it doesnt happen and it becomes a reference as a proof-of-concept, thats also fine, McKie said. In this sense, McKie has not added monetizing features to this Web3 product, but said its open for other developers to integrate as they wish. This follows Handshakes long-standing dedication to decentralization, open source and fair-play initiatives. After raising $10.2 million from Silicon Valley notables including the Founders Fund, Polychain Capital and Draper Associates, the project airdropped a stash of pre-mined coins to open-source developers working on the project. Whats in a name? The Handshake protocol is a decentralized system to reroute web traffic and provide true ownership over websites and domain names. It works by creating an alternative to the internets naming convention, the Domain Name System (DNS). Often called the internets phonebook, the DNS is really more like a telephone operator that connects human-legible names to their machine-friendly counterparts. Using a network of servers, the DNS translates a URL, like CoinDesk.com, into its standardized IP address, like 52.85.84.3. This is critical, as anyone whos tried to memorize their alphanumerical wallet address knows: human beings arent equipped to keep a string of numbers in their heads. See also: Handshake Exchange Sees $10M in Token Trades as Race for Censorship-Resistant Websites Heats Up Like most of the current internet infrastructure, the DNS is maintained by a few centralized organizations and companies. Chief among them is the Internet Corporation for Assigned Names and Numbers (ICANN), which administers top-level domains (TLD) or addresses ending in .com and .org. Handshake partially dismantles this DNS hierarchy. Instead of having to trust ICANN with the responsibility to maintain all TLDs, Handshake records the ownership and location of websites on a blockchain. Users bid on their website names in an auction, using the native HNS token, and register them under a public key on the distributed Handshake network. Shake on it Importantly, Handshake isnt trying to replace the current DNS but supplement it with something more secure and private. To this end, Handshake reserved the Alexa Top 100,000, (the most popular domains) to prevent whales from coming in to squat on them. McKie said ICANN controls those keys, and the keys to any .com and .net site on the Handshake DNS. (Whether they claim them is an open question, though Handshake will offer an HNS reward if they claim their sites on-chain.) The protocol went live for miners in early February and began allowing domain name auctions two weeks later. The system worked as promised, said McKie. A number of people have built websites and registered over 125,000 open domains on the system, including hobbyists just saying hello world to fellow travelers, as well as someone partaking in the age-old web tradition of claiming they were here first. Still, access to these sites was a technical affair. To access Handshake sites, people needed to manually reset their DNS resolvers to Handshake, rather than the traditional IP system. Either that, or run a full node. With a native browser, this friction is eliminated. For the Handshake protocol there seems to be a huge vacuum in resolving handshake TLDs. By that I mean a lot of users arent tech-savvy and wouldnt want to run nodes but would love to own domains and browse other Handshake domains, Joseph Peculiar, Lead Blockchain Engineer at Yellowcard Financial and an early HandyBrowser user, said. Although HandyBrowser may eventually compete with browsing top-dogs like Chrome, Safari and Opera, it also leverages these systems. Handshake is designed to be backwards compatible with the existing web and ICANN root when a name isnt present on Handshake DNS, McKie said. You can go to any legacy site. See also: The Internet Is a Right, Not a Luxury: 30% of Americans Still Dont Have It Its this feature, ahead of any possible Handy-chrome-flippening event, that actually proves Handys utility already. While censorship isnt a looming threat in most Western countries, the Freedom on the Net foundation has found over the past two years, authoritarian regimes are increasingly censoring the web and extending their reach over an open internet. Part of Handshakes promise is that if a website is inaccessible in a particular country, it will remain accessible as a redundant mirror. While only a few businesses including Brave and Bitcoin.com have claimed their Handshake names, McKie said the systems monetary incentives may lead to people slowly opting in. And if enough do, Handshake would not only be an alternative to the internet, but the trusted alternative, he said, and ultimately make the internet a more stable environment. Its an organic emergent adoption overtime just like Bitcoin. You cant deny it when it works for so long, or so well, especially out of the box, McKie said. Launch As with most beta launches, HandyBrowser is currently missing certain conveniences internet users have grown accustomed to, including tab management and certain hotkeys. Its a continual work in-progress to build a reference client people will love, McKie said. In a bid to attract users, the HandyBrowser team is thinking about building some native Skype-like videoconferencing and messaging tools to replace many of those centralized middlemen that exist for those services. But its ultimately an experiment in proving useability. Success under this method ranges from enticing a few crypto-curious web developers to contribute a little code, to convincing Google to begin resolving Handshake names behind 8.8.8.8 or CloudFlares behind 1.1.1.1. As long as the web gets better, and Handshake is part of the equation, thats all that matters, McKie said. Related Stories Handshake Goes Live With an Uncensorable Internet Browser Handshake Goes Live With an Uncensorable Internet Browser || Handshake Goes Live With an Uncensorable Internet Browser: Handshake set out to disrupt the World Wide Web of internet names. Now it’s looking to reinvent browsing.
Today, as the Handshake Network records its1 millionthtransaction,HandyBrowser will go live. It’s a dedicated way to access the uncensorable internet ecosystem made possible through the distributed Handshake Network, as well as anything else you would normally search for.
“This is a pivotal moment for Handshake, much like the advent of Web3 tech in general,” Steven McKie, HandyBrowser’s technical manager and CEO of Amentum, said in a phone call. After building the peer-to-peer Handshake network as a labor of love with two partners, lead developer Alex Smith and quality-assurance specialist Thomas Costanzo, McKie hopes to entice peers, developers and investors.
Related:With Arweave's 'Lazy' Approach to Smart Contracts, Its Version of Web3 Does More
See also:The Domain Startups Building an Uncensorable Internet on Top of Ethereum
“We just want folks to geek out on it,” McKie said, adding this private and uncensorable web browser is an “if you build it, they will come”-type bet on the future.
Under development for over two years, Handshake minimizes the role of centralized authorities in the internet’s basic infrastructure. The much-anticipated protocol garnered significant buzz at launch in February, though remained more of ahobbyistpursuit. HandyBrowser is aimed at all-comers, who don’t necessarily want to know what’s driving the car, only that the car gets from A to B safely.
Built using NW.js andChromium, the browser runs a fullHandshake nodeand light client to enable access to Handshake-compatible sites and the traditional web. In doing so, it strengthens the Handshake protocol and disintermediates the centralized players in web browsing.
Related:Bitcoin News Roundup for May 28, 2020
“Without all the bloat of the modern web, the internet is even better,” McKie said. “Every site you know and love will load more quickly.”
Revolutionizing web browsing is one of blockchain’smost championeduse cases, and has attractedcompeting playerswithvarying levelsof success. Namecoin, an early fork of Bitcoin, tried to turn web search into atype of transaction. It saw little traction. Meanwhile, the Brave browser, which rewards users for their attention, now has 13.5 million monthly users. EvenIBM filed a patentto get in on the game.
When asked if HandyBrowser is looking to outcompeteChrome,OperaorBrave, McKie said it’s more like “co-opertition,” a portmanteau of cooperation and competition. The browser can serve simply as a redundant mirror to the internet, but also can be forked and modified to suit the dominant players.
Revolutionizing web browsing is one of blockchain’s most championed use cases.
“I use Chrome and Brave. If Handshake makes parts of those better? Awesome. That just means the web is better. We’ve done our part. If Handshake becomes a default browser that the open-source community embraces, cool. Or if it doesn’t happen and it becomes a reference as a proof-of-concept, that’s also fine,” McKie said.
In this sense, McKie has not added monetizing features to this Web3 product, but said it’s open for other developers to integrate as they wish. This follows Handshake’s long-standing dedication to decentralization, open source and fair-play initiatives.
After raising$10.2 millionfrom Silicon Valley notables including the Founders Fund, Polychain Capital and Draper Associates, the project airdropped a stash of pre-mined coins to open-source developers working on the project.
The Handshake protocol is a decentralized system to reroute web traffic and provide true ownership over websites and domain names. It works by creating an alternative to the internet’s naming convention, the Domain Name System (DNS).
Often called the internet’s phonebook, the DNS is really more like a telephone operator that connects human-legible names to their machine-friendly counterparts. Using a network of servers, the DNS “translates” a URL, like CoinDesk.com, into its standardized IP address, like 52.85.84.3.
This is critical, as anyone who’s tried to memorize their alphanumerical wallet address knows: human beings aren’t equipped to keep a string of numbers in their heads.
See also:Handshake Exchange Sees $10M in Token Trades as Race for Censorship-Resistant Websites Heats Up
Like most of the current internet infrastructure, the DNS is maintained by a few centralized organizations and companies. Chief among them is the Internet Corporation for Assigned Names and Numbers (ICANN), which administers top-level domains (TLD) – or addresses ending in .com and .org.
Handshake partially dismantles this DNS hierarchy. Instead of having to trustICANN with the responsibilityto maintain all TLDs, Handshake records the ownership and location of websites on a blockchain. Users bid on their website names in an auction, using the native HNS token, and register them under a public key on the distributed Handshake network.
Importantly, Handshake isn’t trying to replace the current DNS but supplement it with somethingmore secureand private. To this end, Handshake reserved the Alexa Top 100,000, (the most popular domains) to prevent whales from coming in to squat on them. McKie said ICANN controls those keys, and the keys to any .com and .net site on the Handshake DNS. (Whether they claim them is an open question, though Handshake will offer an HNS reward if they claim their sites on-chain.)
The protocol went live for miners in early February and began allowing domain name auctions two weeks later. The system worked as promised, said McKie. A number of people have built websites and registered over 125,000 open domains on the system, including hobbyists just saying “hello world” to fellow travelers, as well as someone partaking in the age-old web tradition of claiming they were here first.
Still, access to these sites was a technical affair. To access Handshake sites, people needed to manually reset their DNS resolvers to Handshake, rather than the traditional IP system. Either that, or run a full node.
With a native browser, this friction is eliminated.
“For the Handshake protocol there seems to be a huge vacuum in resolving handshake TLDs. By that I mean a lot of users aren’t tech-savvy and wouldn’t want to run nodes but would love to own domains and browse other Handshake domains,” Joseph Peculiar, Lead Blockchain Engineer at Yellowcard Financial and an early HandyBrowser user, said.
Although HandyBrowser may eventually compete with browsing top-dogs like Chrome, Safari and Opera, it also leverages these systems. “Handshake is designed to be backwards compatible with the existing web and ICANN root when a name isn’t present on Handshake DNS,” McKie said. “You can go to any legacy site.”
See also:The Internet Is a Right, Not a Luxury: 30% of Americans Still Don’t Have It
It’s this feature, ahead of any possible Handy-chrome-flippening event, that actually proves Handy’s utility already. While censorship isn’t a looming threat in most Western countries, the Freedom on the Net foundation has found over the past two years,authoritarian regimesare increasingly censoring the web and extending their reach over an open internet.
Part of Handshake’s promise is that if a website is inaccessible in a particular country, it will remain accessible as a “redundant mirror.” While only a few businesses – including Brave and Bitcoin.com – have claimed their Handshake names, McKie said the system’s monetary incentives may lead to “people slowly opting in.” And if enough do, Handshake would not only be “an alternative to the internet, but the trusted alternative,” he said, and ultimately make the internet a more stable environment.
“It’s an organic emergent adoption overtime – just like Bitcoin. You can’t deny it when it works for so long, or so well, especially out of the box,” McKie said.
As with most beta launches, HandyBrowser is currently missing certain conveniences internet users have grown accustomed to, including tab management and certain hotkeys. “It’s a continual work in-progress to build a reference client people will love,” McKie said.
In a bid to attract users, the HandyBrowser team is thinking about building some native Skype-like videoconferencing and messaging tools “to replace many of those centralized middlemen that exist for those services.” But it’s ultimately an experiment in proving useability.
Success under this method ranges from enticing a few crypto-curious web developers to contribute a little code, to convincing Google to begin resolving Handshake names behind 8.8.8.8 or CloudFlare’s behind 1.1.1.1.
“As long as the web gets better, and Handshake is part of the equation, that’s all that matters,” McKie said.
• Handshake Goes Live With an Uncensorable Internet Browser
• Handshake Goes Live With an Uncensorable Internet Browser || Bitcoin, Ethereum & EOS - American Wrap: 6/22/2020: Bitcoin Technical Analysis: BTC/USD Fighting For $9,500 And Daily EMAs
After a calm weekend, Bitcoin sees a significant bounce from $9,269 to $9,509. Bulls were stopped right at $9,500, but they have managed to push BTC above the daily 12-EMA at $9,431 and the 26-EMA a $9,424. Both EMAs were extremely close to a bear break but it seems this move will stop it.
Ethereum Market Outlook: ETH/USD Eyeing Up $250 And Ready For Another Bull Run After Holding Key Trendline Support Level
Ethereum was losing a lot of strength in the past week but managed to stay above a long-term trendline formed on May 11. The current bounce is significant and inches away from the last daily high at $237.21. If the buyers can break and close above this level, Ethereum will be in a confirmed daily uptrend and ready to crack $250.
EOS Market Update: Cryptocurrency Scam PlusToken Moved Million In EOS To Anonymous Address
According to the EOSX block browser, the recipient's account with the name jnhgvbkkfdjf was created a few minutes before the transaction. At the moment the funds are still there, and there are no other operations associated with this address. Over 26 million EOS tokens ($67 million) were transferred to the initial wallet to this, according to Whale Alert.
Image sourced from Pixabay
See more from Benzinga
• Cryptocurrencies Price Prediction: Bitcoin, Ethereum & WaykiChain – American Wrap 6/16/2020
• Bitcoin, Ethereum & Ripple - American Wrap: 6/15/2020
• Bitcoin, Ethereum & Ripple - American Wrap: June 10, 2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & EOS - American Wrap: 6/22/2020: Bitcoin Technical Analysis: BTC/USD Fighting For $9,500 And Daily EMAs
After a calm weekend, Bitcoin sees a significant bounce from $9,269 to $9,509. Bulls were stopped right at $9,500, but they have managed to push BTC above the daily 12-EMA at $9,431 and the 26-EMA a $9,424. Both EMAs were extremely close to a bear break but it seems this move will stop it.
Ethereum Market Outlook: ETH/USD Eyeing Up $250 And Ready For Another Bull Run After Holding Key Trendline Support Level
Ethereum was losing a lot of strength in the past week but managed to stay above a long-term trendline formed on May 11. The current bounce is significant and inches away from the last daily high at $237.21. If the buyers can break and close above this level, Ethereum will be in a confirmed daily uptrend and ready to crack $250.
EOS Market Update: Cryptocurrency Scam PlusToken Moved Million In EOS To Anonymous Address
According to the EOSX block browser, the recipient's account with the name jnhgvbkkfdjf was created a few minutes before the transaction. At the moment the funds are still there, and there are no other operations associated with this address. Over 26 million EOS tokens ($67 million) were transferred to the initial wallet to this, according to Whale Alert.
Image sourced from Pixabay
See more from Benzinga
• Cryptocurrencies Price Prediction: Bitcoin, Ethereum & WaykiChain – American Wrap 6/16/2020
• Bitcoin, Ethereum & Ripple - American Wrap: 6/15/2020
• Bitcoin, Ethereum & Ripple - American Wrap: June 10, 2020
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Bitcoin, Ethereum & EOS - American Wrap: 6/22/2020: Bitcoin Technical Analysis: BTC/USD Fighting For $9,500 And Daily EMAs After a calm weekend, Bitcoin sees a significant bounce from $9,269 to $9,509. Bulls were stopped right at $9,500, but they have managed to push BTC above the daily 12-EMA at $9,431 and the 26-EMA a $9,424. Both EMAs were extremely close to a bear break but it seems this move will stop it. Ethereum Market Outlook: ETH/USD Eyeing Up $250 And Ready For Another Bull Run After Holding Key Trendline Support Level Ethereum was losing a lot of strength in the past week but managed to stay above a long-term trendline formed on May 11. The current bounce is significant and inches away from the last daily high at $237.21. If the buyers can break and close above this level, Ethereum will be in a confirmed daily uptrend and ready to crack $250. EOS Market Update: Cryptocurrency Scam PlusToken Moved Million In EOS To Anonymous Address According to the EOSX block browser, the recipient's account with the name jnhgvbkkfdjf was created a few minutes before the transaction. At the moment the funds are still there, and there are no other operations associated with this address. Over 26 million EOS tokens ($67 million) were transferred to the initial wallet to this, according to Whale Alert. Image sourced from Pixabay See more from Benzinga Cryptocurrencies Price Prediction: Bitcoin, Ethereum & WaykiChain American Wrap 6/16/2020 Bitcoin, Ethereum & Ripple - American Wrap: 6/15/2020 Bitcoin, Ethereum & Ripple - American Wrap: June 10, 2020 © 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns: Bitcoin’s price is rallying and traders also increasingly see investment opportunities on the Ethereum network. Bitcoin (BTC) was trading around $9,563 as of 20:00 UTC (4 p.m. ET), gaining 2.5% over the previous 24 hours. At 00:00 UTC on Monday (8:00 p.m. Sunday ET), bitcoin was changing hands around $9,298 on spot exchanges such as Coinbase. It began making gains around that time, appreciating 3% to over $9,600. The price is now well above its 10-day and 50-day moving averages, a bullish signal for market technicians. Related: Following COMP's Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens A jump in the bitcoin market Monday after days in the doldrums mirrors the longer-term outlook of Fairlead Strategies’ Katie Stockton, who sees an upward trend for the world’s largest cryptocurrency by market capitalization. “Bitcoin remains wound up in its consolidation phase, a reminder why it’s a good idea to await breakouts [and] breakdowns,” Stockton told CoinDesk. “A breakout continues to appear more likely than a breakdown from an intermediate-term momentum perspective and would occur above $10,055 in our work.” A “consolidation phase” is a term used by technical analysts to mark a period of indecision by traders overall. In fact, according to data from aggregator Kaiko, volatility of the top free-floating cryptocurrencies bitcoin, ether and XRP has trended down since June 7. “Volume has been muted and volatility is getting coiled,” said Neil Van Huis, director of institutional trading at liquidity provider Blockfills. Read More: Bitcoin Spot Volumes Are Weak While Options and DeFi Strengthen Related: DeFi Protocols Should Be Fiduciaries, Not Structured Product Dealers Despite the pop Monday, Van Huis continues to expect selling pressure to affect the bitcoin market due to competition in the mining sector. “If we start to make a move up, it could really be interesting as the race for mining equipment comes into focus. This will play into access to financing or sale of bitcoin to cover new costs,” he said. “This also could bring some altcoins into focus if bitcoin is battling mining woes,” Van Huis added. Interestingly enough, bitcoin dominance is down from its 70.5% high in January 2020 and has flattened during June. This suggests Van Huis’ thesis that alternatives, such as assets on the Ethereum network, might be of greater interest to traders in June. Ethereum network gas prices up Ether, the second-largest cryptocurrency by market capitalization and which powers the Ethereum network, is also jumping today. Ether was trading around $242 and climbed 5.7% in 24 hours as of 20:00 UTC (4:00 p.m. ET). Story continues Decentralized lender Compound and the appreciation of its COMP token is fueling speculative interest, and may be stretching the Ethereum network to its limits and increasing gas prices. On Jan. 1 of this year, the average Ethereum network gas price for running smart contract code was 11.6 gwei [each gwei is worth 0.000000001 ETH). By June 22 that number jumped 157% to 29.9 gwei, with decentralized finance (DeFi) attracting the interest of many traders. Read More: The Zcash Privacy Tech Underlying Ethereum’s Transition to Eth 2.0 “The Compound coin hype lately is pushing the on-chain gas price,” said Peter Chen, a trader at Hong Kong-based OneBit Quant. Chan says the demographics of traders on DeFi is shifting and the increase in tether stablecoin usage is a big factor pointing to the change. “We’ve seen a significant increase of USDT trading volume,” he told CoinDesk. “It’s suggesting Asian traders are now pouring into the DeFi market; the majority was U.S. and Europe before.” Read More: Tether’s Supply on Compound Jumps to Over $224M in a Week Other markets Digital assets on CoinDesk’s big board are all in the green Monday. The cryptocurrency winners on the day include iota (IOTA) up 4.1%, bitcoin sv (BSV) climbing 3.8% and qtum (QTUM) jumping 3.6%. All price changes were as of 20:00 UTC (4:00 p.m. ET). Read More: XRP Just Isn’t Exciting Crypto Traders This Year In commodities, oil is jumping Monday, up 3.1% with a barrel of crude priced at $40.60 at press time. Gold is trading positively, up 0.71% at around $1,755 for the day. Read More: Bitcoin Sees Small Gain as Gold Rallies to One-Month High In Asia, the Nikkei 225 of publicly traded companies in Japan slipped 0.18%. Transportation and real estate stocks left the index in the red. In Europe the FTSE 100 index slipped 0.76%. Increases in coronavirus cases led to shares in travel stocks lower Monday . The U.S. S&P 500 index gained 0.60%. Shares in tech and retail were higher while travel stocks fell . U.S. Treasury bonds climbed Monday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 2.2%. Related Stories Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns View comments || Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns: Bitcoin’s price is rallying and traders also increasingly see investment opportunities on the Ethereum network.
Bitcoin(BTC) was trading around $9,563 as of 20:00 UTC (4 p.m. ET), gaining 2.5% over the previous 24 hours.
At 00:00 UTC on Monday (8:00 p.m. Sunday ET), bitcoin was changing hands around $9,298 on spot exchanges such as Coinbase. It began making gains around that time, appreciating 3% to over $9,600. The price is now well above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Related:Following COMP's Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens
A jump in the bitcoin market Monday after days in the doldrums mirrors the longer-term outlook of Fairlead Strategies’ Katie Stockton, who sees an upward trend for the world’s largest cryptocurrency by market capitalization. “Bitcoin remains wound up in its consolidation phase, a reminder why it’s a good idea to await breakouts [and] breakdowns,” Stockton told CoinDesk. “A breakout continues to appear more likely than a breakdown from an intermediate-term momentum perspective and would occur above $10,055 in our work.”
A “consolidation phase” is a term used by technical analysts to mark a period of indecision by traders overall. In fact, according to data from aggregator Kaiko, volatility of the top free-floating cryptocurrencies bitcoin,etherandXRPhas trended down since June 7.
“Volume has been muted and volatility is getting coiled,” said Neil Van Huis, director of institutional trading at liquidity provider Blockfills.
Read More:Bitcoin Spot Volumes Are Weak While Options and DeFi Strengthen
Related:DeFi Protocols Should Be Fiduciaries, Not Structured Product Dealers
Despite the pop Monday, Van Huis continues to expect selling pressure to affect the bitcoin market due to competition in the mining sector. “If we start to make a move up, it could really be interesting as the race for mining equipment comes into focus. This will play into access to financing or sale of bitcoin to cover new costs,” he said.
“This also could bring some altcoins into focus if bitcoin is battling mining woes,” Van Huis added.
Interestingly enough, bitcoin dominance is down from its 70.5% high in January 2020 and has flattened during June. This suggests Van Huis’ thesis that alternatives, such as assets on the Ethereum network, might be of greater interest to traders in June.
Ether, the second-largest cryptocurrency by market capitalization and which powers the Ethereum network, is also jumping today. Ether was trading around $242 and climbed 5.7% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Decentralized lender Compound and the appreciation of its COMP token is fueling speculative interest, and may be stretching the Ethereum network to its limits and increasing gas prices. On Jan. 1 of this year, the average Ethereum network gas price for running smart contract code was 11.6 gwei [each gwei is worth 0.000000001 ETH). By June 22 that number jumped 157% to 29.9 gwei, with decentralized finance (DeFi) attracting the interest of many traders.
Read More:The Zcash Privacy Tech Underlying Ethereum’s Transition to Eth 2.0
“The Compound coin hype lately is pushing the on-chain gas price,” said Peter Chen, a trader at Hong Kong-based OneBit Quant.
Chan says the demographics of traders on DeFi is shifting and the increase in tether stablecoin usage is a big factor pointing to the change. “We’ve seen a significant increase of USDT trading volume,” he told CoinDesk. “It’s suggesting Asian traders are now pouring into the DeFi market; the majority was U.S. and Europe before.”
Read More:Tether’s Supply on Compound Jumps to Over $224M in a Week
Digital assets on CoinDesk’s big board are all in the green Monday. The cryptocurrency winners on the day includeiota(IOTA) up 4.1%,bitcoin sv(BSV) climbing 3.8% andqtum(QTUM) jumping 3.6%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:XRP Just Isn’t Exciting Crypto Traders This Year
In commodities, oil is jumping Monday, up 3.1% with a barrel of crude priced at $40.60 at press time.
Gold is trading positively, up 0.71% at around $1,755 for the day.
Read More:Bitcoin Sees Small Gain as Gold Rallies to One-Month High
In Asia, the Nikkei 225 of publicly traded companies in Japan slipped 0.18%.Transportation and real estate stocksleft the index in the red.
In Europe the FTSE 100 index slipped 0.76%.Increases in coronavirus cases led to shares in travel stocks lower Monday.
The U.S. S&P 500 index gained 0.60%.Shares in tech and retail were higher while travel stocks fell.
U.S. Treasury bonds climbed Monday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 2.2%.
• Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns
• Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns || Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns: Bitcoin’s price is rallying and traders also increasingly see investment opportunities on the Ethereum network.
Bitcoin(BTC) was trading around $9,563 as of 20:00 UTC (4 p.m. ET), gaining 2.5% over the previous 24 hours.
At 00:00 UTC on Monday (8:00 p.m. Sunday ET), bitcoin was changing hands around $9,298 on spot exchanges such as Coinbase. It began making gains around that time, appreciating 3% to over $9,600. The price is now well above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Related:Following COMP's Surge, DeFi Platform Balancer Begins Distribution of BAL Tokens
A jump in the bitcoin market Monday after days in the doldrums mirrors the longer-term outlook of Fairlead Strategies’ Katie Stockton, who sees an upward trend for the world’s largest cryptocurrency by market capitalization. “Bitcoin remains wound up in its consolidation phase, a reminder why it’s a good idea to await breakouts [and] breakdowns,” Stockton told CoinDesk. “A breakout continues to appear more likely than a breakdown from an intermediate-term momentum perspective and would occur above $10,055 in our work.”
A “consolidation phase” is a term used by technical analysts to mark a period of indecision by traders overall. In fact, according to data from aggregator Kaiko, volatility of the top free-floating cryptocurrencies bitcoin,etherandXRPhas trended down since June 7.
“Volume has been muted and volatility is getting coiled,” said Neil Van Huis, director of institutional trading at liquidity provider Blockfills.
Read More:Bitcoin Spot Volumes Are Weak While Options and DeFi Strengthen
Related:DeFi Protocols Should Be Fiduciaries, Not Structured Product Dealers
Despite the pop Monday, Van Huis continues to expect selling pressure to affect the bitcoin market due to competition in the mining sector. “If we start to make a move up, it could really be interesting as the race for mining equipment comes into focus. This will play into access to financing or sale of bitcoin to cover new costs,” he said.
“This also could bring some altcoins into focus if bitcoin is battling mining woes,” Van Huis added.
Interestingly enough, bitcoin dominance is down from its 70.5% high in January 2020 and has flattened during June. This suggests Van Huis’ thesis that alternatives, such as assets on the Ethereum network, might be of greater interest to traders in June.
Ether, the second-largest cryptocurrency by market capitalization and which powers the Ethereum network, is also jumping today. Ether was trading around $242 and climbed 5.7% in 24 hours as of 20:00 UTC (4:00 p.m. ET).
Decentralized lender Compound and the appreciation of its COMP token is fueling speculative interest, and may be stretching the Ethereum network to its limits and increasing gas prices. On Jan. 1 of this year, the average Ethereum network gas price for running smart contract code was 11.6 gwei [each gwei is worth 0.000000001 ETH). By June 22 that number jumped 157% to 29.9 gwei, with decentralized finance (DeFi) attracting the interest of many traders.
Read More:The Zcash Privacy Tech Underlying Ethereum’s Transition to Eth 2.0
“The Compound coin hype lately is pushing the on-chain gas price,” said Peter Chen, a trader at Hong Kong-based OneBit Quant.
Chan says the demographics of traders on DeFi is shifting and the increase in tether stablecoin usage is a big factor pointing to the change. “We’ve seen a significant increase of USDT trading volume,” he told CoinDesk. “It’s suggesting Asian traders are now pouring into the DeFi market; the majority was U.S. and Europe before.”
Read More:Tether’s Supply on Compound Jumps to Over $224M in a Week
Digital assets on CoinDesk’s big board are all in the green Monday. The cryptocurrency winners on the day includeiota(IOTA) up 4.1%,bitcoin sv(BSV) climbing 3.8% andqtum(QTUM) jumping 3.6%. All price changes were as of 20:00 UTC (4:00 p.m. ET).
Read More:XRP Just Isn’t Exciting Crypto Traders This Year
In commodities, oil is jumping Monday, up 3.1% with a barrel of crude priced at $40.60 at press time.
Gold is trading positively, up 0.71% at around $1,755 for the day.
Read More:Bitcoin Sees Small Gain as Gold Rallies to One-Month High
In Asia, the Nikkei 225 of publicly traded companies in Japan slipped 0.18%.Transportation and real estate stocksleft the index in the red.
In Europe the FTSE 100 index slipped 0.76%.Increases in coronavirus cases led to shares in travel stocks lower Monday.
The U.S. S&P 500 index gained 0.60%.Shares in tech and retail were higher while travel stocks fell.
U.S. Treasury bonds climbed Monday. Yields, which move in the opposite direction as price, were up most on the two-year bond, in the green 2.2%.
• Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns
• Market Wrap: Bitcoin Hits $9.6K as Bullish Crypto Sentiment Returns || Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX: For a second month in a row, the bitcoin market lacks a clear directional bias, with prices largely restricted to a narrow range of $9,000 to $10,000. However, the cryptocurrency’s liquidity on derivative exchanges continues to heat up, a sign of a sustained rise in investor interest.
On a relatively new exchange like the Antigua-based FTX, the order book depth, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX.
One derivative seeing growth isbitcoinperpetuals, a form of futures contract, but without an expiry date and thus without a settlement. Perpetuals have a funding rate that occurs every eight hours and traders holding a position at the funding timestamp receive or pay funding.
Related:The Last Time Volatility Was This Low Bitcoin Went On to Rally by $2K
As of Monday 13:10 UTC (9:10 a.m. ET), the daily average bid/offer spread for bitcoin perpetual swaps for $10 million quote size on FTX is 0.32% compared to 0.28% on BitMEX, according to data provided by the crypto derivatives research firmSkew. BitMEX was founded in 2014 and isone of the largestbitcoin perpetuals exchanges by trading volumes while FTX launched in May 2018.
The bid–offer spread is the difference between the prices quoted for an immediate sale and an immediate purchase for an asset. The larger the gap, the greater the spread. A small spread implies a highly liquid market and vice versa.
See also:Bitcoin Price Drop May Be a Bear Trap, Options Market Suggests
As such, one may conclude FTX is less liquid than BitMEX. While that is true, the liquidity gap between the two has reduced substantially over the past two months. “Liquidity for bitcoin perpetual swaps on FTX has caught up with BitMEX,”Skew tweetedFriday.
Related:First Mover: The Logic Behind Three Arrows’ $200M Grayscale Bet
The bid/offer spread on perpetuals listed on BitMEX and FTX rose sharply after bitcoin collapsed by 40% on March 12. The spread tends to widen dramatically during a price crash when traders offload large quantities of assets within a short period of time.
The market depth was decimated following the March 12 bitcoin price crash of 40%. However, even then, BitMEX was reporting a lower spread than other exchanges.
FTX consistently reported a higher spread before the March crash and for nearly 2.5 months following the price slide. Notably, FTX registered a spread of 2.75% on May 11, when the cryptocurrency underwent its third mining reward halving. On that day, the spread on BitMEX was 0.63%.
The situation, however, changed earlier this month, with the spread on FTX converging with that on BitMEX.
“Over time we’ve seen increasing volume and a growing user base on FTX as more of the crypto ecosystem onboards,” an FTX spokesperson told CoinDesk, adding, “We’ve particularly put an emphasis on growing the liquidity base over the past six months, and this quarter it’s started paying off.”
Trading volumes on FTX surged from $44 million on Jan. 1 to $2.4 billion on March 13. However, volumes have since tapered off to levels seen in January this quarter, although the decline is not just limited to FTX andis seen across major exchanges.
However, FTX and Binance have suffered more than 80% decline in daily trading volume over the past three months, while BitMEX has seen nearly 40% decline, according to Skew data. That explains why BitMEX is still more liquid than FTX.
Binance’s order book depth, too, has improved over the past three months. At press time, the daily average bid/offer spread on Binance for a $10 million quote is 0.29% – nearly indistinguishable from the 0.28% seen on BitMEX.
Also, Binance’s spread narrowed to BitMEX levels in April, that is, nearly two months before FTX registered a similar decline.
See also:Bitcoin SV President Hits Out at Binance as Former Critic Becomes Top Miner
Meanwhile, derivative exchanges Deribit and bitFlyer are still relatively less liquid, with bid/offer spreads at 3.12% and 4.86%, respectively. One possible explanation for the relatively low liquidity on these platforms could be the fact that they account for negligible amount of global futures/perpetuals volume. Notably, Deribit, which is the largest options exchange by volume, contributed just 1.3% of total volume traded on Sunday, as per data source Skew.
Looking forward, both Deribit and bitFlyer and other exchanges are likely to see higher liquidity because institutional participation is expected to increase over the long run. The coronavirus crisis has established bitcoin as a macro asset,according toMessari analysts. Further, legendary macro traders like Paul Tudor Jones II have recently thrown their weight behind bitcoin as a inflation-hedge asset.
• Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX
• Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX || Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX: For a second month in a row, the bitcoin market lacks a clear directional bias, with prices largely restricted to a narrow range of $9,000 to $10,000. However, the cryptocurrency’s liquidity on derivative exchanges continues to heat up, a sign of a sustained rise in investor interest.
On a relatively new exchange like the Antigua-based FTX, the order book depth, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX.
One derivative seeing growth isbitcoinperpetuals, a form of futures contract, but without an expiry date and thus without a settlement. Perpetuals have a funding rate that occurs every eight hours and traders holding a position at the funding timestamp receive or pay funding.
Related:The Last Time Volatility Was This Low Bitcoin Went On to Rally by $2K
As of Monday 13:10 UTC (9:10 a.m. ET), the daily average bid/offer spread for bitcoin perpetual swaps for $10 million quote size on FTX is 0.32% compared to 0.28% on BitMEX, according to data provided by the crypto derivatives research firmSkew. BitMEX was founded in 2014 and isone of the largestbitcoin perpetuals exchanges by trading volumes while FTX launched in May 2018.
The bid–offer spread is the difference between the prices quoted for an immediate sale and an immediate purchase for an asset. The larger the gap, the greater the spread. A small spread implies a highly liquid market and vice versa.
See also:Bitcoin Price Drop May Be a Bear Trap, Options Market Suggests
As such, one may conclude FTX is less liquid than BitMEX. While that is true, the liquidity gap between the two has reduced substantially over the past two months. “Liquidity for bitcoin perpetual swaps on FTX has caught up with BitMEX,”Skew tweetedFriday.
Related:First Mover: The Logic Behind Three Arrows’ $200M Grayscale Bet
The bid/offer spread on perpetuals listed on BitMEX and FTX rose sharply after bitcoin collapsed by 40% on March 12. The spread tends to widen dramatically during a price crash when traders offload large quantities of assets within a short period of time.
The market depth was decimated following the March 12 bitcoin price crash of 40%. However, even then, BitMEX was reporting a lower spread than other exchanges.
FTX consistently reported a higher spread before the March crash and for nearly 2.5 months following the price slide. Notably, FTX registered a spread of 2.75% on May 11, when the cryptocurrency underwent its third mining reward halving. On that day, the spread on BitMEX was 0.63%.
The situation, however, changed earlier this month, with the spread on FTX converging with that on BitMEX.
“Over time we’ve seen increasing volume and a growing user base on FTX as more of the crypto ecosystem onboards,” an FTX spokesperson told CoinDesk, adding, “We’ve particularly put an emphasis on growing the liquidity base over the past six months, and this quarter it’s started paying off.”
Trading volumes on FTX surged from $44 million on Jan. 1 to $2.4 billion on March 13. However, volumes have since tapered off to levels seen in January this quarter, although the decline is not just limited to FTX andis seen across major exchanges.
However, FTX and Binance have suffered more than 80% decline in daily trading volume over the past three months, while BitMEX has seen nearly 40% decline, according to Skew data. That explains why BitMEX is still more liquid than FTX.
Binance’s order book depth, too, has improved over the past three months. At press time, the daily average bid/offer spread on Binance for a $10 million quote is 0.29% – nearly indistinguishable from the 0.28% seen on BitMEX.
Also, Binance’s spread narrowed to BitMEX levels in April, that is, nearly two months before FTX registered a similar decline.
See also:Bitcoin SV President Hits Out at Binance as Former Critic Becomes Top Miner
Meanwhile, derivative exchanges Deribit and bitFlyer are still relatively less liquid, with bid/offer spreads at 3.12% and 4.86%, respectively. One possible explanation for the relatively low liquidity on these platforms could be the fact that they account for negligible amount of global futures/perpetuals volume. Notably, Deribit, which is the largest options exchange by volume, contributed just 1.3% of total volume traded on Sunday, as per data source Skew.
Looking forward, both Deribit and bitFlyer and other exchanges are likely to see higher liquidity because institutional participation is expected to increase over the long run. The coronavirus crisis has established bitcoin as a macro asset,according toMessari analysts. Further, legendary macro traders like Paul Tudor Jones II have recently thrown their weight behind bitcoin as a inflation-hedge asset.
• Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX
• Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX || Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX: For a second month in a row, the bitcoin market lacks a clear directional bias, with prices largely restricted to a narrow range of $9,000 to $10,000. However, the cryptocurrency’s liquidity on derivative exchanges continues to heat up, a sign of a sustained rise in investor interest. On a relatively new exchange like the Antigua-based FTX, the order book depth, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX. One derivative seeing growth is bitcoin perpetuals, a form of futures contract, but without an expiry date and thus without a settlement. Perpetuals have a funding rate that occurs every eight hours and traders holding a position at the funding timestamp receive or pay funding. Related: The Last Time Volatility Was This Low Bitcoin Went On to Rally by $2K As of Monday 13:10 UTC (9:10 a.m. ET), the daily average bid/offer spread for bitcoin perpetual swaps for $10 million quote size on FTX is 0.32% compared to 0.28% on BitMEX, according to data provided by the crypto derivatives research firm Skew . BitMEX was founded in 2014 and is one of the largest bitcoin perpetuals exchanges by trading volumes while FTX launched in May 2018. The bid–offer spread is the difference between the prices quoted for an immediate sale and an immediate purchase for an asset. The larger the gap, the greater the spread. A small spread implies a highly liquid market and vice versa. See also: Bitcoin Price Drop May Be a Bear Trap, Options Market Suggests As such, one may conclude FTX is less liquid than BitMEX. While that is true, the liquidity gap between the two has reduced substantially over the past two months. “Liquidity for bitcoin perpetual swaps on FTX has caught up with BitMEX,” Skew tweeted Friday. Related: First Mover: The Logic Behind Three Arrows’ $200M Grayscale Bet The bid/offer spread on perpetuals listed on BitMEX and FTX rose sharply after bitcoin collapsed by 40% on March 12. The spread tends to widen dramatically during a price crash when traders offload large quantities of assets within a short period of time. Story continues The market depth was decimated following the March 12 bitcoin price crash of 40%. However, even then, BitMEX was reporting a lower spread than other exchanges. FTX consistently reported a higher spread before the March crash and for nearly 2.5 months following the price slide. Notably, FTX registered a spread of 2.75% on May 11, when the cryptocurrency underwent its third mining reward halving. On that day, the spread on BitMEX was 0.63%. The situation, however, changed earlier this month, with the spread on FTX converging with that on BitMEX. “Over time we’ve seen increasing volume and a growing user base on FTX as more of the crypto ecosystem onboards,” an FTX spokesperson told CoinDesk, adding, “We’ve particularly put an emphasis on growing the liquidity base over the past six months, and this quarter it’s started paying off.” Trading volumes on FTX surged from $44 million on Jan. 1 to $2.4 billion on March 13. However, volumes have since tapered off to levels seen in January this quarter, although the decline is not just limited to FTX and is seen across major exchanges . However, FTX and Binance have suffered more than 80% decline in daily trading volume over the past three months, while BitMEX has seen nearly 40% decline, according to Skew data. That explains why BitMEX is still more liquid than FTX. Not just FTX Binance’s order book depth, too, has improved over the past three months. At press time, the daily average bid/offer spread on Binance for a $10 million quote is 0.29% – nearly indistinguishable from the 0.28% seen on BitMEX. Also, Binance’s spread narrowed to BitMEX levels in April, that is, nearly two months before FTX registered a similar decline. See also: Bitcoin SV President Hits Out at Binance as Former Critic Becomes Top Miner Meanwhile, derivative exchanges Deribit and bitFlyer are still relatively less liquid, with bid/offer spreads at 3.12% and 4.86%, respectively. One possible explanation for the relatively low liquidity on these platforms could be the fact that they account for negligible amount of global futures/perpetuals volume. Notably, Deribit, which is the largest options exchange by volume, contributed just 1.3% of total volume traded on Sunday, as per data source Skew. Looking forward, both Deribit and bitFlyer and other exchanges are likely to see higher liquidity because institutional participation is expected to increase over the long run. The coronavirus crisis has established bitcoin as a macro asset, according to Messari analysts. Further, legendary macro traders like Paul Tudor Jones II have recently thrown their weight behind bitcoin as a inflation-hedge asset. Related Stories Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX Liquidity on Bitcoin Perpetuals Exchange FTX Catches Up to Industry Leader BitMEX || Bybit Launches Fiat Onramp as Bitcoin Institutional Interest Skyrockets: Bybit has become one of the first pure-play crypto derivatives exchanges to allow users to buy cryptocurrency with fiat. Thanks to a partnership with payment providers Banxa and Xanpool, Bybit users can now purchase cryptocurrency with credit or debit cards, or via bank transfer, directly on the platform. Over 20 different fiat currencies are supported, enabling the purchase of Bitcoin (BTC) or Ethereum (ETH.)
Before now,Bybitusers wanted to trade cryptocurrency perpetual swaps on the platform had to use a separate fiat onboarding service such as Coinbase or Changelly to convert their fiat currencies to cryptocurrency before they could deposit on Bybit. Therefore, the introduction of a fiat on ramping service represents a significant reduction of friction for users coming to Bybit without an existing portfolio of cryptocurrencies.
In a press release accompanying the announcement, Bybit CEO Ben Zhou said: “Adding fiat-crypto support is another major milestone in our roadmap, and a major coup for Bybit traders who have been patiently waiting for this day to arrive.”
The company is marking the occasion with a promotional giveaway of Bitcoin. Users who take advantage of the new fiat onboarding service will be rewarded with $10 worth of BTC for every $100-worth of BTC or ETH they purchase, up to a maximum of $50 worth of BTC. The promotion runs until July 22.
Bybit has been enjoying steady growth since it launched as a rival to market leader BitMEX in 2018. The company has launched several new products and features in 2020 alone. These include a range of perpetual swap contracts backed by stablecoin Tether (USDT), which offer increased hedging opportunities for traders.
Reducing friction and increasing hedging opportunities are two ways that Bybit is helping to attract institutional investors, such as JPMorgan (NYSE:JPM) or Citigroup (NYSE:C) to the cryptocurrency space. Strategies like these appear to be working. A recentsurveyreleased by Fidelity Digital Assets (NYSE:FIS) found that, of 800 US and European investors, 80% believed there was “something appealing” about having digital currencies as part of their portfolio. 36% are currently invested, and six out of ten respondents said they believed that digital assets have a place in their portfolio.
Among these investors, interest in cryptocurrency derivatives appears to be growing rapidly. Of those investors who have already bought into cryptocurrencies, 22% are trading derivatives, up from just 9% from the same survey in 2019.
This interest is reflected in both trading volumes and open interest in crypto derivative products. According to a recent cryptocurrency exchangereport from CryptoCompare, trading volumes of cryptocurrency derivatives hit an all-time high in May 2020, totaling $602 billion.
There appears to be a particular interest in options products. Data fromSkew, a leading cryptocurrency trading data aggregator, supports this, showing that open interest in Bitcoin options is currently soaring.
Source: Skew
So what’s driving the interest in cryptocurrency options? It’s likely to be institutional investors. Trading cryptocurrency futures comes with significant risk, due to the volatility of cryptocurrencies, along with the opportunity to trade at high leverage. The increasing availability of crypto options offers a familiar way for investors to hedge against losses incurred in futures trading.
Crypto exchanges are responding well to this demand for hedging opportunities. Bybit’s mutual insurance is one example, while other exchanges such as OKEx have expanded their product range into options, in response to demand. It seems that as the crypto markets are maturing, more professional investors are likely to enter the space, creating a self-fulfilling cycle of institutional adoption.
Disclosure: None.
[Social Media Buzz]
None available.
|
9313.61, 9264.81, 9162.92, 9045.39, 9143.58, 9190.85, 9137.99, 9228.33, 9123.41, 9087.30
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 8041.78, 7557.82, 7587.34, 7480.14, 7355.88, 7368.22, 7135.99, 7472.59, 7406.52, 7494.17, 7541.45, 7643.45, 7720.25, 7514.47, 7633.76, 7653.98, 7678.24, 7624.92, 7531.98, 6786.02, 6906.92, 6582.36, 6349.90, 6675.35, 6456.58, 6550.16, 6499.27, 6734.82, 6769.94, 6776.55, 6729.74, 6083.69, 6162.48, 6173.23, 6249.18, 6093.67, 6157.13, 5903.44, 6218.30, 6404.00, 6385.82, 6614.18, 6529.59, 6597.55, 6639.14, 6673.50, 6856.93, 6773.88, 6741.75, 6329.95, 6394.71, 6228.81, 6238.05, 6276.12, 6359.64, 6741.75, 7321.04, 7370.78, 7466.86, 7354.13, 7419.29, 7418.49, 7711.11, 8424.27, 8181.39, 7951.58, 8165.01, 8192.15, 8218.46, 8180.48, 7780.44, 7624.91, 7567.15, 7434.39, 7032.85, 7068.48, 6951.80, 6753.12, 6305.80, 6568.23, 6184.71, 6295.73, 6322.69, 6297.57, 6199.71, 6308.52, 6334.73, 6580.63, 6423.76, 6506.07.
|
[Bitcoin Technical Analysis for 2018-08-19]
Volume: 3311170000, RSI (14-day): 43.61, 50-day EMA: 6925.59, 200-day EMA: 7705.79
[Wider Market Context]
None available.
[Recent News (last 7 days)]
90% of Employees at Major Crypto Exchange Binance Receive Salary in BNB: Binance Zhao Changpeng Sequoia At the Liechtenstein Cryptoassets Exchange (LCX), Binance CEO Changpeng Zhao told TechCrunch founder Michael Arrington that 90 percent of the exchanges employees receive their salaries in BNB. Just one of the interesting things @cz_binance told me this week at LCX event: 90% of binance employees choose to receive their salary in BNB tokens. Smart people, Arrington said on Twitter. Setting an Example BNB, also known as Binance Coin, is the native token of Binance , the worlds largest cryptocurrency exchange. Binance released BNB in 2017 to garner enough funds to finance the operations and development of the exchange and in return, the company has been buying back BNB with profits generated by the business. Just one of the interesting things @cz_binance told me this week at @lcx event: 90% of binance employees choose to receive their salary in BNB tokens. Smart people. Michael Arrington (@arrington) August 18, 2018 In a discussion with Arrington, CZ disclosed that 90 percent of the employees at Binance choose to be paid in BNB for their contributions to the company, making Binance one of the few commercial businesses in crypto that pay the majority of its employees in crypto. Throughout the past few months, various companies and projects have attempted to set an example to the mainstream by leading the adoption of cryptocurrencies and decentralized applications. For instance, ETHBerlin, the biggest Ethereum meetup and conference in Germany, has voluntarily replaced all of the centralized services the event previously relied on with decentralized alternatives. Since early August, ETHBerlin has started to use dApps to livestream its events, book hotels for speakers, and to conduct raffles, among other operations. Story continues As a responsible, global community, in constant evolution as is our ecosystem, we need to understand that it is not enough to absorb these teachings and foundations and just replicate, the ETHBerlin team said , adding that the mass adoption of crypto and blockchain-based solutions will only take off if projects, companies, and initiatives in the cryptocurrency sector kickstart the adoption process. Outside of compensating its employees who prefer to be paid in crypto with BNB, the Binance team has led various initiatives including the development of a decentralized exchange and a blockchain project accelerator to improve the sustainability of the global cryptocurrency ecosystem. Convincing the Mainstream The only major multi-billion dollar conglomerate that is said to be offering employees an option to be paid using cryptocurrencies is Japans GMO Group , one of the countrys largest technology corporations. Since the establishment of its cryptocurrency mining business and its Bitcoin mining equipment manufacturing venture , GMO has been offering to compensate its employees in crypto. The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group, the company said in December of last year. Cryptocurrencies are consensus currencies that are operated by a decentralized group of users, node operators, miners, and developers. No central authority exists to dictate the value, usability, and adoption of digital assets. In order for cryptocurrencies like bitcoin and ethereum to be widely adopted by the mainstream, companies within the crypto sector will have to begin setting a precedent in an attempt to demonstrate the potential of decentralized systems. Featured image from YouTube/ Piergiorgio Borgogno The post 90% of Employees at Major Crypto Exchange Binance Receive Salary in BNB appeared first on CCN . || 90% of Employees at Major Crypto Exchange Binance Receive Salary in BNB: At the Liechtenstein Cryptoassets Exchange (LCX), Binance CEO Changpeng Zhao told TechCrunch founder Michael Arrington that 90 percent of the exchange’s employees receive their salaries in BNB.
“Just one of the interesting things @cz_binance told me this week at LCX event: 90% of binance employees choose to receive their salary in BNB tokens. Smart people,” Arrington said on Twitter.
BNB, also known as Binance Coin, is the native token ofBinance, the world’s largest cryptocurrency exchange. Binance released BNB in 2017 to garner enough funds to finance the operations and development of the exchange and in return, the company has been buying back BNB with profits generated by the business.
In a discussion with Arrington, CZ disclosed that 90 percent of the employees at Binance choose to be paid in BNB for their contributions to the company, making Binance one of the few commercial businesses in crypto that pay the majority of its employees in crypto.
Throughout the past few months, various companies and projects have attempted to set an example to the mainstream by leading the adoption of cryptocurrencies and decentralized applications.
For instance, ETHBerlin, the biggest Ethereum meetup and conference in Germany, has voluntarily replaced all of the centralized services the event previously relied on with decentralized alternatives. Since early August, ETHBerlin has started to usedAppsto livestream its events, book hotels for speakers, and to conduct raffles, among other operations.
“As a responsible, global community, in constant evolution as is our ecosystem, we need to understand that it is not enough to absorb these teachings and foundations and just replicate,” the ETHBerlin teamsaid, adding that the mass adoption of crypto and blockchain-based solutions will only take off if projects, companies, and initiatives in the cryptocurrency sector kickstart the adoption process.
Outside of compensating its employees who prefer to be paid in crypto with BNB, the Binance team has led various initiatives including the development of a decentralized exchange and a blockchain project accelerator to improve the sustainability of the global cryptocurrency ecosystem.
The only major multi-billion dollar conglomerate that is said to be offering employees an option to be paid using cryptocurrencies is Japan’sGMO Group, one of the country’s largest technology corporations.
Since the establishment of its cryptocurrency mining business and itsBitcoin mining equipment manufacturing venture, GMO has been offering to compensate its employees in crypto.
“The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group,” the company said in December of last year.
Cryptocurrencies are consensus currencies that are operated by a decentralized group of users, node operators, miners, and developers. No central authority exists to dictate the value, usability, and adoption of digital assets.
In order for cryptocurrencies like bitcoin and ethereum to be widely adopted by the mainstream, companies within the crypto sector will have to begin setting a precedent in an attempt to demonstrate the potential of decentralized systems.
Featured image from YouTube/Piergiorgio Borgogno
The post90% of Employees at Major Crypto Exchange Binance Receive Salary in BNBappeared first onCCN. || Satoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’: An intramural debate among Bitcoin Cash developers about the future of the BCH protocol is heating up, with a development group backed by nChain andCraig Wrightvowing to create a new full node client that does not include the so-called “unnecessary changes” being added to Bitcoin ABC, the most popular full node BCH client.
DubbedBitcoin SV— a not-so-subtle acronym for “Satoshi Vision” — the software, in nChain’s words, is designed “to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision, over implementations that seek to make unnecessary changes to the original Bitcoin protocol.”
The company says that Bitcoin SV will double down even further on Bitcoin Cash’s commitment to on-chain scaling (as opposed to second-layer scaling through technologies such as Plasma and the Lightning Network) by raising the block size limit to 128MB from thecurrent 32MB limit. For reference, the vast majority of recent BCH blocks mined over the past several days have been smaller than 100KB, or less than one-third-of-one percent of the current limit.
Additionally, the first release of Bitcoin SV will restore four “Satoshi opcodes” — scripting operations that had originally been included in Bitcoin but weredisabledin later software updates. These opcodes are: OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. Additionally, Bitcoin SV will remove the limit of 201 opcodes per individual script.
Jimmy Nguyen, CEO ofnChain, said:
“Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.”
CoinGeek, a Bitcoin Cash mining pool founded by billionaire entrepreneurCalvin Ayre, has already announced publicly that it will mine with Bitcoin SV following the software’s release ahead of the scheduled Bitcoin Cash hard fork in November and has said that it will “continue to support only consensus changes that restore the original Bitcoin protocol, and those that may be demonstrated as absolutely necessary to meeting the goal of massive on-chain scaling to terabyte+ blocks.” At present, CoinGeek’s mining pool accounts for approximately 22 percent of the BCH hashrate.
“Because miners should drive the roadmap in the Bitcoin space, CoinGeek and other miners asked nChain to create a professionally-driven implementation of the Bitcoin full node software (for use on BCH) that restores the original Bitcoin protocol,” Ayre said. “CoinGeek is sponsoring the project and intends to mine with Bitcoin SV. We invite other BCH miners to join us in using Bitcoin SV to voice their support for the Satoshi Vision.”
The decision of nChain, with CoinGeek’s backing, to launch Bitcoin SV is the culmination of heated debates within the Bitcoin Cash technical community over the future of the BCH protocol.
Bitcoin ABC, the full node implementation developed by Amaury Séchet and currently used by most miners, has announced plans to activate, among other changes, two new opcodes during the protocol’s November hard fork — OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY — as well as implementcanonical transaction ordering.
These proposals have been met with strong resistance by Wright and Ayre, who have argued that, among other things, these opcodes could lead to “unlicensed gambling” since they can be used to implement “oracle” services such as those that make decentralized prediction markets possible. Ayre, incidentally, made his fortune through an online gambling empire, though it is Wright in particular who has used this as an argument against these opcodes.
According to nChain, Bitcoin SV will be based off BItcoin ABC v0.17.2, and its development will be led by BitcoinJ-Cash developer Daniel Connolly. The firm plans to have the SV codebase ready for a full security audit in mid-October.
Featured Image from Shutterstock
The postSatoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’appeared first onCCN. || Satoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’: An intramural debate among Bitcoin Cash developers about the future of the BCH protocol is heating up, with a development group backed by nChain andCraig Wrightvowing to create a new full node client that does not include the so-called “unnecessary changes” being added to Bitcoin ABC, the most popular full node BCH client.
DubbedBitcoin SV— a not-so-subtle acronym for “Satoshi Vision” — the software, in nChain’s words, is designed “to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision, over implementations that seek to make unnecessary changes to the original Bitcoin protocol.”
The company says that Bitcoin SV will double down even further on Bitcoin Cash’s commitment to on-chain scaling (as opposed to second-layer scaling through technologies such as Plasma and the Lightning Network) by raising the block size limit to 128MB from thecurrent 32MB limit. For reference, the vast majority of recent BCH blocks mined over the past several days have been smaller than 100KB, or less than one-third-of-one percent of the current limit.
Additionally, the first release of Bitcoin SV will restore four “Satoshi opcodes” — scripting operations that had originally been included in Bitcoin but weredisabledin later software updates. These opcodes are: OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. Additionally, Bitcoin SV will remove the limit of 201 opcodes per individual script.
Jimmy Nguyen, CEO ofnChain, said:
“Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.”
CoinGeek, a Bitcoin Cash mining pool founded by billionaire entrepreneurCalvin Ayre, has already announced publicly that it will mine with Bitcoin SV following the software’s release ahead of the scheduled Bitcoin Cash hard fork in November and has said that it will “continue to support only consensus changes that restore the original Bitcoin protocol, and those that may be demonstrated as absolutely necessary to meeting the goal of massive on-chain scaling to terabyte+ blocks.” At present, CoinGeek’s mining pool accounts for approximately 22 percent of the BCH hashrate.
“Because miners should drive the roadmap in the Bitcoin space, CoinGeek and other miners asked nChain to create a professionally-driven implementation of the Bitcoin full node software (for use on BCH) that restores the original Bitcoin protocol,” Ayre said. “CoinGeek is sponsoring the project and intends to mine with Bitcoin SV. We invite other BCH miners to join us in using Bitcoin SV to voice their support for the Satoshi Vision.”
The decision of nChain, with CoinGeek’s backing, to launch Bitcoin SV is the culmination of heated debates within the Bitcoin Cash technical community over the future of the BCH protocol.
Bitcoin ABC, the full node implementation developed by Amaury Séchet and currently used by most miners, has announced plans to activate, among other changes, two new opcodes during the protocol’s November hard fork — OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY — as well as implementcanonical transaction ordering.
These proposals have been met with strong resistance by Wright and Ayre, who have argued that, among other things, these opcodes could lead to “unlicensed gambling” since they can be used to implement “oracle” services such as those that make decentralized prediction markets possible. Ayre, incidentally, made his fortune through an online gambling empire, though it is Wright in particular who has used this as an argument against these opcodes.
According to nChain, Bitcoin SV will be based off BItcoin ABC v0.17.2, and its development will be led by BitcoinJ-Cash developer Daniel Connolly. The firm plans to have the SV codebase ready for a full security audit in mid-October.
Featured Image from Shutterstock
The postSatoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’appeared first onCCN. || Satoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’: bitcoin cash An intramural debate among Bitcoin Cash developers about the future of the BCH protocol is heating up, with a development group backed by nChain and Craig Wright vowing to create a new full node client that does not include the so-called “unnecessary changes” being added to Bitcoin ABC, the most popular full node BCH client. Craig Wright-Backed nChain to Launch Competing BCH Client Dubbed Bitcoin SV — a not-so-subtle acronym for “Satoshi Vision” — the software, in nChain’s words, is designed “to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision, over implementations that seek to make unnecessary changes to the original Bitcoin protocol.” The company says that Bitcoin SV will double down even further on Bitcoin Cash’s commitment to on-chain scaling (as opposed to second-layer scaling through technologies such as Plasma and the Lightning Network) by raising the block size limit to 128MB from the current 32MB limit . For reference, the vast majority of recent BCH blocks mined over the past several days have been smaller than 100KB, or less than one-third-of-one percent of the current limit. bitcoin cash blocksize Additionally, the first release of Bitcoin SV will restore four “Satoshi opcodes” — scripting operations that had originally been included in Bitcoin but were disabled in later software updates. These opcodes are: OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT. Additionally, Bitcoin SV will remove the limit of 201 opcodes per individual script. Jimmy Nguyen, CEO of nChain , said: “Answering the call of miners, nChain is happy to provide technical capabilities needed to support Bitcoin SV. Once the Bitcoin protocol is fully restored and maintained, global businesses and developers can reliably build robust applications, projects and ventures upon it – just as they reliably build upon the long-stable Internet protocols. The future of Bitcoin is big blocks, big business, and big growth. Bitcoin SV is an important step toward that big future by advancing the professionalization of Bitcoin.” Story continues CoinGeek, a Bitcoin Cash mining pool founded by billionaire entrepreneur Calvin Ayre , has already announced publicly that it will mine with Bitcoin SV following the software’s release ahead of the scheduled Bitcoin Cash hard fork in November and has said that it will “continue to support only consensus changes that restore the original Bitcoin protocol, and those that may be demonstrated as absolutely necessary to meeting the goal of massive on-chain scaling to terabyte+ blocks.” At present, CoinGeek’s mining pool accounts for approximately 22 percent of the BCH hashrate. bitcoin cash mining chart “Because miners should drive the roadmap in the Bitcoin space, CoinGeek and other miners asked nChain to create a professionally-driven implementation of the Bitcoin full node software (for use on BCH) that restores the original Bitcoin protocol,” Ayre said. “CoinGeek is sponsoring the project and intends to mine with Bitcoin SV. We invite other BCH miners to join us in using Bitcoin SV to voice their support for the Satoshi Vision.” CoinGeek, nChain Spar with Bitcoin ABC over Future of Bitcoin Cash bitcoin cash nodes The decision of nChain, with CoinGeek’s backing, to launch Bitcoin SV is the culmination of heated debates within the Bitcoin Cash technical community over the future of the BCH protocol. Bitcoin ABC, the full node implementation developed by Amaury Séchet and currently used by most miners, has announced plans to activate, among other changes, two new opcodes during the protocol’s November hard fork — OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY — as well as implement canonical transaction ordering . These proposals have been met with strong resistance by Wright and Ayre, who have argued that, among other things, these opcodes could lead to “unlicensed gambling” since they can be used to implement “oracle” services such as those that make decentralized prediction markets possible. Ayre, incidentally, made his fortune through an online gambling empire, though it is Wright in particular who has used this as an argument against these opcodes. OP_CHECKDATASIGVERIFY is not happening. If a certain ABC dev wants to push this, then we will just fund replacement Devs. Trust me. There are others. Miners vote Think we are not serious. Watch the Axe fall. @CalvinAyre @yhaiyang — Dr Craig S Wright (@ProfFaustus) August 9, 2018 No. That exists today And, the idea that unlicensed gambling will be tolerated is a joke. It, in the way some think will exist will just allow a way to shutdown anything using it — Dr Craig S Wright (@ProfFaustus) August 9, 2018 According to nChain, Bitcoin SV will be based off BItcoin ABC v0.17.2, and its development will be led by BitcoinJ-Cash developer Daniel Connolly. The firm plans to have the SV codebase ready for a full security audit in mid-October. Featured Image from Shutterstock The post Satoshi’s Vision: Craig Wright to Launch BCH Node to ‘Restore Original Bitcoin Protocol’ appeared first on CCN . || Bitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistance: liechtenstein bitcoin cryptocurrency Bitcoin price today tumbled 2 percent against the dollar, confirming a weak push by bulls in the current bearish bias. The BTC/USD continued to extend its prevailing upside momentum, breaking above 6500-fiat to establish 6620-fiat as its new intraday peak level. However, the absence of enough bullish sentiment around the peak area, also visible during the August 15th pullback action, reversed the upsides. The pair dropped as much 4.5 percent, as a result, and is now attempting what looks like a weak bounce back. We also had to exit our long position on a small loss when BTC/USD just fell shy to test 6650 as our primary upside. Our stops below the entry position protected us from additional risks. In the process of the latest bearish correction, we also noticed price breaking below the ascending wedge. Lets have a look at the hourly BitFinex chart below to further understand the markets mood. BTCUSD Technical Analysis The BTC/USD has broken out of the rising wedge pattern, but its downside is capped by strong bull supports near 6348-fiat and 6255-fiat. As for now, we are close to forming a near-term Head and Shoulder pattern, with the head near 6620-fiat and shoulder near 6255-fiat. The left shoulder of current H&S is also the right shoulder of the inverse H&S, which makes it a crucial level to watch for as the price attempts another downside. Technically, we are in a near-term bearish bias, for the BTC/USD has pair has now slipped under its 100H moving average and a further gravity could move the pair below 200H MA as well. The RSI and Stochastic are now oversold and should stay the same until BTC/USD attempts a decent bounce back from any of the above-mentioned support levels. BTC/USD Intraday Analysis As far as our intraday analysis is concerned, we are now considering it to stop putting our long position above 6600-fiat. Anything above 6500-fiat at this point of time looks uncertain due to weak bullish attempts. Moving on, the range we are watching for today is defined by 6348-fiat as interim support and 6500-fiat as interim resistance. Story continues We are first waiting to establish a breakout towards the shoulder level at 6255-fiat, also our primary downside target. A short towards the said position looks achievable, but well also put our stops two-pips above the entry position to exit the market on a trend reversal. A bounce back from support, however, will allow us to put a comfortable long entry towards 6500-fiat. A further break, and well test 660o-fiat as our primary upside target while keeping our stop loss 2-pips below the entry point. Featured image from Shutterstock. The post Bitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistance appeared first on CCN . || Bitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistance: Bitcoin price today tumbled 2 percent against the dollar, confirming a weak push by bulls in the current bearish bias.
The BTC/USD continued to extend its prevailing upside momentum, breaking above 6500-fiat to establish 6620-fiat as its new intraday peak level. However, the absence of enough bullish sentiment around the peak area, also visible during the August 15th pullback action, reversed the upsides. The pair dropped as much 4.5 percent, as a result, and is now attempting what looks like a weak bounce back.
We also had to exit our long position on a small loss when BTC/USD just fell shy to test 6650 as our primary upside. Our stops below the entry position protected us from additional risks. In the process of the latest bearish correction, we also noticed price breaking below the ascending wedge. Let’s have a look at the hourly BitFinex chart below to further understand the market’s mood.
The BTC/USD has broken out of the rising wedge pattern, but its downside is capped by strong bull supports near 6348-fiat and 6255-fiat. As for now, we are close to forming a near-term Head and Shoulder pattern, with the head near 6620-fiat and shoulder near 6255-fiat. The left shoulder of current H&S is also the right shoulder of the inverse H&S, which makes it a crucial level to watch for as the price attempts another downside.
Technically, we are in a near-term bearish bias, for the BTC/USD has pair has now slipped under its 100H moving average and a further gravity could move the pair below 200H MA as well. The RSI and Stochastic are now oversold and should stay the same until BTC/USD attempts a decent bounce back from any of the above-mentioned support levels.
As far as our intraday analysis is concerned, we are now considering it to stop putting our long position above 6600-fiat. Anything above 6500-fiat at this point of time looks uncertain due to weak bullish attempts. Moving on, the range we are watching for today is defined by 6348-fiat as interim support and 6500-fiat as interim resistance.
We are first waiting to establish a breakout towards the shoulder level at 6255-fiat, also our primary downside target. A short towards the said position looks achievable, but we’ll also put our stops two-pips above the entry position to exit the market on a trend reversal.
A bounce back from support, however, will allow us to put a comfortable long entry towards 6500-fiat. A further break, and we’ll test 660o-fiat as our primary upside target while keeping our stop loss 2-pips below the entry point.
Featured image from Shutterstock.
The postBitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistanceappeared first onCCN. || Bitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistance: Bitcoin price today tumbled 2 percent against the dollar, confirming a weak push by bulls in the current bearish bias.
The BTC/USD continued to extend its prevailing upside momentum, breaking above 6500-fiat to establish 6620-fiat as its new intraday peak level. However, the absence of enough bullish sentiment around the peak area, also visible during the August 15th pullback action, reversed the upsides. The pair dropped as much 4.5 percent, as a result, and is now attempting what looks like a weak bounce back.
We also had to exit our long position on a small loss when BTC/USD just fell shy to test 6650 as our primary upside. Our stops below the entry position protected us from additional risks. In the process of the latest bearish correction, we also noticed price breaking below the ascending wedge. Let’s have a look at the hourly BitFinex chart below to further understand the market’s mood.
The BTC/USD has broken out of the rising wedge pattern, but its downside is capped by strong bull supports near 6348-fiat and 6255-fiat. As for now, we are close to forming a near-term Head and Shoulder pattern, with the head near 6620-fiat and shoulder near 6255-fiat. The left shoulder of current H&S is also the right shoulder of the inverse H&S, which makes it a crucial level to watch for as the price attempts another downside.
Technically, we are in a near-term bearish bias, for the BTC/USD has pair has now slipped under its 100H moving average and a further gravity could move the pair below 200H MA as well. The RSI and Stochastic are now oversold and should stay the same until BTC/USD attempts a decent bounce back from any of the above-mentioned support levels.
As far as our intraday analysis is concerned, we are now considering it to stop putting our long position above 6600-fiat. Anything above 6500-fiat at this point of time looks uncertain due to weak bullish attempts. Moving on, the range we are watching for today is defined by 6348-fiat as interim support and 6500-fiat as interim resistance.
We are first waiting to establish a breakout towards the shoulder level at 6255-fiat, also our primary downside target. A short towards the said position looks achievable, but we’ll also put our stops two-pips above the entry position to exit the market on a trend reversal.
A bounce back from support, however, will allow us to put a comfortable long entry towards 6500-fiat. A further break, and we’ll test 660o-fiat as our primary upside target while keeping our stop loss 2-pips below the entry point.
Featured image from Shutterstock.
The postBitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistanceappeared first onCCN. || 3 Great Stocks for Low-Risk Investors: Investing is an inherently risky activity. It can take years for a bullish thesis to play out, and in that time, competitive dynamics can drastically change, or an industry could hit an unexpected downturn. Shareholders expose themselves to these -- and many more -- risks when they buy a stock in hopes of generating a positive return in the future. Some companies are less risky than others, though, whether it's by virtue of their dominant market positions, steady earnings streams, or valuable brands. Below, we'll look at a few of these low-maintenance stocks. A calm man smiling with his feet up. Image source: Getty Images. Procter & Gamble Procter & Gamble (NYSE: PG) is one of the leading companies in the consumer staples industry. The niche is called "staples" to differentiate it from more "discretionary" consumer categories, like entertainment and electronics, that tend to swing with shifting economic trends. In contrast, shopper demand for products like diapers, paper towels, and laundry detergent holds up well even through market disruptions. That fact helps explain why P&G has one of the stock market's longest-running dividend growth streaks, with more than 60 years of annual hikes under its belt. Yes, the stock has underperformed the market over the last few years as its growth rate stalled . But investors know that with a P&G purchase, they don't have to worry about collapsing sales or profitability. Instead, the maker of Tide detergent and Gillette razors is likely to continue pairing modest sales growth with market-thumping profitability. And those trends should support healthy, if underwhelming, returns over time. Costco The retailing industry is going through major changes right now as shoppers increasingly opt for home delivery over a trip to their local clothing store or supermarket. That shift is hurting the profitability outlook for many companies, who now have to spend heavily to compete in lower-margin e-commerce sales. Story continues Bulk-shopping giant Costco (NASDAQ: COST) , on the other hand, is having no trouble expanding. The retailer's same-store sales are up 7% over the last 48 weeks, while rivals like Walmart and Target are growing at closer to a 2% pace. Its profitability is holding steady , too, thanks to its rising subscription fee income, while peers are seeing their margins slip. Low-risk investors will love the fact that most of Costco's earnings come from its membership fees rather than volatile sales markups. And with more than 90% of its subscribers renewing each year, there's every reason to expect continued steady growth ahead. Berkshire Hathaway Berkshire Hathaway (NYSE: BRK-A) is a massive business that benefits from significant exposure to low-risk areas like utilities and consumer products. CEO Warren Buffett's biggest stock investments, meanwhile, include blue-chip companies such as Apple , Coca-Cola , and American Express . This operating setup, combined with Berkshire's massive cash hoard, tends to protect shareholders somewhat during market downturns. The stock saw its book value drop by 32% during 2008 when the broader stock market fell 37%. The long-term performance of the business is the bigger reason to like this stock, though. Since 1965, it has compounded returns at an annual gain of 21%, or a full 11 percentage points above the S&P 500. Of course, Berkshire is much larger today, so it isn't likely to outperform indexes by nearly that much going forward. Yet its diverse collection of profitable businesses should still deliver steady returns along with the occasional "wow" result. That's the type of outlook that can help a risk-averse investor sleep well at night. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Demitrios Kalogeropoulos owns shares of Apple and Costco Wholesale. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Costco Wholesale. The Motley Fool has a disclosure policy . || 3 Great Stocks for Low-Risk Investors: Investing is an inherently risky activity. It can take years for a bullish thesis to play out, and in that time, competitive dynamics can drastically change, or an industry could hit an unexpected downturn. Shareholders expose themselves to these -- and many more -- risks when they buy a stock in hopes of generating a positive return in the future.
Some companies are less risky than others, though, whether it's by virtue of their dominant market positions, steady earnings streams, or valuable brands. Below, we'll look at a few of these low-maintenance stocks.
Image source: Getty Images.
Procter & Gamble(NYSE: PG)is one of the leading companies in the consumer staples industry. The niche is called "staples" to differentiate it from more "discretionary" consumer categories, like entertainment and electronics, that tend to swing with shifting economic trends. In contrast, shopper demand for products like diapers, paper towels, and laundry detergent holds up well even through market disruptions.
That fact helps explain why P&G has one of the stock market's longest-running dividend growth streaks, with more than 60 years of annual hikes under its belt. Yes, the stock has underperformed the market over the last few years as itsgrowth rate stalled. But investors know that with a P&G purchase, they don't have to worry about collapsing sales or profitability. Instead, the maker of Tide detergent and Gillette razors is likely to continue pairing modest sales growth with market-thumping profitability. And those trends should support healthy, if underwhelming, returns over time.
The retailing industry is going through major changes right now as shoppers increasingly opt for home delivery over a trip to their local clothing store or supermarket. That shift is hurting the profitability outlook for many companies, who now have to spend heavily to compete in lower-margin e-commerce sales.
Bulk-shopping giantCostco(NASDAQ: COST), on the other hand, is having no trouble expanding. The retailer's same-store sales are up 7% over the last 48 weeks, while rivals likeWalmartandTargetare growing at closer to a 2% pace. Its profitability isholding steady, too, thanks to its rising subscription fee income, while peers are seeing their margins slip.
Low-risk investors will love the fact that most of Costco's earnings come from its membership fees rather than volatile sales markups. And with more than 90% of its subscribers renewing each year, there's every reason to expect continued steady growth ahead.
Berkshire Hathaway(NYSE: BRK-A)is a massive business that benefits from significant exposure to low-risk areas like utilities and consumer products. CEO Warren Buffett's biggest stock investments, meanwhile, include blue-chip companies such asApple,Coca-Cola, andAmerican Express.
This operating setup, combined with Berkshire's massive cash hoard, tends to protect shareholders somewhat during market downturns. The stock saw its book value drop by 32% during 2008 when the broader stock market fell 37%.
The long-term performance of the business is the bigger reason to like this stock, though. Since 1965, it has compounded returns at an annual gain of 21%, or a full 11 percentage points above the S&P 500.
Of course, Berkshire is much larger today, so it isn't likely to outperform indexes by nearly that much going forward. Yet its diverse collection of profitable businesses should still deliver steady returns along with the occasional "wow" result. That's the type of outlook that can help a risk-averse investor sleep well at night.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Demitrios Kalogeropoulosowns shares of Apple and Costco Wholesale. The Motley Fool owns shares of and recommends Apple. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends Costco Wholesale. The Motley Fool has adisclosure policy. || Will Subscription Services Really Give Movie Theaters a Boost?: Almost eight months into 2018, total U.S. box office sales are on track to be the highest ever. According to Box Office Mojo, total ticket sales have brought in $7.62 billion as of this writing, which is 4.2% higher than the previous comparable period high-water mark set in 2016.
Granted, 2018 was expected to be a smashing success for theaters. Marvel Comics -- part of theDisneyentertainment empire -- had one of the top-grossing films of all time with theInfinity Warentry to theAvengerstetralogy. Plus, the superhero brand'sBlack Pantherexceeded all expectations early in the year with one of the best-ever U.S. box office runs. Add to that other big hits likeJurassic World: Fallen KingdomfromComcast's Universal Studios andMission: Impossible-FalloutfromViacom's Paramount, and it all makes for a record-breaking year for theaters. However, something else could be contributing to the box office success: the advent of subscription services.
Image source: Getty Images.
Movie theaters have been coping with falling ticket sales for years. Nearly 1.6 billion tickets were sold in 2002, but that number was just over 1.2 billion in 2017. The cinema industry has made up the difference by raising ticket prices. The average ticket cost $9.27 in 2018, a 3% increase over 2017 and a 60% increase over 2002. That steep rise -- combined with better TVs and bingeableinternet streaming servicesat home -- explains America's waning interest in going to the cinemas.
Yet despite another 3% ticket price hike this year, total gross sales are over 8% higher than 2017. That implies more tickets are being sold. Besides the blockbuster hits mentioned, services like MoviePass are taking credit for a renewed interest in going to the local cineplex. For $9.95 a month, members can see up to three movies a month and get a $5 discount on any additional tickets purchased.
The company behind Moviepass claims its users are going to the movies more often and are seeing movies they otherwise wouldn't have bothered seeing. Its ticket price disruption -- and its over 3 million subscribers acquired in less than a year -- got the attention ofAMC Entertainment Holdings(NYSE: AMC), the world's largest theater chain. AMC launched its rivalStubs A-Listservice, which allows for three movies a week for $19.95 a month. Barely a month past its arrival, AMC said Stubs A-List boasts over 175,000 subscribers, surpassing its own expectations.
It's still the early days for theater subscription services, but initial indications are that foot traffic is seeing a resurgence as a result of them. Whether they are profitable over the long term is another question entirely.
For MoviePass, its $9.95 a month price tag makes for an enterprise that's guaranteed to lose. The company is subsidizing its users' theater attendance, as the monthly fee barely covers one visit. However, the company plans on making up the difference through things like marketing fees and its ownmovie production venture, which could make up for losses if it can herd members to its own feature films. Until MoviePass proves that model can work, it's a high-risk venture that benefits theater operators more than it does MoviePass. Yet the company has already had to modify its rules from its original plan that allowed unlimited viewing, and recent earnings results show that MoviePass still has work to do to prove that its business model is viable.
By contrast, AMC says its $19.95 pricing is sustainable even though users can see substantially more flicks every month. The reason is that, as the operator of the theaters themselves, AMC doesn't have to shell out ticketing upcharges like MoviePass does. Plus, additional concession sales from frequent attenders and full-price-paying friends and family joining subscribers are no doubt built into the company's assumptions.
Nevertheless, there is risk that movie theater binging could seriously dent the bottom line for AMC, just as TV streaming carries a lower profit margin than traditional cable does. Thus, a less profitable future may be in store for theaters like AMC, which adopted a subscription based model, at least in the short to mid term. Or a best-case scenario is that theaters could end up with significantly more foot traffic than they've had in years, opening up new ways for them to monetize the movie business. Either way, box office by subscription appears to be gaining momentum as a way for theaters to try to stave off further disruption in the entertainment business.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Nicholas Rossolilloand his clients own shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has adisclosure policy. || Will Subscription Services Really Give Movie Theaters a Boost?: Almost eight months into 2018, total U.S. box office sales are on track to be the highest ever. According to Box Office Mojo, total ticket sales have brought in $7.62 billion as of this writing, which is 4.2% higher than the previous comparable period high-water mark set in 2016. Granted, 2018 was expected to be a smashing success for theaters. Marvel Comics -- part of the Disney entertainment empire -- had one of the top-grossing films of all time with the Infinity War entry to the Avengers tetralogy. Plus, the superhero brand's Black Panther exceeded all expectations early in the year with one of the best-ever U.S. box office runs. Add to that other big hits like Jurassic World: Fallen Kingdom from Comcast 's Universal Studios and Mission: Impossible-Fallout from Viacom 's Paramount, and it all makes for a record-breaking year for theaters. However, something else could be contributing to the box office success: the advent of subscription services. A group of young people in a theater eating popcorn and drinking soda. Image source: Getty Images. Filling up empty chairs Movie theaters have been coping with falling ticket sales for years. Nearly 1.6 billion tickets were sold in 2002, but that number was just over 1.2 billion in 2017. The cinema industry has made up the difference by raising ticket prices. The average ticket cost $9.27 in 2018, a 3% increase over 2017 and a 60% increase over 2002. That steep rise -- combined with better TVs and bingeable internet streaming services at home -- explains America's waning interest in going to the cinemas. Yet despite another 3% ticket price hike this year, total gross sales are over 8% higher than 2017. That implies more tickets are being sold. Besides the blockbuster hits mentioned, services like MoviePass are taking credit for a renewed interest in going to the local cineplex. For $9.95 a month, members can see up to three movies a month and get a $5 discount on any additional tickets purchased. The company behind Moviepass claims its users are going to the movies more often and are seeing movies they otherwise wouldn't have bothered seeing. Its ticket price disruption -- and its over 3 million subscribers acquired in less than a year -- got the attention of AMC Entertainment Holdings (NYSE: AMC) , the world's largest theater chain. AMC launched its rival Stubs A-List service, which allows for three movies a week for $19.95 a month. Barely a month past its arrival, AMC said Stubs A-List boasts over 175,000 subscribers, surpassing its own expectations. Story continues It's still the early days for theater subscription services, but initial indications are that foot traffic is seeing a resurgence as a result of them. Whether they are profitable over the long term is another question entirely. A Catch-22? For MoviePass, its $9.95 a month price tag makes for an enterprise that's guaranteed to lose. The company is subsidizing its users' theater attendance, as the monthly fee barely covers one visit. However, the company plans on making up the difference through things like marketing fees and its own movie production venture , which could make up for losses if it can herd members to its own feature films. Until MoviePass proves that model can work, it's a high-risk venture that benefits theater operators more than it does MoviePass. Yet the company has already had to modify its rules from its original plan that allowed unlimited viewing, and recent earnings results show that MoviePass still has work to do to prove that its business model is viable. By contrast, AMC says its $19.95 pricing is sustainable even though users can see substantially more flicks every month. The reason is that, as the operator of the theaters themselves, AMC doesn't have to shell out ticketing upcharges like MoviePass does. Plus, additional concession sales from frequent attenders and full-price-paying friends and family joining subscribers are no doubt built into the company's assumptions. Nevertheless, there is risk that movie theater binging could seriously dent the bottom line for AMC, just as TV streaming carries a lower profit margin than traditional cable does. Thus, a less profitable future may be in store for theaters like AMC, which adopted a subscription based model, at least in the short to mid term. Or a best-case scenario is that theaters could end up with significantly more foot traffic than they've had in years, opening up new ways for them to monetize the movie business. Either way, box office by subscription appears to be gaining momentum as a way for theaters to try to stave off further disruption in the entertainment business. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Nicholas Rossolillo and his clients own shares of Walt Disney. The Motley Fool owns shares of and recommends Walt Disney. The Motley Fool has a disclosure policy . || These Traits Are What Make You a Bad Boss, Data Shows: Are you a bad boss and don't even know it? Chances are, you're not trying to be a terrible manager, but you may not be making an effort to overcome the qualities that make employees resent working for you. Being a bad boss is problematic for a number of reasons. First, if you get that reputation, you'll increase your chances of losing your title and getting demoted , if not dismissed altogether. Even if your job isn't compromised, if your direct reports regard you as a bad manager to work for, they'll be less engaged, happy, and motivated. All these things will impact their performance -- and yours. That assumes, of course, that working for you doesn't drive them to quit. In a recent study by The Predictive Index, LLC, 77% of employees who think they have bad managers are aiming to jump ship and move elsewhere. If you'd rather not lose the bulk of your team or suffer the aforementioned consequences, it's imperative that you recognize the qualities that might be making you a bad boss -- and do something about them. Man yelling at three professionals seated at a table IMAGE SOURCE: GETTY IMAGES. What makes a terrible boss? According to the aforementioned survey, these are the qualities that make managers bad ones: Failing to set clear expectations Playing favorites Not showing concern for employees' career development Badmouthing colleagues Not being open to feedback Having a need always to be right So how can you improve in these areas to be a better manager? First, consider scheduling weekly one-on-one meetings with your direct reports so that they get an opportunity to share their progress and concerns, and you get a chance to affirm your expectations, provide feedback, and offer the guidance they need. Will those meetings eat into your regular work time and schedule? Of course. But a big part of being a manager is making yourself available to your employees, and the more you do, the more you'll all benefit. Another step to take on the road to becoming a better manager is making an effort to treat your employees equally. This isn't to say you can't reward top performers with more responsibilities, but make sure you're basing your decisions on work ethic, skills, and contributions as opposed to making it a personality contest. Story continues Furthermore, frustrated as you might be with some of your colleagues, mouthing off about them behind their backs isn't going to help your cause. If anything, it'll only make you look petty and unprofessional. If you're having issues with specific individuals at your company, aim to work them out directly, or involve HR or your own boss, as necessary. But don't resort to gossip or undue criticism that will reflect more poorly on you than on them. Additionally, work on becoming more openminded at the office. Just because your employees might be a level or more beneath you on the organizational chart doesn't mean their opinions and ideas aren't valid. And if they're bold enough to vocalize the ways you're letting them down, don't dismiss them. Being open to feedback shows a degree of professional maturity that good managers are known to have. Finally, recognize that it's better to do a good job than to be right all the time. You might think that being proven wrong reflects poorly on you, but in reality, no one is perfect, and we can all stand to do some learning on the job. And who knows? If you're willing to let your guard down a little, you just might improve a skill, hone a technique, or snag some knowledge that makes you better at what you do. When you're a bad boss, nobody wins, so if your reputation has taken a turn for the negative, it's time to address it sooner rather than later. Not only might it spare you the hassle of replacing team members when they ultimately lose patience and jump ship, but it just might spare you the embarrassment of losing your title altogether. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || These Traits Are What Make You a Bad Boss, Data Shows: Are you abad bossand don't even know it? Chances are, you're nottryingto be a terrible manager, but you may not be making an effort to overcome the qualities that make employees resent working for you.
Being a bad boss is problematic for a number of reasons. First, if you get that reputation, you'll increase your chances of losing your title and gettingdemoted, if not dismissed altogether. Even if your job isn't compromised, if your direct reports regard you as a bad manager to work for, they'll be less engaged, happy, and motivated. All these things will impact their performance -- and yours.
That assumes, of course, that working for you doesn't drive them to quit. In arecent studyby The Predictive Index, LLC, 77% of employees who think they have bad managers are aiming to jump ship and move elsewhere. If you'd rather not lose the bulk of your team or suffer the aforementioned consequences, it's imperative that you recognize the qualities that might be making you a bad boss -- and do something about them.
IMAGE SOURCE: GETTY IMAGES.
According to the aforementioned survey, these are the qualities that make managers bad ones:
• Failing to set clear expectations
• Playing favorites
• Not showing concern for employees' career development
• Badmouthing colleagues
• Not being open to feedback
• Having a need always to be right
So how can you improve in these areas to be a better manager?
First, consider schedulingweekly one-on-one meetingswith your direct reports so that they get an opportunity to share their progress and concerns, and you get a chance to affirm your expectations, provide feedback, and offer the guidance they need. Will those meetings eat into your regular work time and schedule? Of course. But a big part of being a manager is making yourself available to your employees, and the more you do, the more you'll all benefit.
Another step to take on the road to becoming a better manager is making an effort to treat your employees equally. This isn't to say you can't reward top performers with more responsibilities, but make sure you're basing your decisions on work ethic, skills, and contributions as opposed to making it a personality contest.
Furthermore, frustrated as you might be with some of your colleagues, mouthing off about them behind their backs isn't going to help your cause. If anything, it'll only make you look petty and unprofessional. If you're having issues with specific individuals at your company, aim to work them out directly, or involve HR or your own boss, as necessary. But don't resort to gossip or undue criticism that will reflect more poorly on you than on them.
Additionally, work on becoming more openminded at the office. Just because your employees might be a level or more beneath you on the organizational chart doesn't mean their opinions and ideas aren't valid. And if they're bold enough to vocalize the ways you're letting them down, don't dismiss them. Being open to feedback shows a degree of professional maturity that good managers are known to have.
Finally, recognize that it's better to do a good job than to be right all the time. You might think that being proven wrong reflects poorly on you, but in reality, no one is perfect, and we can all stand to do some learning on the job. And who knows? If you're willing to let your guard down a little, you just might improve a skill, hone a technique, or snag some knowledge that makes you better at what you do.
When you're a bad boss, nobody wins, so if your reputation has taken a turn for the negative, it's time to address it sooner rather than later. Not only might it spare you the hassle of replacing team members when they ultimately lose patience and jump ship, but it just might spare you the embarrassment of losing your title altogether.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || Hawaiian Electric Utility Scam Threatens Disconnection Unless Bitcoin Bill is Paid: It’s a case of an old scam in a new wineskin.
Customers of electric utility companies in the state ofHawaiiare being targeted by scammers who are relying on the relative anonymity offered by cryptocurrencies.
The fraudsters are calling the customers of power firms that include Hawaii Electric Light, Maui Electric and Hawaiian Electric claiming that they have overdue bills. Further, the customers who include businesses are being threatened with immediate disconnection if the bills are not paid promptly using bitcoin.
Accordingto Khon 2, a television station, reports of the scam started emerging earlier this month. Per Utilities United Against Scams, a consortium of over 100 electric, natural gas, and water utilities in the United States and Canada, hundreds of fraudulent calls have so far been reported. In one of the islands in Hawaii, O’ahu, three businesses have already fallen victim to the scam and have ended up paying hundreds of US dollars at bitcoin ATM machines.
“They weren’t even overdue, but the scammers sounded so convincing that these business owners were willing to pay,” corporate communications director of Hawaiian Electric, Shannon Tangonan, said. “They actually went to a bitcoin machine as directed by these scammers and fed cash into the machines…”
The modus operandi of the fraudsters involves picking random targets and inducing panic and fear that they will be left without power. In some cases, customers of the utility firms were sent emails complete with ‘disconnection notices’ that bore an outdated letterhead of one of the power companies. The emails also contained a QR code meant to be scanned at abitcoin ATMmachine.
The power utilities have consequently informed their customers to be on the lookout and avoid falling prey to the scam.
“This is simply a new twist on an old scam but our same advice applies: just hang up. Whether it’s bitcoin, gift cards or money orders, our companies aren’t going to threaten you or have you running around town to meet unorthodox payment demands,” Hawaiian Electric Companies’ senior vice president, customer service, Jim Alberts, told Khon 2.
As cryptocurrency adoption grows, fraudsters are increasingly turning to the new technology. The U.S. Financial Crimes Enforcement Network, for instance, recently disclosed that it getsmore than 1,500 suspicious activity complaints involving cryptocurrencieson a monthly basis. As CCN reported, these suspicious activity reports were mainly from the money services businesses in the crypto sector as well as other financial sector players.
Featured image from Shutterstock.
The postHawaiian Electric Utility Scam Threatens Disconnection Unless Bitcoin Bill is Paidappeared first onCCN. || Hawaiian Electric Utility Scam Threatens Disconnection Unless Bitcoin Bill is Paid: It’s a case of an old scam in a new wineskin.
Customers of electric utility companies in the state ofHawaiiare being targeted by scammers who are relying on the relative anonymity offered by cryptocurrencies.
The fraudsters are calling the customers of power firms that include Hawaii Electric Light, Maui Electric and Hawaiian Electric claiming that they have overdue bills. Further, the customers who include businesses are being threatened with immediate disconnection if the bills are not paid promptly using bitcoin.
Accordingto Khon 2, a television station, reports of the scam started emerging earlier this month. Per Utilities United Against Scams, a consortium of over 100 electric, natural gas, and water utilities in the United States and Canada, hundreds of fraudulent calls have so far been reported. In one of the islands in Hawaii, O’ahu, three businesses have already fallen victim to the scam and have ended up paying hundreds of US dollars at bitcoin ATM machines.
“They weren’t even overdue, but the scammers sounded so convincing that these business owners were willing to pay,” corporate communications director of Hawaiian Electric, Shannon Tangonan, said. “They actually went to a bitcoin machine as directed by these scammers and fed cash into the machines…”
The modus operandi of the fraudsters involves picking random targets and inducing panic and fear that they will be left without power. In some cases, customers of the utility firms were sent emails complete with ‘disconnection notices’ that bore an outdated letterhead of one of the power companies. The emails also contained a QR code meant to be scanned at abitcoin ATMmachine.
The power utilities have consequently informed their customers to be on the lookout and avoid falling prey to the scam.
“This is simply a new twist on an old scam but our same advice applies: just hang up. Whether it’s bitcoin, gift cards or money orders, our companies aren’t going to threaten you or have you running around town to meet unorthodox payment demands,” Hawaiian Electric Companies’ senior vice president, customer service, Jim Alberts, told Khon 2.
As cryptocurrency adoption grows, fraudsters are increasingly turning to the new technology. The U.S. Financial Crimes Enforcement Network, for instance, recently disclosed that it getsmore than 1,500 suspicious activity complaints involving cryptocurrencieson a monthly basis. As CCN reported, these suspicious activity reports were mainly from the money services businesses in the crypto sector as well as other financial sector players.
Featured image from Shutterstock.
The postHawaiian Electric Utility Scam Threatens Disconnection Unless Bitcoin Bill is Paidappeared first onCCN. || Hawaiian Electric Utility Scam Threatens Disconnection Unless Bitcoin Bill is Paid: Its a case of an old scam in a new wineskin. Customers of electric utility companies in the state of Hawaii are being targeted by scammers who are relying on the relative anonymity offered by cryptocurrencies. The fraudsters are calling the customers of power firms that include Hawaii Electric Light, Maui Electric and Hawaiian Electric claiming that they have overdue bills. Further, the customers who include businesses are being threatened with immediate disconnection if the bills are not paid promptly using bitcoin. Hundreds of Dollars Already Lost According to Khon 2, a television station, reports of the scam started emerging earlier this month. Per Utilities United Against Scams, a consortium of over 100 electric, natural gas, and water utilities in the United States and Canada, hundreds of fraudulent calls have so far been reported. In one of the islands in Hawaii, Oahu, three businesses have already fallen victim to the scam and have ended up paying hundreds of US dollars at bitcoin ATM machines. They werent even overdue, but the scammers sounded so convincing that these business owners were willing to pay, corporate communications director of Hawaiian Electric, Shannon Tangonan, said. They actually went to a bitcoin machine as directed by these scammers and fed cash into the machines
The modus operandi of the fraudsters involves picking random targets and inducing panic and fear that they will be left without power. In some cases, customers of the utility firms were sent emails complete with disconnection notices that bore an outdated letterhead of one of the power companies. The emails also contained a QR code meant to be scanned at a bitcoin ATM machine. If it Walks Like a Duck
The power utilities have consequently informed their customers to be on the lookout and avoid falling prey to the scam. This is simply a new twist on an old scam but our same advice applies: just hang up. Whether its bitcoin, gift cards or money orders, our companies arent going to threaten you or have you running around town to meet unorthodox payment demands, Hawaiian Electric Companies senior vice president, customer service, Jim Alberts, told Khon 2. Story continues As cryptocurrency adoption grows, fraudsters are increasingly turning to the new technology. The U.S. Financial Crimes Enforcement Network, for instance, recently disclosed that it gets more than 1,500 suspicious activity complaints involving cryptocurrencies on a monthly basis. As CCN reported, these suspicious activity reports were mainly from the money services businesses in the crypto sector as well as other financial sector players. Featured image from Shutterstock. The post Hawaiian Electric Utility Scam Threatens Disconnection Unless Bitcoin Bill is Paid appeared first on CCN . || $220 Billion: Crypto Market Continues Short-Term Recovery as Tokens Surge: The crypto market has continued its recovery over the past 24 hours, as both major cryptocurrencies and tokens continued to surge in value.
While Bitcoin remained relatively stable with a 1 percent gain, Ethereum, Ripple, Bitcoin Cash, and EOS recorded 4 percent, 9 percent, 8 percent, and 11 percent gains respectively, pushing the valuation of the crypto market to $220 billion.
As was the case on August 17, the best performers in the global cryptocurrency market today have been tokens. Ta Ta Tu, Nebulas, Aion, EOS, and Ontology increased by 11 to 63 percent against the USD, recording large gains against Ethereum and Bitcoin as well.
The volume of major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Bitcoin Cash have not increased by a large margin in the past week. In fact, the volume of Bitcoin and Ethereum, at $4.3 billion and $1.9 billion, are lower than the volume they recorded last week when Bitcoin dipped below $6,000 and Ethereum dropped to $250.
One of the few contributing factors to the recent rally of the crypto market is the initiation of a corrective rally, which Bitcoin has historically done throughout the past nine years. Each time its price would fall 70 to 90 percent, it would surge back up, beyond its previous all-time high, in a mid-term rally.
The momentum of the crypto market is stronger than previous corrective rallies, mostly due to the strong performance of tokens and small market cap cryptocurrencies.
Usually, investors do not purchase tokens and cryptocurrencies with small valuation because of two major reasons; first, the lack of fiat trading pairs for tokens and second, high level of risk involved in trading tokens.
As such, a rapid increase in the value of tokens in a short period of time often leads to a strong mid-term rally, and some analysts have predicted the price of Bitcoin to recover to the $9,000 resistance level in the near future due to the newly found momentum.
In an interview with Bitcoin.com, Japanese cryptocurrency analyst and Fiscalo Digital Asset Group director Masayuki Tashiro said that tightening of regulations in Japan and positive developments in major markets like South Korea pertaining to regulation could lead the market to rebound relatively quickly.
“Personally, I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range,” Tashirosaid.
If Bitcoin moves in a similar trend as movement recorded in February, April, and June, it is likely that the Bitcoin price tests the higher region of $9,000 once again, possibly reaching $10,000 in the mid-term.
But, in order for the market to find stability and momentum, it is important for Bitcoin to increase gradually, to ensure that the market is not left vulnerable to another massive correction in the upcoming months.
Featured image from Shutterstock. Charts fromTradingView.
The post$220 Billion: Crypto Market Continues Short-Term Recovery as Tokens Surgeappeared first onCCN. || $220 Billion: Crypto Market Continues Short-Term Recovery as Tokens Surge: The crypto market has continued its recovery over the past 24 hours, as both major cryptocurrencies and tokens continued to surge in value. While Bitcoin remained relatively stable with a 1 percent gain, Ethereum, Ripple, Bitcoin Cash, and EOS recorded 4 percent, 9 percent, 8 percent, and 11 percent gains respectively, pushing the valuation of the crypto market to $220 billion. As was the case on August 17, the best performers in the global cryptocurrency market today have been tokens. Ta Ta Tu, Nebulas, Aion, EOS, and Ontology increased by 11 to 63 percent against the USD, recording large gains against Ethereum and Bitcoin as well. What is Pushing the Market Upwards? The volume of major cryptocurrencies including Bitcoin, Ethereum, Ripple, and Bitcoin Cash have not increased by a large margin in the past week. In fact, the volume of Bitcoin and Ethereum, at $4.3 billion and $1.9 billion, are lower than the volume they recorded last week when Bitcoin dipped below $6,000 and Ethereum dropped to $250. One of the few contributing factors to the recent rally of the crypto market is the initiation of a corrective rally, which Bitcoin has historically done throughout the past nine years. Each time its price would fall 70 to 90 percent, it would surge back up, beyond its previous all-time high, in a mid-term rally. The momentum of the crypto market is stronger than previous corrective rallies, mostly due to the strong performance of tokens and small market cap cryptocurrencies. Usually, investors do not purchase tokens and cryptocurrencies with small valuation because of two major reasons; first, the lack of fiat trading pairs for tokens and second, high level of risk involved in trading tokens. As such, a rapid increase in the value of tokens in a short period of time often leads to a strong mid-term rally, and some analysts have predicted the price of Bitcoin to recover to the $9,000 resistance level in the near future due to the newly found momentum. Story continues In an interview with Bitcoin.com, Japanese cryptocurrency analyst and Fiscalo Digital Asset Group director Masayuki Tashiro said that tightening of regulations in Japan and positive developments in major markets like South Korea pertaining to regulation could lead the market to rebound relatively quickly. Personally, I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things wont get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range, Tashiro said. Bitcoin at $9,000 If Bitcoin moves in a similar trend as movement recorded in February, April, and June, it is likely that the Bitcoin price tests the higher region of $9,000 once again, possibly reaching $10,000 in the mid-term. But, in order for the market to find stability and momentum, it is important for Bitcoin to increase gradually, to ensure that the market is not left vulnerable to another massive correction in the upcoming months. Featured image from Shutterstock. Charts from TradingView . The post $220 Billion: Crypto Market Continues Short-Term Recovery as Tokens Surge appeared first on CCN . || Indian Police Arrest Two in $150 Million Bitcoin Ponzi: The Indian police have arrested two more persons involved in the GainBitcoin Ponzi case, according to Times ofIndia.
This comes on the heels of a series of arrests made in Delhi where the police raided a 4,000 square-foot mining facility, whoseoperatorsconned several victims into investing in GainBitcoin.com.
The news outlet quotes an unnamed police officer who said the two suspects were involved in marketing the scam to thousands of investors across India.
“The duo were involved in marketing the scheme. They had lured hundreds of people and then disappear. We are investigating the case and are also finding out the number of people that have been duped,” the official added.
The accused individuals are said to be close aides of Amit Bhardwaj, the kingpin the infamous cryptocurrency Ponzi scheme GainBitcoin, estimated at $300 million.
GainBitcoin started out as a multi-level-marketing scheme in 2015, where it grew to over 100,000 investors, all of whom were promised a monthly return of 10% on their investment.
The scam came to light after two First Information Reports (FIRs) were filed against GainBitcoin in April 2018, followed by another FIR filed in a different city. Authorities immediately regarded the crime as a multi-city operation after this development. The authorities swooped in after a victim complained against GainBitcoin in May 2018.
During the preliminary investigation, officials from the cyber crime cell at the Indian city of Pune discovered the wallets controlled by Bhardwaj, which was said to contain a total balance of 3.31 bitcoin—a significant reduction from its previous balance of 5,372 BTC. The authorities also contacted Zebpay in a bid to get an inquiry after determining that “a large volume of transactions between the victims and Bhardwaj took place via its platform.”
As per aCCNreportlast month, Bhardwaj offered to repay investors their initial bitcoin investments in their corresponding value in Indian rupees. The victims were, however, not enthused about the idea as they demanded to be paid in today’s market value.
“Today, the Bitcoin price is much higher than what it was when we invested,” an anonymous victim was quoted as stating. “It is like Bhardwaj will keep the profits and just return the principal amount which is wrong.”
Featured image from Shutterstock,
The postIndian Police Arrest Two in $150 Million Bitcoin Ponziappeared first onCCN.
[Social Media Buzz]
【市況アラート】$BIT First Bitcoinが仮想通貨クラスタ界隈で話題急騰！ - 08/20 10:00 http://cryptweet.info/coin.php?code=BIT … #仮想通貨 #市況 || Korea price
Time: 08/20 00:19:26
BTC: 7,368,500 KRW
ETH: 343,912 KRW
XRP: 388 KRW
#Bitcoin #Ethereum #Ripple || Bitcoin - BTC
Price: $6,415.73
Change in 1h: -0.05%
Market cap: $110,473,415,450.00
Ranking: 1
#Bitcoin #BTC || BTC Price: 6520.00$,
BTC Today High : 6544.22$,
BTC All Time High : 19903.44$
ETH Price: 301.00$ #bitcoin #BTC $BTC #ETH $ETH #cryptopic.twitter.com/obTqvyCIs1 |...
|
6308.53, 6488.76, 6376.71, 6534.88, 6719.96, 6763.19, 6707.26, 6884.64, 7096.28, 7047.16
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 17645.41, 17804.01, 17817.09, 18621.31, 18642.23, 18370.00, 18364.12, 19107.46, 18732.12, 17150.62, 17108.40, 17717.41, 18177.48, 19625.84, 18803.00, 19201.09, 19445.40, 18699.77, 19154.23, 19345.12, 19191.63, 18321.14, 18553.92, 18264.99, 18058.90, 18803.66, 19142.38, 19246.64, 19417.08, 21310.60, 22805.16, 23137.96, 23869.83, 23477.29, 22803.08, 23783.03, 23241.35, 23735.95, 24664.79, 26437.04, 26272.29, 27084.81, 27362.44, 28840.95, 29001.72, 29374.15, 32127.27, 32782.02, 31971.91, 33992.43, 36824.36, 39371.04, 40797.61, 40254.55, 38356.44, 35566.66, 33922.96, 37316.36, 39187.33, 36825.37, 36178.14, 35791.28, 36630.07, 36069.80, 35547.75, 30825.70, 33005.76, 32067.64, 32289.38, 32366.39, 32569.85, 30432.55, 33466.10, 34316.39, 34269.52, 33114.36, 33537.18, 35510.29, 37472.09, 36926.07, 38144.31, 39266.01, 38903.44, 46196.46, 46481.11, 44918.18, 47909.33, 47504.85, 47105.52, 48717.29.
|
[Bitcoin Technical Analysis for 2021-02-14]
Volume: 71248675228, RSI (14-day): 73.32, 50-day EMA: 35801.36, 200-day EMA: 22992.24
[Wider Market Context]
None available.
[Recent News (last 7 days)]
Latest Bitcoin Breakout Highlights an Overlooked Opportunity: You know me as a long-term investor in hypergrowth themes and stocks.
Source: Shutterstock
To me, that’s the best way to build your wealth and realize your financial dreams. That’s why we talk a lot about the massive, exciting trends changing our world and making investors rich.
So here’s one thing you may not know about me …
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
I’m an avid chart reader.
I learned the importance of charts and how to really read them in my first job (as a stockbroker) from a mentor who has stayed a lifelong friend.
This was before smartphones, which means I learned the old-fashioned way — at happy hour after work.
On “bev naps” — those little napkins you get with your drink — we would draw charts, map out strategies, and anything that would give us an edge.
I still have a few of those napkins. They contain some of the best investing lessons I’ve ever learned.
That includes about breakouts, which is when a stock or other asset class “breaks out” to higher prices on big volume.
Breakouts are significant on many levels, and they are often a prelude to much higher prices.
I know 2021 is only six weeks old, but we’ve already witnessed a significant breakout that may go down as one of the greatest in history…
If you’ve been following bitcoin at all, you know exactly what I’m talking about.
I’m extremely bullish on bitcoin, blockchain, and especially smaller cryptocurrencies known as altcoins. (We just talked more about the opportunity in the newCrypto Investor NetworkMonthly issue released yesterday.) They are the kind of hypergrowth investments I love in transformational technologies that will change our world and make smart investors a ton of money.
But wow!
The world’s largest cryptocurrency has been on an amazing run … up 162% in just three months, even with a pretty steep pullback thrown in.
The first breakout came in December when bitcoin rallied above $20,000 for the first time ever. This sparked a social media frenzy as long-term bitcoin believers rejoiced, and it kept right on going.
Less than a month later, bitcoin more than doubled to $41,000.
It pulled back to $30,000 in late January, bouncing right off the 50-day moving average before marching higher and breaking out yet again to nearly $50,000.
My friend Charlie Shrem and I think the action in bitcoin the last couple of months is one of the most important events in the cryptocurrency sector since bitcoin started it all in 2009. And Charlie was around practically at the beginning.
The breakouts and follow-through prove that bitcoin and its smaller peers — the altcoins we follow inCrypto Investor Network— are here to stay.
Perhaps the most significant announcement in the past month came fromTesla(NASDAQ:TSLA), the largest automaker in the world by market capitalization and the world’s leading electric vehicle (EV) manufacturer.
Tesla announced on Monday that it bought $1.5 billion worth of bitcoin to “further diversify and maximize returns on our cash.” The company didn’t hold back. That $1.5 billion purchase accounted for nearly 8% of the $19 billion in cash and cash equivalents Tesla had on hand six weeks ago at the end of last year.
But that wasn’t all. The company plans to begin accepting bitcoin as payment for its products and services, making it the first big automaker to take that step.
Don’t underestimate the significance of this from an influential company with an influential CEO in Elon Musk. He personally has ramped up his public support for bitcoin, especially on Twitter. He added bitcoin to his Twitter handle and said “it was inevitable” when traders turned to cryptocurrencies after Robinhood limited trading in certain stocks.
Beyond price action is the implication of such a major move from a major company. One analyst, Daniel Ives of Wedbush, said it would have a “ripple effect across corporations around the globe.”
Along the way, the smaller altcoins in our portfolio surged about 165% on average in just the last month, bringing our portfolio’s overall return to more than 260% in a little under five months since we started.
That’s huge, and we see even bigger gains ahead. There is a massive amount of money flowing into cryptocurrencies right now as bitcoin and altcoins cannot be ignored by large firms anymore. We’re seeing more money managers, hedge funds, large institutions, and even publicly traded companies turn to cryptocurrencies and the blockchain technology that they run on.
This big money realizes that if they don’t adopt a plantoday, they will be left behind.
Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services … purchase a home … pay your taxes … even how you order a pizza.
This transformation is already underway, but the truly seismic shift — when the massive profits are made — is coming as businesses, consumers, and those big-money investors realize what’s going on.
We’re seeing that now, and that’s why we recentlyadded a new altcoin inCrypto Investor Network. Moving money in the future will take place squarely on the blockchain, and our new buy is one of the best positioned altcoins to capture a chunk of this multi-trillion-dollar industry.
Ignoring cryptocurrencies and the blockchain would be similar to ignoring the advent of the internet.
I don’t want anybody to miss this opportunity to be at theforefront of the next big technological revolutionmoving into the mainstream in the Roaring 2020s.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
• Why Everyone Is Investing in 5G All WRONG
• America’s #1 Stock Picker Reveals His Next 1,000% Winner
• Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company
• Radical New Battery Could Dismantle Oil Markets
The postLatest Bitcoin Breakout Highlights an Overlooked Opportunityappeared first onInvestorPlace. || Latest Bitcoin Breakout Highlights an Overlooked Opportunity: You know me as a long-term investor in hypergrowth themes and stocks. Smartphone with Bitcoin chart on-screen among piles of Bitcoins Source: Shutterstock To me, that’s the best way to build your wealth and realize your financial dreams. That’s why we talk a lot about the massive, exciting trends changing our world and making investors rich. So here’s one thing you may not know about me … InvestorPlace - Stock Market News, Stock Advice & Trading Tips I’m an avid chart reader. I learned the importance of charts and how to really read them in my first job (as a stockbroker) from a mentor who has stayed a lifelong friend. This was before smartphones, which means I learned the old-fashioned way — at happy hour after work. On “bev naps” — those little napkins you get with your drink — we would draw charts, map out strategies, and anything that would give us an edge. I still have a few of those napkins. They contain some of the best investing lessons I’ve ever learned. That includes about breakouts, which is when a stock or other asset class “breaks out” to higher prices on big volume. Breakouts are significant on many levels, and they are often a prelude to much higher prices. I know 2021 is only six weeks old, but we’ve already witnessed a significant breakout that may go down as one of the greatest in history… If you’ve been following bitcoin at all, you know exactly what I’m talking about. I’m extremely bullish on bitcoin, blockchain, and especially smaller cryptocurrencies known as altcoins. (We just talked more about the opportunity in the new Crypto Investor Network Monthly issue released yesterday.) They are the kind of hypergrowth investments I love in transformational technologies that will change our world and make smart investors a ton of money. But wow! The world’s largest cryptocurrency has been on an amazing run … up 162% in just three months, even with a pretty steep pullback thrown in. The first breakout came in December when bitcoin rallied above $20,000 for the first time ever. This sparked a social media frenzy as long-term bitcoin believers rejoiced, and it kept right on going. Story continues Less than a month later, bitcoin more than doubled to $41,000. It pulled back to $30,000 in late January, bouncing right off the 50-day moving average before marching higher and breaking out yet again to nearly $50,000. My friend Charlie Shrem and I think the action in bitcoin the last couple of months is one of the most important events in the cryptocurrency sector since bitcoin started it all in 2009. And Charlie was around practically at the beginning. The breakouts and follow-through prove that bitcoin and its smaller peers — the altcoins we follow in Crypto Investor Network — are here to stay. Perhaps the most significant announcement in the past month came from Tesla (NASDAQ: TSLA ), the largest automaker in the world by market capitalization and the world’s leading electric vehicle (EV) manufacturer. Tesla announced on Monday that it bought $1.5 billion worth of bitcoin to “further diversify and maximize returns on our cash.” The company didn’t hold back. That $1.5 billion purchase accounted for nearly 8% of the $19 billion in cash and cash equivalents Tesla had on hand six weeks ago at the end of last year. But that wasn’t all. The company plans to begin accepting bitcoin as payment for its products and services, making it the first big automaker to take that step. Don’t underestimate the significance of this from an influential company with an influential CEO in Elon Musk. He personally has ramped up his public support for bitcoin, especially on Twitter. He added bitcoin to his Twitter handle and said “it was inevitable” when traders turned to cryptocurrencies after Robinhood limited trading in certain stocks. Beyond price action is the implication of such a major move from a major company. One analyst, Daniel Ives of Wedbush, said it would have a “ripple effect across corporations around the globe.” Along the way, the smaller altcoins in our portfolio surged about 165% on average in just the last month, bringing our portfolio’s overall return to more than 260% in a little under five months since we started. That’s huge, and we see even bigger gains ahead. There is a massive amount of money flowing into cryptocurrencies right now as bitcoin and altcoins cannot be ignored by large firms anymore. We’re seeing more money managers, hedge funds, large institutions, and even publicly traded companies turn to cryptocurrencies and the blockchain technology that they run on. This big money realizes that if they don’t adopt a plan today , they will be left behind. Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services … purchase a home … pay your taxes … even how you order a pizza. This transformation is already underway, but the truly seismic shift — when the massive profits are made — is coming as businesses, consumers, and those big-money investors realize what’s going on. We’re seeing that now, and that’s why we recently added a new altcoin in Crypto Investor Network . Moving money in the future will take place squarely on the blockchain, and our new buy is one of the best positioned altcoins to capture a chunk of this multi-trillion-dollar industry. Ignoring cryptocurrencies and the blockchain would be similar to ignoring the advent of the internet. I don’t want anybody to miss this opportunity to be at the forefront of the next big technological revolution moving into the mainstream in the Roaring 2020s. On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article. Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. Click here to see what Matt has up his sleeve now . More From InvestorPlace Why Everyone Is Investing in 5G All WRONG America’s #1 Stock Picker Reveals His Next 1,000% Winner Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company Radical New Battery Could Dismantle Oil Markets The post Latest Bitcoin Breakout Highlights an Overlooked Opportunity appeared first on InvestorPlace . || Latest Bitcoin Breakout Highlights an Overlooked Opportunity: You know me as a long-term investor in hypergrowth themes and stocks.
Source: Shutterstock
To me, that’s the best way to build your wealth and realize your financial dreams. That’s why we talk a lot about the massive, exciting trends changing our world and making investors rich.
So here’s one thing you may not know about me …
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
I’m an avid chart reader.
I learned the importance of charts and how to really read them in my first job (as a stockbroker) from a mentor who has stayed a lifelong friend.
This was before smartphones, which means I learned the old-fashioned way — at happy hour after work.
On “bev naps” — those little napkins you get with your drink — we would draw charts, map out strategies, and anything that would give us an edge.
I still have a few of those napkins. They contain some of the best investing lessons I’ve ever learned.
That includes about breakouts, which is when a stock or other asset class “breaks out” to higher prices on big volume.
Breakouts are significant on many levels, and they are often a prelude to much higher prices.
I know 2021 is only six weeks old, but we’ve already witnessed a significant breakout that may go down as one of the greatest in history…
If you’ve been following bitcoin at all, you know exactly what I’m talking about.
I’m extremely bullish on bitcoin, blockchain, and especially smaller cryptocurrencies known as altcoins. (We just talked more about the opportunity in the newCrypto Investor NetworkMonthly issue released yesterday.) They are the kind of hypergrowth investments I love in transformational technologies that will change our world and make smart investors a ton of money.
But wow!
The world’s largest cryptocurrency has been on an amazing run … up 162% in just three months, even with a pretty steep pullback thrown in.
The first breakout came in December when bitcoin rallied above $20,000 for the first time ever. This sparked a social media frenzy as long-term bitcoin believers rejoiced, and it kept right on going.
Less than a month later, bitcoin more than doubled to $41,000.
It pulled back to $30,000 in late January, bouncing right off the 50-day moving average before marching higher and breaking out yet again to nearly $50,000.
My friend Charlie Shrem and I think the action in bitcoin the last couple of months is one of the most important events in the cryptocurrency sector since bitcoin started it all in 2009. And Charlie was around practically at the beginning.
The breakouts and follow-through prove that bitcoin and its smaller peers — the altcoins we follow inCrypto Investor Network— are here to stay.
Perhaps the most significant announcement in the past month came fromTesla(NASDAQ:TSLA), the largest automaker in the world by market capitalization and the world’s leading electric vehicle (EV) manufacturer.
Tesla announced on Monday that it bought $1.5 billion worth of bitcoin to “further diversify and maximize returns on our cash.” The company didn’t hold back. That $1.5 billion purchase accounted for nearly 8% of the $19 billion in cash and cash equivalents Tesla had on hand six weeks ago at the end of last year.
But that wasn’t all. The company plans to begin accepting bitcoin as payment for its products and services, making it the first big automaker to take that step.
Don’t underestimate the significance of this from an influential company with an influential CEO in Elon Musk. He personally has ramped up his public support for bitcoin, especially on Twitter. He added bitcoin to his Twitter handle and said “it was inevitable” when traders turned to cryptocurrencies after Robinhood limited trading in certain stocks.
Beyond price action is the implication of such a major move from a major company. One analyst, Daniel Ives of Wedbush, said it would have a “ripple effect across corporations around the globe.”
Along the way, the smaller altcoins in our portfolio surged about 165% on average in just the last month, bringing our portfolio’s overall return to more than 260% in a little under five months since we started.
That’s huge, and we see even bigger gains ahead. There is a massive amount of money flowing into cryptocurrencies right now as bitcoin and altcoins cannot be ignored by large firms anymore. We’re seeing more money managers, hedge funds, large institutions, and even publicly traded companies turn to cryptocurrencies and the blockchain technology that they run on.
This big money realizes that if they don’t adopt a plantoday, they will be left behind.
Cryptos and the blockchain technology they are built on are going to change everything. The way you buy everyday goods and services … purchase a home … pay your taxes … even how you order a pizza.
This transformation is already underway, but the truly seismic shift — when the massive profits are made — is coming as businesses, consumers, and those big-money investors realize what’s going on.
We’re seeing that now, and that’s why we recentlyadded a new altcoin inCrypto Investor Network. Moving money in the future will take place squarely on the blockchain, and our new buy is one of the best positioned altcoins to capture a chunk of this multi-trillion-dollar industry.
Ignoring cryptocurrencies and the blockchain would be similar to ignoring the advent of the internet.
I don’t want anybody to miss this opportunity to be at theforefront of the next big technological revolutionmoving into the mainstream in the Roaring 2020s.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else.Click here to see what Matt has up his sleeve now.
• Why Everyone Is Investing in 5G All WRONG
• America’s #1 Stock Picker Reveals His Next 1,000% Winner
• Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company
• Radical New Battery Could Dismantle Oil Markets
The postLatest Bitcoin Breakout Highlights an Overlooked Opportunityappeared first onInvestorPlace. || Tesla To Set Up Plant In Southern Indian State Of Karnataka: Reports: Tesla Inc (NASDAQ: TSLA ) will set up an electric car manufacturing unit in Karnataka, India, according to reports. What Happened: "American firm Tesla will open its electric car manufacturing unit in Karnataka," Chief Minister BS Yediyurappa said in a statement, according to Indian business newspaper Mint and Reuters . On January 8 , Tesla registered the company named Tesla Motors India and Energy Private Limited with its registered office in the city of Bengaluru, Karnataka. CEO Elon Musk has tweeted several times about his India plans. The first Tesla model to be sold in India could be the Model 3 sedan, at a starting price of $40,960, plus import duties. Why It Matters: Of late, India has been looking to reduce its dependence on oil and to promote electric vehicles. Teslas entry into the Indian market would help meet these goals. And the huge market holds similar potential for Tesla as China does. However, the price range of Tesla vehicles is outside the reach of most Indians, plus there is the heavy import duty to consider. But the companys presence would boost the economy and employment in the country. See more from Benzinga Click here for options trades from Benzinga Morgan Stanley's 0 Billion Investment Unit Thinking About Getting In On Bitcoin Action: Bloomberg Biglari's Steak 'n Shake Could File For Bankruptcy As Early As This Coming Week © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Tesla To Set Up Plant In Southern Indian State Of Karnataka: Reports: Tesla Inc(NASDAQ:TSLA) will set up an electric car manufacturing unit in Karnataka, India, according to reports.
What Happened:"American firm Tesla will open its electric car manufacturing unit in Karnataka," Chief Minister BS Yediyurappa said in a statement, according to Indian business newspaperMintandReuters.
OnJanuary 8, Tesla registered the company named Tesla Motors India and Energy Private Limited with its registered office in the city of Bengaluru, Karnataka.
CEO Elon Musk hastweetedseveral times about his India plans. The first Tesla model to be sold in India could be theModel3 sedan, at a starting price of $40,960, plus import duties.
Why It Matters:Of late, India has been looking to reduce its dependence on oil and to promote electric vehicles. Tesla’s entry into the Indian market would help meet these goals. And the huge market holdssimilar potentialfor Tesla as China does.
However, the price range of Tesla vehicles is outside the reach of most Indians, plus there is the heavy import duty to consider.
But the company’s presence would boost the economy and employment in the country.
See more from Benzinga
• Click here for options trades from Benzinga
• Morgan Stanley's 0 Billion Investment Unit Thinking About Getting In On Bitcoin Action: Bloomberg
• Biglari's Steak 'n Shake Could File For Bankruptcy As Early As This Coming Week
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Morgan Stanley's $150 Billion Investment Unit Thinking About Getting In On Bitcoin Action: Bloomberg: Counterpoint Global, a $150 billion investment unit underMorgan Stanley(NYSE:MS), could be jumping intoBitcoin.
What Happened:Counterpoint is considering making bets on Bitcoin as pressure mounts on investment firms to provide exposure as investors watch the cryptocurrency skyrocket,Bloomberghas reported, citing anonymous sources.
The move would require regulatory approval, and Counterpoint still could decide not to make the move, Bloomberg noted.
Why It Matters:This would mark another high-profile move into the cryptocurrency, which is seeing a run that shows no signs of stopping.
Tesla Inc(NASDAQ:TSLA) this weeksaidit invested $1.5 billion into Bitcoin and will soon start accepting the cryptocurrency as payment. Similarly, firms likeBank of New York Mellon Corp(NYSE:BK) andMastercard Inc(NYSE:MA) have shown interest in the cryptocurrency.
TheGrayscale Bitcoin Trust(OTC:GBTC), a popular investment vehicle to gain exposure to Bitcoin, is up 39.42% year to date.
Things have changed quite a bit since 2017, when, amid Bitcoin's earlier historic rise, a Morgan Stanley analyst said the real value of the Bitcoin waszero. At that time the Bitcoin was trading at about $16,000, then an all-time high. Bitcoin is now trading at about $47,000, near its latest historic highs.
See more from Benzinga
• Click here for options trades from Benzinga
• Biglari's Steak 'n Shake Could File For Bankruptcy As Early As This Coming Week
• Stanford Researchers: Clubhouse's Raw Audio Data Vulnerable To Access By Chinese Govt.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Morgan Stanley's $150 Billion Investment Unit Thinking About Getting In On Bitcoin Action: Bloomberg: Counterpoint Global, a $150 billion investment unit under Morgan Stanley (NYSE: MS ), could be jumping into Bitcoin . What Happened: Counterpoint is considering making bets on Bitcoin as pressure mounts on investment firms to provide exposure as investors watch the cryptocurrency skyrocket, Bloomberg has reported, citing anonymous sources. The move would require regulatory approval, and Counterpoint still could decide not to make the move, Bloomberg noted. Why It Matters: This would mark another high-profile move into the cryptocurrency, which is seeing a run that shows no signs of stopping. Tesla Inc (NASDAQ: TSLA ) this week said it invested $1.5 billion into Bitcoin and will soon start accepting the cryptocurrency as payment. Similarly, firms like Bank of New York Mellon Corp (NYSE: BK ) and Mastercard Inc (NYSE: MA ) have shown interest in the cryptocurrency. The Grayscale Bitcoin Trust (OTC: GBTC ), a popular investment vehicle to gain exposure to Bitcoin, is up 39.42% year to date. Things have changed quite a bit since 2017, when, amid Bitcoin's earlier historic rise, a Morgan Stanley analyst said the real value of the Bitcoin was zero . At that time the Bitcoin was trading at about $16,000, then an all-time high. Bitcoin is now trading at about $47,000, near its latest historic highs. See more from Benzinga Click here for options trades from Benzinga Biglari's Steak 'n Shake Could File For Bankruptcy As Early As This Coming Week Stanford Researchers: Clubhouse's Raw Audio Data Vulnerable To Access By Chinese Govt. © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Morgan Stanley's $150 Billion Investment Unit Thinking About Getting In On Bitcoin Action: Bloomberg: Counterpoint Global, a $150 billion investment unit underMorgan Stanley(NYSE:MS), could be jumping intoBitcoin.
What Happened:Counterpoint is considering making bets on Bitcoin as pressure mounts on investment firms to provide exposure as investors watch the cryptocurrency skyrocket,Bloomberghas reported, citing anonymous sources.
The move would require regulatory approval, and Counterpoint still could decide not to make the move, Bloomberg noted.
Why It Matters:This would mark another high-profile move into the cryptocurrency, which is seeing a run that shows no signs of stopping.
Tesla Inc(NASDAQ:TSLA) this weeksaidit invested $1.5 billion into Bitcoin and will soon start accepting the cryptocurrency as payment. Similarly, firms likeBank of New York Mellon Corp(NYSE:BK) andMastercard Inc(NYSE:MA) have shown interest in the cryptocurrency.
TheGrayscale Bitcoin Trust(OTC:GBTC), a popular investment vehicle to gain exposure to Bitcoin, is up 39.42% year to date.
Things have changed quite a bit since 2017, when, amid Bitcoin's earlier historic rise, a Morgan Stanley analyst said the real value of the Bitcoin waszero. At that time the Bitcoin was trading at about $16,000, then an all-time high. Bitcoin is now trading at about $47,000, near its latest historic highs.
See more from Benzinga
• Click here for options trades from Benzinga
• Biglari's Steak 'n Shake Could File For Bankruptcy As Early As This Coming Week
• Stanford Researchers: Clubhouse's Raw Audio Data Vulnerable To Access By Chinese Govt.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Clear crypto rules urgently needed as major companies embrace asset: SEC official: By Chris Prentice and Katanga Johnson WASHINGTON (Reuters) - A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said. Hester Peirce, a Republican commissioner at the agency, also told Reuters in an interview that it was too soon to draw policy conclusions from a "Reddit Rally" in GameStop Corp and other stocks, but it was "wonderful" that a new generation of investors was able to participate in the market. Dubbed by crypto enthusiasts as the “Crypto Mom” due to her supportive stance on the asset class, Peirce has long advocated for regulators to create clear rules that would allow crypto assets to thrive without fear of breaking the law. "It's not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look," she said. Bitcoin hit record highs this month after electric car-maker Tesla said it had invested $1.5 billion in the cryptocurrency and BNY Mellon said it would help clients hold, transfer, and issue digital assets. Mastercard also said it would open up its network to some cryptocurrencies. "That adds to the urgency of us taking some sort of action in this area to provide more clarity," said Peirce. The market was plunged into crisis last month when Reddit users trading on low-cost retail platforms banded together to drive up the prices of GameStop and other stocks, squeezing hedge funds that had bet against those shares. The resulting volatility triggered massive margin calls from “clearing” houses that guarantee trades, prompting several retail platforms to suspend buying in the affected securities. The incident sparked outrage among lawmakers on both sides of the aisle. Vlad Tenev, CEO of trading app Robinhood, Ken Griffin, CEO of hedge fund Citadel LLC and others involved in the saga will testify before Congress on Thursday. Story continues The SEC is examining the "gamut" of issues including market volatility, the role of retail brokers, and how the post-trade market functioned, said Peirce. "To see new investors participating in the markets is a good thing and of course we want them to be educated and skeptical," she said, adding that a wide range of market participants could actually help improve price formation. (Writing by Michelle Price; Editing by Alistair Bell) || Clear crypto rules urgently needed as major companies embrace asset: SEC official: By Chris Prentice and Katanga Johnson WASHINGTON (Reuters) - A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said. Hester Peirce, a Republican commissioner at the agency, also told Reuters in an interview that it was too soon to draw policy conclusions from a "Reddit Rally" in GameStop Corp and other stocks, but it was "wonderful" that a new generation of investors was able to participate in the market. Dubbed by crypto enthusiasts as the “Crypto Mom” due to her supportive stance on the asset class, Peirce has long advocated for regulators to create clear rules that would allow crypto assets to thrive without fear of breaking the law. "It's not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look," she said. Bitcoin hit record highs this month after electric car-maker Tesla said it had invested $1.5 billion in the cryptocurrency and BNY Mellon said it would help clients hold, transfer, and issue digital assets. Mastercard also said it would open up its network to some cryptocurrencies. "That adds to the urgency of us taking some sort of action in this area to provide more clarity," said Peirce. The market was plunged into crisis last month when Reddit users trading on low-cost retail platforms banded together to drive up the prices of GameStop and other stocks, squeezing hedge funds that had bet against those shares. The resulting volatility triggered massive margin calls from “clearing” houses that guarantee trades, prompting several retail platforms to suspend buying in the affected securities. The incident sparked outrage among lawmakers on both sides of the aisle. Vlad Tenev, CEO of trading app Robinhood, Ken Griffin, CEO of hedge fund Citadel LLC and others involved in the saga will testify before Congress on Thursday. Story continues The SEC is examining the "gamut" of issues including market volatility, the role of retail brokers, and how the post-trade market functioned, said Peirce. "To see new investors participating in the markets is a good thing and of course we want them to be educated and skeptical," she said, adding that a wide range of market participants could actually help improve price formation. (Writing by Michelle Price; Editing by Alistair Bell) || Clear crypto rules urgently needed as major companies embrace asset: SEC official: By Chris Prentice and Katanga Johnson
WASHINGTON (Reuters) - A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said.
Hester Peirce, a Republican commissioner at the agency, also told Reuters in an interview that it was too soon to draw policy conclusions from a "Reddit Rally" in GameStop Corp and other stocks, but it was "wonderful" that a new generation of investors was able to participate in the market.
Dubbed by crypto enthusiasts as the “Crypto Mom” due to her supportive stance on the asset class, Peirce has long advocated for regulators to create clear rules that would allow crypto assets to thrive without fear of breaking the law.
"It's not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look," she said.
Bitcoin hit record highs this month after electric car-maker Tesla said it had invested $1.5 billion in the cryptocurrency and BNY Mellon said it would help clients hold, transfer, and issue digital assets. Mastercard also said it would open up its network to some cryptocurrencies.
"That adds to the urgency of us taking some sort of action in this area to provide more clarity," said Peirce.
The market was plunged into crisis last month when Reddit users trading on low-cost retail platforms banded together to drive up the prices of GameStop and other stocks, squeezing hedge funds that had bet against those shares.
The resulting volatility triggered massive margin calls from “clearing” houses that guarantee trades, prompting several retail platforms to suspend buying in the affected securities.
The incident sparked outrage among lawmakers on both sides of the aisle. Vlad Tenev, CEO of trading app Robinhood, Ken Griffin, CEO of hedge fund Citadel LLC and others involved in the saga will testify before Congress on Thursday.
The SEC is examining the "gamut" of issues including market volatility, the role of retail brokers, and how the post-trade market functioned, said Peirce.
"To see new investors participating in the markets is a good thing and of course we want them to be educated and skeptical," she said, adding that a wide range of market participants could actually help improve price formation.
(Writing by Michelle Price; Editing by Alistair Bell) || Clear crypto rules urgently needed as major companies embrace asset: SEC official: By Chris Prentice and Katanga Johnson WASHINGTON (Reuters) - A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla Inc, BNY Mellon Corp and Mastercard Inc embrace the alternative asset class, a top Securities and Exchange Commission (SEC) official said. Hester Peirce, a Republican commissioner at the agency, also told Reuters in an interview that it was too soon to draw policy conclusions from a "Reddit Rally" in GameStop Corp and other stocks, but it was "wonderful" that a new generation of investors was able to participate in the market. Dubbed by crypto enthusiasts as the “Crypto Mom” due to her supportive stance on the asset class, Peirce has long advocated for regulators to create clear rules that would allow crypto assets to thrive without fear of breaking the law. "It's not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look," she said. Bitcoin hit record highs this month after electric car-maker Tesla said it had invested $1.5 billion in the cryptocurrency and BNY Mellon said it would help clients hold, transfer, and issue digital assets. Mastercard also said it would open up its network to some cryptocurrencies. "That adds to the urgency of us taking some sort of action in this area to provide more clarity," said Peirce. The market was plunged into crisis last month when Reddit users trading on low-cost retail platforms banded together to drive up the prices of GameStop and other stocks, squeezing hedge funds that had bet against those shares. The resulting volatility triggered massive margin calls from “clearing” houses that guarantee trades, prompting several retail platforms to suspend buying in the affected securities. The incident sparked outrage among lawmakers on both sides of the aisle. Vlad Tenev, CEO of trading app Robinhood, Ken Griffin, CEO of hedge fund Citadel LLC and others involved in the saga will testify before Congress on Thursday. Story continues The SEC is examining the "gamut" of issues including market volatility, the role of retail brokers, and how the post-trade market functioned, said Peirce. "To see new investors participating in the markets is a good thing and of course we want them to be educated and skeptical," she said, adding that a wide range of market participants could actually help improve price formation. (Writing by Michelle Price; Editing by Alistair Bell) || Clear crypto rules urgently needed as major companies embrace asset - SEC official: By Chris Prentice and Katanga Johnson
WASHINGTON, Feb 13 (Reuters) - A clear cryptocurrencyregulatory regime is urgently needed as major companies likeTesla Inc, BNY Mellon Corp and Mastercard Incembrace the alternative asset class, a top Securities andExchange Commission (SEC) official said.
Hester Peirce, a Republican commissioner at the agency, alsotold Reuters in an interview that it was too soon to draw policyconclusions from a "Reddit Rally" in GameStop Corp andother stocks, but it was "wonderful" that a new generation ofinvestors was able to participate in the market.
Dubbed by crypto enthusiasts as the “Crypto Mom” due to hersupportive stance on the asset class, Peirce has long advocatedfor regulators to create clear rules that would allow cryptoassets to thrive without fear of breaking the law.
"It's not only that there have been calls for clarity forsome time and that a new administration brings the chance totake a fresh look, but it also is a moment where it seems othersin the marketplace are also taking a fresh look," she said.
Bitcoin hit record highs this month after electric car-makerTesla said it had invested $1.5 billion in the cryptocurrencyand BNY Mellon said it would help clients hold, transfer, andissue digital assets. Mastercard also said it would open up itsnetwork to some cryptocurrencies.
"That adds to the urgency of us taking some sort of actionin this area to provide more clarity," said Peirce.
The market was plunged into crisis last month when Redditusers trading on low-cost retail platforms banded together todrive up the prices of GameStop and other stocks, squeezinghedge funds that had bet against those shares.
The resulting volatility triggered massive margin calls from“clearing” houses that guarantee trades, prompting severalretail platforms to suspend buying in the affected securities.
The incident sparked outrage among lawmakers on both sidesof the aisle. Vlad Tenev, CEO of trading app Robinhood, KenGriffin, CEO of hedge fund Citadel LLC and others involved inthe saga will testify before Congress on Thursday.
The SEC is examining the "gamut" of issues including marketvolatility, the role of retail brokers, and how the post-trademarket functioned, said Peirce.
"To see new investors participating in the markets is a goodthing and of course we want them to be educated and skeptical,"she said, adding that a wide range of market participants couldactually help improve price formation.(Writing by Michelle PriceEditing by Alistair Bell) || Clear crypto rules urgently needed as major companies embrace asset - SEC official: By Chris Prentice and Katanga Johnson WASHINGTON, Feb 13 (Reuters) - A clear cryptocurrencyregulatory regime is urgently needed as major companies likeTesla Inc, BNY Mellon Corp and Mastercard Incembrace the alternative asset class, a top Securities andExchange Commission (SEC) official said. Hester Peirce, a Republican commissioner at the agency, alsotold Reuters in an interview that it was too soon to draw policyconclusions from a "Reddit Rally" in GameStop Corp andother stocks, but it was "wonderful" that a new generation ofinvestors was able to participate in the market. Dubbed by crypto enthusiasts as the “Crypto Mom” due to hersupportive stance on the asset class, Peirce has long advocatedfor regulators to create clear rules that would allow cryptoassets to thrive without fear of breaking the law. "It's not only that there have been calls for clarity forsome time and that a new administration brings the chance totake a fresh look, but it also is a moment where it seems othersin the marketplace are also taking a fresh look," she said. Bitcoin hit record highs this month after electric car-makerTesla said it had invested $1.5 billion in the cryptocurrencyand BNY Mellon said it would help clients hold, transfer, andissue digital assets. Mastercard also said it would open up itsnetwork to some cryptocurrencies. "That adds to the urgency of us taking some sort of actionin this area to provide more clarity," said Peirce. The market was plunged into crisis last month when Redditusers trading on low-cost retail platforms banded together todrive up the prices of GameStop and other stocks, squeezinghedge funds that had bet against those shares. The resulting volatility triggered massive margin calls from“clearing” houses that guarantee trades, prompting severalretail platforms to suspend buying in the affected securities. The incident sparked outrage among lawmakers on both sidesof the aisle. Vlad Tenev, CEO of trading app Robinhood, KenGriffin, CEO of hedge fund Citadel LLC and others involved inthe saga will testify before Congress on Thursday. The SEC is examining the "gamut" of issues including marketvolatility, the role of retail brokers, and how the post-trademarket functioned, said Peirce. "To see new investors participating in the markets is a goodthing and of course we want them to be educated and skeptical,"she said, adding that a wide range of market participants couldactually help improve price formation.(Writing by Michelle PriceEditing by Alistair Bell) || Reformed Bitcoin miner: Elon Musk’s $1.5 billion bet is ‘crazy’: Few observers are better qualified than Alex Pickard to assess Elon Musk’sastounding decision to channel $1.5 billionof Tesla’s corporate cash into a bet on Bitcoin. Pickard is a former big-time Bitcoin miner who abandoned the cryptocurrency when, in his view, it strayed from the original mission of becoming a consumer currency and gold-like store of value to degenerate into a casino chip for digital gamblers. It so happens that Pickard is also a student of sound corporate practices as a vice president at Research Affiliates, a firm that oversees $145 billion in investment strategies for mutual funds and ETFs.
This writer recentlywrote a piecechronicling Pickard’s Bitcoin adventures, which encompassed buying $300,000 worth of ASIC-driven mining equipment and moving from sunny California to rustic Wenatchee, Wash., home to the lowest electricity prices in America. There, his machines whirred away in multiple garages. His dream came to grief when the local utility shut down his operation for overloading the grid and Bitcoin’s price tumbled over 80% in 2018. Given his vantage point, it was only natural that I query Pickard on Musk’s unorthodox gambit.
In my own story following the 10-K release that disclosed the purchase––and sent Bitcoin soaring over 20%, to around $48,000––I detailed how a drop in the hyper-volatile token’s value could easily erase a couple of quarters’ earnings, adding just what [hotlink]Tesla[/hotlink] doesn’t need—a denser fog obscuring where its profits are headed. But Pickard has a different objection: He says Musk is mistreating his shareholders by embracing Bitcoin. “Companies should return excess cash to shareholders and let investors decide how to use that cash, including the possibility of buying Bitcoin,” he tells me. He says that if Musk paid a special dividend using cash from that overflowing war chest, “he can take his dividend and do so [buy Bitcoin]” for his own portfolio.
Pickard adds that if a company decided to accept Bitcoin for purchases, it would make sense to hold tokens on its balance sheet (the logic being that Bitcoin would be intrinsic to its business since customers are using it to pay). But consumers buy almost nothing with Bitcoin. Indeed, Pickard points out that although Tesla unveiled plans to accept the tokens for payment at a later date, it views the $1.5 billion buy as a way to, as the 10-K states, “maximize returns on our cash.” In other words, as an investment that shifts 3% of the EV-maker’s assets from the safety of money-market funds and Treasuries into a wildly gyrating vehicle with no practical use. “Unless a company’s business model is a cryptocurrency hedge fund,” says Pickard, “it shouldn’t be making speculative bets on Bitcoin.”
Tesla’s receives significant subsidies from U.S. taxpayers. It receives zero emission vehicle (ZEV) credits from 11 states, most notably California, and federal carbon credits, both of which it trades for cash to rivals whose cars exceed the mandates for emissions. Ten states offer rebates or tax credits for buying Teslas (as well other EVs). In California, buyers can qualify for a $4500 rebate on a on a Model Y, whose Performance model starts at $59,990, as well as a $1500 Clean Fuel Reward. Tesla has also received $1.3 billion in incentives from Nevada for construction of its battery Gigafactory in Sparks. “In a way, taxpayers bought Bitcoin for Tesla,” says Pickard.
I asked Pickard if Tesla’s pledge to take payments in Bitcoin for its high-end vehicles is a sign that the quicksilver coin may finally fulfill its founding mission as a widely accepted currency. His view is that Bitcoin transactions are so expensive that the token is only good for buying extremely expensive items. “Bitcoin costs $10 to $20 per transaction, and 350,000 transactions is the maximum daily volume,” says Pickard. In its present form, Bitcoin could never be used for everyday purchases.
But if any product might be right for Bitcoin, it’s those $40,000 to $200,000 Teslas. Big transaction fees prevent supermarkets and drugstores from taking Bitcoin, but the $10 or $20 extra that it would cost Tesla is tiny compared to the big-ticket sale. Musk could captivate millennials who think it’s cool to buy a Model Y from their Bitcoin wallet. That’s if Tesla’s treasury can handle getting paid in tokens that lurch crazily to double-digit gains or losses in a single day. It might even bank the Bitcoin reaped from those sales to swell its already big bet on the cryptocurrency. For shareholders, that kind of craziness is uncool.
This story was originally featured onFortune.com || Reformed Bitcoin miner: Elon Musk’s $1.5 billion bet is ‘crazy’: Few observers are better qualified than Alex Pickard to assess Elon Musk’sastounding decision to channel $1.5 billionof Tesla’s corporate cash into a bet on Bitcoin. Pickard is a former big-time Bitcoin miner who abandoned the cryptocurrency when, in his view, it strayed from the original mission of becoming a consumer currency and gold-like store of value to degenerate into a casino chip for digital gamblers. It so happens that Pickard is also a student of sound corporate practices as a vice president at Research Affiliates, a firm that oversees $145 billion in investment strategies for mutual funds and ETFs.
This writer recentlywrote a piecechronicling Pickard’s Bitcoin adventures, which encompassed buying $300,000 worth of ASIC-driven mining equipment and moving from sunny California to rustic Wenatchee, Wash., home to the lowest electricity prices in America. There, his machines whirred away in multiple garages. His dream came to grief when the local utility shut down his operation for overloading the grid and Bitcoin’s price tumbled over 80% in 2018. Given his vantage point, it was only natural that I query Pickard on Musk’s unorthodox gambit.
In my own story following the 10-K release that disclosed the purchase––and sent Bitcoin soaring over 20%, to around $48,000––I detailed how a drop in the hyper-volatile token’s value could easily erase a couple of quarters’ earnings, adding just what [hotlink]Tesla[/hotlink] doesn’t need—a denser fog obscuring where its profits are headed. But Pickard has a different objection: He says Musk is mistreating his shareholders by embracing Bitcoin. “Companies should return excess cash to shareholders and let investors decide how to use that cash, including the possibility of buying Bitcoin,” he tells me. He says that if Musk paid a special dividend using cash from that overflowing war chest, “he can take his dividend and do so [buy Bitcoin]” for his own portfolio.
Pickard adds that if a company decided to accept Bitcoin for purchases, it would make sense to hold tokens on its balance sheet (the logic being that Bitcoin would be intrinsic to its business since customers are using it to pay). But consumers buy almost nothing with Bitcoin. Indeed, Pickard points out that although Tesla unveiled plans to accept the tokens for payment at a later date, it views the $1.5 billion buy as a way to, as the 10-K states, “maximize returns on our cash.” In other words, as an investment that shifts 3% of the EV-maker’s assets from the safety of money-market funds and Treasuries into a wildly gyrating vehicle with no practical use. “Unless a company’s business model is a cryptocurrency hedge fund,” says Pickard, “it shouldn’t be making speculative bets on Bitcoin.”
Tesla’s receives significant subsidies from U.S. taxpayers. It receives zero emission vehicle (ZEV) credits from 11 states, most notably California, and federal carbon credits, both of which it trades for cash to rivals whose cars exceed the mandates for emissions. Ten states offer rebates or tax credits for buying Teslas (as well other EVs). In California, buyers can qualify for a $4500 rebate on a on a Model Y, whose Performance model starts at $59,990, as well as a $1500 Clean Fuel Reward. Tesla has also received $1.3 billion in incentives from Nevada for construction of its battery Gigafactory in Sparks. “In a way, taxpayers bought Bitcoin for Tesla,” says Pickard.
I asked Pickard if Tesla’s pledge to take payments in Bitcoin for its high-end vehicles is a sign that the quicksilver coin may finally fulfill its founding mission as a widely accepted currency. His view is that Bitcoin transactions are so expensive that the token is only good for buying extremely expensive items. “Bitcoin costs $10 to $20 per transaction, and 350,000 transactions is the maximum daily volume,” says Pickard. In its present form, Bitcoin could never be used for everyday purchases.
But if any product might be right for Bitcoin, it’s those $40,000 to $200,000 Teslas. Big transaction fees prevent supermarkets and drugstores from taking Bitcoin, but the $10 or $20 extra that it would cost Tesla is tiny compared to the big-ticket sale. Musk could captivate millennials who think it’s cool to buy a Model Y from their Bitcoin wallet. That’s if Tesla’s treasury can handle getting paid in tokens that lurch crazily to double-digit gains or losses in a single day. It might even bank the Bitcoin reaped from those sales to swell its already big bet on the cryptocurrency. For shareholders, that kind of craziness is uncool.
This story was originally featured onFortune.com || Reformed Bitcoin miner: Elon Musk’s $1.5 billion bet is ‘crazy’: Few observers are better qualified than Alex Pickard to assess Elon Musk’s astounding decision to channel $1.5 billion of Tesla’s corporate cash into a bet on Bitcoin. Pickard is a former big-time Bitcoin miner who abandoned the cryptocurrency when, in his view, it strayed from the original mission of becoming a consumer currency and gold-like store of value to degenerate into a casino chip for digital gamblers. It so happens that Pickard is also a student of sound corporate practices as a vice president at Research Affiliates, a firm that oversees $145 billion in investment strategies for mutual funds and ETFs. This writer recently wrote a piece chronicling Pickard’s Bitcoin adventures, which encompassed buying $300,000 worth of ASIC-driven mining equipment and moving from sunny California to rustic Wenatchee, Wash., home to the lowest electricity prices in America. There, his machines whirred away in multiple garages. His dream came to grief when the local utility shut down his operation for overloading the grid and Bitcoin’s price tumbled over 80% in 2018. Given his vantage point, it was only natural that I query Pickard on Musk’s unorthodox gambit. In my own story following the 10-K release that disclosed the purchase––and sent Bitcoin soaring over 20%, to around $48,000––I detailed how a drop in the hyper-volatile token’s value could easily erase a couple of quarters’ earnings, adding just what [hotlink]Tesla[/hotlink] doesn’t need—a denser fog obscuring where its profits are headed. But Pickard has a different objection: He says Musk is mistreating his shareholders by embracing Bitcoin. “Companies should return excess cash to shareholders and let investors decide how to use that cash, including the possibility of buying Bitcoin,” he tells me. He says that if Musk paid a special dividend using cash from that overflowing war chest, “he can take his dividend and do so [buy Bitcoin]” for his own portfolio. Pickard adds that if a company decided to accept Bitcoin for purchases, it would make sense to hold tokens on its balance sheet (the logic being that Bitcoin would be intrinsic to its business since customers are using it to pay). But consumers buy almost nothing with Bitcoin. Indeed, Pickard points out that although Tesla unveiled plans to accept the tokens for payment at a later date, it views the $1.5 billion buy as a way to, as the 10-K states, “maximize returns on our cash.” In other words, as an investment that shifts 3% of the EV-maker’s assets from the safety of money-market funds and Treasuries into a wildly gyrating vehicle with no practical use. “Unless a company’s business model is a cryptocurrency hedge fund,” says Pickard, “it shouldn’t be making speculative bets on Bitcoin.” Story continues Tesla’s receives significant subsidies from U.S. taxpayers. It receives zero emission vehicle (ZEV) credits from 11 states, most notably California, and federal carbon credits, both of which it trades for cash to rivals whose cars exceed the mandates for emissions. Ten states offer rebates or tax credits for buying Teslas (as well other EVs). In California, buyers can qualify for a $4500 rebate on a on a Model Y, whose Performance model starts at $59,990, as well as a $1500 Clean Fuel Reward. Tesla has also received $1.3 billion in incentives from Nevada for construction of its battery Gigafactory in Sparks. “In a way, taxpayers bought Bitcoin for Tesla,” says Pickard. I asked Pickard if Tesla’s pledge to take payments in Bitcoin for its high-end vehicles is a sign that the quicksilver coin may finally fulfill its founding mission as a widely accepted currency. His view is that Bitcoin transactions are so expensive that the token is only good for buying extremely expensive items. “Bitcoin costs $10 to $20 per transaction, and 350,000 transactions is the maximum daily volume,” says Pickard. In its present form, Bitcoin could never be used for everyday purchases. But if any product might be right for Bitcoin, it’s those $40,000 to $200,000 Teslas. Big transaction fees prevent supermarkets and drugstores from taking Bitcoin, but the $10 or $20 extra that it would cost Tesla is tiny compared to the big-ticket sale. Musk could captivate millennials who think it’s cool to buy a Model Y from their Bitcoin wallet. That’s if Tesla’s treasury can handle getting paid in tokens that lurch crazily to double-digit gains or losses in a single day. It might even bank the Bitcoin reaped from those sales to swell its already big bet on the cryptocurrency. For shareholders, that kind of craziness is uncool. This story was originally featured on Fortune.com || Freewallet Defends Self-Hosted Wallets After Elon Musk Criticism, Says Installs Increased By 50% Following Tweets: Freewallet, a “multi-cryptocurrency” wallet with over 3.5 million users, said an incident with Elon Musk has “turned out to be staggering” for the company. What Happened: Tesla Inc (NASDAQ: TSLA ) CEO Musk on Wednesday criticized the wallet, tweeting “your app sucks." Your app sucks — Elon Musk (@elonmusk) February 10, 2021 He further added , “Any crypto wallet that won’t give you your private keys should be avoided at all cost.” It turned out Musk was using Freewallet, and his account was locked . Please unlock my account — Elon Musk (@elonmusk) February 10, 2021 Why It Matters: Solomon Brown, head of PR at Freewallet, said the company was surprised to learn that Musk uses its app, and that Musk's comments highlight a debate that has been a sticking point in the industry. “Elon was voicing an opinion that is common among hardcore crypto enthusiasts," Brown said. “While their concerns are valid, the opinion they have isn’t shared by everyone." See also: How to Buy Dogecoin (DOGE) Hosted wallets and other third-party service providers have been highly criticized in the crypto community, where the “not your keys, not your money” prevails. But Brown said many users fear the risks that come with holding a private key. “Services like ours are indispensable to the average crypto users ... (who) do not want to have to worry about losing their assets forever due to misplacing or forgetting their private keys." A recent Chainalysis study showed that around 20% of the total Bitcoin supply (over $175 billion) has been lost forever because of lost private keys and devices. Solomon also said the company's app install numbers “experienced a 50% growth on Feb. 10” after Musk’s tweets. Image: Courtesy of Freewallet See more from Benzinga Click here for options trades from Benzinga Bitcoin Breaks ,000 Minutes After Surpassing ,000 For The First Time In History © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Freewallet Defends Self-Hosted Wallets After Elon Musk Criticism, Says Installs Increased By 50% Following Tweets: Freewallet, a “multi-cryptocurrency” wallet with over 3.5 million users, said an incident with Elon Musk has “turned out to be staggering” for the company.
What Happened: Tesla Inc(NASDAQ:TSLA) CEO Musk on Wednesdaycriticizedthe wallet, tweeting “your app sucks."
He furtheradded, “Any crypto wallet that won’t give you your private keys should be avoided at all cost.”
It turned out Musk was using Freewallet, and his accountwas locked.
Why It Matters:Solomon Brown, head of PR at Freewallet, said the company was surprised to learn that Musk uses its app, and that Musk's comments highlight a debate that has been a sticking point in the industry.
“Elon was voicing an opinion that is common among hardcore crypto enthusiasts," Brown said. “While their concerns are valid, the opinion they have isn’t shared by everyone."
See also: How to Buy Dogecoin (DOGE)
Hosted wallets and other third-party service providers have been highly criticized in the crypto community, where the “not your keys, not your money” prevails.
But Brown said many users fear the risks that come with holding a private key.
“Services like ours are indispensable to the average crypto users ... (who) do not want to have to worry about losing their assets forever due to misplacing or forgetting their private keys."
A recent Chainalysisstudyshowed that around 20% of the total Bitcoin supply (over $175 billion) has been lost forever because of lost private keys and devices.
Solomon also said the company's app install numbers “experienced a 50% growth on Feb. 10” after Musk’s tweets.
Image: Courtesy of Freewallet
See more from Benzinga
• Click here for options trades from Benzinga
• Bitcoin Breaks ,000 Minutes After Surpassing ,000 For The First Time In History
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Benzinga's Weekly Bulls And Bears: GameStop, Intel, Lyft, Tilray, Twitter And More: • Benzinga has examined the prospects for many investorfavorite stocksover the past week.
• The week's bullish calls included a social media leader, a ride-sharing play and an unloved apparel stock.
• A semiconductor giant, a struggling retailer and a pot stock were among the bearish calls seen.
In the trading week betweenthe Super BowlandValentine's Day, the S&P 500 and the Dow Jones industrials saw gains of 1% or so, while the Nasdaq was almost 2% higher.
It was a week in whichCOVID-19 vaccinationefforts in the United States were ramping up, asanother big pharma playerlooked to get in on the game and anotherCOVID-19 treatmentwas approved.
It was a big week forBitcoinas well.Tech giants,car makers, a ride-sharingcompany,big banks,credit cards,big cities,celebritiesand members ofCongresswere getting on board, perhaps evencentral banks. And there is an effort to make it thecurrency of the internet.Not everyone is a fan, though. As always,caveat emptor.
In other corporate news: Aresemiconductor makerslooking for a handout? Whichhotel chainis actually expanding? Afast-food loyalty programtested. Another executivecaught in scandal. And the latest in the ongoingApple car rumorsaga.
Through it all, Benzinga continued to examine the prospects for many of the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
Bulls
Wayne Duggan's "Twitter Analysts React To Earnings Beat: 'Ad Ramp Is Just Getting Started'" discusses why key analysts were pleased with the latestTwitter Inc(NYSE:TWTR) quarterly report.
In "'Profitability In Sight': Why These Analysts Are Bullish On Lyft," Chris Katje is focused on the analysts' takeaways from last week's strong fourth-quarter earnings report fromLyft Inc(NASDAQ:LYFT).
"Why Morgan Stanley Is Bullish on QuantumScape, Fisker, Bearish On Lordstown, Romeo Power" by Shanthi Rexaline examines whyQuantumscape Corp(NYSE:QS) is a favorite green energy stock.
In Jayson Derrick's "Piper Sandler Upgrades Under Armour, Says 'Unloved' Stock Still Has Room To Run," see why theUnder Armour Inc(NYSE:UAA) bears could be on the wrong side of this trade.
The latest trends atZynga Inc(NASDAQ:ZNGA) could warrant a premium multiple. So says Priya Nigam's "BofA Upgrades Zynga On Evolving Mobile Strategy." Is the social game developer on a path for 11% revenue growth?
For additional bullish calls of the past week, also have a look at the following:
• Bitcoin At 0,000 Before The Year Is Out, Says Novogratz
• 3 Insurance Stocks Prepped For A Turnaround In 2021
• Why Cannabis MSOs Will 'Outperform S&P 500' In 2021
Bears
Structural competitive risks faced byIntel Corporation(NASDAQ:INTC) could offset potential benefits from outsourcing, according to "3 Reasons Why BofA Says Intel's Earnings Potential Is Limited" by Priya Nigam.
"GameStop's Stock Squeeze Had Zero Impact On Foot Traffic Trends" by Jayson Derrick makes the case that a soaring share price provided no benefit toGameStop Corp.(NYSE:GME) in terms of bringing visitors to its stores.
In Shanthi Rexaline's "Tilray's Reddit Rally Is Over, Analyst Says: 'Large Downside Risk Ahead'," find out why fundamentals in the cannabis space, includingTilray Inc(NASDAQ:TLRY), remain dismal.
Melanie Schaffer's "UBS Downgrades Virgin Galactic, Stock Loses Altitude" shows why analysts remain convinced about the fundamentals atVirgin Galactic Holdings Inc.(NYSE:SPCE) ahead of its next flight test window.
For more bearish takes, be sure to check out these posts:
• Tesla's .5B Bitcoin Investment 'A Sign Of Desperation' From Elon Musk, Says Analyst
• Why 2 Spirit Airlines Analysts Are No Longer Bullish After Q4 Results
At the time of this writing, the author had no position in the mentioned equities.
Keep up with all the latest breaking news and trading ideas by followingBenzingaon Twitter.
Source image: Unsplash.com
See more from Benzinga
• Click here for options trades from Benzinga
• Barron's Picks And Pans: Amazon, Biogen, Casey's General Stores, Hilton And More
• Notable Insider Buys Of The Past Week: Harley-Davidson, Texas Instruments And More
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[Social Media Buzz]
None available.
|
47945.06, 49199.87, 52149.01, 51679.80, 55888.13, 56099.52, 57539.95, 54207.32, 48824.43, 49705.33
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 740.29, 741.65, 735.38, 732.03, 735.81, 735.60, 745.69, 756.77, 777.94, 771.16, 773.87, 758.70, 764.22, 768.13, 770.81, 772.79, 774.65, 769.73, 780.09, 780.56, 781.48, 778.09, 784.91, 790.83, 790.53, 792.71, 800.88, 834.28, 864.54, 921.98, 898.82, 896.18, 907.61, 933.20, 975.92, 973.50, 961.24, 963.74, 998.33, 1021.75, 1043.84, 1154.73, 1013.38, 902.20, 908.59, 911.20, 902.83, 907.68, 777.76, 804.83, 823.98, 818.41, 821.80, 831.53, 907.94, 886.62, 899.07, 895.03, 921.79, 924.67, 921.01, 892.69, 901.54, 917.59, 919.75, 921.59, 919.50, 920.38, 970.40, 989.02, 1011.80, 1029.91, 1042.90, 1027.34, 1038.15, 1061.35, 1063.07, 994.38, 988.67, 1004.45, 999.18, 990.64, 1004.55, 1007.48, 1027.44, 1046.21, 1054.42, 1047.87, 1079.98, 1115.30.
|
[Bitcoin Technical Analysis for 2017-02-21]
Volume: 186868992, RSI (14-day): 72.30, 50-day EMA: 967.79, 200-day EMA: 793.99
[Wider Market Context]
Gold Price: 1237.50, Gold RSI: 64.36
Oil Price: 54.06, Oil RSI: 57.66
[Recent News (last 7 days)]
Bitcoin ETFs For Dummies: Spencer Bogart is vice president of equity research for Needham & Co. He joined the firm in 2014 and currently leads the research efforts on blockchain technology and bitcoin while supporting research on cloud software (SaaS) companies. ETF.com recently sat down with Bogart, a former ETF.com analyst, to get his take on all the important developments in the bitcoin market ahead of the key SEC decision on the Winklevoss ETF, expected within the next month.
ETF.com: Before we jump into more specifics, in a nutshell, how would you describe what bitcoin is to the layperson?
Bogart:Bitcoin is peer-to-peer digital cash that's not issued by any central authority.
ETF.com: Tell us about the highly anticipated decision that's coming from the SEC. What is it ruling on and what are the odds the ruling will be positive?Spencer:There's a number of bitcoin ETFs that are going through the regulatory approval process. The one that's been going through the process the longest is the Winklevoss bitcoin ETF [Winklevoss Bitcoin Trust (COIN)]. That's been going on for about 3 1/2, four years now.
The exchange they would like to list that particular ETF on―which in this case is Bats [owner of ETF.com]―has filed a proposed rule change, which would be necessary to list the ETF. It's that proposal that essentially we've been watching go through the regulatory approval process.
At each point along the way, the SEC has had the option to approve, disapprove the ETF or to extend its time to make a decision. All along the way, it’s chosen the opportunity to extend the time to make a decision, including submitting requests for public comments.
We’ll now see an end to that process before March 11, which is the deadline. Before that, we’ll either get an approval, a disapproval or Bats will withdraw its request for a rule change. Or, if no decision is made by March 11, then the rule change is automatically approved.
ETF.com: What factors are the SEC considering?
Bogart:I don't have any inside information, but my sense is that the majority of the things that the SEC is particularly concerned about revolve around bitcoin itself as opposed to anything specific about the Winklevoss filing.
They're asking if a digital asset such as bitcoin―which, unlike a commodity doesn't have a physical form, and unlike a security or derivative, is not under any kind of regulatory supervision―is a suitable underlying asset for an ETF.
At the highest level, that's the kind of thing they're considering. A little bit more in the weeds they're asking if the specific markets that bitcoin trades on are stable, fair and efficient, and if they facilitate or enable or encourage any kind of market manipulation.
And then of course, there are the factors that are more specific to the ETF itself, which I think, in this case, probably the most important ones are what do you use as a reference price for bitcoin, and how are you going to securely store that bitcoin?
ETF.com: Does the Trump administration have any influence on the process?
Bogart:I’m hearing there are a number of bitcoin-friendly people that have taken up various posts within the administration. I'm hearing that it's, on the margin, at least a little bit positive for bitcoin.
I'm not sure if any of those people are in influential roles at the SEC. They may or may not impact the ETF decision, but overall, the probability of onerous legislation or regulation against bitcoin decreases on the margin with the administration change.
ETF.com: All that said, you say you believe the odds of approval aren't very high. Why is that?
Bogart:We've pegged the odds at less than 25%. That's because the very first thing the SEC lists in its own mission statement is protecting the investing public. When you think about the game theory aspect of this, if I work at the SEC and I approve this ETF and it goes well, nobody is probably going to come around and pat me on the back and give me a promotion. But if I approve it and a lot of money flows into it and something goes wrong, I'm likely to lose my job.
The SEC has gone very deep on this, and it’s really explored it far deeper than I expected it to. It would have been a pretty easy thing for it to just write off three years ago and forget about it. But I just don't know if it can get comfortable with the number of risks related to bitcoin itself.
ETF.com: If you're wrong and the SEC allows the launch, how much money do you see it attracting, and what will be the impact on the bitcoin price?
Bogart:Roughly speaking, we've estimated that at least $300 million would flow into this fund in the first week. An ETF would be the first time that the gates have been opened to bitcoin for institutional capital.
Most institutional money managers have mandates that require they invest in registered securities, and bitcoin itself is not a registered security. So for most institutional money managers, they can't touch bitcoin itself. The ETF would basically be the first time institutional money could really flow into bitcoin in a meaningful way.
The effect on price would be very profound. There's something on the order of $15 million to $60 million worth of bitcoin typically traded against the U.S. dollar on the world's major exchanges. If you're trying to source $300 million worth of bitcoin within a few days, there's really no way to do that—even in a normal market—without significantly disrupting the price.
Then you add into that the market where an ETF has just been approved and price is going to start rallying, liquidity's going to dry up really quickly just because nobody really wants to sell into that market. Everyone's going to want to hold their bitcoins in a time when the SEC has just approved an ETF.
At the same time, you're going to have a favorable shift in public perception away from "Bitcoin is only used for the sale of illegal goods" to "Oh, wow, the SEC has just given it a stamp of approval." And because you’d potentially have a much greater percentage of the population saving bitcoin, the propensity for the regulators to enact onerous regulation on bitcoin would at least decrease on the margin.
If you put all this together―you put this large sum of capital trying to flow into bitcoin at a time when price is already rallying, you add in the fact that there's a favorable shift in public perception, coupled with a marginal decline in regulatory risk―and the effect on price would be very significant.
ETF.com: The bitcoin price is up tremendously in the last year―about 150% in the past 12 months. How much of the run-up has to do with the ETF?
Bogart:I think very little of it has to do with the ETF. It's possible some of the recent price action has been related to the ETF. If at all, it's a small effect on the margin. It's mostly just about general growing adoption and a shifting perception.
ETF.com: If the SEC rejects the ETF, do you expect some kind of crash?
Bogart:I definitely don't expect a crash. There would be some downside to disapproval. We'll see price slump a bit, but I would guess it won't slump more than 10%.
ETF.com: If the SEC rejects the Winklevoss ETF, is there a chance it’ll revisit the issue down the line and another ETF can muster the support to come to fruition?
Spencer:Absolutely. This will be an ongoing process. The particular decision that we have coming up before March 11 is only related to the Winklevoss filing. There are two other major filings out there. Even if the SEC rejects the Winklevoss filing, eventually they will try to address whatever concerns the SEC has, and I wouldn't be surprised to see them go back and try to take another swing at this. But it's anybody's guess how long they would wait to do that.
ETF.com: Let me ask you about the underlying bitcoin fundamentals, aside from the ETF. What's the current market price and market cap of bitcoin? How much higher can it go?
Bogart:We're at about $1,000 today, which translates to a market cap of about $16 billion to $16.5 billion. How much higher can the price go? It's really anybody's guess. There's definitely a heavy percentage of total bitcoin ownership related to speculation.
I divide investors into two camps, and if you draw them on a Venn diagram, the overlap between them is probably extremely high.
For one, there are people who invest in it kind of as a commodity. These people invest in it for the same reasons they might invest in gold. They're assuming that for reasons outside of bitcoin, bitcoin will become more valuable. They believe maybe hyperinflation in a particular currency, a global financial crisis or things like that will drive up the value. Those are factors that are unrelated to bitcoin itself; they're external factors.
On the other side are people who almost look at it like a venture capital investment. They're thinking this is a payments network that is going to have a lot of value in the future, and they want to own a piece of that real estate.
Of course, there's a lot of overlap between both camps. I personally own bitcoin and I own it for both those reasons.
ETF.com: Is bitcoin like gold in the sense that it's difficult to put a price target on it? Can you say it's going to $5,000 or $10,000? Or is that just impossible to do?
Bogart:You can, but you're totally right. To some extent, you're pulling numbers out of the air. The way we look at it is, we ask, "Five years out, what percentage of the gold market might bitcoin be, and what percentage of payments volumes do we think bitcoin might account for?" And then we use a quantity theory of money to come up with what would be a fair price of bitcoin five years from now, and then use a discount rate to get that back to a present value.
We've done some of that work in the past. The last thing we published was a price target for $848. That was back when bitcoin was in the $500-600 range. We have not updated that price target since then.
Contact Sumit Roy [email protected].
Recommended Stories
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
• HACK & ROBO Funds On A Technical Roll
• The Innovative Side Of Dividend ETFs
Permalink| © Copyright 2017ETF.com.All rights reserved || Bitcoin ETFs For Dummies: Spencer Bogart is vice president of equity research for Needham & Co. He joined the firm in 2014 and currently leads the research efforts on blockchain technology and bitcoin while supporting research on cloud software (SaaS) companies. ETF.com recently sat down with Bogart, a former ETF.com analyst, to get his take on all the important developments in the bitcoin market ahead of the key SEC decision on the Winklevoss ETF, expected within the next month.
ETF.com: Before we jump into more specifics, in a nutshell, how would you describe what bitcoin is to the layperson?
Bogart:Bitcoin is peer-to-peer digital cash that's not issued by any central authority.
ETF.com: Tell us about the highly anticipated decision that's coming from the SEC. What is it ruling on and what are the odds the ruling will be positive?Spencer:There's a number of bitcoin ETFs that are going through the regulatory approval process. The one that's been going through the process the longest is the Winklevoss bitcoin ETF [Winklevoss Bitcoin Trust (COIN)]. That's been going on for about 3 1/2, four years now.
The exchange they would like to list that particular ETF on―which in this case is Bats [owner of ETF.com]―has filed a proposed rule change, which would be necessary to list the ETF. It's that proposal that essentially we've been watching go through the regulatory approval process.
At each point along the way, the SEC has had the option to approve, disapprove the ETF or to extend its time to make a decision. All along the way, it’s chosen the opportunity to extend the time to make a decision, including submitting requests for public comments.
We’ll now see an end to that process before March 11, which is the deadline. Before that, we’ll either get an approval, a disapproval or Bats will withdraw its request for a rule change. Or, if no decision is made by March 11, then the rule change is automatically approved.
ETF.com: What factors are the SEC considering?
Bogart:I don't have any inside information, but my sense is that the majority of the things that the SEC is particularly concerned about revolve around bitcoin itself as opposed to anything specific about the Winklevoss filing.
They're asking if a digital asset such as bitcoin―which, unlike a commodity doesn't have a physical form, and unlike a security or derivative, is not under any kind of regulatory supervision―is a suitable underlying asset for an ETF.
At the highest level, that's the kind of thing they're considering. A little bit more in the weeds they're asking if the specific markets that bitcoin trades on are stable, fair and efficient, and if they facilitate or enable or encourage any kind of market manipulation.
And then of course, there are the factors that are more specific to the ETF itself, which I think, in this case, probably the most important ones are what do you use as a reference price for bitcoin, and how are you going to securely store that bitcoin?
ETF.com: Does the Trump administration have any influence on the process?
Bogart:I’m hearing there are a number of bitcoin-friendly people that have taken up various posts within the administration. I'm hearing that it's, on the margin, at least a little bit positive for bitcoin.
I'm not sure if any of those people are in influential roles at the SEC. They may or may not impact the ETF decision, but overall, the probability of onerous legislation or regulation against bitcoin decreases on the margin with the administration change.
ETF.com: All that said, you say you believe the odds of approval aren't very high. Why is that?
Bogart:We've pegged the odds at less than 25%. That's because the very first thing the SEC lists in its own mission statement is protecting the investing public. When you think about the game theory aspect of this, if I work at the SEC and I approve this ETF and it goes well, nobody is probably going to come around and pat me on the back and give me a promotion. But if I approve it and a lot of money flows into it and something goes wrong, I'm likely to lose my job.
The SEC has gone very deep on this, and it’s really explored it far deeper than I expected it to. It would have been a pretty easy thing for it to just write off three years ago and forget about it. But I just don't know if it can get comfortable with the number of risks related to bitcoin itself.
ETF.com: If you're wrong and the SEC allows the launch, how much money do you see it attracting, and what will be the impact on the bitcoin price?
Bogart:Roughly speaking, we've estimated that at least $300 million would flow into this fund in the first week. An ETF would be the first time that the gates have been opened to bitcoin for institutional capital.
Most institutional money managers have mandates that require they invest in registered securities, and bitcoin itself is not a registered security. So for most institutional money managers, they can't touch bitcoin itself. The ETF would basically be the first time institutional money could really flow into bitcoin in a meaningful way.
The effect on price would be very profound. There's something on the order of $15 million to $60 million worth of bitcoin typically traded against the U.S. dollar on the world's major exchanges. If you're trying to source $300 million worth of bitcoin within a few days, there's really no way to do that—even in a normal market—without significantly disrupting the price.
Then you add into that the market where an ETF has just been approved and price is going to start rallying, liquidity's going to dry up really quickly just because nobody really wants to sell into that market. Everyone's going to want to hold their bitcoins in a time when the SEC has just approved an ETF.
At the same time, you're going to have a favorable shift in public perception away from "Bitcoin is only used for the sale of illegal goods" to "Oh, wow, the SEC has just given it a stamp of approval." And because you’d potentially have a much greater percentage of the population saving bitcoin, the propensity for the regulators to enact onerous regulation on bitcoin would at least decrease on the margin.
If you put all this together―you put this large sum of capital trying to flow into bitcoin at a time when price is already rallying, you add in the fact that there's a favorable shift in public perception, coupled with a marginal decline in regulatory risk―and the effect on price would be very significant.
ETF.com: The bitcoin price is up tremendously in the last year―about 150% in the past 12 months. How much of the run-up has to do with the ETF?
Bogart:I think very little of it has to do with the ETF. It's possible some of the recent price action has been related to the ETF. If at all, it's a small effect on the margin. It's mostly just about general growing adoption and a shifting perception.
ETF.com: If the SEC rejects the ETF, do you expect some kind of crash?
Bogart:I definitely don't expect a crash. There would be some downside to disapproval. We'll see price slump a bit, but I would guess it won't slump more than 10%.
ETF.com: If the SEC rejects the Winklevoss ETF, is there a chance it’ll revisit the issue down the line and another ETF can muster the support to come to fruition?
Spencer:Absolutely. This will be an ongoing process. The particular decision that we have coming up before March 11 is only related to the Winklevoss filing. There are two other major filings out there. Even if the SEC rejects the Winklevoss filing, eventually they will try to address whatever concerns the SEC has, and I wouldn't be surprised to see them go back and try to take another swing at this. But it's anybody's guess how long they would wait to do that.
ETF.com: Let me ask you about the underlying bitcoin fundamentals, aside from the ETF. What's the current market price and market cap of bitcoin? How much higher can it go?
Bogart:We're at about $1,000 today, which translates to a market cap of about $16 billion to $16.5 billion. How much higher can the price go? It's really anybody's guess. There's definitely a heavy percentage of total bitcoin ownership related to speculation.
I divide investors into two camps, and if you draw them on a Venn diagram, the overlap between them is probably extremely high.
For one, there are people who invest in it kind of as a commodity. These people invest in it for the same reasons they might invest in gold. They're assuming that for reasons outside of bitcoin, bitcoin will become more valuable. They believe maybe hyperinflation in a particular currency, a global financial crisis or things like that will drive up the value. Those are factors that are unrelated to bitcoin itself; they're external factors.
On the other side are people who almost look at it like a venture capital investment. They're thinking this is a payments network that is going to have a lot of value in the future, and they want to own a piece of that real estate.
Of course, there's a lot of overlap between both camps. I personally own bitcoin and I own it for both those reasons.
ETF.com: Is bitcoin like gold in the sense that it's difficult to put a price target on it? Can you say it's going to $5,000 or $10,000? Or is that just impossible to do?
Bogart:You can, but you're totally right. To some extent, you're pulling numbers out of the air. The way we look at it is, we ask, "Five years out, what percentage of the gold market might bitcoin be, and what percentage of payments volumes do we think bitcoin might account for?" And then we use a quantity theory of money to come up with what would be a fair price of bitcoin five years from now, and then use a discount rate to get that back to a present value.
We've done some of that work in the past. The last thing we published was a price target for $848. That was back when bitcoin was in the $500-600 range. We have not updated that price target since then.
Contact Sumit Roy [email protected].
Recommended Stories
• How Hedge Funds Use ETFs
• Bitcoin ETFs For Dummies
• The Most Interesting New Gold ETF Since GLD
• HACK & ROBO Funds On A Technical Roll
• The Innovative Side Of Dividend ETFs
Permalink| © Copyright 2017ETF.com.All rights reserved || PayPal acquires TIO in bill pay push: Paypal Bill Pay (BI Intelligence) This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . PayPal announced late Tuesday that it plans to acquire the Canada-based bill payment firm TIO Networks, which serves as a major player in the North American bill pay market, for $232 million. Following the acquisition, which is expected to close in the second half of this year, TIO will operate as a company within PayPal. The acquisition is likely part of PayPal’s wider strategy to become an omnipresent player in consumers’ full financial lives. TIO’s size and reach could help PayPal push into bill pay, which is likely a valuable play for the company. Bill pay is a valuable space for PayPal right now. US adults paid roughly 14.7 billion bills, worth $3.9 trillion, in 2016, according to data from ACI Worldwide and Aite Group. It’s likely that PayPal, which has been working to become more omnipresent in consumers’ lives, wants to enter that space and grab a share of that market. That’s especially true as bill payment moves online – just under half of one-time bill payments, and 71% of recurring bills, are paid digitally, according to the same study. TIO’s reach could help PayPal scale in the space quickly. The firm offers bill pay kiosks, retail agents, and online and mobile options to its over 14 million clients in North America. It also counts 10,000 biller partners and processed $7 billion in volume in the past year. That’s a small share of the overall market, based on US size, but somewhat significant relative to PayPal’s 197 million customers and $354 billion payment volume in 2016. But the firm’s offerings could also help PayPal attract a new segment of customers. The move likely isn’t a revenue play for PayPal, at least in the short term. Rather, it’s likely part of a bigger push to help PayPal continue to grow as it focuses on playing a role in a wider variety of day-to-day financial processes. TIO can provide convenient bill pay offerings to existing PayPal customers, therefore tying them more tightly to the product, especially as online bill pay becomes more popular. Story continues But more interestingly, many of TIO’s services are likely targeted at un- or underbanked consumers, a massive population that PayPal likely historically struggled to access, since PayPal accounts are often funded by a bank account or card. By targeting this group — 33.5 million US households, and 2 billion people worldwide, for a sense of scale — PayPal could bring a new group of users into its ecosystem and more effectively undercut banks. John Heggestuen, director of research at BI Intelligence , Business Insider’s premium research service, has compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends. Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices. Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play. Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified. In full, the report: Uncovers the key themes and trends affecting the payments industry in 2016 and beyond. Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers. Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step. Provides charts on our latest forecasts, key company growth, survey results, and more. Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem. To get your copy of this invaluable guide, choose one of these options: Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP Purchase the report and download it immediately from our research store. >> BUY THE REPORT The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem. More From Business Insider PayPal adds P2P bot for Slack Fintech could be bigger than ATMs, PayPal, and Bitcoin combined THE RETAILER MOBILE WALLETS REPORT: How stores can benefit from developing their own digital payments apps || PayPal acquires TIO in bill pay push: (BI Intelligence)
This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, pleaseclick here.
PayPal announced late Tuesday that it plans to acquire the Canada-based bill payment firm TIO Networks, which serves as a major player in the North American bill pay market, for $232 million.
Following the acquisition, which is expected to close in the second half of this year, TIO will operate as a company within PayPal.
The acquisition is likely part of PayPal’s wider strategy to become an omnipresent player in consumers’ full financial lives.
TIO’s size and reach could help PayPal push into bill pay, which is likely a valuable play for the company.
• Bill pay is a valuable space for PayPal right now. US adults paid roughly 14.7 billion bills, worth $3.9 trillion, in 2016, according to data from ACI Worldwide and Aite Group. It’s likely that PayPal, which has been working to become more omnipresent in consumers’ lives, wants to enter that space and grab a share of that market. That’s especially true as bill payment moves online – just under half of one-time bill payments, and 71% of recurring bills, are paid digitally, according to the same study.
• TIO’s reach could help PayPal scale in the space quickly. The firm offers bill pay kiosks, retail agents, and online and mobile options to its over 14 million clients in North America. It also counts 10,000 biller partners and processed $7 billion in volume in the past year. That’s a small share of the overall market, based on US size, but somewhat significant relative to PayPal’s 197 million customers and $354 billion payment volume in 2016.
But the firm’s offerings could also help PayPal attract a new segment of customers. The move likely isn’t a revenue play for PayPal, at least in the short term. Rather, it’s likely part of a bigger push to help PayPal continue to grow as it focuses on playing a role in a wider variety of day-to-day financial processes. TIO can provide convenient bill pay offerings to existing PayPal customers, therefore tying them more tightly to the product, especially as online bill pay becomes more popular.
But more interestingly, many of TIO’s services are likely targeted at un- or underbanked consumers, a massive population that PayPal likely historically struggled to access, since PayPal accounts are often funded by a bank account or card. By targeting this group — 33.5 million US households, and 2 billion people worldwide, for a sense of scale — PayPal could bring a new group of users into its ecosystem and more effectively undercut banks.
John Heggestuen, director of research atBI Intelligence, Business Insider’s premium research service, has compileda detailed report on the payments ecosystemthat drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report:
• 2016 will be a watershed year for the payments industry. Payments companies are improving security, expanding their mobile offerings, and building commerce capabilities that will give consumers a more compelling reason to make purchases using digital devices.
• Payments is an extremely complex industry. To understand the next big digital opportunity lies, it's critical to understand how the traditional credit- and debit-processing chain works and what roles acquirers, processors, issuing banks, card networks, independent sales organizations, gateways, and software and hardware providers play.
• Alternative technologies could disrupt the processing ecosystem. Devices ranging from refrigerators to smartwatches now feature payment capabilities, which will spur changes in consumer payment behaviors. Likewise, blockchain technology, the protocol that underlies Bitcoin, could one day change how consumer card payments are verified.
In full, the report:
• Uncovers the key themes and trends affecting the payments industry in 2016 and beyond.
• Gives a detailed description of the stakeholders involved in a payment transaction, along with hardware and software providers.
• Offers diagrams and infographics explaining how card transactions are processed and which players are involved in each step.
• Provides charts on our latest forecasts, key company growth, survey results, and more.
• Analyzes the alternative technologies, including blockchain, which could further disrupt the ecosystem.
To get your copy of this invaluable guide, choose one of these options:
1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >>START A MEMBERSHIP
2. Purchase the report and download it immediately from our research store. >>BUY THE REPORT
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the payments ecosystem.
More From Business Insider
• PayPal adds P2P bot for Slack
• Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
• THE RETAILER MOBILE WALLETS REPORT: How stores can benefit from developing their own digital payments apps || Cable & Wireless Reports Preliminary Results for the Period Ended December 31, 2016: MIAMI, FL--(Marketwired - Feb 16, 2017) -Cable & Wireless CommunicationsLimited ("CWC") is the leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.5 million mobile, 0.4 million television, 0.6 million internet and 0.8 million fixed-line telephony subscribers. In addition, CWC delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets across the region.
Liberty Global's Acquisition of CWCOn May 16, 2016, a subsidiary of Liberty Global plc ("Liberty Global") acquired CWC (the "Liberty Global Transaction"). Revenue, Adjusted Segment EBITDA1and subscriber statistics have been presented herein using Liberty Global's definitions for all periods presented unless otherwise noted. Further adjustments to these metrics are possible as the integration process continues. The results for the three and nine months ended December 31, 2016 ("QTD" and "YTD", respectively) have also been aligned to Liberty Global's IASB-IFRS2accounting policies and estimates. Significant policy adjustments have been considered in our calculation of rebased growth rates for revenue and Adjusted Segment EBITDA. For additional information on Liberty Global's definition of Adjusted Segment EBITDA and rebased growth rates, see footnotes 1 and 3, respectively. A reconciliation of net earnings (loss) to Adjusted Segment EBITDA is included in theFinancial Results, Adjusted Segment EBITDA Reconciliation & Property, Equipment and Intangible Asset Additionssection below. In addition, effective for the 2016 fiscal year, CWC has changed its fiscal year end from March 31 to December 31 to conform with Liberty Global.
Operating highlights:
• Organic increase (decrease) in RGUs of 2,000 YTD and (20,000) QTD were impacted by an adjustment that we recorded in Q4 to eliminate 30,000 non-paying subscribers from our subscriber countsInternet and telephony subscribers were up 7,000 and 2,000, respectively, YTD on an organic basis, as we increased penetration across our high speed networks and sold more bundled packages, particularly in Jamaica and Trinidad
• At December 31, 2016, 11% of our customers subscribed to a triple-play product, 33% to a double-play product, and 56% took only one product from us. While continuing to improve, our bundling ratio of 1.54 RGUs per customer remains relatively low, which provides ample runway for continued RGU growth as we seek to sell additional products to our customers
• Mobile subscribers grew by 11,000 on an organic basis YTD, and by 50,000 QTD as promotions drove increased sales during the holiday period, particularly in Jamaica and the Bahamas
• Highlights across our largest markets were as follows:In Panama, enhanced video subscriber growth accelerated QTD following the launch of our new "Mast3r" bundles during September 2016, and we added 14,000 video subscribers on an organic basis YTD. Of the customers taking our Mast3r products in December, 62% and 13% subscribed to a double-play or triple-play bundle, respectively. Telephony and internet subscribers fell due to continued fixed to mobile substitution as well as churn from our copper network. Our postpaid mobile subscriber base continued to grow, driven by the strength of our network and service quality, but was more than offset by prepaid subscriber losses due to the continued competitive intensityJamaica continued its mobile subscriber momentum with particularly strong growth QTD as mobile subscribers rose by 56,000, moving above 900,000 in total for the first time. We posted 21,000 organic RGU additions with growth across our internet and telephony services driven by improved bundling propositionsIn the Bahamas we grew subscribers across mobile, video and internet products YTD. Momentum is steadily building in our video RGU base through penetration of our newly constructed Fiber-to-the-Home (FttH) network. Despite the entrance into the market of our first mobile competitor in November 2016, we were able to grow our subscriber base by 6,000 QTD through increased data-led promotional activityBarbados mobile subscribers were broadly stable YTD with an improving trend QTD whereby our base grew by 3,000 following successful data-led promotions during the holiday period. Fixed-line telephony RGUs fell YTD due to a heightened competitive environment combined with customer experience challenges during our ongoing program to upgrade customers from our legacy copper to nationwide fiber based networkTrinidad RGUs were broadly flat YTD on an organic basis as a video decline of 12,000 resulting from increased competition was largely offset by growth in telephony and broadband
Footnotes
* The financial figures contained in this release are prepared in accordance with IASB-IFRS. CWC's financial condition and results of operations will be included in Liberty Global's consolidated financial statements under U.S. GAAP4. There are significant differences between the U.S. GAAP and IASB-IFRS presentations of our consolidated financial statements.
1 - Adjusted Segment EBITDA is the primary measure used by our management to evaluate the company's performance. Adjusted Segment EBITDA is also a key factor that is used by our internal decision makers to evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. We define EBITDA as earnings before net finance expense, income taxes and depreciation and amortization. As we use the term, Adjusted Segment EBITDA is defined as EBITDA before share-based compensation, provisions and provision releases related to significant litigation, impairment, restructuring and other operating items and related-party fees and allocations. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted Segment EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends and identify strategies to improve operating performance. We believe our Adjusted Segment EBITDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other companies. Adjusted Segment EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for EBIT, net earnings (loss), cash flow from operating activities and other EU-IFRS or IASB-IFRS measures of income or cash flows. A reconciliation of Adjusted Segment EBITDA to net loss is presented in the Unitymedia section of this release.
2 - International Financial Reporting Standards, as promulgated by the International Accounting Standards Board (IASB), are referred to as IASB-IFRS.
3 - For purposes of calculating rebased growth rates on a comparable basis for the CWC borrowing group, we have adjusted the historical revenue and Adjusted Segment EBITDA for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 to reflect the impacts in the three months ended June 30, 2016, September 30, 2016 and December 31, 2016 and the nine months ended December 31, 2016 of the alignment to Liberty Global's accounting policies and to reflect the translation of our rebased amounts for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 at the applicable average foreign currency exchange rates that were used to translate CWC's results for the three and nine months ended December 31, 2016. The most significant adjustments to conform to Liberty Global's policies relate to the capitalization of certain installation activities that previously were expensed, the reflection of certain lease arrangements as capital leases that previously were accounted for as operating leases and the reflection of certain time-based licenses as operating expenses that previously were capitalized. We have not adjusted the three and nine months ended December 31, 2015 to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that have been implemented in the three and nine months ended December 31, 2016. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth rates are not necessarily indicative of the rebased revenue and Adjusted Segment EBITDA that would have occurred if the acquisition of CWC had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted Segment EBITDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance.
4 - Accounting principles generally accepted in the United States are referred to as U.S. GAAP.
About C&W CommunicationsC&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers.
C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region.
Learn more atwww.cwc.com, or follow C&W onLinkedIn,FacebookorTwitter.
About Liberty GlobalLiberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. Liberty Global invests in the infrastructure that empowers its customers to make the most of the digital revolution. Liberty Global's scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect its 29 million customers who subscribe to 60 million television, broadband internet and telephony services. Liberty Global also serves over 10 million mobile subscribers and offers WiFi service across seven million access points.
Liberty Global's businesses are comprised of two stocks: the Liberty Global Group (NASDAQ:LBTYA) (NASDAQ:LBTYB) and (NASDAQ:LBTYK) for its European operations, and the LiLAC Group (NASDAQ:LILA) and (NASDAQ:LILAK) (OTC PINK:LILAB), which consists of its operations in Latin America and the Caribbean.
The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets.
For more information, please visitwww.libertyglobal.com. || Cable & Wireless Reports Preliminary Results for the Period Ended December 31, 2016: MIAMI, FL--(Marketwired - Feb 16, 2017) - Cable & Wireless Communications Limited ("CWC") is the leading telecommunications operator in substantially all of its consumer markets, which are predominantly located in the Caribbean and Latin America, providing entertainment, information and communication services to 3.5 million mobile, 0.4 million television, 0.6 million internet and 0.8 million fixed-line telephony subscribers. In addition, CWC delivers B2B services and provides wholesale services over its sub-sea and terrestrial networks that connect over 30 markets across the region. Liberty Global's Acquisition of CWC On May 16, 2016, a subsidiary of Liberty Global plc ("Liberty Global") acquired CWC (the "Liberty Global Transaction"). Revenue, Adjusted Segment EBITDA 1 and subscriber statistics have been presented herein using Liberty Global's definitions for all periods presented unless otherwise noted. Further adjustments to these metrics are possible as the integration process continues. The results for the three and nine months ended December 31, 2016 ("QTD" and "YTD", respectively) have also been aligned to Liberty Global's IASB-IFRS 2 accounting policies and estimates. Significant policy adjustments have been considered in our calculation of rebased growth rates for revenue and Adjusted Segment EBITDA. For additional information on Liberty Global's definition of Adjusted Segment EBITDA and rebased growth rates, see footnotes 1 and 3, respectively. A reconciliation of net earnings (loss) to Adjusted Segment EBITDA is included in the Financial Results, Adjusted Segment EBITDA Reconciliation & Property, Equipment and Intangible Asset Additions section below. In addition, effective for the 2016 fiscal year, CWC has changed its fiscal year end from March 31 to December 31 to conform with Liberty Global. Operating highlights: Organic increase (decrease) in RGUs of 2,000 YTD and (20,000) QTD were impacted by an adjustment that we recorded in Q4 to eliminate 30,000 non-paying subscribers from our subscriber counts Internet and telephony subscribers were up 7,000 and 2,000, respectively, YTD on an organic basis, as we increased penetration across our high speed networks and sold more bundled packages, particularly in Jamaica and Trinidad At December 31, 2016, 11% of our customers subscribed to a triple-play product, 33% to a double-play product, and 56% took only one product from us. While continuing to improve, our bundling ratio of 1.54 RGUs per customer remains relatively low, which provides ample runway for continued RGU growth as we seek to sell additional products to our customers Mobile subscribers grew by 11,000 on an organic basis YTD, and by 50,000 QTD as promotions drove increased sales during the holiday period, particularly in Jamaica and the Bahamas Highlights across our largest markets were as follows: In Panama, enhanced video subscriber growth accelerated QTD following the launch of our new "Mast3r" bundles during September 2016, and we added 14,000 video subscribers on an organic basis YTD. Of the customers taking our Mast3r products in December, 62% and 13% subscribed to a double-play or triple-play bundle, respectively. Telephony and internet subscribers fell due to continued fixed to mobile substitution as well as churn from our copper network. Our postpaid mobile subscriber base continued to grow, driven by the strength of our network and service quality, but was more than offset by prepaid subscriber losses due to the continued competitive intensity Jamaica continued its mobile subscriber momentum with particularly strong growth QTD as mobile subscribers rose by 56,000, moving above 900,000 in total for the first time. We posted 21,000 organic RGU additions with growth across our internet and telephony services driven by improved bundling propositions In the Bahamas we grew subscribers across mobile, video and internet products YTD. Momentum is steadily building in our video RGU base through penetration of our newly constructed Fiber-to-the-Home (FttH) network. Despite the entrance into the market of our first mobile competitor in November 2016, we were able to grow our subscriber base by 6,000 QTD through increased data-led promotional activity Barbados mobile subscribers were broadly stable YTD with an improving trend QTD whereby our base grew by 3,000 following successful data-led promotions during the holiday period. Fixed-line telephony RGUs fell YTD due to a heightened competitive environment combined with customer experience challenges during our ongoing program to upgrade customers from our legacy copper to nationwide fiber based network Trinidad RGUs were broadly flat YTD on an organic basis as a video decline of 12,000 resulting from increased competition was largely offset by growth in telephony and broadband Story continues Footnotes * The financial figures contained in this release are prepared in accordance with IASB-IFRS. CWC's financial condition and results of operations will be included in Liberty Global's consolidated financial statements under U.S. GAAP 4 . There are significant differences between the U.S. GAAP and IASB-IFRS presentations of our consolidated financial statements. 1 - Adjusted Segment EBITDA is the primary measure used by our management to evaluate the company's performance. Adjusted Segment EBITDA is also a key factor that is used by our internal decision makers to evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. We define EBITDA as earnings before net finance expense, income taxes and depreciation and amortization. As we use the term, Adjusted Segment EBITDA is defined as EBITDA before share-based compensation, provisions and provision releases related to significant litigation, impairment, restructuring and other operating items and related-party fees and allocations. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted Segment EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends and identify strategies to improve operating performance. We believe our Adjusted Segment EBITDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other companies. Adjusted Segment EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for EBIT, net earnings (loss), cash flow from operating activities and other EU-IFRS or IASB-IFRS measures of income or cash flows. A reconciliation of Adjusted Segment EBITDA to net loss is presented in the Unitymedia section of this release. 2 - International Financial Reporting Standards, as promulgated by the International Accounting Standards Board (IASB), are referred to as IASB-IFRS. 3 - For purposes of calculating rebased growth rates on a comparable basis for the CWC borrowing group, we have adjusted the historical revenue and Adjusted Segment EBITDA for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 to reflect the impacts in the three months ended June 30, 2016, September 30, 2016 and December 31, 2016 and the nine months ended December 31, 2016 of the alignment to Liberty Global's accounting policies and to reflect the translation of our rebased amounts for the three months ended June 30, 2015, September 30, 2015 and December 31, 2015 and the nine months ended December 31, 2015 at the applicable average foreign currency exchange rates that were used to translate CWC's results for the three and nine months ended December 31, 2016. The most significant adjustments to conform to Liberty Global's policies relate to the capitalization of certain installation activities that previously were expensed, the reflection of certain lease arrangements as capital leases that previously were accounted for as operating leases and the reflection of certain time-based licenses as operating expenses that previously were capitalized. We have not adjusted the three and nine months ended December 31, 2015 to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that have been implemented in the three and nine months ended December 31, 2016. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth rates are not necessarily indicative of the rebased revenue and Adjusted Segment EBITDA that would have occurred if the acquisition of CWC had occurred on the date assumed for purposes of calculating our rebased amounts or the revenue and Adjusted Segment EBITDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance. 4 - Accounting principles generally accepted in the United States are referred to as U.S. GAAP. About C&W Communications C&W is a full service communications and entertainment provider and delivers market-leading video, broadband, telephony and mobile services to consumers in 18 countries. Through its business division, C&W provides data center hosting, domestic and international managed network services, and customized IT service solutions, utilizing cloud technology to serve business and government customers. C&W also operates a state-of-the-art submarine fiber network -- the most extensive in the region. Learn more at www.cwc.com , or follow C&W on LinkedIn , Facebook or Twitter . About Liberty Global Liberty Global is the world's largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean. Liberty Global invests in the infrastructure that empowers its customers to make the most of the digital revolution. Liberty Global's scale and commitment to innovation enables it to develop market-leading products delivered through next-generation networks that connect its 29 million customers who subscribe to 60 million television, broadband internet and telephony services. Liberty Global also serves over 10 million mobile subscribers and offers WiFi service across seven million access points. Liberty Global's businesses are comprised of two stocks: the Liberty Global Group ( NASDAQ : LBTYA ) ( NASDAQ : LBTYB ) and ( NASDAQ : LBTYK ) for its European operations, and the LiLAC Group ( NASDAQ : LILA ) and ( NASDAQ : LILAK ) ( OTC PINK : LILAB ), which consists of its operations in Latin America and the Caribbean. The Liberty Global Group operates in 12 European countries under the consumer brands Virgin Media, Ziggo, Unitymedia, Telenet and UPC. The LiLAC Group operates in over 20 countries in Latin America and the Caribbean under the consumer brands VTR, Flow, Liberty, Mas Movil and BTC. In addition, the LiLAC Group operates a subsea fiber network throughout the region in over 30 markets. For more information, please visit www.libertyglobal.com . || Here’s A Portfolio Based On JP Morgan’s 2017 Outlook: This article is part of a regular series of thought leadership pieces from some of the more influential ETF strategists in the money management industry. Today's article is by Corey Hoffstein, co-founder and chief investment strategist of Boston-based Newfound Research. J.P. Morgan recently released its 2017 long-term capital market assumptions, a valuable resource for investors looking to leverage institutional research in their own asset allocation decisions. For those unfamiliar, capital market assumptions outline the expected return, volatility and correlation parameters that can be fed into a portfolio optimization process. The full report sits at a hefty 94 pages. Before using the research, we believe it is prudent for investors to read the full report to understand the methodologies employed. For those less interested in narrative and more interested in implications, there is an easier way to gain insight: Build a portfolio. That is exactly what we have done. Using the capital market assumptions, we have built mean-variance optimal portfolios at varying risk levels. The results may surprise you. Hoffstein For a larger view, please click on the image above. While traditionally built portfolios rely heavily on stocks and bonds, portfolios built leveraging J.P. Morgan’s capital market assumptions steer away from them. For example, the portfolio designed to have a similar risk profile as a 100% global equity portfolio (the far right of the above graph) holds less than 50% in global equities. Alternative Income Favored Credit-based and alternative income asset classes dominate portfolios across the risk spectrum. These asset classes are emerging market debt (USD), emerging market debt (local currency), high-yield bonds, bank loans and REITs. Why the optimization ends up relying so heavily on credit-based asset classes can be seen in the below scatter plot of expected returns and volatilities. Hoffstein For a larger view, please click on the image above. Story continues With equity exposures in yellow and credit exposures in blue, we can see that similar return levels are expected to be achieved at significantly less risk. High-yield bonds, for example, are expected to only earn 0.5% less a year than U.S. large-cap stocks, but with 40% less volatility. Consider, similarly, that bank loans are expected to have a risk profile in line with intermediate-term U.S. Treasurys and investment-grade corporate bonds (the two green dots below bank loans in the above graph), but with nearly double the return. The result is that the optimizer ends up using credit in place of both stocks and bonds. Investment-Agnostic Part of the beauty of a completely systematic approach like portfolio optimization is that it is agnostic to what the investments actually are. While investors may be reluctant to go so far outside their own comfort zone, a computer simply sees numbers and performs rote calculations to find the optimal risk/reward trade-off. Why use riskier stocks when emerging market debt and high yield can be used instead? Why use lower returning bonds when bank loans fit the bill? This agnosticism to what the allocations represent results in what might seem, to many, a rather unusual—albeit thought-provoking—portfolio. So while on the one hand J.P. Morgan’s outlook provides evidence that investors should strive to incorporate many of these credit-based exposures, on the other, it may be totally untenable for most investors. We should acknowledge that the optimal portfolio is first and foremost the one an investor can stick to. We explicitly model this trade-off in our model research portfolios . Those interested in learning more about how we do it can read our white paper, “ A Modern, Behavior-Aware Asset Allocation .” Balancing Short-Term Risk & Long-Term Opportunity It is also important to recognize that not only are J.P. Morgan’s capital market assumptions estimates , but that they are estimates for annualized returns for the next seven to 10 years. Today if we use the BofA Merrill Lynch US High Yield Option-Adjusted Spread as a measure of “value,” credit-based instruments are not cheap. In fact, sitting at 3.93% at the time of writing puts us in the most expensive quartile of markets going back to 1996. In Newfound’s Multi-Asset Income portfolio , we seek to balance potential short-term risk and long-term opportunity in two ways. First, we strategically allocate using a Sharpe parity approach, dynamically emphasizing the asset classes that provide the most yield with the least volatility. We then apply a trend-following process to remove asset classes we deem to be exhibiting significant downside risk. We believe this dual approach to managing risk can help create a stable, balanced portfolio in healthy market environments while providing a means of de-risking in unhealthy ones. For do-it-yourselfers, there are a variety of ETFs available today in each of these credit categories that can be used to incorporate exposure. Bank Loans: SPDR Blackstone / GSO Senior Loan (SRLN) , PowerShares Senior Loan Portfolio (BKLN) , Highland/iBoxx Senior Loan (SNLN) EM Debt (USD): iShares JPMorgan USD Emerging Markets Bond ETF (EMB) , PowerShares Emerging Markets Sovereign Debt Portfolio (PCY) EM Debt (Local Currency): SPDR Bloomberg Barclays Emerging Markets Local Currency (EBND) , VanEck Vectors JP Morgan EM Local Currency Bond (EMLC) High Yield: SPDR Bloomberg Barclays High Yield Bond ETF (JNK) , iShares iBoxx $ High Yield Corporate Bond ETF (HYG) , JPMorgan Disciplined High Yield (JPHY) REITs: Vanguard REIT Index Fund (VNQ) Regardless of approach, the implications behind J.P. Morgan’s capital market assumptions are clear: Credit-based exposures will be key to unlocking the optimal risk/reward trade-off for portfolios over the next decade. Newfound Research uses BKLN, SNLN, PCY, EMLC, HYG, JPHY and VNQ in its portfolios and may hold positions at the time of publishing. Founded in August 2008, Newfound Research is a quantitative asset management firm based in Boston. Investing at the intersection of quantitative and behavioral finance, Newfound Research is dedicated to helping clients achieve their long-term goals with research-driven, quantitatively managed portfolios, while simultaneously acknowledging that the quality of the journey is just as important as the destination. For more information about Newfound Research, call us at 617-531-9773 , visit us at www.thinknewfound.com or email us at [email protected] . For a list of relevant disclosures, click here . Recommended Stories How To Build A Balanced Portfolio For Today’s Market How Revenue Weighted ETFs Work 3 Simple Rules For Tactical Asset Allocation Bitcoin ETF: A Fintech Marriage Ready To Happen Trump Trick & Tweets: These ETFs May Prosper Ahead Permalink | © Copyright 2017 ETF.com. All rights reserved || Here’s A Portfolio Based On JP Morgan’s 2017 Outlook: This article is part of a regular series of thought leadership pieces from some of the more influential ETF strategists in the money management industry. Today's article is by Corey Hoffstein, co-founder and chief investment strategist of Boston-based Newfound Research.
J.P. Morgan recently released its 2017 long-term capital market assumptions, a valuable resource for investors looking to leverage institutional research in their own asset allocation decisions.
For those unfamiliar, capital market assumptions outline the expected return, volatility and correlation parameters that can be fed into a portfolio optimization process.
The full report sits at a hefty 94 pages. Before using the research,we believe it is prudent for investors to read the full reportto understand the methodologies employed. For those less interested in narrative and more interested in implications, there is an easier way to gain insight: Build a portfolio.
That is exactly what we have done.
Using the capital market assumptions, we have built mean-variance optimal portfolios at varying risk levels. The results may surprise you.
For a larger view, please click on the image above.
While traditionally built portfolios rely heavily on stocks and bonds, portfolios built leveraging J.P. Morgan’s capital market assumptions steer away from them. For example, the portfolio designed to have a similar risk profile as a 100% global equity portfolio (the far right of the above graph) holds less than 50% in global equities.
Alternative Income Favored
Credit-based and alternative income asset classes dominate portfolios across the risk spectrum. These asset classes are emerging market debt (USD), emerging market debt (local currency), high-yield bonds, bank loans and REITs.
Whythe optimization ends up relying so heavily on credit-based asset classes can be seen in the below scatter plot of expected returns and volatilities.
For a larger view, please click on the image above.
With equity exposures in yellow and credit exposures in blue, we can see that similar return levels are expected to be achieved at significantly less risk. High-yield bonds, for example, are expected to only earn 0.5% less a year than U.S. large-cap stocks, but with 40% less volatility.
Consider, similarly, that bank loans are expected to have a risk profile in line with intermediate-term U.S. Treasurys and investment-grade corporate bonds (the two green dots below bank loans in the above graph), but with nearly double the return.
The result is that the optimizer ends up using credit in place of both stocksandbonds.
Investment-Agnostic
Part of the beauty of a completely systematic approach like portfolio optimization is that it is agnostic to what the investments actually are. While investors may be reluctant to go so far outside their own comfort zone, a computer simply sees numbers and performs rote calculations to find the optimal risk/reward trade-off.
Why use riskier stocks when emerging market debt and high yield can be used instead? Why use lower returning bonds when bank loans fit the bill?
This agnosticism to what the allocations represent results in what might seem, to many, a rather unusual—albeit thought-provoking—portfolio.
So while on the one hand J.P. Morgan’s outlook provides evidence that investors should strive to incorporate many of these credit-based exposures, on the other, it may be totally untenable for most investors. We should acknowledge that the optimal portfolio is first and foremost the one an investor can stick to.
We explicitly model this trade-off in ourmodel research portfolios. Those interested in learning more about how we do it can read our white paper, “A Modern, Behavior-Aware Asset Allocation.”
Balancing Short-Term Risk & Long-Term Opportunity
It is also important to recognize that not only are J.P. Morgan’s capital market assumptionsestimates, but that they areestimatesfor annualized returns for the next seven to 10 years.
Today if we use the BofA Merrill Lynch US High Yield Option-Adjusted Spread as a measure of “value,” credit-based instruments are not cheap. In fact, sitting at 3.93% at the time of writing puts us in the most expensive quartile of markets going back to 1996.
In Newfound’sMulti-Asset Income portfolio, we seek to balance potential short-term risk and long-term opportunity in two ways. First, we strategically allocate using a Sharpe parity approach, dynamically emphasizing the asset classes that provide the most yield with the least volatility. We then apply a trend-following process to remove asset classes we deem to be exhibiting significant downside risk.
We believe this dual approach to managing risk can help create a stable, balanced portfolio in healthy market environments while providing a means of de-risking in unhealthy ones.
For do-it-yourselfers, there are a variety of ETFs available today in each of these credit categories that can be used to incorporate exposure.
• Bank Loans:SPDR Blackstone / GSO Senior Loan (SRLN),PowerShares Senior Loan Portfolio (BKLN),Highland/iBoxx Senior Loan (SNLN)
• EM Debt (USD):iShares JPMorgan USD Emerging Markets Bond ETF (EMB),PowerShares Emerging Markets Sovereign Debt Portfolio (PCY)
• EM Debt (Local Currency):SPDR Bloomberg Barclays Emerging Markets Local Currency (EBND),VanEck Vectors JP Morgan EM Local Currency Bond (EMLC)
• High Yield:SPDR Bloomberg Barclays High Yield Bond ETF (JNK),iShares iBoxx $ High Yield Corporate Bond ETF (HYG),JPMorgan Disciplined High Yield (JPHY)
• REITs:Vanguard REIT Index Fund (VNQ)
Regardless of approach, the implications behind J.P. Morgan’s capital market assumptions are clear: Credit-based exposures will be key to unlocking the optimal risk/reward trade-off for portfolios over the next decade.
Newfound Research uses BKLN, SNLN, PCY, EMLC, HYG, JPHY and VNQ in its portfolios and may hold positions at the time of publishing.Founded in August 2008, Newfound Research is a quantitative asset management firm based in Boston.Investing at the intersection of quantitative and behavioral finance, Newfound Research is dedicated to helping clients achieve their long-term goals with research-driven, quantitatively managed portfolios, while simultaneously acknowledging that the quality of the journey is just as important as the destination. For more information about Newfound Research, call us at617-531-9773, visit us atwww.thinknewfound.comor email us [email protected]. For a list of relevant disclosures, clickhere.
Recommended Stories
• How To Build A Balanced Portfolio For Today’s Market
• How Revenue Weighted ETFs Work
• 3 Simple Rules For Tactical Asset Allocation
• Bitcoin ETF: A Fintech Marriage Ready To Happen
• Trump Trick & Tweets: These ETFs May Prosper Ahead
Permalink| © Copyright 2017ETF.com.All rights reserved
[Social Media Buzz]
One Bitcoin now worth $1111.13@bitstamp. High $1117.00. Low $1056.66. Market Cap $17.972 Billion #bitcoin || Price Update: 1 #Bitcoin = $1,095.00
#cryptocurrency source http://www.coindesk.com/price/ (via @Flutter_HQ) || #Bitcoin 0.54%
Ultima: R$ 3330.00 Alta: R$ 3330.00 Baixa: R$ 3255.00
Fonte: Foxbit || El precio del bitcoin es de US$ 1090.00. #bitcoin #btc || STILL BLAZING REGISTER WITH 0.002 AND YOU ARE LEAVING WITH 16.00 BITCOIN https://lnkd.in/dgGNtiX || #Telmi Bitcoin und Euro: 0.00...
|
1117.44, 1166.72, 1173.68, 1143.84, 1165.20, 1179.97, 1179.97, 1222.50, 1251.01, 1274.99
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 229.78, 228.76, 230.06, 228.12, 229.28, 227.18, 230.30, 235.02, 239.84, 239.85, 243.61, 238.17, 238.48, 240.11, 235.23, 230.51, 230.64, 230.30, 229.09, 229.81, 232.98, 231.49, 231.21, 227.09, 230.62, 230.28, 234.53, 235.14, 234.34, 232.76, 239.14, 236.69, 236.06, 237.55, 237.29, 238.73, 238.26, 240.38, 246.06, 242.97, 242.30, 243.93, 244.94, 247.05, 245.31, 249.51, 251.99, 254.32, 262.87, 270.64, 261.64, 263.44, 269.46, 266.27, 274.02, 276.50, 281.65, 283.68, 285.30, 293.79, 304.62, 313.86, 328.02, 314.17, 325.43, 361.19, 403.42, 411.56, 386.35, 374.47, 386.48, 373.37, 380.26, 336.82, 311.08, 338.15, 336.75, 332.91, 320.17, 330.75, 335.09, 334.59, 326.15, 322.02, 326.93, 324.54, 323.05, 320.05, 328.21, 352.68.
|
[Bitcoin Technical Analysis for 2015-11-26]
Volume: 106105000, RSI (14-day): 59.14, 50-day EMA: 313.73, 200-day EMA: 275.97
[Wider Market Context]
None available.
[Recent News (last 7 days)]
6 Ways Blockchain Could Change The World: Cryptocurrencies like bitcoin have seen a drop in enthusiasm over the past year as more people have become wary toward the currencies.
A spate of high profile scams and illegal transactions that involved bitcoin painted the cryptocurrency as a tool for criminals and an unsafe avenue with which to move money. While bitcoin enthusiasts continue to rework the currency's image in order to gain mainstream approval, others say the coin itself isn't what the world should be focused on.
Blockchain, the ledger-like technology that bitcoin runs on, has instead emerged as one of the most important technological advancements from the past decade. Blockchain's ability to facilitate transactions seamlessly without a third party intermediary has been driving bitcoin's popularity over the past few years.
Related Link:Ben Bernanke Sees Serious Problems With Bitcoin
While the system was developed in order to easily transfer bitcoins from party to party, many believe that supporting a bitcoin market is one of many uses blockchain could have in the future.
Some analysts believe that blockchain could significantly change the way that the financial system operates, overhauling everything from banks to exchanges. Others say the financial space is just the starting point for blockchain; the technology could be applicable to a wide range of industries and activities as it becomes more and more advanced.
Here's a look at 6 ways blockchain may be seen in the future.
1. Banks
One of the first places blockchain is likely to turn up is at banks.
As bitcoin threatened to disrupt the traditional finance system, many big banks created dedicated teams to study the cryptocurrency and experiment with its use. While the majority of banks are still wary of bitcoin itself, many have become increasingly interested in how bitcoin might improve their operations.
So far, the best use-case for blockchain within a bank has been to . At the moment, sending money from one country to another requires a great deal of time and administration, but using blockchain to run those payments could change that. For one, the system would likely make such transactions cheaper by eliminating the need for a middleman. Not only that, but blockchain would also speed up processing, a benefit to both banks and customers.
Related Link:Trading Bitcoin Binary Options
2. Exchanges
Blockchain has also been touted as a viable way to run an exchange. Using a ledger like blockchain would make trade data much more accurate by conducting the trades on a peer-to-peer basis.
Applying this technology to an exchange would cut down on the need for supervisors, a cost-saving measure that would also reduce the instances of human error. Not only that, but a blockchain-run exchange would also speed up transaction times, allowing traders to see real-time results when their trades are placed.
Nasdaq Inc(NASDAQ:NDAQ) has already begun for a blockchain-based exchange; the company has partnered with Chain, a blockchain infrastructure provider, to work on integrating blockchain into the exchange's operations.
While blockchain may be a good way to overhaul U.S. exchanges, many worry about technological problems that might arise, especially after several mishaps delayed trading on U.S. exchanges this year.
3. Legal Contracts
The legal space could also be turned on its head by blockchain, as the ledger has been suggested as a way to facilitate contracts. Dubbed "smart contracts," blockchain-supported contracts would be able to essentially enforce themselves without the need for a third party.
Computer programs would be able to set conditions laid out in a contract and when they were satisfied, the next part of the contract would be released. That means contractual obligations could be easier to enforce, as they would be automated and security surrounding such transactions would be enhanced.
One example would be the ability for a customer to pay for a package at the moment it was delivered.International Business Machines Corp.(NYSE:IBM) has a dedicated research team to investigate the possibility of creating smart contracts. The firm believes that such a system would enhance privacy for participating businesses and ensure that required conditions are met.
4. Politics
This year was the first year that a presidential candidate accepted bitcoin donations for their campaign, but many believe that blockchain will truly revolutionize politics in the years to come.
Voting has always been a hot topic among the U.S. public; each election ends with questions about accuracy and efficiency, as well as calls to reform the system and update the technology used. Blockchain supporters say that the ledger bitcoin runs on could the voting process by making it more secure. In such a voting system, blockchain would store each vote with an encrypted hash.
These encryptions are exceedingly difficult to break and would require a hacker with an impossible amount of computer power in order to change just one vote without being noticed. The Liberal Alliance, a political party in Denmark, has already to run its internal voting system using blockchain, making it the first political group in the world to integrate blockchain into its voting practices.
Related Link:Paris Attacks Weigh On Bitcoin
5. Microtransactions
Companies likeNetflix, Inc.(NASDAQ:NFLX) have revolutionized the way people view content by disrupting traditional cable broadcasters and pushing more people to watch TV and movies online.
However, subscription services like that one may be under fire in the coming years if blockchain is used to facilitate . This type of system would allow users to pay per minute, or per show in a pay-as-you-go manner.
Such payment systems could benefit both customers and content providers, as it gives a more realistic view of what people are actually using. Subscription bundles often result in a great deal of unused services, which customers may be overpaying for. On the flip side, cheaper bundles or less complex bundled options could sway customers away from one subscription service to another, but a pay-as-you-go option allows customers to view and pay for exactly what they want.
5. Tipping
Another way micropayments might enhance online content is through a tipping service. Allowing users to "tip" for particularly entertaining or insightful social media posts or blogs would diminish the need for online advertising and give content creators a new source of income.
Many believe that such a system would improve the quality of online content and help eliminate some of the spam that circulates throughout the Internet. This kind of system would also be facilitated through blockchain, and many believe that a cryptocurrency like bitcoin would make such a tipping scheme possible.
6. Music
The music industry has been alight with debates over whether artists are being fairly compensated for the value of their work. Many believe that big name labels likeSonyare unfairly negotiating royalty fees with music distributors in a way that doesn't deliver that value back to the content creators themselves.
However, with the help of blockchain, some say the music industry could shift to a more artist-driven model in which blockchain makes artists' contracts more transparent, thus eliminating arguments over how royalties are distributed when their label makes a deal with a firm like Spotify.
In 2016, a company called is planning to work together with music companies and artists to see how blockchain-supported infrastructure might improve the way business is conducted within the industry.
Image Credit:
See more from Benzinga
• Can Subscription Services Take Over The Movies As Well?
• Is The Video Subscription Space Saturated?
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || 6 Ways Blockchain Could Change The World: Cryptocurrencies like bitcoin have seen a drop in enthusiasm over the past year as more people have become wary toward the currencies. A spate of high profile scams and illegal transactions that involved bitcoin painted the cryptocurrency as a tool for criminals and an unsafe avenue with which to move money. While bitcoin enthusiasts continue to rework the currency's image in order to gain mainstream approval, others say the coin itself isn't what the world should be focused on. Blockchain, the ledger-like technology that bitcoin runs on, has instead emerged as one of the most important technological advancements from the past decade. Blockchain's ability to facilitate transactions seamlessly without a third party intermediary has been driving bitcoin's popularity over the past few years. Related Link: Ben Bernanke Sees Serious Problems With Bitcoin While the system was developed in order to easily transfer bitcoins from party to party, many believe that supporting a bitcoin market is one of many uses blockchain could have in the future. Some analysts believe that blockchain could significantly change the way that the financial system operates, overhauling everything from banks to exchanges. Others say the financial space is just the starting point for blockchain; the technology could be applicable to a wide range of industries and activities as it becomes more and more advanced. Here's a look at 6 ways blockchain may be seen in the future. 1. Banks One of the first places blockchain is likely to turn up is at banks. As bitcoin threatened to disrupt the traditional finance system, many big banks created dedicated teams to study the cryptocurrency and experiment with its use. While the majority of banks are still wary of bitcoin itself, many have become increasingly interested in how bitcoin might improve their operations. So far, the best use-case for blockchain within a bank has been to . At the moment, sending money from one country to another requires a great deal of time and administration, but using blockchain to run those payments could change that. For one, the system would likely make such transactions cheaper by eliminating the need for a middleman. Not only that, but blockchain would also speed up processing, a benefit to both banks and customers. Story continues Related Link: Trading Bitcoin Binary Options 2. Exchanges Blockchain has also been touted as a viable way to run an exchange. Using a ledger like blockchain would make trade data much more accurate by conducting the trades on a peer-to-peer basis. Applying this technology to an exchange would cut down on the need for supervisors, a cost-saving measure that would also reduce the instances of human error. Not only that, but a blockchain-run exchange would also speed up transaction times, allowing traders to see real-time results when their trades are placed. Nasdaq Inc (NASDAQ: NDAQ ) has already begun for a blockchain-based exchange; the company has partnered with Chain, a blockchain infrastructure provider, to work on integrating blockchain into the exchange's operations. While blockchain may be a good way to overhaul U.S. exchanges, many worry about technological problems that might arise, especially after several mishaps delayed trading on U.S. exchanges this year. 3. Legal Contracts The legal space could also be turned on its head by blockchain, as the ledger has been suggested as a way to facilitate contracts. Dubbed "smart contracts," blockchain-supported contracts would be able to essentially enforce themselves without the need for a third party. Computer programs would be able to set conditions laid out in a contract and when they were satisfied, the next part of the contract would be released. That means contractual obligations could be easier to enforce, as they would be automated and security surrounding such transactions would be enhanced. One example would be the ability for a customer to pay for a package at the moment it was delivered. International Business Machines Corp. (NYSE: IBM ) has a dedicated research team to investigate the possibility of creating smart contracts. The firm believes that such a system would enhance privacy for participating businesses and ensure that required conditions are met. 4. Politics This year was the first year that a presidential candidate accepted bitcoin donations for their campaign, but many believe that blockchain will truly revolutionize politics in the years to come. Voting has always been a hot topic among the U.S. public; each election ends with questions about accuracy and efficiency, as well as calls to reform the system and update the technology used. Blockchain supporters say that the ledger bitcoin runs on could the voting process by making it more secure. In such a voting system, blockchain would store each vote with an encrypted hash. These encryptions are exceedingly difficult to break and would require a hacker with an impossible amount of computer power in order to change just one vote without being noticed. The Liberal Alliance, a political party in Denmark, has already to run its internal voting system using blockchain, making it the first political group in the world to integrate blockchain into its voting practices. Related Link: Paris Attacks Weigh On Bitcoin 5. Microtransactions Companies like Netflix, Inc. (NASDAQ: NFLX ) have revolutionized the way people view content by disrupting traditional cable broadcasters and pushing more people to watch TV and movies online. However, subscription services like that one may be under fire in the coming years if blockchain is used to facilitate . This type of system would allow users to pay per minute, or per show in a pay-as-you-go manner. Such payment systems could benefit both customers and content providers, as it gives a more realistic view of what people are actually using. Subscription bundles often result in a great deal of unused services, which customers may be overpaying for. On the flip side, cheaper bundles or less complex bundled options could sway customers away from one subscription service to another, but a pay-as-you-go option allows customers to view and pay for exactly what they want. 5. Tipping Another way micropayments might enhance online content is through a tipping service. Allowing users to "tip" for particularly entertaining or insightful social media posts or blogs would diminish the need for online advertising and give content creators a new source of income. Many believe that such a system would improve the quality of online content and help eliminate some of the spam that circulates throughout the Internet. This kind of system would also be facilitated through blockchain, and many believe that a cryptocurrency like bitcoin would make such a tipping scheme possible. 6. Music The music industry has been alight with debates over whether artists are being fairly compensated for the value of their work. Many believe that big name labels like Sony are unfairly negotiating royalty fees with music distributors in a way that doesn't deliver that value back to the content creators themselves. However, with the help of blockchain, some say the music industry could shift to a more artist-driven model in which blockchain makes artists' contracts more transparent, thus eliminating arguments over how royalties are distributed when their label makes a deal with a firm like Spotify. In 2016, a company called is planning to work together with music companies and artists to see how blockchain-supported infrastructure might improve the way business is conducted within the industry. Image Credit: See more from Benzinga Can Subscription Services Take Over The Movies As Well? Is The Video Subscription Space Saturated? © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Best Gift Cards for the Geeks on Your List: (Photo: Thinkstock.com) Gift cards might be the last refuge of scoundrels who cant be bothered to put any thought into the whole buying-and-wrapping process. But they can also be handy ways to get something for people whose interests you just dont understand. So if your gift list includes someone whos obsessed with technology of one sort or another, and you have no idea what shes talking about half the time, a gift card could be the perfect solution. But not just any card: You want one thats just right for your geeky giftee. Here are some suggestions. The generalists Of course, pretty much every big-name tech brand that sells anything online including Apple , Google , Microsoft sells gift cards of its own these days. Note that Apple cards occasionally go on sale at other retailers, allowing you to buy a $100 card for, say, $80. Its worth keeping an eye out for such bargains, as they come and go quickly. (Photo: Apple.com) If your recipient isnt so brand-specific, most of the major online retailers who sell electronics offer gift cards, too: Amazon ; Best Buy ; Walmart . Tech stores Then there are the technology specialists, retailers such as Crutchfield , Newegg , TigerDirect , who sell technology products and almost nothing else. One personal favorite in this bunch: B&H Photo , which began life as (yes) a camera store in Manhattan but has morphed into a smorgasbord of digital goodies of almost every kind, from computers and their accessories to tablets, smartphones, TVs, media players, and wearables, as well as a truly remarkable range of photo and video hardware. (Photo: B&H Photo) True specialists Then there are the true specialists: sites that focus on one particular type of technology or another. The Dynamism store, for example, specializes in 3D technology (in addition to notebooks and some other general tech stuff). Thinkgeek specializes in geek culture: Shopping for someone obsessed with Star Wars , Star Trek , Doctor Who , Minecraft, Marvel Comics, Game of Thrones , or pretty much any other nerdy franchise? This is your store. Story continues (Image: Thinkgeek.com) For gamers, consider a XBox Gift Card or a Playstation Store Cash Card . Have someone on your list who you dont want to see for a while? Get a Minecraft gift card : You buy a physical card at a retailer (including Target, Best Buy, even 7-11), then redeem it online for a downloadable copy of the Minecraft game. Your recipient wont resurface for months . Finally, two honorable mentions: Skype has gift cards , which you can give to loved ones who cant seem to stay in touch. And Gyft offers perhaps the geekiest offer of all: The mobile gift-card app works with Bitcoin . Dan Miller is an editor at Yahoo. He hardly ever gives anyone a gift card. || The Best Gift Cards for the Geeks on Your List: (Photo: Thinkstock.com) Gift cards might be the last refuge of scoundrels who cant be bothered to put any thought into the whole buying-and-wrapping process. But they can also be handy ways to get something for people whose interests you just dont understand. So if your gift list includes someone whos obsessed with technology of one sort or another, and you have no idea what shes talking about half the time, a gift card could be the perfect solution. But not just any card: You want one thats just right for your geeky giftee. Here are some suggestions. The generalists Of course, pretty much every big-name tech brand that sells anything online including Apple , Google , Microsoft sells gift cards of its own these days. Note that Apple cards occasionally go on sale at other retailers, allowing you to buy a $100 card for, say, $80. Its worth keeping an eye out for such bargains, as they come and go quickly. (Photo: Apple.com) If your recipient isnt so brand-specific, most of the major online retailers who sell electronics offer gift cards, too: Amazon ; Best Buy ; Walmart . Tech stores Then there are the technology specialists, retailers such as Crutchfield , Newegg , TigerDirect , who sell technology products and almost nothing else. One personal favorite in this bunch: B&H Photo , which began life as (yes) a camera store in Manhattan but has morphed into a smorgasbord of digital goodies of almost every kind, from computers and their accessories to tablets, smartphones, TVs, media players, and wearables, as well as a truly remarkable range of photo and video hardware. (Photo: B&H Photo) True specialists Then there are the true specialists: sites that focus on one particular type of technology or another. The Dynamism store, for example, specializes in 3D technology (in addition to notebooks and some other general tech stuff). Thinkgeek specializes in geek culture: Shopping for someone obsessed with Star Wars , Star Trek , Doctor Who , Minecraft, Marvel Comics, Game of Thrones , or pretty much any other nerdy franchise? This is your store. Story continues (Image: Thinkgeek.com) For gamers, consider a XBox Gift Card or a Playstation Store Cash Card . Have someone on your list who you dont want to see for a while? Get a Minecraft gift card : You buy a physical card at a retailer (including Target, Best Buy, even 7-11), then redeem it online for a downloadable copy of the Minecraft game. Your recipient wont resurface for months . Finally, two honorable mentions: Skype has gift cards , which you can give to loved ones who cant seem to stay in touch. And Gyft offers perhaps the geekiest offer of all: The mobile gift-card app works with Bitcoin . Dan Miller is an editor at Yahoo. He hardly ever gives anyone a gift card. || In taking economic war to Islamic State, U.S. developing new tools: By Yeganeh Torbati and Brett Wolf WASHINGTON (Reuters) - Since last month, U.S. warplanes have struck Islamic State's oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group's black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied in part on an unconventional source of intelligence: access to banking records that provide insight into which refineries and oil pumps are generating cash for the extremist group, current and former officials say. The intent is to choke off the Islamic State's funding by tracking its remaining ties to the global financial system. By identifying money flowing to and from the group, U.S. officials have been able to get a glimpse into how its black-market economy operates, people with knowledge of the effort have said. That in turn has influenced decisions about targeting for air strikes in an effort that began before Islamic State's Nov. 13 attacks on Paris and has intensified since, they said. While Islamic State's access to formal banking has been restricted, it retains some ties that U.S. military and financial officials can use against it, the current and former officials said. "We have done a really good job of largely keeping the Islamic State out of the formal financial system," said Matthew Levitt, who served as deputy assistant secretary for intelligence at the U.S. Treasury in the George W. Bush administration. "But we haven't been entirely successful, and that may not be a bad thing." Reuters was unable to verify key aspects of the campaign, including when it started or exactly which facilities have been destroyed as a result. Two current officials who confirmed the operations in outline declined to comment on their details. It was unclear how U.S. intelligence, Treasury, and military officials working on what the government calls "counter threat finance" operations have used banking records to identify lucrative Islamic State oil-related targets in Syria and whether that involved local banks. A report this year by the intergovernmental Financial Action Task Force found there were more than 20 Syrian financial institutions with operations in Islamic State territory. In Iraq, Treasury has worked with government officials to cut off bank branches in the group's territory from the Iraqi and international financial systems. Gerald Roberts, section chief of the FBI's terrorist financing operations section, said that Islamic State's recruits from outside Syria often come with financial trails that officials tracking them can "exploit." "We are seeing them using traditional banking systems," he said at a banking conference last week in Washington, adding that young, tech-savvy Islamic State members are also familiar with virtual currencies such as Bitcoin. Islamic State, also known as IS, ISIS or ISIL, is sometimes forced to use commercial banks because the amounts involved are too large to move using other means, said Levitt. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) uses a set of "business rules" to screen the roughly 55,000 reports it receives daily from financial institutions for signs of activity involving Islamic State, a spokesman said. He declined to describe the rules, but law enforcement sources say names, IP addresses, email addresses, and phone numbers are among the data that intelligence authorities try to match. The matches allow FinCEN "to connect the dots between seemingly unrelated individuals and entities," the FinCEN spokesman said. At present, FinCEN finds about 1,200 matches suggesting possible Islamic State-linked financial activity each month, up from 800 in April, the spokesman said. Bank of America, JP Morgan and Wells Fargo declined to comment on whether they provided financial reports to the U.S. government. Such reports are supplied confidentially. Citigroup, HSBC, and Standard Chartered did not immediately respond to requests for comment. "TIDAL WAVE II" The use of financial records linked to Islamic State is only one part of the intelligence-gathering exercise for air strikes in Syria that also includes methods such as aerial surveillance by drones, officials said. One former military official familiar with the process said that any financial intelligence collected by FinCEN would require "significant vetting" before the military acted on it. Earlier this month, U.S.-led coalition planes struck 116 fuel trucks used to smuggle Islamic State oil 45 minutes after dropping leaflets warning drivers to flee, a Pentagon spokesman said. Coalition strikes destroyed another 283 Islamic State fuel trucks on Saturday, the Pentagon said. On Nov. 8, a coalition air strike destroyed three oil refineries in Syria near the border with Turkey. U.S. defense officials estimate that Islamic State, an adversary the United States calls the wealthiest terrorist group of its kind in history, was earning about $47 million per month from oil sales prior to October. That month, the U.S. military launched an intensified effort to go after oil infrastructure, dubbed "Tidal Wave II," named after the bombing campaign targeting Romanian oil fields in World War Two. The Pentagon estimates the strikes have reduced the Islamic State's income from oil sales by about 30 percent, one U.S. defense official with knowledge of the previously unreported estimate said. Reuters was unable to confirm this. The use of financial records in helping to pick U.S. targets was first disclosed last week at the banking conference in Washington. At the conference, Kurt Gredzinski, the Counter Threat Finance Team Chief at U.S. Special Operations Command, cited the importance of information provided by banks in the war against Islamic State. "That to me is the first time in my recollection that we strategically targeted based on threat finance information," he said at the conference. He declined to comment further on which strike he had been referring to. "RESILIENT FINANCIAL PORTFOLIO" U.S. officials believe that diminished funding could gradually undermine Islamic State's grip on the area it controls in Iraq and Syria, because it needs revenue to pay salaries and keep public infrastructure operating, said two former officials with knowledge of the Obama administration's thinking. Experts caution that Islamic State, which rules an area the size of Austria, has surprisingly deep pockets due to the various revenue streams it controls. It has built up what amounts to a "durable and resilient financial portfolio," funded by oil sales, extortion, and sales of antiquities, said Thomas Sanderson, an expert on terrorism at the Center for Strategic and International Studies. "Money can be strapped to the backs of mules," Sanderson said. "It's easy to move things across a border during a time of deprivation and chaos." Despite some initial success, cutting off its funding will require deeper cooperation from governments from Turkey to Russia, experts say. The group has shown the ability to bounce back from previous U.S. strikes on its oil facilities. Counter-terrorism experts say that Islamic State appears to have learned from U.S. successes in cracking down on funding for al-Qaeda, which relied heavily on support from wealthy donors in the Gulf region. "IS has learned that you don't want to be reliant on too many outside sources," said Sanderson. "Donors are fickle and subject to pressure and (IS) wants to be in control." (Reporting by Yeganeh Torbati in Washington and Brett Wolf of Thomson Reuters Regulatory Intelligence. Additional reporting by Joel Schectman, Warren Strobel, and Jonathan Landay in Washington.; Editing by Kevin Krolicki and Stuart Grudgings) || In taking economic war to Islamic State, U.S. developing new tools: By Yeganeh Torbati and Brett Wolf WASHINGTON (Reuters) - Since last month, U.S. warplanes have struck Islamic State's oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group's black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied in part on an unconventional source of intelligence: access to banking records that provide insight into which refineries and oil pumps are generating cash for the extremist group, current and former officials say. The intent is to choke off the Islamic State's funding by tracking its remaining ties to the global financial system. By identifying money flowing to and from the group, U.S. officials have been able to get a glimpse into how its black-market economy operates, people with knowledge of the effort have said. That in turn has influenced decisions about targeting for air strikes in an effort that began before Islamic State's Nov. 13 attacks on Paris and has intensified since, they said. While Islamic State's access to formal banking has been restricted, it retains some ties that U.S. military and financial officials can use against it, the current and former officials said. "We have done a really good job of largely keeping the Islamic State out of the formal financial system," said Matthew Levitt, who served as deputy assistant secretary for intelligence at the U.S. Treasury in the George W. Bush administration. "But we haven't been entirely successful, and that may not be a bad thing." Reuters was unable to verify key aspects of the campaign, including when it started or exactly which facilities have been destroyed as a result. Two current officials who confirmed the operations in outline declined to comment on their details. It was unclear how U.S. intelligence, Treasury, and military officials working on what the government calls "counter threat finance" operations have used banking records to identify lucrative Islamic State oil-related targets in Syria and whether that involved local banks. A report this year by the intergovernmental Financial Action Task Force found there were more than 20 Syrian financial institutions with operations in Islamic State territory. In Iraq, Treasury has worked with government officials to cut off bank branches in the group's territory from the Iraqi and international financial systems. Gerald Roberts, section chief of the FBI's terrorist financing operations section, said that Islamic State's recruits from outside Syria often come with financial trails that officials tracking them can "exploit." "We are seeing them using traditional banking systems," he said at a banking conference last week in Washington, adding that young, tech-savvy Islamic State members are also familiar with virtual currencies such as Bitcoin. Islamic State, also known as IS, ISIS or ISIL, is sometimes forced to use commercial banks because the amounts involved are too large to move using other means, said Levitt. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) uses a set of "business rules" to screen the roughly 55,000 reports it receives daily from financial institutions for signs of activity involving Islamic State, a spokesman said. He declined to describe the rules, but law enforcement sources say names, IP addresses, email addresses, and phone numbers are among the data that intelligence authorities try to match. The matches allow FinCEN "to connect the dots between seemingly unrelated individuals and entities," the FinCEN spokesman said. At present, FinCEN finds about 1,200 matches suggesting possible Islamic State-linked financial activity each month, up from 800 in April, the spokesman said. Bank of America, JP Morgan and Wells Fargo declined to comment on whether they provided financial reports to the U.S. government. Such reports are supplied confidentially. Citigroup, HSBC, and Standard Chartered did not immediately respond to requests for comment. "TIDAL WAVE II" The use of financial records linked to Islamic State is only one part of the intelligence-gathering exercise for air strikes in Syria that also includes methods such as aerial surveillance by drones, officials said. One former military official familiar with the process said that any financial intelligence collected by FinCEN would require "significant vetting" before the military acted on it. Earlier this month, U.S.-led coalition planes struck 116 fuel trucks used to smuggle Islamic State oil 45 minutes after dropping leaflets warning drivers to flee, a Pentagon spokesman said. Coalition strikes destroyed another 283 Islamic State fuel trucks on Saturday, the Pentagon said. On Nov. 8, a coalition air strike destroyed three oil refineries in Syria near the border with Turkey. U.S. defense officials estimate that Islamic State, an adversary the United States calls the wealthiest terrorist group of its kind in history, was earning about $47 million per month from oil sales prior to October. That month, the U.S. military launched an intensified effort to go after oil infrastructure, dubbed "Tidal Wave II," named after the bombing campaign targeting Romanian oil fields in World War Two. The Pentagon estimates the strikes have reduced the Islamic State's income from oil sales by about 30 percent, one U.S. defense official with knowledge of the previously unreported estimate said. Reuters was unable to confirm this. The use of financial records in helping to pick U.S. targets was first disclosed last week at the banking conference in Washington. At the conference, Kurt Gredzinski, the Counter Threat Finance Team Chief at U.S. Special Operations Command, cited the importance of information provided by banks in the war against Islamic State. "That to me is the first time in my recollection that we strategically targeted based on threat finance information," he said at the conference. He declined to comment further on which strike he had been referring to. "RESILIENT FINANCIAL PORTFOLIO" U.S. officials believe that diminished funding could gradually undermine Islamic State's grip on the area it controls in Iraq and Syria, because it needs revenue to pay salaries and keep public infrastructure operating, said two former officials with knowledge of the Obama administration's thinking. Experts caution that Islamic State, which rules an area the size of Austria, has surprisingly deep pockets due to the various revenue streams it controls. It has built up what amounts to a "durable and resilient financial portfolio," funded by oil sales, extortion, and sales of antiquities, said Thomas Sanderson, an expert on terrorism at the Center for Strategic and International Studies. "Money can be strapped to the backs of mules," Sanderson said. "It's easy to move things across a border during a time of deprivation and chaos." Despite some initial success, cutting off its funding will require deeper cooperation from governments from Turkey to Russia, experts say. The group has shown the ability to bounce back from previous U.S. strikes on its oil facilities. Counter-terrorism experts say that Islamic State appears to have learned from U.S. successes in cracking down on funding for al-Qaeda, which relied heavily on support from wealthy donors in the Gulf region. "IS has learned that you don't want to be reliant on too many outside sources," said Sanderson. "Donors are fickle and subject to pressure and (IS) wants to be in control." (Reporting by Yeganeh Torbati in Washington and Brett Wolf of Thomson Reuters Regulatory Intelligence. Additional reporting by Joel Schectman, Warren Strobel, and Jonathan Landay in Washington.; Editing by Kevin Krolicki and Stuart Grudgings) || Insight - In taking economic war to Islamic State, U.S. developing new tools: By Yeganeh Torbati and Brett Wolf WASHINGTON (Reuters) - Since last month, U.S. warplanes have struck Islamic State's oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group's black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied in part on an unconventional source of intelligence: access to banking records that provide insight into which refineries and oil pumps are generating cash for the extremist group, current and former officials say. The intent is to choke off the Islamic State's funding by tracking its remaining ties to the global financial system. By identifying money flowing to and from the group, U.S. officials have been able to get a glimpse into how its black-market economy operates, people with knowledge of the effort have said. That in turn has influenced decisions about targeting for air strikes in an effort that began before Islamic State's Nov. 13 attacks on Paris and has intensified since, they said. While Islamic State's access to formal banking has been restricted, it retains some ties that U.S. military and financial officials can use against it, the current and former officials said. "We have done a really good job of largely keeping the Islamic State out of the formal financial system," said Matthew Levitt, who served as deputy assistant secretary for intelligence at the U.S. Treasury in the George W. Bush administration. "But we haven't been entirely successful, and that may not be a bad thing." Reuters was unable to verify key aspects of the campaign, including when it started or exactly which facilities have been destroyed as a result. Two current officials who confirmed the operations in outline declined to comment on their details. It was unclear how U.S. intelligence, Treasury, and military officials working on what the government calls "counter threat finance" operations have used banking records to identify lucrative Islamic State oil-related targets in Syria and whether that involved local banks. A report this year by the intergovernmental Financial Action Task Force found there were more than 20 Syrian financial institutions with operations in Islamic State territory. In Iraq, Treasury has worked with government officials to cut off bank branches in the group's territory from the Iraqi and international financial systems. Gerald Roberts, section chief of the FBI's terrorist financing operations section, said that Islamic State's recruits from outside Syria often come with financial trails that officials tracking them can "exploit." "We are seeing them using traditional banking systems," he said at a banking conference last week in Washington, adding that young, tech-savvy Islamic State members are also familiar with virtual currencies such as Bitcoin. Islamic State, also known as IS, ISIS or ISIL, is sometimes forced to use commercial banks because the amounts involved are too large to move using other means, said Levitt. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) uses a set of "business rules" to screen the roughly 55,000 reports it receives daily from financial institutions for signs of activity involving Islamic State, a spokesman said. He declined to describe the rules, but law enforcement sources say names, IP addresses, email addresses, and phone numbers are among the data that intelligence authorities try to match. The matches allow FinCEN "to connect the dots between seemingly unrelated individuals and entities," the FinCEN spokesman said. At present, FinCEN finds about 1,200 matches suggesting possible Islamic State-linked financial activity each month, up from 800 in April, the spokesman said. Bank of America, JP Morgan and Wells Fargo declined to comment on whether they provided financial reports to the U.S. government. Such reports are supplied confidentially. Citigroup, HSBC, and Standard Chartered did not immediately respond to requests for comment. "TIDAL WAVE II" The use of financial records linked to Islamic State is only one part of the intelligence-gathering exercise for air strikes in Syria that also includes methods such as aerial surveillance by drones, officials said. One former military official familiar with the process said that any financial intelligence collected by FinCEN would require "significant vetting" before the military acted on it. Earlier this month, U.S.-led coalition planes struck 116 fuel trucks used to smuggle Islamic State oil 45 minutes after dropping leaflets warning drivers to flee, a Pentagon spokesman said. Coalition strikes destroyed another 283 Islamic State fuel trucks on Saturday, the Pentagon said. On Nov. 8, a coalition air strike destroyed three oil refineries in Syria near the border with Turkey. U.S. defence officials estimate that Islamic State, an adversary the United States calls the wealthiest terrorist group of its kind in history, was earning about $47 million per month from oil sales prior to October. That month, the U.S. military launched an intensified effort to go after oil infrastructure, dubbed "Tidal Wave II," named after the bombing campaign targeting Romanian oil fields in World War Two. The Pentagon estimates the strikes have reduced the Islamic State's income from oil sales by about 30 percent, one U.S. defence official with knowledge of the previously unreported estimate said. Reuters was unable to confirm this. The use of financial records in helping to pick U.S. targets was first disclosed last week at the banking conference in Washington. At the conference, Kurt Gredzinski, the Counter Threat Finance Team Chief at U.S. Special Operations Command, cited the importance of information provided by banks in the war against Islamic State. "That to me is the first time in my recollection that we strategically targeted based on threat finance information," he said at the conference. He declined to comment further on which strike he had been referring to. "RESILIENT FINANCIAL PORTFOLIO" U.S. officials believe that diminished funding could gradually undermine Islamic State's grip on the area it controls in Iraq and Syria, because it needs revenue to pay salaries and keep public infrastructure operating, said two former officials with knowledge of the Obama administration's thinking. Experts caution that Islamic State, which rules an area the size of Austria, has surprisingly deep pockets due to the various revenue streams it controls. It has built up what amounts to a "durable and resilient financial portfolio," funded by oil sales, extortion, and sales of antiquities, said Thomas Sanderson, an expert on terrorism at the Center for Strategic and International Studies. "Money can be strapped to the backs of mules," Sanderson said. "It's easy to move things across a border during a time of deprivation and chaos." Despite some initial success, cutting off its funding will require deeper cooperation from governments from Turkey to Russia, experts say. The group has shown the ability to bounce back from previous U.S. strikes on its oil facilities. Counter-terrorism experts say that Islamic State appears to have learned from U.S. successes in cracking down on funding for al-Qaeda, which relied heavily on support from wealthy donors in the Gulf region. "IS has learned that you don't want to be reliant on too many outside sources," said Sanderson. "Donors are fickle and subject to pressure and (IS) wants to be in control." (Reporting by Yeganeh Torbati in Washington and Brett Wolf of Thomson Reuters Regulatory Intelligence. Additional reporting by Joel Schectman, Warren Strobel, and Jonathan Landay in Washington.; Editing by Kevin Krolicki and Stuart Grudgings) || Insight - In taking economic war to Islamic State, U.S. developing new tools: By Yeganeh Torbati and Brett Wolf WASHINGTON (Reuters) - Since last month, U.S. warplanes have struck Islamic State's oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group's black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied in part on an unconventional source of intelligence: access to banking records that provide insight into which refineries and oil pumps are generating cash for the extremist group, current and former officials say. The intent is to choke off the Islamic State's funding by tracking its remaining ties to the global financial system. By identifying money flowing to and from the group, U.S. officials have been able to get a glimpse into how its black-market economy operates, people with knowledge of the effort have said. That in turn has influenced decisions about targeting for air strikes in an effort that began before Islamic State's Nov. 13 attacks on Paris and has intensified since, they said. While Islamic State's access to formal banking has been restricted, it retains some ties that U.S. military and financial officials can use against it, the current and former officials said. "We have done a really good job of largely keeping the Islamic State out of the formal financial system," said Matthew Levitt, who served as deputy assistant secretary for intelligence at the U.S. Treasury in the George W. Bush administration. "But we haven't been entirely successful, and that may not be a bad thing." Reuters was unable to verify key aspects of the campaign, including when it started or exactly which facilities have been destroyed as a result. Two current officials who confirmed the operations in outline declined to comment on their details. It was unclear how U.S. intelligence, Treasury, and military officials working on what the government calls "counter threat finance" operations have used banking records to identify lucrative Islamic State oil-related targets in Syria and whether that involved local banks. A report this year by the intergovernmental Financial Action Task Force found there were more than 20 Syrian financial institutions with operations in Islamic State territory. In Iraq, Treasury has worked with government officials to cut off bank branches in the group's territory from the Iraqi and international financial systems. Gerald Roberts, section chief of the FBI's terrorist financing operations section, said that Islamic State's recruits from outside Syria often come with financial trails that officials tracking them can "exploit." "We are seeing them using traditional banking systems," he said at a banking conference last week in Washington, adding that young, tech-savvy Islamic State members are also familiar with virtual currencies such as Bitcoin. Islamic State, also known as IS, ISIS or ISIL, is sometimes forced to use commercial banks because the amounts involved are too large to move using other means, said Levitt. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) uses a set of "business rules" to screen the roughly 55,000 reports it receives daily from financial institutions for signs of activity involving Islamic State, a spokesman said. He declined to describe the rules, but law enforcement sources say names, IP addresses, email addresses, and phone numbers are among the data that intelligence authorities try to match. The matches allow FinCEN "to connect the dots between seemingly unrelated individuals and entities," the FinCEN spokesman said. At present, FinCEN finds about 1,200 matches suggesting possible Islamic State-linked financial activity each month, up from 800 in April, the spokesman said. Bank of America, JP Morgan and Wells Fargo declined to comment on whether they provided financial reports to the U.S. government. Such reports are supplied confidentially. Citigroup, HSBC, and Standard Chartered did not immediately respond to requests for comment. "TIDAL WAVE II" The use of financial records linked to Islamic State is only one part of the intelligence-gathering exercise for air strikes in Syria that also includes methods such as aerial surveillance by drones, officials said. One former military official familiar with the process said that any financial intelligence collected by FinCEN would require "significant vetting" before the military acted on it. Earlier this month, U.S.-led coalition planes struck 116 fuel trucks used to smuggle Islamic State oil 45 minutes after dropping leaflets warning drivers to flee, a Pentagon spokesman said. Coalition strikes destroyed another 283 Islamic State fuel trucks on Saturday, the Pentagon said. On Nov. 8, a coalition air strike destroyed three oil refineries in Syria near the border with Turkey. U.S. defence officials estimate that Islamic State, an adversary the United States calls the wealthiest terrorist group of its kind in history, was earning about $47 million per month from oil sales prior to October. That month, the U.S. military launched an intensified effort to go after oil infrastructure, dubbed "Tidal Wave II," named after the bombing campaign targeting Romanian oil fields in World War Two. The Pentagon estimates the strikes have reduced the Islamic State's income from oil sales by about 30 percent, one U.S. defence official with knowledge of the previously unreported estimate said. Reuters was unable to confirm this. The use of financial records in helping to pick U.S. targets was first disclosed last week at the banking conference in Washington. At the conference, Kurt Gredzinski, the Counter Threat Finance Team Chief at U.S. Special Operations Command, cited the importance of information provided by banks in the war against Islamic State. "That to me is the first time in my recollection that we strategically targeted based on threat finance information," he said at the conference. He declined to comment further on which strike he had been referring to. "RESILIENT FINANCIAL PORTFOLIO" U.S. officials believe that diminished funding could gradually undermine Islamic State's grip on the area it controls in Iraq and Syria, because it needs revenue to pay salaries and keep public infrastructure operating, said two former officials with knowledge of the Obama administration's thinking. Experts caution that Islamic State, which rules an area the size of Austria, has surprisingly deep pockets due to the various revenue streams it controls. It has built up what amounts to a "durable and resilient financial portfolio," funded by oil sales, extortion, and sales of antiquities, said Thomas Sanderson, an expert on terrorism at the Center for Strategic and International Studies. "Money can be strapped to the backs of mules," Sanderson said. "It's easy to move things across a border during a time of deprivation and chaos." Despite some initial success, cutting off its funding will require deeper cooperation from governments from Turkey to Russia, experts say. The group has shown the ability to bounce back from previous U.S. strikes on its oil facilities. Counter-terrorism experts say that Islamic State appears to have learned from U.S. successes in cracking down on funding for al-Qaeda, which relied heavily on support from wealthy donors in the Gulf region. "IS has learned that you don't want to be reliant on too many outside sources," said Sanderson. "Donors are fickle and subject to pressure and (IS) wants to be in control." (Reporting by Yeganeh Torbati in Washington and Brett Wolf of Thomson Reuters Regulatory Intelligence. Additional reporting by Joel Schectman, Warren Strobel, and Jonathan Landay in Washington.; Editing by Kevin Krolicki and Stuart Grudgings) || Paris Attacks Weigh On Bitcoin: EU officials are set to gather in Brussels in order to discuss the Paris attacks and ways to prevent similar situations from occurring in the future. One of the topics on the table for discussion is expected to be bitcoin and its potential to be used as a finance tool for terrorists.
The recent crisis in Paris has shined a spotlight on some of the issues that bitcoin has been facing as it becomes a more and more popular tool to conduct financial transactions on the web. While bitcoin enthusiasts say the cryptocurrency's ability to send payments anonymously without a third party intermediary is an important part of its appeal, others believe that bitcoin could be contributing to terror plots and should be more tightly regulated.
Related Link: Lasting Market Impacts From The Paris Attacks
Trust Issues
Bitcoin has long suffered from trust issues as the cryptocurrency has been portrayed as a tool for criminals after an underground marketplace dealing in illegal and illicit bitcoin transactions was exposed last year. The marketplace, called Silk Road, is what some say is only the beginning of the damage that bitcoin can do.
Because making transactions with bitcoin can protect the buyer and seller's identities, criminals are better able to solicit and pay for illegal goods and services online. The same, many believe, is true for terrorists. Bitcoin gives them an avenue to send and receive funds undetected as there is no third party intermediary monitoring and verifying those payments.
Regulation Could Break Bitcoin
However, on the other side of the coin, bitcoin supporters say that too much regulation would eliminate bitcoin's purpose all together. The electronic currency was meant to operate outside of traditional finance in order to make sending money across boarders faster and easier. They argue that placing strict regulations on bitcoin would disrupt the currency's decentralized nature and undo all of the progress that bitcoin technology has made.
Related Link: Ben Bernanke Sees Serious Problems With Bitcoin
What To Do
It is unclear how regulators plan to monitor bitcoin transactions and whether or not their efforts would be successful in thwarting terror plots. Bitcoin isn't the only payment scheme that is believed to be involved in terrorist planning operations either; pre-paid debit cards purchased from stores may also be a threat as they similarly don't require any kind of verification to be used for online payments.
See more from Benzinga
• 9 IPOs That Fell Flat On Wall Street
• 9 Ways To Make Your Retirement Savings Stretch Further
• 9 Investment Options For Traders Looking To Add Europe To Their Portfolio
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Paris Attacks Weigh On Bitcoin: EU officials are set to gather in Brussels in order to discuss the Paris attacks and ways to prevent similar situations from occurring in the future. One of the topics on the table for discussion is expected to be bitcoin and its potential to be used as a finance tool for terrorists. The recent crisis in Paris has shined a spotlight on some of the issues that bitcoin has been facing as it becomes a more and more popular tool to conduct financial transactions on the web. While bitcoin enthusiasts say the cryptocurrency's ability to send payments anonymously without a third party intermediary is an important part of its appeal, others believe that bitcoin could be contributing to terror plots and should be more tightly regulated. Related Link: Lasting Market Impacts From The Paris Attacks Trust Issues Bitcoin has long suffered from trust issues as the cryptocurrency has been portrayed as a tool for criminals after an underground marketplace dealing in illegal and illicit bitcoin transactions was exposed last year. The marketplace, called Silk Road, is what some say is only the beginning of the damage that bitcoin can do. Because making transactions with bitcoin can protect the buyer and seller's identities, criminals are better able to solicit and pay for illegal goods and services online. The same, many believe, is true for terrorists. Bitcoin gives them an avenue to send and receive funds undetected as there is no third party intermediary monitoring and verifying those payments. Regulation Could Break Bitcoin However, on the other side of the coin, bitcoin supporters say that too much regulation would eliminate bitcoin's purpose all together. The electronic currency was meant to operate outside of traditional finance in order to make sending money across boarders faster and easier. They argue that placing strict regulations on bitcoin would disrupt the currency's decentralized nature and undo all of the progress that bitcoin technology has made. Story continues Related Link: Ben Bernanke Sees Serious Problems With Bitcoin What To Do It is unclear how regulators plan to monitor bitcoin transactions and whether or not their efforts would be successful in thwarting terror plots. Bitcoin isn't the only payment scheme that is believed to be involved in terrorist planning operations either; pre-paid debit cards purchased from stores may also be a threat as they similarly don't require any kind of verification to be used for online payments. See more from Benzinga 9 IPOs That Fell Flat On Wall Street 9 Ways To Make Your Retirement Savings Stretch Further 9 Investment Options For Traders Looking To Add Europe To Their Portfolio © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Paris Attacks Weigh On Bitcoin: EU officials are set to gather in Brussels in order to discuss the Paris attacks and ways to prevent similar situations from occurring in the future. One of the topics on the table for discussion is expected to be bitcoin and its potential to be used as a finance tool for terrorists.
The recent crisis in Paris has shined a spotlight on some of the issues that bitcoin has been facing as it becomes a more and more popular tool to conduct financial transactions on the web. While bitcoin enthusiasts say the cryptocurrency's ability to send payments anonymously without a third party intermediary is an important part of its appeal, others believe that bitcoin could be contributing to terror plots and should be more tightly regulated.
Related Link: Lasting Market Impacts From The Paris Attacks
Trust Issues
Bitcoin has long suffered from trust issues as the cryptocurrency has been portrayed as a tool for criminals after an underground marketplace dealing in illegal and illicit bitcoin transactions was exposed last year. The marketplace, called Silk Road, is what some say is only the beginning of the damage that bitcoin can do.
Because making transactions with bitcoin can protect the buyer and seller's identities, criminals are better able to solicit and pay for illegal goods and services online. The same, many believe, is true for terrorists. Bitcoin gives them an avenue to send and receive funds undetected as there is no third party intermediary monitoring and verifying those payments.
Regulation Could Break Bitcoin
However, on the other side of the coin, bitcoin supporters say that too much regulation would eliminate bitcoin's purpose all together. The electronic currency was meant to operate outside of traditional finance in order to make sending money across boarders faster and easier. They argue that placing strict regulations on bitcoin would disrupt the currency's decentralized nature and undo all of the progress that bitcoin technology has made.
Related Link: Ben Bernanke Sees Serious Problems With Bitcoin
What To Do
It is unclear how regulators plan to monitor bitcoin transactions and whether or not their efforts would be successful in thwarting terror plots. Bitcoin isn't the only payment scheme that is believed to be involved in terrorist planning operations either; pre-paid debit cards purchased from stores may also be a threat as they similarly don't require any kind of verification to be used for online payments.
See more from Benzinga
• 9 IPOs That Fell Flat On Wall Street
• 9 Ways To Make Your Retirement Savings Stretch Further
• 9 Investment Options For Traders Looking To Add Europe To Their Portfolio
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ben Bernanke Sees Serious Problems With Bitcoin: Speaking to Quartz, former Fed Chairman Ben Bernanke said that Bitcoin "has some serious problems." Bitcoin's value peaked at $1,147.25 on December 4 and crashed to a low of $177.28 just a few months later. Bernanke suggested that Bitcoin has yet to establish itself as a "widely accepted transactions medium." Ben Bernanke has had plenty of time to reflect on his career and personal political views since removing himself as head of the Federal Reserve. Bernanke, speaking to Quartz, discussed his time as leading the Federal Reserve, why he no longer considers himself a Republican, and why Bitcoin has "serious" problems. According to Bernanke, we have entered an era where the payments system is "evolving quickly" with new approaches to payments "proliferating." However, Bitcoin itself may be flawed for two reasons: 1) the digital currency hasn't proven itself to be a "stable source of value," and 2) Bitcoin hasn't established itself as a "widely accepted transactions medium." "But the real serious problem that it has is it's anonymity, which is a feature, and is also a bug, in that it has become in some cases a vehicle for illicit transactions, drug selling or terrorist financing or whatever," Bernanke added. "And you know, governments are not happy to let that activity happen, so I suspect that there will be oversight of transactions done in bitcoin or similar currencies and that will reduce the appeal." Other Problems Facing Bitcoin MIT Technology Review's Tom Simonite reported on August 28 that Bitcoin "will start to malfunction" as soon as early next year. Simonite spoke with Gavin Andresen, known in circles as Bitcoin's "chief caretaker" -- he says the currency can't process more than seven transactions per second. Visa processes thousands times that amount. "Transactions will get unreliable and it'll get worse and worse over time," Andersen warned over the dangers of not addressing Bitcoin's issues. "My fear is there'll be no critical event that causes people to react—Bitcoin just kind of has a long slow death. I'm trying to set off alarm bells for ‘You know, guys, if we don't do this, Bitcoin will be dead in four years.'" Story continues Benzinga's Jake Mann offered Trading Academy another issue. Writing in 2013, Mann warned that a lack of central bank doesn't indicate there's a fool-proof supply control mechanism in place. "While the sheer difficulty of [bitcoin] mining assures Bitcoin users that there won't ever be a massive supply shock in the digital market, the way that Bitcoins are created causes one enormous problem," Mann explained. "Primarily, it incentivizes miners to hoard the currency upon receiving it. This is one of the main causes of Bitcoin's price volatility." At that time, consensus opinion at the time was that up to 25 percent of all Bitcoins mined have never entered the marketplace. Mann suggested that miners should be mandated to exchange all newly-mined Bitcoins for another currency of their choice. Failure to do so could result in the currency experiencing additional volatility that would end up "killing" its potential, as a group of miners could essentially control the supply. "Is that really any better than a central bank?" he questioned. See more from Benzinga Watch Out Below? Vetr Crowd Downgrades Alphabet To Sell Apple Won't Buy Tesla, CLSA Says At A New All-Time High, Salesforce's Outlook Is Exciting Wall Street Analysts © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ben Bernanke Sees Serious Problems With Bitcoin: • Speaking to Quartz, former Fed Chairman Ben Bernanke said that Bitcoin "has some serious problems."
• Bitcoin's value peaked at $1,147.25 on December 4 and crashed to a low of $177.28 just a few months later.
• Bernanke suggested that Bitcoin has yet to establish itself as a "widely accepted transactions medium."
Ben Bernanke has had plenty of time to reflect on his career and personal political views since removing himself as head of the Federal Reserve.
Bernanke, speaking to Quartz, discussed his time as leading the Federal Reserve, why he no longer considers himself a Republican, and why Bitcoin has "serious" problems.
According to Bernanke, we have entered an era where the payments system is "evolving quickly" with new approaches to payments "proliferating." However, Bitcoin itself may be flawed for two reasons: 1) the digital currency hasn't proven itself to be a "stable source of value," and 2) Bitcoin hasn't established itself as a "widely accepted transactions medium."
"But the real serious problem that it has is it's anonymity, which is a feature, and is also a bug, in that it has become in some cases a vehicle for illicit transactions, drug selling or terrorist financing or whatever," Bernanke added. "And you know, governments are not happy to let that activity happen, so I suspect that there will be oversight of transactions done in bitcoin or similar currencies and that will reduce the appeal."
Other Problems Facing Bitcoin
MIT Technology Review's Tom Simonite reported on August 28 that Bitcoin "will start to malfunction" as soon as early next year. Simonite spoke with Gavin Andresen, known in circles as Bitcoin's "chief caretaker" -- he says the currency can't process more than seven transactions per second. Visa processes thousands times that amount.
"Transactions will get unreliable and it'll get worse and worse over time," Andersen warned over the dangers of not addressing Bitcoin's issues. "My fear is there'll be no critical event that causes people to react—Bitcoin just kind of has a long slow death. I'm trying to set off alarm bells for ‘You know, guys, if we don't do this, Bitcoin will be dead in four years.'"
Benzinga's Jake Mann offered Trading Academy another issue. Writing in 2013, Mann warned that a lack of central bank doesn't indicate there's a fool-proof supply control mechanism in place.
"While the sheer difficulty of [bitcoin] mining assures Bitcoin users that there won't ever be a massive supply shock in the digital market, the way that Bitcoins are created causes one enormous problem," Mann explained. "Primarily, it incentivizes miners to hoard the currency upon receiving it. This is one of the main causes of Bitcoin's price volatility."
At that time, consensus opinion at the time was that up to 25 percent of all Bitcoins mined have never entered the marketplace. Mann suggested that miners should be mandated to exchange all newly-mined Bitcoins for another currency of their choice.
Failure to do so could result in the currency experiencing additional volatility that would end up "killing" its potential, as a group of miners could essentially control the supply.
"Is that really any better than a central bank?" he questioned.
See more from Benzinga
• Watch Out Below? Vetr Crowd Downgrades Alphabet To Sell
• Apple Won't Buy Tesla, CLSA Says
• At A New All-Time High, Salesforce's Outlook Is Exciting Wall Street Analysts
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Ben Bernanke Sees Serious Problems With Bitcoin: • Speaking to Quartz, former Fed Chairman Ben Bernanke said that Bitcoin "has some serious problems."
• Bitcoin's value peaked at $1,147.25 on December 4 and crashed to a low of $177.28 just a few months later.
• Bernanke suggested that Bitcoin has yet to establish itself as a "widely accepted transactions medium."
Ben Bernanke has had plenty of time to reflect on his career and personal political views since removing himself as head of the Federal Reserve.
Bernanke, speaking to Quartz, discussed his time as leading the Federal Reserve, why he no longer considers himself a Republican, and why Bitcoin has "serious" problems.
According to Bernanke, we have entered an era where the payments system is "evolving quickly" with new approaches to payments "proliferating." However, Bitcoin itself may be flawed for two reasons: 1) the digital currency hasn't proven itself to be a "stable source of value," and 2) Bitcoin hasn't established itself as a "widely accepted transactions medium."
"But the real serious problem that it has is it's anonymity, which is a feature, and is also a bug, in that it has become in some cases a vehicle for illicit transactions, drug selling or terrorist financing or whatever," Bernanke added. "And you know, governments are not happy to let that activity happen, so I suspect that there will be oversight of transactions done in bitcoin or similar currencies and that will reduce the appeal."
Other Problems Facing Bitcoin
MIT Technology Review's Tom Simonite reported on August 28 that Bitcoin "will start to malfunction" as soon as early next year. Simonite spoke with Gavin Andresen, known in circles as Bitcoin's "chief caretaker" -- he says the currency can't process more than seven transactions per second. Visa processes thousands times that amount.
"Transactions will get unreliable and it'll get worse and worse over time," Andersen warned over the dangers of not addressing Bitcoin's issues. "My fear is there'll be no critical event that causes people to react—Bitcoin just kind of has a long slow death. I'm trying to set off alarm bells for ‘You know, guys, if we don't do this, Bitcoin will be dead in four years.'"
Benzinga's Jake Mann offered Trading Academy another issue. Writing in 2013, Mann warned that a lack of central bank doesn't indicate there's a fool-proof supply control mechanism in place.
"While the sheer difficulty of [bitcoin] mining assures Bitcoin users that there won't ever be a massive supply shock in the digital market, the way that Bitcoins are created causes one enormous problem," Mann explained. "Primarily, it incentivizes miners to hoard the currency upon receiving it. This is one of the main causes of Bitcoin's price volatility."
At that time, consensus opinion at the time was that up to 25 percent of all Bitcoins mined have never entered the marketplace. Mann suggested that miners should be mandated to exchange all newly-mined Bitcoins for another currency of their choice.
Failure to do so could result in the currency experiencing additional volatility that would end up "killing" its potential, as a group of miners could essentially control the supply.
"Is that really any better than a central bank?" he questioned.
See more from Benzinga
• Watch Out Below? Vetr Crowd Downgrades Alphabet To Sell
• Apple Won't Buy Tesla, CLSA Says
• At A New All-Time High, Salesforce's Outlook Is Exciting Wall Street Analysts
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Match and Square trade, Pepsi invades Empire, and Europeans prepare to fight ISIS: Two more unicorns leave the stable today. Both Square ( SQ ) and Match Group ( MTCH ) priced a bit lower than expected but hit the tickers this morning, trading solidly higher. Other than that, it's a relatively quiet day in the markets ( ^DJI , ^GSPC , ^IXIC ) . Get the Latest Market Data and News with the Yahoo Finance App Here are some of the other stories Yahoo Finance is keeping an eye on today. Are Europeans prepared to battle ISIS? ISIS recently claimed responsibility for three major terrorist attacks, including those in Paris last week. As the threat of ISIS stretches well beyond Iraq and Syria, it's not clear if European powers will have the military strength to fight ISIS abroad. Yahoo's Rick Newman gives a special report. Pepsi invades Empire Taking product placement to a whole new level, Pepsi ( PEP ) just struck a deal with Fox to make the beverage giant an integral part of three episodes of the hit show Empire. Is this part of a larger trend in an ad-averse world? Frequent flyer miles for Wi-Fi Move over Bitcoins, frequent flyer miles might just be the new currency du jour. United ( UAL ) will soon let you spend your miles on Wi-Fi access on its flights. The move is part of an image campaign that's focusing on improving travelers' experiences instead of trying to shake a few more dollars out of flyers. || Match and Square trade, Pepsi invades Empire, and Europeans prepare to fight ISIS: Two more unicorns leave the stable today. Both Square ( SQ ) and Match Group ( MTCH ) priced a bit lower than expected but hit the tickers this morning, trading solidly higher. Other than that, it's a relatively quiet day in the markets ( ^DJI , ^GSPC , ^IXIC ) . Get the Latest Market Data and News with the Yahoo Finance App Here are some of the other stories Yahoo Finance is keeping an eye on today. Are Europeans prepared to battle ISIS? ISIS recently claimed responsibility for three major terrorist attacks, including those in Paris last week. As the threat of ISIS stretches well beyond Iraq and Syria, it's not clear if European powers will have the military strength to fight ISIS abroad. Yahoo's Rick Newman gives a special report. Pepsi invades Empire Taking product placement to a whole new level, Pepsi ( PEP ) just struck a deal with Fox to make the beverage giant an integral part of three episodes of the hit show Empire. Is this part of a larger trend in an ad-averse world? Frequent flyer miles for Wi-Fi Move over Bitcoins, frequent flyer miles might just be the new currency du jour. United ( UAL ) will soon let you spend your miles on Wi-Fi access on its flights. The move is part of an image campaign that's focusing on improving travelers' experiences instead of trying to shake a few more dollars out of flyers.
[Social Media Buzz]
#RDD / #BTC on the exchanges: Cryptsy: 0.00000005 Bittrex: 0.00000005 Average $1.7E-5 per #reddcoin 11:00:01 via #p…pic.twitter.com/cYPnK93GEO || $346.79 at 21:15 UTC [24h Range: $327.00 - $369.70 Volume: 34284 BTC] || Current price of Bitcoin is $340.00 via Chain || BTCTurk 974.19 TL BTCe 336.167 $ CampBx $ BitStamp 344.00 $ Cavirtex 466.50 $ CEXIO 341.85 $ Bitcoin.de 331.54 € #Bitcoin #btc || The value of #Bitcoin #BTCUSD on November 27, 2015 at 04:00AM was $346.00. (Its even in my twitter pr...
|
358.04, 357.38, 371.29, 377.32, 362.49, 359.19, 361.05, 363.18, 388.95, 388.78
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 16624.60, 15802.90, 13831.80, 14699.20, 13925.80, 14026.60, 16099.80, 15838.50, 14606.50, 14656.20, 12952.20, 14156.40, 13657.20, 14982.10, 15201.00, 15599.20, 17429.50, 17527.00, 16477.60, 15170.10, 14595.40, 14973.30, 13405.80, 13980.60, 14360.20, 13772.00, 13819.80, 11490.50, 11188.60, 11474.90, 11607.40, 12899.20, 11600.10, 10931.40, 10868.40, 11359.40, 11259.40, 11171.40, 11440.70, 11786.30, 11296.40, 10106.30, 10221.10, 9170.54, 8830.75, 9174.91, 8277.01, 6955.27, 7754.00, 7621.30, 8265.59, 8736.98, 8621.90, 8129.97, 8926.57, 8598.31, 9494.63, 10166.40, 10233.90, 11112.70, 10551.80, 11225.30, 11403.70, 10690.40, 10005.00, 10301.10, 9813.07, 9664.73, 10366.70, 10725.60, 10397.90, 10951.00, 11086.40, 11489.70, 11512.60, 11573.30, 10779.90, 9965.57, 9395.01, 9337.55, 8866.00, 9578.63, 9205.12, 9194.85, 8269.81, 8300.86, 8338.35, 7916.88, 8223.68, 8630.65.
|
[Bitcoin Technical Analysis for 2018-03-19]
Volume: 6729110016, RSI (14-day): 42.27, 50-day EMA: 9983.17, 200-day EMA: 9170.14
[Wider Market Context]
Gold Price: 1316.80, Gold RSI: 46.69
Oil Price: 62.06, Oil RSI: 51.30
[Recent News (last 7 days)]
Want to Invest in Commodities? Here Are 4 Smart Choices: Many investors like the idea ofadding commodities to their portfoliosto make them more diversified. Stocks, bonds, and many other popular asset classes often trade in lockstep with each other, making it harder to avoid downturns when conditions on Wall Street deteriorate. Commodities, on the other hand, typically behave in accordance with the supply and demand dynamics of their markets, and with each commodity having its own producers and consumers, you can get greater diversification by being smart about what you pick.
However, commodities investing is a lot different from trading stocks. Commodities are actual tangible things, and when you own them, you have to take on logistics responsibilities to ensure proper storage and maintenance to avoid losses. Fortunately, there are several ways you can invest in commodities, some of which are more practical for certain markets than others.
Image source: Getty Images.
At first glance, the simplest way to invest in commodities would seem to be just to buy it directly. For instance, if you want to invest in gold, you can buy a gold coin or bar of a certain weight.
The main problem with direct commodity ownership is that it's hard to handle most commodities. Most people don't have anywhere to store 1,000 barrels of oil or 5,000 bushels of corn, and paying for storage facilities can be costly. Only with relatively compact commodities like precious metals does direct ownership work well, and even then, you'll have to pay coin dealers a substantial premium to purchase them. That can be worth it if you intend to hold on to your commodity investment for the long run, but frequent trading isn't a practical option when you own the commodity directly.
Another way to invest in commodities is to own stocks that produce them. For instance, agricultural companies produce crops, while energy companies drill for oil and natural gas, and miners dig for gold and other precious and base metals.
Stocks of companies that produce commodities often track to some extent the movements of the underlying commodity. However, other factors come into play. Issues like a drought that hurts crop yields or an accident that causes major oil spills or mine closures can send the price of a particular commodity stock down sharply even if the price of the commodity itself rises in response. That risk is often worth it in exchange for the potential to enjoy both share-price growth and regular dividends, butcommodity stocksdon't offer direct exposure to commodity prices.
An alternative to directly owning commodities is to invest in futures contracts. These derivatives involve agreeing to buy or sell commodities at a specified time and price in the future. Futures buyers make money when prices go up, while sellers of futures make money when prices go down.
One problem that futures contracts have is that they usually require large investments. Each futures contract corresponds to a specified amount of the commodity in question, and that amount is often higher than most investors would want. For instance, a typical gold futures contract is for 100 ounces, representing about $130,000 at current prices. Also, some stockbrokers don't offer futures trading, while others require special arrangements that can add complexity to your investing.
Exchange-traded funds have gotten quite popular, and you can get exposure to commodities through specialized ETFs that focus on the area. ETFs likeSPDR Gold(NYSEMKT: GLD)andiShares Silver(NYSEMKT: SLV)own tons of gold and silver, with each share representing a small portion of that hoard.
Othercommodity ETFsoffer broader exposure to the entire commodities markets. Some own physical goods, but many use futures contracts to lock in their exposure. As you can see below, results can be volatile, but they do tend to trade independently of stocks, bonds, and other investment assets.
[{"Commodity ETF": "SPDR Gold", "Assets Under Management": "$35.4 billion", "Expense Ratio": "0.40%", "1-Year Return": "7%"}, {"Commodity ETF": "iShares Silver", "Assets Under Management": "$5.3 billion", "Expense Ratio": "0.50%", "1-Year Return": "(7%)"}, {"Commodity ETF": "PowerShares DB Commodity Index Tracking(NYSEMKT: DBC)", "Assets Under Management": "$2.7 billion", "Expense Ratio": "0.85%", "1-Year Return": "11%"}, {"Commodity ETF": "iShares S&P GSCI Commodity-Indexed Trust(NYSEMKT: GSG)", "Assets Under Management": "$1.4 billion", "Expense Ratio": "0.75%", "1-Year Return": "12%"}]
Data sources: fund websites, ETFdb.com.
If you want to invest in commodities, these four methods can be useful in helping you define the exact exposure you want. Whether you pick commodities themselves or the companies that produce and sell them, you can profit if demand for the commodity you pick rises faster than supply can handle.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Dan Caplingerhas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Want to Invest in Commodities? Here Are 4 Smart Choices: Many investors like the idea of adding commodities to their portfolios to make them more diversified. Stocks, bonds, and many other popular asset classes often trade in lockstep with each other, making it harder to avoid downturns when conditions on Wall Street deteriorate. Commodities, on the other hand, typically behave in accordance with the supply and demand dynamics of their markets, and with each commodity having its own producers and consumers, you can get greater diversification by being smart about what you pick. However, commodities investing is a lot different from trading stocks. Commodities are actual tangible things, and when you own them, you have to take on logistics responsibilities to ensure proper storage and maintenance to avoid losses. Fortunately, there are several ways you can invest in commodities, some of which are more practical for certain markets than others. Agricultural worker in a corn combine checking harvested crop. Image source: Getty Images. 1. Own the commodity directly At first glance, the simplest way to invest in commodities would seem to be just to buy it directly. For instance, if you want to invest in gold, you can buy a gold coin or bar of a certain weight. The main problem with direct commodity ownership is that it's hard to handle most commodities. Most people don't have anywhere to store 1,000 barrels of oil or 5,000 bushels of corn, and paying for storage facilities can be costly. Only with relatively compact commodities like precious metals does direct ownership work well, and even then, you'll have to pay coin dealers a substantial premium to purchase them. That can be worth it if you intend to hold on to your commodity investment for the long run, but frequent trading isn't a practical option when you own the commodity directly. 2. Owning commodity stocks Another way to invest in commodities is to own stocks that produce them. For instance, agricultural companies produce crops, while energy companies drill for oil and natural gas, and miners dig for gold and other precious and base metals. Story continues Stocks of companies that produce commodities often track to some extent the movements of the underlying commodity. However, other factors come into play. Issues like a drought that hurts crop yields or an accident that causes major oil spills or mine closures can send the price of a particular commodity stock down sharply even if the price of the commodity itself rises in response. That risk is often worth it in exchange for the potential to enjoy both share-price growth and regular dividends, but commodity stocks don't offer direct exposure to commodity prices. 3. Commodity futures An alternative to directly owning commodities is to invest in futures contracts. These derivatives involve agreeing to buy or sell commodities at a specified time and price in the future. Futures buyers make money when prices go up, while sellers of futures make money when prices go down. One problem that futures contracts have is that they usually require large investments. Each futures contract corresponds to a specified amount of the commodity in question, and that amount is often higher than most investors would want. For instance, a typical gold futures contract is for 100 ounces, representing about $130,000 at current prices. Also, some stockbrokers don't offer futures trading, while others require special arrangements that can add complexity to your investing. 4. Commodity ETFs Exchange-traded funds have gotten quite popular, and you can get exposure to commodities through specialized ETFs that focus on the area. ETFs like SPDR Gold (NYSEMKT: GLD) and iShares Silver (NYSEMKT: SLV) own tons of gold and silver, with each share representing a small portion of that hoard. Other commodity ETFs offer broader exposure to the entire commodities markets. Some own physical goods, but many use futures contracts to lock in their exposure. As you can see below, results can be volatile, but they do tend to trade independently of stocks, bonds, and other investment assets. Commodity ETF Assets Under Management Expense Ratio 1-Year Return SPDR Gold $35.4 billion 0.40% 7% iShares Silver $5.3 billion 0.50% (7%) PowerShares DB Commodity Index Tracking (NYSEMKT: DBC) $2.7 billion 0.85% 11% iShares S&P GSCI Commodity-Indexed Trust (NYSEMKT: GSG) $1.4 billion 0.75% 12% Data sources: fund websites, ETFdb.com. Be smart with commodities If you want to invest in commodities, these four methods can be useful in helping you define the exact exposure you want. Whether you pick commodities themselves or the companies that produce and sell them, you can profit if demand for the commodity you pick rises faster than supply can handle. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . || 3 Stocks That Turned $10,000 into $350,000: It's every investor's fantasy: a stock bought on the cheap that subsequently hits the big time, rising to heights few could have imagined. This fantasy is a reality for three notable companies on the exchange -- NVIDIA (NASDAQ: NVDA) , Salesforce.com (NYSE: CRM) , and Universal Display (NASDAQ: OLED) . Here's how each shot into the stratosphere. Man magically creating a graph in the air with his finger. Image source: Getty Images NVIDIA Once in a rare while, a company will be in the perfect position to capitalize on several trends heating up at the same time. That's the happy place graphics card maker NVIDIA has found itself in. NVDA Chart NVDA dat by YCharts The drive to create ever-more powerful cards for computer gaming (which even has organized professional leagues these days), increasing automation on the way to full autonomous operation for vehicles, and the proliferation of cryptocurrencies has really juiced the company's results. In the company's fiscal 2018, it notched new all-time highs for both revenue and per-share net profit; the former rose by 34% on a year-over-year basis to $2.91 billion, while the latter gained a monster 88% to land at $4.82. And in all four quarters, NVIDIA handily beat analyst estimates for profitability. The trends that have propelled the company higher will only intensify going forward, even if it isn't quite the inescapable presence on the cryptocurrency scene that many believe it is. In the early 2000s, Nvidia could be bought for around $7.00 per share, adjusted for stock splits. These days, it trades at nearly $250. Universal Display Another "right time, right place" tech stock is Universal Display, maker of organic light-emitting diodes. No, they're not props in a science-fiction movie; they are materials used for the manufacture of cutting-edge TV and smartphone screens. OLED Chart OLED data by YCharts The company not only makes bank on the sale of OLEDs, it also does a brisk business licensing its OLED-related patents, of which it holds over 4,200. On top of that, it provides research services to associates for a fee. Story continues So with Universal Display, we've got a company in a hot sector that's taking advantage of multiple revenue streams. Not surprisingly, both the top and bottom lines have been climbing steeply -- for fiscal 2017, revenue advanced by 69% to nearly $336 million, with adjusted net profit more than doubling to $115 million. Like NVIDIA, it doesn't seem that Universal Display's growth drivers will vanish anytime soon. And even though the company's stock took a nasty hit after releasing its most recent set of results due to weaker-than-expected guidance, it's still up substantially. A share that cost $3.44 just before the turn of the Millennium is worth nearly $126 now. Salesforce.com Salesforce.com is a cloud computing company that has been in existence longer than most of us have even been aware of the cloud. Over that time it has amassed a huge customer base made up of businesses of various types and sizes around the world. The company's sprawling customer relationship management (CRM) software product line helps organize and streamline a great many tasks for these entities. CRM Chart CRM data by YCharts They clearly need and want the assistance. Salesforce.com's most recent fiscal year (2018) illustrates this. Revenue was up 25% to almost $10.5 billion, while adjusted net profit zoomed ahead by 41% to land at $991 million ($1.39 per share). Fiscal 2019's top-line growth might not be so hot, at "only" 20% or so according to Salesforce.com's guidance, but EPS is expected to show a 45% improvement. Those numbers are hard to ignore. As a result, the company's stock is notching new all-time high prices these days, which is saying something for a stock that's been on the market since 2004. Salesforce.com recently closed just shy of $128; in its first year of trading, it could be bought for under $4. Make me a millionaire The best part of this is that such monster stock price gains aren't as rare as many would suspect. For proof, here's the skinny on a pair of famous names that each turned $1,000 into more than $200,000 , and on another trio that crossed the $1 million mark on an initial outlay of $10,000. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia and Universal Display. The Motley Fool recommends Salesforce.com. The Motley Fool has a disclosure policy . || 3 Stocks That Turned $10,000 into $350,000: It's every investor's fantasy: a stock bought on the cheap that subsequently hits the big time, rising to heights few could have imagined.
This fantasy is a reality for three notable companies on the exchange --NVIDIA(NASDAQ: NVDA),Salesforce.com(NYSE: CRM), andUniversal Display(NASDAQ: OLED). Here's how each shot into the stratosphere.
Image source: Getty Images
Once in a rare while, a company will be in the perfect position to capitalize on several trends heating up at the same time. That's the happy place graphics card maker NVIDIA has found itself in.
NVDAdat byYCharts
The drive to create ever-more powerful cards forcomputer gaming(which even has organized professional leagues these days), increasing automation on the way to full autonomous operation for vehicles, and the proliferation of cryptocurrencies has really juiced the company's results.
In the company's fiscal 2018, it notched new all-time highs for both revenue and per-share net profit; the former rose by 34% on a year-over-year basis to $2.91 billion, while the latter gained a monster 88% to land at $4.82. And in all four quarters, NVIDIA handily beat analyst estimates for profitability.
The trends that have propelled the company higher will only intensify going forward, even if it isn't quite the inescapable presenceon the cryptocurrency scenethat many believe it is. In the early 2000s, Nvidia could be bought for around $7.00 per share, adjusted for stock splits. These days, it trades at nearly $250.
Another "right time, right place" tech stock is Universal Display, maker of organic light-emitting diodes. No, they're not props in a science-fiction movie; they are materials used for the manufacture of cutting-edge TV and smartphone screens.
OLEDdata byYCharts
The company not only makes bank on the sale of OLEDs, it also does a brisk business licensing its OLED-related patents, of which it holds over 4,200. On top of that, it provides research services to associates for a fee.
So with Universal Display, we've got a company in a hot sector that's taking advantage of multiple revenue streams. Not surprisingly, both the top and bottom lines have been climbing steeply -- for fiscal 2017, revenue advanced by 69% to nearly $336 million, with adjusted net profit more than doubling to $115 million.
Like NVIDIA, it doesn't seem that Universal Display's growth drivers will vanish anytime soon. And even though the company's stocktook a nasty hitafter releasing its most recent set of results due to weaker-than-expected guidance, it's still up substantially. A share that cost $3.44 just before the turn of the Millennium is worth nearly $126 now.
Salesforce.com is a cloud computing company that has been in existence longer than most of us have even been aware of the cloud. Over that time it has amasseda huge customer basemade up of businesses of various types and sizes around the world. The company's sprawling customer relationship management (CRM) software product line helps organize and streamline a great many tasks for these entities.
CRMdata byYCharts
They clearly need and want the assistance. Salesforce.com's most recent fiscal year (2018) illustrates this. Revenue was up 25% to almost $10.5 billion, while adjusted net profit zoomed ahead by 41% to land at $991 million ($1.39 per share). Fiscal 2019's top-line growth might not be so hot, at "only" 20% or so according to Salesforce.com's guidance, but EPS is expected to show a 45% improvement.
Those numbers are hard to ignore. As a result, the company's stock is notching new all-time high prices these days, which is saying something for a stock that's been on the market since 2004. Salesforce.com recently closed just shy of $128; in its first year of trading, it could be bought for under $4.
The best part of this is that such monster stock price gains aren't as rare as many would suspect. For proof, here's the skinny on a pair of famous names that eachturned $1,000 into more than $200,000, and on another trio thatcrossed the $1 million markon an initial outlay of $10,000.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Eric Volkmanhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia and Universal Display. The Motley Fool recommends Salesforce.com. The Motley Fool has adisclosure policy. || 3 Things to Watch in the Stock Market This Week: Both theDow Jones Industrial Average(DJINDICES: ^DJI)and theS&P 500(SNPINDEX: ^GSPC)declined last week, with each index shedding a bit more than 1%. Markets remained in positive territory for the year, though they are still down from the highs set in late January.
^SPXdata byYCharts
Winnebago(NYSE: WGO),Five Below(NASDAQ: FIVE), andNike(NYSE: NKE)are set to publish some of the most anticipated earnings reports over the next few days. Here's what investors can expect from these announcements.
Winnebago announces its quarterly results on Wednesday morning, and the numbers are likely to show continued gains in this high-performing business. At its last outing, the recreational vehicle giant posted an 83% sales spike as its industry approached its ninth consecutive year of expansion.
A big chunk of those gains came from its recentacquisition of Grand Design, but Winnebago also enjoyed healthy organic growth in its core motorized RV niche .
Image source: Winnebago.
The tilt toward sales of high-margin towable trailers in the Grand Design fleet has lifted Winnebago's profitability to new highs while filling out its portfolio. The company's main challenge now is to scale up its production pace to meet rising demand without overextending itself. Its new class of motorhomes and travel trailers, meanwhile, must deliver on the promising industry response they received in late 2017 by showing robust sales at dealerships in the new fiscal year.
Teen retailer Five Below is looking to extendits market-thumping 2017 momentuminto the new year with fiscal fourth-quarter results due out after the market closes on Wednesday, March 21. Investors already know a few important details about that holiday performance thanks to a press release that in early January revealed healthy revenue growth during the period. "Multiple merchandise categories outperformed," CEO Joel Anderson said in that report, "once again demonstrating the broad-based strength of our business ."
The success means comparable-store sales likely rose by a robust 6% in the fourth quarter and by 6.5% for the full year. We'll find out on Wednesday just how much of that boost came from customer traffic gains, and whether Five Below needed to employ price cuts to keep its trendy inventory moving. Assuming the business didn't take a turn lower in February, Anderson and his team should issue an aggressive 2018 forecast that predicts significant sales growth as the retailer takes another step toward the 2,000 locations it aims to operate across the country, up from just 600 today.
Nike releases its results after the market closes on Thursday, March 22. Its global business has many moving parts, but investors will likely focus on any signs of a potential rebound in the struggling U.S. market. The sports apparel and footwear giant's overall sales inched higher in the prior quarter, but only because healthy international gains offset a discouraging 5% drop in the domestic segment.
Image source: Getty Images.
CEO Mark Parker and his team said at in its second-quarter earnings call that the North America segment should stabilize soon, and the company is doing what it can to hasten that shift by managing inventory and scaling up the pace of new product introductions. After all, Nike needs at least a steady domestic division if it's going to achievemanagement's long-term goalsof rising profitability, high-single-digit sales growth, and return on invested capital of at least 30% over the next five fiscal years.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Demitrios Kalogeropoulosowns shares of Nike. The Motley Fool owns shares of and recommends Nike. The Motley Fool recommends Five Below. The Motley Fool has adisclosure policy. || 3 Things to Watch in the Stock Market This Week: Both the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) declined last week, with each index shedding a bit more than 1%. Markets remained in positive territory for the year, though they are still down from the highs set in late January. ^SPX Chart ^SPX data by YCharts Winnebago (NYSE: WGO) , Five Below (NASDAQ: FIVE) , and Nike (NYSE: NKE) are set to publish some of the most anticipated earnings reports over the next few days. Here's what investors can expect from these announcements. Winnebago's industry outlook Winnebago announces its quarterly results on Wednesday morning, and the numbers are likely to show continued gains in this high-performing business. At its last outing, the recreational vehicle giant posted an 83% sales spike as its industry approached its ninth consecutive year of expansion. A big chunk of those gains came from its recent acquisition of Grand Design , but Winnebago also enjoyed healthy organic growth in its core motorized RV niche . An RV parked in the desert. Image source: Winnebago. The tilt toward sales of high-margin towable trailers in the Grand Design fleet has lifted Winnebago's profitability to new highs while filling out its portfolio. The company's main challenge now is to scale up its production pace to meet rising demand without overextending itself. Its new class of motorhomes and travel trailers, meanwhile, must deliver on the promising industry response they received in late 2017 by showing robust sales at dealerships in the new fiscal year. Five Below's 2018 forecast Teen retailer Five Below is looking to extend its market-thumping 2017 momentum into the new year with fiscal fourth-quarter results due out after the market closes on Wednesday, March 21. Investors already know a few important details about that holiday performance thanks to a press release that in early January revealed healthy revenue growth during the period. "Multiple merchandise categories outperformed," CEO Joel Anderson said in that report, "once again demonstrating the broad-based strength of our business ." Story continues The success means comparable-store sales likely rose by a robust 6% in the fourth quarter and by 6.5% for the full year. We'll find out on Wednesday just how much of that boost came from customer traffic gains, and whether Five Below needed to employ price cuts to keep its trendy inventory moving. Assuming the business didn't take a turn lower in February, Anderson and his team should issue an aggressive 2018 forecast that predicts significant sales growth as the retailer takes another step toward the 2,000 locations it aims to operate across the country, up from just 600 today. Nike's U.S. sales Nike releases its results after the market closes on Thursday, March 22. Its global business has many moving parts, but investors will likely focus on any signs of a potential rebound in the struggling U.S. market. The sports apparel and footwear giant's overall sales inched higher in the prior quarter, but only because healthy international gains offset a discouraging 5% drop in the domestic segment. A jogger drinks out of a sports bottle. Image source: Getty Images. CEO Mark Parker and his team said at in its second-quarter earnings call that the North America segment should stabilize soon, and the company is doing what it can to hasten that shift by managing inventory and scaling up the pace of new product introductions. After all, Nike needs at least a steady domestic division if it's going to achieve management's long-term goals of rising profitability, high-single-digit sales growth, and return on invested capital of at least 30% over the next five fiscal years. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Demitrios Kalogeropoulos owns shares of Nike. The Motley Fool owns shares of and recommends Nike. The Motley Fool recommends Five Below. The Motley Fool has a disclosure policy . || Shale Drillers Are Beating Big Oil Where It Matters Most: Shale drillers have an all-or-nothing reputation, with many pursuing growth at any cost. It's an approach that cost investors dearly during the recent oil market downturn, when many drilling stocks sharply sold off as profits plunged along with the price of oil. Their strategy was in stark contrast to the returns-focused one of big oil giants ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) , which preferred to balance growth with returning cash to investors by repurchasing shares and paying dividends. However, those big oil buybacks have now dried up, and they're falling behind their nimbler rivals, which seemed to learn the lesson that growing at all costs doesn't pay. The resulting strategy shift has several drillers planning to return a boatload of cash to investors this year at a time when Exxon and Chevron can't afford to repurchase any more shares. They're thus beating their big oil rivals where it matters most by using buybacks to boost their share prices. Rows of oil pumps under a twilight sky. Image source: Getty Images. Disappointment upon disappointment Exxon and Chevron have let investors down this year, reporting lackluster fourth-quarter results and failing to authorize any additional share repurchases. Because of that, the stock prices of both oil giants have dropped sharply since the start of the year, with Exxon plunging more than 16% while Chevron has fallen nearly 13%. Worse yet, the companies didn't offer any easy fixes to get moving in the right direction. Exxon CEO Darren Woods warned that "capex is the price you pay for cash flow," after outlining a plan to increase capital spending from $23 billion last year up to an average of $30 billion by 2023 in an aim to boost production and double earnings and cash flow by 2025. That spending ramp comes at the cost of buying back shares in the near-term. Chevron, likewise, isn't generating enough excess cash right now to support a buyback since it plans on investing $18 billion this year, and $18 billion to $20 billion each year through 2020 in an aim to increase future cash flow. However, as that plan generates surplus cash, Chevron expects "to be in a position to resume our share repurchase program," according to CEO Michael Wirth. A hand giving out $100 bills. Image source: Getty Images. The long-awaited handout Meanwhile, as Chevron and Exxon ask investors to be patient with them, shale-focused rivals are tripping over each other to return cash to investors these days. The following table represents a sampling of the recently authorized buybacks by smaller oil companies: Story continues Oil Stock Current Market Cap Total Authorized Buyback Implied % of Outstanding Shares Anadarko Petroleum (NYSE: APC) $31.5 billion $3 billion 9.5% ConocoPhillips (NYSE: COP) $64.2 billion $7.5 billion 11.7% Devon Energy $17.3 billion $1 billion 5.8% Encana $10.2 billion $400 million 3.9% Hess (NYSE: HES) $15.4 billion $1.5 billion 9.7% Noble Energy $14.9 billion $750 million 5% Pioneer Natural Resources $29 billion $100 million 0.3% QEP Resources $2.3 billion $1.25 billion 54.3% Data source: Anadarko Petroleum, ConocoPhillips, Devon Energy, Encana, Hess, Noble Energy, Pioneer Natural Resources, QEP Resources. What's more, the buybacks have had a notable impact on the stock prices of many of these drillers since their announcement. ConocoPhillips, for example, initially unveiled a $3 billion buyback in late 2016 as part of its efforts to streamline its portfolio by selling non-core assets. However, the company sold more assets than expected, which enabled it to repurchase that entire amount last year. Because of that, it has since increased its authorization to $7.5 billion, including plans to buy back another $2 billion this year. That program has created meaningful value for investors by driving the stock up nearly 22% since the day it first authorized the buyback. For comparison's sake, Chevron's stock is only up 8% over that timeframe while Exxon's is down nearly 15%. Anadarko, meanwhile, started buying back shares last fall, initially authorizing a $2.5 billion program that at the time could have reduced its share count by 10%. Anadarko would go on to boost that program by another $500 million, which has acted like rocket fuel by driving shares up more than 31% since it announced the initial plan, vastly outperforming Chevron's flat stock and Exxon's nearly 8% decline over that same period. Finally, Hess has also authorized an increasing buyback, announcing a $500 million program late last year that it has since increased by another $1 billion in 2018. Again, the decision has paid off considering that Hess' stock has gone up double digits since announcing the initial authorization, enabling it to outperform its big oil rivals by a wide margin. Meanwhile, most of the other oil stocks listed on the table only recently authorized a buyback, though many have still managed to outperform that big oil duo over the limited timeframe. This outperformance could continue Chevron and Exxon don't seem to be in any hurry to restart their buyback programs. Because of that, their stocks could continue sinking as investors begin favoring their faster growing and more shareholder-friendly shale-focused rivals, which seemed to have found the secret ingredient to create value for investors. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Matthew DiLallo owns shares of ConocoPhillips. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy . View comments || Shale Drillers Are Beating Big Oil Where It Matters Most: Shale drillers have an all-or-nothing reputation, with many pursuing growth at any cost. It's an approach that cost investors dearly during the recent oil market downturn, when many drilling stocks sharply sold off as profits plunged along with the price of oil. Their strategy was in stark contrast to the returns-focused one of big oil giantsExxonMobil(NYSE: XOM)andChevron(NYSE: CVX), which preferred to balance growth with returning cash to investors by repurchasing shares and paying dividends.
However, those big oil buybacks have now dried up, and they're falling behind their nimbler rivals, which seemed to learn the lesson that growing at all costs doesn't pay. The resulting strategy shift has several drillers planning to return a boatload of cash to investors this year at a time when Exxon and Chevron can't afford to repurchase any more shares. They're thus beating their big oil rivals where it matters most by using buybacks to boost their share prices.
Image source: Getty Images.
Exxon and Chevron have let investors down this year, reporting lackluster fourth-quarter results and failing to authorize any additional share repurchases. Because of that, the stock prices of both oil giants have dropped sharply since the start of the year, with Exxonplungingmore than 16% while Chevron hasfallennearly 13%.
Worse yet, the companies didn't offer any easy fixes to get moving in the right direction. Exxon CEO Darren Woods warned that "capex is the price you pay for cash flow," after outlining a plan to increase capital spending from $23 billion last year up to an average of $30 billion by 2023 in an aim to boost production and double earnings and cash flow by 2025. That spending ramp comes at the cost of buying back shares in the near-term. Chevron, likewise, isn't generating enough excess cash right now to support a buyback since it plans on investing $18 billion this year, and $18 billion to $20 billion each year through 2020 in an aim to increase future cash flow. However, as that plan generates surplus cash, Chevron expects "to be in a position to resume our share repurchase program," according to CEO Michael Wirth.
Image source: Getty Images.
Meanwhile, as Chevron and Exxon ask investors to be patient with them, shale-focused rivals are tripping over each other to return cash to investors these days. The following table represents a sampling of the recently authorized buybacks by smaller oil companies:
[{"Oil Stock": "Anadarko Petroleum(NYSE: APC)", "Current Market Cap": "$31.5 billion", "Total Authorized Buyback": "$3 billion", "Implied % of Outstanding Shares": "9.5%"}, {"Oil Stock": "ConocoPhillips(NYSE: COP)", "Current Market Cap": "$64.2 billion", "Total Authorized Buyback": "$7.5 billion", "Implied % of Outstanding Shares": "11.7%"}, {"Oil Stock": "Devon Energy", "Current Market Cap": "$17.3 billion", "Total Authorized Buyback": "$1 billion", "Implied % of Outstanding Shares": "5.8%"}, {"Oil Stock": "Encana", "Current Market Cap": "$10.2 billion", "Total Authorized Buyback": "$400 million", "Implied % of Outstanding Shares": "3.9%"}, {"Oil Stock": "Hess(NYSE: HES)", "Current Market Cap": "$15.4 billion", "Total Authorized Buyback": "$1.5 billion", "Implied % of Outstanding Shares": "9.7%"}, {"Oil Stock": "Noble Energy", "Current Market Cap": "$14.9 billion", "Total Authorized Buyback": "$750 million", "Implied % of Outstanding Shares": "5%"}, {"Oil Stock": "Pioneer Natural Resources", "Current Market Cap": "$29 billion", "Total Authorized Buyback": "$100 million", "Implied % of Outstanding Shares": "0.3%"}, {"Oil Stock": "QEP Resources", "Current Market Cap": "$2.3 billion", "Total Authorized Buyback": "$1.25 billion", "Implied % of Outstanding Shares": "54.3%"}]
Data source: Anadarko Petroleum, ConocoPhillips, Devon Energy, Encana, Hess, Noble Energy, Pioneer Natural Resources, QEP Resources.
What's more, the buybacks have had a notable impact on the stock prices of many of these drillers since their announcement. ConocoPhillips, for example, initially unveiled a $3 billion buyback in late 2016 as part of its efforts to streamline its portfolio by selling non-core assets. However, the company sold more assets than expected, which enabled it to repurchase that entire amount last year. Because of that, it has since increased its authorization to $7.5 billion, including plans to buy back another $2 billion this year. That program has created meaningful value for investors by driving the stock up nearly 22% since the day it first authorized the buyback. For comparison's sake, Chevron's stock is only up 8% over that timeframe while Exxon's is down nearly 15%.
Anadarko, meanwhile, started buying back shares last fall, initiallyauthorizinga $2.5 billion program that at the time could have reduced its share count by 10%. Anadarko would go on to boost that program by another $500 million, which has acted like rocket fuel by driving shares up more than 31% since it announced the initial plan, vastly outperforming Chevron's flat stock and Exxon's nearly 8% decline over that same period.
Finally, Hess has also authorized an increasing buyback, announcing a $500 million program late last year that it has since increased by another $1 billion in 2018. Again, the decision has paid off considering that Hess' stock has gone up double digits since announcing the initial authorization, enabling it to outperform its big oil rivals by a wide margin. Meanwhile, most of the other oil stocks listed on the table only recently authorized a buyback, though many have still managed to outperform that big oil duo over the limited timeframe.
Chevron and Exxon don't seem to be in any hurry to restart their buyback programs. Because of that, their stocks could continue sinking as investors begin favoring their faster growing and more shareholder-friendly shale-focused rivals, which seemed to have found the secret ingredient to create value for investors.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Matthew DiLalloowns shares of ConocoPhillips. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. || Credit Shocker: See What Today's Low Interest Rates Really Mean for Mortgages: Interest rates have been near historic lows for many years now, but they have been inching up, and it seems likely that the Federal Reserve will keep hiking them for a while. Interest rates are very influential in our financial lives, so it's smart to keep an eye on them.
In particular, interest rates influence how much house we can afford to buy. If you think you've missed the boat in getting a great mortgage deal because rates are on the rise, think again. There's still time to snag a low rate.
Image source: Getty Images.
We've been stuck in an environment of ultra-low interest rates for so long that it can be hard to remember how high they have been and can get in the future. Below is a review of some past "prime" rates -- the prime rate, influenced by the Federal Funds Rate, is the lowest rate at which money can be borrowed commercially.
[{"Date": "Aug. 1, 1948", "Prime Rate Changed To": "2.00%"}, {"Date": "Jan. 22, 1958", "Prime Rate Changed To": "4.00%"}, {"Date": "Dec. 18, 1968", "Prime Rate Changed To": "6.75%"}, {"Date": "Dec. 3, 1973", "Prime Rate Changed To": "9.75%"}, {"Date": "Dec. 26, 1978", "Prime Rate Changed To": "11.75%"}, {"Date": "April 2, 1980", "Prime Rate Changed To": "20.00%"}, {"Date": "Dec. 19, 1980", "Prime Rate Changed To": "21.50%"}, {"Date": "Aug. 8, 1983", "Prime Rate Changed To": "11.00%"}, {"Date": "Nov. 28, 1988", "Prime Rate Changed To": "10.50%"}, {"Date": "July 2, 1992", "Prime Rate Changed To": "6.00%"}, {"Date": "Feb. 1, 1995", "Prime Rate Changed To": "9.00%"}, {"Date": "May 17, 2000", "Prime Rate Changed To": "9.50%"}, {"Date": "June 27, 2003", "Prime Rate Changed To": "4.00%"}, {"Date": "Dec. 13, 2005", "Prime Rate Changed To": "7.25%"}, {"Date": "Dec. 16, 2008", "Prime Rate Changed To": "3.25%"}, {"Date": "Dec. 17, 2015", "Prime Rate Changed To": "3.50%"}, {"Date": "Dec. 14, 2017", "Prime Rate Changed To": "4.5%"}]
Source: Fedprimerate.com.
Clearly, interest rates have varied widely in American financial history. Now let's take a look at what they mean for home buyers and mortgages.
Image source: Getty Images.
Many people assume that when the Federal Reserve sets interest rates, it's also setting mortgage interest rates. That's not quite true, though. Mortgage rates and many other rates are often tied to or at least influenced by the Fed's actions, but the Fed doesn't set them. Indeed, on occasion they've moved in the opposite direction of Fed actions.
The Feddoesset a target range for the Fed Funds Rate, though, and following the credit crisis of 2008 and 2009, that range was repeatedly cut, hitting a low of between 0% and 0.25% in December 2008. It stayed there for seven years, until the target range was raised to between 0.25% and 0.5% in late 2015 and to between 0.5% and 0.75% in late 2016. There were three increases in 2017, bringing the range to between 1.25% and 1.5%. The Fed left rates unchanged at its Jan. 31, 2018 meeting, and the next decision will be made on March 21.
Mortgage interest rates determine how much you'll be paying each month for the privilege of borrowing money from a lender in order to buy a home. High rates can either send your monthly mortgage payments through the roof -- or, if you keep your payment size in check, they can restrict how much home you can afford to buy.
Below is a look at average interest rates for 30-year fixed-rate mortgages in past years, along with the kind of monthly payment they would require if you were buying a $250,000 home and paying 20%, or $50,000, down. The last column shows the total amount of interest you'd pay over the life of the loan. (If the kind of home you'd likely buy is more in the $500,000 range, just double the numbers.)
[{"January...": "1973", "Average Interest Rate": "7.44%", "Monthly Mortgage Payment": "$1,390", "Total Interest Paid": "$300,480"}, {"January...": "1978", "Average Interest Rate": "9.01%", "Monthly Mortgage Payment": "$1,611", "Total Interest Paid": "$379,846"}, {"January...": "1980", "Average Interest Rate": "12.88%", "Monthly Mortgage Payment": "$2,194", "Total Interest Paid": "$589,716"}, {"January...": "1982", "Average Interest Rate": "17.48%", "Monthly Mortgage Payment": "$2,929", "Total Interest Paid": "$854,581"}, {"January...": "1983", "Average Interest Rate": "13.25%", "Monthly Mortgage Payment": "$2,252", "Total Interest Paid": "$610,557"}, {"January...": "1988", "Average Interest Rate": "10.38%", "Monthly Mortgage Payment": "$1,812", "Total Interest Paid": "$452,161"}, {"January...": "1993", "Average Interest Rate": "7.99%", "Monthly Mortgage Payment": "$1,466", "Total Interest Paid": "$327,809"}, {"January...": "1998", "Average Interest Rate": "6.99%", "Monthly Mortgage Payment": "$1,329", "Total Interest Paid": "$278,534"}, {"January...": "2003", "Average Interest Rate": "5.92%", "Monthly Mortgage Payment": "$1,189", "Total Interest Paid": "$227,980"}, {"January...": "2008", "Average Interest Rate": "5.76%", "Monthly Mortgage Payment": "$1,168", "Total Interest Paid": "$220,630"}, {"January...": "2013", "Average Interest Rate": "3.41%", "Monthly Mortgage Payment": "$888", "Total Interest Paid": "$119,705"}, {"January...": "2018", "Average Interest Rate": "4.03%", "Monthly Mortgage Payment": "$958", "Total Interest Paid": "$144,985"}]
Sources: Freddiemac.com, Bankrate.com calculator.
The table above is fascinating and alarming, no? Look at what a hugely different situation you'd be in if you wanted to buy a home in 1982 instead of 2018. Today your monthly mortgage payment might be less than $1,000, with total interest paid over 30 years below $150,000. In 1982, you'd be paying nearly $3,000 per month -- more thanthree timesthe 2018 rate! -- and you'd be forking over more than $850,000 to your lender. Notice that the 2018 homebuyer pays 58% of the value of the home he's buying in total interest, while the 1982 homebuyer pays more than three times the value of the home.
The situation doesn't have to be quite this dire, though. If interest rates soared into double digits soon and you wanted to buy a home, you might opt for an adjustable-rate mortgage (ARM), which will ratchet down your monthly payments if and when interest rates fall, as they would eventually be likely to do. You might also buy a less expensive home in order to shrink your monthly payments.
Sky-high (or just high) interest rates aren't all bad, though. If you're not looking to borrow a lot of money -- such as if you have already locked down a reasonably low rate on your mortgage -- you can benefit from the steep rates. Your savings account at your local bank, for example, will be paying you a lot in interest, as will CDs that you buy. If possible, you'd do well to lock in high CD or bond rates by buying some long-term investments. Park $50,000 in something that pays you 10% annually and you'll collect a whopping $5,000 in just the first year!
And what of the stock market? Well, if you can collect 8% or 10% annually in interest, you might just ignore the stock market, where returns are far less guaranteed and where long-term average returns aren't likely to be much more than 10%.
Interest rates matter -- a lot. Keep abreast of them and plan your financial life accordingly.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
The Motley Fool has adisclosure policy. || Walmart Thinks You'll Pay $10 for Grocery Delivery: The company that has long guaranteed customers "everyday low prices" may soon deliver sticker shock instead.
Walmart(NYSE: WMT)said this week that it will begin offering grocery delivery from more than 800 of its stores, partnering with services like Uber and Deliv to cover 40% of American households. But there's a big catch: The retail giant is charging customers $9.95 per delivery, more than virtually all of its competitors, with a minimum order of $30.
Image source: Walmart.
Walmart understands the need to update its grocery business to fend off competition fromAmazon.com(NASDAQ: AMZN),Kroger, new entrants such as Aldi and Lidl, and others. The retail giant has already opened 1,200 grocery pickup stations at stores across the country, and expects to add another 1,000 this year. Those locations give customers the opportunity to place orders online and retrieve them later that day by pulling into a designated parking area, where store employees simply load the order into their car. There is no additional charge for pickup.
The program has clearly been popular, as the company is rapidly expanding it and considers it to be the biggest driver of its 44% growth in e-commerce last year.
However, its delivery strategy is more questionable. Walmart appears to have mastered the ability to put together orders efficiently (seeing as there is no charge for the online pickup service), so the delivery fee would seem to go entirely to the cost of transportation. Compared to Walmart's rivals, a $9.95 charge simply isn't competitive.
Amazon just said it would makefree two-hour deliveryavailable for Prime members from all Whole Foods locations by the end of the year.Instacart, the popular grocery delivery service, charges $5.99 for regular delivery on orders above $35, and $7.99 for one-hour delivery. With Instacart Express, customers can get unlimited regular deliveries for $149 a year.Target(NYSE: TGT), whichbought Shiptlate last year to step up its delivery game, offers free same-day delivery of groceries with an annual fee of $99.
Considering the lower-priced offers from its competitors and its own free pickup service, Walmart's new delivery service raises the question of which audience it is aimed at. Given that Walmart normally targets a lower-income customer, the upfront fee seems like a mistake and one that's likely to drive customers away.
Walmart points out that other delivery services like Instacart sometimes charge higher prices on the actual items that are delivered, but that may be a better strategy, as that would at least allow shoppers to see what they would save by visiting the store. It's worth noting that Walmart could partner with Instacart if it wanted to but it seems to want to retain control over the packaging even if it costs customers more.
Above all, this move seems like another attempt by Walmart to play catch-up with Amazon's Whole Foods delivery initiative. While Walmart and Whole Foods generally cater to opposite ends of the grocery spectrum, the two supermarket chains increasingly seem to be on a collision course: Amazon is seeking to lower prices and reach new customers, and Walmart is moving into organics and seeking a higher-end customers through Jet.com and its other new online brands. Offering delivery expands the geographic markets for both.
With an estimated 80 million American households already signed up for Prime, however, Amazon has the clear advantage. It can offer free two-hour delivery from Whole Foods, a well-respected brand -- and that service may persuade even more shoppers to join Prime. Walmart, on the other hand, is charging its normally thrifty customers a premium for delivery in as little as four hours. The Bentonville behemoth seems not to understand that grocery delivery is a loss leader -- table stakes to compete for a customer who'd rather not visit a store.
Walmart may want to find a way to make its delivery fee more competitive with its peers, if it wants the program to gain traction. Or it may want to consider scrapping the initiative altogether. As it stands, the considerable charge undermines the company's low-price reputation.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors.Jeremy Bowmanowns shares of Kroger. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has adisclosure policy. || Walmart Thinks You'll Pay $10 for Grocery Delivery: The company that has long guaranteed customers "everyday low prices" may soon deliver sticker shock instead. Walmart (NYSE: WMT) said this week that it will begin offering grocery delivery from more than 800 of its stores, partnering with services like Uber and Deliv to cover 40% of American households. But there's a big catch: The retail giant is charging customers $9.95 per delivery, more than virtually all of its competitors, with a minimum order of $30. A Walmart employee weighs on item on a scale. Image source: Walmart. Where's the value? Walmart understands the need to update its grocery business to fend off competition from Amazon.com (NASDAQ: AMZN) , Kroger , new entrants such as Aldi and Lidl, and others. The retail giant has already opened 1,200 grocery pickup stations at stores across the country, and expects to add another 1,000 this year. Those locations give customers the opportunity to place orders online and retrieve them later that day by pulling into a designated parking area, where store employees simply load the order into their car. There is no additional charge for pickup. The program has clearly been popular, as the company is rapidly expanding it and considers it to be the biggest driver of its 44% growth in e-commerce last year. However, its delivery strategy is more questionable. Walmart appears to have mastered the ability to put together orders efficiently (seeing as there is no charge for the online pickup service), so the delivery fee would seem to go entirely to the cost of transportation. Compared to Walmart's rivals, a $9.95 charge simply isn't competitive. Amazon just said it would make free two-hour delivery available for Prime members from all Whole Foods locations by the end of the year. Instacart , the popular grocery delivery service, charges $5.99 for regular delivery on orders above $35, and $7.99 for one-hour delivery. With Instacart Express, customers can get unlimited regular deliveries for $149 a year. Target (NYSE: TGT) , which bought Shipt late last year to step up its delivery game, offers free same-day delivery of groceries with an annual fee of $99. Story continues Considering the lower-priced offers from its competitors and its own free pickup service, Walmart's new delivery service raises the question of which audience it is aimed at. Given that Walmart normally targets a lower-income customer, the upfront fee seems like a mistake and one that's likely to drive customers away. Walmart points out that other delivery services like Instacart sometimes charge higher prices on the actual items that are delivered, but that may be a better strategy, as that would at least allow shoppers to see what they would save by visiting the store. It's worth noting that Walmart could partner with Instacart if it wanted to but it seems to want to retain control over the packaging even if it costs customers more. Playing catch-up again Above all, this move seems like another attempt by Walmart to play catch-up with Amazon's Whole Foods delivery initiative. While Walmart and Whole Foods generally cater to opposite ends of the grocery spectrum, the two supermarket chains increasingly seem to be on a collision course: Amazon is seeking to lower prices and reach new customers, and Walmart is moving into organics and seeking a higher-end customers through Jet.com and its other new online brands. Offering delivery expands the geographic markets for both. With an estimated 80 million American households already signed up for Prime, however, Amazon has the clear advantage. It can offer free two-hour delivery from Whole Foods, a well-respected brand -- and that service may persuade even more shoppers to join Prime. Walmart, on the other hand, is charging its normally thrifty customers a premium for delivery in as little as four hours. The Bentonville behemoth seems not to understand that grocery delivery is a loss leader -- table stakes to compete for a customer who'd rather not visit a store. Walmart may want to find a way to make its delivery fee more competitive with its peers, if it wants the program to gain traction. Or it may want to consider scrapping the initiative altogether. As it stands, the considerable charge undermines the company's low-price reputation. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Jeremy Bowman owns shares of Kroger. The Motley Fool owns shares of and recommends Amazon. The Motley Fool has a disclosure policy . || Audi Is Charging Up for an All-Out Attack on Tesla: German luxury-car maker Audi AG (NASDAQOTH: AUDVF) threw down a big gauntlet this past week: It showed a photo of an upcoming electric luxury sedan that is very clearly aimed at Tesla 's (NASDAQ: TSLA) groundbreaking Model S. The Audi e-tron GT is likely to be the third Tesla-like vehicle from the German luxury brand, following an SUV and a sporty crossover. We don't know too much about it yet. But if you had any lingering doubt that Audi's electric-vehicle effort is aiming squarely at the Silicon Valley upstart, this photo should erase them. The prototype Audi e-tron GT, a low-slung four-door shown in shadows. Audi released this "teaser" photo of its e-tron GT, a Tesla-fighting four-door that it plans to launch in 2020. Image source: Audi AG. Here's what we know about Audi's Tesla-fighting effort so far. Audi's e-tron GT is aimed right at the Model S While Audi CEO Rupert Stadler said in 2016 that his company had a Model S-fighter in the works , almost everything we know about the Audi e-tron GT so far is contained in this tweet from Audi Sport from this past Thursday. Here's a sneak peek into the electrified future of Audi Sport the first draft of the prototype Audi e-tron GT! The four-door Gran Turismo with purely electric drive will be the spearhead of Audi Sport by the year of 2020. #AudiSport #etron #LeagueofPerformance pic.twitter.com/wy0gvt7tVm Audi Sport (@audisport) March 15, 2018 If ever a picture was worth a thousand words, the darkened photo of the prototype e-tron GT is one. It's a four-door with a profile and roofline strongly reminiscent of classic two-door grand touring cars from companies like Aston Martin and Maserati -- a timeless shape, but fully up to date. Of course, that also aptly describes the shape of Tesla's Model S, making it clear where the e-tron GT will be aimed when it arrives in two years -- as the third in a new line of Tesla-fighting electric Audis. Extensive pre-production testing of Audi's first battery-electric First up in Audi's Tesla challenge is a production version of the electric luxury SUV that Audi first showed in 2015 . A lightly camouflaged near-final version, which Audi is now calling the e-tron, appeared at the Geneva Motor Show earlier this month. Story continues Audi's e-tron prototype, a luxury SUV wrapped in vividly-patterned camouflage, parked on the shore of Lake Geneva. Audi showed what it called a prototype of the e-tron SUV in Geneva earlier this month. Under the wrapper, it's likely very, very close to the vehicle Audi will put into production later this year. Image source: Audi AG. Back in 2015, Audi said that the e-tron will have a three-motor configuration, one in front and two driving the rear wheels, with a 95 kilowatt-hour (kWh) battery providing a claimed range of "over 500 kilometers". (Expect a rated range of around 280 miles on the strict U.S. EPA test cycle.) More recently, Audi has said that the production version can be recharged in just under 30 minutes with a 150-kilowatt DC fast charger. (Audi uses the Combined Charging Standard, or CCS, which allows for slow AC or fast DC charging.) In a clear jab at Tesla, which conducts only very limited pre-production testing, Audi said that its fleet of pre-production e-trons has already racked up over 3 million miles in testing, in temperatures ranging from below minus-20 degrees Celsius to above 50 degrees Celsius (minus-4 to 122 degrees Fahrenheit). Audi emphasized that it's also conducting extensive tests of its recharging technology in conditions around the world. The takeaway: The production e-tron, which might be called the Q6 when it arrives, should be very reliable when it launches in Europe late this year. It will arrive in other global markets, including the U.S., in the first half of 2019. The Audi e-tron Sportback concept vehicle, a crossover SUV with a curved, coupe-like roofline. The Audi e-tron Sportback concept, shown in 2017, could be a preview of the second premium electric vehicle from the German brand. Image source: Audi AG. A slew of plug-in Audis on the way The e-tron SUV will probably be followed in 2019 by a production version of the e-tron Sportback concept shown last year. It's a sporty compact crossover SUV that, at least in show-car form, shared the e-tron SUV's drivetrain and battery pack. That in turn, we now know, will be followed by the e-tron GT in 2020. Beyond that? Stadler has promised "more than 20 electric cars and plug-in hybrids by 2025", part of corporate parent Volkswagen AG 's (NASDAQOTH: VLKAY) massive (and massively funded) push to launch a slew of battery-electric and hybrid vehicles across its brands. I suspect that the e-tron's launch and early build quality, to say nothing of its interior, will prove to be a stark contrast to Tesla's experience to date, which has been marked by months-long production ramp-ups, poor panel fits, and early reliability issues. It could be a sobering experience for fans of -- and investors in -- the upstart Silicon Valley automaker. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This John Rosevear has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy . View comments || Audi Is Charging Up for an All-Out Attack on Tesla: German luxury-car makerAudi AG(NASDAQOTH: AUDVF)threw down a big gauntlet this past week: It showed a photo of an upcoming electric luxury sedan that is very clearly aimed atTesla's(NASDAQ: TSLA)groundbreaking Model S.
The Audi e-tron GT is likely to be the third Tesla-like vehicle from the German luxury brand, following an SUV and a sporty crossover. We don't know too much about it yet. But if you had any lingering doubt that Audi's electric-vehicle effort is aiming squarely at the Silicon Valley upstart, this photo should erase them.
Audi released this "teaser" photo of its e-tron GT, a Tesla-fighting four-door that it plans to launch in 2020. Image source: Audi AG.
Here's what we know about Audi's Tesla-fighting effort so far.
While Audi CEO Rupert Stadler said in 2016 that his company had aModel S-fighter in the works, almost everything we know about the Audi e-tron GT so far is contained in this tweet from Audi Sport from this past Thursday.
If ever a picture was worth a thousand words, the darkened photo of the prototype e-tron GT is one. It's a four-door with a profile and roofline strongly reminiscent of classic two-door grand touring cars from companies like Aston Martin and Maserati -- a timeless shape, but fully up to date.
Of course, that also aptly describes the shape of Tesla's Model S, making it clear where the e-tron GT will be aimed when it arrives in two years -- as the third in a new line of Tesla-fighting electric Audis.
First up in Audi's Tesla challenge is a production version of the electric luxury SUV that Audifirst showed in 2015. A lightly camouflaged near-final version, which Audi is now calling the e-tron, appeared at the Geneva Motor Show earlier this month.
Audi showed what it called a prototype of the e-tron SUV in Geneva earlier this month. Under the wrapper, it's likely very, very close to the vehicle Audi will put into production later this year. Image source: Audi AG.
Back in 2015, Audi said that the e-tron will have a three-motor configuration, one in front and two driving the rear wheels, with a 95 kilowatt-hour (kWh) battery providing a claimed range of "over 500 kilometers". (Expect a rated range of around 280 miles on the strict U.S. EPA test cycle.)
More recently, Audi has said that the production version can be recharged in just under 30 minutes with a 150-kilowatt DC fast charger. (Audi uses the Combined Charging Standard, or CCS, which allows for slow AC or fast DC charging.)
In a clear jab at Tesla, which conducts only very limited pre-production testing, Audi said that its fleet of pre-production e-trons has already racked up over 3 million miles in testing, in temperatures ranging from below minus-20 degrees Celsius to above 50 degrees Celsius (minus-4 to 122 degrees Fahrenheit). Audi emphasized that it's also conducting extensive tests of its recharging technology in conditions around the world.
The takeaway: The production e-tron, which might be called the Q6 when it arrives, should be very reliable when it launches in Europe late this year. It will arrive in other global markets, including the U.S., in the first half of 2019.
The Audi e-tron Sportback concept, shown in 2017, could be a preview of the second premium electric vehicle from the German brand. Image source: Audi AG.
The e-tron SUV will probably be followed in 2019 by a production version of thee-tron Sportback conceptshown last year. It's a sporty compact crossover SUV that, at least in show-car form, shared the e-tron SUV's drivetrain and battery pack. That in turn, we now know, will be followed by the e-tron GT in 2020.
Beyond that? Stadler has promised "more than 20 electric cars and plug-in hybrids by 2025", part of corporate parentVolkswagen AG's(NASDAQOTH: VLKAY)massive (and massively funded) push to launch a slew of battery-electric and hybrid vehicles across its brands.
I suspect that the e-tron's launch and early build quality, to say nothing of its interior, will prove to be a stark contrast to Tesla's experience to date, which has been marked by months-long production ramp-ups, poor panel fits, and early reliability issues. It could be a sobering experience for fans of -- and investors in -- the upstart Silicon Valley automaker.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
John Rosevearhas no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has adisclosure policy. || New Medicare Cards Are Coming. Here's Everything You Should Know About Them: Medicare provides essential support for millions of older Americans in protecting their health. Those who choose to join Medicare receive a card that identifies them as Medicare participants, and for decades, the design of the Medicare card stayed the same. Recently, concerns about the potential for fraud and identity theft led the Centers for Medicare & Medicaid Services (CMS) to come up with a design for new Medicare cards. These new cards haven't started to go out yet, but already, many people are worried about scams that look to take advantage of Medicare participants . To provide complete and accurate information, you'll find answers below to some key questions about the new Medicare cards and how they'll affect you. Why am I getting a new Medicare card? The biggest problem with the old Medicare card is that it includes the participant's Social Security number. Therefore, when someone's card is lost or stolen, it not only threatens to create problems with Medicare-related fraud, but also risks broader financial identity theft. The move allows CMS to protect private healthcare and financial information and to ensure that benefit and service payments are handled correctly. Congressional legislation passed in 2015 required CMS to remove Social Security numbers from Medicare cards by April 2019. Instead, the current Health Insurance Claim Number -- which is identical to one's Social Security number -- will get replaced by the new Medicare Beneficiary Identifier. New sample Medicare card next to existing old-format Medicare card. The new card on the left replaces the old card on the right. Image source: CMS. What will the new Medicare Beneficiary Identifier look like? The Medicare Beneficiary Identifier is 11 characters long and can include both numbers and capital letters. The identifiers will be randomly chosen and therefore be clearly different from Social Security numbers, so you shouldn't expect to see all or part of your Social Security number appear in the identifier on your new Medicare card. Story continues Specifically, the first, fourth, seventh, 10th, and 11th characters will always be numbers, while the second, fifth, eighth, and ninth will always be letters. The third and sixth characters can be either letters or numbers. In order to prevent any confusion between letters and numbers, the system will never use the letters S, L, O, I, B, and Z -- which some can mistake for the numbers 5, 1, 0, 1, 8, and 2, respectively. When will I get my new Medicare card? CMS will start sending new Medicare cards to participants in April. The agency will send out the new cards in seven waves based on where you live. The cards for the first two groups of states are set to be mailed between April and June. The first group includes the mid-Atlantic areas closest to Washington, D.C., including Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and the District of Columbia. The second wave covers U.S. territories in the Pacific, as well as Alaska, California, Hawaii, and Oregon. The five other groups will be sent after June, with specific dates not yet determined. You can get the specific groups from this document on the CMS website (opens PDF). Do I have to do anything in order to get a new Medicare card? No. CMS will send it to you automatically. As you'll see below, anyone who contacts you about needing to do anything to get your new card is likely trying to steal key personal information as part of an identity theft scam. Can I still use my old Medicare card? CMS has established a 21-month transition period during which time participants can use either their new Medicare Beneficiary Identifier or their old Social Security-based Health Insurance Claim Number. The period is expected to run through the end of 2019. Beginning in 2020, you'll have to use your new card and identification number in order to submit Medicare claims. Do the new cards affect my Medicare benefits? Nothing about your Medicare eligibility will change as a result of the new cards. Are con artists trying to take advantage of the new Medicare card? Yes. One scam involves calling or emailing Medicare participants about the new cards. The criminals falsely state that they're Medicare representatives and need personal information in order to get you your new card. They often claim that there's a fee to get it and ask for payment information, such as a bank account or credit card number. Medicare will never call you about the new card, and anyone who says they're calling or emailing you from Medicare is lying. Don't provide any personal information, especially Social Security numbers or financial account data. Moreover, once you get your new card, protect it in the same way that you would a Social Security card, driver's license, passport, or other primary identification documents. That's a critical step to avoid fraud going forward. Be smart about Medicare cards Older Americans need Medicare coverage , and new Medicare cards will make it easier for the program to fight fraud and abuse. Be ready to see your new card in the mail, and do your best to safeguard it from the clutches of scammers who would like nothing better than to use it to steal your identity. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || New Medicare Cards Are Coming. Here's Everything You Should Know About Them: Medicare provides essential support for millions of older Americans in protecting their health. Those who choose to join Medicare receive a card that identifies them as Medicare participants, and for decades, the design of the Medicare card stayed the same. Recently, concerns about the potential for fraud and identity theft led the Centers for Medicare & Medicaid Services (CMS) to come up with a design for new Medicare cards. These new cards haven't started to go out yet, but already, many people are worried about scams that look to take advantage of Medicare participants . To provide complete and accurate information, you'll find answers below to some key questions about the new Medicare cards and how they'll affect you. Why am I getting a new Medicare card? The biggest problem with the old Medicare card is that it includes the participant's Social Security number. Therefore, when someone's card is lost or stolen, it not only threatens to create problems with Medicare-related fraud, but also risks broader financial identity theft. The move allows CMS to protect private healthcare and financial information and to ensure that benefit and service payments are handled correctly. Congressional legislation passed in 2015 required CMS to remove Social Security numbers from Medicare cards by April 2019. Instead, the current Health Insurance Claim Number -- which is identical to one's Social Security number -- will get replaced by the new Medicare Beneficiary Identifier. New sample Medicare card next to existing old-format Medicare card. The new card on the left replaces the old card on the right. Image source: CMS. What will the new Medicare Beneficiary Identifier look like? The Medicare Beneficiary Identifier is 11 characters long and can include both numbers and capital letters. The identifiers will be randomly chosen and therefore be clearly different from Social Security numbers, so you shouldn't expect to see all or part of your Social Security number appear in the identifier on your new Medicare card. Story continues Specifically, the first, fourth, seventh, 10th, and 11th characters will always be numbers, while the second, fifth, eighth, and ninth will always be letters. The third and sixth characters can be either letters or numbers. In order to prevent any confusion between letters and numbers, the system will never use the letters S, L, O, I, B, and Z -- which some can mistake for the numbers 5, 1, 0, 1, 8, and 2, respectively. When will I get my new Medicare card? CMS will start sending new Medicare cards to participants in April. The agency will send out the new cards in seven waves based on where you live. The cards for the first two groups of states are set to be mailed between April and June. The first group includes the mid-Atlantic areas closest to Washington, D.C., including Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and the District of Columbia. The second wave covers U.S. territories in the Pacific, as well as Alaska, California, Hawaii, and Oregon. The five other groups will be sent after June, with specific dates not yet determined. You can get the specific groups from this document on the CMS website (opens PDF). Do I have to do anything in order to get a new Medicare card? No. CMS will send it to you automatically. As you'll see below, anyone who contacts you about needing to do anything to get your new card is likely trying to steal key personal information as part of an identity theft scam. Can I still use my old Medicare card? CMS has established a 21-month transition period during which time participants can use either their new Medicare Beneficiary Identifier or their old Social Security-based Health Insurance Claim Number. The period is expected to run through the end of 2019. Beginning in 2020, you'll have to use your new card and identification number in order to submit Medicare claims. Do the new cards affect my Medicare benefits? Nothing about your Medicare eligibility will change as a result of the new cards. Are con artists trying to take advantage of the new Medicare card? Yes. One scam involves calling or emailing Medicare participants about the new cards. The criminals falsely state that they're Medicare representatives and need personal information in order to get you your new card. They often claim that there's a fee to get it and ask for payment information, such as a bank account or credit card number. Medicare will never call you about the new card, and anyone who says they're calling or emailing you from Medicare is lying. Don't provide any personal information, especially Social Security numbers or financial account data. Moreover, once you get your new card, protect it in the same way that you would a Social Security card, driver's license, passport, or other primary identification documents. That's a critical step to avoid fraud going forward. Be smart about Medicare cards Older Americans need Medicare coverage , and new Medicare cards will make it easier for the program to fight fraud and abuse. Be ready to see your new card in the mail, and do your best to safeguard it from the clutches of scammers who would like nothing better than to use it to steal your identity. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This The Motley Fool has a disclosure policy . || The 24-year-old billionaire heiress to the Dell fortune left social media after exposing her family to security risks — here's her advice for teens on apps: Sigmund Freud/25
• Alexa Dell, the daughter of computer magnate Michael Dell, once posted an image to Instagram of her younger brother aboard the family's private jet.
• The "Rich Kids of Instagram" Tumblr blogged the image, and it went viral.
• Dell was forced to leave social media after exposing her family to security risks.
• Dell, now a 24-year-old startup advisor, has advice for teens on apps today.
Alexa Dell, 24, is the daughter of tech billionaire and entrepreneurMichael Dell. She grew up in Austin, Texas on a sprawling estate called "The Castle" with her parents and four siblings, and her father gave her an at-home masterclass on building world-changing technologies.
But as tech royalty, Dell quickly learned that she couldn't use social media apps the way most teenagers do. Business Insider caught up with Dell atSXSWto hear the whole story.
When she was 18, Dell posted a photo toInstagram. Her younger brother, Zacahary, sat in the window seat of what appeared to be a small plane. A spread of fresh fruit, vegetables, charcuterie, and, of course, a Dell laptop, was laid before him.
Instagram/Alexa Dell and The Verge
"Snachary en route to Fiji @zachdell by alexadell #dell #privatejet," Alexa Dell's caption read.
Then the internet descended.
Rich Kids of Instagram, a popular Tumblr site that documents the adventures of the world's wealthiest offspring, circulated the image. Within a week 0f the posting, Dell and her brother, Zachary, disappeared from social media.
Bloomberg BusinessWeekbroke the story that Dell had been documenting her every move on Twitter, complete with GPS locations from her phone. According to BusinessWeek, Dell's father's security detail had her Twitter and Instagram accounts suspended. The article cited concerns over the family's safety, singling out fears of kidnapping for ransom.
It's worth noting that Gawker's now-defunctValleywagreported that Alexa Dell shut down her social media accounts without the Dell company's intervention after the photo went viral.
Dell was an 18-year-old Columbia University student and "W" magazine intern at the time.
She told Business Insider her first response to the Rich Kids of Instagram posting was panic.
Sigmund Freud/25
"That obviously took me completely by surprise. I didn't even realize that account, or that blog-Tumblr-thing,was a thing," Dell said. "It's unfortunate because it obviously put my family at risk and our safety. It's a shame that there are people out there who just are having fun exploiting others."
In 2012, BusinessWeek reviewedproxy statements filed with the Securities and Exchange Commisionthat showed Michael Dell spent $2.7 million annually on his family's security. His company provides the security detail, and Dell reimburses the company for its protection.
But the computer magnate didn't know to check his daughter's social media accounts.
"[Social media] wasn't there when I grew up. It wasn't something that I was taught how to do. It was something that we sort of taught ourselves how to use, and it sort of grew with us and became what it is now over time," Dell said.
Instagram Embed://instagram.com/p/BQ3Q4sTALK4/embedWidth: 800px
Dell returned to Instagram only two days after the BusinessWeek article posted, with aphotoof the college student sitting poolside in a tropical location with a grove of palm trees behind her.
Her posts to Instagram are no longer tagged with her location.
Today, Dell runs a tech consulting business, and counts dating appBumble as a client.
Dell said the experience of making it onto Tumblr's Rich Kids of Instagram — and the safety risk it created — taught her a lesson that teens on social media platforms can learn from.
"I would advise younger people new to social media to be weary ... everyone's not so nice," Dell said.
She encouraged teens to "think twice" and "be careful" before sharing personal information on the internet. She also warned that a person's tone of voice can be lost in translation on apps.
"If you think you meant something in a fun and lighthearted kind of context, someone may spin that and take it from you," Dell said.
Related:
For morenews videosvisitYahoo View.
NOW WATCH:Dell's CMO says this is the biggest mistake marketers make
See Also:
• Bitcoin boosters partied hard at SXSW as the currency sinks — here's what it was like
• HBO's 'Westworld' experience at SXSW teased a theory about new park worlds — here's what fans might see in Season 2
• Ashton Kutcher's venture fund held one of the most exclusive and bonkers parties at SXSW, the world's wildest tech conference — take a look inside
SEE ALSO:The fabulous life of Alexa Dell, the 24-year-old billionaire heiress who grew up in 'The Castle,' dated Tinder's CEO, and got engaged with a million-dollar ring || The 24-year-old billionaire heiress to the Dell fortune left social media after exposing her family to security risks here's her advice for teens on apps: alexa dell 2 Sigmund Freud/25 Alexa Dell, the daughter of computer magnate Michael Dell, once posted an image to Instagram of her younger brother aboard the family's private jet. The "Rich Kids of Instagram" Tumblr blogged the image, and it went viral. Dell was forced to leave social media after exposing her family to security risks. Dell, now a 24-year-old startup advisor, has advice for teens on apps today. Alexa Dell, 24, is the daughter of tech billionaire and entrepreneur Michael Dell . She grew up in Austin, Texas on a sprawling estate called " The Castle " with her parents and four siblings, and her father gave her an at-home masterclass on building world-changing technologies. But as tech royalty, Dell quickly learned that she couldn't use social media apps the way most teenagers do. Business Insider caught up with Dell at SXSW to hear the whole story. When she was 18, Dell posted a photo to Instagram . Her younger brother, Zacahary, sat in the window seat of what appeared to be a small plane. A spread of fresh fruit, vegetables, charcuterie, and, of course, a Dell laptop, was laid before him. alexa dell zachary dell rich kids of instagram Instagram/Alexa Dell and The Verge "Snachary en route to Fiji @zachdell by alexadell #dell #privatejet," Alexa Dell's caption read. Then the internet descended. Rich Kids of Instagram , a popular Tumblr site that documents the adventures of the world's wealthiest offspring, circulated the image. Within a week 0f the posting, Dell and her brother, Zachary, disappeared from social media. Bloomberg BusinessWeek broke the story that Dell had been documenting her every move on Twitter, complete with GPS locations from her phone. According to BusinessWeek, Dell's father's security detail had her Twitter and Instagram accounts suspended. The article cited concerns over the family's safety, singling out fears of kidnapping for ransom. It's worth noting that Gawker's now-defunct Valleywag reported that Alexa Dell shut down her social media accounts without the Dell company's intervention after the photo went viral. Story continues Dell was an 18-year-old Columbia University student and "W" magazine intern at the time. She told Business Insider her first response to the Rich Kids of Instagram posting was panic. alexa dell 1 Sigmund Freud/25 "That obviously took me completely by surprise. I didn't even realize that account, or that blog-Tumblr-thing, was a thing ," Dell said. "It's unfortunate because it obviously put my family at risk and our safety. It's a shame that there are people out there who just are having fun exploiting others." In 2012, BusinessWeek reviewed proxy statements filed with the Securities and Exchange Commision that showed Michael Dell spent $2.7 million annually on his family's security. His company provides the security detail, and Dell reimburses the company for its protection. But the computer magnate didn't know to check his daughter's social media accounts. "[Social media] wasn't there when I grew up. It wasn't something that I was taught how to do. It was something that we sort of taught ourselves how to use, and it sort of grew with us and became what it is now over time," Dell said. Instagram Embed: //instagram.com/p/BQ3Q4sTALK4/embed Width: 800px Dell returned to Instagram only two days after the BusinessWeek article posted, with a photo of the college student sitting poolside in a tropical location with a grove of palm trees behind her. Her posts to Instagram are no longer tagged with her location. Today, Dell runs a tech consulting business, and counts dating app Bumble as a client. Dell said the experience of making it onto Tumblr's Rich Kids of Instagram and the safety risk it created taught her a lesson that teens on social media platforms can learn from. "I would advise younger people new to social media to be weary ... everyone's not so nice," Dell said. She encouraged teens to "think twice" and "be careful" before sharing personal information on the internet. She also warned that a person's tone of voice can be lost in translation on apps. "If you think you meant something in a fun and lighthearted kind of context, someone may spin that and take it from you," Dell said. Related: For more news videos visit Yahoo View . NOW WATCH: Dell's CMO says this is the biggest mistake marketers make See Also: Bitcoin boosters partied hard at SXSW as the currency sinks here's what it was like HBO's 'Westworld' experience at SXSW teased a theory about new park worlds here's what fans might see in Season 2 Ashton Kutcher's venture fund held one of the most exclusive and bonkers parties at SXSW, the world's wildest tech conference take a look inside SEE ALSO: The fabulous life of Alexa Dell, the 24-year-old billionaire heiress who grew up in 'The Castle,' dated Tinder's CEO, and got engaged with a million-dollar ring || Kraft Heinz Seeks Out "Disruptive" Food Brands: When you hear the word "disruptive", a bottle of ketchup doesn't usually come to mind. And yet, that's exactly whatKraft Heinz(NASDAQ: KHC)hopes to achieve with its new brand incubator, called Springboard. The 149 year-old company finds itself having to adapt in an age of health and value-conscious consumers who are increasingly opting for more natural foods and low-costprivate label brands.
Kraft Heinz pivoted from its two-year integration effort recently and is now focused on growth. Since the company has showed modest revenue declines over the integration period, the market remains skeptical, and the stock has fallen. Can Springboard stir things up?
According to the press release, Springboard is seeking "authentic propositions" with "inspired founders" in one of four categories:
1. Natural and Organic
2. Specialty and Craft
3. Health and Performance
4. Experiential Brands
The company will be accepting applications to join a "dynamic 16-week sprint" in Chicago. I'm not exactly sure what that entails, but at the end of the "sprint", winners will receive financial support, as well as guidance on fundraising from the company. So it doesn't appear that Kraft Heinz will be wholly committing to these young companies, but it'll let participants work out of its commercial kitchen in Glenview, IL, in a professional setting.
Image source: Getty Images.
Springboard is the Incubator extension of Kraft'sAccelerator Program, an in-house team dedicated to the development of new Big Bet brands. Current Kraft Heinz accelerated brands include Devour frozen meals, which it launched in 2016.
Innovations are part of the company's two-pronged growth strategy of renovating core names like Kraft, Heinz, Oscar Mayer, Planters, and others for the modern age, as well as finding new brands the company hopes to turn into the next big star.
Examples of renovation efforts include removing all artificial ingredients from its Kraft macaroni and cheese products back in 2015 in response to customer nutrition concerns, and the extension of Heinz ketchup into parallel categories like mayonnaise, mustard, and barbecue sauce.
Examples of innovation include the aforementioned Devour frozen snacks, which have spurred theturnaroundin Kraft's frozen food category, and the new Oprah Winfrey-backedO, That's Good!side dishes unveiled last summer.
Then, there's the recently released Just Crack an Egg, which seems to be a blend of the two strategies, incorporating Kraft cheese, Oscar Mayer breakfast meat, and Ore-Ida potatoes under the new "platform" brand.
Kraft Heinz is certainly not the only large food and drink conglomerate to have an incubator program. In fact, it may actually be thelastmajor food company to do so. Another major company backed by 3G Capital,AB-Inbev, launched itsZX Venturesprogram for beverages back in 2015. Since 2015, just about every large consumer packaged goods company has launched some sort of venture fund or incubator program:
[{"Company": "General Mills", "Venture Fund/Incubator": "301, Inc.", "Year": "2015"}, {"Company": "Campbell Soup", "Venture Fund/Incubator": "Acre Venture Partners", "Year": "2016"}, {"Company": "Kellogg's", "Venture Fund/Incubator": "Eighteen94 Capital", "Year": "2016"}, {"Company": "Danone", "Venture Fund/Incubator": "Danone Manifesto Ventures", "Year": "2016"}, {"Company": "Tyson", "Venture Fund/Incubator": "Tyson New Ventures", "Year": "2016"}, {"Company": "Land O'Lakes", "Venture Fund/Incubator": "Land O' Lakes Accelerator", "Year": "2017"}, {"Company": "Barilla", "Venture Fund/Incubator": "Blue 1877", "Year": "2017"}, {"Company": "Kraft Heinz", "Venture Fund/Incubator": "Springboard", "Year": "2018"}]
Source: CB Insights.
All these funds are either run by internal teams, or outsourced to external co-investment partners. For the biggest companies, the funds often exceed $100 million. Even a portion of that would be huge for a start-up but just a drop in the bucket for these multi-billion dollar conglomerates. Still, in an age of stagnating growth for traditional consumer products, no one wants to miss out on the next big idea.
Springboard is a way for Kraft Heinz to get early looks at food offerings that are just small ideas today, so it likely won't make a big difference in the near term. Of course, even Kraft Heinz' powerhouse brands were just ideas in someone's head at one point, and the company, just like all of its competitors with internal venture funds, needs to innovate even faster to meet today's rapidly evolving consumer tastes.
More From The Motley Fool
• 3 Growth Stocks at Deep-Value Prices
• 5 Expected Social Security Changes in 2018
• 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing
• 10 Best Stocks to Buy Today
• The $16,122 Social Security Bonus You Cannot Afford to Miss
• Bitcoin's Biggest Competitor Isn't Ethereum -- It's This
Billy Dubersteinowns shares of The Kraft Heinz Company. The Motley Fool owns shares of and recommends Anheuser-Busch InBev NV. The Motley Fool is short shares of General Mills and Kellogg. The Motley Fool has adisclosure policy. || Kraft Heinz Seeks Out "Disruptive" Food Brands: When you hear the word "disruptive", a bottle of ketchup doesn't usually come to mind. And yet, that's exactly what Kraft Heinz (NASDAQ: KHC) hopes to achieve with its new brand incubator, called Springboard. The 149 year-old company finds itself having to adapt in an age of health and value-conscious consumers who are increasingly opting for more natural foods and low-cost private label brands . Kraft Heinz pivoted from its two-year integration effort recently and is now focused on growth. Since the company has showed modest revenue declines over the integration period, the market remains skeptical, and the stock has fallen. Can Springboard stir things up? Spring forward According to the press release, Springboard is seeking "authentic propositions" with "inspired founders" in one of four categories: Natural and Organic Specialty and Craft Health and Performance Experiential Brands The company will be accepting applications to join a "dynamic 16-week sprint" in Chicago. I'm not exactly sure what that entails, but at the end of the "sprint", winners will receive financial support, as well as guidance on fundraising from the company. So it doesn't appear that Kraft Heinz will be wholly committing to these young companies, but it'll let participants work out of its commercial kitchen in Glenview, IL, in a professional setting. female african american food entrepreneur outside her coffee shop. Image source: Getty Images. The search for ideas Springboard is the Incubator extension of Kraft's Accelerator Program , an in-house team dedicated to the development of new Big Bet brands. Current Kraft Heinz accelerated brands include Devour frozen meals, which it launched in 2016. Innovations are part of the company's two-pronged growth strategy of renovating core names like Kraft, Heinz, Oscar Mayer, Planters, and others for the modern age, as well as finding new brands the company hopes to turn into the next big star. Examples of renovation efforts include removing all artificial ingredients from its Kraft macaroni and cheese products back in 2015 in response to customer nutrition concerns, and the extension of Heinz ketchup into parallel categories like mayonnaise, mustard, and barbecue sauce. Examples of innovation include the aforementioned Devour frozen snacks, which have spurred the turnaround in Kraft's frozen food category, and the new Oprah Winfrey-backed O, That's Good! side dishes unveiled last summer. Then, there's the recently released Just Crack an Egg, which seems to be a blend of the two strategies, incorporating Kraft cheese, Oscar Mayer breakfast meat, and Ore-Ida potatoes under the new "platform" brand. Story continues Late to the game? Kraft Heinz is certainly not the only large food and drink conglomerate to have an incubator program. In fact, it may actually be the last major food company to do so. Another major company backed by 3G Capital, AB-Inbev , launched its ZX Ventures program for beverages back in 2015. Since 2015, just about every large consumer packaged goods company has launched some sort of venture fund or incubator program: Company Venture Fund/Incubator Year General Mills 301, Inc. 2015 Campbell Soup Acre Venture Partners 2016 Kellogg's Eighteen94 Capital 2016 Danone Danone Manifesto Ventures 2016 Tyson Tyson New Ventures 2016 Land O'Lakes Land O' Lakes Accelerator 2017 Barilla Blue 1877 2017 Kraft Heinz Springboard 2018 Source: CB Insights. All these funds are either run by internal teams, or outsourced to external co-investment partners. For the biggest companies, the funds often exceed $100 million. Even a portion of that would be huge for a start-up but just a drop in the bucket for these multi-billion dollar conglomerates. Still, in an age of stagnating growth for traditional consumer products, no one wants to miss out on the next big idea. The next big meal Springboard is a way for Kraft Heinz to get early looks at food offerings that are just small ideas today, so it likely won't make a big difference in the near term. Of course, even Kraft Heinz' powerhouse brands were just ideas in someone's head at one point, and the company, just like all of its competitors with internal venture funds, needs to innovate even faster to meet today's rapidly evolving consumer tastes. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Billy Duberstein owns shares of The Kraft Heinz Company. The Motley Fool owns shares of and recommends Anheuser-Busch InBev NV. The Motley Fool is short shares of General Mills and Kellogg. The Motley Fool has a disclosure policy . View comments || 3 Stocks to Hold for the Next 20 Years: When your investment time frame is decades long, you need to stick to companies that are large and well established. But you'll also want to focus on those with solid long-term prospects, even if their short-term outlooks aren't great because of business or valuation concerns. Right now, it looks like technology giant Microsoft Corporation (NASDAQ: MSFT) , dominant protein provider Hormel Foods Corp. (NYSE: HRL) , and biotech giant Celgene Corporation (NASDAQ: CELG) are stocks you could hold for the next 20 years or more. Here's what you need to know. A cloud behemoth Tim Green (Microsoft): After surging about 240% over the past five years, Microsoft is not a particularly cheap stock. Shares currently trade for about 26 times the average analyst estimate for 2018 adjusted earnings, and yield a paltry 1.75%. But the price you pay doesn't matter as much if your holding period is measured in decades. A man drawing a rising line over a bar chart that it heading generally higher Image source: Getty Images Microsoft has successfully navigated the shift to cloud computing over the past few years. Its core Office product has been moved to a subscription model; its Azure cloud platform is a strong No. 2 player behind Amazon Web Services; and other subscription-based products like Dynamics 365 are growing fast. During the fiscal second quarter, Office 365 commercial revenue jumped 41%, Azure revenue nearly doubled, and Dynamics 365 revenue was up 67%. In total, commercial cloud revenue grew 56% to $5.3 billion, putting it above a $20 billion annual run rate. Microsoft's aggressive push into cloud computing and subscription software should give investors some confidence that the Microsoft of old, slow to adapt and caught flat-footed by mobile devices , has been replaced with a far nimbler company. Tech companies, even dominant ones, come and go. If you want to invest in a tech company that will almost certainly be around in 20 years and will probably still be doing well, Microsoft is a good bet. Story continues On sale while it adjusts to changing customer tastes Reuben Gregg Brewer (Hormel Foods Corp.): Hormel makes Spam, an iconic brand of potted meat that isn't exactly considered haute cuisine. But don't get caught up in that because Spam is just one of 35 brands the company owns that have a No. 1 or 2 position in their segment of the grocery store. Hormel's portfolio, meanwhile, spans across the entire grocery experience, from the deli to the shelf-stable products in the center of the store. The stock, however, has been struggling because consumer buying patterns are shifting. That's happened before and will again. Like it has in the past, Hormel is adjusting. For example, it has been selling slow growth products (like Diamond salt) and buying brands that resonate more with customers (Justin's nut butters and Wholly Guacamole). More recently, it has begun to build up its position in the deli segment (acquiring Columbus Meats), where sales growth has been outdistancing all other areas of the grocery store. A bar chart showing that deli sales are outdistancing all other portions of the grocery store Hormel is expanding in the high-growth deli aisle. Image source: Getty Images. It's also moving more aggressively into foreign markets, which only account for 6% of the top line. On this front, it recently opened a new production facility in China and bought a South American meat company (Ceratti) that it plans to use as a foundation for further expansion. These are the types of steps that have allowed Hormel to grow its business over time and increase its dividend for an incredible 52 consecutive years, making it a Dividend Aristocrat . And with the 2.2% dividend yield toward the high end of its historical range, now could be a good time to buy the company for the long term while other investors are thinking short term. A great bargain in biotech George Budwell (Celgene): In a somewhat stunning turn of events, shares of blue-chip biotech Celgene have lost a whopping 25% of their value over just the last 12 months. As a result, trading at a mere 9.1 times expected earnings, they've become an outright bargain. CELG Chart CELG data by YCharts . The truly weird part about this story, however, is that Celgene garnered one of the highest premiums within the red-hot biotech space before this unexpected downturn, and it did so for the better part of the last decade. So what went so terribly wrong in such a short period of time? Celgene's shares have been fading due to three core issues: Questionable business development moves with the pricey buyouts of both Impact Biomedicines and Juno Therapeutics . The unexpected failure of its late-stage Crohn's disease candidate, GED-0301, which potentially wiped out over 2 billion in future revenue. The recent Refusal to File letter from the Food and Drug Administration regarding the biotech's highly touted relapsing multiple sclerosis drug candidate ozanimod. Putting the gloom and doom aside for the moment, though, I think these troubling times could turn out to be an outstanding buying opportunity for investors with a long-term mind-set. Ozanimod, after all, is still a strong candidate to become the company's next flagship product despite this regulatory setback. Moreover, Celgene remains on track to generate top-line growth exceeding an incredible 13% for the next three years, if not longer. Last but not least, the biotech's clinical pipeline is absolutely rock-solid and arguably among the best in all of biotech. Through various licensing deals, for instance, Celgene was able to bring in megablockbuster candidates such as bb2121 for multiple myeloma and luspatercept for myelodyspastic syndromes. So while these recent developments may be off-putting, Celgene, in my view, remains a stellar long-term buy-and-hold company because of its exceptionally strong growth engine and robust clinical pipeline. More than a short-term play True investing is about more than just buying and selling chits of paper. You need to think like an owner if you want to hold an investment for 20 years or longer. That means focusing on companies with the wherewithal to survive good times and bad, like Hormel and Celgene. And sometimes even overlooking an expensive valuation if the long-term growth prospects are strong, like they are at Microsoft. The three companies we've presented here are very different, but I'm certain if you take the time to get to know them, at least one of these stocks will tickle your fancy. More From The Motley Fool 3 Growth Stocks at Deep-Value Prices 5 Expected Social Security Changes in 2018 6 Years Later, 6 Charts That Show How Far Apple, Inc. Has Come Since Steve Jobs' Passing 10 Best Stocks to Buy Today The $16,122 Social Security Bonus You Cannot Afford to Miss Bitcoin's Biggest Competitor Isn't Ethereum -- It's This Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft. George Budwell has no position in any of the stocks mentioned. Reuben Gregg Brewer owns shares of Hormel Foods. Timothy Green has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Celgene. The Motley Fool has a disclosure policy .
[Social Media Buzz]
#BTC 24hr Summary:
Last: $8217.73
High: $8444.40
Low: $7310.00
Change: 7.65% | $583.73
Volume: $271,520,414.4
$BTC #Bitcoin #Pricebotspic.twitter.com/FQjbIhuuWc || #Cryptos:
#BTC 8315.36$ | 6778.76€
#XRP 0.67$ | 0.54€
#ETH 544.50$ | 443.89€
#LTC 154.43$ | 125.89€
#DASH 379.85$ | 309.66€
#XEM 0.29$ | 0.23€
#IOTA 1.23$ | 1.00€
#EOS 4.69$ | 3.83€
#ETN 0.03$ | 0.03€
#TRX 0.03$ | 0.03€
#Cryptocurrency || Gana $45,00 Usd Por Afiliar, Quieres ganarte dólares con Bitcoin sin tanto esfuerzo? Es solo d...
|
8913.47, 8929.28, 8728.47, 8879.62, 8668.12, 8495.78, 8209.40, 7833.04, 7954.48, 7165.70
|
Given the historical Bitcoin prices from the last 90 days, predict the next 10 daily closing prices. The historical prices are: 294.35, 285.34, 281.89, 286.39, 290.59, 285.51, 256.30, 260.93, 261.75, 260.02, 267.96, 266.74, 245.60, 246.20, 248.53, 247.03, 252.80, 242.71, 247.53, 244.22, 247.27, 253.01, 254.32, 253.70, 260.60, 255.49, 253.18, 245.02, 243.68, 236.07, 236.55, 236.15, 224.59, 219.16, 223.83, 228.57, 222.88, 223.36, 222.60, 224.63, 235.27, 234.18, 236.46, 231.27, 226.39, 219.43, 229.29, 225.85, 225.81, 236.15, 232.08, 234.93, 240.36, 239.02, 236.12, 229.78, 237.33, 243.86, 241.83, 240.30, 242.16, 241.11, 236.38, 236.93, 237.60, 236.15, 236.80, 233.13, 231.95, 234.02, 235.34, 240.35, 238.87, 240.95, 237.11, 237.12, 237.28, 237.41, 237.10, 233.35, 230.19, 222.93, 225.80, 225.87, 224.32, 224.95, 225.62, 222.88, 228.49, 229.05.
|
[Bitcoin Technical Analysis for 2015-06-09]
Volume: 28353100, RSI (14-day): 46.60, 50-day EMA: 234.19, 200-day EMA: 255.85
[Wider Market Context]
Gold Price: 1177.30, Gold RSI: 42.77
Oil Price: 60.14, Oil RSI: 54.99
[Recent News (last 7 days)]
The MENA Startup Ecosystem: Problems And (Potential) Solutions: Hala Fadel, Chair of theMIT Enterprise Forum for the Pan Arab Region, opened the 8th MIT Pan Arab Conference in Kuwait by emphasizing the need for Arab entrepreneurs to protect the innovation of the present from the fear of past generations. While a growing number of young entrepreneurs in the Arab world have started to disrupt traditional markets with innovative ideas, they are still being met with great resistance from traditionalists. In a region that prides itself on preserving its cultural authenticity, the Arab entrepreneur is forced to fight two battles.
The first battle is assuaging the fears of Arab communities around innovative entrepreneurship, and second, establishing and monetizingunconventional business models in existing MENA ecosystems. While these challenges may seem daunting, many young Arabs are plunging forward because they recognize that there is a gap in our various market sectors and they want to see it change. Five startups from the 8th MIT Arab Conference, from across the Arab world, discuss the biggest obstacles that young Arab entrepreneurs face in their ecosystems.
Khalid Abujassoum, Tahi Technologies Inc. Image credit: Tahi Technologies Inc.
Khalid Abujassoum, co-founder & CEO,Tahi Technologies Inc.[Qatar]
Do you think that there is a fear of investing in the small startup ecosystems in the Gulf?
“There is, and I think it’s natural due to the history of business in this region and how the economy has evolved. In the Gulf, the major business contributors to the economy were traders and merchants, so the whole technology entrepreneurship realm is new, and as the old saying goes, ‘A person is an enemy to whatever they ignore.’ Such fear is natural and understood. We need to ensure that all stakeholders in the ecosystem including entrepreneurs, investors, policymakers, incubators etc. are playing their roles correctly.An entrepreneur should have the tenacity to listen, learn and grow. A policymaker should engage stakeholders to understand their needs and incorporate them in the policy making process. The same applies to investors and other players in the ecosystem. By working together, all these stakeholders can build a strong and trustworthy ecosystem for everyone. There is no one hero that will make it work, I believe that it is our collective responsibility to build and strengthen Arab startup ecosystems.”
Amine Toumi and Salim El Jaï (on right), Yuzu. Image credit: Yuzu.
Amine Toumi, Project Manager,Yuzu[Morocco]
Do you think that there is a fear of investing in startups in Morocco and North Africa?
“When I started Yuzu with my team, we didn’t find any investors or funds to help support or accelerate the development of our startup. I don’t know what the real problem is- is it a lack of information about startups in the region, the legitimacy of our project or simply the lack of investors? While the Moroccan startup scene is still very young and lagging behind some countries in the Arab region, it’s slowly catching up. At Yuzu, we understand that fear is an investor’s natural state of being, whereas courage is an entrepreneur’s natural way of life. In order to increase investment in the North African startup ecosystem,we have to find the crossroads where these two stakeholders can meet. Firstly, we have to be willing to admit that startup success is hardly predictable. On the other hand, we must fight to nurture and invest in entrepreneurship, because startups will build the future of countries and people across North Africa and the Arab world. If we make it a priority, we can encourage decision-makers to take more risks, thus ensuring that more investments and resources are available for entrepreneurs to go on dreaming of a better world.”
David Al Achkar, Yellow. Image credit: Yellow.
David Al Achkar, Founder,Yellow[UAE]
Do you think that there is a fear of investing in the Arab world, because of their existing financial systems?
“I see the main financial problems in the region as being ones of fragmentation, high cost, and high complexity. Whether you’re a startup or an established business, few options, besides standard wires and credit cards, exist that cover the region as a whole and the latter still has a low penetration. Most available options, however local, are still on average more expensive than abroad. And finally, in many cases,getting set up to accept or send payments is a complicated, lengthy, and costly process, which is a recurring setback for most startups in the region. The approach we’ve decided to follow at Yellow is the transition from traditional payment methods to the cutting-edge of financial technology, i.e., Bitcoin. We believe that in the midterm, the innovation brought forward by Bitcoin, which is faster, cheaper, global payments, has the potential to bring the Arab region to the forefront of payments, thus effectively leapfrogging many intermediaries, and in most cases, only incrementally better payments solutions.”
Samer Tarazi, RedTroops. Image credit: RedTroops.
Samer Tarazi, founder and CEO,RedTroops[Jordan]
Do you think that there is a fear of investing in Arab tech startups in Jordan and the MENA region?
“I wouldn’t say there is fear, I would say there’s an immature attitude towards tech startups in the region. We don’t have highly experienced investors who are truly visionaries. Unfortunately, most investors tend to follow rather than lead, either by following another investor or investing in an Arabic version of a business model that has already been proven abroad. When you’re working on a disruptive technology or trying to build something that hasn’t really been done in the Arab world before, this mentality makes it extremely difficult to raise the funds needed to keep a startup going.Nurturing the maturity of both founders and investorsin the region will help, because we currently lack people who really understand what a startup is and how to scale quickly on both ends. While I’m sure that Arab ecosystems will mature with experience in time, I still believe we suffer in the region because the market itself is still lagging and it’s definitely lacking in terms of early adoption.”
Mohammad Gamal, Kotobna. Image credit: Kotobna.
Mohammad Gamal, founder,Kotobna[Egypt]
Do you think that there is a fear of starting a startup in the Arab world because of the weak intellectual property laws in Egypt and the rest of the MENA region?
“Yes, there is a fear, but there shouldn’t be, because firstly, innovative young, business leaders should find solutions for the problems of intellectual property (IP) protection. Secondly, they should create new localized business models that understand target market’s needs, their social environments and their motives for breaking IP law. By creating relevant and innovative solutions to real problem in the market, young entrepreneurs will find new and efficient ways of providing and capturing value in Arab markets. A very good example of such a ‘market hack’ is Abjjad, a social network for books based in Jordan, which offers Arab readers e-books for free. The Abjjad team make revenue from the Google Ads that are embedded in the pages of each book. As entrepreneurs, especially in the Arab world, we must strive to understand our customers’ needs and their social environment. Regardless of where you are or what the startup ecosystem is like, it isthe responsibility of an entrepreneur to reinvent their business modeluntil they can find one that serves their customers. I also believe that it is our responsibility as entrepreneurs to educate our target audience about the benefits of protecting IP by creating multi-sided platforms here, content providers with content consumers in a secure, beneficial way for both parties- that’s exactly what we’re doing at Kotobna. We are linking young Arab authors with Arab readers who are interested in e-books. On the Kotobna platform, books are encrypted and secured and offered to readers at very competitive rates, with very easy and accessible payment methods.” || The MENA Startup Ecosystem: Problems And (Potential) Solutions: Hala Fadel, Chair of the MIT Enterprise Forum for the Pan Arab Region , opened the 8th MIT Pan Arab Conference in Kuwait by emphasizing the need for Arab entrepreneurs to protect the innovation of the present from the fear of past generations. While a growing number of young entrepreneurs in the Arab world have started to disrupt traditional markets with innovative ideas, they are still being met with great resistance from traditionalists. In a region that prides itself on preserving its cultural authenticity, the Arab entrepreneur is forced to fight two battles. The first battle is assuaging the fears of Arab communities around innovative entrepreneurship, and second, establishing and monetizing unconventional business models in existing MENA ecosystems . While these challenges may seem daunting, many young Arabs are plunging forward because they recognize that there is a gap in our various market sectors and they want to see it change. Five startups from the 8th MIT Arab Conference, from across the Arab world, discuss the biggest obstacles that young Arab entrepreneurs face in their ecosystems. 1. Fear Of Small Ecosystems Khalid Abujassoum, Tahi Technologies Inc. Image credit: Tahi Technologies Inc. Khalid Abujassoum, co-founder & CEO, Tahi Technologies Inc. [Qatar] Do you think that there is a fear of investing in the small startup ecosystems in the Gulf? “There is, and I think it’s natural due to the history of business in this region and how the economy has evolved. In the Gulf, the major business contributors to the economy were traders and merchants, so the whole technology entrepreneurship realm is new, and as the old saying goes, ‘A person is an enemy to whatever they ignore.’ Such fear is natural and understood. We need to ensure that all stakeholders in the ecosystem including entrepreneurs, investors, policymakers, incubators etc. are playing their roles correctly. An entrepreneur should have the tenacity to listen, learn and grow . A policymaker should engage stakeholders to understand their needs and incorporate them in the policy making process. The same applies to investors and other players in the ecosystem. By working together, all these stakeholders can build a strong and trustworthy ecosystem for everyone. There is no one hero that will make it work, I believe that it is our collective responsibility to build and strengthen Arab startup ecosystems.” Story continues 2. Fear Of Investing Amine Toumi and Salim El Jaï (on right), Yuzu. Image credit: Yuzu. Amine Toumi, Project Manager, Yuzu [Morocco] Do you think that there is a fear of investing in startups in Morocco and North Africa? “When I started Yuzu with my team, we didn’t find any investors or funds to help support or accelerate the development of our startup. I don’t know what the real problem is- is it a lack of information about startups in the region, the legitimacy of our project or simply the lack of investors? While the Moroccan startup scene is still very young and lagging behind some countries in the Arab region, it’s slowly catching up. At Yuzu, we understand that fear is an investor’s natural state of being, whereas courage is an entrepreneur’s natural way of life. In order to increase investment in the North African startup ecosystem, we have to find the crossroads where these two stakeholders can meet . Firstly, we have to be willing to admit that startup success is hardly predictable. On the other hand, we must fight to nurture and invest in entrepreneurship, because startups will build the future of countries and people across North Africa and the Arab world. If we make it a priority, we can encourage decision-makers to take more risks, thus ensuring that more investments and resources are available for entrepreneurs to go on dreaming of a better world.” 3. Fear Of Complicated Financial Systems David Al Achkar, Yellow. Image credit: Yellow. David Al Achkar, Founder, Yellow [UAE] Do you think that there is a fear of investing in the Arab world, because of their existing financial systems? “I see the main financial problems in the region as being ones of fragmentation, high cost, and high complexity. Whether you’re a startup or an established business, few options, besides standard wires and credit cards, exist that cover the region as a whole and the latter still has a low penetration. Most available options, however local, are still on average more expensive than abroad. And finally, in many cases, getting set up to accept or send payments is a complicated, lengthy, and costly process , which is a recurring setback for most startups in the region. The approach we’ve decided to follow at Yellow is the transition from traditional payment methods to the cutting-edge of financial technology, i.e., Bitcoin. We believe that in the midterm, the innovation brought forward by Bitcoin, which is faster, cheaper, global payments, has the potential to bring the Arab region to the forefront of payments, thus effectively leapfrogging many intermediaries, and in most cases, only incrementally better payments solutions.” 4. Fear Of Investing In New Ideas Samer Tarazi, RedTroops. Image credit: RedTroops. Samer Tarazi, founder and CEO, RedTroops [Jordan] Do you think that there is a fear of investing in Arab tech startups in Jordan and the MENA region? “I wouldn’t say there is fear, I would say there’s an immature attitude towards tech startups in the region. We don’t have highly experienced investors who are truly visionaries. Unfortunately, most investors tend to follow rather than lead, either by following another investor or investing in an Arabic version of a business model that has already been proven abroad. When you’re working on a disruptive technology or trying to build something that hasn’t really been done in the Arab world before, this mentality makes it extremely difficult to raise the funds needed to keep a startup going. Nurturing the maturity of both founders and investors in the region will help, because we currently lack people who really understand what a startup is and how to scale quickly on both ends. While I’m sure that Arab ecosystems will mature with experience in time, I still believe we suffer in the region because the market itself is still lagging and it’s definitely lacking in terms of early adoption.” 5. Fear Of Lacking Intellectual Property Protection Mohammad Gamal, Kotobna. Image credit: Kotobna. Mohammad Gamal, founder, Kotobna [Egypt] Do you think that there is a fear of starting a startup in the Arab world because of the weak intellectual property laws in Egypt and the rest of the MENA region? “Yes, there is a fear, but there shouldn’t be, because firstly, innovative young, business leaders should find solutions for the problems of intellectual property (IP) protection. Secondly, they should create new localized business models that understand target market’s needs, their social environments and their motives for breaking IP law. By creating relevant and innovative solutions to real problem in the market, young entrepreneurs will find new and efficient ways of providing and capturing value in Arab markets. A very good example of such a ‘market hack’ is Abjjad, a social network for books based in Jordan, which offers Arab readers e-books for free. The Abjjad team make revenue from the Google Ads that are embedded in the pages of each book. As entrepreneurs, especially in the Arab world, we must strive to understand our customers’ needs and their social environment. Regardless of where you are or what the startup ecosystem is like, it is the responsibility of an entrepreneur to reinvent their business model until they can find one that serves their customers. I also believe that it is our responsibility as entrepreneurs to educate our target audience about the benefits of protecting IP by creating multi-sided platforms here, content providers with content consumers in a secure, beneficial way for both parties- that’s exactly what we’re doing at Kotobna. We are linking young Arab authors with Arab readers who are interested in e-books. On the Kotobna platform, books are encrypted and secured and offered to readers at very competitive rates, with very easy and accessible payment methods.” || Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claim the opposite is true . New Jobs In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index. Some say a large part of that rise can be attributed to the marijuana industry. The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana. Related Link: Marijuana Industry Blazes The Path For A New Kind Of Lawyer Access To Marijuana The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit. Still Some Concern While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in. For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home. Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area. Image Credit: Public Domain See more from Benzinga Have You Met The Bitcoin Booty Girls? AgriScience Makes Smart Soil To Improve Farming Dutch Bank Issues Europe's First Certified Climate Bond © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Could Marijuana Help House Prices?: In states where marijuana has been legalized, many homeowners have complained that the opening of pot dispensaries could bring down property values. However, in Colorado, where both medical and recreational marijuana has been legalized, some claimthe opposite is true.
New Jobs
In Denver, home prices have risen 10 percent since March 2014, according to the S&P/Case-Shiller Home Price Index.Some saya large part of that rise can be attributed to the marijuana industry.
The new industry has created thousands of jobs across a variety of sectors. Not only are businesses directly linked to pot – like growers and dispensaries – taking on new employees, but security companies, electricians and hotels have all seen an influx of business due to marijuana.
Related Link:Marijuana Industry Blazes The Path For A New Kind Of Lawyer
Access To Marijuana
The rental market in Colorado has also been booming as people from out of state come in looking for access to marijuana. Some families are interested in obtaining medical marijuana to treat a chronic condition, while others are keen to live in Colorado to enjoy the relaxed lifestyle the new laws permit.
Still Some Concern
While the real estate market in Colorado appears to be booming, some warn that it will fizzle as the long-term problems with pot settle in.
For one, laws allowing people to cultivate up to six plants means prospective buyers will need to look for a new set of issues when it comes to home inspections. Buyers will need to check for tampering with the home's electrical systems and mold issues associated with marijuana growing before committing to a new home.
Another concern is increased traffic in neighborhoods where marijuana is being grown. Many people disregard the state's limit of six plants and set up illegal grow houses, which could decrease the value of properties in the area.
Image Credit: Public Domain
See more from Benzinga
• Have You Met The Bitcoin Booty Girls?
• AgriScience Makes Smart Soil To Improve Farming
• Dutch Bank Issues Europe's First Certified Climate Bond
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: Pixelated Bitcoin symbol made from cubes, mosaic pattern New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have been writing and rewriting those regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process. The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech. While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, told The Wall Street Journal that the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness is shared by a lot of people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns. New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out this full set of regulations released by Lawsky's department. [Image credit: Getty/TimArbaev] || New York sets rules for running Bitcoin exchange businesses: New York has finally issued an official set of rules for businesses that deal with Bitcoins. If you recall, New York Superintendent of Financial Services Benjamin M. Lawsky and his team have beenwriting and rewritingthose regulations for the past two years, taking criticisms into account. Lawsky has announced the final list during a recent speech at the BITS Emerging Payments Forum in Washington, weeks before he steps down from his position. These rules require businesses to apply for a "BitLicense" from the Department of Financial Services if they want to operate in the Big Apple. The final version clarifies that only companies that offer financial services, such as money exchanges, are required to take out applications, though. Software developers, individuals and retailers can accept cryptocurrency payments without having to go through the process.
The rules also state that businesses won't have to report every software update (unless it will significantly change their product/service) or to apply for BitLicense, if they already have a traditional money transmitter license. From the start, Lawsky maintained that the state wants to regulate Bitcoin-based businesses in order to avoid money laundering schemes and the like. "We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity -- without stifling beneficial innovation," he said during his speech.
While some entrepreneurs welcome the regulatory framework, as it will prove to customers that their businesses are legit, not everyone's happy with the the final list. Jerry Brito, executive director of Bitcoin advocacy group Coin Center, toldThe Wall Street Journalthat the BitLicense program creates "an unprecedented new state-level money laundering requirement." He believes it's discriminatory, as New York banks and regular money transmitters don't have to follow a similar set of rules. His unhappiness isshared by a lotof people in the Bitcoin community, who are dismayed that Lawsky failed to address their concerns.
New York is the first state to heavily regulate Bitcoin exchanges, but other states might follow if the BitLicense turns out to be a success. If you want to know just how stringent New York's rules are, check out thisfull set of regulationsreleased by Lawsky's department.
[Image credit: Getty/TimArbaev] || Your first trade for Friday: The " Fast Money " traders gave their final trades of the day. Tim Seymour was a seller of IWM (NYSE Arca: IWM) . Jon Najarian was a buyer of ARG ( ARG ) . Brian Kelly was a seller of HYG (NYSE Arca: HYG) . Dan Nathan was a buyer of LVS ( LVS ) puts. Trader disclosure: On June 4, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, T, BAC, C, DIS, F, FXI, GE, GM, GOOGL, INTC, KORS, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO. Jon Najarian is l ong AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARG, ARIA, CA, CBS, CTXS, DE, DRI, EBAY, ETFC, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, MU, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long puts KORS, LC. Today he bought ARG calls, MU calls, CA calls, ETFC calls, and LC puts. Dan Nathan is long LNKD July call fly, LVS July Aug Put Spread, GOOGL June/July Call Spread, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, SPY June put fly, he is short SO Aug calls. Today he sold to close TLT June call butterfly and GOOGL June call fly. Brian Kelly is long DXGE, BTC=, BBRY, U.S. Dollar, he is short Australian Dollar, he is short Canadian Dollar, he is short Yen, he is short Yuan. More From CNBC Top News and Analysis Latest News Video Personal Finance || Your first trade for Friday: The "Fast Money" traders gave their final trades of the day.
Tim Seymour was a seller of IWM(NYSE Arca: IWM).
Jon Najarian was a buyer of ARG(ARG).
Brian Kelly was a seller of HYG(NYSE Arca: HYG).
Dan Nathan was a buyer of LVS(LVS)puts.
Trader disclosure: On June 4, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders:Tim Seymour is long AAPL, T, BAC, C, DIS, F, FXI, GE, GM, GOOGL, INTC, KORS, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.Jon Najarian is long AEP, BBY, CS, CSLT, GE, HOG, HSBC, HZNP, KORS, MCD, MW, NEE, NRG, PG, RHT, SIMO, SYK, TTWO, TLT, VIX, XLI, YPF, he is long calls AIG, ANF, ARG, ARIA, CA, CBS, CTXS, DE, DRI, EBAY, ETFC, GE, GLD, IDTI, JNPR, KING, KO, LLY, MCD, MU, NUAN, PG, PHM, SFUN, SNDK, SUNE, he is long puts KORS, LC. Today he bought ARG calls, MU calls, CA calls, ETFC calls, and LC puts.Dan Nathan is long LNKD July call fly, LVS July Aug Put Spread, GOOGL June/July Call Spread, TWTR, BBRY June calls, SO, DE June put fly, INTC July put, SPY June put fly, he is short SO Aug calls. Today he sold to close TLT June call butterfly and GOOGL June call fly.Brian Kelly is long DXGE, BTC=, BBRY, U.S. Dollar, he is short Australian Dollar, he is short Canadian Dollar, he is short Yen, he is short Yuan.
More From CNBC
• Top News and Analysis
• Latest News Video
• Personal Finance || 5 Entrepreneurial Lessons From Uber on Its 5-Year Anniversary: Remember 2010? Justin Bieber was 16 years old and becoming a teen superstar,Breaking Badwas just getting really good, an earthquake devastated Haiti, an explosion on BP’s Deepwater Horizon offshore drilling rig caused the worst oil spill in history and Uber was just a baby.
Five years later, Bieber has grown up and so has Uber.
What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and isvalued at more than $40 billion, with some new estimates reportedly stretching as high north as$50 billion. Along the ride, Uber’s founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth$5.3 billion.
But Uber’s rise to stardom didn’t come without some prettycontroversial detoursincluding a driver beingaccused of raping a passenger in India, an executive who suggested that the ridesharing company shoulddig up personal dirt on journalists who run afoul of the companyand the transportation juggernaut is prettyregularly getting into hot water with regulators around the world.
It’s becoming clear that Kalanick has had some time to think about his maladies, though. On the eve of Uber’s five-year anniversary, hedelivered a speechto employees and drivers where he reflected on where the company has come from, what it’s been through and where it’s headed.
Related:Lyft CMO: Uber Is the Wal-Mart of Transportation. We Aren't.
Here are five takeaways from Kalanick’s speech, which, even if you aren’t sitting at the helm of a $50 billion global Goliath, are worth remembering as you launch and grow your own business.
It might be hard to believe but Uber wasn’t always such a big deal. Just five years ago, the global company was only a four-person team in San Francisco.
“We couldn’t have guessed that this would be something we would do or something in our future but here we are. For a while, Graves [Uber’s head of operations] and I, we could barely keep the lights on and our thoughts in the beginning were really about surviving and making sure we had enough rides with the number of cars we put on the system,” said Kalanick. “We needed to make sure we were surviving, much less thriving.”
Launching a company isn’t always glamorous. But tough times do not mean it’s the end of the road. Keep your head down and pushing toward what you believe in.
If you are dreaming of being the founder of the next Uber, start by zeroing in on a very specific problem that you have. Then fix that problem.
The other founder of Uber, Garrett Camp, who now serves as a chairman of the company, wanted to be able to push a button and get a ride to wherever he wanted to go, says Kalanick. “Uber didn’t begin with any grand ambitions, it began as the answer to that simple question.”
Related:Who Exactly Are Uber's Drivers?
Part of why Uber has experienced such astronomical growth is that consumers are driven by convenience and price. And for many people who need to go from point A to point B, taking a car powered by Uber is often the fastest, most reliable way to get where you need to go.
“Uber is the most affordable transportation choice. In most cities, UberX is half the cost of a taxi and when you factor in parking, insurance and maintenance, commuting with UberX is cheaper than owning a car,” says Kalanick.
For drivers, Uber is also a convenient complement to a busy life already jam packed with obligations -- and squeezed with bills. “These people tell us they drive, because they love the flexibility these jobs provide,” says Kalanick. “What other job out there can you just turn it on when you want to start and off when you want to stop -- whenever you feel like it.”
As you are looking to launch or grow your business, look to solve your customers’ problems in the most efficient and convenient way possible.
Kalanick isn’t known for being a charmer. In fact, quite the opposite. But he also seems to be willing to call out himself -- and his company -- on tone deaf behavior.
“I realize that I can come off as a somewhat fierce advocate for Uber. I also realize that some have used a different ‘A’ word to describe me,” said Kalanick in his speech. “Well, I’ll be the first to admit that I’m not perfect and neither is this company. Like everyone else, we make mistakes.”
This isn’t the first time Uber has made an effort to improve its PR.Six months ago, when Uber announced its $1.2 billion raise, it also expressed its remorse for its arrogance and committed to more sensitive behavior going forward.
Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. That’s life. But don’t think your customers didn’t notice. Fess up, apologize, learn from your mistakes and move on.
Related:Finland's Capital Wants to Do Away With Car Ownership
Uber has had to change the laws (or just flat out ignore them) in order for it to be able to expand. “We’ve faced resistance every step of the way. Nearly every time we try to set up shop in a new city, there’s a powerful industry with powerful allies who try to stop progress — you may have read about it in the news — who try at all costs to protect the status quo,” said Kalanick.
Not all companies are going to be working to rewrite city and state laws to be able to operate, but regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you can’t let that halt your momentum or efforts.
Watch Kalanick’s full remarks below:
Related:The Future of the Sharing Economy Is a World Built Like Bitcoin || 5 Entrepreneurial Lessons From Uber on Its 5-Year Anniversary: Remember 2010? Justin Bieber was 16 years old and becoming a teen superstar, Breaking Bad was just getting really good, an earthquake devastated Haiti, an explosion on BPs Deepwater Horizon offshore drilling rig caused the worst oil spill in history and Uber was just a baby. Five years later, Bieber has grown up and so has Uber. What started out as UberCab in San Francisco has grown into a beast in the transportation world. The company now operates in 300 cities in 58 countries, has more than 1 million drivers working on its platform and is valued at more than $40 billion , with some new estimates reportedly stretching as high north as $50 billion . Along the ride, Ubers founder and CEO Travis Kalanick has become a billionaire five times over. He is currently worth $5.3 billion . But Ubers rise to stardom didnt come without some pretty controversial detours including a driver being accused of raping a passenger in India , an executive who suggested that the ridesharing company should dig up personal dirt on journalists who run afoul of the company and the transportation juggernaut is pretty regularly getting into hot water with regulators around the world . Its becoming clear that Kalanick has had some time to think about his maladies, though. On the eve of Ubers five-year anniversary, he delivered a speech to employees and drivers where he reflected on where the company has come from, what its been through and where its headed. Related: Lyft CMO: Uber Is the Wal-Mart of Transportation. We Aren't. Here are five takeaways from Kalanicks speech, which, even if you arent sitting at the helm of a $50 billion global Goliath, are worth remembering as you launch and grow your own business. 1. Even big companies start small. It might be hard to believe but Uber wasnt always such a big deal. Just five years ago, the global company was only a four-person team in San Francisco. We couldnt have guessed that this would be something we would do or something in our future but here we are. For a while, Graves [Ubers head of operations] and I, we could barely keep the lights on and our thoughts in the beginning were really about surviving and making sure we had enough rides with the number of cars we put on the system, said Kalanick. We needed to make sure we were surviving, much less thriving. Story continues Launching a company isnt always glamorous. But tough times do not mean its the end of the road. Keep your head down and pushing toward what you believe in. 2. Great businesses solve a problem. If you are dreaming of being the founder of the next Uber, start by zeroing in on a very specific problem that you have. Then fix that problem. The other founder of Uber, Garrett Camp, who now serves as a chairman of the company, wanted to be able to push a button and get a ride to wherever he wanted to go, says Kalanick. Uber didnt begin with any grand ambitions, it began as the answer to that simple question. Related: Who Exactly Are Uber's Drivers? 3. Give people a better, cheaper option. Part of why Uber has experienced such astronomical growth is that consumers are driven by convenience and price. And for many people who need to go from point A to point B, taking a car powered by Uber is often the fastest, most reliable way to get where you need to go. Uber is the most affordable transportation choice. In most cities, UberX is half the cost of a taxi and when you factor in parking, insurance and maintenance, commuting with UberX is cheaper than owning a car, says Kalanick. For drivers, Uber is also a convenient complement to a busy life already jam packed with obligations -- and squeezed with bills. These people tell us they drive, because they love the flexibility these jobs provide, says Kalanick. What other job out there can you just turn it on when you want to start and off when you want to stop -- whenever you feel like it. As you are looking to launch or grow your business, look to solve your customers problems in the most efficient and convenient way possible. 4. Admit your mistakes. Kalanick isnt known for being a charmer. In fact, quite the opposite. But he also seems to be willing to call out himself -- and his company -- on tone deaf behavior. I realize that I can come off as a somewhat fierce advocate for Uber. I also realize that some have used a different A word to describe me, said Kalanick in his speech. Well, Ill be the first to admit that Im not perfect and neither is this company. Like everyone else, we make mistakes. This isnt the first time Uber has made an effort to improve its PR. Six months ago, when Uber announced its $1.2 billion raise , it also expressed its remorse for its arrogance and committed to more sensitive behavior going forward. Even the most successful entrepreneurs are also human beings. You are going to mess up or step out of turn. Thats life. But dont think your customers didnt notice. Fess up, apologize, learn from your mistakes and move on. Related: Finland's Capital Wants to Do Away With Car Ownership 5. Roadblocks may slow you down but dont let them stop you. Uber has had to change the laws (or just flat out ignore them) in order for it to be able to expand. Weve faced resistance every step of the way. Nearly every time we try to set up shop in a new city, theres a powerful industry with powerful allies who try to stop progress you may have read about it in the news who try at all costs to protect the status quo, said Kalanick. Not all companies are going to be working to rewrite city and state laws to be able to operate, but regardless of what you are trying to start, there will be hurdles. If you are going to build a successful business, you cant let that halt your momentum or efforts. Watch Kalanicks full remarks below: Related: The Future of the Sharing Economy Is a World Built Like Bitcoin || Dutch Bank Issues Europe's First Certified Climate Bond: ABN AMRO Bank N.V. , a bank based in the Netherlands, issued the eurozone's first ever green bond on Wednesday, shortly after the Climate Bonds Standard for Low Carbon Buildings was unveiled at an investor meeting in London. The bond represents what many hope will be a growing push to lower carbon emissions throughout Europe and is expected to be the first of many bonds issued with this certification. High Demand Investor interest in the bond caused ABN AMRO to upsize the bond deal from €350 million to €500 million ($556 million USD), making it the largest Certified Climate Bond to have been issued to date. In late May, Australia and New Zealand Banking (ADR) (OTC: ANZBY ) issued its own Certified Climate Bond for A$600 million ($464 million USD). Both bonds were well received by all types of investors, though dedicated green investors made up the majority of the interested parties. Related Link: Is Bitcoin Bad For The Environment? What Does It Mean? A Certified Climate Bond means that the bond has been evaluated by an approved verifying party that ensures that the proceeds of the bond are used to further the development of low carbon buildings. This week at the RI Europe 2015 in London, the standards dictating what projects would qualify for use of Certified Climate Bond funds were unveiled. They included new rules regarding carbon standards for commercial and residential buildings as well as upgrade projects. Interest To Continue Both ANZBY and ABN AMRO saw investors oversubscribing for their green bonds, suggesting that there is a massive market for environmentally conscious investment options. Many expect that the growing number of green investors will prompt more banks to roll out their own Certified Climate Bonds and help push forward the initiative for sustainable construction. Image Credit: Public Domain See more from Benzinga Pre-IPOs Are The New IPOs The Hemp Industry Struggles To Find Its Place New York Issues BitLicense Rules To Mixed Reviews © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || Dutch Bank Issues Europe's First Certified Climate Bond: ABN AMRO Bank N.V., a bank based in the Netherlands,issuedthe eurozone's first ever green bond on Wednesday, shortly after the Climate Bonds Standard for Low Carbon Buildings was unveiled at an investor meeting in London.
The bond represents what many hope will be a growing push to lower carbon emissions throughout Europe and is expected to be the first of many bonds issued with this certification.
High Demand
Investor interest in the bond caused ABN AMRO to upsize the bond deal from €350 million to €500 million ($556 million USD), making it the largest Certified Climate Bond to have been issued to date.
In late May,Australia and New Zealand Banking (ADR)(OTC:ANZBY) issued its own Certified Climate Bond for A$600 million ($464 million USD). Both bonds were well received by all types of investors, though dedicated green investors made up the majority of the interested parties.
Related Link: Is Bitcoin Bad For The Environment?
What Does It Mean?
A Certified Climate Bond means that the bond has been evaluated by an approved verifying party that ensures that the proceeds of the bond are used to further the development of low carbon buildings.
This week at the RI Europe 2015 in London, the standards dictating what projects would qualify for use of Certified Climate Bond funds were unveiled.
They included new rules regarding carbon standards for commercial and residential buildings as well as upgrade projects.
Interest To Continue
Both ANZBY and ABN AMRO saw investors oversubscribing for their green bonds, suggesting that there is a massive market for environmentally conscious investment options.
Many expect that the growing number of green investors will prompt more banks to roll out their own Certified Climate Bonds and help push forward the initiative for sustainable construction.
Image Credit: Public Domain
See more from Benzinga
• Pre-IPOs Are The New IPOs
• The Hemp Industry Struggles To Find Its Place
• New York Issues BitLicense Rules To Mixed Reviews
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY --(Marketwired - June 04, 2015) - Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector. As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents. The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang" www.briankellycapital.com , David Berger,Founder and CEO, Digital Currency Council (DCC) , Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (OTCQX: GBTC) . Interviews: Brian Kelly Q: Investorideas.com You have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate? A: Brian Kelly, author of the book "The Bitcoin Big Bang" It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services. Q: Investorideas.com Do you see many publicly-traded stocks in play now and are you hearing of IPO's in the space? A: Brian Kelly, author of the book "The Bitcoin Big Bang" I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs. Q: Investorideas.com With the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency? A: Brian Kelly, author of the book "The Bitcoin Big Bang" A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay. David Berger Q: Investorideas.com Can you give us background on the creation of the Digital Currency Council (DCC) and why you formed it? A: David Berger , Founder and CEO, Digital Currency Council (DCC) The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts. Story continues Q: Investorideas.com With a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now? A: David Berger , Founder and CEO, Digital Currency Council (DCC) We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize. Q: Investorideas.com What do you see as the primary obstacles to the acceptance of digital currency? A: David Berger , Founder and CEO, Digital Currency Council (DCC) It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit. Q: Investorideas.com What do you see for Bitcoin within the next year and over the next 5 years? A: David Berger , Founder and CEO, Digital Currency Council (DCC) The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it. Brad Moynes Q: Investorideas.com What do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin? A: Mr. Brad Moynes, President of Bit-X Financial Corp. The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation. Q: Investorideas.com What do you think are some of the hurdles and obstacles for Bitcoin? A: Mr. Brad Moynes, President of Bit-X Financial Corp Perhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to. Q: Investorideas.com Will your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing? A: Mr. Brad Moynes, President of Bit-X Financial Corp. The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves. There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis. A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases. Michael Sonnenshein Q: Investorideas.com The Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin? A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC) Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse. In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP. Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV. In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website, www.grayscale.co Q: Investorideas.com Where does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now? A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (OTCQX: GBTC) Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally. Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better. Bios: Brian Kelly www.briankellycapital.com Brian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World." Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics. A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing. Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers. Brian provides money management services to a select clientele and consults on digital currencies. David Berger, Founder and CEO, Digital Currency Council (DCC) David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight. Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group. Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University. About BIT-X: Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC." www.bitxfin.com About The Bitcoin Investment Trust (OTCQX: GBTC) The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group. About Investorideas.com InvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology. Follow Investorideas.com on Twitter http://twitter.com/#!/Investorideas Follow Investorideas.com on Facebook http://www.facebook.com/Investorideas Sign up for free news alerts at Investorideas.com http://www.investorideas.com/Resources/Newsletter.asp Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info: http://www.investorideas.com/About/News/Clientspecifics.asp and http://www.investorideas.com/About/Disclaimer.asp BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894 . Global investors must adhere to regulations of each country. View comments || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - June 04, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector.
As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents.
The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang"www.briankellycapital.com, David Berger,Founder and CEO,Digital Currency Council (DCC), Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC).
Interviews:
Brian KellyQ: Investorideas.comYou have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services.
Q: Investorideas.comDo you see many publicly-traded stocks in play now and are you hearing of IPO's in the space?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs.
Q: Investorideas.comWith the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay.
David BergerQ: Investorideas.comCan you give us background on the creation of the Digital Currency Council (DCC) and why you formed it?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts.
Q: Investorideas.comWith a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize.
Q: Investorideas.comWhat do you see as the primary obstacles to the acceptance of digital currency?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit.
Q: Investorideas.comWhat do you see for Bitcoin within the next year and over the next 5 years?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it.
Brad MoynesQ: Investorideas.comWhat do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation.
Q: Investorideas.comWhat do you think are some of the hurdles and obstacles for Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial CorpPerhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to.
Q: Investorideas.comWill your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves.
There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis.
A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases.
Michael SonnensheinQ: Investorideas.comThe Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC)Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse.
In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP.
Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV.
In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website,www.grayscale.co
Q: Investorideas.comWhere does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC)Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally.
Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better.
Bios:Brian Kellywww.briankellycapital.comBrian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World."
Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics.
A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers.
Brian provides money management services to a select clientele and consults on digital currencies.
David Berger,Founder and CEO,Digital Currency Council (DCC)David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight.
Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group.
Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University.
About BIT-X:Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."www.bitxfin.com
About The Bitcoin Investment Trust(OTCQX: GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || The Future of Bitcoin; the Opportunity and Obstacles: POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - June 04, 2015) -Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology releases commentary from some of the leading digital currency experts along with management from two public plays within the sector.
As Wall Street and global financial markets enter the space, these experts give insight into the future of Bitcoin and the obstacles and the opportunities it presents.
The following are questions and answers from the participating experts; Brian Kelly, author of the book "The Bitcoin Big Bang"www.briankellycapital.com, David Berger,Founder and CEO,Digital Currency Council (DCC), Mr. Brad Moynes, President of Bit-X Financial Corp. and Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC).
Interviews:
Brian KellyQ: Investorideas.comYou have said you were a skeptic like many in the beginning and now you are a respected expert in the sector. With recent acceptance from The New York Stock Exchange, Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and a list of new entries every day, what do you see as the turning point for Bitcoin becoming legitimate?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"It seems that financial institutions finally realized that Bitcoin and the blockchain is more than a currency. They realized it is a tool to flatten the costs of financial services.
Q: Investorideas.comDo you see many publicly-traded stocks in play now and are you hearing of IPO's in the space?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"I would expect IPOs in the next 3 years. If we use internet companies in 1995 as a template, it took about three years for major IPOs.
Q: Investorideas.comWith the major financial institutions now getting involved, where do you see Bitcoin headed in the next few years and how will it impact the future of currency?
A: Brian Kelly, author of the book "The Bitcoin Big Bang"A year ago the survival of Bitcoin was 50/50...with recent investments it's clear that blockchain technology is here to stay.
David BergerQ: Investorideas.comCan you give us background on the creation of the Digital Currency Council (DCC) and why you formed it?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The early mission of The Digital Currency Council was to set a common standard of understanding amongst professionals and help those professionals achieve that standard. Today, our over 1500 members across 90 countries are using the knowledge they've gained to build various exciting businesses and streamline existing business processes. Our software is integral to these more complex efforts.
Q: Investorideas.comWith a primary focus of education, what kind of individuals and companies are you seeing come forward to understand Bitcoin and what percentage of the financial community at large do you think is getting involved now?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)We are at the very beginning. Most individuals and firms have a very limited understanding. Our work with these individuals and firms begins with general competency training. These general competencies are sufficient to ensure that a firm is aware of the opportunities and risks. Our customized software solutions help those firms that recognize an opportunity to capitalize.
Q: Investorideas.comWhat do you see as the primary obstacles to the acceptance of digital currency?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)It's important that we ensure that bad actors don't hijack this groundbreaking technology. The general public will accept and adopt technologies that make their lives better but only if they trust that the risk doesn't outweigh the benefit.
Q: Investorideas.comWhat do you see for Bitcoin within the next year and over the next 5 years?
A: David Berger,Founder and CEO,Digital Currency Council (DCC)The next five years will bring increased integration, complexity, and utility. Bitcoin will become so easy to use that you won't even realize you're using it.
Brad MoynesQ: Investorideas.comWhat do you think was the turning point for making Wall Street and the financial institutions take notice and want to participate in Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The opportunity to develop technology that could make financial institutions including stock exchanges, broker-dealers, banks, transfer agencies and the DTC more efficient and less costly to reporting issuers, investors and consumers would be considered by Wall Street as a really good thing. The fact that DNCT (blockchain) technology has the potential to achieve this and that many of these institutions have already invested considerable capital into the technology at the fastest rate to date, suggests that the turning point has already occurred. In addition, the recent announcement that the NYDFS has released the final version of its long-awaited regulatory framework for digital currency companies shall provide clarity to the industry as a whole and ease concern regarding over-regulation and the threat of stifling growth and innovation.
Q: Investorideas.comWhat do you think are some of the hurdles and obstacles for Bitcoin?
A: Mr. Brad Moynes, President of Bit-X Financial CorpPerhaps over regulation. Bitcoin appears to be holding its value at current levels and the Blockchain is gaining considerable awareness across a broad selection of industries. I would expect many hurdles & obstacles along the way but with big break-through ideas later this year and in 2016 to look forward to.
Q: Investorideas.comWill your exchange, when launched, offer any educational tools for trading and investing in Bitcoin? What kind of investors/traders do you see currently in the space and do you see the demographics changing?
A: Mr. Brad Moynes, President of Bit-X Financial Corp.The exchange will offer our users the tools they need to buy & sell crypto-currencies including Bitcoin. Our customer service will be the best in the business with rapid response time to meet user demands, answer questions and provide solutions. We will also have a Bitcoin forum for users to create various discussion topics. Generally these forums are an excellent way for users to gain information and educate among themselves.
There are several investor/trader profiles which include day-traders, medium to long-term investors seeking capital gains and entities who offer investor's exposure to Bitcoin via open market equity-share purchases that tie their shares to an underlying asset [bitcoin] on a pre-determined ratio basis.
A beneficial change to the demographic would be an increase in demand for bitcoin in day-to-day use and consumer point of sale purchases.
Michael SonnensheinQ: Investorideas.comThe Bitcoin Investment Trust's shares are the first publicly quoted* securities solely invested in and deriving value from, the price of Bitcoin. Can you tell investors how investing in the shares of (GBTC) will give them a different value/investment opportunity than strictly trying to buy and sell Bitcoin?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust (GBTC)Purchasing Bitcoin outright can be a harrowing experience for investors. More often than not, they don't know who to purchase Bitcoin from (are there counterparties they trust), what price they should pay, or how to handle Bitcoin safely and securely. Even if investors can overcome these challenges, storing Bitcoin on one's own can be a liability. If Bitcoin holders are hacked or lose the private key to their Bitcoin wallet, they have zero recourse.
In sharp contrast to this experience, purchasing shares of The Bitcoin Investment Trust gives investors the ability to gain exposure to Bitcoin without the aforementioned challenges and through a titled security in the investor's name. Consequently, shares are eligible to be passed onto beneficiaries under estate laws and are eligible to be held in certain IRA, Roth IRA, and other brokerage and investment accounts (this is not possible with outright Bitcoin). The Bitcoin Investment Trust has also brought together credible service providers, as shares are marketed and distributed through a FINRA-registered broker-dealer, and the Trust's financial statements are audited annually by Ernst & Young LLP.
Each share of The Bitcoin Investment Trust represents approximately 0.1 Bitcoin and shares are tied to a daily 4pm net asset value that is representative of the Bitcoin market price. Qualified accredited investors have the ability to purchase shares of The Bitcoin Investment Trust at the daily NAV through an ongoing private placement. However, these shares carry resale and transfer limitations. Both accredited and non-accredited investors have the ability to purchase shares of The Bitcoin Investment Trust on OTCQX under the symbol: GBTC. These shares have been deemed freely tradable and are subject to market-driven price movement, which does not reflect the restricted shares daily NAV.
In offering these two avenues for investors, their Bitcoin exposure is able to sit alongside their existing investments and their exposure to Bitcoin is attained through a transparent and familiar experience. Additionally, as a titled security, The Bitcoin Investment Trust has resonated well with investors' financial advisors, lawyers, and accountants. More information on The Bitcoin Investment Trust is available through its sponsors website,www.grayscale.co
Q: Investorideas.comWhere does the company see the Bitcoin industry now as Wall Street has begun to embrace it and what was the turning point that legitimatized Bitcoin? Where do they see the future of Bitcoin1-5 years from now?
A: Michael Sonnenshein, Director of Sales & Business Development, Bitcoin Investment Trust(OTCQX: GBTC)Bitcoin is still in infancy and we'd liken where Bitcoin and digital currencies are in their development to the internet in the mid-to-late 1990's. Namely, just like there were plenty of naysayers who didn't believe in the internet's potential, there are folks who occupy that same mindset when it comes to Bitcoin. While we can't be sure of Bitcoin's ultimate fate, we can see is that there is an unprecedented amount of venture capital and human capital pouring into the space. Entrepreneurs are building the infrastructure and applications that will support Bitcoin's continued adoption and usage globally.
Over the past two years, there has been increasing attention paid to Bitcoin from Wall Street. Every bank, broker-dealer, asset manager, and other institution had formed internal task forces assigned to understanding Bitcoin. Recently, many of these firms (and the work of these internal teams) have begun putting their reputations on the line by publicly getting involved in Bitcoin with the likes of Goldman Sachs, UBS, Nasdaq, the NYSE, and other globally recognized institutions integrating Bitcoin into their businesses and/or making strategic investments in some of the aforementioned companies laying the ground work for increased adoption. I think we will continue to see more of these large players get involved in the space over the coming years and that Bitcoin and the underlying blockchain technology will ultimately shake up and transform the entire financial services landscape for the better.
Bios:Brian Kellywww.briankellycapital.comBrian Kelly is an investor, author, and financial markets commentator. He is an expert in global financial markets, macro-economics and digital currencies. Brian Kelly has over twenty years' experience in financial markets and is the author of the book "The Bitcoin Big Bang -- How Alternative Currencies are About to Change the World."
Brian is a graduate of the University of Vermont where he received a B.S. in finance. He also holds an M.B.A. from Babson Graduate School of Business with a concentration in finance and econometrics.
A passion for investments and entrepreneurship has led Brian to start several successful investment businesses. His most recent start-up BKCM LLC is a global investment management firm specializing in Global Macro and Currency investing.
Prior to BKCM LLC, Brian was Co-Founder and Managing Partner of Shelter Harbor Capital LLC and managed the Shelter Harbor Capital Global Macro Hedge Fund. As well, Mr. Kelly was a co-founder and President of MKM Partners, a brokerage firm catering to institutional investment managers.
Brian provides money management services to a select clientele and consults on digital currencies.
David Berger,Founder and CEO,Digital Currency Council (DCC)David Berger is the Founder and CEO of The Digital Currency Council (DCC), the leading provider of digital currency-related training, certification, and continuing education. Mr. Berger is an attorney with extensive experience in finance in the United States and Asia. He has a passion for building professional networks that support members' advancement with actionable commercial insight.
Prior to launching the DCC, Mr. Berger was the CEO of Americas at Campden Wealth, the parent company of the Institute for Private Investors -- the premier decision support network for ultra high net worth investors and family offices. Mr. Berger is also the founder of Private Investor Collective, a Hong Kong-based network for sophisticated private investors, and played a key role in the development of two network-based advisory firms for CEOs in Asia Pacific. He also founded Asia Executive Solutions, a Hong Kong-based strategy consulting firm, where his clients included SecondMarket, Corporate Executive Board, and NPD Group.
Prior to his career in finance, Mr. Berger was an attorney in the Washington, DC office of the global law firm O'Melveny & Myers LLP, where he focused on securities law. Mr. Berger also spent two years at the United States Department of Justice. He is a graduate of New York University School of Law and Emory University.
About BIT-X:Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTC.QB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC."www.bitxfin.com
About The Bitcoin Investment Trust(OTCQX: GBTC)The Bitcoin Investment Trust is a private, open-ended trust that is invested exclusively in Bitcoin and derives its value solely from the price of Bitcoin. It enables investors to gain exposure to the price movement of Bitcoin without the challenge of buying, storing, and safekeeping Bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group.
About Investorideas.comInvestorIdeas.com newswire is a global investor news source covering multiple sectors including Bitcoin and payment technology.
Follow Investorideas.com on Twitterhttp://twitter.com/#!/InvestorideasFollow Investorideas.com on Facebookhttp://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.comhttp://www.investorideas.com/Resources/Newsletter.asp
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: BITXF is a PR client of Investorideas.com and compensates us for news publication, PR and media. (two thousand five hundred per month and 144 shares ) More info:http://www.investorideas.com/About/News/Clientspecifics.aspandhttp://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 -- all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info:http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country. || New York Issues BitLicense Rules To Mixed Reviews: On Wednesday, New York State announced new rules that will govern cryptocurrency-based businesses designed to protect consumers in the increasingly popular digital currency space. The regulations are expected to create a safer environment for consumers, but many bitcoin enthusiasts say that the government's attempt at regulation will stifle growth in the industry. BitLicense The new set of regulations require any company that deals in virtual currencies to obtain a "BitLicense" to prove that it meets the state's guidelines for safeguarding customer funds. The license can only be obtained by firms with adequate security and customer protection standards and anti-money laundering practices in place. Related Link: Should The UK Regulate Bitcoin Wallets? The Benefits Of BitLicenses A spate of high-profile scams involving bitcoin have created a sense of mistrust among the general public when it comes to using cryptocurrencies. The state's regulations could persuade more average investors to use bitcoin as they require more stringent customer protections for bitcoin-based transactions, thus creating a safer space to use the currency. Criticism Others are criticizing the new regulations, saying they are bound to stifle innovation in the cryptocurrency space. The rules say that digital currency firms must gain approval for things like product changes and taking on new controlling investors, something most firms say will waste time and money. These rules could simply add to the red tape associated with starting a new business, and will discourage entrepreneurs from entering the digital currency space. See more from Benzinga Despite Looming Payments, Athens Refuses To Be Blackmailed Manufacturing Is Getting A Technology Makeover Blockchain Could Be Used For Surveillance © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York Issues BitLicense Rules To Mixed Reviews: On Wednesday, New York Stateannouncednew rules that will govern cryptocurrency-based businesses designed to protect consumers in the increasingly popular digital currency space.
The regulations are expected to create a safer environment for consumers, but many bitcoin enthusiasts say that the government's attempt at regulation will stifle growth in the industry.
BitLicense
The new set of regulations require any company that deals in virtual currencies to obtain a "BitLicense" to prove that it meets the state's guidelines for safeguarding customer funds. The license can only be obtained by firms with adequate security and customer protection standards and anti-money laundering practices in place.
Related Link:Should The UK Regulate Bitcoin Wallets?
The Benefits Of BitLicenses
A spate of high-profile scams involving bitcoin have created a sense of mistrust among the general public when it comes to using cryptocurrencies. The state's regulations could persuade more average investors to use bitcoin as they require more stringent customer protections for bitcoin-based transactions, thus creating a safer space to use the currency.
Criticism
Others are criticizing the new regulations, saying they are bound to stifle innovation in the cryptocurrency space. The rules say that digital currency firms must gain approval for things like product changes and taking on new controlling investors, something most firms say will waste time and money. These rules could simply add to the red tape associated with starting a new business, and will discourage entrepreneurs from entering the digital currency space.
See more from Benzinga
• Despite Looming Payments, Athens Refuses To Be Blackmailed
• Manufacturing Is Getting A Technology Makeover
• Blockchain Could Be Used For Surveillance
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a licence from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, whilst failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter licence can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Centre, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programmes, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specialises in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky) || New York regulator issues final virtual currency rules: By Karen Freifeld and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry. The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations. It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense." "There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington. The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections. The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds. Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked. Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December. Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors. Story continues But they would not need approval from the state for every round of venture capital funding or standard software updates. "We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky. Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both. Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations. He said the group was working with other states "to ensure they do not repeat the mistakes made here." The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment. Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies. The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online. Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013. "I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts." (Reporting by Gertrude Chavez-Dreyfuss and Karen Freifeld; Editing by Chizu Nomiyama and Steve Orlofsky)
[Social Media Buzz]
#RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.00000006
Average $1.2E-5 per #reddcoin
23:00:02 || #RDD / #BTC on the exchanges:
Cryptsy: 0.00000005
Bittrex: 0.00000005
Average $1.2E-5 per #reddcoin
20:00:01 || Current price: 205.55€ $BTCEUR $btc #bitcoin 2015-06-09 10:00:04 CEST || 1 #bitcoin 626.51 TL, 230.973 $, 203.850 €, GBP, 12757.00 RUR, 29060 ¥, CNH, 284.80 CAD #btc || BTCTurk 626.75 TL BTCe 231 $ CampBx $ BitStamp 229.00 $ Cavirtex 285.01 $ CEXIO 230 $ Bitcoin.de 205.81 ...
|
228.80, 229.71, 229.98, 232.40, 233.54, 236.82, 250.90, 249.28, 249.01, 244.61
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.